The Edge - 15 September 2022

CHINA REAPS ENERGY WINDFALL AS WEST
SHUNS RUSSIAN SUPPLIES p19

THURSDAY, SEPTEMBER 15, 2022 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 444/2022

CEOMorningBrief
HOME: MPOC cuts forecasts for CPO total production in 2022 amid labour shortage p6
Property tycoon Lim Soon Peng settles suit by SRC International p10
UMW Group’s automotive sales up 41% m-o-m in August 2022 p12

WORLD: South Korea seeks to arrest developer of failed cryptocurrency Luna p21
Crop, car shipments set to halt on US rail strike threat p22

Tengku Maimun: 1988 constitutional
crisis a lesson to judges to be faithful

to the Federal Constitution

Report on Page 2.

THE EDGE FILE PHOTO

Old office blocks
left in limbo as
new skyscrapers
vie for tenants

Report on Page 4.

thursday SEPTEMBER 15, 2022 2 TheEdge CEO morning brief

the edge ceo morning brief published by publisher + ceo . Ho Kay Tat
editor-in-chief . Kathy Fong
Read from desktop or mobile device. (266980-X) chief commercial officer . Sharon Teh
You can print in A4 to read. Set print chief operating officer . Lim Shiew Yuin
mode to fit or shrink oversize page. tel . 603-77218000 editors . Jenny Ng . Tan Choe Choe
Level 3, Menara KLK, 1 Jalan PJU 7/6,
to get on emailing list Mutiara Damansara, 47810, Petaling Jaya, Lam Jian Wyn
to contact editors: [email protected]
[email protected] Selangor, Malaysia
to advertise: [email protected]

home

Suhaimi Yusuf/The Edge

Tengku Maimun:
1988 constitutional

crisis a lesson to
judges to be faithful

to the Federal
Constitution

by Timothy Achariam Chief Justice Tun Tengku Maimun Tuan Mat The late Tun Salleh Abas was appointed to the
theedgemarkets.com refers to the removal of Tun Salleh Abas post of Lord President in 1984 and held the
post until his removal in 1988.
KUALA LUMPUR (Sept 14): Chief Jus- from his post as Lord President of the Federal
tice Tun Tengku Maimun Tuan Mat said Court in 1988, as the “darkest chapter in the “using prerogative writs or declarations,
the constitutional crisis of 1988 has shown should they transgress their powers beyond
that despite attempts to undermine the in- history of the Malaysian judiciary”. the limits granted to them by the Federal
dependence of the judiciary, judges must Constitution”.
be faithful to the Federal Constitution and fought over maintaining the independence
be resolute in upholding the rule of law. of the judiciary in what is dubbed as the Tengku Maimun recalled having high
“constitutional crisis of 1988”. tea with Salleh at the Palace of Justice here,
Speaking at a reference proceeding for seven months before his passing.
the late former lord president Tun Salleh Tengku Maimun said this led to the up-
Abas,Tengku Maimun said that the 1988 heaval of the nation’s judicial system and She said that Salleh had repeatedly spo-
constitutional crisis which saw the removal a “shattering blow to the judiciary and the ken of addressing the bench, or at the very
of Salleh from his post as Lord President, constitution”. least having a simple do to mark his de-
was the “darkest chapter in the history of parture as Lord President, which he did
the Malaysian judiciary”. Speaking of Salleh,Tengku Maimun said not get in 1988.
he had brought the Malaysian judiciary to
“The 1988 episode should be taken as “to an exalted status” and his demise is a “For the past few decades since his re-
a lesson to judges that despite attempts to great loss to the judiciary and the nation. moval, he said there was no closure for him
undermine the independence of the Judi- as he never got the chance to bid goodbye
ciary, judges must, in all circumstances, be “Salleh had an illustrious and glorious to the court staff, the judiciary and the le-
faithful to the Federal Constitution and be career and he brought the Malaysian judi- gal fraternity,” she said.
resolute in upholding the rule of law,” she ciary to an exalted status. For his eminence
said in the proceedings which commemo- and judicial legacy, his demise reverber- “Little did we know that that evening was
rated the late Salleh, who passed away in ates across the nation, as his passing is not our final parting with our last goodbye to
January last year at the age of 91. only a great loss to the judiciary, but the AllahyarhamTun Salleh Abas,” she added.
nation,” she said.
She also said that an independent judi- Also present at the ceremony was At-
ciary that is free from external influences “During his tenure as the Lord Presi- torney-GeneralTan Sri Idrus Harun, who
is the “life-blood of constitutionalism in dent, the Malaysian judiciary was hailed also gave a speech; Malaysian Bar Presi-
a democratic society”. as a model for other countries in terms of dent Karen Cheah, former chief justice
independence and credibility,” she said. Tun Mohamed Raus Sharif, Court of Ap-
“This is the foundation of judicial power peal PresidentTan Sri RohanaYusuf, Chief
and the central component of the doctrine of She added that Salleh had “valiantly” Judge of MalayaTan Sri Azahar Mohamed,
separation of power,” she said in her speech. defended the role of the judiciary. Chief Judge of Sabah and Sarawak,Tan Sri
Abang Iskandar Abang Hashim, as well as
Salleh was appointed to the post of Lord “He reminded that judges ought to ob- Federal Court and Court of Appeal judges.
President in 1984 and held the post until serve and respect the concept of separation
his removal in 1988, following a clash with of powers, for judges should not encroach The event was also attended by Salleh’s
then prime ministerTun Dr Mahathir Mo- into the domain of the executive or the legis- family.
hamad over Umno, as he was said to have lative branches of the government,” she said.

However, Salleh also acknowledged that
it was the role of the judiciary to invalidate
any acts of the executive or the legislative

thursday SEPTEMBER 15, 2022 3 TheEdge CEO morning brief

home

Malaysia unlikely Ringgit ends at
to get into new 24-year low
against US dollar
recession, says
Bursa chairman on Sept 14

by Syafiqah Salim Tan Sri Wahid Omar (pic) said a very important Bernama
theedgemarkets.com factor contributing to Malaysia’s resilience is the
KUALA LUMPUR (Sept 14): The Ma-
strength and stability of the financial system. laysian ringgit ended onWednesday (Sept
14) at a new 24-year low against the US
KUALA LUMPUR (Sept 14): Malaysia services companies have significant weight- dollar, as the local note continued to be
is unlikely to enter a recession despite high ing in both the FBM KLCI and the FT- under pressure due to the expectation of
inflationary pressures worldwide forcing SE4GOOD Bursa Malaysia sustainability a substantial interest rate hike by the US
central banks to tighten monetary policy to index.The seven banking stocks alone — Federal Reserve due to persistently high
curb inflation, according to Bursa Malay- Malayan Banking Bhd (Maybank), Public inflation in the United States.
sia chairmanTan Sri AbdulWahid Omar. Bank Bhd, CIMB Group Holdings Bhd,
Hong Leong Bank Bhd, RHB Bank Bhd, At 6pm, the local currency slid to
Apart from the benefits of pragmat- AMMB Holdings Bhd (AmBank) and Al- 4.5265/5285 against the greenback from
ic and responsive policies, Malaysia has liance Bank Malaysia Bhd — have a com- 4.5070/5085 at Tuesday’s close. It had
over the years diversified the structure bined market capitalisation of RM325.36 touched slightly above the 4.5200 level
of the economy to be less dependent on billion or about 20% of total market capi- on Wednesday morning, which was also
commodities, he said. talisation of RM1.65 trillion as at end-June a fresh 24-year low against the greenback.
2022,” he explained.
“As the world economies progress to- ActivTrades’s market analyst Alexan-
wards a full recovery, new challenges have According to AbdulWahid, the financial der Londono said high inflation expec-
arisen, impacting Malaysia and our major system is complemented by well-function- tations, even in Asia, have kept investors
trading partners. Within our globalised ing debt and equity capital markets totalling away from riskier assets and they have
world, supply chains have been under RM3.5 trillion as of Dec 31, 2021, which continued to favour safe-haven assets
pressure as economies begin to return to were made up of RM1.7 trillion in the debt such as the US dollar.
normal. US-China trade tensions and the capital market and RM1.8 trillion in the
Ukraine-Russia conflict have also caused equity capital market. “But we must keep in mind that the
commodity prices and logistics costs to currency is over-extended to the down-
skyrocket. Furthermore, Malaysia is also home to side and prone to a bullish correction,”
the world’s leading Islamic capital mar- he told Bernama.
“This in turn is causing high inflation- kets totalling RM2.3 trillion, represent-
ary pressures globally, forcing central banks ing almost two-thirds of the total capital Londono said that if the reading on the
to tighten their monetary policy to rein in market. Producer Price Index from the United
inflation, with China being the exception. States (US) came out higher than expect-
“On the resilience of the corporate sec- ed, then the US dollar might increase fur-
“This is likely to cause an economic tor, resilience should be redefined as the ther and the ringgit could keep dropping.
slowdown, and potentially a recession in outcome of a process of transformation or
some countries in 2023,” Abdul Wahid of reinvention — so that we can sustain Bank Islam Malaysia Bhd chief econ-
said in a speech at the Invest Malaysia: and ‘bounce back’, but in a much-im- omist Firdaos Rosli noted that the ring-
Pivoting for the Future conference on proved form than before.This process of git would remain under pressure against
Wednesday (Sept 14). ‘reinvention’, of finding our competitive the US dollar as the interest rate gap wid-
position within that future, is not only an ens, while the US federal funds rate would
However, in Malaysia, he said the agri- academic or data-driven exercise, but it be higher than the overnight policy rate
culture and mining sectors now contribute requires talent too. (OPR) by next week.
only 14% of the country’s gross domestic
product (GDP), with the services sector “It is critical that the next generation He said the market was also reacting to
contributing 57% and the manufacturing of leaders not only step up to the plate, the latest US Consumer Price Index (CPI)
sector contributing 24.3% of GDP. but bring a fresh perspective that serves to data which showed that the country’s infla-
change the game.Today’s leaders must share tion has remained high, despite the lower
“The diversity of our trading partners their skills and experience with those who oil prices in August and the aggressive rate
— where we are not overly dependent on possess the youthful energy and will to make hikes by the US Federal Reserve (Fed)
one particular country — adds to our this change happen,” AbdulWahid added. over the past few months.
economic resilience,” he said. Read also:
Malaysia likely to meet annual GDP The ringgit was also traded lower
A very important factor contributing growth of 7.7% — JPMorgan against a basket of major currencies.
to Malaysia’s resilience is the strength
and stability of the financial system, the Bursa Malaysia ends at intraday low The local unit eased against the Sin-
chairman noted, as Malaysian banks are amid heavy regional selldown after Wall gapore dollar to 3.2252/2268 from Tues-
well capitalised, liquid, better managed, St tumble day’s close of 3.2153/2174, and depreciat-
and effectively regulated and supervised ed against the Japanese yen to 3.1616/1635
by Bank Negara Malaysia. from 3.1282/1301.

Notwithstanding, he said, banks would It also weakened against the British
continue to fulfil their intermediation role pound at 5.2331/2354 from 5.1989/2012
by mobilising funds that are channelled into onTuesday, and declined against the euro to
productive sectors of the economy. 4.5306/5326 from 4.5105/5125 previously.

“These Malaysian banks and financial

thursday SEPTEMBER 15, 2022 4 TheEdge CEO morning brief

home

Old office blocks Malaysia purpose-built office supply & occupancy as at 1H2022
left in limbo as
new skyscrapers Total space (’000 sq m) Occupancy rate (%)
vie for tenants Occupied space (’000 sq m)

10000 90.89 85.93 90.88 91.03 86.26 100
87.65 88.03 80
92.88 93.73 96.26 90.89 98.97 91.20

8000 71.64

6000 69.38 71.71 60

9,913.34
7,101.43
4,415.50
3,063.29

2,540.85
2,309.29
1,362.41
977.05
1,080.23
928.19
826.01
723.96
818.07
743.40
652.54
606.10
432.03
393.26
421.72
371.23
416.78
359.51
391.08
366.55
363.48
349.90
342.44
311.25
131.04
129.69
67.05
61.15
by Chester Tay 4000 40
theedgemarkets.com 2000Kuala Lumpur 20
Selangor 0
PETALING JAYA (SEPT 14): It may be 0 Putrajaya
challenging for older office buildings in Johor well-maintained, while having a strategic
the Klang Valley, which have been left va- Source: Napic Penang prime location in the city centre and po-
cant as their owners or tenants relocated Sabah tentially competitive rental rate if office
to newer developments, to be filled up as ural ventilation and lighting. Sarawakspace supply remains abundant two years
more new office buildings spring up and “Some of the old buildings in KL which Perakdown the road.
companies move out of the older build- Kedah
ings, said experts in the property sector. were completed in the 1990s and 1980s Pahang“Office buildings in prime locations can
are observed to have occupancy rates of Melakaattract tenants although the quality of the
The latest among these relocations is Ma- less than 50%. It will not be easy to find Kelantantenants may not be first-tier companies,”
layan Banking Bhd (Maybank), which an- new tenants for the older buildings without said KGV International Property Con-
nounced its plan to relocate its head office in some major capital investments in office Terengganusultants executive director Anthony Chua.
2025 to Merdeka 118,the world’s second tall- upgrading.Whether the financial costs will Negeri Sembilan
est building owned by the bank’s 40% share- be justified by the risks involved are the “For Menara Maybank, which is not
holder Permodalan Nasional Bhd (PNB). difficult questions faced by current office Perlisonly located in a strategic location but is
building owners,” he said. Labuana well-maintained building despite its age,
“Relocation will benefit new develop- the possibility of attracting tenants into
ments but will not reduce the overall va- Nonetheless,Tan said older buildings in a building associated with the brand and
cancy rate which may rise to 20% to 22% “very central” locations can be very attrac- reputation of the bank cannot be discount-
upon the recent completion of a few mega tive if retrofitted to meet the special needs ed,” he said.
projects with more developments sched- of smaller enterprises, as well as companies Read the full story
uled for completion soon,” said CBRE seeking greater flexibility and scalability.
WTW Valuation & Advisory Sdn Bhd
group managing director Tan Ka Leong. The 35-year-old Menara Maybank,
for one, appears to have an advantage
Looking at the incoming office space over its peers of older buildings in terms
supply in the pipeline, Tan said the over- of securing tenants as it is deemed to be
supply situation may persist and could
worsen as other ageing buildings are unable
to provide the latest office requirements
like availability of high-speed internet, en-
vironment-friendly features, and more nat-

Property market showed signs of recovery in 1H,
but office & retail sectors face challenges — Napic

KAJANG (Sept 14):The property sector has by Chester Tay more economical use alternatives, so that
shown signs of recovery in the first half of this theedgemarkets.com the use of space can be optimized,” he said.
year (1H2022) as the economy reopened,but
office and retail segments remained challeng- For purpose-built offices, there are over Napic’s data also showed that the per-
ing amid a supply glut, according to the Na- 24 million square metre (sqm) office space formance of shopping complexes moderat-
tional Property Information Centre’s (Napic) nationwide as at end-June 2022, with oc- ed in 1H2022, with the national occupan-
semi-annual report. cupancy rate of 77.7%, down from 78.5% cy rate seeing a slight decline at 75.7%, as
a year ago. compared to 2H2021’s 76.3%.
Napic said the overall overhang situa-
tion improved in 1H2022, down by 7.5% During the launch of the report, Deputy Nonetheless, the residential property
to 34,092 units from 2H2021 in terms of Finance Minister 1 Datuk Indera Mohd sector recorded 116,178 transactions worth
volume, and declined 4.6% to RM21.73 Shahar Abdullah said the supply situation RM45.62 billion in 1H2022, increasing
billion in terms of value. for purpose-built office and shopping com- by 26.3% in volume and 32.2% in value
plexes is increasingly challenging. year-on-year, the agency said.
Johor recorded the highest overhang in the
country with 68.0% (15,423 units), followed “In order to paint a more positive picture Overall, the property sector saw more
by Kuala Lumpur with 18.9% (4,279 units) to the investment prospects of the country, than 188,000 transactions recorded in
and Selangor’s 9.9% (2,248 units) share, especially during the period of economic re- 1H2022, worth RM84.40 billion, equiva-
Napic’s data released onWednesday showed. covery, I urge that building owners look at lent to an increase of over 30% in volume and
value compared to the same period last year.

THURSDAY SEPTEMBER 15, 2022 5 THEEDGE CEO MORNING BRIEF

THURSDAY SEPTEMBER 15, 2022 6 THEEDGE CEO MORNING BRIEF

HOME

KUALA LUMPUR (Sept 14): The Ma- MPOC cuts tween RM3,600–RM3,750 per mt in the
laysian Palm Oil Council (MPOC) has forecasts for CPO remaining month,” said Wan Aishah.
lowered its projections for Malaysian to- total production
tal palm oil production (CPO) in 2022 to On the other hand, she said the impact
18.3 million metric tonnes (mt) from 18.5 in 2022 amid of the US Federal Reserve’s rate hike on
million mt previously, as labour shortages labour shortage CPO prices is likely to be an indirect one.
in the plantation sector continue to affect
the palm oil industry’s performance. BY SYAFIQAH SALIM “It has been observed that increase in
theedgemarkets.com interest rate affects the exchange rates,
Labour shortage will continue to be a therefore affecting CPO prices from Ma-
major problem in the plantation industry, She also stressed that CPO prices in laysia. Historically, there has been an in-
as the expected arrival of foreign labour September may continue to be under pres- verse relationship between the interest rates
failed to materialise, further worsening the sure, as Indonesia is still carrying huge and commodities prices. However, in [the]
sector’s productivity, said MPOC chief ex- stockpiles of palm oil which are being of- case of palm oil, physical demand from
ecutive officer Wan Aishah Wan Hamid. fered to all export markets. countries like India, China, Pakistan will
support the prices,” she explained.
“During the period of January–August “Malaysian palm oil stocks at the end
2022, the CPO production in Malaysia of August 2022 have also exceeded two TA Securities Research in its note dated
had reached 11.56 million mt, as com- million mt, which is [the] highest in 33 Sept 13 said CPO prices are set to decline
pared to 11.60 million mt in the same months. Keeping in view that we are in in September, as the market is bracing for
period of last year. Although MPOC was peak production months, the prices may another rate hike to be announced by the
anticipating that Malaysian CPO produc- continue to current trend and range be- US Federal Reserve next week, exerting
tion will reach 18.5 million mt in 2022, selling pressure in commodity markets.
however, we would revise our estimate This is coupled with anticipated rise in
to 18.3 million mt for the current year,” palm oil supply in the market and fears of
Wan Aishah said in her response to th- lower demand due to China’s lockdowns.
eedgemarkets.com’s queries on Wednesday Read the full story
(Sept 14).

KUALA LUMPUR (Sept 14): Consensus Analysts expect million for its fourth quarter ended March
estimate among analysts is thatTop Glove Top Glove to 31, 2022 but managed to return to the
Corp Bhd will see its net profit for the year post lowest black in the first quarter ended June 30,
ended Aug 31, 2022 (FY22) plunge to quarterly net 2022 with a net profit of RM88.28 million.
RM300.65 million from the RM7.87 bil-
lion reported for FY21. profit since 2004 Smaller cap glove companies Careplus
Group Bhd and Comfort Gloves Bhd have
Revenue, meanwhile, is expected to de- BY HAILEY CHUNG & CHONG JIN HUN also reported losses as the world transitions
cline to RM6.1 billion from RM16.4 bil- theedgemarkets.com into Covid-19 endemicity.
lion in FY21, according to the consensus
projection based on Bloomberg data. Another three analysts — from Affin Careplus has sunk into the red since its
Hwang Investment Bank Bhd, TA Secu- fourth quarter ended Dec 31,2021.Comfort
Top Glove, the world’s largest rubber rities Holdings Bhd and UOB Kay Hian Gloves had a rebound for its second quarter
glove manufacturer in terms of produc- Research — have projectedTop Glove’s net ended June 30, 2022 after it went into a loss
tion capacity, will release its fourth quarter profit for FY22 at between RM298 million for its first quarter ended March 31, 2022.
(4QFY21) and full-year (FY22) results and RM299 million, which would give a net
on Sept 20. profit of below RM12 million for 4QFY22. In its investor presentation uploaded on
its website on Monday, Top Glove high-
Based on the RM300.65 million net Four more analysts — from Kenan- lighted that nitrile glove sales volume con-
profit estimate for FY22,Top Glove’s net ga Investment Bank Bhd, AmInvestment tinued to show an increasing trend driven
profit for 4QFY22 would be around RM12 Bank Bhd, CGS-CIMB Securities Sdn by sales to the US, Western Europe, Asia
million, the lowest quarterly earnings since Bhd and Maybank Investment Bank Bhd and Latin America.
4QFY04 when the group posted RM11.76 — have forecast full-year net profit in the
million. range of RM304 million to RM307 mil- In a chart, the group said nitrile gloves
lion, meaning that that the 3QFY22 net made up 40% of product mix by volume in
For 3QFY22, Top Glove saw its net profit would be about RM15 million. 3QFY22,a growth from the 37% and 34% in
profit fall to RM15.29 million from 2QFY22 and 1QFY22 respectively. Overall
RM2.04 billion a year earlier, while rev- Meanwhile, two other analysts — from in FY20 during the pandemic, it was at 47%.
enue dropped to RM1.46 billion from BIMB Securities Sdn Bhd and MIDF
RM4.16 billion. Amanah Investment Bank Bhd — esti- Top Glove added that there are strong
mated that the group would secure a net growth opportunities in developing coun-
For the first nine months of FY22, the profit of above RM330 million for FY22. tries on the back of large populations but
group reported a net profit of RM288.56 with current low glove usage such as In-
million and revenue of RM4.5 billion. Top Glove’s rival, Hartalega Holdings donesia, India and China.
Bhd, had reported a net loss of RM197.9
According to Bloomberg data, three out Top Glove’s share price fell two sen or
of 12 analysts have forecast thatTop Glove 2.48% to 78.5 sen onWednesday, valuing
would earn a net profit of below RM275 the group at RM6.44 billion.
million for FY22, which indicates that the Read also:Top Glove: Budget 2023 should
group may have suffered a loss in 4QFY22. extend green and export incentives, reduce
These analysts are from from Hong Leong corporate taxes
Investment Bank Bhd, Public Investment
Bank Bhd and KAF Equities Sdn Bhd.

THURSDAY SEPTEMBER 15, 2022 7 THEEDGE CEO MORNING BRIEF

THURSDAY SEPTEMBER 15, 2022 8 THEEDGE CEO MORNING BRIEF

HOME

Seven companies GMM is linked to Malaysian tour- BNM approves
including Genting- ism and gambling conglomerate Genting UOB’s acquisition
linked GMM bid group, which currently does not have a
licence in Macau. of CITI’s
for new casino consumer
licences in Macau DS Kim, an analyst at JP Morgan in banking business
Hong Kong, said the current environment
BY FARAH MASTER, TWINNIE SIU made it challenging for new entrants. Bernama
& DONNY KWOK
Reuters “Time will tell,” he said, as it was hard KUALA LUMPUR (Sept 14): UOB
for new entrants to make proper returns Malaysia and Citi Malaysia have received
HONG KONG (Sept 14): Seven compa- during the concession period, which has regulatory approval from Bank Negara
nies have bid for new casino licences in the been shortened to 10 years from 20. Malaysia (BNM) for UOB’s acquisition
world’s biggest gaming hub, with new con- of Citi’s consumer banking business in
tracts set to start at the beginning of 2023, The bidding committee will conduct Malaysia.
Macau’s government said on Wednesday. the bid opening process on Sept 16, the
government said. In a joint statement on Wednesday
Macau, a special administrative region (Sept 14), it said following the approv-
of China, is the only place in the coun- Macau for the first time imposed a for- al, UOB Malaysia and Citi Malaysia
try where citizens can legally gamble in mal table cap and minimum income re- would apply for a vesting order from
casinos. quirements for the new operators, set to the High Court to transfer Citi’s con-
begin their contracts at the start of 2023. sumer banking assets and liabilities to
The government is expected to review UOB Malaysia.
the proposals and negotiate with the bid- The move is part of a broader over-
ders on detailed terms and conditions, be- haul of legislation for Macau’s gambling The transaction is expected to be
fore announcing six winners by the end of industry and gives authorities much tighter completed by the fourth quarter of 2022.
November or early December, analysts said. oversight and control over the casino op-
erators, which raked in US$36 billion in “The acquisition will scale up our
Sands China,Wynn Macau, Galaxy En- 2019, prior to Covid-19. retail business with an expanded port-
tertainment, MGM China, SJM Holdings, folio and partner ecosystem, further
Melco Resorts and GMM Ltd — submit- The government kicked off the highly an- strengthening UOB Malaysia’s outreach
ted bids for the tender, the government ticipated bidding process in July, when it said to customers through a wider network of
statement said. global gaming operators could submit bids branches and digital touchpoints,” said
for new licences from July 29 until Sept 14. UOB Malaysia’s chief executive officer
(CEO) Ng Wei Wei.
The bidding process took place amid
Macau’s worst outbreak of Covid-19, She said Citi’s consumer business in
which led to a 12-day closure of casinos Malaysia, as well as in other markets of
in July.While casinos in the Chinese spe- Thailand, Indonesia and Vietnam, en-
cial administrative region have re-opened, hances UOB’s regional franchise, which
there is little business, as restrictions are would benefit all UOB customers, pro-
only being lifted slowly. viding them with greater connectivity
and higher brand recognition.
Resorts World buys cruise trademarks
from Genting HK unit Meanwhile, Citi Malaysia’s CEO
Usman Ahmed said it would continue
BY CHONG JIN HUN & IZZUL IKRAM for the benefit of its creditors,” Genting to seamlessly serve its consumer clients
theedgemarkets.com HK said in a statement toThe Stock Ex- until the remaining part of the sale pro-
change of Hong Kong Ltd (HKEX) on cess is completed, and would commu-
KUALA LUMPUR (Sept 14): Genting Tuesday evening (Sept 13). nicate the date for the legal transfer in
Bhd’s 50% indirectly-owned associate due course.
Resorts World Inc Pte Ltd is buying the The company said that its joint pro-
entire stake in cruise trademarks owner visional liquidators considered the terms “Citi remains deeply committed to
Star Market Holdings Ltd for US$3.5 and conditions of the disposal to be on Malaysia and we will invest further in
million (RM15.84 million) from Gen- normal commercial terms, fair and rea- our market-leading institutional clients’
ting Hong Kong Ltd’s (Genting HK) sonable, and in the interest of the com- franchise to help our Malaysian clients
100%-owned subsidiary Star Cruises pany, its creditors and shareholders as a grow in the country and abroad,” he said.
Asia Holding Ltd, in a planned transac- whole.
tion that aims to, among others, consol- UOB and Citigroup announced the
idate the ownership of such trademarks After Covid-19 lockdowns battered the proposed transaction on Jan 14, 2022.
and intellectual property rights under a hospitality and leisure cruise industry, the
single entity. Hong Kong-listed company is currently Upon completion of the transaction,
under restructuring due to severe finan- all of Citi Malaysia’s retail banking and
“Star Market jointly owns, with an af- cial difficulties. consumer credit card businesses would
filiate of ResortsWorld, certain trademarks be transferred to UOB Malaysia.
and intellectual property rights. Genting HK was slapped with a wind-
ing-up petition and the appointment of All related Citi Malaysia consumer
“The disposal [of Star Market] is driv- joint provisional liquidators (JPLs) to bank employees and its supporting em-
en by a commercial objective to consol- maximise the value and returns for cred- ployees are also expected to transfer to
idate the ownership of such trademarks itors of the company. UOB Malaysia.
and intellectual property rights, and to Read the full story
realise an asset of the group (Genting HK)

THURSDAY SEPTEMBER 15, 2022 9 THEEDGE CEO MORNING BRIEF

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 10 T H E E D G E C E O M O R N I N G B R I E F

HOME

Property tycoon Tan Sri Lim Soon Peng. The sum was transferred to Lim via Najib still
three cheques between April 8, 2015 and warded,
Property tycoon July 7, 2015. 1MDB-Tanore
Lim Soon Peng trial vacated
In the statement of claim (SOC) filed for the week
settles suit in May last year, SRC International and
by SRC its two subsidiaries claimed that the sum BY TARANI PALANI
was transferred to Jendela Pinggiran for theedgemarkets.com
International purported corporate social responsibili-
ty (CSR) purposes as mooted by Najib, KUALA LUMPUR (Sept 14):
BY HAFIZ YATIM who is adviser emeritus to SRC Interna- The 1Malaysia Development Bhd
theedgemarkets.com tional. The money made its way to Lim (1MDB)-Tanore trial has been
but the companies found that there was postponed for the week as former
KLANG (Sept 14): Property tycoon Tan no CSR done by Lim or his firm Titijaya premier Datuk Seri Najib Razak
Sri Lim Soon Peng has apparently settled a Land Bhd. is still warded at Hospital Kuala
RM330,800 suit filed by SRC Internation- Lumpur.
al Sdn Bhd and two others against him last “The defendant retained the misappro-
year, for receiving money from the com- priated sum and did not refund or return During a brief mention before
panies via instructions from former Prime the same to the plaintiffs,” the SRC Inter- High Court judge Datuk Collin
Minister Datuk Seri Najib Razak. national lawyers said in the SOC. Lawrence Sequerah, lead defence
counsel Tan Sri Muhammad Sha-
This is the first settlement out of 16 Lim in his defence filed in April this fee Abdullah said, having consulted
suits filed by SRC International, a former year, said he did not physically receive the Najib, that he is not sure how long
subsidiary of 1Malaysia Development Bhd three cheques but admitted the sum re- he will be in hospital.
(1MDB), along with two other SRC’s sub- ceived was RM330,800 and that he re-
sidiaries Gandingan Mentari Sdn Bhd and ceived the cheque on instructions from “All we know is that [various]
Jendela Pinggiran Sdn Bhd Najib and his political secretary Datuk tests are being conducted on a dai-
Wong Nai Chee. ly basis,” he said.
It is not known how much Lim had paid
to settle the suit. It is understood that Lim “In 2015, I did not know who issued The court was also forwarded a
had paid the undisclosed amount to SRC the cheque but was later informed follow- copy of medical certificate (MC)
International’s solicitors last week. ing the police commercial crime unit and from the Prison Department for
the Malaysian Anti-Corruption Commis- Wednesday (Sept 14) and Thurs-
A file search revealed that a notice of sion following investigations where I was day (Sept 15).
discontinuance was filed on Monday (Sept quizzed in 2018,” the tycoon said.
12) at the Sessions Court here by SRC He also conveyed that Najib is
International and the noted subsidiaries’ “Wong had instructed me to move now back on the blood pressure
solicitors from Messrs Rosli Dahlan Sara- the money to specific recipients namely medication he is accustomed to and
vana Partnership and Lim’s solicitors from Akademi Kewartawanan and Informasi added that although his blood pres-
Messrs Desmond Ho & Associates follow- Taima and AD Network which is the ad- sure is coming down, it is still not
ing a settlement. ministrator of the Ah Jib Gor Facebook back to normal.
page. Till today, I do not have specific
The settlement came about after over interests with the recipients of the fund. Sequerah also asked if Najib is
a year and after Lim, 67, filed his defence Six payments to that sum of RM330,800 being hospitalised as a result of
whereby he admitted among others not were paid to the two organisations be- a change in medication. To this,
knowing the money had originated from tween April 28 and July 13, 2015,” he Shafee clarified that there are two
SRC International. added. current issues: Najib’s history of
stomach ulcers and the change in
SRC along with Gandingan Mentari Lim said in Sept 2018, his CIMB bank medication.
and Jendela Pinggiran filed the suit where- account was frozen as a result of this.
by the three companies claimed that Lim The lawyer also told the court
had been unjustly enriched by receiving He maintained that he was not aware at that he had waited to see Najib for
the sum that had been misappropriated all material times that the sum was wrong- about three hours on Wednesday,
from SRC. fully or improperly paid into his bank ac- but no medical officers would meet
count from those companies. with him.

When contacted by theedgemarkets.com, The trial will resume on Sept 26.
counsel Rosli Dahlan confirmed the notice
of discontinuance had been filed against Read the full story
Lim.
Read also: No issue with Najib
“We will continue with our recovery getting his own supply of medicine
efforts vs parties that have received SRC’s — Khairy
money which were dissipated disguised
as CSR activities. Stolen money cannot
be given away disguised as charity or so-
cial causes.Those who received the stolen
public monies must return them. All will
be held accountable,” Rosli warned.

Presently, Najib is serving his 12 years
jail and was fined RM210 million after the
Federal Court had on August 23, affirmed
his conviction and sentence with regards
to abuse of power, criminal breach of trust
and money laundering of SRC funds.

t h u r s d a y S E P T E M B E R 1 5 , 2 0 2 2 11 T h e E d g e C E O m o r n i n g b r i e f

home

KUALA LUMPUR (Sept 14): Grant GrantThornton Released on bail
Thornton Malaysia’s country manager manager charged A total of five charges were read before
has claimed trial to eight counts of crimi- with committing Judge Bakri Abd Majid — two charges for
nal breach of trust (CBT) in the Sessions CBT in capacity offences committed in July and September
Court on Wednesday. as Sabah Forest 2020, and three charges for offences com-
mitted in February, March and May 2020.
Datuk Narendrakumar Chunilal Industries
Rugnath, better known as Narendra receiver Deputy public prosecutor Zulaai-
Jasani, was charged before two sepa- kha Mohd Apandi did not offer bail, as
rate judges with CBT amounting to by Tarani Palani & Priyatharisiny Vasu it was a non-bailable offence, but left it
RM2.38 million. theedgemarkets.com to the court’s discretion. She suggested
RM100,000 for the first two charges, and
He was accused of committing the crime It added that his appointment was made another RM100,000 for the other three
in his capacity as a manager and receiver in 2017 by MaybankTrustees Bhd, repre- charges.
of Sabah Forest Industries Sdn Bhd (SFI) senting HSBC Bank Malaysia Bhd, Stand-
over deposits belonging to Pelangi Prestasi ard Chartered Bank Malaysia Bhd, ICICI Lawyer A G Kalidas, who represented
Sdn Bhd, a firm owned by tycoon Tan Sri Bank Ltd, Bahrain, ICICI UK Bank Plc Narendrakumar, asked for lower bail, ar-
Syed Mokhtar Albukhary that was vying and Cooperatieve Rabobank UA, Hong guing that his client is a 72-year-old with
to take over SFI. Kong. health issues.

All charges are punishable under Sec- GrantThornton said Narendra had car- Bakri set total bail of RM60,000 with
tion 409 of the Penal Code. If found guilty, ried out his duties with the “highest pro- one surety, and for Narendra’s passport to
Narendra faces between two and 20 years fessional standards”. be surrendered to the court.
in prison, whipping and a fine.
It also assured its clients that its services Narendra was then charged before Judge
In a statement issued later, GrantThorn- and operations will not be affected follow- Datin Sabariah Othman with three similar
ton said it disagrees with the charges and ing Narendra’s charging. offences allegedly committed in November
will vigorously defend Narendra with facts and December 2019, and January 2020.
and evidence.
Sabariah set bail of RM50,000 with one
“The case related to SFI is presently surety, and for Narendra’s passport to be
under receivership, and Narendra Jasani surrendered to the court.
was appointed as the receiver and manager
by virtue of the liquidator licence issued in Lawyer Daniel Annamalai held a watch-
his name, the work of which is undertaken ing brief for Pelangi Prestasi during the
by the consulting arm of Grant Thornton proceedings on Wednesday.
Malaysia,” the audit firm said.
All the charges are set for mention on
Oct 14.

KUALA LUMPUR (Sept 14): Goodyear bloomberg “The company is pleased to have
Tire & Rubber Co has reached an agree- achieved an outcome that is agreeable to
ment to settle a labour dispute at its Ma- Goodyear the workers,” Goodyear said, adding it was
laysian factory with migrant workers who settles labour committed to human rights and fair la-
alleged unpaid wages and benefits, the com- abuse claims bour standards.
pany and five former workers told Reuters. with workers at
Malaysian factory The company said it has completed a
Goodyear, one of the world’s largest tyre thorough review of the workers’ concerns,
makers, declined to say how much it paid by Mei Mei Chu & A Ananthalakshmi including an independent audit of its la-
out, but the workers said settlement agree- Reuters bour practices. It did not reveal the results
ments signed this year ranged from about of the audit.
RM50,000 to RM200,000 per worker de- The industrial court had ordered Good-
pending on the length of their employment. year to pay back wages to some workers Its Malaysian unit has also parted
and comply with a collective agreement ways with a vendor and a human resourc-
The workers, who requested anonymity over compensation. Goodyear had ap- es manager involved in the matter, and
as they were not authorised to speak about pealed the verdict but later began settle- strengthened its vendor evaluation process
the settlement, said the net compensation ment talks. to ensure compliance with its values and
they received was less than that because of policies, Goodyear added.
taxes and lawyer fees.
Aside from the settlement over the legal
The total settlement amount exceeded dispute, the workers said they also received
the original claim of around RM5 million, RM10,000 each from Goodyear as com-
said the workers’ lawyer Chandra Segaran pensation for recruitment fee they paid to
Rajandran, although he declined to go into agents in their home countries. Goodyear
specifics, citing a non-disclosure agreement. declined to comment.

The settlement covers several lawsuits Activists said the onerous fees typically
filed against Goodyear by a total of 184 result in debt bondage.
current and former workers from Nepal,
India, and Myanmar in Malaysia’s indus- Malaysia’s labour department also ac-
trial court since 2019. cused Goodyear of wrongful deductions
and unlawful overtime, for which it fined
In an email, Goodyear said the settle- Goodyear RM41,500 last year.
ment was in accordance with the terms of Read the full story
the court rulings and followed an outside
accounting analysis of compensation.

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 12 T H E E D G E C E O M O R N I N G B R I E F

HOME

KUALA LUMPUR (Sept 14):The UMW UMW Group’s sponse with approximately 5,200 book-
Group’s automotive sales jumped by 41% automotive sales ings for the model, which will be launched
month-on-month in August 2022, driven up 41% m-o-m in soon.
by both UMW Toyota Motor (UMWT)
and UMW’s associate company, Perodua. August 2022 Meanwhile, it said Perodua’s sales
grew by 42% to 26,039 units in August
In a statement on Wednesday (Sept BY SURIN MURUGIAH this year, compared to 18,346 units reg-
14), the automotive group said it deliv- theedgemarkets.com istered in July, due to improvement in the
ered 35,130 units in August this year, supply chain.
compared to 24,983 units registered in UMW Holdings Bhd president and group CEO
July. Datuk Ahmad Fuaad Kenali. It said Perodua Bezza, Myvi and Axia
were the best-selling models, contributing
For the first eight months of 2022, the 69% to total sales.
UMW Group said it delivered a total of
233,367 units, 63% higher year-on-year For the first eight months of 2022, Per-
than the 143,018 units in 2021 period, odua registered 171,728 units, a strong
which was affected by the implementa- 64% growth compared with the 104,933
tion of the Full Movement Control Order units registered in the corresponding pe-
(FMCO) from June 1 to Aug 15, 2021. riod of 2021.

It said UMWT achieved its highest As of Sept 2, UMW Group said the
sales for 2022 with the delivery of 9,091 recently-launched all-new Perodua Alza
units in August this year, a 37% increase had garnered over 51,000 bookings, with
compared with 6,637 units registered in 7,682 units delivered up to August this
July. year.

The group said UMWT continued ex- UMW Holdings Bhd president and
citing offers for the purchase of selected group CEO Datuk Ahmad Fuaad Kena-
Toyota Vios and Yaris variants until the li said with the encouraging number of
end of September, as part of its Merdeka bookings due to improving demand, both
and Malaysia Day campaigns. UMWT and Perodua will continue to
ramp-up production to deliver the cars.
Year-to-date up to August 2022,
UMWT registered 61,639 units, 62% “We are confident of achieving our
higher than the 38,085 units registered sales targets for the year, based on the
in the corresponding period of 2021. encouraging bookings, as well as the eas-
ing of semiconductor chips shortage and
The company said since the com- improving supply chain,” he said.
mencement of order-taking for the all-
new Toyota Veloz on June 24 this year, At 12.04pm on Wednesday, shares
UMWT has received encouraging re- in UMW Holdings Bhd gained 3 sen to
RM3.13, with 203,700 shares done.

KUALA LUMPUR (Sept 14): EcoWorld EcoWorld group’s 10-month sales and reserves of
International Bhd (EWI) reported a net International more than RM2 billion are broadly in
loss of RM56.68 million for the third quar- posts 3Q losses on line with its sales target and substantial-
ter ended July 31, 2022 (3QFY22), com- lower units sold, ly higher than what was achieved in the
pared with a net profit of RM2.49 million share of losses same period last year.
a year earlier, amid lower profit contribu-
tions from projects in Australia. in JVs According to EWI’s filing, the group
has locked in RM1.73 billion sales based
Also contributing to the poor perfor- BY SHAZNI ONG on contracts exchanged in the first 10
mance were losses from joint ventures theedgemarkets.com months of FY22 with a reservation
(JVs) due to revision of profit margins on pipeline of RM361 million as of Aug
EW London’s build-to-rent projects as a million posted for 2QFY22, despite rev- 31. Total sales plus reserves added up
result of an extended construction pro- enue rising 4.3% from RM33.08 million. to RM2.09 billion, 58% more than the
gramme, the group said in a Bursa Ma- RM1.33 billion recorded for the same
laysia filing. For the cumulative nine months ended period of FY21.
July 31, 2022, EWI slipped into the red
Quarterly revenue dropped 72.86% to with a net loss of RM138.69 million, from Teow added that the sustained de-
RM34.5 million from RM127.13 million a net profit of RM69.83 million in the same mand for EWI’s properties has contrib-
in 3QFY21 due to lesser number of units period of the previous financial year, as uted to the good progress made on the
sold being handed over to customers, as revenue decreased 78.29% to RM116.82 group’s monetisation strategy of selling
the majority of units were handed over in million from RM537.97 million. its completed stocks to accelerate cash
the last financial year. build-up.
EWI president and chief executive of-
EWI’s revenue comprised property sales ficer Datuk Teow Leong Seng said the “Accordingly, we are well positioned
proceeds from its projects in Australia, to be able to meet our pledge of returning
namely Village and Yarra One, as well as a portion of the excess cash generated to
the fees for marketing services rendered our shareholders within the next one to
by a subsidiary to the group’s JV in respect two years,” he said in a statement.
of property sales of its projects in the UK. Read the full story

On a quarter-on-quarter basis, EWI’s
net loss narrowed slightly from RM67.35

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 13 T H E E D G E C E O M O R N I N G B R I E F

t h u r s d a y S E P T E M B E R 1 5 , 2 0 2 2 14 T h e E d g e C E O m o r n i n g b r i e f

home

MIDF stays tronics, augmented and virtual reality (AR/ Velesto may
‘positive’ on VR), and other developing technologies turn around
tech sector; rely significantly on the semiconductor
D&O and Inari sector for computational power. as soon as
are top picks 2HFY22, says
“As a result, we reiterate our positive
by Surin Murugiah view on this industry, which is poised for Kenanga
theedgemarkets.com exponential development as a result of its Research
adoption and integration,” it said.
KUALA LUMPUR (Sept 14): MIDF Re- by Surin Murugiah
search has maintained its “positive” view Top picks theedgemarkets.com
on the technology sector and said that MIDF said it continues to favour D&O
while it recognises that the sector continues Green Technologies Bhd (buy; TP: KUALA LUMPUR (Sept 14):
to be weighed down by rate rise pressures RM4.58), being one of the top 5 LED pro- Kenanga Research has upgrad-
and other macroeconomic difficulties, it ducers globally as the company is ideally ed Velesto Energy Bhd to “out-
remains positive on the sector given that positioned to benefit from the EV market’s perform” at RM11.5 sen with a
demand for EV, AI, and 5G related prod- accelerating expansion, due to its great higher target price (TP) of 16 sen
ucts remain intact and are critical enablers product innovation, large client base, and (from eight sen) and said it sees
to ignite the digital economy worldwide. increased LED consumption per car. the regional and local jack-up rig
market improving, with market-
In a note on Wednesday, MIDF said “We also prefer Inari Amertron Bhd ed utilisation reaching a high of
artificial intelligence (AI), automotive elec- (buy; TP: RM3.53) because the group’s 91% in Southeast Asia and 100%
future as Malaysia’s largest outsourced in Malaysia.
semiconductor assembly and test (OSAT)
provider remains intact. In a note on Wednesday (Sept
14), the research house said it be-
“Despite the lower projection on rev- lieves this offers further upside to
enue from the smartphone segment in Velesto’s current rig utilisation and
FY23, the management expects it will re- charter rates.
bound again, supported by content value
growth and new design wins such as RF “Hence, we may start to see Ve-
double-sided moulding system-in-pack- lesto turning around as soon as
age (SIP) programme in next-generation 2HFY22.
smartphone models,” it said.
“As such, we lowered our FY22
MIDF said that coupled with Apple’s loss assumption by 20%, while fore-
strategy to maintain the price for their lat- casting a turnaround to profit of
est iPhone 14 at US$799, the same amount RM87 million in FY23 (versus pre-
that it initially charged for last year’s iP- vious loss forecast of RM49 mil-
hone 13. lion), as we raised both our rig utili-
sation and charter rate assumptions.
“We opine that this strategy will assist
Apple to remain robust in current infla- “Our current forecasts are
tionary environment, therefore benefitting based on rig utilisation assump-
Inari, which is in the supply chain for Ap- tions of 60%-80% and day rates
ple’s smartphone manufacture,” it said. of US$75,000-US$85,000.

KUALA LUMPUR (Sept 14): Hong Le- HLIB keeps ‘buy’ “We upgrade to ‘outperform’,
ong Investment Bank (HLIB) Research on Focus Point, with a TP of 16 sen.
has maintained its “buy” rating on Fo- raises target price
cus Point Holdings Bhd at 76 sen with a
higher target price (TP) of RM1.51 (from to RM1.51
RM1.39) and said it was upbeat with the
group’s solid results and reckons that the by Surin Murugiah
momentum will continue with the full theedgemarkets.com
reopening under endemicity.
outlet expansion and good demand.
In a note on Wednesday (Sept 14), “New potential clients include an air-
the research house said the strong y-o-y
growth in 2Q22 was thanks to the ro- line customer and fast food chains.
bust footfall traffic in malls coupled with “We tweak our FY22/23/24 forecasts
strong sales recorded in the southern
region store s on the back of border by +31%/+18%/+13% to account for the
reopening. robust sales momentum.

HLIB said that encouragingly, man- “We reiterate ‘buy’, with higher TP of
agement shared that sales from older RM1.51 based on 14 times P/E pegged
stores continue to grow after the store to mid-FY23 EPS,” it said.
renovation and refurbishment.

As for F&B, it said main corporate
client continues to increase orders from

t h u r s d a y S E P T E M B E R 1 5 , 2 0 2 2 15 T h e E d g e C E O m o r n i n g b r i e f

home

KUALA LUMPUR (Sept 14): KIP Real KIP REIT mall they are constrained by labour shortages.
Estate InvestmentTrust (KIP REIT) said tenants less “Obviously, that is impacting the ten-
the increase in costs due to inflationary impacted by
pressures has had a negative impact on ants’ opening hours, as well as the oper-
mall tenants’ profit margins. rising cost, says ational methods. It remains an issue that
executive director is not resolved yet.
“Tenants are unable to pass those cost
increases on to consumers as the latter be- by Syafiqah Salim “This will be a major challenge because
come more price sensitive,” its executive theedgemarkets.com the shortage of manpower will also ulti-
director Valerie Ong told reporters at the mately impact our malls’ operation.Thus,
“Invest Malaysia: Pivoting for the Future” Last week, the Bank Negara Malaysia I hope to see some improvement in bring-
conference on Wednesday (Sept 14). had raised its overnight policy rate by 25 ing more manpower from overseas,” she
basis points (bps) to 2.5% — the third noted.
However, the impact on tenants of KIP consecutive rate hike this year — in line
REIT’s malls is less because they are mainly with expectations for further normalisa- For the full financial year ended June 30,
small and medium store operators that pro- tion of the monetary policy as the coun- 2022 (FY22), KIP REIT saw net profit rise
vide essential goods, she said. “Consumers try’s economic growth and inflation gain to RM75.51 million from RM35.22 mil-
will still patronise our malls.As the economy momentum. lion, arising from changes in fair value on
reopens and recover from the pandemic and investment properties during the year.This
more people feel confident enough to go Ong said while the REIT’s mall ten- was despite revenue slipping to RM73.7
out, we are [also] seeing an increase in the ants have expansion plans in the pipeline, million from RM74.25 million, mainly due
footfalls and occupancy rate in our malls.” to lower promotional income on the back
of restrictions on activities and events at
KIP REIT’s portfolio of assets compris- the mall level for the first two quarters and
es six community-centric malls strategical- lower average occupancy rate.
ly located in Bangi in Selangor, Tampoi,
KotaTinggi and Masai in Johor, Senawang KIP REIT units closed unchanged at
in Negeri Sembilan and Melaka. 89.5 sen on Wednesday, valuing the trust
at RM518.16 million.

Ranhill Utilities ject will be undertaken by RWSB. JAKS offers
unit bags The company (Ranhill Utilities) sub- shares under
sequently obtained the approval to long-term incentive
RM43 mil job release the announcement regarding plan to directors,
fromThailand’s the award from PTTEP on Sept 12,”
it added. employees
PTTEP
Ranhill Utilities said it is anticipat- by Priyatharisiny Vasu
by Chester Tay ed that even with the most aggressive theedgemarkets.com
theedgemarkets.com projections of renewable energy tran-
sition, there will still be a need for hy- KUALA LUMPUR (Sept 14): JAKS Re-
KUALA LUMPUR (Sept 14): Ranhill drocarbon to be part of the energy mix. sources Bhd has offered share options under
Utilities Bhd’s indirect 49%-owned its long-term incentive plan (LTIP) to eli-
unit Perunding RanhillWorley Sdn Bhd “Therefore, moving forward, low gible directors and employees of the group
(PRW) has secured a RM43 million con- carbon energy source such as gas and and its subsidiaries.
tract from PTTEP HK Offshore Ltd, a carbon capture will be a key part of
wholly owned subsidiary of Thailand’s global transition to the net zero carbon In a filing with Bursa Malaysia, JAKS said
PTT Exploration and Production PCL emissions,” it said. the 57 million LTIP shares are offered at an
(PTTEP), to provide front-end engi- exercise price of 23.7 sen per share.
neering and design services for offshore The group said it is committed to
facilities of the SK10B Lang Lebah de- working together with its customers Of these, 30 million shares are offered to
velopment project offshore Sarawak. in navigating their energy transition directors, comprising 17 million to chief exec-
process to decarbonise the extraction utive officer and managing director Ang Lam
PRW is 49%-owned by Ranhill of hydrocarbon. Poah, eight million to executive director Da-
Worley Sdn Bhd (RWSB), which is tuk Razali Merican Naina Merican, and five
a 51%-owned subsidiary of Ranhill “This award reinforces PRW and million to executive director Ang Lam Aik.
Utilities. RWSB’s position as a leading provider
of engineering and design services of Another 13 million shares are offered to
The duration of work is eight oil and gas facilities in delivering sus- the group’s senior management, and two
months, commencing on July 22. tainable tomorrow,” it added. million to other selected employees and
executives.
In a Bursa Malaysia filing on Ranhill Utilities chairman and chief
Wednesday (Sept 14), Ranhill Utilities executive Tan Sri Hamdan Mohamad JAKS’ share price closed flat at 26 sen on
said the letter of award was received is the largest shareholder of Ranhill Wednesday (Sept 14), valuing the group at
by PRW on July 19. Utilities with a 34.26% stake, followed RM521.17 million.
by United Overseas Bank Ltd at 9.07%
“The contract and the scope of and the Johor state government with Over the last one year, the counter has
works under the contract for the pro- 9.05%. Hamdan is also a substantial declined by 46%.
shareholder of PRW.

Ranhill Utilities’ share price closed
half a sen or 1.23% lower at 40 sen on
Wednesday, giving it a market capital-
isation of RM518.37 million.

t h u r s d a y S E P T E M B E R 1 5 , 2 0 2 2 16 T h e E d g e C E O m o r n i n g b r i e f

home

news In brief

Shahrin Yahya/The Edge Abu Hanifah returns to Datasonic’s
board as executive deputy chairman
(From left) Cosmos Technology International Bhd advisor Dexter Soh, executive director Ng Boon
Keong, independent non-executive chairperson Datuk Phang Ah Tong and managing director KUALA LUMPUR (Sept 14): Datasonic
Datuk Chong Toh Wee, MSM Metal Industries Sdn Bhd chief executive officer and executive Group Bhd announced the return of former
managing director and chief executive
director Charles Chan, as well as Mercury Securities Sdn Bhd managing director Chew Sing Guan officer Datuk Haji Abu Hanifah Noordin
at Cosmos' IPO prospectus launch on Wednesday (Sept 14). back into its board as executive deputy
chairman, effective immediately. Abu
Bursa ACE Market-bound Cosmos Technology to be listed on Oct 6 Hanifah owns an 8.1% stake in Datasonic,
KUALA LUMPUR (Sept 14): Cosmos Technology International Bhd, which is scheduled to the key provider of Malaysia’s national ID
be listed on Bursa Malaysia’s ACE Market on Oct 6 at 35 sen a share, said on Wednesday MyKad and passport, as well as e-gates
(Sept 14) that it plans to raise about RM22.44 million from its initial public offering (IPO), solutions at the country’s international
which involves a public issue of 64.13 million new shares. According to Cosmos’ prospectus border gates. The 71-year-old resigned
which was filed with Bursa on Wednesday, Cosmos plans to use the estimated RM22.44 from the leadership of the group in January
million gross proceeds to finance among others, the acquisition of a new building and 2020, succeeded by Datuk Haji Razali Mohd
purchase of new machineries. Substantial shareholders of Cosmos include Datuk Chong Yusof, who stepped down slightly over a
Toh Wee and Singapore-listed MSM International Ltd, which will own 40.5% and 27% year later in February 2021. Razali was
stakes in Cosmos respectively after the IPO, according to Cosmos. Chong is also the succeeded by Wan Zalizan Wan Jusoh, who
managing director of Cosmos, the company said. — by Dilpreet Kaur & Shazni Ong was redesignated as executive director on
Wednesday (Sept 14). — by Chester Tay
Pos Malaysia inks collaboration Luno to add Cardano, Solana
MOU with online marketplace cryptocurrencies onto digital asset Nexgram plans 10-to-1 share
Ejazmine exchange’s platform consolidation

KUALA LUMPUR (Sept 14): Pos KUALA LUMPUR (Sept 14): Malaysian PETALING JAYA (Sept 14): Nexgram
Malaysia Bhd has inked a memorandum digital asset exchange operator Luno Holdings Bhd is planning to consolidate
of understanding (MOU) with online said on Sept 14 it will add the Cardano every 10 shares in the ACE Market-
marketplace Ejazmine Sdn Bhd to explore cryptocurrency onto its platform next listed telecommunications and media
collaboration in logistics and courier Wednesday (Sept 21), and Solana on Oct firm into one new share. As of Sept
services. In a bourse filing on Wednesday 6, to further expand the range of investible 9, Nexgram had a total of 4.41 billion
(Sept 14), Pos Malaysia said that under the digital assets on the platform. Luno, which issued shares and the last trading price
deal, it will be appointed as the preferred is regulated by the Securities Commission closed at one sen per share. Upon the
logistics partner. The national courier said Malaysia, said in the statement the completion of the consolidation, Nexgram
that Ejazmine is an online marketplace planned additions of Cardano and Solana will see its number of issued shares to
that enables sellers to exhibit, advertise, will bring the number of cryptocurrencies be between 441.43 million and 573.88
display, make available and offer to traded on its platform to nine. According million, depending on the subscription of
sell products, and to enable buyers to to its website, existing cryptocurrencies outstanding warrants, the company said in
purchase the products offered. — by Surin transacted on the platform include bitcoin, the filing. — by Priyatharisiny Vasu
Murugiah Ethereum and XRP. — by Priyatharisiny Vasu
Malaysia saw 282% y-o-y jump in
Rubberex’s shareholders approve test kit maker purchase, diversification ransomware attacks in 1H22 —
into healthcare and name change Trend Micro

KUALA LUMPUR (Sept 14): Rubberex Corp (M) Bhd’s shareholders have greenlit the KUALA LUMPUR (Sept 14): Japanese
glove manufacturer’s proposal to acquire a 100% equity interest in test kit manufacturer multinational cybersecurity software
Reszon Diagnostics International Sdn Bhd for RM180 million. In a statement, Rubberex company Trend Micro Inc said it blocked
said its shareholders in an extraordinary general meeting held on Wednesday 63 billion email threats, malicious files, and
unanimously approved the proposed purchase, as well as its subsequent proposed malicious URLs globally in the first half of
diversification into the healthcare business and name change to Hextar Healthcare 2022 (1H22), representing a 54% year-
Bhd. Rubberex executive director Goh Hsu-Ming said the acquisition presents a good on-year (y-o-y) increase. In a statement
opportunity for the group to venture into the healthcare sector in view of the Covid-19 on Wednesday (Sept 14), Trend Micro
pandemic having raised the overall health and safety awareness and created a high Malaysia and nascent countries managing
demand for healthcare-related products and services in the market. — by Izzul Ikram director Goh Chee Hoh said new and
emerging threat groups have continued to
evolve their business model, focusing their
attacks with even greater precision. Goh
said in the Malaysian context, a total of
239.21 million cyberthreats were blocked
in 1H22. He said Trend Micro detected
an alarming increase of 282% y-o-y in
ransomware attacks in 1H22. Meanwhile,
the number of detected malware surged by
227% from 1H21 to 21,566,246. — by Surin
Murugiah

t h u r s d a y S E P T E M B E R 1 5 , 2 0 2 2 17 T h e E d g e C E O m o r n i n g b r i e f

home

Malaysia braces ject worth RM300 million that’s 60% com- Anti-party-
for floods in pleted, Environment and Water Minister hopping: DAP
Datuk Seri Tuan Ibrahim Tuan Man said to hold special
coming months in a Facebook post on Wednesday (Sept congress to amend
in test to PM 14). “I hope this project is effective in man- party constitution
as GE15 looms aging the terrible floods in Kuala Lumpur
and bring ease to the people.” on Sept 25
by Anisah Shukry
Bloomberg At stake is Ismail Sabri’s popularity, Bernama
amid pressure from factions in Umno to
Low Yen Yeing/The Edge hold an election sooner rather than later. KUALA LUMPUR (Sept 14): DAP will
Any missteps in his handling of the floods hold a special congress on Sept 25, with
The flood along the Shah Alam Expressway may lead to a repeat of the social media the main objective to amend the party’s
(Kesas) on March 7. backlash against him in December, when constitution to be in line with the an-
the annual floods left dozens dead and ti-party hopping law passed in Parlia-
(Sept 14):The Government has expressed displaced more than 61,000 people. ment last July.
its commitment to preparing for seasonal
floods in the coming months, in what is This time, the prime minister has vowed Its national organising secretary Ste-
set to be a test for Prime Minister Datuk to prepare for the worst. More than 6,000 ven Sim Chee Keong said the special
Seri Ismail SabriYaakob, ahead of the 15th temporary shelters will be set up nation- congress, which will take place at the
general election (GE15) that’s widely ex- wide, enough to house more than a million Shah Alam Ideal Convention Centre,
pected to be held before the September victims, he wrote on Facebook on Monday, will involve 3,672 delegates.
2023 deadline. after chairing a meeting with the natural
disaster management committee. “DAP is among the first parties in
In Kuala Lumpur alone, the Govern- Pakatan Harapan that called for the con-
ment is rolling out a flood mitigation pro- Floods in Malaysia have become an an- stitutional amendment or the enactment
nual phenomenon, triggered by the north- of the law against party-hopping.
east monsoon that brings heavy rain from
November to March. A recurrence of the “In the spirit of anti-party-hopping,
floods that inundated parts of the nation DAP will amend its party constitution,” he
late last year would add to the extreme told a press conference at the party’s head-
weather that has swept the world in re- quarters here onWednesday (Sept 14).
cent months, with record floods occur-
ring alongside widespread heatwaves and Once amended, he said DAP will
drought. also notify the Registrar of Society of
the matter.
The Malaysian Meteorological Depart-
ment forecast that most states on the pen- Sim said among the proposed amend-
insular may receive up to 900 millimetres ments to be made to the party’s consti-
of rainfall in November. Last year’s floods tution are to insert after Section 3 of
caused an estimated RM6.1 billion in loss- Clause III, Section 4 as follows:
es, the Department of Statistics Malaysia
said in January. Selangor, the richest and “Any member of the party who is an
most industrialised state, was the worst hit elected representative of the Dewan Rak-
and accounted for half the losses. yat, a senator appointed to the Dewan
Negara or an elected representative of
KUALA LUMPUR (Sept 14): Malaysia M’sia needs any State Legislative Assembly within
would require cumulative investments of RM350 bil to RM400 bil the Federation of Malaysia shall, sub-
RM350 billion to RM400 billion in its ef- investments to hit net ject to the approval of the central exec-
fort to become a nation with zero-green- utive committee, cease to be a member
house gas emissions by 2050. zero greenhouse gas of the party upon non-compliance with
emissions by 2050 any directive issued pursuant to Section
Most of the investment would go mainly — Bursa chairman 9(j) of Clause XIl of this constitution.”
to the energy sector, which will account for
0.8% of gross domestic product per annum by syafiqah salim Another addition is after Section 9(i)
by 2050, Bursa Malaysia chairmanTan Sri theedgemarkets.com of Clause XII, Section 9(j) as follows:
AbdulWahid Omar said while speaking at
the Invest Malaysia: Pivoting for the Fu- tion, tax incentives to promote electric vehi- “The central executive committee may
ture conference on Wednesday (Sept 14). cles, and the commitment to phasing out coal. issue specific directives to any or all of its
elected representatives of the Dewan Rak-
“From this perspective, the financial “This commitment is further reinforced yat, senators appointed to the Dewan Ne-
and capital markets have an important role by the Malaysia Renewable Energy Roadm- gara or elected representatives of any State
to play,” he said. ap 2022-2035, developed by the Ministry Legislative Assembly within the Federation
of Energy and Natural Resources,” Abdul of Malaysia.All directives issued under this
He cited Prime Minister Datuk Seri Wahid said. Section shall, unless otherwise directed
Ismail SabriYaakob’s announcement last by the secretary-general, be in writing.”
September that Malaysia is committed to
be a net-zero greenhouse gas emissions Sim said DAP will also launch its 15th
nation as early as 2050. general election machinery at the congress.

Steps taken to achieve this goal include
continued investment in public transporta-

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 18 T H E E D G E C E O M O R N I N G B R I E F

WORLD

US weighs China sanctions to deterTaiwan
action,Taiwan presses EU — sources

TAIPEI/FRANKFURT/WASHINGTON BY BEN BLANCHARD, YIMOU LEE, Taiwan’s pitch to Europe
(Sept 14):The US is considering options for JOHN O’DONNELL, ALEXANDRA ALPER Taiwan had already broached sanctions with
a sanctions package against China to deter European officials after Russia’s invasion of
it from invadingTaiwan, with the European & TREVOR HUNNICUTT Ukraine, but China’s recent military exer-
Union (EU) coming under diplomatic pres- Reuters cises have seen Taiwan’s position harden,
sure fromTaipei to do the same, according to six sources briefed on the Taiwan-Europe
sources familiar with the discussions. BLOOMBERG discussions told Reuters.

The sources said the deliberations in Taipei, Taiwan. Top Taiwanese officials' calls Top Taiwanese officials’ calls for sanc-
Washington andTaipei’s separate lobbying for sanctions preparations have intensified tions preparations have intensified in recent
of EU envoys were both in an early stage, a weeks.A recent Chinese white paper, which
response to fears of a Chinese invasion that in recent weeks. withdrew a promise not to send troops or
have grown as military tensions escalate in administrators toTaiwan if Beijing takes con-
the Taiwan Strait. against China to deter Xi from attempting trol of the island, has prompted a redoubling
to invadeTaiwan, said a US official and an of their efforts with Europe.
In both cases, the idea is to take sanc- official from a country in close coordination
tions beyond measures already taken in the with Washington. Taiwan has not asked for anything spe-
West to restrict some trade and investment cific, only for Europe to plan what actions
with China in sensitive technologies like US talks over sanctions began after Rus- it may take if China attacked, one source
computer chips and telecommunications sia invaded Ukraine in February, but took briefed on the discussions said, and has
equipment. on fresh urgency after the Chinese reaction asked Europe to warn China privately that
to Pelosi’s visit, the two sources said. it would face consequences.
The sources did not provide any details
of what is being considered but the notion The US, backed by Nato allies, took EU officials have so far shied away from
of sanctions on the world’s second-larg- a similar approach to Russia in January, imposing tough sanctions on China over hu-
est economy and one of the global sup- with a threat of unspecified sanctions, but man rights issues, as the country plays a far
ply chain’s biggest links raises questions this failed to dissuade Russian President bigger role for the bloc’s economy than Russia,
of feasibility. Vladimir Putin from launching his inva- said another person familiar with the matter.
sion of Ukraine.
“The potential imposition of sanctions on European sanctions would require all 27
China is a far more complex exercise than TheWhite House is focused on getting member countries to agree, which is often
sanctions on Russia, given the US and allies’ countries on the same page, including co- elusive. A consensus was tough even in iso-
extensive entanglement with the Chinese ordinating between Europe and Asia, and lating Russia after its invasion of Ukraine, in
economy,” said Nazak Nikakhtar, a former avoiding provoking Beijing, the non-US part because its gas was critical for Germany.
senior US Commerce Department official. official said.
All of Europe, excluding theVatican, has
China claimsTaiwan as its own territory Reuters was unable to learn details of what formal diplomatic relations with Beijing but
and last month fired missiles over the island specific sanctions were under consideration, notTaipei, thoughTaiwanese and European
and sailed warships across their unofficial but some analysts suggested China’s military officials have had extensive, private contacts
sea frontier after US House of Representa- could be the focus. since China’s military exercises began, the
tives Speaker Nancy Pelosi visitedTaipei in sources said.
what Beijing saw as a provocation. “Big picture, initial sanctions conversa-
tions will likely revolve around curtailing Germany, the bloc’s economic engine, is
Chinese President Xi Jinping has vowed China’s access to certain technologies re- “wary”, according to another official famil-
to bring democratically-governed Taiwan quired to sustain a military operation against iar with the discussions. “I don’t think Rus-
under Beijing’s control and has not ruled Taiwan,” said Craig Singleton at the Foun- sia-Ukraine has fundamentally changed the
out the use of force. He is set to secure a dation for Defense of Democracies. way they view their relationship with China.”
third, five-year leadership term at a Com-
munist Party congress next month. Tai- TheWhite House declined to comment. But there is growing concern in the Ger-
wan’s government strongly rejects China’s Taiwan’s Foreign Ministry said it had man government over its economic depend-
sovereignty claims. discussed China’s recent war games and the ence on China, with the economy minister
“great challenges” China poses to Taiwan pledging a new trade policy and “no more
Responding to the news of the sanctions and the region with the US, Europe and naivety” on Tuesday.
package, a Foreign Ministry spokesperson other like-minded partners, but could not
in Beijing warned against underestimating disclose details. A spokesperson for German Chancellor
China. Olaf Scholz declined to comment.

“I want to emphasise that any country or Read also:
person should not underestimate the strong US to discuss new chips bill with Taiwan
determination and firm will of the Chinese next month
government and people in defending na-
tional sovereignty, territorial integrity, and Apple planning to use latest chip tech
realising the reunification of the mother- by Taiwan’s TSMC in iPhones, Macs —
land,” the spokesperson, Mao Ning, said Nikkei
onWednesday (Sept 14).

Officials in Washington are considering
options for a possible package of sanctions

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 19 T H E E D G E C E O M O R N I N G B R I E F

WORLD

REUTERS

China reaps energy windfall as
West shuns Russian supplies

SINGAPORE (Sept 14): China is buying BY DOMINIQUE PATTON ering a profitable trade,” said Saul Ka-
more and less expensive energy supplies from Reuters vonic, the head of integrated energy and
Russia this year, reaping the benefits of a resources research at Credit Suisse.
plunge in European purchases just when Bei- quarter amid Covid-19 lockdowns.
jing needs it most as the Ukraine crisis push- “The upcoming meeting between Xi and China also has long-term incentives for
es Moscow in search of alternative markets. Russian supply as it strives to meet new
Putin will likely fortify China’s ties with Rus- carbon emissions targets and boosts gas
The growing cooperation, to be further sia in energy trade for mutual benefit, particu- consumption.That prompted a February
deepened with Chinese President Xi Jin- larly at a time when Russia [is] grappling with deal for a new pipeline from Russia to
ping’s meeting with Russia’sVladimir Pu- intensified western sanctions while China start in the next two to three years.
tin in Uzbekistan on Thursday, is a boon is in need of low-cost energy to shore up its
for both countries. sagging economy tarnished by Covid lock- Building coal stocks
downs,”said ZhuweiWang,manager,Asia Oil China’s coal imports from Russia jumped
China has gained access to cheaper ener- Analytics, S&P Global Commodity Insights. to their highest in at least five years in July,
gy while Russia is able to offset losses from as it bought discounted coal while Europe
the European Union and other allies scaling Profitable trade shunned Russian cargoes ahead of a ban
back on purchases of Russian exports due Russia became China’s top crude supplier that came into force on Aug 11.
to sanctions over its invasion of Ukraine. from May to July, accounting for 19% of
Moscow calls it a special military operation. China’s imports, versus 15% in the same pe- Russian thermal coal with a heating
riod of 2021, Chinese customs data showed. value of 5,500 kilocalories (kcal) trad-
Closer Chinese-Russian ties have also ed around US$150 a tonne on a cost-
promoted the use of their yuan and rouble Moscow’s share could grow to more than and-freight basis in late July, while coal of
currencies in commodities trade, lessen- 20% this year,Dutch bank ING said inAugust. the same quality at Australia’s Newcastle
ing reliance on the US dollar. port was assessed at more than US$210
China saved about US$3 billion in buy- a tonne on a free-on-board (FOB) basis.
China, the world’s largest energy con- ing Russian oil versus other imports between
sumer and top buyer of crude oil, lique- April and July, according to Reuters calcula- Though Russian supplies meet only
fied natural gas and coal, has imported tion based on customs data.On average,Chi- about 1% of Chinese needs, some traders
17% more Russian crude between April na paid about US$708 per tonne for Russian expect more Russian coal to arrive in the
and July from the same period a year ago. crude while the value of imports from the fourth quarter when utilities build stocks
rest of countries was $816 per tonne. for the winter heating season.
It has also bought over 50% more LNG
and 6% more coal from Russia during the For LNG, China’s imports from Russia Analysts said that while the gains for
same period while electricity imports from rose 26% in the first seven months from China are clear, Russia remains more re-
Russia, mainly via a cross-broader trans- the same period a year earlier while exports liant on the trade than China.
mission line connecting northeast China jumped to 66,798 tonnes in July, the high-
and Russia’s Far East, soared by 39%. est since 2019, on re-exports to Europe “However the war is resolved, it is ap-
and Japan, the data showed. parent that Russia can no longer rely on its
China’s oil, gas, coal and electric- major energy export markets in Europe for
ity purchases from Russia amount to “China is taking advantage of the dis- the foreseeable future, and the redirection of
US$43.68 billion so far this year. rupted trade flows, including by buying its energy and commodity exports towards
discounted Russian oil and LNG cargoes, the East will gather pace,”Tilak Doshi, man-
Cheaper Russian energy supplies while swapping out alternative volumes aging director of Doshi Consulting, said.
are helping to dampen inflation in back into Europe at higher prices, deliv-
China, where the economy narrow-
ly avoided contracting in the second

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 20 T H E E D G E C E O M O R N I N G B R I E F

WORLD

UK inflation rate slips from 40-year
high with drop in petrol prices

BY DAVID GOODMAN
Bloomberg

LONDON (Sept 14): Britain’s inflation The BOE holds its own meeting next accelerated to 6.3% in August from 6.2%
eased from its highest rate in four decades week, where investors are currently torn the month before, a pace that economists
after petrol declined, while still leaving the between anticipating either a 50 or 75 ba- expected would remain unchanged.
pace of price increases uncomfortably high sis-point hike from the current 1.75%.
for the Bank of England (BOE). Producer input and output prices both fell
UK economists had anticipated a small de- unexpectedly for the first time since 2020,
The Consumer Price Index rose 9.9% cline in the inflation rate last month, reflecting suggesting an easing of pipeline inflation pres-
from a year ago last month from 10.1% a 6.8% drop in the cost of petrol instead of sures. Fuel and raw materials costs declined
in July, the Office for National Statistics the 1.3% increase recorded a year ago. Food 1.2%, driven by cheaper crude oil. Factories
said onWednesday. Economists expected prices rose 1.5% and clothing climbed 1.1%, cut their prices by 0.1%. Prices were still up
a reading of 10%. putting upward pressure on inflation. sharply from a year earlier, however.

The reading may fan speculation that Bloomberg Economics expects inflation The cost of raw materials bought by
inflation has already peaked, relieving some to peak at 10.5% in October, well below producers fell 1.2% in August after little
of the pressure on the central bank to act. the more than 13% forecast by the BOE in change in July. Those prices remain too
Prime Minister LizTruss announced plans August beforeTruss made her announce- strong for many businesses, which are
to freeze an increase in energy bills due to ment. Most forecasters including the BOE squeezed between rising labour and raw
hit households in consumers, a move econ- expect a rapid retreat in price growth next materials costs and a weakening economy.
omists said will prevent a further spike in year, assuming the cost of natural gas and
prices this winter but keep inflation strong electricity does not keep rising. “There is a limit to how long any firm
well into next year. can sustain these rising costs before some-
Core consumer prices, stripping out thing has to give. We know from our re-
“The Bank of England continues to face volatile alcohol, tobacco, and fuel prices, search that two-thirds of businesses plan
a tough challenge to bring price growth back to increase their own prices.
towards its target level,” said RachelWinter,
Partner at Killik & Co. “Policymakers have “The size of last week’s government inter-
already hinted that they intend to deliver vention on energy prices should have a damp-
another increase in the base rate next week, ening effect on inflation when it is enacted.
given the ongoing underlying pressures.”
“But the lack of detail on exactly how
The pound erased earlier gains against much help any individual business will get,
the dollar following the release, trading at and for how long, means very few will be
US$1.1495 as of 7.11am in London. planning to invest any time soon.

The lower-than-expected figure in the “There are also a whole host of other
UK is in stark contrast to Tuesday’s re- issues ranging from transport and shipping
port in the US, which showed inflation costs, raw material prices, energy sector
remained hotter than most were predict- regulation, and the tight labour market
ing.That reading triggered rout in stocks that must be addressed,” said AlexVeitch,
as traders became more certain the Federal director of policy at the British Chambers
Reserve will raise interest rates three-quar- of Commerce.
ters of a percentage point next week.

Read also: EU proposes windfall levies
on energy firms to ease price pain

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 21 T H E E D G E C E O M O R N I N G B R I E F

WORLD

SEOUL/SINGAPORE (Sept 14): A South Korea in value and sending paired token Luna
South Korean court has issued an ar- seeks to arrest plummetting with it. Unlike most other
rest warrant for Do Kwon, the primary developer of failed major stablecoins which are backed by
developer of cryptocurrencies Luna and cryptocurrency other assets, TerraUSD’s value was de-
TerraUSD, whose spectacular collapse rived by complex algorithmic processes.
in May roiled crypto markets around the Luna
world. The market turmoil that ensued led to
BY JIHOON LEE, ALUN JOHN & CHEN LIN the failure of several major crypto com-
Kwon, also the founder of blockchain Reuters panies including US crypto lender Cel-
platform Terraform Labs, has been ac- sius and Singapore-based crypto fund
cused of fraud by investors in the wake BLOOMBERG manager Three Arrows Capital.
of the collapse.
Do Kwon In an August video interview with
“An arrest warrant has been issued crypto media platform Coinage, Kwon
for a total of six people, including Do said he had moved to Singapore because
Kwon, who are currently residing in Sin- of concerns about his family’s safety and
gapore,” a spokesperson for prosecutors rejected suggestions that the relocation
said on Wednesday without elaborating was due to the crash or an attempt to
on the reason. evade investigators.

Kwon did not immediately reply to a Worldwide, several cryptocurrency de-
Reuters email seeking comment.The Sin- velopers have been arrested on a range
gapore Police Force also did not immedi- of charges.
ately respond to a request for comment.
Dutch authorities last month arrest-
The arrest order comes after months ed a 29-year-old man believed to be a
of investigation and amid public outrage developer for the crypto mixing service
in South Korea over the collapse. Glob- Tornado Cash, on suspicion of money
ally, investors in the two coins lost an laundering.
estimated US$42 billion, according to
blockchain analytics firm Elliptic. In May, Arthur Hays, the co-founder
and former chief executive of the cryp-
TerraUSD, a so-called stablecoin that tocurrency exchange BitMEX, was sen-
was once among the top 10 cryptocurren- tenced to six months of house arrest after
cies globally by market value, broke its pleading guilty to violating the US Bank
1:1 peg to the US dollar in May, plunging Secrecy Act.

(Sept 14): Binance Holdings Ltd’s bil- Crypto traders BLOOMBERG
lionaire chief executive officer Chang- flee Indian
peng Zhao is tightening his grip on India’s exchanges Changpeng Zhao
market for cryptocurrency trading in the
fallout from a major tax change. for Binance to ments in due course,” a spokesperson said
escape taxes in response to questions about whether it
Downloads of Binance’s app in In- has started collecting the levy. FTX de-
dia jumped to 429,000 in August, the BY SUVASHREE GHOSH & SIDHARTHA SHUKLA clined to comment and India’s Finance
highest this year and almost triple that Bloomberg Ministry didn’t respond to emails seek-
of runner-up CoinDCX, data from mar- ing comment.
ket intelligence firm Sensor Tower show. ing investors to switch to the latter, ac- Read the full story
Only Binance among the top exchanges cording to several users of the apps who
achieved higher downloads in India com- asked to remain anonymous given the
pared with July. matter relates to tax law. Traders may
see a loophole in lax enforcement and a
The operator of the world’s largest gray area over whether the law applies to
crypto exchange stands out in a market more complex transactions.
where rivals are reeling from steep taxes
and the difficulty of moving money in and “The recent tax regulation is not ex-
out of trading venues. Daily volumes at plicitly clear on whether the 1% tax de-
key India-based platforms are down over ducted at source extends to crypto deriv-
90% since a 1% tax on crypto transac- atives transactions involving futures, as
tions took effect in July. it does to crypto spot transactions,” said
Rohan Misra, chief executive officer at
While Zhao has outflanked compet- SEBA India, a subsidiary of Swiss-based
itors with low fees, varied offerings and SEBA Bank AG.
a popular peer-to-peer marketplace that
allows easier movement between tokens Binance “is currently monitoring the
and cash, another factor is the contrast situation and will make further announce-
in the way foreign exchanges and those
with Indian roots handle the transaction
tax imposed on domestic residents.

Indian-origin platforms have begun
deducting the levy but many foreign peers
like Binance and FTX haven’t, prompt-

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 22 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Crop, car shipments set to halt
on US rail strike threat

BY KIM CHIPMAN & RYAN BEENE
Bloomberg

(Sept 14): US railroads are poised to stop ship- deadline looms. “We must take actions to Fertilizer, plastics
ments of farm products and other key goods prepare for the eventuality of a labor strike Railways are no longer shipping ammonia, an
startingThursday as the industry braces for a if the remaining unions cannot come to an important component of about three quar-
possible labor strike that could cost the world’s agreement,” BNSF said in a statement. ters of all fertilizer, because it would be dan-
biggest economy more than US$2 billion a day. gerous if the hazardous material was strand-
The halting of cargoes by some railways is ed during a potential rail strike, according
Norfolk Southern Corp. said it plans to aimed at ensuring crews aren’t stranded if a to the Association of American Railroads.
halt unit train shipments of bulk commod- work stoppage occurs Friday morning, Fish- Ammonia is used in explosives as well as
ities on Thursday ahead of a potential US er said. Reuters earlier reported on the plan. being an essential nutrient for plants.
rail worker strike the following day.The rail-
road also said it would stop accepting autos With November midterm elections less A halt to rail shipments of ethanol threatens
for transit at its facilities startingWednesday than two months away, Democratic Presi- to reverse the recent slide in US gasoline pump
afternoon. Other railways are likely to fol- dent Joe Biden is personally trying to break prices from a record high.Almost three-quar-
low suit, according to one agriculture group. the logjam between industry and labor un- ters of the nation’s supply is moved on trains,
ions.The White House has started crafting mostly from Midwest plants — where corn
“We are hearing several rail carriers are contingency plans to ensure critical mate- is made into the fuel additive — to the East
tentatively planning to wind down ship- rials can reach consumers in the event of a andWest Coasts for blending into gasoline.
ments,” said Max Fisher, chief economist work stoppage, a sign negotiations still have
at the National Grain and Feed Association, a long way to go. The petrochemical industry may be
which represents most US grain handlers. forced to slow down production at plants
US Labor Secretary MartyWalsh plans to that churn out plastics and other products
A halt to shipments of grains, fertiliz- meet with railroad and union representa- needed in industries across the US if ship-
er, fuel and other crucial items threatens to tives inWashington onWednesday ments of key hazardous chemicals necessary
hobble the US economy at a time of ram- morning, a spokesperson are delayed for an extended time.
pant inflation and fear of a prolonged global for the department
economic slump. Food-supply chains are said. Coal-fired power plants would continue
especially at risk as farmers are gearing up to operate, drawing from on-site inventory,
for harvest and need to get their supplies but utilities’ reserves fell to a 24-year low a
to customers. Crops are especially in high year ago and haven’t increased much since
demand due to shortages from the war in then. Miners would likely continue to dig up
Ukraine and weather woes across the globe. the fuel, as long as they have space at their
facilities to let it pile up.
Prices for corn for loading into barg-
es along the Mississippi River were rising “Once available storage is full the plants
Wednesday, as demand to ship grain on the would have to cut rates,” Robert Stier, senior
water increases.That could accelerate as the petrochemicals analyst at S&P Global Com-
harvest gets going over the next month. modity Insights, said in an email. “These
hazardous materials are the first products
“Our members rely on about 27 million impacted.These are difficult to ship by any
bushels of corn and 11 million bushels of other means than specialized rail cars.”
soybean meal every week to feed their chick-
ens,” saidTom Super of the National Chick-
en Council. “Much of that is moved by rail.”

Norfolk Southern intends to cease taking
vehicle deliveries for transit as of 5pm local
time Wednesday and close its intermodal
gates as well at that time, theVirginia-based
railway said in a notice.

Representatives for BNSF Railway Co.
and Union Pacific Corp. also sig-
naled they were prepared to
curtail service as the

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 23 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Bond traders relish idea of Fed rates
above 4% as chance to get yield

(Sept 14):The specter of US interest rates BY LIZ CAPO MCCORMICK ing opportunities and that her highest con-
at 4% or even higher is bringing into sharp- & MICHAEL MACKENZIE viction trades through the end of the year
er focus the question of when and how in- are to be in “front-end, high-quality credit.”
vestors should really get back into bonds Bloomberg
afterTreasury markets suffered one of their That’s perhaps even more appealing at
worst beatings in decades. a toll on growth. A deepening inversion a time when equities and other more risk-
of key curve measures, seen by many as prone assets are starting to look a bit shaky.
Hotter-than-expected inflation means a potential harbinger of recession, helped
traders are now betting the Federal Reserve reinforce that more downbeat view about Entrenched higher rates are usually a
will lift its benchmark as high as 4.4% ear- economic activity. headwind for stocks, as they tend to crimp
ly next year as officials seek to tame price earnings, lift funding costs, and increase
pressures. If that comes to pass, it could A measure of US producer prices fell the discount rate for investors, while in-
help pull large parts of theTreasury curve for a second month in August as fuel costs flationary pressures are also beginning to
back up to levels unseen in more than a continued to retreat, though an underlying cause economic pain on consumers and
decade and offer a tempting running yield measure of wholesale costs firmed in a sign producers alike.The S&P 500 is on track
at a time when riskier assets such as stocks of persistent inflation in the production for its worst year since the depths of the
could be coming under additional pressure. pipeline.The figures come on the heels of global financial crisis in 2008.
hotter-than-expected consumer price data
Yet just how to play the market while on Tuesday. It’s that kind of backdrop that has Kerrie
yields are still rising, how high rates might Debbs, a certified financial planner at Main
go before they plateau or fall, and wheth- US yields extended their advance on Street Financial Solutions, warning her cli-
er bonds will witness increases across the Wednesday, with the five-year benchmark ents they shouldn’t expect the lofty equity
whole curve are all key questions to be yield rising as much as eight basis points average returns that persisted before the
resolved as investors try to navigate the to 3.65%, the highest since 2008. pandemic. In her view, previously boring
landscape. choices like certificate of deposits are again
Gargi Chaudhuri, who is head of iS- worth a look and she’s advising them to
It has “definitely been a tough year hares investment strategy for the Americas think about adding more short-term bonds
across fixed income,” said Mohit Mittal, at BlackRock Inc., said that the recent surge — and holding them to maturity.
a fund manager at Pacific Investment Man- inTreasury yields has created lucrative trad-
agement Co. To avoid more pain, he says “There’s going to be more shock, disap-
it’s best to wait until the Fed gets to 4% pointment and adjustments,” said Debbs.
and then add “shorter maturity exposure in “People over past years had become overly
high-quality credit and floating-rate notes.” anchored in equities given the high returns,
but now in this era of higher rates — for
The central bank’s target range is cur- longer — they are going to be less satisfied.”
rently 2.25% to 2.50% and swap markets
are fully pricing in an increase of at least 75 Adding to the problem side of the high-
basis points at the upcoming policy meeting er-for-longer rate ledger is that tighter pol-
next week, with further hikes beyond that. icy raises prospects of an economic reces-
sion. Fed Chair Jerome Powell recently
The market-implied peak in the Fed emphasized the “out of balance” nature
rate is currently penciled in for around of the labor market while also acknowledg-
March 2023, with pricing indicating that ing that the combination of higher rates,
the central bank may need to re-ease pol- slower growth and a softer labor market
icy after that as higher rates begin to take will “bring some pain” to households and
businesses.

There’s also a double-whammy of re-
strictive monetary policy going on as well.
The Fed is not only hoisting rates but also
unwinding its mammoth balance sheet,
with the so-called quantitative tighten-
ing process ramping up to full speed this
month.

This combination has many investors
wary that long-term Treasury rates could
have more room to rise even as the curve
inverts further, causing great uncertainty
about just when people should take the
plunge back into bonds.

“The Fed ultimately wants demand de-
struction,” said Subadra Rajappa, head of
US rates strategy at Societe Generale SA.
“And that’s what keeping rates stuck at
about 4% is going to accomplish.”

T H U R S D A Y S E P T E M B E R 1 5 , 2 0 2 2 24 T H E E D G E C E O M O R N I N G B R I E F

MARKETS

CPO RM 3,858.00-40.00 OIL US$ 93.430.26 RM/USD 4.5275 RM/SGD 3.2257 RM/AUD 3.0497 RM/GBP 5.2245 RM/EUR 4.5316

Top 20 active stocks

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

METRONIC GLOBAL BHD 375.00 -0.005 0.020 -83.62 30.6

VELESTO ENERGY BHD 243.80 -0.010 0.105 -12.50 862.6

SNS NETWORK TECHNOLOGY BHD 124.20 0.010 0.300 0.00 483.8

TOP GLOVE CORP BHD 61.60 -0.020 0.785 -69.69 6,285.8

AIMFLEX BHD 35.10 -0.005 0.150 3.45 220.3

ORGABIO HOLDINGS BHD 34.50 -0.005 0.415 0.00 102.9

SFP TECH HOLDINGS BHD 33.90 -0.090 1.550 0.00 1,240.0

MY EG SERVICES BHD 32.40 -0.030 0.845 -21.03 6,236.5

UMEDIC GROUP BHD 31.10 -0.045 0.835 0.00 312.2 World equity indices

TANCO HOLDINGS BHD 29.20 0.010 0.310 29.17 547.6

DAGANG NEXCHANGE BHD 27.80 0.000 0.825 8.55 2,604.0 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE

NWP HOLDINGS BHD 24.80 0.000 0.240 -2.04 129.4 (%) (%)
DOW JONES 31,104.97 -1,276.37 -3.94 INDONESIA 7,278.08 -39.94 -0.55
JADE MARVEL GROUP BHD 24.80 0.020 0.275 -58.33 90.2

CNERGENZ BHD 24.60 -0.050 0.970 0.00 483.1 S&P 500 3,932.69 -177.72 -4.32 JAPAN 27,818.62 -796.01 -2.78

MESTRON HOLDINGS BHD 20.30 -0.005 0.370 8.82 344.3 NASDAQ 100 12,033.62 -706.10 -5.54 KOREA 2,411.42 -38.12 -1.56

CYPARK RESOURCES BHD 19.50 0.000 0.420 -53.85 247.3 FTSE 100 7,330.86 -55.00 -0.74 PHILIPPINES 6,582.86 -118.95 -1.77

SHIN YANG SHIPPING CORP BHD 19.30 -0.085 0.740 124.24 848.9 AUSTRALIA 6,828.62 -181.07 -2.58 SINGAPORE 3,258.02 -32.06 -0.97

UNIQUE FIRE HOLDINGS BHD 17.90 0.030 0.245 0.00 98.0 CHINA 3,237.54 -26.26 -0.80 TAIWAN 14,658.31 -236.10 -1.59

HEXTAR INDUSTRIES BHD 16.90 -0.015 0.380 137.50 436.0 HONG KONG 18,847.10 -479.76 -2.48 THAILAND 1,656.58 -4.51 -0.27

HIBISCUS PETROLEUM BHD 16.30 0.010 1.010 23.93 2,032.5 INDIA 60,346.97 -224.11 -0.37 VIETNAM 1,240.77 -7.63 -0.61

Data as compiled on Sep 14, 2022 Source: Bloomberg Data as compiled on Sep 14, 2022 Source: Bloomberg

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

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

MNC WIRELESS BHD 0.015 50.00 1,041.0 0.00 34.3 KEY ALLIANCE GROUP BHD 0.005 -50.00 895.0 -66.67 18.4

GREEN OCEAN CORP BHD 0.015 50.00 1.0 -50.00 31.7 METRONIC GLOBAL BHD 0.020 -20.00 374,968.9 -83.62 30.6

PASUKHAS GROUP BHD 0.020 33.33 4,688.3 -20.00 38.1 MERIDIAN BHD 0.020 -20.00 2,880.5 -69.23 18.1

BORNEO OIL BHD 0.025 25.00 7,978.9 -16.67 208.5 SERBA DINAMIK HOLDINGS BHD 0.025 -16.67 8,772.0 -92.86 92.7

BARAKAH OFFSHORE PETROLEUM 0.030 20.00 31.4 -62.50 30.1 PUC BHD 0.025 -16.67 2,515.8 -82.76 40.6

S&F CAPITAL BHD 0.070 16.67 126.3 -22.22 38.5 MQ TECHNOLOGY BHD 0.030 -14.29 1,524.9 -40.00 37.5

TOP BUILDERS CAPITAL BHD 0.035 16.67 81.6 0.00 24.7 KEY ASIC BHD 0.030 -14.29 396.0 -57.14 40.9

UNIQUE FIRE HOLDINGS BHD 0.245 13.95 17,852.7 0.00 98.0 ALAM MARITIM RESOURCES BHD 0.030 -14.29 3,820.9 20.00 46.0

APB RESOURCES BHD 1.040 13.04 1,556.7 46.48 115.3 TECHNA-X BHD 0.030 -14.29 2,066.8 -60.00 66.4

LION POSIM BHD 0.440 12.82 10.0 -21.43 100.2 KNUSFORD BHD 0.460 -11.54 0.1 -25.20 45.8

DESTINI BHD 0.090 12.50 6,373.1 -50.00 149.7 SAPURA ENERGY BHD 0.040 -11.11 11,566.2 -20.00 639.2

LEADER STEEL HOLDINGS BHD 0.560 12.00 10.5 -6.67 75.3 SAUDEE GROUP BHD 0.040 -11.11 339.7 -27.27 39.7

INCH KENNETH KAJANG RUBBER 0.455 10.98 20.9 1.11 153.2 GREEN PACKET BHD 0.040 -11.11 1,888.0 -50.00 63.8

JOHAN HOLDINGS BHD 0.055 10.00 61.0 -35.29 64.2 ADVANCE SYNERGY BHD 0.085 -10.53 10,310.9 -22.73 79.0

KHEE SAN BHD 0.110 10.00 73.0 -21.43 15.1 SHIN YANG SHIPPING CORP BHD 0.740 -10.30 19,349.5 124.24 848.9

CITRA NUSA HOLDINGS BHD 0.055 10.00 20.0 -26.67 39.6 PNE PCB BHD 0.045 -10.00 20.0 -47.06 25.2

PROPEL GLOBAL BHD 0.115 9.52 29.4 1050.00 69.5 TRIVE PROPERTY GROUP BHD 0.045 -10.00 41.0 50.00 56.9

RGB INTERNATIONAL BHD 0.120 9.09 12,039.6 0.00 185.2 PAN MALAYSIA HOLDINGS BHD 0.050 -9.09 168.0 -37.50 46.4

CHINA OUHUA WINERY HOLDINGS 0.065 8.33 500.0 -45.83 43.4 ZELAN BHD 0.050 -9.09 151.50 -37.5 42.2

GOPENG BHD 0.410 7.89 4.5 0.00 165.4 CATCHA DIGITAL BHD 0.205 -8.89 7.4 28.13 27.6

Data as compiled on Sep 14, 2022 Source: Bloomberg Data as compiled on Sep 14, 2022 Source: Bloomberg

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

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

HARRISONS HOLDINGS MALAYSIA 6.500 0.450 52.3 35.42 445.1 MALAYSIAN PACIFIC INDUSTRIES 29.360 -0.640 397.8 -40.52 5,839.6

CARLSBERG BREWERY MALAYSIA 22.980 0.200 82.4 14.44 7,026.1 NESTLE MALAYSIA BHD 130.700 -0.600 66.9 -2.61 30,649.2

KHIND HOLDINGS BHD 3.180 0.160 28.9 -16.54 133.7 PETRONAS DAGANGAN BHD 21.000 -0.460 188.9 1.94 20,862.5

KOTRA INDUSTRIES BHD 4.420 0.160 46.0 39.87 654.0 PPB GROUP BHD 16.460 -0.380 762.4 -3.74 23,416.0

HEINEKEN MALAYSIA BHD 23.940 0.140 100.3 14.88 7,232.2 HONG LEONG FINANCIAL GROUP 18.960 -0.320 35.8 9.34 21,713.8

RAPID SYNERGY BHD 13.660 0.140 28.1 37.29 1,460.2 BATU KAWAN BHD 22.220 -0.280 8.0 -2.11 8,744.9

APB RESOURCES BHD 1.040 0.120 1,556.7 46.48 115.3 HONG LEONG BANK BHD 20.700 -0.240 569.5 11.17 44,871.8

KLUANG RUBBER CO MALAYA BHD 4.050 0.120 20.0 2.27 252.5 VITROX CORP BHD 7.340 -0.210 105.4 -26.31 6,933.7

AJINOMOTO MALAYSIA BHD 11.960 0.100 9.8 -22.34 727.2 PETRONAS GAS BHD 16.840 -0.180 1,018.7 -5.89 33,321.8

YNH PROPERTY BHD 4.050 0.100 40.0 52.83 2,140.4 TENAGA NASIONAL BHD 8.780 -0.170 1,967.7 -6.00 50,512.0

DUTCH LADY MILK INDUSTRIES BHD 32.100 0.080 2.5 -4.24 2,054.4 PRESS METAL ALUMINIUM 4.620 -0.170 5,238.0 -20.07 38,067.0

KUALA LUMPUR KEPONG BHD 22.080 0.080 1,232.4 1.38 23805.7 KESM INDUSTRIES BHD 6.980 -0.160 3.0 -43.16 300.2

KKB ENGINEERING BHD 1.490 0.080 8.5 -1.32 430.2 FRASER & NEAVE HOLDINGS BHD 22.260 -0.160 252.1 -10.02 8,164.5

IMASPRO CORP BHD 4.990 0.070 22.8 101.21 399.2 AYER HOLDINGS BHD 6.300 -0.150 5.0 12.70 471.6

HONG LEONG INDUSTRIES BHD 9.300 0.070 34.7 1.31 2,971.1 CAN-ONE BHD 3.640 -0.130 202.5 -1.36 699.4

UMW HOLDINGS BHD 3.160 0.060 638.6 6.4 3,691.8 UNITED PLANTATIONS BHD 14.880 -0.120 327.1 8.57 6,149.9

SHANGRI-LA HOTELS MALAYSIA 3.500 0.060 133.7 5.42 1540 MAXIS BHD 3.750 -0.120 1117.4 -22.49 29363.1

MBM RESOURCES BHD 3.370 0.060 262 11.82 1317.3 TEXCHEM RESOURCES BHD 3.360 -0.110 564.7 189.66 400

DKSH HOLDINGS MALAYSIA BHD 4.420 0.060 7 -7.92 696.8 TA ANN HOLDINGS BHD 3.680 -0.110 509.5 4.84 1,620.9

LEADER STEEL HOLDINGS BHD 0.560 0.060 10.5 -6.67 75.3 UWC BHD 4.100 -0.110 1026.1 -33.98 4515.6

Data as compiled on Sep 14, 2022 Source: Bloomberg Data as compiled on Sep 14, 2022 Source: Bloomberg

INSIDE page There will be no publication
of theSun tomorrow, being a
Tough journey 3 public holiday in conjunction
for dodgeball with Malaysia Day celebrations.
TELLING IT AS IT IS champs Please visit www.thesundaily.my

for news updates.

ON THURSDAY SEPTEMBER 15, 2022 JUMPING PATRIOTS ...

No. 8109 PP 2644/12/2012 (031195) www.thesundaily.my Donning attire of various
professions during pre-Merdeka
days, pupils of Sekolah Kebangsaan
Dato’ Wan Kemara in Changlun,
Kedah leap for a pose at the
close of the school’s National
Month celebrations yesterday.
– BERNAMAPIX

TVET the way
█ BY RAJVINDER SINGH oTechnical graduates have higher chance of
[email protected] securing jobs than those with general degrees

PETALING JAYA: Graduates with a skills shortage. “The establishment of sector- across various industries to Turn to
technical and vocational education and However, he said for now, TVET suffers from specific skills councils and the support operations requiring
training (TVET) qualification have a adoption of apprenticeship automation and technological —
higher chance of securing jobs the negative perception that it is inferior to programmes through the TVET transformation.
compared with those holding general degrees, university degrees and caters to students with system would ensure that the skills of page 3
said Malaysian Employers Federation president lower academic aptitude, which is untrue. graduates meet the needs of the
Datuk Dr Syed Hussain Syed Husman. Fourth Industrial Revolution (IR4.0)
“This may have resulted in the majority of and the digitalisation process.”
Hence, he urged parents and society to TVET intakes being students who are less
change their views on youths taking up TVET academically inclined, thus propagating the For Malaysia to position itself for
courses. same perception to industry players who employ the rapidly emerging IR4.0, it will
TVET graduates.” need a well-trained technical
“Enrolling in an academic course in workforce with skill-sets that are
university is seen as a success symbol. But in He said to promote TVET among youths, it needed in the new economy.
reality, general degrees have less value than skills has to be perceived positively as a favourable
certifications,” Syed Hussain said. career path that students will prefer, rather than TVET programmes are a key
being forced to enrol in it due to poor academic mechanism for bolstering Malaysia’s
In a report last month, the Higher Education performance. human capital in its move to become a
Ministry said there were 197,400 unemployed more inclusive, innovation-driven
graduates in Malaysia as of 2021, with the highest “TVET modules focus on work-based economy, Syed Hussain said.
number having degrees in social sciences, learning and acquisition of practical skills,
business and law. wherein trainees participate in practical training He pointed out that the shortage of
at the workplace in the form of apprenticeships skilled labour in Malaysia, exacerbated by
Meanwhile, the Statistics Department Labour and internships. the acceleration of technological
Market Review for First Quarter 2022 said transformation during the pandemic, is
skills-related underemployment showed a 36.9% “TVET graduates can readily obtain jobs as hampering business recovery as industries
mismatch between occupations and they are more industry-ready and meet industry scramble to meet pent-up demands and new
qualifications. requirements,” he said. supply chain obligations.

Higher Education Minister Datuk Seri Dr Syed Hussain stressed for Malaysia to remain “Industries are relying more than ever on
Noraini Ahmad said recently that the competitive, there is a need to shift towards TVET graduates as their skills are required
government is targeting to have at least 55% of higher-end manufacturing processes, which call
Sijil Pelajaran Malaysia holders taking up TVET for the development of a future-ready workforce.
courses by 2025.

Syed Hussain said the government’s move
will help address the challenges posed by the

2 theSUN ON THURSDAY | SEPTEMBER 15, 2022
NEWS WITHOUT BORDERS

‘Selangor Ehsan Tabung Haji enhances reach
Rakyat’ tour offers with mobile branches
cheaper basic
food items KUALA LUMPUR: Although nearly o Board confident move, which makes it services, Bernama reported.
six decades have gone by since its easier for local Muslims to access its services, Located within the mosque’s
SHAH ALAM: More than 10,000 people establishment, Lembaga Tabung will attract more depositors
in Selangor have enjoyed a total saving of Haji (TH) is not resting on its premises, the counter is open twice
about RM545,000 from expenditure on laurels and is pressing on with operations Mohamed Ameen registration, naming heirs, a week – on Tuesdays and
basic food items by taking advantage of efforts to help Malaysian Muslims Abdul Wahab said the mobile changing account status from child Thursdays, from 10am to 3pm.
the Jelajah Ehsan Rakyat programme realise their dream of fulfilling the branch service, which got off the to adult, savings account activation
held since Sept 6. Otherwise, they would fifth pillar of Islam, which is ground in June, involves its officers and printing statements. Describing it as an excellent
have collectively forked out RM1.04 performing the haj pilgrimage. from eight TH Service Centres, and initiative, Masjid Kariah Paroi Jaya
million. eight branches located at Urban He said following the launch chairman Muhammad Fadillah
As an Islamic institution that is Transformation Centres (UTC) of the initiative on June 7, a Zulkafli, 51, said the mobile branch
Selangor Agricultural Development always striving to serve its nationwide. total of 5,835 new accounts were has not only benefited TH
Corporation group chief executive depositors better, the haj pilgrim opened. depositors but also the mosque.
officer Dr Mohamad Khairil Mohamad management and fund board The initiative covers various
Razi said based on the good response in recently launched its TH Mobile districts in Johor, Pahang, Perak, One of the depositors who is He said the TH mobile branch
the 17 state constituencies during the Branch initiative to make it easier Negri Sembilan, Kelantan, Kedah, pleased with the mobile branch was good news for him because it
first week, subsidies for sales and for customers to seek its services. Terengganu, Malacca and Sabah. service is food caterer Ghazizani enabled him to open accounts for
distribution of basic food items are Abd Ghani, 47. his two younger sons aged 12 and
expected to increase. To stay relevant to its vision – the Mohamed Ameen said among 14, which he had earlier been
Pillar of the Ummah’s Economic the services available at the mobile The mother-of-five, met while putting off due to time constraints
“A total of 100 staff and officers of the Success; and Excellence in Haj counters are opening new carrying out a transaction at the TH and busy work schedule.
corporation as well as volunteers will Management – the board, which accounts, opening virtual accounts, Mobile Branch at Masjid Kariah
join nine Jelajah Ehsan Rakyat lorries now has almost nine million updating profiles, haj affairs and Paroi Jaya in Seremban, said it is UTC Seremban finance
that travel throughout the state daily depositors and 123 branches, is easier now for her to seek TH’s executive Nur Haziqah Hashim
from 9am to 1pm except on Monday,” he confident the latest move will help said every week an average of 35 to
said in a statement yesterday. attract new depositors. 40 depositors, both new and
existing, visit the mobile counter at
Mohamad Khairil said that each lorry TH acting executive director of Masjid Kariah Paroi Jaya to carry
would carry six basic food products such out their transactions.
as whole chicken (weighing between
1.8kg and 2kg and sold at RM10 each), M’sian embassy in Thailand celebrates National Day
frozen meat (900g per pack at RM10),
frozen fish (1kg per pack at RM6), a tray BANGKOK: The Malaysian and army chief General comprehensive bond of Vijavat said Thailand and
of chicken eggs (grade B at RM10), 5kg embassy in Bangkok hosted a Narongpan Jittkaewtae. friendship will endure the test of Malaysia shared long and
rice (RM10) and 5kg bottle of cooking oil reception on Tuesday night to time for the benefit of our peoples historical ties as the two countries
(RM25). celebrate Malaysia’s 65th National Guests were served nasi lemak, and future. have had diplomatic ties for 65
Day and the 59th Malaysia Day. laksa lemak, char kuey teow, tosai years, since Malaysia became
He added the programme would run and cendol and entertained by “Under the current leadership, independent in 1957.
until Dec 6 to ease the people’s burden About 350 guests, including Sabah Tourism Board’s cultural Malaysia will continue to progress
in the face of rising food prices by foreign diplomats, Malaysian troupe, specially flown in for a in various areas of cooperation, “Thailand and Malaysia have
offering items at 30% lower than current professionals and businessmen as traditional cultural performance. namely political, security, trade, remained strategic partners since
market prices. well as students attended the investment, social, cultural, as well 1957 through thick and thin.
reception held at a hotel here. Jojie said Malaysia and as cooperation at border areas, Thailand is determined to work
“Sales locations will be focused on Thailand have a longstanding including connectivity projects. closely with Malaysia to promote
low-income and urban-poor areas with Malaysian Ambassador to relationship that encompasses all and protect the interests of both
the cooperation of community service Thailand Datuk Jojie Samuel and levels of society. “On this auspicious occasion, I countries and their people.
centre officers and local leaders.” wife Datin Catherina Christine would like to take the opportunity
Cherian welcomed the guests. “We believe that Malaysia’s to reaffirm the excellent, warm “Let us continue to work
The public can visit Selangor Among dignitaries present were relations with Thailand will and close bonds of friendship and together to elevate bilateral
Agricultural Development Corporation’s Thailand’s Vice-Minister for continue to deepen and grow from brotherly ties between our two relations to greater heights.”
Facebook, Instagram, Twitter, TikTok Foreign Affairs Vijavat Isarabhakdi strength to strength. The countries.” – Bernama
sites or visit https://linktr.ee/myPKPS for longstanding, deep-rooted, and
updates on sales locations, from time to
time. – Bernama

K9 initiative for
two Orang Asli
schools

TANJUNG MALIM: A proposal to Samuel and
implement Comprehensive Special Catherina with
Model Schools 9 (K9) in two Orang Asli performers
schools in the Tanjung Malim from the
parliamentary constituency has been Sabah Tourism
submitted to the Education Ministry, Board cultural
said Deputy Education Minister 1 Datuk troupe at the
Dr Mah Hang Soon. event
yesterday. –
He said the two schools are Sekolah BERNAMAPIX
Kebangsaan (SK) Jernang in Sungkai
and SK Pos Bersih in Slim River.

“I have submitted the proposal to the
ministry that, if possible, there is no need
to build a dormitory to implement K9.
We can use existing classrooms.

“For the time being, we can think of
ways to create and find suitable ways so
that we can start the K9 concept in both
schools.”

He was speaking after presenting a
smart television donated by Sharp
Malaysia for the “Smart Classroom
Solution” programme at SK Pos Bersih
yesterday.

Mah said the implementation of K9
would be able to address the issue of
school dropouts among the Orang Asli
community. – Bernama

Border security in Sabah, Sarawak to be strengthened

KUALA LUMPUR: The Armed Chief of Defence Force Jen Tan Indonesia’s capital is expected to will increase the number of Affendi said the increase in
Forces will increase the number of Sri Affendi Buang said there is a commence in the first quarter of residents and economic sectors in population is likely to contribute to
security posts along the country’s need for the Armed Forces to 2024. the area,” he said in a special the rise in cross-border crimes
borders in Sabah and Sarawak increase the number of border interview in conjunction with the such as smuggling.
following Indonesia’s decision to posts and regiments at the “It is already in our plans, and 89th Armed Forces Day
relocate its capital to Kalimantan. locations as the relocation of this will be done in stages because celebration at Wisma Perwira here. Armed Forces Day is celebrated
when the relocation takes place, it on Sept 16 every year. – Bernama

3theSUN ON THURSDAY | SEPTEMBER 15, 2022
NEWS WITHOUT BORDERS

‘Official recognition
would help graduates’

“Industry players are confident in the
value of TVET qualifications translating
into higher work
productivity, thus
From employers are willing to
front pay premium salaries to
page TVET graduates.”
He called for a
nationwide campaign to
promote TVET as an “education of choice”
to promote interest in its courses, adding
that official recognition of high-value
TVET occupations would help its
graduates secure high-paying jobs.
“To progress with industrial
advancements, we need skilled talents to
manage advanced technologies.
“Equal opportunity should also be
given to TVET graduates to progress to
senior management levels, not only in the
factory environment but also in general
management. This will help boost
self-confidence among skills graduates.
“More scholarships should be provided
to technical institutions than universities.
Industrial training should be
institutionalised and proper allowances
and benefits must be implemented,” Syed
Hussain added.

Members of the two teams with their medals upon arrival at KLIA. – AMIRUL SYAFIQ/THESUN Beauty cream ban
notification
Tough journey for
dodgeball champions PUTRAJAYA: A ban notification on beauty
product “Night Cream ForU By D Ains
o Team members speak of challenges involving financial “I saw the comments on streams and Beauty Empire” has been issued as it was
constraints, lack of support and personal injury social media. This is why the home fans are found to contain scheduled poisons and is
the best and make me want to play at the no longer allowed to be sold in Malaysia,
█ BY MUHAMMAD YUSRY in as a team. highest level possible and put on a good said Health Director-General Tan Sri
[email protected] “Everyone has put in a lot of work and the show.” Dr Noor Hisham Abdullah.
SEPANG: Raising funds to finance their trip
to Canada was difficult, but their struggles gold medal for the men’s team is well A player from the mixed team, Norm He said the National Pharmaceutical
paid off when Malaysia’s men’s team bagged deserved. Adam Simoneit, said for the past few years, Regulatory Agency under the Health
gold while the mixed team grabbed the silver the World Dodgeball Championship has Ministry found that the cosmetic product
medal at the World Dodgeball “I am not sure if this is our best at the always been held at the other end of the contained hydroquinone, tretinoin and
Championships in Edmonton, Alberta in moment but it does look like we are getting world, so raising funds has been difficult for betamethasone 17-valerate.
Canada on Sept 5. better with each passing year,” he told theSun some of the players.
upon the team’s arrival at the KL The use of products containing such
The championship’s “Most Valuable International Airport. With the mixed team achieving silver, substances without the supervision of
Player” and men’s team captain Carlos Simoneit said he is proud of his team, health professionals could cause adverse
Goonting said some players had to pull out Vice-captain of the men’s team Teh Wee especially as this is the first year a mixed side effects.
as they could not afford the trip. Sheng said he forked out RM100,000 of his category was added to the competition.
own money just to carry the Jalur Gemilang. “Sellers and distributors of the cosmetic
“Apart from that, our biggest concern was “The bar has been set high for upcoming product should stop selling the it
playing well or staying injury-free to “We never really had proper support since championships but we are always up for any immediately,” he said in a statement
continue competing,” he said. we started back in 2016, even after winning challenge.” yesterday.
so many podium finishes on the world stage.
Klang-born Goonting, 29, said his Another mixed team player, Ng Ying Noor Hisham added that hydroquinone
dodgeball career started in 2014 when he “But thanks to sponsors such as the Better Shuang, 26, said while she also struggled could cause redness when applied on the
was studying at Sunway University. He and Malaysia Foundation, which agreed to fund financially like the rest, she had an elbow skin, discomfort, unwanted skin colour
the rest of the squad had to go through an us to the tune of RM55,000, part of our injury about two months before the changes, hypersensitivity and prevent the
eight-month process of training and financial burden was eased,” he said. championships and was worried that she pigmentation process (depigmentation),
selections leading up to the championship. could not recover in time. Fortunately, the which reduces the skin’s protection from
Teh, 27, described the support that the injury did not present a problem during harmful ultra violet rays and increase the
On the team’s success, he said the teams received during the competition the games. risk of skin cancer. – Bernama
medal is just a reflection of the hard work put period as “unbelievable”.
“We are aiming to win the upcoming Comics art exhibition
“We stayed up until the wee hours of the championships. The next one will be held in at Maybank gallery
morning just to catch our live stream Kuala Lumpur in April. We are aiming to be a
matches. household name in the sport in Southeast KUALA LUMPUR: Maybank has reopened
Asia and globally,” she said. its Balai Seni (art gallery) to the public with
the “Hari-Hari Malaysia: A Collection Of
Wordless Comics Celebrating Independence
And Nationhood 2022” exhibition.
Maybank chairman Tan Sri
Zamzamzairani Mohd Isa said the
reopening of the gallery was also aimed at
promoting artworks of local artists and
DAP to align party constitution with anti-hopping law raising awareness of Malaysia’s rich artistic
talents and its numerous forms of art.
“After a more than two-year hiatus, our
KUALA LUMPUR: DAP will hold a special yesterday, adding that once completed, DAP 9(j) of Clause XIl of this Constitution.” Balai Seni returns, and we are excited to
congress on Sept 25 with the main objective would also notify the Registrar of Society The following provision would also be reconnect with artists and art lovers from
of amending the party’s constitution to be in (RoS). across the country.
line with the anti-party hopping law passed inserted after Section 9(i) of Clause XII, “This latest exhibition is very close to our
in Parliament in July. Sim said among the proposed Section 9(j): hearts, as it underlines the importance of
amendments to be made to the party’s independence while showcasing the
Its national organising secretary Steven constitution were to insert after Section 3 of “The central executive committee may diversity and creativity of the arts, as well as
Sim said the special congress, which will take Clause III, Section 4 as follows: issue specific directives to any or all of its the joys of appreciating the many iterations
place at the Shah Alam Ideal Convention elected representatives of the Dewan Rakyat, and interpretations of fine arts through the
Centre, would involve 3,672 delegates. “Any member of the party who is an Senators appointed to the Dewan Negara or lens of young and emerging local artists,” he
elected representative of the Dewan Rakyat, elected representatives of any State said in a statement.
“DAP is among the first parties in Pakatan a senator appointed to the Dewan Negara or Legislative Assembly within the Federation The exhibition is open on the first floor of
Harapan that called for the constitutional an elected representative of any state of Malaysia. All directives issued under this Menara Maybank until Sept 30 from 10am to
amendment or the enactment of the law legislative assembly within the Federation of Section shall, unless otherwise directed by 5pm on Mondays to Fridays and from 11am
against party-hopping. Malaysia, shall, subject to the approval of the the Secretary-General, be in writing.” to 4pm on Saturdays. Admission is free.
central executive committee, cease to be a – Bernama
“In the spirit of anti-party hopping, DAP member of the party upon non-compliance Sim added that DAP would also launch its
will amend its party’s constitution,” he told a of any directive issued pursuant to Section 15th general election machinery at the
press conference at the party’s headquarters congress. – Bernama

4 theSUN ON THURSDAY | SEPTEMBER 15, 2022
NEWS WITHOUT BORDERS

W- AEMBUAILLATYTSHIAIS DNAAYTIOTRNIBUTE

Witness to a united,
harmonious Malaysia

o Retired KTM officer temporary clerk. At the time, all the ports were Tan showing photos of trains and equipment from his time at KTM during his interview with theSun.
recounts wonder of watching under KTM, and I was posted to Port Klang to – HAFIZ SOHAIMI/ THESUN
nation grow as he built work at a warehouse.”
his career Indians and Malays. peaceful there too. Hence, he concluded that
Tan said he earned RM5.12 per day back then. “We were just like one big family,” he said. the riots were merely isolated incidents that
█ BY SURAYA ALI “In 1963, I was offered a permanent position However, being cut off from any did not represent the anger or views of any
[email protected] as a clerk in KTM with a monthly salary of RM127. particular race.
PETALING JAYA: Former station master Tan Kim I was attached to the cashier’s office,” he said, communication and news from outside of the
Seng said in its glory days, Malayan Railways adding that his main job was to collect fees paid station, Tan said he was not aware of the race In 1974, Tan was transferred to the Kuala
(KTM) was the heart of the nation’s transport by lorries that went to the port to collect cargo. riots that took place on May 13, 1969. Lumpur station.
system. On July 1, 1963, the Port Klang Authority
(PKA) was established and the port management “I was not aware of what was happening “I became a commercial representative
Now 79 years old, he said: “I was born in 1943 was separated from the railway operations. Staff since nothing was amiss in Bukit Abu. When and met a lot of people. I realised that writing
during the Japanese Occupation. I don’t were given a choice to work with PKA or stay the Malay families in the area told me: ‘Don’t official letters and minutes of meetings in
remember having ever seen my father. I don’t with KTM. worry, nobody will harm you,’ I was curious to Bahasa Melayu would not be easy because of
know what happened to him, but my Tan opted to stay with KTM and in 1965, he know what they were talking about. I had no the transport-specific jargon I had to use,”
grandmother and mother told me he went out to was sent to train at the Petaling station for a radio, television, or other means of he said.
look for work one day and never returned.” month, followed by another six months at a communication. Getting a copy of a
training school to qualify as station master. newspaper was very rare, and that too only if In light of Malaysia Day on Sept 16, Tan
Tan said his family lived with his grandfather, In 1968, he was sent to Lenek in Johor to work the trains bring one,” he said. calls on the people to always prioritise unity
who worked as a general worker in Kampung at a one-man station. It had no utilities, water or regardless of one’s race or religion.
Jawa, Klang. electricity. Only one train stopped there each day Tan went to Klang on May 14 to see for
to cater to the nearby Orang Asli community. himself what was happening in the country. “We built this nation as one people. Every
“Back then, education was not compulsory “I depended on the Labis and Bekok station Along the way, he stopped in Kuantan, one of us did our part to make Malaysia united
and most were not interested either. Life was masters, who were Malay and Indian, to send me Pahang, and noted that everything was and prosperous, and we should never
hard. Towards the end of 1961 when I completed vegetables and supplies,” he said. forget that.”
Form Five, I immediately started to look for work. Just three months after being posted to Lenek,
Tan was reassigned to Bukit Abu in Kelantan. He
“In 1962, I was offered a job in KTM as a said the railway men’s families were very close-
knit, and including an estate manager, there were
only three Chinese families in total.
But all of them got along superbly with the

Water supply for five remote villages

PITAS: About 200 families at five villages here Shariah Nelly also said the project,
are enjoying clean and regular water supply implemented over a period of 18 months,
following the installation of networks under involved the provision of a clean water supply
the Petronas Foundation “Memampankan system that is easy to access, simple to operate
Ekonomi Asas Rakyat” initiative, which aims and safer, compared with trekking through
to improve the quality of life for B40 uneven terrain to a water source such as
communities. a river.

Petronas Foundation chief executive The project was supported by Petronas
officer Shariah Nelly Francis said the villages Sabah and Labuan, and also involves the Pitas
are Kampung Boribi Kanibongan, Kampung district office, Village Development and
Gunsali, Kampung Mapad Kanibongan, Security Committees, village heads and
Kampung Ranggal and Kampung Mangkapon contractors from the beneficiary villages as
Darat, which are located about four hours’ well as KLCC Projeks Sdn Bhd as the technical
drive from Kota Kinabalu. advisor and Tonibung as the implementation
partner.
She said the water supply network utilises a
gravity-enabled system as well as solar- “We hope the villagers will work together to
powered water pumps and also includes maintain this system so that it can remain
water catchment components, pipes, pump functional in the long term,” Shariah
houses, water filters, storage tanks and Nelly said.
collection points.
A handover ceremony was recently held at
“We hope the local communities will enjoy Kampung Mangkapon Darat, officiated by
a consistent supply of clean water, especially State Minister of Rural Development Datuk
during the dry season,” she said yesterday. Jahid Jahim. – Bernama

S’wak, varsities to create disaster data system

KUCHING: The Sarawak government has (any eventuality).
forged a collaboration with Universiti Tun “The said data will be analysed at the
Hussien Onn Malaysia (UTHM) and the
University of Salford in the UK to develop command centre level and they can give their
innovative technological solutions to address proposals to the government on what should
global and industrial challenges due to be done as a solution in facing the disaster,” he
climate change. told a media conference after the launching of
Transcend Sarawak at the Tegas Digital Village
Sarawak Premier Tan Sri Abang Johari yesterday.
Abang Openg said through the collaboration,
the state government would work through In his speech, Abang Johari said climate
the Sarawak Multimedia Authority to use change could create various natural disasters.
several digital platforms to collect the
required data. “For example, during my working visit to
South Korea last week, while on our flight, a
“The data is important for us to make typhoon was about to hit and the data arrived
decisions and also policies should a disaster (to inform the pilot) to divert the flight from
occur and thus, reduce the burden borne by approaching Seoul.
the people and businesses. This is our
approach to reducing the risk of “The data that you get from the centre gives
you the (indications), so that you can avoid
risks.” – Bernama

Firm raided over 5theSUN ON THURSDAY | SEPTEMBER 15, 2022
expired licence NEWS WITHOUT BORDERS

PUTRAJAYA: The Road Transport Call for younger generation
Department (RTD) enforcement unit to defend state, nation
raided a company processing Indriver
applications on Sept 7 for operating with oVeterans association chief says continuity Negri Sembilan, advised the younger
an expired business licence. needed to ensure country remains free generation to remember that Malaysia has
provided them with many opportunities (to
RTD director-general Datuk Zailani TUARAN: Police Squad 69 veterans who have continue with efforts to protect our country,” he prosper) from the day they were born.
Hashim said in a statement yesterday served in Sabah are calling on every young said when visiting the Tuaran district police
the action carried out by the RTD was Malaysian to continue their struggle to defend headquarters recently. Squad 69 veteran Saperi Abdul Karim said
under Section 12A of the Land Public the state and country. with the passage of time, the struggle to protect
Transport Act 2010. Abdul Aziz, 74, said there are many the country is not just about taking up arms but
Squad 69 Veterans’ Welfare Association differences between Sabah today and at the instead, refers to equipping oneself with skills
Action taken under Section 12A(1)(8) president Datuk Abdul Aziz Bakar said the time he was on active duty. and knowledge and helping with the
of the Act can result in a fine of up to responsibility of defending the country does development of the country, Bernama
RM500,000 or a jail term of not more not lie solely on the shoulders of a certain In the 1970s, as a police officer in the state, reported.
than three years, or both. generation. Rather, the efforts must continue he and his colleagues faced many hardships
from one generation to another so that the but those obstacles did not break their spirit to “In the past, our struggle was against
The RTD also seized several country remains safe. maintain the country’s security. communist terrorists. In Sabah, we defended
computers and other promotional the state against pirate attacks but the struggle
materials and equipment from the “There must be continuity to ensure that our He served with the police force for 35 years. now has changed a little in terms of helping to
company for further investigations. country remains free and that security and The Pahang-born said the word Merdeka develop Sabah and Malaysia,” said Saperi, a
order are not disturbed. The younger (independence) has several meanings, Sarawakian, who spent 38 years in the force.
Zailani also advised companies that generation needs to continue the efforts of the including freedom from colonialism but to
intend to carry out business activities previous generation to protect the country. him, Merdeka means the many opportunities Another Squad 69 veteran, Ramli Othman,
that deal with the department, including given to the people of Sabah and the rest of the 72, from Penang, expressed hope that the
processing Indriver or e-hailing “This is our mandate to the younger country to develop themselves. younger generation would appreciate the
applications, to register with the Land generation and also to the current generation Meanwhile, the association deputy services and sacrifices of the previous
Public Transport Agency or the of police officers and security personnel, to president Datuk Alias Abdul Rahman, 73, from generation who defended the country because
Commercial Vehicles Licensing Board. without those services and sacrifices, the
current generation would not have the
“The public and passengers who use opportunities that it enjoys at present.
e-hailing services must make sure
applications that they use are licensed, MEMORABLE
to make sure passengers will be MOMENT ... Chief
protected by insurance when using such Justice Tun Tengku
services.” Maimun Tuan Mat
and a guest viewing
He added that RTD would continue to an exhibition
monitor operators of services such as yesterday at the
e-hailing to ensure companies that Palace of Justice in
provide such services adhere to the Putrajaya honouring
regulations and licensing requirements. the late Tun Dr
– Bernama Mohamed Salleh
Abas, who was a
Trio remanded over former chief justice.
RM400,000 graft – BERNAMAPIX

IPOH: Two men and a woman have been Ex-assistant district officer charged with corruption
remanded for seven days to assist a probe
over suspicion of being involved in a SHAH ALAM: A former assistant district officer (a 44-year-old man) as commission for him as 16(a)(B) of the Malaysian Anti-Corruption
corruption case involving RM400,000 in at the Kuala Langat Land and District Office a public official. Commission (MACC) Act 2009 and are
relation to the approval of an application was charged in the sessions court here punishable under Section 24(1) of the same
to own government land. yesterday with soliciting and accepting bribes Mohd Asraf is accused of committing the Act, which provides for a maximum
in connection with a road resurfacing project in offence to help a company secure a contract, imprisonment of 20 years, a fine of not less
The 30-year-old woman, who is an the district in 2020 and 2021. worth RM95,362.80, to resurface two lanes than five times the amount of the bribe or
administrative assistant of a Lands and at Kampung Batu 10 in Kebun Baru, RM10,000, whichever is higher.
Mines Office, and the two men, aged 41 Mohd Asraf Redzuan, 39, pleaded not guilty Kuala Langat.
and 50, who are directors of a company, after the two charges were read before judge Rozilah allowed Mohd Asraf bail of
arrived at the magistrate’s court at Rozilah Salleh, Bernama reported. He is alleged to have committed the offence RM10,000 in one surety, ordered him to
10.30am yesterday. at the administrative office of a mosque and a surrender his passport and report to the nearest
According to the charge sheets, Mohd Asraf, local bank in Section 14, Shah Alam, between MACC office on the first week of every month.
The remand order that started through a 35-year-old man, solicited RM5,000 Nov 11, 2020, and Feb 24, 2021.
yesterday was issued by magistrate Noor and received RM2,000 from another individual The court set Oct 27 for remention.
Hafiza Ishak, to assist in investigations The charges were framed under Section
under Section 17(a) of the MACC Act.
Baling floods caused RM28m in losses, says MB
According to an MACC source, they
were arrested on suspicion of bribery in ALOR STAR: The floods that hit the Baling reports made in connection with the incident. as possible because we know they are worried
order to obtain approval for an district on July 4 have resulted in losses As for the second flood incident at the end of each time it (rains).”
application to own approximately two estimated at RM28 million, said Kedah Mentri July, we have yet to receive (the figures on the)
hectares of government land in the Kinta Besar Datuk Seri Muhammad Sanusi total losses incurred by the residents,” he said He added that when the area was inundated
district. – Bernama Md Nor. after an executive council meeting at Wisma for the third time on Sept 6, a Bailey Bridge was
Darul Aman yesterday. damaged by (debris) that got stuck under the
Probe on suspected He said the losses involved the destruction bridge.
kidnap case of houses, buildings, infrastructure, vehicles A total of 41 areas were affected by the July 4
and other properties. deluge, which claimed three lives, including He said the state government has instructed
KOTA BARU: A 36-year-old woman has that of a 23-year-old pregnant woman. the Public Works Department to expedite
been reported missing since Tuesday at “The estimate from the first flood incident bridge repair works, adding that it had been
Kampung Semat Jal in Tumpat, and is (July 4) was carried out by the Disaster Meanwhile, Muhammad Sanusi said land raised by one metre as it was found to be too
believed to have been kidnapped. Operations Control Centre Committee set up reclamation to transfer 17 houses in the “yellow low to prevent debris from getting stuck and
by the Baling district office. zone” along Sungai Kupang has started. disrupting water flow.
Tumpat district police chief ACP
Amran Dolah said in the 5.10pm “A total of 80 census takers were appointed “We have started building 17 new houses in “Work to raise the bridge was completed in
incident, the woman is believed to have to go to every home to assess losses. Kampung Seniyek for residents living in the four days and residents were able to use it again
been kidnapped by four men using a yellow zone and we hope to complete it as soon on Sunday (Sept 11),” he said. – Bernama
brown-coloured vehicle. “The census is based on over 900 police

“The suspects are also said to be
armed with pistols and the car was seen
being driven towards Wakaf Baru in
Tumpat.

“Police have confirmed receiving a
report regarding the incident and the
case is under investigation,” he said in a
statement yesterday.

Amran urged those with information
to immediately call the Kelantan
contingent police headquarters at
09-745 0999 or the Tumpat district police
headquarters operations room at
09- 725 7222.

“I seek the cooperation of the public
not to make any speculation that can
jeopardise police investigations,” he said.
– Bernama

6 theSUN ON THURSDAY | SEPTEMBER 15, 2022
NEWS WITHOUT BORDERS

Philippines lifts ban on domestic workers to Saudi Arabia

MANILA: The Philippines will lift a reports emerged involving abuse and of Filipino workers and ensure pre-termination,” Philippine migrant important, (as is) making sure that all
ban on deploying domestic workers unpaid wages. “protection of their rights”, a joint workers secretary Susan Ople said in these reforms are implemented on
to Saudi Arabia beginning in statement issued on Tuesday said. a briefing. the ground.”
November after Riyadh agreed to Deployment will resume on Nov 7,
boost protective measures for a decision that comes after talks Among others, workers will be Manila-based Centre for Migrant More than 700,000 Filipinos are
Filipino workers, officials said. between the Philippines’ migrant allowed to quit before the end of their Advocacy executive director Ellene employed in the kingdom, mostly as
workers department and Saudi’s contracts if their employer is abusive, Sana welcomed the changes, but said maids, according to official data.
Manila had halted the sending of Human Resource Ministry. and insurance coverage will be enforcement of the protective
household workers last November to provided for unpaid wages. measures was critical. Millions of Filipinos work abroad
Saudi Arabia – a popular destination The agencies vowed to “work due to low wages or lack of jobs in
for Filipinos working abroad – after closely together to facilitate the “Any acts of violence, any acts of “It’s not enough that they made their own country of 110 million
decent and productive employment” immorality, those are grounds for the announcement. Due diligence is people. – AFP

US mulls China sanctions Two dead in
to deter Taiwan action shooting at Bangkok
military facility
o European Union under The sources did not provide any details of countries on the same page, including
diplomatic pressure from what is being considered but the notion of coordinating between Europe and Asia, and BANGKOK: A soldier killed two people and
Taipei to do likewise sanctions on the world’s second-largest avoiding provoking Beijing, said a non-US wounded one other in a shooting at a
economy and one of the global supply chain’s official. military facility in the Thai capital yesterday.
WASHINGTON: The United States is biggest links raises questions of feasibility.
considering options for a sanctions package Taiwan had already broached sanctions Sgt-Major Yongyuth Mungkornkim, a
against China to deter it from invading Taiwan, “The potential imposition of sanctions on with European officials after Russia’s invasion clerk at the Royal Thai Army War College,
according to sources familiar with the China is a far more complex exercise than of Ukraine, but China’s recent military shot three other soldiers at 8.45am (9.45am
discussions. sanctions on Russia, given US and allies’ exercises have seen Taiwan’s position harden, in Malaysia), the military said in a statement.
extensive entanglement with the Chinese six sources briefed on the Taiwan-Europe
The European Union (EU) is coming under economy,” said former senior US Commerce discussions told Reuters. The 59-year-old tried to flee but
diplomatic pressure from Taipei to do the Department official Nazak Nikakhtar. surrendered at around 10am, deputy
same, they said. Top Taiwanese officials’ calls for sanctions national police spokesman Kissana
China claims Taiwan as its own territory preparations have intensified in recent weeks. Phathanacharoen told reporters.
The sources said deliberations in and last month fired missiles over the island
Washington and Taipei’s separate lobbying of and sailed warships across their unofficial sea A recent Chinese white paper, which “The army would like to offer
EU envoys were both at an early stage – a frontier after US House of Representatives withdrew a promise not to send troops or condolences to the families of the deceased
response to fears of a Chinese invasion which Speaker Nancy Pelosi visited Taipei in what administrators to Taiwan if Beijing takes soldiers and the wounded,” said deputy
have grown as military tensions escalate in the Beijing saw as a provocation. control of the island, has prompted a army spokesman Col Sirichan Nga-thong.
Taiwan Strait. redoubling of their efforts with Europe.
US talks over sanctions began after Russia “This incident was a loss for both the
In both cases, the idea is to take sanctions invaded Ukraine in February, but took on fresh Taiwan has not asked for anything specific, families and organisation. It is something
beyond measures already taken in the West to urgency after the Chinese reaction to Pelosi’s only for Europe to plan what actions it may take that wasn’t expected to happen.
restrict some trade and investment with China visit, the two sources said. if China attacked, one source briefed on
in sensitive technologies like computer chips discussions said, and has asked Europe to warn “The cause and motivation for the
and telecoms equipment. The United States, backed by Nato allies, China privately that it would face consequences. incident is under investigation.”
took a similar approach to Russia in January
with a threat of unspecified sanctions but this EU officials have shied away from imposing In the aftermath of the shooting, police
failed to dissuade Russian President Vladimir tough sanctions on China over human rights officers and soldiers guarded the gates of the
Putin from launching his invasion of Ukraine. issues, as the country plays a far bigger role for facility, part of a large complex of military
the bloc’s economy than Russia, said another buildings in the north of the capital.
The White House is focused on getting person familiar with the matter. – Reuters
The military statement named the victims
LONG WAIT ... Displaced residents standing in as Sgt Nopparat Inthasunthorn and Sgt
a queue to receive food being distributed by the Prakarn Sinsong.
Saylani Welfare Trust at a makeshift camp in the
flood-hit Pakistani city of Sehwan. – AFPPIX The third soldier, Sgt Yongyuth
Panyanuwat, was taken to hospital for
treatment.

Acting Prime Minister Prawit
Wongsuwan told reporters that police were
investigating but it was too early to be sure of
the shooter’s motives.

The suspect’s mental health is being
assessed as part of the probe, police said.

Initial reports suggested the weapon used
was a 9mm pistol.

While Thailand has high rates of gun
ownership, mass shootings are extremely
rare. – AFP

BRIEFS ARREST WARRANT FOR
TERRA CRYPTO FOUNDER
Thai court to decide premier’s fate in two weeks
SEOUL: A South Korean court issued an
BANGKOK: Thailand’s Constitutional Court office, but there are question over when Yingluck Shinawatra’s democratically elected arrest warrant yesterday for the founder
said yesterday it will rule on Sept 30 whether Prayut’s term began. government, and led a junta regime before of the failed Terra cryptocurrency, which
suspended prime minister Prayut Chan-O-Cha retaining the prime ministerial post after collapsed earlier this year, wiping out
should be thrown out of office permanently. The court said in a statement that it will elections in 2019. about US$40 billion (RM182 billion) of
issue its verdict on Sept 30 at 3pm. investors’ money. Do Kwon, the
The former army chief, who came to power Supporters of the 68-year-old leader argue 31-year-old South Korean who is the
in a 2014 military coup, was suspended last “The Constitutional Court deliberates that the clock on his term began when the 2017 founder of Terraform Labs, is believed to
month while the court examined a legal the case is a legal issue and there is sufficient constitution came into law, or even after the be in Singapore. The prosecutors’ office
challenge arguing he has reached his term evidence to rule.” 2019 general election. said the Seoul court had issued a warrant
limit as premier. for his arrest and was trying to establish
Prayut’s deputy Prawit Wongsuwan has If the court agrees, Prayut could technically his whereabouts. Kwon’s Terra/Luna
Under the 2017 Thai constitution, a prime taken over as caretaker prime minister, while continue to serve until 2025 or 2027, if he wins system disintegrated in May, with the
minister cannot serve more than eight years in Prayut continues to serve as defence minister. a general election due by March. – AFP price of both tokens plummeting to near
zero, and the fallout hitting the wider
Prayut launched the coup that ousted crypto market. Its collapse sparked over
US$500 billion in losses. – AFP

WOMAN ROBS BANK TO PAY
FOR SISTER’S TREATMENT

BEIRUT: A Lebanese woman held up a
bank here with a gun yesterday and
reportedly walked out with US$13,000 to
fund what she said was hospital
treatment for her ill sister. It was just the
latest in a string of heists as Lebanese
depositors, whose savings have been
trapped in banks for almost three years,
take matters into their own hands. Sali
Hafiz streamed a live video of her raid, in
which she could be heard yelling at
employees to release a sum of money. ”I
came today to take the deposits of my
sister who is dying in the hospital,“ she
said. Sali and her accomplices then fled
through a smashed window. – AFP

7theSUN ON THURSDAY | SEPTEMBER 15, 2022
NEWS WITHOUT BORDERS

Azerbaijan has The coffin of Queen
renewed attacks, Elizabeth II being taken
says Armenia in the Royal Hearse to
Buckingham Palace
YEREVAN: Armenia yesterday accused in London.
Azerbaijan of renewing attacks on the – REUTERSPIX
border, a day after the worst clashes
between the two sides since their 2020BRIEFS Queen’s coffin to go
war over the disputed region of Nagorno- on display in London
Karabakh.
oFour days of lying in state, large queue forming charged – an indication that some people will
Russia announced on Tuesday it had need to wait overnight for a glimpse of
negotiated a ceasefire following clashes LONDON: King Charles III will lead a how I’ll feel going in there as the first one,” said the casket.
that killed at least 100 troops on both procession of the coffin of his mother Queen Vanessa Nanthakumaran, a 56-year-old
sides. Baku and Yerevan are accusing Elizabeth II through London today before administration assistant originally from Sri Hotel rooms in the capital are increasingly
each other of violating the truce. hundreds of thousands of people pay their final Lanka, who took her place at the head of the hard to find, with even budget rooms going for
respects. queue on Monday evening. £300 (RM1,600) per night, while transport bosses
Armenia’s Defence Ministry said and police are under pressure to keep the city
yesterday “the enemy relaunched its Six days after her death in Scotland, Queen “It’s our duty to say thank you. It’s going to moving and safe in exceptional circumstances.
attack by using artillery, mortar, Elizabeth’s body will be borne on a be prayers from the heart. It’s going to be very
large-calibre firearms in the directions of horse-drawn gun carriage from her sombre, quiet and overwhelming.” “It’s a massive challenge for the
Jermuk, Verin Shorzha” on the border. Buckingham Palace home to Westminster Hall, Metropolitan Police and for me personally, but
where she will remain for four days until her The government yesterday released the we have been preparing for many, many years,”
“... despite a clear reaction from the funeral on Monday. map of the full route for the queue, which could London police chief Mark Rowley told Sky
international community over the snake back up to 8km along the river Thames, News on Tuesday.
situation, in fact Azerbaijan’s The King and other senior royals are terminating in Southwark Park.
military-political leadership continues its expected to walk in silence behind the hearse The body of the late 96-year-old monarch,
acts of aggression against the sovereign as it winds through the capital’s streets and Strict rules and airport-style security who died “peacefully” at her Balmoral estate in
territory of Armenia, targeting both then hold a vigil upon its arrival at the measures have been put in place, with “far Scotland last Thursday, was flown to London
military and civilian infrastructure.” cavernous 12th-century hall in the more” people expected than the 200,000 who aboard an RAF plane on Tuesday evening from
Westminster parliament complex. filed past the coffin of the queen’s mother when the Scottish capital Edinburgh.
On Tuesday night, the Azerbaijani she died in 2002, according to Prime Minister
Defence Ministry said Armenian forces The public will be let in from 5pm local time, Liz Truss’s spokesman. It was then driven to Buckingham Palace,
“violated the ceasefire and shelled with mourners already warned they will face an with images of her coffin arriving for one last
Azerbaijani positions near Kelbajar and endurance test in round-the-clock queues. The government has advised people to wear night at home splashed across yesterday’s
Lachin from mortars and artillery”. “suitable clothing” and to bring portable newspapers.
“It’s going to be emotional and I don’t know battery packs to keep their mobile phones
Tuesday’s escalation came as “Welcome Home Ma’am,” read the headline
Yerevan’s closest ally Moscow is of The Sun, while The Times ran with the
distracted by its six-month-old invasion headline “Home to Rest” and Daily Mail
of Ukraine. – AFP “Home to her Family”. – AFP

FIVE DEAD IN JORDAN Pope warns against use of religion as prop for power
BUILDING COLLAPSE
NUR-SULTAN: Religion should not be used as a past, let us unite our efforts to ensure that the blessed by Heaven and worthy of man:
AMMAN: The bodies of five people prop for power, Pope Francis told an inter-faith Almighty will never again be held hostage to encounter, dialogue and patient negotiations,”
were recovered after a four-storey meeting in ex-Soviet Kazakhstan yesterday. the human thirst for power. he said.
residential building collapsed in
Jordan’s capital on Tuesday, “May we never justify violence. May we “Let us free ourselves of those reductive and The 85-year-old Argentine pope, who is
authorities said, adding 14 more never allow the sacred to be exploited by the destructive notions that offend the name of forced by knee pain to use a wheelchair and has
were injured and others remained profane. God by harshness, extremism and forms of admitted he must slow down or consider
trapped. The toll from the collapse fundamentalism, and profane it through retirement, is on his 38th trip abroad since
in the Jabal al-Weibdeh district“has “The sacred must never be a prop for power, hatred, fanaticism and terrorism. becoming pontiff in 2013.
risen to five dead and 14 injured”, nor power a prop for the sacred.”
said security spokesman Amer “Let us commit ourselves, then, even more About 100 delegations from 50 countries are
al-Sartawy in a statement. He had Francis spoke a day after appealing for to insisting on the need for resolving conflicts expected to take part in the event in
earlier told state television that civil peace and an end to the “senseless and tragic not by the inconclusive means of power, with Kazakhstan, a former Soviet republic that
defence forces were being war” in Ukraine. arms and threats, but by the only means gained independence in 1991. – AFP
supported by teams from the
regional security command and “Mindful of the wrongs and errors of the
the gendarmerie, and that rescue
efforts were ongoing. A civil
defence service source said there
remained “a number of
people trapped in the collapsed
building”, without providing an
exact figure. – AFP

IRAN WANTS CLOSER
TIES WITH UAE: MINISTER

TEHRAN: Iran’s top diplomat said
yesterday his country wants to
boost relations with the United
Arab Emirates (UAE), welcoming an
Emirati ambassador back to Tehran
after a six-year absence. The UAE
and other Gulf states had scaled
back their ties with the republic in
2016 after Iranian protesters
attacked Saudi Arabia’s diplomatic
missions in Iran following Riyadh’s
execution of prominent Shiite
Muslim cleric Nimr al-Nimr. “We
would like to broaden our relations
with our neighbours, including the
United Arab Emirates,” Foreign
Minister Hossein Amir-Abdollahian
told the new Emirati ambassador,
Saif Mohammed al-Zaabi, when
they met on Tuesday. – AFP

Russia spent US$300m to influence elections: US

WASHINGTON: Russia has covertly sent at least the official told reporters on condition of Democratic Party in 2017 elections and also Europe and has more directly funneled covert
US$300 million (RM1.4 billion) to foreign anonymity. bankrolled parties or candidates in Bosnia, funding in Central America, Asia, the Middle
political parties and candidates in more than Montenegro and Madagascar. East and North Africa.
two dozen countries since 2014 in bids to gain In one of the most egregious cases cited in
influence, a declassified US intelligence the new assessment, US intelligence said the The source, who was not authorised to speak Russia has at times sent cash but has also made
assessment said on Tuesday. Russian ambassador in an unnamed Asian on record, said Russia has also used Brussels as use of crypto-currencies and “lavish” gifts, it said.
country provided millions of dollars to a a hub for foundations and other fronts that back
US intelligence “assesses that these are presidential candidate. far-right candidates, and that Russia’s embassy The US is raising the findings with nations
minimum figures and that Russia likely has in Ecuador was sent “large amounts” of money that were directly affected, the official said.
transferred additional funds covertly in cases The declassified assessment did not give from 2014 to 2017, apparently with a mission to
that have gone undetected”, said a senior details on specific countries. swing elections. The new assessment did not cover domestic
administration official. American politics, but US intelligence
But an administration source familiar with The assessment said Russia has used previously said Moscow intervened in the 2016
“We think this is just the tip of the iceberg,” the findings alleged that Russia spent about fictitious contracts and shell companies in election, notably through manipulation of
US$500,000 to back Albania’s centre-right social media, to support Donald Trump. – AFP

8 theSUN ON THURSDAY | SEPTEMBER 15, 2022

SPEAK UP

Africa struggles with neocolonialism

COMMENT atrocities of his private Congo Free Ghana made technical reached out to the Soviet bloc and
State domain, killing millions, could cooperation agreements with the China. China built a US$500 million
by Anis Chowdhury and Jomo Kwame Sundaram no longer be denied, other European Czechs and Soviets to build two other (RM2.26 billion) railway linking
powers forced Belgium to directly dams. But both were ended after Zambia to the Indian Ocean through
AFTER a quarter century of colonise the country. Nkrumah was overthrown in a coup Tanzania.
that the atrocities were among the abetted by Washington in February
economic stagnation, worst 20th century genocides. Since then, the US has shaped the 1966. Thus, Nkrumah’s development Cote d’Ivoire has long been a major
African economic recovery Asymmetric interdependence? Congo’s destiny. The US has been ambitions for Ghana were killed. producer of cocoa and coffee. But
early in the 21st century was Europe’s post-Second World War keenly interested in its mineral A scaled-down Bui dam was finally three decades of misrule by its pro-
under great pressure even before the recovery benefited immensely from resources. Congolese uranium, the built by Chinese contractors decades Western founding father, Felix
pandemic, due to new trade their primary commodity exporting richest in the world, was used in the later. Nkrumah’s 1965 book, Neo- Houphouet-Boigny, ensured endemic
arrangements, falling commodity colonies. After the wartime Hiroshima and Nagasaki nuclear colonialism: The Last Stage of poverty and stark inequalities,
prices and severe environmental devastation, European imperial bombs. But Washington would not Imperialism, was probably the final culminating in civil war. In 2020,
stress. powers relied on colonial currency allow Africans control of their own straw in embarrassing the West. almost 40% of its people lived in
arrangements for precious foreign strategic materials. Tanzania’s Julius Nyerere’s Ujamaa “extreme poverty”. In 2019, the
European scramble for Africa exchange. Imperial power also “African socialism” focused on middle-income country’s human
Africa’s borders were drawn up by ensured captive colonial markets for Patrice Lumumba became the developing villages and food security. development index score was a low
European powers, especially uncompetitive post-war European first elected prime minister of the Western antagonism ensured 0.538, which dropped to 0.346, when
following their “Scramble for Africa” manufactures. Recovery and Democratic Republic of the Congo Ujamaa’s failure, while his efforts adjusted for inequality.
from 1881 ending with World War competition brought down (DRC). An advocate of pan-African were condemned to deter others
One. Various different ethnic groups commodity prices, especially after the economic independence, his wish for from trying to chart their own paths. Both Kaunda and Houphouet-
were forced together into colonies, to Korean War boom. For well over a genuine independence and sovereign Meanwhile, Nyerere’s pro-Western Boigny later abandoned their early,
later become post-colonial “nations”. century, such prices have declined. control of DRC resources threatened contemporaries were supported by more neocolonial policies. Zambia
powerful interests. Lumumba was the West. Such countries, e.g. nationalised copper mines, hoping to
Europeans came to Africa seeking As decolonisation became brutally humiliated, tortured and neighbouring Kenya and Uganda, improve living conditions, instead of
slaves and minerals, later building inevitable, French politicians murdered in January 1961. The received more Western aid although enriching foreign investors.
colonial empires. The US attended the promoted the notion of “Eurafrica”, assassination involved both US and their development records have not
1884 Berlin Congress, dividing Africa mimicking the US Monroe Doctrine’s Belgian governments, which been much better. Meanwhile, Ivorian cocoa was
among European powers. Colony-less claim to Latin America. French elite collaborated with Lumumba’s rivals. withheld to secure better prices. But
“latecomer” Germany got discourse insisted African Struggling to stand up A luta continua both efforts failed, as copper and
Southwest Africa and Tanganyika, independence should be defined by Pan-Africanist leader Kwame At independence, Zambia had no cocoa prices collapsed. Thus, both
now Namibia and mainland Tanzania, (asymmetric) “interdependence”, not Nkrumah wanted independent universities, with only 0.5% nations were severely punished for
respectively. “sovereignty”. Although Germany lost Ghana to chart an “anti-imperialist” completing primary education. The trying to better their fates.
its few colonies in Africa after losing path, staying non-aligned in the Cold country’s copper mines were mostly Non-alignment best
Namibia’s Herero and Nama the first World War, the influential War. He wanted hydroelectric dams in British hands. Most people survived
peoples revolted against German West German Die Welt wondered to power Ghana’s industrial progress, on limited land, without electricity Neglected by the US after the first
occupation in 1904. General Lothar wistfully in 1960, “Is Africa getting beginning by smelting its bauxite to and other amenities. Cold War until its 21st century African
von Trotha then ordered “every away from Europe?” develop an aluminium value chain. initiatives, including Africom, African
Herero … shot”. Four-fifths of the From decolonisation to Cold War Hemmed in by Western-supported nations have increasingly welcomed
Herero and half the Nama died. The US was the first nation to The US, UK and World Bank racist states, President Kenneth alternatives to the West, albeit,
recognise Belgian King Leopold II’s agreed to finance the Akosombo Dam, Kaunda sought foreign help to bypass somewhat warily. Together, the world
Communities were surrounded, personal claim on the Congo River on condition it provided cheap energy hostile South Africa and Rhodesia can help Africa progress. But if support
with many killed. Others were held, basin in 1884. When Leopold’s brutal to a Kaiser Aluminium subsidiary to (now Zimbabwe) to change the for the long cruelly exploited
with many dying in concentration process alumina for export to Kaiser. landlocked nation’s fate. After the US continent remains hostage to new
camps, or driven into the desert to die This arrangement was only rescinded and World Bank refused to help, he Cold War considerations, Africans will
of starvation. In 1984, the United decades later, early this century. choose accordingly. Non-alignment is
Nations Whitaker Report concluded now the pan-African choice. – IPS

9theSUN ON THURSDAY | SEPTEMBER 15, 2022
SPEAK UP

COMMENT by Dr Ong Kian Ming

Smarter, more user friendly, effective
LAST month, in a
parliamentary reply to my 3. Listen and respond to feedback A full listing of government apps can be found at Gallery of Malaysian 8. Maintain high standard
colleague, Wong Shu Qi (MP When an app has been downloaded Government Mobile Applications. In cases where the processing of
for Kluang), the Prime more than a 1,000 times and has certain government-related services
Minister’s Department stated that received more than 100 ratings, the when I was the deputy minister. This For example, the “Sistem Janji has been given to a private company,
there were more than 200 smart feedback will be a fairly accurate app has been downloaded more than Temu Klinik KKM”, which has been Mampu has the responsibility to make
phone applications or “apps” which representation of how useful and 10,000 times and has a poor rating of downloaded more than 100,000 times, sure the service provided by these
have been developed by 93 user-friendly the app is. The ministry 2.6. The app is supposed to help those has one of the poorest ratings among private companies are up to par.
government agencies. or government agency in question who have applied for bumiputra all the apps listed in the Gamma.my
must review the feedback and take shares to keep track of their website: 1.2 out of five (with more than For example, MyEG is a public-
A full listing of these apps can be necessary steps to respond and rectify application. 1,000 reviews). listed company that has a popular app,
found at “Gallery of Malaysian issues accordingly. 6. Add useful functionality which has been downloaded more
Government Mobile Applications” Some apps have the potential to This type of appointment-booking than a million times. But its rating is
or Gamma website For example, UPU Pocket is an provide timely and useful information app can easily be replicated using only 3.3, and recent reviews show a
(https://gamma.malaysia.gov.my/). app which has been downloaded but because of the lack of models that already work in private drop in the level of service.
There is even an app (Gammy.my) to more than 500,000 times by students functionality, they fail to fulfil their full healthcare systems. 9. Work with state governments
list down all these applications. and parents of students who are potential. For example, the MyCuaca Mampu should also recommend that
applying or have applied for entry into App, developed by the Malaysian MySalesTracker, an app developed certain ministries, especially the
After going through the ratings and public institutions of higher learning. Meteorological Department, has been by the Domestic Trade and Consumer Housing and Local Government
descriptions of some of these apps, I The rating of this app is a miserable 2.9 downloaded over a 100,000 times but Affairs Ministry, is supposed to display Ministry and Works Ministry, work
arrived at the conclusion that just and it has more than 1,000 reviews, only has a rating of 3.2. notices of cheap sales in the country. together with state governments (and
because an app is developed for a most of which are negative. There is Sadly, it has only been downloaded local councils) to implement and
smart phone, it does not mean it is a no official response to these Among the complaints include about 5,000 times and has a rating improve public complaint-type or
“smart” app. complaints in the review section. poor location identification, the lack of of 3.3. “e-aduan” apps.
hourly updates and poor notification
Here are some suggestions The MyHRMIS mobile app, which options. Compare this with Hargapedia, an There is no point for the Housing
for the Malaysian Administrative has been downloaded more than a app that can be used for price and Local Government Ministry to
Modernisation and Management million times, is frequently used by One can imagine how useful the comparison and online shopping for have its own “I-Tegur” app (rated 2.2,
Planning Unit (Mampu), which is civil servants for human resources app can be, especially nearing the grocery, health and beauty products, with 10,000 plus downloads) for
under the Prime Minister’s purposes, such as to apply and check monsoon season at the end of which has been downloaded more complaints when most of them have
Department overseeing ICT and their leaves. It has a rating of 4.5 and the year. than 500,000 times and has a rating to be channeled to the local councils.
Digitalisation related initiatives, to more than 7,000 reviews. Even though 7. Better alternatives of 4.2. It would make sense for state
make government apps smarter, more not all the reviews are positive, Apps with poor ratings should be governments to adopt the best
user-friendly and effective. whenever a suggestion is given by a discarded and replaced with existing Would it not be better for the practices at the national level for apps
1. Get rid of infrequently-used apps reviewer, there is a response from the options that are available in the ministry to work together with private relating to public complaints, at local
Not everything needs to be put into an app developer. market. sector companies like Hargapedia councils (“Pihak Berkuasa
app for public use. Some apps have 4. Update apps regularly (and others) to leverage on the reach Tempatan”).
seen few downloads, while others Apps, especially those with a high level and functionality of their apps rather
seem to provide information that few of usage, should be updated regularly than develop an underutilised app like It has been a challenge for me to do
people seem to want and which are to fix bugs in the system, increase MySalesTracker? so at the local council. It is hard to
not user friendly. functionality and respond to user develop a well-functioning app to
feedback. The above-mentioned handle public complaints for the
One such example is the MyHRMIS app was updated recently Kajang Municipal Council. Previous
“MYWC2U” app that was launched in in August. apps have failed to achieve their
October 2021, which gives locations objective for a variety of reasons.
to the nearest public toilets. This app In contrast, an app called
received a rating of 1.7 out of five on “MyKafeTeen”, which has been It makes sense for the Selangor
Google Play Store, with one review downloaded more than 5,000 times state government to consolidate the
stating that the app is “the most and has a high rating of 4.5, has not complaints process using one app at
redundant thing ever”. been updated since December 2019. the state level, similar to what has
This app, developed by Lembaga been done for the Smart Parking
If someone is in a hurry to use a Penduduk dan Pembangunan system under the Smart Selangor
toilet, my guess is that the person will Keluarga Negara or LPPKN – an Delivery Unit. This parking app has
try to find the nearest petrol station or agency under the Women, Family and been downloaded over 500,000 times
mamak shop using his smartphone Community Development Ministry – and has a decent rating of 3.8. Of
rather than use the MYWC2U app. with the intention of helping teens course, there is continued room for
connect with doctors and counsellors, improvement, not just for the Selangor
Mampu can easily determine could have been used better during state government, but also for the
which of the 200 apps have not been the pandemic to provide counselling Penang state government which has
frequently downloaded and used, and to teenagers. Additional functions the Smart Parking app that has a rating
ask the relevant agency to either delete could also have been added if the app of only 2.9. Better coordination
these apps or improve and make them was updated during the pandemic. between the federal and state
more relevant for public use. governments will be helpful.
Of course, even when apps are 10. Adopt best practices from better
My own research shows that 97 out updated regularly, this does not mean rated apps
of the 200 apps have been that its usage, user-friendliness and Again, Mampu can be the main
downloaded less than 1,000 times or effectiveness have increased. For coordinator to provide advice and
not frequently used. example, the MyPotholes app, consultation to governments and
developed by the Works Ministry, was agencies at the state and federal level
Mampu should provide recently updated in June, but only has on some of the best practices, to make
recommendations to the various 50 plus downloads and does not have apps more user-friendly and
ministries and agencies on whether enough ratings to register a score. functional.
an app is needed or if it is better for the 5. Ministers, deputy ministers, chief 11. Ensure data protection and
information to be only displayed on secretary should use apps privacy
the website. One way to ensure the respective Data privacy is important to assure
ministries pay closer attention to the users that their personal data stored
For news notifications, it may be effectiveness of their own apps is to on an app will not be misused or
better to use other existing apps such have the ministers, deputy ministers hacked or sold to a third party.
as Telegram rather than develope a and the chief secretary to the
stand-alone app. government use these apps, especially This is the challenge faced by
2. Make sure it fulfils its function during public events. This will lead to MySejahtera. This can be a lost
This may seem like a redundant them experiencing what the users go opportunity as MySejahtera can be
advice, but it is, nonetheless, through. Some of them may even read used by the Health Ministry for many
important to emphasise. the reviews and take remedial action. health-related projects e.g. tracking
those with possible long Covid
For example, “I-Kredikom” is an For example, it would be good to symptoms.
app that was created by the Housing have the transport minister using the 12. Find way to crosscheck validity of
and Local Government Ministry to JPJeQ app to try to book an ratings
provide a list of licensed appointment at a Road Transport Last but not least, Mampu should find
moneylenders, and for the public to Department branch in his home state. a way to limit the possibility of people
make complaints on any misconduct This app, which was launched in Jan “skewing” the ratings of apps because
or unfair practices by moneylenders. 2021, has had over 500,000 downloads they want to artificially inflate it to
and a rating of 2.6, with many users make a ministry look good or because
But ironically, this app – which saying that the app cannot capture the they want to depress the rating to
received a rating of 3.4 – has been GPS location of the user. make a ministry look bad.
infiltrated by scammers who have
managed to list themselves on the I must also take some Dr Ong Kian Ming is MP for Bangi.
app, as indicated by many of the responsibility for not looking into the Comments: [email protected]
reviews. MySaham2U app that was launched
by the International Trade and
This is a clear example of Industry Ministry in January 2018
inefficiency on the part of the people
in charge of rolling out the app at the
ministry, for failing to follow up and
doing the necessary due diligence
accordingly.

10 theSUN ON THURSDAY | SEPTEMBER 15, 2022

█ BY GLORIA HARRY BEATTY Things take a turn for the
[email protected] better in first-half 2022
KAJANG: Malaysia’s property market
posted a better performance in the oStrengthening domestic demand,
first half of 2022 (H1’22) with activity recovering job market and policy support
increasing 36.1% in volume and value inject vigour to the sector
year-on-year (y-o-y) to 188,000
transactions valued at RM84.4 billion almost 54% of the total transaction “More than 10,000 units of newly
as all property sectors recorded value. This is followed by the launched were recorded, down by
growth. agriculture subsector with a share of 66.7% against 31,687 units (revised)
almost 22.1% in terms of (figures) in H1’21. Against H2’21, the new
The property market’s while the trading subsector is in launches were lower by 13.3% (H2’21:
performance recorded a rebound in second place with a share of 16.6% in 12,173 units). Sales performance for
H1’22, a reflective of normalising terms of transaction value,” he added. new launches recorded at 20.3%,
economic activity as the country Additionally, residential property slightly lower compared to H1’21
move towards endemicity. With the sector recorded 116,178 transactions (revised 20.6%) and H2’21 (28.1%),” it
positive projection on economic worth RM45.62 billion in the review said.
growth by Bank Negara Malaysia, period, increased by 26.3% in volume
expected between 5.3% to 6.3% in and 32.2% in value y-o-y. The four Johor takes the top spot as the
2022, supported by the major states namely Penang, Kuala state with the highest number of new
implementation of various Lumpur, Johor and Selangor formed launches in the country, capturing From left: Ministry of Finance director-general of the valuation and property services
government initiatives and about 47% of the total national nearly 23.8% (2,509 units) of the department Abdul Razak Yusak and Indera during the launching ceremony.
assistance, the property market national total with sales performance
performance is expected to be on residential volume. at 31.8%. Sabah recorded the second
track. The commercial property highest number (1,335 units, 12.7% units worth RM4.73 billion. Likewise, units), followed by Kuala Lumpur
segment recorded 15,169 share) with sales performance at the unsold under construction and Selangor, with 18.9% (4,279
Deputy Finance Minister I Datuk transactions worth RM14.02 billion, 10.6%. Perak came in third (1,317 residential units saw a decrease of units) and 9.9% (2,248 units) share
Indera Mohd Shahar Abdullah said which rose by 45.4% in volume and units, 12.5% share) with sales 11.1% to 62,404 units compared to respectively.
Malaysia’s reopening of the 28.3% in value compared to the same performance at 19.4%. H2’21 (70,231 units).
international borders and its period last year. Selangor contributed The report also found that house
transition to the endemic phase the highest volume and value to the The property overhang situation On the same note, serviced prices has continued its low pace
continues to support the economic national market share, with 26.5% in has improved amidst market apartment sub-sector recorded growth, as the Malaysian House Price
recovery which was previously volume (4,025 transactions) and recovery, whereby it recorded a total 22,674 overhang units with a value of Index (MHPI) continued to increase
affected by the Covid-19 pandemic. 33.5% in value (RM4.7 billion). of 34,092 overhang units worth RM19.32 billion, indicating a at a moderating trend. As at Q2’22,
Domestic demand is strengthening, Meanwhile, the report found that RM21.73 billion, which is down by decrease of 6.7% and 5.6% in volume the MHPI stood at 203.5 points, up by
underpinned by the recovering job residential new launches have 7.5% and 4.6% in volume and value and value respectively against H2’21. 0.5% on annual basis. However, the
market conditions and ongoing softened during the period. respectively against H2’21. Most of Johor recorded the highest overhang index points decreased by 1.2%
policy support. the overhang is in Johor with 6,040 in the country with 68% (15,423 against Q1’22 of 205.9 points.

“This can be seen with the
increasingly strong economic growth
by 8.9% in Q2’22 compared to the
increase of 5% in Q1’22 and 3.6% in
Q4’21,” he said in his speech at the
launch of the Property Market First
Half of 2022 Report by the Valuation
and Property Services Department
(JPPH) yesterday.

“The residential subsector
continues to drive the market by
commanding more than 60% of the
total number of transactions and

Reconsidering the definition of Make it easier for first-time
housing affordability purchasers to own a home

MAH SING Group Bhd founder and prices normalise
RUMAH mampu milik is the term group managing director Tan Sri We hope the government could
used in Malaysia to refer to affordable Leong Hoy Kum shares consider lifting the taxes
housing that caters for low- and BUDGEThis Budget 2023 wishlist: and levies imposed on
median-income groups. 1. Ease financing imported construction
Kemampuan memiliki rumah refers 2schemes for first time 23 materials. The increase of
to housing affordability that construction material costs
benchmarks house price with a given home buyers on such as steel, aluminium,
properties up to
individual’s or household’s income. RM500,000 WISHLIST cement, concrete, glass,
Based on the National Affordable Impactful measures copper and timber are
Housing Policy, a house is considered for first time anticipated to increase by
affordable if its price is less than three homebuyers would include: an average of 19% this year.
times the annual household income 0 A one-off first time home buyers’ 4. Resolve labour shortage
median, calculated by using the grant of RM30,000 for property problem
median multiple approach. priced up to RM500,000 and/or to Master Builders Association
While the ratio of median house reactivate the MyHome Scheme pro- Malaysia in early September stated
price to median household income gramme to eligible purchasers. that contractors across the country
offers a simple and straight-forward 0 Lower, fixed rate financing for first are eagerly awaiting the supply of
measure for determining the national time home buyers, for properties foreign labour to help the industry
housing affordability level, the Breakdown of house buyers (based on income group) that purchased different priced up to RM500,000 recover. To meet demand and
inherent problem of it is that it housing products, by housing affordability level. Source: MKH 0 Higher restore the economy’s momentum,
provides a rather narrowly defined margin of the construction industry currently
affordability that focuses on towards an unsustainable price high as 94% of the respondents are financing up requires 500,000 workers, primarily
homeownership of would-be and distortion in the market, as the owning a house with price that is five to 100% for from Indonesia and Bangladesh.
existing homeowners. development of affordable housing is times more than their annual first proper- 5. Incentives for developments
As it literally means, “kemampuan only viable through cross- household income (chart). This gives ties to assist the M40 and B40 groups incorporating green features
memiliki rumah” only considers the subsidisation from free-market rise to the question whether building affected by the pandemic. In Budget 2022, the government
ability of an individual or a household housing products targeted at other more affordable houses can really For all buyers, we propose announced that Malaysia is moving
to own a house, without taking into income groups. This will inevitably help to mitigate the country’s housing restoring the maximum loan tenure towards becoming a carbon-neutral
account other potential housing drive up free-market house prices unaffordability problem. to 40 years, referring to gross income nation by 2050. We hope the
tenure choices such as affordability of and aggravates the overall rather than net income for loan government will consider providing
renters that benchmarks rent with affordability conundrum. Often, we hear a saying that applications and allowing small grants to developers to
income. This leads to the formulation houses nowadays are only “mampu downpayments to be made directly encourage industry participants to
of housing policies that only favour As shown in a study on housing didekati tetapi tidak mampu dimiliki”, from EPF Account 2. incorporate more green features into
building more affordable houses, as affordability level covering 234 especially for young generation and 2. Reduce and standardise their developments.
stipulated in the National Housing houseowners – by comparing the first-time home buyers. minimum threshold for foreign 6. Incentives for adoption of
Policy as well as the five-year prices of houses they purchased with property ownership to RM600,000 Industrialised Building System
Malaysia Plan. their annual household income using With the increased cost of housing The current minimum threshold (IBS) and Building Information
The building of affordable houses the MM approach – one can find that ownership – due to higher inflation for foreign property ownership varies Modelling (BIM)
that are below the market price not housng unaffordability (with a ratio and borrowing cost – housing according to states. We hope the We hope the government will
only gives rise to the question more than 3.0) tends to happen in affordability should not be viewed as government can review and consider extending attractive
whether it is possible to build every income group. It is not merely the ability to buy a house, but standardise the minimum threshold incentives to property developers who
adequate houses that are cheap necessarily that B40 (bottom 40) is the also being able to afford to live in it. to RM600,000 across all states. adopt IBS and BIM when constructing
enough to meet the needs of the low- only income group that is affected the This article is contributed by MKH Bhd 3. Waiver or reduction of duties developments, particularly affordable
income group; but also contributes most. As observed, M40 (middle 40) is on construction materials until residential developments.
the most vulnerable one, where as manager of product research and
development Dr Foo Chee Hung.

S E C U R I T I E S S D N. B H D. THURSDAY
SEPTEMBER 15, 2022
197201001092 (12738-U)
Editorial Tel: 03-7784 6688
A Participating Organisation of Bursa Malaysia Securities Berhad Fax: 03-7785 2624/5

A Trading Participant of Bursa Malaysia Derivatives Berhad Email: [email protected]
Advertising Tel: 03-7784 8888
14/9/2022 Fax: 03-7784 4424

Participation Bought Sold Net Email: [email protected]
RM m
% RM m RM m

47.9 Institutions 776.2 788.8 -12.6

28.6 Retail 502.5 432.5 70.1

23.5 Foreign 354.8 412.3 -57.5

100.0 1633.5 1633.5 0 19.40 32.06 479.76 26.26 796.01 236.10 38.12 181.10
KLCI STI HANG SENG SCI NIKKEI TSEC KOSPI S&P/ASX200
Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com 1,468.44 27,818.62 14,658.31 2,411.42
Source: Bursa Malaysia 3,258.02 18,847.10 3,237.54 6,828.60

KL MARKET SUMMARY UOB acquisition of Citi’s consumer business
September 14, 2022 in Malaysia receives Bank Negara approval

INDICES 10,475.20 CHANGE
FBMEMAS -123.00
FBMKLCI 1,468.44 -19.40
CONSUMER PRODUCTS 568.51 -3.97 PETALING JAYA: UOB Malaysia and Citi UOB Malaysia. All related Citi Malaysia in a statement yesterday.
INDUSTRIAL PRODUCTS 181.75 -1.70 Malaysia have received Bank Negara consumer bank employees and its Citi Malaysia CEO Usman Ahmed said it
CONSTRUCTION 155.75 -1.70 Malaysia’s approval for UOB’s acquisition of supporting employees are also expected to
FINANCIAL SERVICES 16,484.00 -182.00 Citi’s consumer banking business in the transfer to UOB Malaysia. will continue to seamlessly serve its
ENERGY 718.94 -8.73 country. consumer customers until the remaining
TELECOMMUNICATIONS 584.10 -8.85 UOB Malaysia CEO Ng Wei Wei said Citi’s part of the sale process is completed and
HEALTH CARE 1,569.04 -2.91 Following the approval, UOB Malaysia consumer business in Malaysia, as well as in will announce the date for the transfer later.
TRANSPORTATION 809.63 -14.30 and Citi Malaysia will apply for a vesting other markets of Thailand, Indonesia and
PROPERTY 648.81 -4.17 order from the High Court of Malaya to Vietnam enhances UOB’s regional “Citi remains committed to Malaysia
PLANTATION 6,945.04 -53.80 transfer Citi’s consumer banking assets and franchise, which will benefit all UOB and we will invest further in our market
FBMSHA 10,592.70 -127.00 liabilities to UOB Malaysia. The transaction customers, providing them with greater leading institutional clients franchise to
FBMACE 4,844.90 -55.80 is expected to be completed by the fourth connectivity and higher brand recognition. help our Malaysian clients grow in the
TECHNOLOGY 63.88 -1.21 quarter of this year. country and abroad.”
”The acquisition will also scale up our
TURNOVER VALUE UOB and Citigroup announced the retail business with an expanded portfolio Citi assured its consumer banking
2.631 BIL RM1.633 BIL proposed transaction on Jan 14, 2022. Upon and partner ecosystem. It further business and wealth customers that the
completion of the transaction, all of Citi strengthens UOB Malaysia’s outreach to transition to UOB will be smooth and that
Malaysia’s retail banking and consumer customers through a wider network of they will continue to benefit from services
credit card business will be transferred to branches and digital touchpoints,” she said and products similar to those they currently
enjoy from Citi.

5 MOST ACTIVES
September 14, 2022

STOCK VOL CLSG (sen) +/– (sen)
MTRONIC 374,968,900 2.0 -0.5
VELESTO 243,774,200 10.5 -1.0
SNS 124,239,600 30.0 +1.0
TOPGLOV 61,641,800 78.5 -2.0
HSI-CJN 42,133,400 19.5 -6.0

5 TOP GAINERS
September 14, 2022

STOCK VOL CLSG (RM) +/– RM
PMBTECH-LA 7,000 22.00 +0.70
SP500-H13 131,300 2.11 +0.47
HARISON 52,300 6.50 +0.45
HSI-HKA 1,510,000 1.82 +0.23
SP500-H19 146,200 1.01 +0.205

5 TOP LOSERS Abdul Wahid delivering his speech at
September 14, 2022 the opening of Invest Malaysia 2022.

STOCK VOL CLSG (RM) +/– RM M’sian economy resilient
MPI 397,700 29.36 -0.64 against future crises
NESTLE 66,800 130.70 -0.60
FANG-2XL 6.41 -0.51
PETDAG 800 21.00 -0.46
PPB 188,800 16.46 -0.38
762,300

EXCHANGE RATES SEPTEMBER 14, 2022

Foreign currency Bank sell Bank buy Bank buy █ BY HAYATUN RAZAK o Here’s why, says Bursa chairman – sound government
[email protected] policies, diversified structure and trading landscape, and
1 US DOLLAR TT/OD TT OD PETALING JAYA: Malaysia’s economy will strong and stable financial system
1 AUSTRALIAN DOLLAR 4.5855 4.4525 4.4425 be resilient against the impact of future
1 BRUNEI DOLLAR 3.1070 2.9850 2.9690 crises as it is anchored by sound cushion the impact of the crisis and the FTSE4GOOD Bursa Malaysia sustainability
1 CANADIAN DOLLAR 3.2600 3.1670 3.1590 government policies, a diversified structure spillover effects on the economy. index. The seven banking stocks alone –
1 EURO 3.4790 3.3860 3.3740 with low dependence on commodities, a Malayan Banking Bhd (Maybank), Public
1 NEWZEALAND DOLLAR 4.5820 4.4350 4.4150 good mix of trading partners, and a strong Additionally, Malaysia has over the years Bank Bhd, CIMB Group Holdings Bhd,
1 SINGAPORE DOLLAR 2.7630 2.6620 2.6460 and stable financial system, said Bursa diversified the structure of its economy to Hong Leong Bank Bhd, RHB Bank Bhd,
1 STERLING POUND 3.2600 3.1670 3.1590 Malaysia chairman Tan Sri Abdul Wahid be less dependent on commodities, which AMMB Holdings Bhd (AmBank) and
1 SWISS FRANC 5.2830 5.1180 5.0980 Omar. now contributes only 14% to GDP. Alliance Bank Malaysia Bhd – had
100 UAE DIRHAM 4.7600 4.6510 4.6360 combined market capitalisation of
100 BANGLADESHTAKA 126.3300 119.8200 119.6200 “The Malaysian economy expanded Malaysia’s economic resilience is also RM325.36 billion or about 20% of the total
100 CHINESE RENMINBI 4.5530 4.2740 4.0740 strongly by 8.9% in the second quarter, the supported by having diversified trading market capitalisation of RM1.65 trillion as at
100 HONGKONG DOLLAR 65.9000 62.9000 highest in the region, bringing our first half partners, being not overly dependent on the end-June 2022,” he said.
100 INDIAN RUPEE 59.0500 56.1300 N/A 2022 GDP (gross domestic product) growth any particular country or market.
100 INDONESIAN RUPIAH 5.8600 5.5000 55.9300 to 6.9%. This means our GDP growth is The financial system is complemented by
100 JAPANESE YEN 0.0319 0.0289 5.3000 likely to be at the upper end of the official Meanwhile, Malaysia’s banks are well a M3.5 trillion capital market, made up of
100 NEWTAIWAN DOLLAR 3.1780 3.0780 0.0239 growth forecast range of 5.3% to 6.3%,” he capitalised, liquid, better managed and RM1.7 trillion in debt capital and RM1.8
100 PAKISTAN RUPEE 15.8000 3.0680 said in his speech at the opening of Invest effectively regulated and supervised by Bank trillion in equity capital.
100 PHILIPPINE PESO 2.0000 N/A Malaysia 2022 yesterday. Negara Malaysia which continues to fulfil its
100 QATAR RIYAL 8.1500 1.8600 N/A role by mobilising funds to be channelled to “Malaysia is also home to the world’s
100 SAUDI RIYAL 126.8000 7.6800 1.6600 Abdul Wahid said one of the main productive sectors of the economy. leading Islamic capital market, totalling
100THAI BAHT 123.4000 120.3800 7.4800 contributing factors to Malaysia’s economic RM2.3 trillion, representing almost two-
13.0700 117.1500 120.1800 recovery coming out of the Covid-19 “These Malaysian banks and financial thirds of the total capital markets,” he added.
11.6000 116.9500 pandemic was the government aid stimulus services companies have significant
11.2000 packages, amounting to RM530 billion weighting in both the FBM KLCI and the
throughout 2020 and 2021, which helped
Source: Malayan Banking Berhad/Bernama

12 theSUN ON THURSDAY | SEPTEMBER 15, 2022 FOLLOW ON TWITTER SCAN
SUNBIZ ME
@thesundaily

Rubberex obtains

Cosmos aims to raiseshareholders’

approval for

RM22.44m from IPOmultiple proposals
PETALING JAYA: Rubberex Corp (M)
Bhd has obtained shareholders’ KUALA LUMPUR: Cosmos o Proceeds to be used for purchase of new metal products and connecting
approval at its EGM yesterday for the Technology International Bhd, plant, repayment of bank borrowings, and technology, and software-based
proposed acquisition of 100% equity enroute to a listing on the ACE defray listing expenses, among others solution has helped the company
interest in Reszon Diagnostics Market of Bursa Malaysia Securities establish a good track record over
International Sdn Bhd for RM180 Bhd (Bursa Securities), aims to raise the years. The favourable prospect
million, its subsequent proposed gross proceeds of RM22.44 million of oil and gas, water and wastewater
diversification into the healthcare in its initial public offering (IPO). industries due to the increased
business and proposed change of name Cosmos via its subsidiaries is an demand will primarily drive the
to Hextar Healthcare Bhd. integrated water technology Instruments Sdn Bhd, which is the while the remaining RM3 million to growth of the fluid control,
solutions provider principally certified partner and solution defray listing expenses. telemetry product and fabricated
Rubberex executive director Goh involved in the distribution and partner as well as the official partner metal products market. The market
Hsu-Ming said the acquisition presents instrumentation services of fluid for two major brands of fluid control The company’s IPO entails a will be propelled by factors like the
an opportunity for the group to venture control products and and telemetry products, and Marc public issue of 64.13 million new turnaround in these key industries.
into the healthcare sector, seeing that the manufacturing of fabricated metal Conleth Industries Sdn Bhd, which shares at the IPO price of 35 sen per
pandemic has raised overall health and products for industrial applications has established a track record in the share. Of this, 12.83 million shares “With this IPO, we will be able to
safety awareness and created a high used in the water, wastewater and oil manufacturing of metal frames for will be made available for streamline and consolidate our
demand for healthcare-related products and gas industries. shaker filters for the oil and gas application by the Malaysian public operations, and purchase new
and services in the market. Cosmos debuted on the LEAP industry. through balloting, 7.88 million machineries to enable us to increase
Market on March 9, 2020 and was shares will be allocated to eligible our manufacturing capacity and
“By expanding our product offerings, subsequently voluntarily delisted on Of the gross proceeds of RM22.44 directors, employees and persons capability that can take us to even
we hope to raise our profile in the Nov 10, 2021 to facilitate its listing on million, Cosmos has earmarked who have contributed to the success greater heights,” Chong said in a
market,” he said. the ACE Market. Cosmos will be the RM10 million for the acquisition of a of the group, 11.36 million shares statement in conjunction with the
first company to be listed on the new building (a semi-detached will be set aside for private launch of its prospectus.
Goh reiterated that while the ACE Market progressing from the factory comprising factory, office placement to selected investors and
healthcare business is complementary LEAP Market of Bursa Securities and warehouse areas) located in 32.06 million shares will be offered Cosmos chairperson Datuk
and synergistic to Rubberex’s core glove upon completion of this listing Balakong, Selangor, RM3.5 million via private placement to bumiputra Phang Ah Tong expects more water
business. Diversifying into healthcare is exercise. for the purchase of new investors. projects such as the upgrading and
in line with the group’s overall growth Cosmos is anchored by two machineries, RM1.5 million for the building of water treatment plants
strategy of venturing into other income subsidiaries namely Cosmos repayment of bank borrowings, Cosmos managing director and the replacement of ageing water
generating businesses that are profitable RM4.44 million as working capital, Datuk Chong Toh Wee said its pipes to be rolled out by the
and sustainable for the long-term.” capability in customising fabricated government as part of its intention
to lower the national non-revenue
It has also obtained approval from From left: Cosmos adviser Dexter Soh, executive director Ng Boon Keong, Phang, Chong, MSM Metal Industries Sdn water level to 25% by 2025.
shareholders for a change in name to Bhd CEO and executive director Charles Chan, and Mercury Securities managing director Chew Sing Guan at the
Hextar Healthcare Bhd. Owner and sole prospectus launch. “As for metal frames for shaker
largest shareholder of Rubberex Datuk filters, the division is benefiting from
Eddie Ong Choo Meng explained that it the growing opportunities within
is to better reflect the group’s core the oil and gas industry value chain
business and future undertakings into generated by the substantial capital
the healthcare sector moving forward. expenditures required to monetise
new oil and gas discoveries.
Ranhill Utilities gets
FEED services “The future prospects of Cosmos
deal worth RM43m are optimistic, underpinned by the
promising opportunities in the
KUALA LUMPUR: Ranhill Utilities Bhd’s sectors in which it operates, and
indirect unit Perunding Ranhill Worley supported by the company’s
Sdn Bhd (PRW), has received a letter of competitive strengths and
award (LOA) from PTTEP HK Offshore advantages,” added Phang.
Ltd for the provision of front end
engineering design (FEED) services for Mercury Securities Sdn Bhd is
offshore facilities for SK410B Lang Lebah the principal adviser, sponsor,
Development in Sarawak worth RM43 underwriter and placement agent
million. for the IPO.

PRW is 49%-owned by Ranhill Upon listing on the ACE Market
Utilities’ unit Ranhill Worley Sdn Bhd of Bursa Securities, Cosmos will
(RWSB). have an estimated market
capitalisation of RM89.78 million
In a filing with Bursa Malaysia based on the issue price of 35 sen
yesterday, it said the contract and the per share and the company’s
scope of works under the contract for the enlarged share capital of 256.50
project would be undertaken by RWSB million shares.
following a service agreement dated July
12, 2002 between PRW and RWSB Pursuant to the launch of
whereby both parties agreed for the Cosmos’ prospectus, applications
exclusive appointment of RWSB by for the public issue are open from
PRW to perform services in respect of all yesterday and will close on Sept 22
projects awarded to PRW in Malaysia. at 5pm. The group is scheduled to be
listed on the ACE Market of Bursa
It said this included, but not limited Securities on Oct 6.
to, the provision of design and
engineering technical services and Eco World International in the red for third quarter
know-how.
KUALA LUMPUR: Eco World For its cumulative period, it saw a fees rendered by a subsidiary to the On expansion strategies, Teow
Ranhill Utilities said PRW’s offering International Bhd posted a net loss net loss of RM138.69 million from a group’s joint venture in respect of noted that the board remains
for Lang Lebah capitalised on its of RM56.68 million for its third net profit of RM69.83 million for the property sales of its projects in the cautious. Supply chain issues
integrated organisation, which includes quarter ended July 31, 2022 same period in 2021, due to the United Kingdom. continue to exacerbate cost
in-house multidiscipline engineering compared with a net profit of share of losses in joint ventures, pressures and potential delays in
coupled with specialised services and RM2.49 million a year ago due to lower revenue and profit President and CEO Datuk Teow construction progress raises the
subject matter experts. lower profit contribution from its contribution from Yarra One and Leong Seng said its 10-month sales overall development cost including
Australian projects in line with West Village, impairment of and reserves of more than RM2 holding cost and overheads to be
It said PRW provided a capable, lower revenue, as well as share of investment in EW-Ballymore and billion is broadly in line with its sales borne by developments launched.
skilled and experienced local team losses in joint ventures caused by a lower other income. target and substantially higher than Rising interest rates could further
augmented with subject matter experts revision of profit margins on EW what was achieved in the same widen the gap between cost
from RWSB. London’s Build-to Rent projects due Year to date, revenue decreased period last year. inflation and house price growth.
to extended construction by 78.29% to RM116.82 million from
“Duration of work is 8 months, programme. RM537.97 million, following lesser “The sustained demand for our Based on the current sales
commencing from the date of kick-off handover of the remaining units in properties has contributed to the momentum, the group is targeting
meeting on July 22 2022. Revenue dropped 72.86% to West Village and Yarra One in the good progress made on our for its balance sheet to turn net cash
RM34.5 million from RM127.13 current period as compared to when monetisation strategy of selling our positive by early FY2023.
“The project is expected to contribute million in the corresponding Yarra One commenced handover in completed stocks to accelerate cash Accordingly, it is on track to make
positively to the revenue and earnings of quarter of last year, mainly due to December 2020. build-up. Accordingly, we are well- the planned distributions to
Ranhill Utilities for the financial year lesser number of units sold being positioned to meet our pledge of shareholders, once its board has
ending Dec 31, 2022,” it added. handed over to customers as Its revenue comprises property returning a portion of the excess determined the appropriate amount
majority of units were handed over sales proceeds from its projects in cash generated to our shareholders to be set aside to fund new project
PRW is principally involved in the in its last financial year. Australia, namely West Village and within the next one to two years,” he acquisitions for future growth.
provision of engineering and design Yarra One; and marketing services said in a statement.
services of oil and gas facilities. –
Bernama

13theSUN ON THURSDAY | SEPTEMBER 15, 2022

* SUNBIZ

Ringgit to be under pressure BRIEFS MUHIBBAH ENGINEERING
against US dollar in near term IN JOINTVENTURE
FOR FUEL DEPOT IN LAOS
o Bank Islam chief
economist cites PETALING JAYA: Muhibbah
widening interest Engineering (M) Bhd has entered
rate gap into a shareholders’ agreement
with Laos companies PTL Holding
Company Limited and OSD
Holding Sole Co Ltd to establish a
joint venture (to be known as PLH
Co Ltd) to develop, design,
construct and operate as a fuel
storage depot in Vientiane Logistics
Park, Hadsayfong District in the
capital city of Laos. The company
will pay US$73,500 (about
RM330,750) for its 49% equity
interest ownership in the joint
venture company with an initial
paid-up capital of US$150,000.

KUALA LUMPUR: The ringgit will Overall sentiment is primarily driven by developments in the US right now, says Bank Islam’s chief economist. – TOP GLOVE’S BUDGET
remain under pressure against the BERNAMAPIX 2023 HOPES – ESG AND
US dollar as the interest rate gap EXPORT PERKS, TAX CUT
widens, while the US federal funds “As such, the market is August, versus the forecast of 8.1%. holistically, not just in comparison
rate will be higher than Bank anticipating an earlier-than- On Tuesday, Finance Minister with the US dollar, as the local note KUALA LUMPUR: The government
Negara Malaysia’s Overnight Policy expected US recession, considering has also strengthened against other should continue to give green
Rate by next week, said Bank Islam that there are signs of softening in Tengku Datuk Seri Zafrul Tengku currencies. investment allowance in Budget
Malaysia Bhd chief economist the US labour market. Abdul Aziz was reported as saying 2023 for corporates undertaking
Firdaos Rosli. that Malaysia is not experiencing an The ringgit ended at a new 24- environmental, social and
“The overall sentiment is economic crisis just because the year low against the US dollar governance (ESG) initiatives, says
He said the market is reacting to primarily driven by the US right ringgit is trading at a low level yesterday. At 6pm, the local currency Top Glove Corporation Bhd. “To
the latest US Consumer Price Index now,” he added. against the greenback. slid to 4.5265/5285 against the better support Malaysia’s net zero
(CPI) data which showed that the greenback from 4.5070/5085 at carbon emissions aspirations, tax
country’s inflation remains high, US CPI data revealed higher- He explained that the ringgit’s Tuesday’s close. incentives should not only focus
despite lower oil prices in August than-expected inflation of 8.3% in performance should be viewed on solar-related initiatives but
and the aggressive rate increases by should include upgrading of
the US Federal Reserve (Fed) over manufacturing processes to
the past months. reduce carbon emissions or help
with energy savings,” Top Glove
“This scenario suggests that US told Bernama. Top Glove said to
inflation has not yet peaked and the maintain the country’s com-
Fed is highly likely to proceed with petitiveness in the region, the
another 75 basis points hike in the government could also look at
coming the Federal Open Market reducing corporate tax gradually.
Committee meeting next week,” he Top Glove is also seeking govern-
told Bernama. ment assistance to increase the
export allowance and to extend
Firdaos pointed out that the US the reinvestment allowance
Treasury three-year and 10-year expiring in 2024. It also hopes to
yield gap has narrowed by 14 basis see the reintroduction of GST at a
points (at the point of writing) – an reasonable rate and an efficient
early warning of a recession in the GST refund system.
US.

UMW Group’s August Lee (left) and
automotive sales MIT industrial
surge 41% on-month liaison
programme
PETALING JAYA: UMW Group’s group CEO Datuk Ahmad Fuaad director
automotive sales surged by 41% Kenali (pix) said with the Changjie Guo
month-on-month in August 2022 encouraging number of bookings after the
as UMW Toyota Motor (UMWT) due to the improving demand, signing the
and UMW associate company both UMWT and Perodua will collaboration
Perodua registered improved sales continue to ramp-up production pact in GTI’s
at 35,130 units compared with to deliver the cars. office in New
24,983 units registered in July. York earlier this
“We are confident of achieving week.
For the first eight months of our sales targets for the year based
2022, the group delivered a total of on the encouraging bookings as Graphjet-Energem SPAC works with
233,367 units, 63% higher than the well as the easing of the Massachusetts Institute of Technology
143,018 units in the corresponding semiconductor chips shortage and
period of 2021, which was affected improving supply chain,” he said.
by the implementation of the full
movement control order from PETALING JAYA: The combined development in areas such as big GTI co-founder, executive
June 1 to Aug 15. entity established by Graphjet data, automobiles, manufacturing, director and CEO Aiden Lee Ping
Technology Sdn Bhd and Energem healthcare and others. Wei said it is constantly looking for
UMWT achieved its highest Corp has announced a collaboration opportunities to connect and
sales for 2022 with the delivery of with the Massachusetts Institute of It could also help connect GTI with cooperate with the world’s leading
9,091 units in August, a 37% Technology (MIT) of the United members of MIT, including other businesses and partners to develop
increase compared with 6,637 States. startups and technology-driven and apply the latest technologies.
units registered in July. Up to companies via the executive briefings
August this year, UMWT registered The entity – a special purpose designed to enhance strategic planning, Graphjet is en route to a listing
61,639 units, 62% higher than the acquisition company (SPAC) to be examine research and technology and targeted for the fourth quarter of this
38,085 units registered in the identified under the ticker symbol offer thinking on issues related to year through a merger and de-SPAC
corresponding period of 2021. “GTI” on Nasdaq in New York – will corporate management. transaction with Energem Corp, a
Meanwhile, Perodua’s sales grew join the likes of more than 240 Nasdaq-listed SPAC.It is a Malaysia-
by 42% to 26,039 units in August leading global enterprises including MIT senior director Todd based single-layer graphene
2022 compared with 18,346 units Boeing, Apple, Hyundai, Mitsubishi, Glickman said that GTI, as a member producer that has developed a
in the previous month due to Nissan, and Samsung, in collaborating of MIT, is contributing to the world’s patented technology that will
improvement in the supply with MIT. best practice network, along with transform palm kernel shell, a waste
chain. leading members in multiple fields, from palm kernel production into
The collaboration entails access as well as sharing, learning, and single-layer graphene at a lower cost
For the first eight months to researchers and leaders who will connecting needs among other than the current production of
of 2022, Perodua registered assist GTI in conducting research businesses to progress together graphene.
171,728 units, a growth of and promoting technological toward common goals.
64% compared with the
104,933 units in the
corresponding period of
2021.

UMW president and

14 theSUN ON THURSDAY | SEPTEMBER 15, 2022 FOLLOW ON YOUTUBE SCAN
SUNBIZ ME
/theSunMedia

UK inflation falls for first time in nearly a year

o CPI drops to 9.9% in August from 10.1% Capital Economics. invasion of Ukraine, even in risk of exceeding 15% early next
in previous month on sharply lower fuel prices CPI rose by 0.5% from July to countries such as Britain which year, according to some economists.
imported very little.
LONDON: Lower fuel prices caused fresh high of 10.2%. August on a non-seasonally Separate factory cost and selling
an unexpected fall in British Sterling weakened on the news, adjusted basis – below economists’ Interest rate futures show a 79% price data brought good news on
inflation in August, official figures forecasts for it to rise by 0.6%, the chance that the BoE will raise rates inflation pressure in the pipeline,
showed yesterday, offering some but economists said they expected same pace as the month before. by 75 basis points to 2.5% on Sept being weaker than all forecasts.
respite to households and the Bank inflation to rise further later this 22, which would be its biggest rate
of England (BoE) after inflation hit a year, and that the BoE would still Prices for vehicle fuels and rise since 1989, excluding a brief Input prices for materials and
40-year high the month before. have to raise rates next week after lubricants dropped by 6.8% in attempt to bolster sterling during a energy fell 1.2% in monthly terms in
postponing this week’s decision August, their largest monthly fall 1992 exchange rate crisis. August, the first fall in two years and
The annual rate of consumer after Queen Elizabeth’s death. since April 2020. driven by falling crude oil prices.
price growth fell to 9.9% in August The BoE’s task of returning Factory selling prices also fell
from 10.1% in July, its first drop “Overall and core UK CPI However, Britain is still battling inflation to its 2% target has been slightly on the month.
since September 2021 and below inflation haven’t peaked yet. As the highest inflation among the made slightly easier, in the short
economists’ expectations in a such, the BoE will have to continue world’s seven largest advanced term at least, by new Prime Minister Core CPI – which excludes food,
Reuters poll for it to rise further to a turning the screws,“ said Paul Dales, economies, although some EU Liz Truss’s decision to cap energy, alcohol and tobacco prices,
chief UK economist at consultants countries – including the household energy prices, which and which some economists think
Netherlands and Spain – have had been due to rise 80% in gives a better steer of long-term
higher rates. October. price trends – picked up to 6.3%
from 6.2%, its highest since 1992. –
Natural gas prices have surged Before that, inflation had been at Reuters
across Europe following Russia’s

China expected to pause easing despite slowing economy BRIEFS GOOGLE LOSES CHALLENGE
AGAINST EU ANTITRUST DECISION
SHANGHAI: China’s central bank is widely rates aggressively to combat high inflation, Some traders and analysts said authorities
expected to pause its monetary easing efforts has pressured the yuan, which fell more than may hold off from easing in the near term, but LUXEMBOURG: Alphabet unit Google
and keep the medium-term policy rate steady 3% against the dollar since mid-August to they still expect some liquidity injection later yesterday suffered its second setback in less
this month, a Reuters survey showed, as near the psychologically important 7 mark. this year due to heavy MLF maturity, which than a year as Europe’s top court agreed with
widening policy divergence with the Federal totalled 2.6 trillion yuan in the run-up to the EU antitrust regulators that it had abused its
Reserve could put further pressure on the In a poll of 28 market watchers this week, year-end. dominance but trimmed the fine by 5%
Chinese yuan and risk capital outflows. 27 respondents forecast the interest rate on because of a disagreement on one point.
the one-year medium-term lending facility “We expect more reserve requirement “The General Court largely confirms the
The People’s Bank of China (PBOC) (MLF) would stay unchanged at 2.75% today, ratio cuts in the coming months although we Commission’s decision that Google imposed
surprised markets in August by lowering key when the PBOC is anticipated to roll over 600 see no urgency for more imminent interest unlawful restrictions on manufacturers of
interest rates to revive credit demand and billion yuan (RM388 billion) worth of such rate cuts,“ said Tommy Xie, head of Greater Android mobile devices and mobile network
prop up a slowing economy hurt by Covid-19 loans. China research at OCBC Bank. operators in order to consolidate the
shocks. dominant position of its search engine,“ the
Among them, 17 expected the PBOC to Xie, along with some market traders, noted court said. – Reuters
Data since then has pointed to a further partially renew the maturing loans, while the that inflationary pressures in China were very
loss of momentum, with growing lockdowns other 10 projected a full rollover. low by global standards, allowing the PBOC HONDA: NO PLAN TO SPIN OFF,
weighing heavily on spending and more room to manoeuvre on monetary policy LIST MOTORCYCLE BUSINESS
confidence, and the property market mired in One participant in the survey predicted a if needed.
a deep slump. Some analysts say the economy marginal interest rate reduction. TOKYO: Japan’s Honda Motor Co Ltd has no
could remain weak at least through the end of Win Thin, global head of currency strategy plan to hive off its electric motorcycle business
the year. “With the yuan under recent weakening at Brown Brothers Harriman, said: “We and list it on a stock exchange, the Japanese
pressure, we don’t anticipate the PBOC continue to see downside risks to the automaker said yesterday, following a media
But the policy divergence with most other making any further amendments to its one- economic outlook as policymakers are only report that the idea was under consideration.
major economies, which are raising interest year medium-term lending facility rate (this adding modest stimulus.” – Reuters Honda said it would launch more than 10
week),“ analysts at ING said in a note. electric motorcycle models globally over the
next three years, aiming to achieve carbon
BOJ checks forex rates in apparent preparation for intervention neutrality for two-wheelers by the 2040s.
“Electrification is a long road and we are
TOKYO: The Bank of Japan (BOJ) conducted a and we’re very concerned. If such moves making Japanese assets less attractive to discussing a variety of options. However, we
rate check yesterday in apparent preparation continue, we must respond without ruling out investors. have no plan to separate the electric two-
for currency intervention, a market source told any options,” Finance Minister Shunichi Suzuki wheeler business into a new business unit to
Reuters, as policymakers stepped up warnings told reporters, before the Nikkei reported on Aside from verbal warnings, Japanese be listed on a stock exchange,“ Honda said in a
against the currency’s recent rapid falls. the rate check. policymakers have several options to stem statement. – Reuters
excessive yen falls. Among them is a rare direct
News of the rate check, reported earlier by The remark was the strongest to date by intervention in the currency market, selling APPLE TO USE TSMC’S LATEST CHIP
the Nikkei newspaper, pushed the yen up to government officials in signalling the dollars and buying up large amounts of yen. TECH IN IPHONES, MACS: REPORT
143.53 per dollar, off a 24-year trough near 145 possibility of intervention, which markets
per dollar hit last week. consider highly unlikely due to the difficulty A rate check by the BOJ, a practice in which BENGALURU: Apple Inc is planning to use
Tokyo would face in getting agreement from its central bank officials call up dealers and ask for an updated version of Taiwanese
The move underscores growing concern G7 partners. the price of buying or selling yen, is seen in chipmaker TSMC’s latest chip producing
among policymakers over the currency’s sharp currency markets as a possible precursor to technology in iPhones and Macbooks next
pace of decline, which not only hurts The currency has depreciated nearly 30% action. year, the Nikkei Asia newspaper reported
consumption by inflating the cost of imported this year, as the BOJ has kept policy super-loose yesterday. TSMC controls about 54% of the
raw material but heightens uncertainty for while many of its global peers, such as the US When the BOJ made its check, the rate was global market for contractually produced
firms in making business decisions. Federal Reserve, have aggressively raised around 144.9 to the dollar, Jiji news agency said, chips, supplying firms including Apple and
interest rates to combat surging inflation, citing a market source. The 145 mark is seen as Qualcomm Inc. – Reuters
“Recent moves are rapid and one-sided, a key level for market watchers. – Reuters

T H U R S DAY
15 SEPTEMBER 2022

█ BY ANANSA JACOB ChoosingSharing their love of fruits ... (from left) Kurotaki, Chia, Fukuda and Goh.–ANANSAJACOB/THESUN persimmon and strawberry. And
given as part of the country’s just like flowers, each fruit holds a
OVER here in Malaysia, omiyage (gift giving) culture, and it’s specific symbolic meaning to it –
we’re no strangers to the no wonder, as the nation is known to and it varies across different
art of bringing gifts when have cultivated some of the most cultures, myths, and legend.
visiting friends or relatives. fruits as gifts premium produce in the world.
Because of our food-loving nature, During the event, members of the These fruits form the core of the
most of the time these gifts consist media discovered that Japan is Japanese Fruit. The Ultimate Gift
of food items, such as cooked meals, actually home to a vast range of fruit campaign launched by J-FEC and
snacks, or even fruits. We even have variants; for instance, there are over JFOODO, which hopes to encourage
a phrase for gifts like this – buah 2,000 varieties of apple alone. Malaysians to choose premium
tangan. In addition, fruits are specially Japanese fruits to present as gifts.
bred to ensure that only the most Members of the media were shown
But have you ever considered o Just in time for the festive season, Malaysians aesthetically-pleasing and several short films detailing the
selecting some premium Japanese nutritionally-dense fruits are process of cultivating these fruits, as
fruits to present as a gift to your are encourged to consider gifting premium selected for import, which is why well as showing the level of care
loved ones? Recently, the Japan they are considered premium. farmers take to ensure the perfect
Fruit & Vegetables Export Japanese fruits when visiting their loved ones The five ‘jewels’ among Japan’s crop.
Promotion Council (J-FEC) and the fruits are the apple, peach, grape,
Japan Food Product Overseas As part of the launch of the
Promotion Center (JFOODO) held a campaign, renowned supermodel
special event to introduce and newly-appointed Japanese
Malaysians to some of the best Fruit. The Ultimate Gift campaign
seasonal fruits that Japan has to ambassador Amber Chia was there
offer. to share stories of her love for
Japanese fruits. She told of her
In Japan, fruits are regularly experience being able to eat
Premium Japanese grapes and delicious Shine Muscat grapes off
peaches. – ANANSA JACOB/THESUN the vine, as well as the extremely
rare white strawberries.

Members of the media also heard
from Kurotaki Kazuyuki, from the
International Economic Division of
the Aomori Prefectural
Government. Aomori is known for
its beautiful and sweet apples, and
Kurotaki – who proudly wore an
apple-shaped headpiece – said that
he hoped more Malaysians would
fall in love with apples from Japan.

Also at the event were Fukuda
Takashi, director of Pan-Pacific
Retail Management, and Lynn Goh,
managing director of Euro Atlantic.

The campaign also hopes that by
choosing to give fruits, it will
encourage more people to adopt a
healthier lifestyle. Japanese fruits
are naturally sweet and nutritious,
and would make the perfect healthy
fruit option when giving gifts for the
coming festive seasons.

Malaysians looking for premium
Japanese fruits are encouraged to
seek out the certified “Japan-grown
Fruit” label in all major retailers.

Bananas are in danger from their own pandemic
WORSE than a shortage, there are reappear many years later if it is still The Cavendish
fears that the banana – one of the present in the soil. The short-term is the world’s prohibit. It also raises the question of for the future, it also requires
world’s most popular fruits – could be result is that the bananas themselves most common how consumers might feel about patience, since it will take at least six
all but wiped out. Known for decades, turn brown and eventually rot. This banana peeling a genetically modified to seven years for the project to bear
Panama disease has reappeared in a infection got its name in the 1950s variety. – banana... fruit – literally.
more severe form that is seriously when the fungus ravaged banana GETTY
endangering production of the plants in the Panama region. Another approach is to grow If that were to happen, the good
yellow fruit. Solutions do exist, but Dominican Republic and Costa Rica banana trees on a substrate made of news for foodies would be the
these can pose ethical questions or At the time, another variety of fruit as the main suppliers. coco peat and rockwool instead of improved taste of these new bananas,
timescale issues when it comes to was largely consumed: the Gros Not-so-simple solutions soil. Otherwise, at Wageningen expected to be much more flavorful
their implementation. Michel. The Cavendish then proved Faced with this emergency, scientists University in the Netherlands, a than the Cavendish, whose bland
to be more resistant. However, in are looking at several solutions to scientist named Dr Kema is working taste was regretted when it outlasted
On the Caribbean island of recent years the disease has help save the banana. These efforts on breeding a new variety of bananas. its elder relation, the Gros Michel. –
Martinique, the authorities are reappeared in a much more severe could give rise to a new variety. In But, while this research offers hope ETX Studio
investigating the fraudulent use of a form, wrecking entire banana farms Australia, researchers have modified
plant growth regulator to give a more around the world. According to the the genetic makeup of the fruit, giving
yellow tint to bananas that are still Nikkei newspaper, banana rise to a GMO, a type of food that
green. Indeed, ethephon is production in Vietnam has fallen by regulations in various countries
authorized for pineapples, but not for 71% in 25 years. A similarly drastic
bananas. While this case raises loss could be feared in China or the
questions of transparency towards Philippines. In the 1990s, a new strain
consumers, it also signals the need of Panama disease was detected in
for greater vigilance in protecting the Malaysia and across Southeast Asia.
banana to ensure the world can keep The fungus is even able to cross
eating this fruit long term. In fact, oceans, it seems, as it was also
scientists are working hard to find a detected in Colombia in 2019, where
solution to safeguard the most a state of emergency was declared,
common variety of bananas, the and then in Peru last year. The
Cavendish, which accounts for 97% of disease is today present in about 20
world trade. That’s because this go-to countries worldwide.
healthy snack is under threat from
the resurgence of a long-known Beyond the issue of food, the
disease that attacks banana trees and situation also threatens economic
can cause them to die. systems. India is the leading producer
What is Panama disease? of bananas, with 30.5 million tonnes
Panama disease is not new. This produced in 2019, ahead of China
disease takes the form of a fungus and the Philippines. In terms of
that not only attacks the roots of exports, it is mostly Latin American
banana trees but which can also countries that supply the American
and European markets, with Ecuador,
Colombia, Guatemala, Honduras, the

ENTERTAINMENT

16 theSun LYFE ON THURSDAY | SEPTEMBER 15, 2022

Not such
a surprise
oWhile there were a few shocks, this year’s
Emmys largely went according to plan
IT would seem that the biggest
surprise of the 2022 Emmy Murders in the Building being shut One of the few Lee is the first Asian actor ever to Garner of Ozark.
awards was that there were out of the top categories, despite real shocks of win in this category, and only the However, Jerrod Carmichael’s
almost no surprises at all. receiving 17 overall nominations. the night was fourth Asian actor ever to win an
Everything played out exactly how Lee’s acting Emmy. Outstanding Writing for a Variety
most assumed. Others that were shut out were unexpected win Special win for Rothaniel wasn’t a
Severance and Yellowjackets; the for best actor. – Meanwhile Odenkirk’s Better Call shock. Pundits saw it coming,
In almost all categories, the former received 14 nominations, REUTERS Saul co-star, Rhea Seehorn also lost especially after Carmichael came out
nominees whom experts expected to while the latter had seven the Outstanding Supporting Actress as gay in the HBO special. – by Mark
win, did indeed win. The three shows nominations. Neither won anything Bob Odenkirk, having been in a Drama Series award to Julia Mathen Victor
with the most nominations – in the top categories. nominated this year and several
Succession, Ted Lasso, and The White times in the past for his role as the
Lotus – all won the top prizes in their A big shock came after RuPaul’s titular Saul – and by far the clear
respective categories. Drag Race’s streak of four consecutive favourite in the category – lost the
wins for Outstanding Competition award for Outstanding Lead Actor in
Ultimately, the night fell in line Programme came to end, with Lizzo’s a Drama Series to Squid Games’ Lee
from the 2021 Emmys, when mega- Watch Out for the Big Grrrls taking the Jung-jae.
wins by The Crown, Ted Lasso and throne, in a turn that surprised even
Mare of Easttown made the winners the singer herself.
at the ceremony fairly predictable as
soon as the nominations were One of the night’s biggest
announced. disappointments came from the
complete shut out of the highly
Still, there were some regarded legal drama Better Call Saul
disappointments, such as Only – out of its seven nominations, the
show won none.

Kourtney caught in Kardashian More seasons of The Witcher
Boohoo fashion backlash wearing a greenlit
piece from
LAST week, reality star and going anywhere. I thought about the Boohoo GET ready for more adventures The Witcher Season 3 will adapt
entrepreneur Kourtney the attention this collaboration collection. – featuring Geralt of Rivia. The third the events and characters of
would bring to people who may INSTAGRAM season of the Netflix series Andrzej Sapkowski’s novel, Time of
otherwise have no idea about the featuring the brooding monster Contempt, the second novel in the
Kardashian was announced as the impacts of fast fashion on our hunter played by Henry Cavill is main Witcher saga and the fourth
“sustainability ambassador” for planet. I thought about how almost done filming, and is book overall. Netflix’s synopsis for
fast fashion conglomerate pushing Boohoo to make some expected to premiere on the the series revealed the show will
Boohoo. Almost immediately, initial changes and then holding streamer some time next year. see Ciri hunted by various factions,
consumers and activists were them accountable to larger including the elves and mages, all
vocal about their stance that the change would be impactful.” There are unconfirmed reports while continuing her magical
collaboration would be that Netflix has already greenlit training under the guidance of
“inauthentic”, and feared it would Kardashian said that the team seasons 4 and 5 of the series, and Yennefer of Vengerberg.
do little to invoke active change at Boohoo was open change, that both the development and
toward sustainability. and that they hoped to do production of the two seasons will Yennefer will take the Cintran
The backlash grew louder more. Aside from the be taking place back-to-back. princess to Aretuza to train, and the
upon the release of the first two collaboration, Kardashian However, neither Netflix nor pair find themselves surrounded by
collaborations between will also be hosting a series anyone involved in the production political machinations, corruption
Kardashian and the brand, a with Boohoo in which she has come out to confirm this. and dark magic.
capsule collection of 41 pieces will speak with Instead, The Witcher fans are told to
priced between US$6 (RM27.15) sustainability experts look forward to Netflix’s TUDUM The Witcher showrunner Lauren
and US$100 (RM452.60). Critics about increasing fan event on Sept 24, where more S. Hissrich previously confirmed
claimed that the pieces were just sustainability in the news about the series is expected Season 3 will also include a major
for show, as the sheer volume of fast fashion storyline from Sapkowski’s book
Boohoo’s other fast fashion lines industry. to be announced. Blood of Elves, on top of its

would negate any intended She added: “I adaptation of Time of Contempt. –
impact on sustainability that the certainly don’t by Anansa Jacob
have all the
collection might have. answers, but
Kardashian then took to social for someone
media to address the controversy, who has done
writing: “I went back and forth a fast fashion
about doing this collection with line
[Boohoo] because the first thing I collaboration in
think about when I hear the words the past, which
‘fast fashion’ is that it’s bad for our didn’t get backlash
planet.” because I was not
She then claimed that she calling attention to trying
ended up taking the position to make better changes, I
precisely because she knew that feel proud about doing it
the collaboration would draw with intention and
attention to the cause. purpose.” – by Anansa
She wrote: “I thought about the Jacob A scene from
fact that fast fashion, or the The Witcher. –
fashion industry in general, isn’t NETFLIX

Pedro Pascal wanted Nicholas Cage in Star Wars

Pascal thinks NICOLAS CAGE and Pedro Pascal on the Disney+ breakout “He’ll wear a helmet,” Pascal said
Cage would shared the screen in this year’s streaming hit The Mandalorian. assuredly. “Absolutely … Or he
make a comedy film The Unbearable Weight could be one of the helmet-less.”
great of Massive Talent, and both of them “I already suggested [it]. I
Mandalorian had such good chemistry that already said he would make a As seen by the first trailer that
. – DISNEY many fans were left hoping that great Mandalorian,” Pascal said debuted over weekend at D23,
the two would work together during an interview with Yahoo more Mandos are currently being
again. Entertainment at Disney’s D23 added to the franchise, so
Expo in Anaheim last weekend. anything is possible.
Perhaps that might happen in
the Star Wars universe, where “But would he wear a helmet or The Mandalorian Season 3 will
Pascal currently rules as Din Djarin not?” asked the show’s executive premiere on Disney+ in Feb 2023.
producer Rick Famuyiwa. – by Hazique Zairill

FOLLOW ON FACEBOOK SCAN ENTERTAINMENT
ME
/thesundaily 17theSun LYFE ON THURSDAY | SEPTEMBER 15, 2022

The magical Land of Luck.

█ BY S. TAMARAI CHELVI Bob and Sam Greenfield
(Eva Noblezada) meeting
THE animated film Luck, which began for the first time
streaming on AppleTV last month, is
about Samantha Greenfield, or Sam Luckiest unlucky Sam
(voiced by Eva Noblezada ) a girl who o The animated film Luck is all about changing our perceptions
grows up in an orphanage, The Coleman House. and the way we view ‘bad luck’ in our lives
Sadly, Sam has yet to be fostered, or taken in by a
forever family. penny had dropped from the cat’s collar. There is something right in all the wrong Bob is voiced by
Sam gives chase as she wants another lucky situations, because bad luck led her to meet Hazel Simon Pegg. – ALL
Sam constantly has bad luck. When she turns and find new friends. The lesson is in the way one PIX VIA APPLETV+
18, she has to leave the orphanage to live on her penny, and follows the black cat into a portal and perceives bad luck. but perhaps not for all adults. Children would
own, but she is not ready to do so. Hazel, accidentally arrives at the Land of Luck, where enjoy this, especially because of all the adorable
(Adelynn Spoon), a young orphan with whom good luck and bad luck are manufactured. Produced by Skydance Animations, the animal characters, as well as the heartwarming
Sam is close, often wishes Sam would find a lucky visuals for Luck are bright and appealing, and the ending.
penny as it brings good luck. She searches for the black cat, whose name is Land of Luck looks magical with all kinds of
Bob (Simon Pegg). The cat needs the ‘travel coin’ animals like pigs in pink suits and colourful
On the first day in her own apartment, Sam to enter into the Land of Luck,but Sam wants it for insects, and each has a role in the land.
gets up late, gets locked in her bathroom, her Hazel, and so they make a pact to get a coin.
toasters do not work, and everything goes wrong Travelling in the sky looks like a theme park
from the time she leaves the house, all the way to Sam disguises herself as “the tallest ride, but there is nothing really exciting about the
her work place. leprechaun from Latvia”, and sneaks into the land, good luck and bad luck creating process and how
where she meets a whole host of magical it is targeted to specific people.
After work, she visits Hazel to learn that her creatures.
adoptive parents never showed up. Sam knows The animation boasts a line-up of famous
that it is hard to find families, especially for older In the Land of Luck, Sam continues to fail in people giving voices for the characters. Among
children. every attempt, causing their plans to keep on others, Jane Fonda voices Babe the Dragon,
changing. These diversions from the original plan Whoopi Goldberg is the Captain, and the most
While still going through a run of bad luck, make the story seems never-ending. fascinating character is Bob, who is voiced by
Sam shares a piece of bread with a hungry black Pegg, a renowned character and voice actor. His
cat on the street, and talks to the cat about her Interestingly, the cat reminds Sam of her pure voice perfectly matched the mischievous
own problems. After a while, the cat runs away, goodness and that she embarks on a journey to personality of the cat and he speaks in Scottish
but Sam finds a lucky penny on the ground, and do good things for others and was willing to go accent.
her luck changes almost immediately. through bad luck for others.
The animation is entertaining, for children,
One day, Sam loses the penny after it gets In short, the story is all about Sam learning
flushed down the toilet accidentally. A desperate that there is a bright side to every bad situation.
Sam goes back to the same place to look for
another penny to give to Hazel, to give her some
luck as she is meant to meet a new set of
prospective parents.

Instead of the penny, she finds the same cat,
searching for something. She realised that the

Magic: The Gathering reconnects with its roots in latest release
MAGIC: The Gathering is honouring
its roots big time in its latest card Magic: The Gathering returns with an all new set. – WIZARDS OF THE COAST A token card. One of the classic cards.
release. In conjunction with the – WIZARDS OF THE COAST – WIZARDS OF THE COAST
launch of its 30th anniversary
celebration, Magic is taking its players the Philippines, players who pre- contain 20 cards that can be We were given a sneak preview of what’s to come in the Dominaria United
back in time in its latest saga – order at least RM450 of Dominaria combined with any second Jumpstart expansion set by Wizards of the Coast. –WIZARDS OF THE COAST
Dominaria United. United products will receive a limited booster for a rapid, limited-lite format
edition Token collectable. of play.
The new set indeed takes
planeswalkers back to Magic’s The token is the first of a three-part But the celebration does not end
original plane, Dominaria, where it all series with varied transparency, and there! A treat awaits players who score
began. But this time around, the full series will form a battlefield themselves Dominaria United’s
planeswalkers are faced with a new mural. However, each customer will collector boosters with Lost Legends,
set of climatic challenges. only be entitled to one token. And as a throwback to Magic’s origins where
Ong mentioned, players will get to cards pulled directly from the 1994
An apocalyptic threat is stirring enjoy Magic through its classic- ‘Legends’ set can be opened.
within Dominaria, and an ancient yet themed Jumpstart booster packs.
familiar enemy has at last revealed Over 240 cards of any rarity are up
itself. Led by the Praetor Sheoldred, Suited for newcomers and for grabs from Legends to the classic
the Phyrexian army is hellbent on veterans, the Jumpstart is an exciting Moat. So, what are you waiting for?
invasion after many years in the method of quick deck building Order your sets now!
shadows. designed to get players casting spells
from the moment they open their Dominaria United is available as
But heroes are ready to defend the boosters. Draft Boosters, Set Boosters,
fate of Dominaria. Fan favourites Collector Boosters, Jumpstart
Karn, Ajani, Goldmane, Liliana Vess Each pack, showcasing 10 unique Boosters, Commander decks and
and Jaya Ballard return to battle these themes from Dominaria’s world, will Bundles. – by John Tan
evil forces.

“Dominaria United will be an
exciting yet nostalgic set for long-time
MTG enthusiasts as it brings players
back to where it all began,” said
Wizards of the Coast’s brand manager,
Kenneth Ong.

“But at the same time, it is the
perfect set to welcome newcomers
with its themed Jumpstart booster
sets.”

He added: “We are thrilled to share
this new set filled with unique card
arts, powerful in-game mechanics
and the limited edition, SEA exclusive
transparent stained glass-effect token
cards.”

Exclusively for Singapore,
Malaysia, Thailand, Indonesia and

FASHION & BEAUTY

18 theSun LYFE ON THURSDAY | SEPTEMBER 15, 2022

Dazzling! ROnSeÉwjeositnsglSoublawlhaamsboaosassadthoerir
o The singer is featured in a campaign to communicate the origin and identity of the brand

THE On The Ground singer and fundamental solutions to skin concerns with Sulwhasoo’s existence.
member of super girl group its innovation while conveying the value of Meanwhile, the global ambassador film
BLACKPINK, ROSÉ, joins aesthetics beyond beauty, paying homage to
Sulwhasoo as the Global Korea’s arts and culture. Catering to all titled <A Man Born from Mother Earth
Ambassador for the #SulwhasooRebloom women, Sulwhasoo is a K-beauty pioneer, Becomes a Flower>, cinematically expresses
campaign. and now the #SulwhasooRebloom campaign the journey of the brand using metaphorical
is set to provide an opportunity for existing symbols. Accompanied by beautiful scenes,
Staying true to the authenticity of the and new customers to look at the brand from the story was created through elements such
brand, ROSE’s ambitious spirit resonates a different perspective to further solidify as “mother earth,” “snow,” and “flowers” as a
with Sulwhasoo’s pioneering essence and synonym for the brand’s journey, which
Monica Bellucci wore Cartier to the Siccità brand philosophy to become the artist and began with the spirit of “flowers blooming in
screening during the 79th Annual Venice icon she is today. Giving her the role as a the snow”. ROSÉ elegantly depicts the brand’s
International Film Festival. brand storyteller, ROSÉ will touch upon spirit and image through the film.
every facet of the brand beyond simply
serving as a global ambassador. “Soil” as the basis of all lives including
humans symbolises the essence and birth of
“It is an honour for me to join the brand, while “snow” means the journey
Sulwhasoo as their global ambassador of that developed the brand for what it is today
the products which not only my Mom and the achievement that originated from its
but also myself have been using for a endurance.
long time,” said ROSÉ.
#SulwhasooRebloom Campaign Lastly, “flowers” in full bloom despite the
The campaign aims to reintroduce the snow show the current Sulwhasoo that has
brand’s identity and universe with a inherited the pioneering spirit and its image
renewed will to embark on a new,
beautiful odyssey. The campaign as the heir that is committed to carrying on
features two films that convey the the journey of beauty.
message with narratives that differ
from one another, but a To further celebrate the launch of the
synonymous story about #SulwhasooRebloom campaign and
Sulwhasoo’s journey as a
brand. new global ambassador, ROSÉ,
Sulwhasoo is releasing a
As an iconic, limited edition First Care
revered Korean Activating Serum that
beauty brand, is inspired by White
Sulwhasoo Porcelain from the
has Joseon Dynasty,
provided which captures
the unique
Korean
heritage
aesthetic
and its
elegance.

Clarins Introduces its new A remedy for
super restorative creams acne-prone skin
WITH over 18 years of Clarins Scientific sea lily extract to counterbalance
research, the new Super Restorative dehydration. The creams contain Clarins Hada Labo’s Blemish & Oil Control Gel is an
creams benefit from the latest discoveries anti-pollution complex that helps protect all-new moisturiser to keep skin smooth,
about fibroblasts and are the results the skin from both indoor and clear, and healthy.
of years of studies on outdoor pollution as
skin affected by the well as the
ageing process. For damaging effects
the first time, a new blue light can
Check out the new ingredient (organic have. The
offerings from gorse extract) combination of a
which targets skin derivative of
Innisfree this Sept slackening is vitamin C and
combined with organic dessert
Give your complexion a lift with innisfree’s New powerful organic date extract
Skin-Fit Tone-Up Cream! This hydrating and harungana helps even the
vitalising tone-up cream has a lightweight, moist extract that offers complexion
liquid lotion texture. retinol-like resulting in
action to luminous skin.
The innisfree online exclusive Blueberry promote
Rebalancing line has been upgraded with new replenished and
packaging that is more eco-friendly! This set lifted skin.
comes with Lotion, Skin (Toner) & Cleansing Water. A super lift-
effect and
replenishing duo based on
organic harungana extract,
Clarins’ super powerful, anti-
ageing ingredient. Clarins
Research highlighted the
‘retinol-like’ ability of powerful
organic harungana extract and
combined it with organic gorse
extract. This favourable
combination helps enhance
efficacy.
The Day and Night formulas
are all enriched with organic

FEATURE

19theSun LYFE ON THURSDAY | SEPTEMBER 15, 2022

In this picture a worker uses the hand block printing technique on cotton fabric. – ALL PIX VIA AFP
EXTILES designer Brigitte
Singh lovingly lays out a
piece of cloth embossed with

T French-Indian textile designera red poppy plant she says
was probably designed for emperor
Shah Jahan, builder of the Taj Mahal,
four centuries ago.

For Singh – who moved from
France to India 42 years ago and

brings back Mughal patternsmarried into a maharaja’s family –
this exquisite piece remains the ever-
inspiring heart of her studio’s
mission.
The 67-year-old is striving to keep o Brigitte Singh has dedicated her life to keep
alive the art of block printing, which alive block printing, which flourished in India
flourished in the 16th and 17th
centuries under the conquering but

hundreds of years agosophisticated Mughal dynasty that
then ruled India.
“I was the first to give a
renaissance to this kind of Mughal them as presents to friends who were ‘Sophistication of simplicity’
design,” Singh told AFP in her connoisseurs of Indian textiles. Singh starts her creative process by
traditional printing workshop in Bowled over, they persuaded her handing precise paintings to her
Rajasthan. to show them to Colefax and Fowler, sculptor, Rajesh Kumar, who then
Having studied decorative arts in the storied British interior painstakingly chisels the designs
Paris, Singh arrived aged 25 in 1980 in decorations firm. onto blocks of wood.
western India’s Jaipur, the “last “The next thing I knew, I was on “We need a remarkable sculptor,
bastion” of the technique of using my way back to India with an order with a very serious eye,” she said.
carved blocks of wood to print for printed textiles,” she said. “The carving of the wood blocks is
patterns on material. Since then, she has never looked the key. This tool has the
“I dreamed of practising back. sophistication of simplicity.”
(miniature art) in Isfahan. But the Kumar makes several identical
Ayatollahs had just arrived in Iran (in Soul comfort blocks for each colour used in each
the Islamic revolution of 1979). Or For the next two decades, she worked printed fabric.
Herat, but the Soviets had just arrived with a “family of printers” in the city “The poppy motif, for example,
in Afghanistan,” she remembers. before building her own studio in has five colours. I had to make five
“So by default, I ended up in nearby Amber – a stone’s throw from blocks,” he said. “It took me 20 days.”
Jaipur,” she said. Jaipur’s famous fort. At Singh’s workshop, six
It was her father-in-law, a major employees work on pieces of cloth Indian naturalised textile designer Brigitte Singh displays an original fabric of the
Magic potion collector of Rajasthan miniatures, laid out on tables 5m long. They dip 17th century with a poppy flower design.
A few months after arriving, Singh who gave her the Mughal-era poppy the blocks in dye, place them
was introduced to a member of the cloth connected to Shah Jahan. carefully on the cloth, push down and
local nobility who was related to the Her reproduction of that print was tap. The work is slow and intricate,
maharaja of Rajasthan. They married a huge success the world over, producing no more than 40 metres of
in 1982. proving especially popular with material every day.
At first, Singh still hoped to try her Indian, British and Japanese clients. Her workshop makes everything
hand at miniature painting. But after In 2014, she made a Mughal from quilts to curtains and rag dolls
scouring the city for traditional paper poppy print quilted coat, called an to shoes.
to work on, she came across Atamsukh – meaning “comfort of the Singh just finished another
workshops using block printing. soul” – that was later acquired by the Atamsukh for a prince in Kuwait.
“I fell into the magic potion and Victoria and Albert Museum in “The important thing is to keep
could never go back,” she told AFP. London. the know-how alive,” she said.
She started by making just a few Another piece of her work is in the “More precious than the product,
scarves, and when she passed collection of the Metropolitan Art the real treasure is the savoir-faire.” –
through London two years later, gave Museum in New York. ETX Studio

A worker carves a design on wood to make a block used in the textile hand block
printing technique at the workshop of Brigitte Singh.

Brigitte Singh A worker displays a quilt with a hand block printing design of a poppy flower.
displays an
original 19th
century
Rajasthani
drawing (on the
left) for a wall
painting, while
holding her own
rendition design
at her office in
Amber.

HEALTH FOLLOW ON INSTAGRAM SCAN
ME
20 theSun LYFE ON THURSDAY | SEPTEMBER 15, 2022 @thesundaily

Towards a needle free vaccine
o China approves world’s
first inhalable Covid-19
vaccine

CHINESE drug regulators have But the country’s drug administrator is yet to greenlight any foreign vaccines, including mRNA shots produced by Pfizer/BioNTech or Moderna that have
approved the world’s first inhalable better efficacy rates compared to other types of vaccines. – GETTY
Covid-19 vaccine, made by Tianjin-
based manufacturer CanSino mRNA shots produced by Pfizer/BioNTech or pressure to curb local virus flare-ups ahead of a underwent mass testing from Monday through
Biologics, boosting the company’s share price Moderna that have better efficacy rates key political meeting next month. Wednesday.
by seven percent on Monday. compared to other types of vaccines.
The southern tech hub of Shenzhen, with China has administered over 3.4 billion
The National Medical Products China is the only major economy sticking to more than 18 million residents, imposed a Covid shots, the National Health Commission
Administration gave the go-ahead for the a zero-Covid policy, disrupting travel and weekend lockdown in most parts of the city on said Monday without offering details on the
vaccine for emergency use as a booster, the businesses. Saturday, while more than 21 million people in percentage of the population vaccinated. – ETX
company said in a statement to the Hong Kong the southwestern metropolis of Chengdu Studio
Stock Exchange on Sunday. Officials across the country are now under

Following the announcement, company
shares surged 14 percent on Monday morning
before closing 7.1% higher than their opening
value.

The needle-free vaccine – which can be
stored and administered more easily than
intramuscular jabs – will be given through a
nebuliser, the company said.

“The approval will have a positive impact on
the company’s performance if the vaccine is
subsequently purchased and used by relevant
government agencies,” the statement added.

The company did not offer details on when
the adenovirus-vectored vaccine will be made
available for public use.

There is no publicly available verified or
peer-reviewed data on the efficacy of the new
vaccine.

Scientists in several countries including
Cuba, Canada and the United States are also
trialling inhalable Covid-19 vaccines.

China has so far approved eight other locally
manufactured injectable vaccines since 2020.

But the country’s drug administrator is yet to
greenlight any foreign vaccines, including

US foresees annual Covid boosters New American research outlines
more dangers of smoking indoors
BARRING the emergence of
drastically different variants, Covid especially on people aged 50 and up. hospitalizations and 9,000 deaths. SMOKING indoors is bad for your nitrosamines (TSNA),“ which are
boosters will likely be recommended “Winter is not that far away. In the The updated vaccines were health, even after you put out your highly carcinogenic.
annually in a similar manner to cigarette. According to a study,
influenza vaccines, US health past two years, we have seen COVID- recommended by the CDC last week smoke goes deep into fabrics, “Three different TSNAs were
officials said Tuesday. 19 cases and deaths soar. It does not on the basis of favourable animal furniture and other objects in the formed in this reaction, two of
have to be that way this year,” Biden data, which showed they produced a room. And this so-called thirdhand which (identified by the acronyms
The announcement came after said in a statement. “If you are 12 and greater immune response and smoke can be dangerous to your NNK and NNN) are known
the Food and Drug Administration older, go get your new Covid-19 shot lowered levels of the virus in the health, even long after you’ve quit. carcinogens,” warns a press release
last week authorised updated this fall.” lungs, compared to older shots. based on the study.
bivalent shots against both the Even without smoking, tobacco
original strain of the coronavirus and US Centers for Disease Control The Omicron variant BA.4 and can damage our health. Non- While for a few hours they can
the BA.4 and BA.5 lineages of the and Prevention director Rochelle BA.5 lineages comprise 99 percent of smokers are already familiar with be detected by the smell of cold
Omicron variant, which is Walenksky said projections showed circulating coronavirus in the United passive smoking, i.e., breathing in tobacco, these substances settle
predominant. that uptake of Covid boosters at rates States and are predicted to continue cigarette smoke, also known as permanently in the homes. Always
similar to annual flu coverage could to dominate this fall and winter. – second-hand smoke. In the US, this present on surfaces, they evolve
“We likely are moving towards a prevent as many as 100,000 ETX Studio causes around 34,000 deaths per and come into contact with the
path with a vaccination cadence year. But smoking creates yet inhabitants.
similar to that of the annual influenza another danger, that of “thirdhand
vaccine, with annual updated Covid- smoke.”This refers to the residual “Five different exposure
19 shots matched to the currently tobacco substances that are in and pathways exceeded the NSRL
circulating strains,” President Joe on fabrics, furniture, floors and under realistic scenarios, including
Biden’s chief medical advisor walls. Indoors, this thirdhand inhalation, dust ingestion, direct
Anthony Fauci told reporters. smoke can constitute a health dermal contact, gas-to-skin
hazard even years later. deposition, and epidermal
However, the elderly and nitrosation of nicotine,“ the experts
immunocompromised may require These are the findings of a noted.
more frequent shots – and the annual study by the Lawrence Berkeley
strategy would have to be reviewed in National Laboratory. Thirdhand Continuous exposure to these
case of a “curveball” such as a smoke is made up of nicotine, substances can significantly
dangerous new variant that differs released in the smoke, and of a increase the risk of cancer. If there
dramatically from predictions. molecule naturally present in the is no way to get rid of them
indoor air called “nitrous acid.”The permanently, experts advise
Ashish Jha, the White House meeting of these two substances cleaning the furniture and walls
Covid coordinator, added the leads to the creation of molecules and changing the place of the
message was “simple” – if you are 12 called “tobacco-specific objects but most of all to stop
or older, and have been previously smoking, and failing that to do it
vaccinated, now is the time to get outside. – ETX Studio
boosted.
Continuous exposure to thirdhand smoke increases cancer risk. – GETTY
If you were recently infected or
vaccinated, “it’s reasonable to wait a
few months,” he added.

People can get their Covid booster
at the same time as the flu booster, he
said.

“I really believe this is why God
gave us two arms, one for the flu shot
and the other one for the Covid shot.”

Officials expect millions of people
to receive their bivalent boosters,
made by Pfizer and Moderna, in the
month of September, and are focused

IINN TTHHEE MMAATTTTEERR OOFF TTHHEE CCOOMMPPAANNIIEESS 21theSUN ON THURSDAY | SEPTEMBER 15, 2022
AACCTT 22001166 * SPORTS
AANNDD
AJ ‘accepts all terms’ to fight Fury
IINN TTHHEE MMAATTTTEERR OOFF FFOORRTTUUNNEE VVEENNTTUURREE
SSDDNN..BBHHDD.. █ ALEX PATTLE for good. Friday.
However, last week, WBC “Due to the Queen’s passing, it
[[220011770011002288558811 ((11224422775500--PP))]] ANTHONY JOSHUA has “accepted all
MMEEMMBBEERRSS VVOOLLUUNNTTAARRYY WWIINNDDIINNGG--UUPP terms” to fight Tyson Fury champion Fury offered the 32-year- was agreed to halt all
AAtt aa ggeenneerraall mmeeeettiinngg ooff tthhee mmeemmbbeerrss in December, his team old a shot at his belt with Joshua communication. We are awaiting a
ooff FFOORRTTUUNNEE VVEENNTTUURREE SSDDNN.. BBHHDD.. dduullyy have confirmed. agreeing to a 60-40 purse split in his response.”
ccoonnvveenneeddaannddhheellddoonntthhee1144tthhSSeepptteemmbbeerr Following Joshua’s opponent’s favour as talks advanced
22002222,,tthheeSSppeecciiaallRReessoolluuttiioonnsseettoouuttbbeellooww second straight throughout the week. Fury last fought in April, knocking
wwaassdduullyyppaasssseedd.. decision defeat by out Dillian Whyte at London’s
MMEEMMBBEERRSS’’ VVOOLLUUNNTTAARRYY WWIINNDDIINNGG--UUPP Oleksandr Usyk last Negotiations have been placed Wembley Stadium to retain the WBC
RREESSOOLLVVEEDD tthhaatt ppuurrssuuaanntt ttoo SSeeccttiioonn month, a result that on hold following the Queen’s heavyweight title.
443399((11))((bb)) ooff tthhee CCoommppaanniieess AAcctt 22001166 saw the Brit fail to death with Joshua’s camp awaiting
tthhee CCoommppaannyy bbee lliiqquuiiddaatteedd bbyy wwaayy ooff regain the WBA, WBO, a response from his rival. Fury then claimed to be retired
mmeemmbbeerrss’’ vvoolluunnttaarryy wwiinnddiinngg uupp aanndd tthhaatt IBF and IBO titles from over the following months before
CCHHOOOONNGG SSIIEEWW KKAAYY ooff SSuuiittee 22111100,, 2211sstt the Ukrainian, A statement from his informing the WBC in August that he
FFlloooorr,, PPllaazzaa PPeerrmmaattaa,, NNoo.. 66,, JJaallaann KKaammppaarr,, an all- management company intends to continue boxing.
5500440000 KKuuaallaa LLuummppuurr bbee aappppooiinntteedd aass British clash yesterday read: “258 and
LLiiqquuiiddaattoorr ttoo aacctt ffoorr tthhee ppuurrppoossee ooff between @MatchroomBoxing can The unbeaten Briton has
wwiinnddiinngg--uupp tthhee ccoommppaannyy’’ss aaffffaaiirrss aanndd Joshua confirm, on behalf of pressured compatriot Joshua to
ddiissttrriibbuuttiinngg iittss aasssseettss aanndd ootthheerr rreelleevvaanntt and Fury @anthonyjoshua, accept a late November or early
mmaatttteerrssrreellaattiinnggtthheerreettoo.. looked that we December fight.
to have accepted all
DDaatteeddtthhiiss slipped terms Joshua would enter such a bout
1144tthhddaayyooffSSeepptteemmbbeerr22002222 away Joshua presented to us on the back of two straight losses,
by Fury’s team both having come against Usyk, who
TTAANNHHAANNGGWWEEII for a fight dethroned Joshua in September
DDiirreeccttoorr Dec 3rd last 2021 before retaining his belts
against him this August. – The
IINN TTHHEE MMAATTTTEERR OOFF Independent
TTHHEE CCOOMMPPAANNIIEESS AACCTT 22001166
England no one-trick pony, warns Root
AANNDD
IINN TTHHEE MMAATTTTEERR OOFF JOE ROOT has warned England’s rivals success against New Zealand and a “We’re not just a one-trick pony,”
FFOORRTTUUNNEE VVEENNTTUURREE SSDDNN.. BBHHDD.. they are no “one-trick pony” after the victory in the single postponed he said. “There’s always going to be
[[220011770011002288558811 ((11224422775500--PP))]] team wrapped up a sixth Test victory match against India. periods in Test cricket that you have
MMEEMMBBEERRSS VVOOLLUUNNTTAARRYY WWIINNDDIINNGG--UUPP in seven matches with their new to manage well and smartly.
NNOOTTIICCEEIISSHHEERREEBBYYGGIIVVEENNtthhaatttthheeccrreeddiittoorrss hyper-aggressive brand of cricket. It is in sharp contrast to their
ooff tthhee aabboovveennaammeedd ccoommppaannyy wwhhiicchh iiss dismal record in the latter stages of “We’ve not got it right every time
bbeeiinngg wwoouunndd--uupp vvoolluunnttaarriillyy aarree rreeqquuiirreedd England’s fortunes in the red-ball Root’s captaincy, which ended in this summer but we’ve got it right more
oonnoorrbbeeffoorreetthhee1144tthhddaayyooffOOccttoobbeerr22002222,, game have been transformed under April with one win in 17 games. often than not and that’s why we’re sat
ttoo sseenndd tthheeiirr nnaammeess aanndd aaddddrreesssseess wwiitthh their new leadership team of head here with six (wins) out of seven (Tests).
ppaarrttiiccuullaarrss ooff tthheeiirr ccllaaiimmss aanndd tthhee nnaammeess coach Brendon McCullum and The success under Stokes and
aanndd aaddddrreesssseess ooff tthheeiirr ssoolliicciittoorrss ((iiff aannyy)) ttoo captain Ben Stokes. McCullum has been attributed to “We’re definitely not the finished
tthhee uunnddeerrssiiggnneedd lliiqquuiiddaattoorr aatt SSuuiittee 22111100,, unwavering positivity and has led to article but to see the strides we’ve
2211sstt FFlloooorr,, PPllaazzaa PPeerrmmaattaa,, NNoo.. 66,, JJaallaann The home side sealed a 2-1 series some rash dismissals, but Root feels made in such a short space of time
KKaammppaarr,, 5500440000 KKuuaallaa LLuummppuurr aanndd iiff ssoo victory against South Africa at the England’s performances were more has been really a breath of fresh air.” –
rreeqquuiirreedd bbyy nnoottiiccee iinn wwrriittiinngg ffrroomm tthhee ssaaiidd Oval on Monday to add to a 3-0 nuanced as the season progressed. Agencies
lliiqquuiiddaattoorr,, bbyy tthheeiirr ssoolliicciittoorrss oorr ppeerrssoonnaalllyy
ttoo ccoommee iinn aanndd pprroovvee tthheeiirr ssaaiidd ccllaaiimmss aatt 332222 NNoottiicceess Safety car boos
ssuucchh ttiimmee aanndd ppllaaccee aass sshhaalll bbee ssppeecciiffiieedd
iinn ssuucchh nnoottiiccee,, oorr iinn ddeeffaauulltt tthheerreeooff,, mmaayy DDAALLAAMM MMAAHHKKAAMMAAHH SSEESSYYEENN DDII LEWIS HAMILTON has called for the Hamilton calls for major
bbee eexxcclluuddeedd ffrroomm tthhee bbeenneeffiittss ooff aannyy SSHHAAHH AALLAAMM FIA to consider a rule change F1 rule change
ddiissttrriibbuuttiioonn mmaaddee bbeeffoorree ssuucchh ccllaaiimmss aarree regarding safety car restarts towards
pprroovveedd.. DDAALLAAMM NNEEGGEERRII SSEELLAANNGGOORR DDAARRUULL the end of races after the Italian However, on that occasion, officials
DDaatteeddtthhiiss1144tthhddaayyooffSSeepptteemmbbeerr22002222 EEHHSSAANN,,MMAALLAAYYSSIIAA Grand Prix. restarted the race before all lapped cars
WWRRIITT NNOO..:: could re-pass the leaders.
CCHHOOOONNGGSSIIEEWWKKAAYY The seven-time champion claimed race
LLiiqquuiiddaattoorr BBAA--AA5522NNCCCC--112200--0077//22002222 directors should add more laps to races Hamilton’s suggestion has already been
after Max Verstappen cruised to victory, adopted by some racing series including the
IINN TTHHEE MMAATTTTEERR OOFF AANNTTAARRAA ……PPLLAAIINNTTIIFF denying Charles Leclerc a chance at fighting British Touring Car Championship.
TTHHEE CCOOMMPPAANNIIEESS AACCTT,, 22001166 AANNDD NNOORRTTHHEERRNNEERRAASSDDNN..BBHHDD.. for the win.
((NNOO..SSYYAARRIIKKAATT::11339966990077--AA)) The rules of the series state races can be
IINN TTHHEE MMAATTTTEERR OOFF “In situations like this they should just extended by three laps if three or more are
PPEERREEMMBBAA EEQQUUIITTYY SSDDNN BBHHDD DDAANN extend the race,” Hamilton told RaceFans. run behind the safety car.
((CCoommppaannyy NNoo.. 119988220011000033662255 ((8833337700--XX))
((IInn MMeemmbbeerrss’’ VVoolluunnttaarryy LLiiqquuiiddaattiioonn)) 11..TTRREEEEHHUUBB SSDDNN.. BBHHDD.. “I mean, what’s the harm in extending it? Fans and pundits also suggested the FIA
TThhee ffoollloowwiinngg rreessoolluuttiioonnss wweerree dduullyy ppaasssseedd ((NNOO..SSYYAARRIIKKAATT::11339988224400--PP)) Naturally, as a racer, you want more time. I could have red-flagged the race to allow for
bbyytthheeMMeemmbbeerrssooffPPeerreemmbbaaEEqquuiittyySSddnnBBhhdd 22..MMOOHHAAMMMMEEDD FFAARRHHAANN wanted to be able to challenge the Ferrari a two or three-lap showdown.
oonn66SSeepptteemmbbeerr22002222:: BBIINN MMOOHHAAMMEEDD NNOORRDDIINN ahead of me and see if I could get another
SSPPEECCIIAALL RREESSOOLLUUTTIIOONN ((NNOO..KK//PP::887700661111--1144--55114455)) position. However, the FIA defended their actions,
332222 NNoottiicceess ““TTHHAATT,, tthhee CCoommppaannyy bbee wwoouunndd uupp ……DDEEFFEENNDDAANN--DDEEFFEENNDDAANN claiming the incident was “not significant
vvoolluunnttaarriillyy bbyy wwaayy ooff MMeemmbbeerrss’’ VVoolluunnttaarryy “But I think in hindsight it was probably enough” for a red flag to be thrown. Despite
WWiinnddiinngg UUpp ppuurrssuuaanntt ttoo SSeeccttiioonn 443399((11))((bb)) ooff NNOOTTIISS PPEENNGGIIKKLLAANNAANN a good ending. I’m really grateful to have winning the race, Red Bull boss Christian
tthheeCCoommppaanniieessAAcctt,,22001166.”.” come back from the last row.” Horner also claimed the race should have
PPEERRIISSYYTTIIHHAARRAANN JJUUAALLAANN OORRDDIINNAARRYY RREESSOOLLUUTTIIOONN ((DDaallaammppeerrkkaarraaWWrriittSSaammaannyyaannggbbeerrttaarriikkhh been restarted.
DDAALLAAMM MMAAHHKKAAMMAAHH TTIINNGGGGII MMAALLAAYYAA DDII SSUUNNGGAAII PPEETTAANNII ““TTHHAATT,, iinn aaccccoorrddaannccee wwiitthh SSeeccttiioonn 444455((11)) 2222..0077..22002222,, ddaann PPeerriinnttaahh PPeennyyaammppaaiiaann The Grand Prix was neutralised after
PPEERRMMOOHHOONNAANN UUNNTTUUKK PPEERRLLAAKKSSAANNAAAANN NNOO:: KKBB--3388--116688--0044//22002222 ooff tthhee CCoommppaanniieess AAcctt,, 22001166,, KKhhooii HHooaayy GGaannttiibbeerrttaarriikkhh0066..0099..22002222)) Daniel Ricciardo stopped between two “They had more than enough time to get
LLiinngg aanndd KKaarreenn YYoonngg SSyyeeww CCiiinn ooff NNoo.. 11,, corners with five laps remaining. that going. They picked up the wrong car,
DDaallaammppeerrkkaarraammeennggeennaaiiSSeekkssyyeenn225566ddaann225577KKaannuunnTTaannaahhNNeeggaarraa,,11996655 TTiinnggkkaatt 11,, PPeerrssiiaarraann GGoollff,, SSaauujjaannaa RReessoorrtt,, KKeeppaaddaa:: they had to let all those cars catch up again.
DDaann SSeekkssyyeenn UU22,, 4400115500 SShhaahh AAllaamm,, SSeellaannggoorr However, marshals struggled to move We need to go through the details,” Horner
DDaallaamm ppeerrkkaarraa mmeennggeennaaii GGaaddaaiiaann PPeerrsseerraahhaann NNoo:: 2211228844//22000044 ((bbeerrttaarriikkhh :: 2233//0088//22000044)),, DDaarruull EEhhssaann,, bbee aanndd aarree hheerreebbyy aappppooiinntteedd TTRREEEEHHUUBB SSDDNN.. BBHHDD.. the McLaren with cars unable to un-lap said.
kkee aattaass sseemmuuaa bbaahhaaggiiaann ttaannaahh yyaanngg ddiippeeggaanngg ddii bbaawwaahh HHSSDD 5599000033 ((ddaahhuulluunnyyaa ddiikkeennaallii aass tthhee lliiqquuiiddaattoorrss ffoorr tthhee ppuurrppoosseess ooff tthhee ((NNoo..SSyyaarriikkaatt::11339988224400--PP)) themselves before the end of the race,
sseebbaaggaaii HHSSDD 99110099)),, PPTT 44661199,, MMuukkiimm BBaannddaarr KKuulliimm ((ddaahhuulluunnyyaa ddiikkeennaallii sseebbaaggaaii wwiinnddiinngguupp.”.” NNoo..1100--11,,JJaallaann22AA//2277AA meaning they reached the chequered flag “For me, there was more than enough
MMuukkiimm KKuulliimm)),, DDaaeerraahh KKuulliimm,, KKeeddaahh.. SSeeccttiioonn11,,WWaannggssaaMMaajjuu,, behind the safety car. time to get that race going again with a car
DDaann KKAARREENN YYOONNGG SSYYEEWW CCIIIINN 5533330000KKuuaallaaLLuummppuurr.. that wasn’t even in a barrier. It was parked at
DDaallaammppeerrkkaarraammeennggeennaaiiAAttuurraann8833KKaaeeddaahh--KKaaeeddaahhMMaahhkkaammaahh,,22001122 ((MMAAIICCSSAA 77004444335577// It comes just months after Hamiton lost the side of the track.” – Express Newspapers
MMOOHHAAMMMMEEDD FFAARRHHAANN BBIINN MMOOHHAAMMEEDD the title in Abu Dhabi on the final lap after a
AANNTTAARRAA SSSSMM PPrraaccttiicciinngg CCeerrttiiffiiccaattee NNoo NNOORRDDIINN similar incident.
220022000088000011224466)) ((NNoo..KK//PP::887700661111--1144--55114455))
PPuubblliicc BBaannkk BBeerrhhaadd ((NNoo.. SSyyaarriikkaatt :: 66446633--VV)) .....PPLLAAIINNTTIIFF NNoo..1100,,
DDAANN CCoommppaannyy SSeeccrreettaarryy JJaallaannKKeellaabbGGoollffSSuullttaann
KKeettuuaa PPeennggaarraahh IInnssoollvveennssii sseebbaaggaaii ppeennttaaddbbiirr hhaarrttaa kkeeppaaddaa KKhhaaiirruull AAddnnaann BBiinn DDaatteedd tthhiiss 1155 SSeepptteemmbbeerr 22002222 AAbbdduullAAzziizzSShhaahh,,
HHaasshhiimm ((NNooKKaaddPPeennggeennaallaann::666600442233007755119999)) ....DDEEFFEENNDDAANN 4400110000SShhaahhAAllaamm,,SSeellaannggoorr..
IINN TTHHEE MMAATTTTEERR
MMeennuurruutt PPeerriinnttaahh MMaahhkkaammaahh TTiinnggggii MMaallaayyaa ddii SSUUNNGGAAII PPEETTAANNII mmeennggeennaaii PPeerriinnttaahh JJuuaallaann OOFF TTHHEE CCOOMMPPAANNIIEESS AACCTT,, 22001166 AANNDD AAMMBBIILL PPEERRHHAATTIIAANN bbaahhaawwaa ssuuaattuu
ddaannPPeerriinnttaahhbbeerrttaarriikkhh2244JJaannuuaarrii22002222ddaann1111OOggooss22002222,,aaddaallaahhddeennggaanniinniiddiiissyyttiihhaarrkkaann ttiinnddaakkaann tteellaahh ddiimmuullaakkaann tteerrhhaaddaapp kkaammuu
bbaahhaawwaaTTiimmbbaallaannPPeennddaaffttaarr//PPeennoolloonnggKKaannaannPPeennddaaffttaarrPPuussaattOOppeerraassiiee--LLeelloonnggddiiKKuuaannttaann IINN TTHHEE MMAATTTTEERR OOFF ddii MMaahhkkaammaahh SSeessyyeenn ddii SShhaahh AAllaamm ddaallaamm
PPEERREEMMBBAA EEQQUUIITTYY SSDDNN BBHHDD WWrriitt NNoo..:: BBAA--AA5522NNCCCC--112200--0077//22002222 oolleehh
AAKKAANN MMEENNJJUUAALL SSEECCAARRAA ((CCoommppaannyy NNoo..119988220011000033662255 ((8833337700--XX)) NNoorrtthheerrnn EErraa SSddnn.. BBhhdd.. yyaanngg bbeerraallaammaatt ddii
LLEELLOONNGG AAWWAAMM ((IInn MMeemmbbeerrss’’ VVoolluunnttaarryy LLiiqquuiiddaattiioonn)) PPTT NNoo.. 775588,, JJaallaann PPeerruussaahhaaaann 11,, KKaawwaassaann
NNOOTTIICCEEIISSHHEERREEBBYYGGIIVVEENNtthhaatttthheeccrreeddiittoorrss PPeerriinndduussttrriiaann PPaarriitt BBuunnttaarr,, 3344220000 PPaarriitt
PPaaddaa HHaarrii SSeellaassaa,, 1111 OOkkttoobbeerr 22002222,, PPaaddaa JJaamm 99::0000 ppaaggii,, oofftthheeaabboovveennaammeeddCCoommppaannyywwhhiicchhiissbbeeiinngg BBuunnttaarr,, PPeerraakk ddii mmaannaa PPllaaiinnttiiff mmeennuunnttuutt
SSEECCAARRAA EELLEEKKTTRROONNIIKK DDll LLAAMMAANN WWEEBB ee--LLEELLOONNGG,, PPUUSSAATT OOPPEERRAASSII ee--LLEELLOONNGG,, wwoouunndd uupp vvoolluunnttaarriillyy aarree rreeqquuiirreedd oonn oorr tteerrhhaaddaapp kkaammuu sseejjuummllaahh wwaanngg sseebbaannyyaakk
bbeeffoorree 1155 OOccttoobbeerr 22002222 ttoo sseenndd iinn tthheeiirr RRMM112266,,887777..6699 ((RRiinnggggiitt MMaallaayyssiiaa SSeerraattuuss
KKOOMMPPLLEEKKSS MMAAHHKKAAMMAAHH KKUUAANNTTAANN,, PPAAHHAANNGG DDAARRUULL MMAAKKMMUURR nnaammeess aanndd aaddddrreesssseess wwiitthh ppaarrttiiccuullaarrss ooff DDuuaa PPuulluuhh EEnnaamm RRiibbuu LLaappaann RRaattuuss TTuujjuuhh
tthheeiirr ddeebbttss aanndd ccllaaiimmss,, aanndd tthhee nnaammeess aanndd PPuulluuhhTTuujjuuhhddaannEEnnaammPPuulluuhhSSeemmbbiillaannSSeenn
NNOOTTAA:: BBaakkaall ppeemmbbeellii aaddaallaahh ddiinnaassiihhaattkkaann aaggaarr mmeemmbbuuaatt ccaarriiaann HHaakkmmiilliikk sseeccaarraa aaddddrreesssseess ooff tthheeiirr ssoolliicciittoorrss ((iiff aannyy)) ttoo tthhee ssaahhaajjaa)),, FFaaeeddaahh ppaaddaa kkaaddaarr 55%% sseettaahhuunn
rraassmmii ddii PPeejjaabbaatt TTaannaahh ddaann mmeemmeerriikkssaa sseemmuuaa ttaanngggguunnggaann,, bbeebbaannaann sseerrttaa mmeennggeennaall uunnddeerrssiiggnneedd,,KKhhooiiHHooaayyLLiinnggaannddKKaarreennYYoonngg kkee aattaass jjuummllaahh ppeenngghhaakkiimmaann sseebbaannyyaakk
ppaassttii ddeennggaann tteeppaatt hhaarrttaannaahh tteerrsseebbuutt sseebbeelluumm jjuuaallaann lleelloonnggaann ddiijjaallaannkkaann.. SSyyeeww CCiiinn ooff NNoo 11,,TTiinnggkkaatt 11,, PPeerrssiiaarraann GGoollff,, RRMM112266,,887777..6699 ddaarrii ttaarriikkhh wwrriitt ddiimmeetteerraaii
SSaauujjaannaa RReessoorrtt,, SSeekkssyyeenn UU22,, 4400115500 SShhaahh sseehhiinnggggaakkeettaarriikkhhppeennyyeelleessaaiiaannppeennuuhh..
SSiillaallaayyaarriihhttttppss::////eelleelloonngg..kkeehhaakkiimmaann..ggoovv..mmyy//bbiiddddeerrwweebb AAllaamm,,SSeellaannggoorr DDaarruull EEhhssaann,,tthhee lliiqquuiiddaattoorrss
ooff tthhee aabboovveennaammeedd ccoommppaannyy aanndd,, iiff ssoo
BBUUTTIIRR--BBUUTTIIRR HHAAKKMMIILLIIKK:: rreeqquuiirreedd bbyy tthhee nnoottiiccee iinn wwrriittiinngg bbyy tthhee DDAANN TTEELLAAHH DDIIPPEERRIINNTTAAHHKKAANN bbaahhaawwaa
ssaaiidd lliiqquuiiddaattoorrss,, aarree bbyy tthheeiirr ssoolliicciittoorrss oorr ppeennyyaammppaaiiaannWWrriitt SSaammaann ddaann PPeerrnnyyaattaaaann
NNoo..HHaakkmmiilliikk :: HHSSDD5599000033((ddaahhuulluunnyyaaddiikkeennaalliisseebbaaggaaiiHHSSDD99110099)) ppeerrssoonnaalllyy ttoo ccoommee iinn aanndd pprroovvee tthheeiirr ssaaiidd TTuunnttuuttaann bbeerrttaarriikkhh 2222..0077..22002222 ddiibbuuaatt BRIEFS Albon out of hospital
NNoo..LLoott :: PPTT44661199 ddeebbttss aanndd ccllaaiimmss aatt ssuucchh ttiimmee aanndd ppllaaccee mmeellaalluuii PPeennyyaammppaaiiaann GGaannttii mmeennuurruutt
MMuukkiimm//DDaaeerraahh//NNeeggeerrii :: BBaannddaarr KKuulliimm ((ddaahhuulluunnyyaa ddiikkeennaallii sseebbaaggaaii MMuukkiimm aass sshhaalll bbee ssppeecciiffiieedd iinn ssuucchh nnoottiiccee,, oorr iinn PPeerriinnttaahh MMaahhkkaammaahh bbeerrttaarriikkhh 0066..0099..22002222 Stokes is captain we can all ALEX ALBON has been released from
PPeeggaannggaann ddeeffaauulltt tthheerreeooff tthheeyy wwiilll bbee eexxcclluuddeedd ffrroomm hheennddaakkllaahh ddiissaammppaaiikkaann tteerrhhaaddaapp kkaammuu be proud of: McCullum hospital after the Williams driver suffered
NNoo..PPeettaakk//NNoo..TTiinnggkkaatt//NNoo.. KKuulliimm))//KKuulliimm//KKeeddaahh tthhee bbeenneeffiitt ooff aannyy ddiissttrriibbuuttiioonn mmaaddee bbeeffoorree sseeccaarraa ppeennggiikkllaannaann ddii ddaallaamm ssuurraattkkhhaabbaarr respiratory failure following complications
BBaanngguunnaann :: HHaakkmmiilliikkKKeekkaall ssuucchhddeebbttssaarreepprroovveedd.. ““TThhee SSuunn”” ddaann ddeennggaann mmeennaammppaallkkaann WWrriitt BRENDON MCCULLUM thinks England from appendix surgery. Albon missed the
KKeelluuaassaann TTaannaahh :: DDaatteeddtthhiiss1155SSeepptteemmbbeerr22002222 SSaammaann tteerrsseebbuutt ddaann PPeerriinnttaahh MMaahhkkaammaahh have a captain in Ben Stokes they can be Italian Grand Prix in Monza with appendicitis
PPeemmiilliikk BBeerrddaaffttaarr :: uunnttuukk sseerraahhaann ggaannttii ddii ppaappaann kkeennyyaattaaaann “really proud of” and admitted he has been on Saturday and was transferred to nearby
SSyyaarraatt NNyyaattaa :: 55115566..0000kkaakkiippeerrsseeggii KKHHOOII HHOOAAYY LLIINNGG MMaahhkkaammaahh SShhaahh AAllaamm ddaann ddii aallaammaatt slightly taken aback by how well the all- San Gerardo Hospital for treatment. The 26-
:: 447799..0000mmeetteerrppeerrsseeggii KKAARREENN YYOONNGG SSYYEEWW CCIIIINN sseeppeerrttii ddii aattaass ddaann ppeennyyaammppaaiiaann iinnii rounder has performed in the role. Any year-old underwent surgery, but then ended
SSeekkaattaann KKeeppeennttiinnggaann :: KKeettuuaa PPeennggaarraahh IInnssoollvveennssii sseebbaaggaaii ppeennttaaddbbiirr hhaarrttaa hheennddaakkllaahh mmeennjjaaddii ppeennyyaammppaaiiaann yyaanngg hesitation before the summer about adding up in intensive care and required assistance
BBeebbaannaann // LLaaiinn--LLaaiinn LLiiqquuiiddaattoorrss sseemmppuurrnnaa ddaann mmeennccuukkuuppii sseelleeppaass ttuujjuuhh leadership responsibilities to Stokes’ already with breathing. London-born Albon, who
KKaawwaassaann RRiizzaabb kkeeppaaddaaKKhhaaiirruullAAddnnaannBBiinnHHaasshhiimm ((77)) hhaarrii ddaarrii ttaarriikkhh ppeennaammppaallaann aattaauu bulging on-field workload has been races under the Thai flag because of his
KKaavveeaatt :: TTaannaahhyyaannggtteerrkkaanndduunnggddaallaammhhaakkmmiilliikkiinniihheennddaakkllaahh NNOOTTIICCEE OOFF TTHHEE SSHHAARREE CCAAPPIITTAALL ppeennggiikkllaannaannyyaannggtteerraakkhhiirr.. banished by the 31-year-old winning six of mother nationality, was removed from a
RREEDDUUCCTTIIOONN his first seven Tests in charge. “I thought he’d ventilator on Sunday before being allowed
ddiigguunnaakkaannsseebbaaggaaiittaappaakkssaattuubbaanngguunnaannkkeeddiiaammaann JJiikkaa kkaammuu bbeerrhhaassrraatt uunnttuukk mmeemmbbeellaa be good as a leader, but I didn’t realise he’d to leave hospital and travel home in Monaco
((RRuummaahhBBeerrkkeemmbbaarr))ssaahhaajjaa IINN TTHHEE MMAATTTTEERR OOFF CCOOMMPPAANNIIEESS ttiinnddaakkaann tteerrsseebbuutt,, kkaammuu mmeessttiillaahh ddaallaamm be quite as good,” head coach McCullum yesterday. “We are happy to confirm that
:: -- AACCTT,,22001166 AANNDD IINN TTHHEE MMAATTTTEERR mmaassaa llaappaann ((88)) hhaarrii ddaarrii ttaarriikkhh tteerrssiiaarrnnyyaa said, “His own game is phenomenal, his Alex Albon has now returned home,” a
:: iikkllaann iinnii,, tteerrmmaassuukkllaahh hhaarrii ppeennyyiiaarraann leadership qualities are amazing and he runs Williams spokesperson said.
:: LLoott UUnnttuukk OOrraanngg MMeellaayyuu vviiddee PPrreesseennttaattiioonn NNoo:: OOFF iittuu mmeemmaassuukkkkaann kkeehhaaddiirraann uunnttuukk ddiirrii through brick walls for the side. He is
66555588//22000022))rreeggiisstteerreeddoonn3300tthhAApprriill22000022 GGAALLAAKKSSII DDUUTTAA SSDDNN..BBHHDD..(( CCoo kkaammuu ddaallaamm kkaauussaa gguuaammaann NNoorrtthheerrnn EErraa someone we can all be really proud of.”
:: NNoo:: 119999990011002222009999 ((449966999999--TT)) )) SSddnn.. BBhhdd..,, ddaann jjiikkaa kkaammuu iinnggkkaarr bbeerrbbuuaatt
ddeemmiikkiiaann,, PPllaaiinnttiiff bboolleehh mmeenneerruusskkaann
LLOOKKAASSII DDAANN PPEERRIIHHAALL HHAARRTTAANNAAHH :: ((IInnccoorrppoorraatteedd iinn MMaallaayyssiiaa)) uunnttuukk mmeennddaappaattkkaann ppeenngghhaakkiimmaann ddaann
HHaarrttaannaahh tteerrsseebbuutt aaddaallaahh ““AA TTwwoo aanndd aa hhaallff ssttoorreeyy sseemmii--ddeettaacchheedd hhoouussee bbeeaarriinngg tthhee NNOOTTIICCEE OOFF TTHHEE PPRROOPPOOSSEEDD ppeerrllaakkssaannaaaann..
aasssseessssmmeenntt aaddddrreessss NNoo..2266,,JJaallaann BBuuddiimmaann 44,,TTaammaann BBuuddiimmaann,,0099000000 KKuulliimm,,KKeeddaahh CCAAPPIITTAALL RREEDDUUCCTTIIOONN AANNDD
DDaarruull AAmmaann hheelldd uunnddeerr HHSSDD 5599000033 ((ffoorrmmeerrllyy HHSSDD 99110099)),, PPTT 44661199 BBaannddaarr KKuulliimm RREEPPAAYYMMEENNTT EEXXEERRCCIISSEE OOFF
((ffoorrmmeerrllyyMMuukkiimmooffKKuulliimm))DDiissttrriiccttooffKKuulliimm,,KKeeddaahhDDaarruullAAmmaann..””yyaannggbbeerraallaammaattppoossddii GGAALLAAKKSSII DDUUTTAA SSDDNN.. BBHHDD.. UUNNDDEERR
NNoo.. 2266,, JJaallaann BBuuddiimmaann 44,, TTaammaann BBuuddiimmaann,, 0099000000 KKuulliimm,, KKeeddaahh.. SSEECCTTIIOONN 111177 OOFF TTHHEE CCOOMMPPAANNIIEESS
HHAARRGGAA RRIIZZAABB :: AACCTT,,22001166.. WWrriitt SSaammaann iinnii bboolleehh ddiippeerriikkssaa oolleehh kkaammuu
HHaarrttaannaahhtteerrsseebbuuttaakkaannddiijjuuaallaattaass““sseeppeerrttiimmaannaa sseeddiiaa aaddaa””tteerrttaakklluukkkkeeppaaddaassaattuuhhaarrggaa NNoottiiccee iiss hheerreebbyy ggiivveenn tthhaatt mmeellaalluuii ppeerrmmoohhoonnaann kkeeppaaddaa MMaahhkkaammaahh
rriizzaabb sseebbaannyyaakk RRMM 445511,,000000..0000 ((RRIINNGGGGIITT MMAALLAAYYSSIIAA:: EEMMPPAATT RRAATTUUSS LLIIMMAA PPUULLUUHH--SSAATTUU ppuurrssuuaanntt ttoo SSeeccttiioonn 111177((1100)) ooff tthhee iinnii..
CCoommppaanniieess AAcctt,, 22001166 iinn rreeggaarrdd ttoo
RRIIBBUU SSAAHHAAJJAA))ddaannkkeeppaaddaassyyaarraatt--ssyyaarraattjjuuaallaannyyaannggddiillaammppiirrkkaann..PPeemmbbiiddaayyaannggbbeerrmmiinnaatt tthhee ffoollloowwiinnggss::-- BBeerrttaarriikkhhppaaddaa66SSeepptteemmbbeerr22002222
hheennddaakkllaahh mmeennddeeppoossiittkkaann 1100%% ddaarriippaaddaa hhaarrggaa rriizzaabb ddaallaamm bbeennttuukk BBaannkk DDrraaff ddii aattaass aa..TThhee CCoommppaannyy oonn tthhee 1100tthh ddaayy
nnaammaa PPUUBBLLIICC BBAANNKK BBEERRHHAADD 11 HHAARRII BBEEKKEERRJJAA sseebbeelluumm ttaarriikkhh lleelloonngg aawwaamm.. BBaakkii hhaarrggaa
bbeelliiaann hheennddaakkllaahh ddiibbaayyaarr oolleehh ppeemmbbiiddaa yyaanngg bbeerrjjaayyaa kkeeppaaddaaPPUUBBLLIICC BBAANNKK BBEERRHHAADD ddaallaamm ooff SSeepptteemmbbeerr,, 22002222 ppaasssseedd aa …………..……tt..tt..…………
tteemmppoohhsseerraattuuss dduuaa ppuulluuhh ((112200)) hhaarriiddaarriittaarriikkhhjjuuaallaann..UUnnttuukkbbuuttiirr--bbuuttiirrsseellaannjjuuttnnyyaa,,ssiillaa ssppeecciiaall rreessoolluuttiioonn wwhheerreeaass iittss TTeettuuaannTTeeoohh&&CCoo..
bbeerrhhuubbuunnggddeennggaann::-- sshhaarree ccaappiittaall wwaass aapppprroovveedd ttoo PPeegguuaammccaarraabbaaggiippiihhaakkPPllaaiinnttiiff
bbee rreedduucceedd ffrroomm RRMM550000,,000000
FFiirrmmaaGGuuaammaann :: WWOONNGG--CCHHOOOOII && MMOOHHDD NNOORR ddiivviiddeedd iinnttoo 550000,,000000 oorrddiinnaarryy NNOOTTIISS IIKKLLAANN iinnii ddiiffaaiillkkaann oolleehh TTEETTUUAANN
AAllaammaatt :: NNOO..2277,,11SSTTFFLLOOOORR sshhaarreess ttoo RRMM3300,,000000 ddiivviiddeedd iinnttoo TTEEOOHH && CCOO..,, ppeegguuaammccaarraa bbaaggii PPllaaiinnttiiff
JJAALLAANN MMAAJJUU JJAAYYAA 3300,,000000 oorrddiinnaarryy sshhaarreess.. tteerrsseebbuutt yyaanngg bbeerraallaammaatt ddii 1188--33,, MMeennaarraa
PPUUSSAATT PPEERRNNIIAAGGAAAANN MMAAJJUU JJAAYYAA,, 1144000000 BBUUKKIITT MMEERRTTAAJJAAMM,, bb..TThhee ssaaiidd ssppeecciiaall rreessoolluuttiioonn 11,, SSttrraattaa OOffffiiccee,, NNoo.. 33,, JJaallaann BBaannggssaarr,, KKLL
PPUULLAAUU PPIINNAANNGG ttooggeetthheerr wwiitthh tthhee CCoommppaannyy’’ss EEccooCCiittyy,,5599220000KKuuaallaaLLuummppuurr..
NNoo..TTeelleeffoonn :: 0044--55339988885555 ssoollvveennccyy ssttaatteemmeenntt aass mmaaddee [[RRuujjKKaammii::TTCCOO//LL//00112222..0000000088//MMCC]]
NNoo..FFaaxx :: 0044--55339955885555 ppuurrssuuaanntt ttoo sseeccttiioonn 111177((33)) ooff [[EE--mmeell::mmaarrccuuss@@ttccoolleexx..ccoomm]]
NNoo..RRuujjuukkaann :: WWCCMMNN((BBMM))//PPBBBB((SSPP))--HHLL//22002211--115599//KKAAHH((RRSS//jj)) tthhee CCoommppaanniieess AAcctt,, 22001166 sshhaalll [[TTeellNNoo..::0033--2222002211880033//11880044]]
bbee aavvaaiillaabbllee ffoorr ppuubblliicc iinnssppeeccttiioonn
aatt NNoo.. 2299 ((11sstt FFlloooorr)),, JJaallaann
UUttaammaa 22//44,,TTaammaann UUttaammaa,,8855000000
SSeeggaammaatt,,JJoohhoorr..
cc..AA ccrreeddiittoorr ooff tthhee CCoommppaannyy mmaayy,,
wwiitthhiinn ssiixx ((66)) wweeeekkss aafftteerr tthhee
ddaattee ooff tthhee ssppeecciiaall rreessoolluuttiioonn,,
aappppllyy ttoo tthhee CCoouurrtt uunnddeerr SSeeccttiioonn
111188((22)) ooff tthhee CCoommppaanniieess AAcctt,,
22001166 ffoorr ccaanncceelllaattiioonn ooff tthhee
ssppeecciiaall rreessoolluuttiioonn..
DDaatteedd tthhiiss 1122tthh SSeepptteemmbbeerr 22002222
KKoohh KKhheenngg HHwwaa
((CCoommppaannyy SSeeccrreettaarryy))
2299 ((11sstt FFllrr)),, JJaallaann UUttaammaa 22//44,,
TTaammaann UUttaammaa,,
8855000000 SSeeggaammaatt,, JJoohhoorr..

22 theSUN ON THURSDAY | SEPTEMBER 15, 2022 FOLLOW ON TELEGRAM SCAN
ME
SPORTS /thesuntelegram

ATLETICO MADRID manager Diego Atletico stunned
Simeone said his team lacked the vision Simeone says Madrid ‘lacked vision’ in defeat at Leverkusen
to make the killer pass as they fell to a 2-
0 defeat at Bayer Leverkusen in the there are times when you don’t defend well added: “I felt like we had more or less Bundesliga games this season
Champions League yesterday. and this time, possibly looking at winning control because not a lot was happening, and were also beaten by Club
it, we ended losing it as we would have liked but they scored twice with two Brugge in their Group B opener
Robert Andrich and Moussa Diaby scored late to win it. counterattacks. last week but this was a hugely
goals as Leverkusen moved second in Group B on encouraging performance for them
three points, level with third-placed Atletico. “We couldn’t resolve the match before “We knew that they have against one of the Champions
the 70-to-80 minute mark. By then, we fast players and that is League heavyweights.
“We lacked that vision of the game that is would have liked to have had more peace of how they hurt us. They “We want to keep the
needed to better choose that last pass to take the mind at the end of the match. deserve the victory momentum and pull the right
team mate to goal,” Simeone told reporters. tonight,” he said. conclusions for the upcoming
“We didn’t make the right decisions… games,” Leverkusen head coach
“We had a very clear one with (Alvaro) Morata they won the match with two good Leverkusen Gerardo Seoane said.
in the centre, another with Saul from outside, Joao counterattacks. have lost “We showed one of our
(Felix) when he started taking the ball on the strong points with the
inside and had people on the right as well. Moves “Right now, we have to forget about four of counterattacks but there is
that obviously give the possibility to win the this game. It was very competitive their
game.” because Club Brugge won. We have six
two games in a row against them and
Simeone said the team were caught out after it will be very tough. It’s tight (in the
pushing hard for the win. group), as always in the Champions
League.”
“I think we were improving with the changes
because the team was more dynamic in the game Atletico
and had more speed to be able to attack,” he said. captain Koke

“But, sometimes it happens when you attack,

still a lot of work ahead of us.
Consistency is one of the
things we need to
improve.” –
5520/2022 14/09/2022 (WED) Reuters/Agencies

5342 DrawDate:14/09/22(Wed) DrawNo:5467/22 Venue: PERAK TURF CLUB
9876
7443

2184 2745 3611 2148 Leverkusen’s Moussa 1340
4713 0549 6550 3577 Diaby (left) and Atletico
8445 2440 7243 2146 Madrid’s Marcos 7697
4658 6818 6388 4790 Llorente vie for the ball
5321 7394 1294 9617 during their Champions 5903
League match. – AFPPIX
5342 9876 18,547,545.47 9462 + 7659 5966 + 1683
5342 7443 9876 5342 Norman takes swipe 9236 + 9513 5178 + 9468
9876 7443 7443 5342 at rankings exclusion 4066 + 6908 2411 + 5037
7443 9876 7187 + 4134 6473 + 0567
180,815.03 0856 + 7950 9511 + 6765

LIV GOLF chief Greg Norman yesterday has plunged the sport into turmoil, with RM22,328,266.40
warned the world rankings risk a host of top players from the PGA Tour
5342 becoming a “laughing stock” if they opting to switch to a series that offers 1340 + 7697 7697 + 1340
refuse to award points to players from some of the richest purses in history. 1340 + 5903 5903 + 1340
9876 the Saudi-backed breakaway circuit. 7697 + 5903 5903 + 7697
7443 The PGA Tour has adopted a zero-
RAT The issue of LIV Golf’s events being tolerance stance towards the series – RM210,979.20
recognised by the Official World Golf which plays no-cut tournaments over
Ranking (OWGR) system could be three days and includes a team 611 340 + TIGER RM2,353,333.30
pivotal to its future. competition – with those defecting
80276 being suspended. 467 697 + RABBIT RM391,666.60
0276 If players can earn rankings points
80942 276 from LIV events, it becomes easier to Norman urged the custodians of the 425 903 + HORSE RM1,910,000.00
30512 76 qualify for the sport’s four majors. major tournaments to let LIV players
take part, despite the PGA Tour’s stance.
008441 “It makes OWGR look obsolete if 469 462 707 659 635 966 081 683
they don’t (accept LIV),” Norman told “They (PGA Tour) have no right to tell 579 236 619 513 955 178 939 468
00844 08441 The Age newspaper in Melbourne. each of those majors what to do. 174 066 826 908 062 411 915 037
0084 8441 They’re independent organisations. Yes, 217 187 534 134 906 473 200 567
008 441 “If they wake up at the end of the certain members sit on their board. I get 070 856 297 950 619 511 636 765
00 41 year and Dustin Johnson is 102 in the it and I understand that,” he said.
world, is that not a laughing stock to
the OWGR? “(But) if you were a broadcaster you
would be questioning the value of your
“There’s two ways they can go: they investment for television if you don’t
can either fold, or they include LIV into have the strongest field in each and
OWGR. We’ll move on. Everyone’s happy every one of them. I hope they stay
after that.” (neutral like) Switzerland.” – AFP

The emergence of LIV Golf this year

Record purse for LIV finale

1 3 9 11 26 47 WHEN LIV Golf holds its season-ending redacted before being released 340 697 903
31,949,992.85 Team Championship next month, a yesterday.
prize purse of US$50 million (RM225m) RM798,602.00
18 23 27 31 41 46 will be up for grabs, the richest purse in “The Team Series Championship will 340 + 697 + 903 697 + 903 + 340
3,652,701.00 golf history, ESPN reported yesterday. be played over four days as a match- 340 + 903 + 697 903 + 340 + 697
play head-to-head knockout playoff, 697 + 340 + 903 903 + 697 + 340
5 12 25 37 43 48 14 The LIV Golf Team Championship will with the winning Team crowned as the
4,587,253.96 be contested Oct. 27-30 at Trump ‘Team Series Champion,‘” one passage HSSB 1+3DJP1 RM182,481 &
100,000.00 National Doral outside Miami. Saudi says. 1+3DJP2 RM231,348 won on
Arabia’s Public Investment Fund
Toto 4D Jackpot 2 finances the upstart tour that’s peeled “Each team will be ranked and 11/09/22!
RM258,500 away dozens of players from the PGA seeded one (1) through twelve (12) for
Toto 4D Jackpot 2 (i-System) Tour and DP World Tour. competition in the Team Series
RM57,444 Championship based on a shootout
Golf Magazine and ESPN also undertaken immediately following the
won on 11/09/2022 ! reported previously unknown details Player Draft preceding the Team Series
about the team championship’s format, Championship, with each Team Captain
which could feature a closest-to-the-pin having one (1) shot to hit toward a
contest. target in a ‘nearest the pin’-style
shootout.”
LIV Golf’s rules and regulations were
released by a US District Court in The winning four-man team would
California amid the group’s antitrust win US$16 million (RM72m), or US$4
lawsuit against the PGA Tour. The Team million (RM18m) per player. – Field Level
Championship’s description was initially Media

READ OUR HERE SCAN
ME
/thesundaily 23theSUN ON THURSDAY | SEPTEMBER 15, 2022
* SPORTS
RESULTS & STANDINGS Xavi hopping mad
today. We have to be more effective in both of the
CHAMPIONS LEAGUE areas.
GROUP A: Liverpool 2 (Salah 17, Matip
89) Ajax 1 (Kudus 27). “You could say that Bayern already have a
built team. We’re under construction, only at the
GROUP B: Bayer Leverkusen 2 BarcacoachangryafterCatalansdominateBayernandlose beginning of our journey.”
(Andrich 86, Diaby 87) Atletico Madrid
0, Porto 0 Club Brugge 4 (Jutgla 15- BARCELONA head coach Xavi step backwards. Barcelona star Lewandowski admitted it was a
pen, Sowah 47, Skov Olsen 52, Nusa 89). Hernandez was left “angry” by his “We had six or seven clear chances to “tough” night for the club.
team’s inability to convert their
GROUP C: Bayern Munich 2 (Hernan- chances in their 2-0 defeat at score. The first half was ours. We did The Poland international returned to the
dez 50, Sane 54) Barcelona 0, Viktoria Bayern Munich in a Champions League enough not only to draw, but we should Allianz Arena for the first time since departing
Plzen 0 Inter Milan 2 (Dzeko 20, game he said they “dominated”. have won. We should learn from our back in the summer transfer window. However, it
Dumfries 70). mistakes and keep working hard.” was a night to forget for the veteran as goals from
The hosts scored twice in four minutes Lucas Hernandez and Leroy Sane gave the home
GROUP D: Marseille 0 Eintracht against the run of play to move top of And Xavi also claimed he was “mad” as side all three points.
Frankfurt 1 (Lindstrom 43), Sporting 2 Group C, three points above second- well, insisting Robert Lewandowski, Pedri
(Paulinho 90, Arthur Gomes 90+3) placed Barca. and Raphinha should all have scored. Though he posed a threat in the first half, the
Tottenham 0. 34-year-old was nullified in the second against
Barcelona had more possession than “I’m mad because we should have won. his old side.
ENGLISH CHAMPIONSHIP: Blackburn Bayern and outshot the German side 18-13. We played a match to win,” added the
2 Watford 0, Huddersfield 1 Wigan 2, Spaniard. And, taking to Instagram in the aftermath of
Hull 0 Stoke 2, Middlesbrough 2 Cardiff “The difference between us and Bayern the defeat, the former Bayern star admitted it was
3, Swansea 0 Sheffield Utd 1, Preston 1 is that they don’t forgive in front of goal,” “Lewandowski missed chances, Pedri a “tough” night for himself and his teammates as
Burnley 1. Xavi said. “The result is not a reflection of got two, Raphinha from outside the box… they crashed to defeat.
the entire match. But this is the Champions this is disappointing and unfair.
TOP 5 P W D L F A Pts League. Barcelona are in a group of death that also
Sheff Utd 9 6 2 1 17 5 20 “Competing means winning corners, consists of Serie A giants Inter Milan, who are
Norwich 8 5 1 2 12 6 16 “If you miss chances, you will end up closing transitions, or having a chance in hoping to win the competition for the first time
Blackburn 9 5 0 4 11 11 15 paying that. We messed up. This defeat is a front of the goalkeeper and scoring it. since 2010.
Reading 8 5 0 3 9 11 15
Burnley 9 3 5 1 15 9 14 “I’m leaving angry. We had to win And Inter picked up their first Champions
League win of the campaign with a 2-0 win at
Viktoria Plzen, with Edin Dzeko and Denzem
Dumfries both on target. The Independent/
Express Newspapers

Cardiff City players celebrate after the match.

Dzeko guides Inter to
win over Viktoria Plzen

INTER MILAN’S Edin Dzeko scored one Cardiff boss Morison
and created another as they cruised to a delighted with Boro win
2-0 victory at Viktoria Plzen in
Champions League Group C yesterday. STEVE MORISON insists critics cannot read Watmore and Rodrigo Muniz netting
too much into Cardiff City’s second-half midway through the second half.
Inter controlled the match from the performance at Middlesbrough, adding he
start and opened the scoring in the 20th was pleased with the tenacity shown by his Cardiff, to their credit, held on, and
minute when Joaquin Correa picked out team in sealing a first away win of the claimed what will be seen as a well-earned
an unmarked Dzeko whose right-footed season. win when the dust settles on their efforts.
shot in the penalty area beat Plzen
keeper Jindrich Stanek. Goals from Callum O’Dowda, Mark “We’re not Man City,” Morison said
Harris and a stunning solo effort from Perry afterwards. “We’re never going to dominate
The Czech champions spent most of Ng saw City head into the break three goals a game for a full 90 minutes.
the game defending and faced an uphill to the good during a simply stunning first-
battle after Pavel Bucha was sent off in half performance on Teesside. “It was always going to be a different
the 61st minute for a dangerous tackle game second half. They were going to
that caught Inter midfielder Nicolo But having been on the front foot for throw caution to the wind.
Barella on the shin. the first 45 minutes, Cardiff were pinned
back for much of the second half, and failed “We were excellent first half. We had
The visitors doubled their lead 10 to muster a single shot on goal after the players where it was their first game for a
minutes later on the counter attack when break as Boro dominated possession. while so they were going to fatigue and
Dzeko turned provider with a clinical that happened.
pass that allowed Denzel Dumfries to slot The drop in intensity, and some obvious
home. nerves at the back, saw Middlesbrough “They got two goals in quick succession.
nearly snatch a point, with Duncan The second goal is really naive from us, but
Plzen brought on attacking players we made a couple of changes after that
after they went down to 10 men but and it steadied the ship.” – WalesOnline
never really threatened and finished the
match with only one shot on target to
Inter’s seven, with the visitors controlling
nearly 70% of possession.

Inter coach Simone Inzaghi said with
three matches in six days, he needed to
rotate his squad against a Plzen side that
played physical football throughout the
match.

“We are happy, because we knew we
couldn’t underestimate our opponents
and we didn’t,” Inzaghi said.

“The boys were good. They remained
focused and I congratulated them in
the changing room after the final
whistle.”

After losing 2-0 to Bayern Munich in
their opening match, Inter moved to
three points, while Plzen remain
pointless after their opening two games.
– Reuters

Bad day at the office for Porto

FC PORTO lacked intensity and aggression as a lack of intensity, aggression, joy in the defending for a runaway, and well deserved,
they went down 4-0 at home to Club Brugge game. We lacked everything that is the basis triumph.
in the Champions League, said their coach of this team and that we showed in the last
Sergio Conceicao after yesterday’s shock loss. Champions League game in Madrid,” he told “A night where a lot went wrong. We
reporters after the clash with the Belgian committed eight fouls in the game, the
The defeat puts Porto in peril in Group B champions. opponent comes here and makes twice as
where they have no points after also being many fouls. That’s a sign of little aggression
beaten away at Atletico Madrid last week “We weren’t even this poor when we were and a poor attitude on our part,” the coach
when they gave up a last gasp goal to go playing our pre-season preparation games. added.
down 2-1. It’s hard to explain what was missing and I
have to talk to the players because this is not But Conceicao said there was no need to
But Conceicao insisted there was nothing the image this club wants to show. It’s apologise to disappointed supporters
to apologise for and that the club must now neither normal nor usual.”
look ahead to restoring their chances in their “We could find a thousand and one things
next Champions League outing, at home to Porto looked flat and made little headway to apologise for but we don’t have to do so.
Bayer Leverkusen on Oct 4. as the unfancied Belgians picked them apart We have to look forward now to our next
and took advantage of some sloppy match. It’s not all disaster and turmoil. It was
“Sitting on the bench I felt that there was just a bad day,” he added. – Reuters

THURSDAY • SEPTEMBER 15, 2022 QUOTE OF THE DAY

Cautious The difference between us and Bayern is
that they don’t forgive in front of goal. The
result is not a reflection of the entire match. But this
is the Champions League. If you miss chances, you
will end up paying that. We messed up. This defeat is
a step backwards.”

Barcelona head coach Xavi Hernandez

Klopp
Liverpool boss says win just ‘the first step, nothing more’

█ CARL MARKHAM played, the way we defend, everything OK – and at half-time we told the boys calendar last weekend, means Globetrotters as well?
was different. Much higher intensity, that after the goal our pressing was not Liverpool have two matches to fit into “Maybe he can explain that. I’m not
LIVERPOOL manager Jurgen much more aggression, braver, more as convincing as before. an already-crowded schedule with a sure people want to see that – United
Klopp admits the last-gasp 2-1 ready, everything was better. World Cup in the middle. players, Liverpool players, City players,
Champions League victory over “I think nobody was surprised it was Everton players all together. It is not the
Ajax is only the first step on the “The story of the game is typical, not a set-piece (for the winner) because our So Klopp was less-than-impressed national team. Did he really say it?”
road to regaining their form. for our season so far because normally set-pieces were really good tonight and with Chelsea’s new American owner Ajax coach Alfred Schreuder admits
we are 1-0 down, more I have no idea why we didn’t score Todd Boehly’s suggestion earlier in the his side, who scored four against
Mohamed Salah’s first goal in eight for the situation we earlier from them because pretty much day that the Premier League should Rangers in their opening game, have
European matches was cancelled out are in. each set-piece was a threat. introduce a US-style All-Star game learned some important lessons.
by Mohammed Kudus in the first half between teams in the north and south “When the goal happens with a
and it needed an 89th-minute Joel “We did a lot “The face of Joel showed exactly of England. dead-ball situation it’s quite sour. We
Matip header to register Liverpool’s of good stuff how we all felt in this moment. It’s have lots of young players and they can
first points in Group A after last week’s and played a the first step, nothing else, not “He doesn’t wait long. When he learn a lesson from that,” he said.
4-1 defeat in Naples. really good more.” finds a date for that he can call me,” he
game, we had added. “I can live with the defeat, of
It has been a mixed season so far something like Sunday’s postponement, course. I can’t say it was
and, with no match now for three 25 shots, which is coming on the back of the “In American sports underserved. Liverpool
weeks – Sunday’s match at Chelsea has good against a wholesale postponement of the these players have four- were the better team this
been postponed because of policing strong side full of month breaks. Does evening, there’s no shame
issues associated with the Queen’s confidence, absolutely football he want to bring the in that, but you have to
funeral – Klopp has time to regroup convinced about the way learn from that.
ready for their return after the they play, and we caused Harlem “We have to look at
international break. them a lot of problems. what we can do better. We
will have a look further at
“I think if we put the two games, “And then, 1-0 up, you the intensity, we don’t
Napoli and tonight, next to each other, concede with the first have that in the Dutch
you don’t recognise properly that it’s chance of the League, it’s quicker at this
the same sport,” he said. opponent the level. It’s a learning
equaliser. The moment for us.” – The
“It was all different. The start was reaction was
different. The middle was different. The OK – not Independent
finish was different. perfect but

“The way we

Liverpool’s Joel Matip
(centre) in action with
Ajax Amsterdam’s
Mohammed Kudus
(right) and Calvin Bassey
during the Champions
League Group A match
against Ajax Amsterdam
at Anfield yesterday.
– REUTERSPIX

Conte frustrated after Spurs suffer late agony

TOTTENHAM boss Antonio Conte said in the last 10 minutes we can do much and go strong to attack the goal,” he cause problems.’ convinced that he’ll get goals.
his side “can do much better” after they better. They scored with a corner and said. “They’ve stumbled and tripped to “He’s not 15-20 goals a season man,
conceded two injury-time goals in a 2-0 we conceded the second goal after the
Champions League defeat at Sporting 90 minutes. “We had two or three situations results. They’ve not been brilliant in a he’s not. Tonight, we saw that. We saw
Lisbon. where we can do much better. Now we lot of games that I’ve seen, but that he’s not the man who will dig you
“I think it is a pity. But a difficult have to try to rest and think of the next managed to get results. That says out of a situation.
Spurs were contemplating an game for sure, we tried to get a win but game in the Premier League.” something about the team.
evening of frustration as it looked like in the end we lost the game.” “Harry Kane is the man. He’s still the
they would be held to a 0-0 draw in Football commentator Jason Cundy “Spurs should have lost at Stamford man. If Kane doesn’t score in games
Portugal before things went very Spurs were far from their attacking said Tottenham showed they can still Bridge but drew... they should have that are tight, where are the goals?”
wrong at the death. best with Harry Kane, Son Heung-min be “Spursy” after yesterday’s drawn tonight, but got beat.
and Richarlison starved of proper performance. One of Sporting’s biggest threats
Paulinho nodded home from a service in an uninspiring display. “I don’t quite know how they was former Spurs academy player
corner and then with virtually the last The former Tottenham defender dropped points tonight because Lisbon Marcus Edwards, who gave his old club
kick Arthur Gomes sauntered into the They had some moments in the told talkSPORT: “It wasn’t brilliant, but I weren’t great. They weren’t brilliant, the runaround and almost scored a
box to convert and put Sporting top of second half, which might have seen don’t know how Spurs have lost that they weren’t two goals better than wonder goal.
Group D with two wins from two. them go ahead, but instead of winning game. Spurs.”
the game, Conte was left “It doesn’t feel extra special but it is
“It was a difficult result, when you contemplating defeat. “Trust me, I was delighted as soon Cundy does not think Richarlison is a strange feeling playing against Spurs.
lose the game you are not happy,” as Spurs conceded because there was a the answer to Spurs’ goalscoring I was there for so long,” the 23-year-old
Conte told BT Sport. However, the Italian switched his little bit of Spursy-ness about that. problems and says there is too much told BT Sport. “But it was nice to see
focus to Sunday’s (12.30am Malaysian responsibility on England captain Kane. some players and staff.
“I think that the game was time) Premier League clash with “They’ve had a good start to the
unbalanced in the second half, we Leicester. season result-wise, but performance- “Spurs had half chances. Richarlison “It is a proper family environment
could score. wise? Unconvincing. is unconvincing. I’m not convinced that we have here so I couldn’t be happier.”
“When you arrive you have to try he’s the man to get goals. He might – The Independent/Express
“We tried to win the game and then and feed the box and have accuracy “I’ve never come away from a Spurs have performances, but I’m not Newspapers
game and gone ‘wow, they’re going to

theSun is published and printed by Sun Media Corporation Sdn Bhd (221220-K) of Lot 6, Jalan 51/217, 46050 Petaling Jaya, Selangor. Tel: 03-7784 6688 Fax: 03-7783 7435 • Tel (Editorial): 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] • Tel (Advertising): 03-7784 8888 Fax: 03-7784 4424 Email: [email protected]