CEOMorningBrief WEDNESDAY, DECEMBER 6, 2023 ISSUE 681/2023 theedgemalaysia.com CHINA STOCK SLUMP DEEPENS AS TRADERS FRET OVER ECONOMY’S HEALTH p17 HOME: Fitch affirms Malaysia’s sovereign credit rating at BBB+ with stable outlook p2 Nvidia boss Jensen Huang to make maiden visit to Malaysia p8 Proton surpasses last year’s sales volume with strong November performance p10 Shafee’s acquittal stands in RM9.5 mil money-laundering case as AGC discontinues appeal p16 WORLD: ByteDance strikes deal with GoTo to save Indonesian TikTok Shop p20 Report on Page 4. Anwar: Cabinet reshuffle if ministers’ performance not up to par Report on Page 5. Corporate earnings: No surprises in 3Q but risks loom over 2024 ZAHID IZZANI/THEEDGE
wednesday december 6, 2023 2 The E dge C E O m o rning brief published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Fitch affirms Malaysia’s sovereign credit rating at BBB+ with stable outlook KUALA LUMPUR (Dec 5): Fitch Ratings has affirmed Malaysia’s long-term foreign-currency issuer default rating (IDR) at BBB+ with a stable outlook. In a statement on Tuesday, the ratings agency said Malaysia’s ratings “balance a diversified economy with strong medium-term growth prospects against high public debt, a low revenue base relative to operating expenditure, and political considerations that may hinder long-term policymaking and reform implementation”. Fitch expects Malaysia’s real gross domestic product (GDP) growth to moderate to 4% in 2023 before improving slightly to 4.2% in 2024, amid improving political stability in the country. Fitch also anticipates weak global demand and trade restrictions to undermine the country’s exports. However, this is expected to be cushioned by resilient domestic demand, supported by growth in wages and investment activities. The rating agency commended the country’s current account position, which continues to record surpluses for more than two decades and expects the current account to remain in surplus in the medium term, notwithstanding external challenges. Overall, Fitch forecasts the current account to slightly narrow to 2.6% in 2023 from 3% in 2022. However, it pointed out that Malaysia is well-positioned to benefit from the global supply chain diversification due to its competitive manufacturing sector and significant foreign direct investment (FDI) inflows since the re-opening of the economy in 2022. The rating agency also projected that the Federal Government deficit will decline to 3.5% in 2025 amid subsidy rationalisation and the roll-out of the Global Minimum Tax. h o m e by Justin Lim theedgemalaysia.com In a separate statement, the Ministry of Finance said it welcomed the affirmation, adding that it reflects “the government’s commitment to fiscal reform and the country’s ability to maintain economic growth momentum and withstand weak and volatile global conditions”. MOF in its statement said the government is committed to pursuing fiscal consolidation and rebuilding the fiscal buffer for long-term sustainability. “In the medium term, the government is committed to reducing the fiscal deficit from 5.6% in 2022 to 5% of GDP in 2023 as estimated, and subsequently to 4.3% in 2024. “At the same time, Budget 2024 maintains an expansionary fiscal stance with budgeted Development Expenditure of RM90 billion to support the momentum of domestic economic growth and meet the needs of the rakyat. Under the Ekonomi Madani framework, the pace of fiscal consolidation will be further accelerated to achieve the medium-term deficit target of 3% and fiscal reforms continues to be a priority to the government,” the ministry said. It added that this is reflected in the recently-approved Public Finance and Fiscal Responsibility Bill (FRA) passed by Parliament last month. The FRA will institutionalise accountability and transparency in public finance for long-term fiscal sustainability and macroeconomic stability. Moving forward, MOF said the government is confident that the initiatives outlined in the Madani Economy framework and the rolling out of the measures under the various national plans, namely the National Energy Transition Roadmap, New Industrial Master Plan 2030 and the Mid-Term Review of the 12th Malaysia Plan will galvanise growth further. Fitch forecasts the current account to slightly narrow to 2.6% in 2023 from 3% in 2022. However, it pointed out that Malaysia is well-positioned to benefit from the global supply chain diversification due to its competitive manufacturing sector and significant FDI inflows since the re-opening of the economy in 2022. bloomberg
wednesday december 6, 2023 4 The E dge C E O m o rning brief home DUBAI (Dec 5): Sarawak is looking at potentially building two undersea transmission lines from the state to the peninsula and Singapore to strengthen its renewable energy agenda. Sarawak Premier Tan Sri Abang Johari Tun Openg said the state has already started discussions with Singapore and the Federal Government for the undersea transmission line but did not provide a timeline for its commencement as it is still building its renewable energy (RE) capacity. “We (Sarawak state) are now discussing with the Federal Government over the undersea transmission line at the moment. But first, we need to have the excess energy to share with our neighbours. that the state government wants to tap into the cascading dam method to improve its hydropower generation instead of reservoirs, as it is more environmentally friendly. “This has been done in Sweden and the country has been exporting 14 GW to the European region. “In other words, what we (Sarawak state) are doing is we want to share with our neighboring countries including Indonesia and Singapore as well as peninsular Malaysia our excess energy. For instance, we are already working with Indonesia to share our power generation from one of our hydro projects,” he added. Abang Johari also said that the state is also looking at the potential of green methanol that would be beneficial to develop both the green economy and marine sector in Sarawak. Sarawak plans undersea power transmission to the peninsula and Singapore KUALA LUMPUR (Dec 5): Prime Minister Datuk Seri Anwar Ibrahim said a Cabinet reshuffle would be required should the performance of ministers slip or if the situation demanded for it. He pointed out, however, that a year was too short a period to fairly assess the unity government’s administration and ministers need to be given the opportunity to improve and boost their performance. He said the government today was made of a coalition of parties, so every decision required negotiations and equal participation, taking into consideration the strengths of each party. “I think not too far off… but I think after a year, we need to make a fair assessment. People who rule for a decade, three years… a year is too early, so ministers should be given the chance to boost their performance, including the prime minister. “Then if there is a bit of adjustments based on our one-year experience, we will do it, including additions if needed,” Anwar said during TV3’s special interview programme entitled A Year With The Madani Government: The Prime Minister’s Endeavour that aired live Tuesday night. The prime minister also advised the Cabinet not to be satisfied with the unity government’s performance in administrating the country over the past year, saying that the people’s comfort is the true yardstick to measure the success of a government. “Sometimes when you’re a leader, everything’s the best. The education system, all of it, number one, healthcare... the best. We heard of it before but when we look at reality, toilets aren’t even repaired, lots of schools are dilapidated. “Let’s not be complacent. If you ask me, we should do whatever we can, but don’t think it’s that great. There’s more we can do to clean things up and increase quality and work ethic, as in the end it’s not growth numbers that matter,” he said. Anwar also said that the government needs to focus on governance issues to ensure an administration free from corruption and misuse of power. Anwar: Cabinet reshuffle if ministers’ performance not up to par Good governance cannot be downplayed and any country would not be able to reach a satisfactory level if governance issues are not resolved, he said. “That’s why every leader is being observed and entities like the Malaysian Anti-Corruption Commission (MACC) should provide reports on whether there is misuse of power, embezzlement, and if the income and wealth of the prime minister and ministers seem excessive. “This if we can clean up, then we can implement certain economic frameworks, such as the Madani Economy, the energy transition plan, the digital transformation, industrialisation with a clear mission — all these can be done. “Alhamdulillah, so far, even though there is room for improvement, we have achieved what we are capable of doing and things are definitely much better than before,” he said. Read also: Unity govt focused on accelerating economy — PM Salary adjustment for technical profession in public service to be given priority, says Anwar Bernama by Intan Farhana Zainul theedgemalaysia.com “In the past, to build the undersea transmission line was very expensive, but with new technology the cost is more competitive. Right now we are also talking with Singapore to share our energy excess,” he told reporters at the 28th Conference of Parties (COP28) when asked about the potential grid development to connect Sarawak with its neighbours in the region. Sarawak had previously expressed interest to export up to 1 gigawatt (GW) of its hydro-generated power to Singapore while Sarawak Energy Bhd said in September that Singapore could be building a 700km undersea transmission line from Sarawak to the country. Abang Johari said that Sarawak has a competitive advantage in the RE space, and that the state has the potential to generate 20 GW from hydro power. He pointed out bernama
wednesday december 6, 2023 5 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 6): Corporate Malaysia’s earnings for the third quarter of this year have largely been in line with analysts’ expectations, with benchmark KLCI constituents’ aggregate earnings inching up 1.3% year-on-year (y-o-y), much less than the 19% y-o-y growth seen in the same quarter last year, but a recovery from the 9.3% contraction seen in 2Q. During the quarter, improvements in sectors like banking, transport, hospitality, healthcare and consumer were largely offset by weaker performances by Petronas-related heavyweights, telecommunication and some plantation counters. Going by sector, energy was the top performer in terms of net profit growth, with the Energy Index recording a 474% y-o-y jump, boosted by Hengyuan Refining Co Bhd’s profitable performance in the July-to-September period, versus its significant net loss of RM640.48 million in the previous year’s corresponding quarter. The index’s aggregate revenue, however, was down 11.5% y-o-y. Next comes the Utilities Index with its 48% y-o-y growth and the REIT Index’s 38% y-o-y improvement. (See Table) The Utilities Index’s major driver was YTL Power International Bhd — whose earnings jumped nearly five times in the July-to-September quarter — as well as its parent YTL Corp Bhd. Malacca Securities’ head of research by Justin Lim & Chester Tay theedgemalaysia.com Corporate earnings: No surprises in 3Q but risks loom over 2024 Loui Low said the majority of the companies reported July-September earnings that met his expectations. At a glance, property, construction, technology, energy, financial service, transportation and healthcare reported improvements, he noted, while consumer companies generally reported a weaker quarter as inflationary pressure crimped consumer spending. Aggregate earnings, revenue growth of component stocks in 3QCY2023* y-o-y (%) q-o-q (%) Indices Net profit Revenue Net profit Revenue Energy 474.0 -11.5 1502.8 -0.2 Utilities 47.5 4.1 21.3 -8.8 REIT 38.1 12.9 32.4 5.9 Consumer products & services 26.2 5.8 19.1 3.5 Plantation 7.5 -16.7 145.4 12.2 Financial services*** 3.3 -2.6 4.1 2.0 KLCI 1.3 0.0 16.6 3.8 Healthcare -19.8 4.1 -37.7 16.1 Property -24.1 14.9 -1.0 7.8 Transportation & Logistics -27.3 -2.9 -4.9 3.7 Telecommunications & media -34.4 0.1 -79.7 -2.5 Industrial products and services -50.5 -3.0 -18.1 2.7 Technology -55.8 -1.6 -29.9 9.3 Construction** N/A 28.7 N/A 11.0 *Only includes companies that release results in 3QCY2023 **The index recorded aggregate net loss previously ***Banks topline as net interest income instead of revenue Source: Bloomberg continues on Page 6
wednesday december 6, 2023 6 The E dge C E O m o rning brief home *Based on same batch of component stocks Source: Bloomberg KLCI constituents aggregate quarterly earnings vs GDP* KLCI y-o-y earnings growth (%) Malaysia GDP growth (%) -20 0 20 40 60 80 100 120 -5 0 5 10 15 20 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q CY2020 CY2021 CY2022 CY2023 -2.5 -11.7 -3.2 -10.2 43.2 -0.2 102.4 16.2 21.8 -4.2 3.6 37.7 4.8 40.9 9.7 8.8 19.0 14.1 7.1 59.8 3.5 5.6 -9.3 2.9 1.3 3.3 The banking sector, widely seen as the bellwether of an economy, also reported earnings that were largely within expectations, which are no less commendable given that the macroenvironment has been challenging for some time, according to AHAM Capital portfolio manager David Wong. “We saw a few general trends for the sector, that is, net interest margin have started to rebound, with better non-interest income — particularly investment gains — and resilient asset quality. In our opinion, the only metric that was marginally below expectations was overall loans growth, which came in at 4% y-o-y for the sector as at September and this was largely supported by strong household related loans, while business loans growth has remained tepid,” he told The Edge. “Banks that saw loans growth that were better than average were mainly boosted by their overseas operations, as was the case for Maybank and CIMB. In the near term, we expect sector earnings to remain resilient and valuations to be supported by the decent dividend yields of 3%-7% across the banking space. “Looking beyond, we think the risk to watch for lies in the business segment, particularly SMEs where we could see asset quality come under pressure should external headwinds persist. Hence in terms of sector picks, we prefer names that are domestically driven and defensive. In this regard, we like both Maybank and Public Bank,” he added. RHB’s head of regional equity research Alexander Chia said quarterly results for the July-to-Sept 2023 period pointed to a better period, with the majority of results being in line. “45.1% of results were in line, while a smaller 33.8% came in below expectations on a sequential basis, compared with the two previous quarters,” according to RHB earnings wrap for the third quarter of this year (3Q2023) posted on Monday (Dec 4). Sector wise, the auto, plantations, number forecast operators and property sectors beat expectations while the media, construction, utilities, rubber products and basic materials sectors disappointed, marking an improvement from the six sector misses and just one beat in the quarter ended June 30, Chia noted. Of the top 30 KLCI constituents, 10 reported poorer results — as opposed to 20 recording improvements, according to Bloomberg data. Subsidy rationalisation’s impact on the horizon Analysts, meanwhile, are largely cautious of how uncertainties ahead, primarily fuel subsidy rationalisation and external factors like volatile oil prices and geopolitical tensions, will impact the earnings of local businesses next year and the nation’s continued economic recovery, which remains fragile. TA Investment Management Bhd chief investment officer Choo Swee Kee said the transportation sector will be directly affected by the subsidy rationalisation that is expected to take place in the second half of next year. “Obviously, the transportation-related sector that uses fuel will be hit directly if there is no other form of rebate or subsidies for them. This would include the land logistic providers, bus operators, taxi operators and Grab providers. “Normal consumers who travel and drive to work obviously would also have to pay more for fuel. Indirectly, we should also see food prices go up as transportation costs go up,” he said. Malacca Securities’ Low, however, thinks the fuel subsidy rationalisation will have little impact on demand. “Depends on how you look at it. [If] you’re asking me whether the demand will go on, I see it as neutral because whatever it is we’re still going to buy, to spend. So in that sense, companies might earn more profits. Let’s say for instance the poultry sector — (lifting the cap on) chicken prices, is beneficial to them. It may benefit the egg segment [as well] — that is how I see it,” he said. Apex Securities Bhd’s head of research Kenneth Leong anticipates it will add further inflationary pressures that have been affecting corporate earnings. “We have revised our projected inflation to 3.2% in 2024 (from 2.4% projected earlier) to account for the hike of services tax to 8%, higher excise duties on tobacco and sugar-contained beverages, and the subsidy rationalisations. “The rise in prices may likely be fully passed on to end users. Hence, we expect corporate earnings to only see a mild effect from this. Meanwhile, the higher cash handouts announced under Budget 2024 as well as withdrawal from the EPF (Employees Provident Fund) Account 3 may cushion the impact from higher prices of goods and services,” Leong said, referring to the anticipated introduction of EPF Account 3 in April next year. from Page 5 continues on Page 7 The banking sector, seen as the bellwether of an economy, also reported earnings that were largely within expectations, which are no less commendable given that the macroenvironment has been challenging for some time, according to AHAM Capital portfolio manager David Wong.
wednesday december 6, 2023 7 The E dge C E O m o rning brief home KLCI component stocks’ earnings Name (RM bil) Revenue Net profit Revenue Net profit Malayan Banking Bhd 108.54 3.17 2.36 -8.38 12.29 Public Bank Bhd 83.08 2.29 1.70 -4.27 6.98 CIMB Group Holdings Bhd 61.64 2.84 1.85 -4.70 31.31 Tenaga Nasional Bhd 57.76 13.47 0.86 3.89 -3.68 Petronas Chemicals Group Bhd 56.40 6.78 0.42 -3.53 -77.63 IHH Healthcare Bhd 51.43 5.83 0.53 26.78 111.98 CelcomDigi Bhd 49.27 3.10 0.46 102.65 72.31 Hong Leong Bank Bhd 41.66 0.92 1.03 -7.07 4.93 Press Metal Aluminium Holdings 39.55 3.44 0.31 -10.52 -3.07 Petronas Gas Bhd 33.04 1.55 0.47 -0.93 10.01 MISC Bhd 32.14 3.37 0.43 -6.89 -47.55 Sime Darby Plantation Bhd 31.12 4.77 1.21 -11.46 205.81 Maxis Bhd 30.94 2.44 0.29 1.24 -6.82 Nestlé (M) Bhd 26.71 1.77 0.13 5.28 18.69 IOI Corp Bhd 24.75 2.20 0.30 -39.92 81.49 RHB Bank Bhd 23.36 0.92 0.65 -16.36 -6.54 Kuala Lumpur Kepong Bhd 23.08 5.78 0.12 -17.19 -74.83 Petronas Dagangan Bhd 22.35 9.92 0.18 -2.12 -33.06 Axiata Group Bhd 22.03 5.70 -0.80 -21.55 N/A Telekom Malaysia Bhd 20.18 3.08 0.54 -2.59 102.94 PPB Group Bhd 19.77 1.46 0.37 -11.63 -53.17 Hong Leong Financial Group 19.01 0.95 0.74 -5.94 10.78 Genting Bhd 17.91 7.37 0.52 20.39 306.58 Sime Darby Bhd 16.22 13.98 0.59 14.76 184.54 Genting Malaysia Bhd 15.25 2.71 0.18 19.30 1459.47 Mr DIY Group (M) Bhd 14.63 1.07 0.12 10.39 22.50 QL Resources Bhd 13.70 1.69 0.12 3.17 30.61 AMMB Holdings Bhd 13.43 0.56 0.47 -6.54 10.06 Westports Holdings Bhd 12.00 0.54 0.20 4.18 29.66 Dialog Group Bhd 11.68 0.78 0.13 9.66 5.07 Note: Bank’s revenue are based on net interest income Sources: Bloomberg & quarterly reports Market cap 3QCY2023 (RM bil) y-o-y growth (%) As such, Leong expects corporate earnings to remain mixed going forward, and is fairly bullish on selected sectors. “We are overweight on construction, technology and healthcare (not gloves, but healthcare services and healthcare equipment manufacturers). Meanwhile, we are underweight on the plantation sector for the time being,” Leong added. The construction sector, which is in recovery mode, may see margin improvements on the back of the normalising raw material prices, while the technology sector is expected to see sequential quarter-on-quarter (q-o-q) improvements, on the back of recovery in world semiconductor sales. “Elevated crude oil prices may continue to buoy oil and gas (O&G) players, which we expect to extend throughout 2024, given that there are no signs of easing geopolitical conflict between Ukraine and Russia as well as in the Middle East,” Leong added. The silver linings How the EPF Account 3 withdrawals will be implemented should provide clarity on how much potential boost to consumer spending it will provide to shore up domestic consumption, said Leong. The new “flexible” account to be introduced by the EPF that will allow withdrawals of savings by members at any time was first announced in Budget 2024. “Should that be favourable, we expect players in the consumer discretionary spending segment to see an uptick in topline,” Leong said. “Meanwhile, the launch of digital banks is also slowly and gradually changing the landscape of the financial industry in Malaysia. [Hence] Software technology-based companies such as software services, cybersecurity, cloud computing and data management and enterprise companies may continue to perform well,” he noted. For Fortress Capital Asset Management Sdn Bhd chief executive officer Thomas Yong, corporate earnings are expected to pick up in 2024, on the back of higher economic growth from public and private investment, as well as a pick up in exports as the country’s largest trading partner, China, sees economic recovers. The government is expecting gross domestic product to grow by 4%-5% next year, after posting a 4% increase this year. “Investors may also look at sectors that are domestically oriented as they are somewhat shielded from external volatility, such as the local construction industry. With the anticipation of numerous infrastructure projects being rolled out by end of 2023 and/ or early 2024, the industry is poised to see meaningful recovery in the coming quarters, barring any project delays/cancellations,” Yong told The Edge. In the energy sector, particularly O&G, Yong said the sector’s outlook appears positive, driven by strong crude oil prices and Petronas’ commitment to higher capex over the next five years. “However, investors need to be prepared for volatility, given the high correlation between Bursa Malaysia’s oil and gas counters and global oil prices, especially since the Israel-Hamas conflict erupted, and not forgetting the ongoing Ukraine-Russia war. Investors may consider exploring industry laggards and those with attractive and consistent dividend yields,” Yong commented. While export-oriented sectors may benefit from a weaker ringgit, Yong advised investors to look at companies that source their inputs locally to mitigate the impact of currency depreciation. It’s also crucial to from Page 6 assess which country’s economies they are exposed to, to avoid those that are facing a slowdown in consumer demand. As for the tech sector, Yong observed that many local semiconductor or tech-related companies are gearing up for the next upcycle. “These firms are actively expanding capacity and boast resilient balance sheets, indicating they are capable of withstanding prolonged downturns. Investors may consider picking up local electrical and electronics counters with exposure to the Chinese smartphone market as there appears to be signs of recovery,” he added. By and large, investors will have to brace themselves for continued uncertainties in 2024, despite a relatively stable domestic political landscape, as the external environment is expected to remain eventful, with an election coming up in Taiwan and the presidential election that is set to take place in the US that will have wide ranging implications on global capital markets.
wednesday december 6, 2023 8 The E dge C E O m o rning brief home Malaysia and Brazil to boost collaboration on key global issues Nvidia boss Jensen Huang to make maiden visit to Malaysia EcoFirst awards RM389 mil superstructure works contract to China State Construction Engineering by Izzul Ikram theedgemalaysia.com by Chelsea J Lim theedgemalaysia.com Bernama KUALA LUMPUR (Dec 5): Nvidia Corp chief executive officer Jensen Huang is expected to make his maiden visit to Malaysia this week. Invitations have gone out to the media for a roundtable session with Huang this Friday. The Taiwanese-American is also founder of the US-based graphics chip giant and a bigwig in the world’s leading tech hub — Silicon Valley. Huang, who is regularly seen donned with his trademark black leather jacket, was named as one of the 100 most influential people in AI by Time Magazine this year. Nvidia provides technologies that power gaming PCs, data centres, AI applications, as well as generative AI. Back in mid-2023, it became the world’s first chip company to breach a US$1 trillion market capitalisation. It is currently unknown as to what the primary purpose of Huang’s visit to Malaysia is, but it is worth noting that the nation has seen a surge in foreign direct investments in the semiconductor space of late. This includes from likes of other USbased chip companies, such as Texas Instruments, Micron and Intel. Another development worth noting is that in March this year, YTL Communication Sdn Bhd’s YES 5G alongside Nvidia, brought Nvidia’s GeForce NOW cloud gaming service to Malaysia. YTL Communications is 60% owned by YTL Power International Bhd. PUTRAJAYA (Dec 5): Malaysia and Brazil are committed to increase coordination in areas of mutual interests, on the basis of a dialogue to promote cooperation on issues such as energy, environment, climate change, biodiversity, science, technology, innovation and health. Both countries also underscored the importance of concertation between Brazil and Malaysia in the coming years, taking into account that Malaysia will be the chair of Asean in 2025 and Brazil will host the 30th Conference of the Parties (COP30) to the United Nations Framework Convention on Climate Change (UNFCCC) in 2025. The Foreign Ministry (Wisma Putra) in a statement said this matter was jointly agreed upon by Foreign Minister Datuk Seri Dr Zambry Abdul Kadir and his counterpart from Brazil, Ambassador Mauro Vieira, following a bilateral meeting held on Dec 2 on the margins of COP28. The statement said Brazil welcomed Malaysia’s decision to join the Joint Communiqué “United for Our Forests,” adopted in Belém do Pará, during the Amazon Summit on Aug 9. “Both ministers agreed that the dialogue on tropical forests should be led by developing countries with tropical forests themselves and should focus on the issues that countries with tropical forests define as priorities,” it said. The statement said both ministers supported international and bilateral efforts to promote a just and equitable energy transition that takes into consideration the perspective of developing countries and contributes to the reduction of inequalities both within and among countries. Both leaders also emphasised the importance of finding a permanent political solution to the Palestinian issue and called for an immediate ceasefire to the ongoing conflict in Gaza, as well as unhindered humanitarian assistance. They also stressed the importance of bilateral trade and mutual investment flows as vectors of development in both countries and reaffirmed the interest in expanding the trade agenda and the volume of trade. “Both countries also welcomed the prospects to explore cooperation under the Asean-Brazil sectoral dialogue partnership, as well as to increase dialogue and coordination with BRICS and other SouthSouth platforms,” it added. KUALA LUMPUR (Dec 5): EcoFirst Consolidated Bhd (EcoFirst) has awarded a RM389 million contract to China State Construction Engineering (M) Sdn Bhd for the superstructure works of serviced apartment KL48 in Chan Sow Lin, Sungai Besi. “This partnership with China State Construction Engineering marks a significant step toward realising our vision for KL48... This collaboration is not just a contract; it is a shared vision, a Nvidia Corp chief executive officer Jensen Huang bloomberg fusion of minds and expertise that aims to redefine industry standards,” said EcoFirst acting deputy chief executive officer Wilbert Goh. The partnership was sealed through a signing ceremony between EcoFirst and China State Construction Engineering, held on Tuesday at Le Meridien Kuala Lumpur. KL48 sits on 4.18 freehold acres of land and has an approximate gross development value of RM1 billion. It will have a total of 1,700 units of two types, with built-ups of 650 square feet (sq ft) and 850 sq ft. The selling price starts from RM500,000. Goh said: “Since its official launch in May 2023, the response has been nothing short of phenomenal, with an impressive 80% take-up rate as of today”. The project has progressed steadily since its groundbreaking in 2022. Piling and pile cap works are scheduled to be completed by this month (December) and basement works are on track for completion by February 2024. KL48 is expected to be completed by 2Q2027.
WEDNESDAY DECEMBER 6, 2023 9 THEEDGE CEO MORNING BRIEF
wednesday december 6, 2023 10 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 5): Revenue Group Bhd has found that there was an absence of standard operating policies and procedures in relation to the group’s supplier management and non-trade purchases, following a completed internal special review of its procedures for the checking of payment transactions. In a filing with Bursa Malaysia on Tuesday, Revenue Group said the special review, covering the period from Jan 1, 2021 to Dec 31, 2022, was carried out in response to the purported irregular transactions allegedly perpetrated by its former directors Brian Ng Shih Chiow and Dino Ng Shih Fang. The review, conducted by GovernanceAdvisory.com Sdn Bhd (GASB), also found that purchases and accounts payable procedures were not consistently practised in accordance with standard procedures. No SOP for supplier management and non-trade purchases, Revenue Group’s internal review finds Carlsberg Malaysia to manufacture Japan’s Sapporo beer for sale in Malaysia, Singapore KUALA LUMPUR (Dec 5): Proton Holdings Bhd’s sales for November 2023 rose 8.66% year-on-year to 12,296 units in November, pushing the number of vehicles sold year-to-date past 2022’s overall figure. In a statement on Tuesday, the national carmaker attributed the success to its diverse and innovative model line-up, which includes the new Proton S70 launched on Nov 28, with total bookings exceeding 3,000 units. Meanwhile, its X Series sport utility vehicles (SUVs), consisting of the X50, X70, and X90 models, have reached 201,710 units on the road, while the PIES models (Saga, Iriz, Persona and Exora) recorded a growth of 34.3%. The company’s year-to-date sales stood at 141,900 units as of end-November, surpassing the full-year sales volume of 141,432 units for 2022. A 12% growth year-on-year brought Proton’s market share to 19.7%. Deputy chief executive officer Roslan Abdullah said, “The ongoing improvements in our after-sales services have strengthened customer confidence, ensuring a smooth ownership journey. We’re confident in delivering a strong finish this year, getting cars into the hands of our customers before the year concludes.” Separately, Proton is also looking to expand into more export markets in Asean and beyond to grow its export volume, which it has forecast will hit a lofty 250,000 units per annum by 2035. Roslan said it aims to increase its production volume to 500,000 units by 2035, of which 50% or 250,000 units will be for the export market. Proton CEO Dr Li Chunrong said that the company’s shareholders, DRBHicom Bhd and Zhejiang Geely Holding Group Co Ltd, had shared their desire for Proton to increase its production volume to 500,000 units by 2035. Roslan, who is also the CEO of Proton Edar, clarified that the 500,000-unit figure is currently just a “ballpark figure” that Proton had forecast, noting that the company still must conduct further detailed analysis. Proton surpasses last year’s sales volume with strong November performance by Luqman Amin theedgemalaysia.com by Emir Zainul theedgemalaysia.com by Anis Hazim theedgemalaysia.com KUALA LUMPUR (Dec 5): Carlsberg Brewery Malaysia Bhd said it has entered into a deal with Japan’s Sapporo Breweries Ltd to produce the Sapporo Premium Beer for distribution in Malaysia and Singapore. The group said it secured the licence from Sapporo, which is listed on the Tokyo Stock Exchange with over 140 years of beer brewing history globally, to brew and manufacture Japan’s pioneer beer in Malaysia, effective Jan 1, 2024, for five years, with an automatic renewal for a further three years. The group will produce and sell the beer across all channels in the country, including duty-free zones, said Carlsberg Brewery in a statement. Meanwhile, the group’s wholly owned unit Carlsberg Singapore Pte Ltd and its subsidiary Maybev Pte Ltd will distribute the Sapporo Premium Beer and Yebisu Beer in Singapore. This distributor agreement will also be effective for five years starting from Jan 1, with an automatic renewal for one year. “Having the licence and distribution rights for Sapporo Premium Beer in Malaysia and Singapore is a testament to our brewing excellence standards and commitment toward product innovation,” said Carlsberg Brewery managing director Stefano Clini. He added: “We are confident that Sapporo Premium Beer will complement our premium beers offering. We are also excited to invite Japanese beer enthusiasts to taste the locally brewed, fresh Sapporo Premium Beer in the coming months”. Carlsberg Malaysia’s share price, which is hovering at a near three-year low, closed two sen or 0.11% higher at RM18.98 on Tuesday, giving the group a market capitalisation of RM5.80 billion. The appointed reviewer observed that there were also incomplete supporting documents for payments made by the group due to the absence of procedures to document and govern the movement, retention and retrieval of documents. Besides that, the delegation of authority matrix was not regularly reviewed and updated by the management under the former executive directors, namely the Ng brothers. GASB was appointed on Feb 28 this year, and the final report of its observations, together with comments from the audit and risk management committee, was submitted to the senior management of Revenue Group on Aug 30. Following the observations made by the reviewer, Revenue Group said the current management of the group has taken the steps to implement the recommendations put forth by GASB. The efforts include the establishment of procedures on goods received and stock movement tracking, ensuring that documents and files may only be accessed by the respective personnel from each function within finance department, the establishment of a clear handover procedure for resigned staff, and realigning the delegation of authority matrix to be in line with the group’s corporate disclosure policy by including the board in the authority matrix for statutory and corporate matters. Read the full story
wednesday december 6, 2023 11 The E dge C E O m o rning brief home DUBAI (Dec 5): The Ministry of Natural Resources, Environment and Climate Change (NRECC) launched on Tuesday, Malaysia’s Sustainable Energy Development prospectus to showcase Malaysia’s strategic intent in advancing a “just energy transition” at the 28th Conference of the Parties (COP28) here. The prospectus serves as an expression of Malaysia’s openness to international collaborations, outlining the extensive efforts the country has taken in transforming its energy system into one, with a lower carbon footprint, as well as its continued commitment in ensuring a fair and responsible transition. NRECC Minister Nik Nazmi Nik Ahmad said the urgency for Malaysia’s shift to sustainable energy is fuelled by global commitments, particularly the Paris Agreement, and the need to fortify economic diversification and energy security. “The launch of Malaysia’s Sustainable Energy Development prospectus signifies our commitment toward energy transition, with plans to accelerate the decarbonisation of energy generation, develop a modern and flexible grid, as well as embrace innovation and empower consumers. “With this, we welcome trade, technical and policy collaboration with global partners, in our collective endeavour for a low-carbon energy system and a sustainable future,” he said during the launch event at the Malaysia Pavilion at COP28 here. Nik Nazmi said recognising the crucial role that energy plays in the climate challenge, Malaysia acknowledges that collaborative action within the industry is essential in its journey to accelerating renewable energy deployment to 70% in 2050, from the existing 25%. “This goal aligns with Malaysia’s commitment to reducing greenhouse gas emissions under the Paris Agreement, aiming for a 45% reduction in carbon intensity to GDP (gross domestic product) in 2030, compared to 2005 levels,” he added. The prospectus was developed in collaboration with the Sustainable Energy Development Authority (Seda), Energy Commission (ST), Malaysian Green Technology and Climate Change Corporation (MGTC), as well Tenaga Nasional Bhd (TNB). It presents Malaysia’s plans and strategies for energy-related companies to embark and contribute to the country’s aspiration to attain a sustainable energy transition. Read also: Govt to spend US$3 mil GCF grant on climate change National Adaptation Plan — Nik Nazmi Malaysia’s environment ministry launches sustainable energy prospectus at COP28 KUALA LUMPUR (Dec 5): Public-listed companies (PLCs) in Malaysia will soon have to use the Bursa Malaysia ESG Reporting Platform to comply with mandatory sustainability disclosures set by Bursa Malaysia Securities Bhd. The platform, which was launched by the regulator on Monday, will act as a repository for disclosures in a prescribed format. This was mandated under the regulator’s enhanced sustainability reporting requirements introduced last year, which involves Main Market and ACE Market PLCs. The platform is free and accessible via the Bursa LINK system. A summary performance table, including indicators and data pertinent to the listed issuers’ material sustainability matters, will be generated. Bursa LINK is an existing system that enables electronic submissions by listed issuers and processing of these applications by Bursa Malaysia. The addition of sustainability disclosures on the digital platform would allow for more standardised reporting and communication of such information, which is currently found in PLCs’ sustainability reports. A visual representation of these requirements is available in Bursa Malaysia’s Illustrative Sustainability Reporting Guide that was released earlier this year. Additionally, Bursa Malaysia issued user guides and videos to help listed issuers navigate the platform. These guides can be accessed by registered Bursa LINK users. “We are pleased to see the enhanced disclosures being undertaken with noteworthy progress in sustainability-related practices and disclosures by many listed issuers even before the mandatory periods. This puts our listed issuers in good stead as Malaysia pushes the bar for more robust ESG disclosures over the next few years,” said Julian Hashim, Bursa Malaysia introduces mandatory ESG reporting platform for PLCs chief regulatory officer of Bursa Malaysia in the press release. To recap, the enhanced requirements introduced last year include disclosure of Common Sustainability Matters with accompanying indicators for all listed issuers, regardless of sector. These matters are: Anti-corruption, community or society, diversity, energy management, health and safety, labour practices and standards, supply chain management and data privacy and security, and water. Additionally, listed issuers have to disclose quantitative information for every material sustainability matter, which covers three financial years’ data for each indicator, performance targets and summary of such data and corresponding performance targets in a prescribed format. These requirements are to be complied with in a phased manner. Read the full story Read also: Bursa Carbon Exchange to include Gold Standard carbon credits next year by Tan Zhai Yun theedgemalaysia.com by Anas Abu Hassan Bernama Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad the edge file photos
wednesday december 6, 2023 12 The E dge C E O m o rning brief home news In brie f Haily bags RM64 mil construction job from Mah Sing KUALA LUMPUR (Dec 5): Haily Group Bhd has secured a contract to build landed homes at Mah Sing Group Bhd’s township in Johor Baru for RM64 million. The construction outfit said its wholly-owned subsidiary Haily Construction Sdn Bhd accepted a letter of award from Meridin East Sdn Bhd to construct 327 units of double-storey terrace houses as well as two substations in Parcel 2G of Mah Sing’s township. The job awarded to Haily is split into two phases, comprising: “Parcel 2G1” with 157 units of terrace houses and a double chamber substation; and “Parcel 2G2” with 170 units of terrace houses and a single chamber substation. Haily said the job is scheduled to be completed within 15 months from the respective commencement dates of Parcel 2G1 and Parcel 2G2, which will be determined later. — by Izzul Ikram KLK secures RM500 mil sustainability-linked loan from Maybank KUALA LUMPUR (Dec 5): Kuala Lumpur Kepong Bhd (KLK) secured its first sustainability-linked loan (SLL) of RM500 million for the group’s general working capital requirements from Maybank, marking a significant milestone for both groups in pursuit of their sustainable development practices. Maybank said the SLL is structured to align KLK’s financial strategy with its commitment to environmentally and socially responsible practices, as outlined in its recently announced sustainability commitments. The loan features a pricing adjustment mechanism that is benchmarked against the achievement of predetermined sustainability performance targets (SPTs). According to Maybank, The selected key performance indicator (KPI) reflects KLK’s goal to reduce its greenhouse gas intensity, in line with the global efforts to combat climate change. — by Luqman Amin Sunway buys back and cancels RM200 mil in perpetual sukuk under RM5 bil IMTN programme KUALA LUMPUR (Dec 5): Sunway Bhd has bought back and cancelled RM200 million in perpetual sukuk issued under the sixth series of its RM5 billion Perpetual Islamic Medium Term Note Programme. “The company had also on even date, redeemed perpetual sukuk of RM200 million issued under Series 2 of the sukuk programme via optional redemption on its first call date,” the developer said in a bourse filing on Tuesday (Dec 5). Post buyback and redemption, there are no outstanding perpetual sukuk under the programme, according to the company. — by Izzul Ikram Magni-Tech 2Q net profit declines 12.8% on lower revenue, declares 2.2 sen dividend KUALA LUMPUR (Dec 5): Magni-Tech Industries Bhd’s net profit slipped 12.8% to RM21.78 million in the second quarter ended Oct 31, 2023 (2QFY2024) from RM24.98 million a year earlier on the back of lower revenue and other income from both its garments and packaging business segments. Earnings per share dropped to 5.03 sen from 5.76 sen in 2QFY2023. Quarterly revenue fell 16.2% to RM287.6 million from RM343.03 million in the previous corresponding period, attributed to lower sales orders received. The garment segment, which accounted for about 94.5% of the group’s revenue and profit from operations, recorded a 15.6% decrease in revenue to RM266.12 million for 2QFY2024 compared with RM315.58 million a year ago. At the same time, packaging segment revenue also decreased by 22.1% to RM21.393 million from RM27.452 million for 2QFY2023. The group declared a second single tier interim dividend of 2.2 sen per share, to be paid on Dec 20. — by Choy Nyen Yiau SC approves Cnergenz’s transfer to Main Market KUALA LUMPUR (Dec 5): The Securities Commission Malaysia (SC) has approved ACE Market-listed Cnergenz Bhd’s proposed transfer to the Main Market. In a bourse filing on Tuesday, the electronics manufacturing solutions provider said the SC approved the proposed transfer to the Main Market under Section 214(1) — grant of approval — of the Capital Markets and Services Act 2007 and under the Bumiputera equity requirement for public-listed companies. In a previous bourse filing, the company said that it is deemed to have met the requirements for the transfer — namely, profit, financial position and public shareholding spread requirements. — by Izzul Ikram klk.com.my KJTS signs underwriting agreement with HLIB for ACE Market listing KUALA LUMPUR (Dec 5): Building support services provider KJTS Group Bhd has inked an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB) for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia. The IPO involves the issuace of 218.03 million new ordinary shares, representing 31.69% of KJTS’s enlarged number of issued shares. This includes a retail offering of 49.4 million new ordinary shares (7.18% of enlarged issued shares) and an institutional offering of 168.63 million new ordinary shares to institutional and selected investors (24.51% of enlarged issued shares), it said in a statement. According to KJTS managing director Lee Kok Choon and executive director Sheldon Wee, the funds raised will primarily fuel expansion in the cooling energy segment, aiming to capitalise on ESG principles by reducing carbon emissions through electricity consumption reduction. — by Cheryl Tan (From left) KJTS Group executive director Sheldon Wee, Hong Leong Investment Bank Bhd group managing director and CEO Lee Jim Leng and KJTS Group MD Lee Kok Choon at the signing ceremony on Dec 5.
WEDNESDAY DECEMBER 6, 2023 13 THEEDGE CEO MORNING BRIEF We advocate sustainability practices and ESG principles in all aspects of our business. Through the enhancement of operating in a more circular economy, we aim to have a more positive contribution towards the environment, corporate governance and society. CONSOLIDATING STRENGTHS CAPITALISING OPPORTUNITIES Ranhill Utilities Berhad 201401014973 (1091059-K) Bangunan Ranhill SAJ, Jalan Garuda, Larkin, 80350 Johor Bahru, Johor, Malaysia. Tel: 07 225 5300 Fax: 07 225 5310 Email: [email protected] Ranhill_ESG Award 2023 (CMYK)_275mm H x 190mm W RanhillESG_Award2023-Final.indd 2 07/11/2023 9:53 AM
wednesday december 6, 2023 14 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 5): Allowing the import of completely built-up (CBU) cars with small engine capacity will lead to the dumping of such vehicles in the local market and hamper the government’s goal of developing the local automotive industry, said Deputy Investment, Trade and Industry Minister Liew Chin Tong. He said it would affect the National Automotive Policy 2020 goal if original equipment manufacturer (OEM) companies shift their activities from local car production to the import of CBU cars. “At the same time, it will affect the longterm investment planning for local production by OEM companies as well as both national car companies. “This will, in turn, affect local vendor development efforts and lead to the loss of employment opportunities for locals in the future,” he said during the question-and-answer session in the Dewan Negara on Tuesday. He was replying to Senator Seruandi Saad’s query on the government’s willingness to review the standard operating procedure and import permit regulations for the entry of vehicles with low horsepower such as those with 660 cc. Liew said the focus of the local automotive industry roadmap is on encouraging local assembly activities by national car makers and OEM companies regardless of vehicle brand or engine capacity. “Having a small engine capacity does not necessarily mean a particular vehicle would be sold at a cheap price as imports are still subject to import tax, excise duty and sales tax,” he added. Allowing import of CBU cars with small engine capacity will hurt local industry — Miti KUALA LUMPUR (Dec 5): The amount of tax from the special Voluntary Declaration Programme (VDP) 2.0 implemented by the Inland Revenue Board (IRB) of Malaysia and the Royal Malaysian Customs Department (JKDM) that was successfully collected until Oct 31 this year is RM128.85 million. Deputy Finance Minister II Steven Sim Chee Keong (pic) said that through the VDP 2.0 programme, the amount of direct tax revenue collected by IRB was RM115.63 million. “The total amount of indirect tax revenue collected by the Finance Ministry until Oct 31, 2023 is RM13.22 million,” he said during the question and answer session at Dewan Negara here on Tuesday. He was replying to Senator Tan Sri Low Kian Chuan’s question about the amount of tax from the voluntary declaration programme to date. Sim said the government had announced the VDP 2.0 programme to taxpayers during the tabling of Budget 2023 on Feb 24, 2023 as one of the initiatives to increase the country’s revenue, the number of taxpayers and the level of tax compliance. He said the VDP 2.0 was implemented by the two bodies with a 0% penalty offer for voluntary declarations made during the period from June 6, 2023 to May 31, 2024. He also said the estimated tax revenue from the implementation of the Capital Gains Tax is RM800 million a year. “Meanwhile, the estimated amount of collection resulting from the implementation of the High Value Goods Tax, previously known as the Luxury Goods Tax, is still at the simulation stage because it is a new tax measure. “Currently, the Finance Ministry is in the final stages of finalising the policy and legislation for the High Value Goods Tax. The implementation mechanism, type of goods and tax rate for this tax will be announced as soon as it is finalised and approved by the Cabinet,” he said. KUALA LUMPUR (Dec 5): Telecommunications companies (telcos) are expected to explore internet facilities through satellite to device mobile services, so that it can be easily accessed everywhere, especially for areas that do not have internet access. Communications and Digital Minister Fahmi Fadzil said that with 2.7% of areas still needing basic 4G network services in the country, his ministry is currently researching the matter, especially in relation to satellite technology, which is hoped to be used by 2025. “It means that in a remote area, where there is no line at all, if the telco provides satellite service to the device, then we will have internet wherever we are,” he said. “We see some satellite technologies that allow us to get direct lines from satellites. “This is under research by the Ministry of Communications and Digital and the Malaysian Communications and Multimedia Commission (MCMC). “This will take time…the work is going on, and hopefully, this will be the focus of the ministry in the future,” he said as a guest of the “Apa Khabar Malaysia” programme on Bernama TV on Tuesday. MOF: RM129 mil collected from voluntary tax declaration programme as at Oct Telcos expected to provide internet facilities via satellite to devices by 2025 Bernama by Rosemarie Khoo Mohd Sani Bernama Bernama bernama Low Yen Yeing/The Edge
wednesday december 6, 2023 15 The E dge C E O m o rning brief home KUALA LUMPUR (Dec 5): The setting up of the Malaysian Gig Economy Commission (SEGiM) needs to be expedited to protect the industry ecosystem and welfare of youths who form the majority of those in the sector, Senator Datuk Aziz Ariffin said on Tuesday. He expressed his confidence in government efforts and its commitment in resolving issues faced by the industry, including championing youths working in the industry. “Youths today are inclined to work in the gig economy because of the flexible hours, job options and not having to work under pressure or instruction from any party. “At the same time, various problems can occur in the gig economy ecosystem, like wages that don’t commensurate, on top of the lack of insurance, and the cost of repairs to their vehicles should they be involved in any accident. How long will the gig economy last? So the setting up of the commission needs to be quick,” he said while debating the Supply Bill 2024 at the Dewan Negara on Tuesday. He added that the number of Sijil Pelajaran Malaysia (SPM) leavers who do not further their studies has risen since 2020, with this having serious implications on individual development and for the country. Senator urges swift creation of gig economy body to protect industry ecosystem KUALA LUMPUR (Dec 5): Helping more individuals get out of bankruptcy, strengthening legal aid services and dealing with scammers are among the three main focuses of the unity government in realising institutional reforms and strengthening the country’s laws next year. Minister in the Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said next year would also see the implementation of all new or amended bills approved in 2023. She said the basis was to ensure that the country’s legal system benefited the people as per the Madani concept supported by the unity government. “What’s the point of the government spending a lot on the law but the people don’t feel the benefit? We want to implement the law, and [bring] institutional reform, we need to measure the hardship of the people as part of the success of the reform we want to bring, because the people are our main customers. “That’s why this year, we have helped 38,749 individuals get out of bankruptcy, that’s a progressive number and next year we aim to help another 130,000 more people, this is the courtesy [aspect] of the Madani [concept], to give this group a second chance,” she said during the Ruang Bicara programme broadcast live on Bernama TV Monday night. The Insolvency (Amendment) Act 2023 [A1695], which came into force on Oct Azalina: Legislation in 2024 to target bankruptcy issues, legal aid and scammers Bernama Bernama 6, gives a second chance to bankrupt individuals to lead better lives and be able to contribute to the country’s economic development. Azalina said another aspect of the legislation that would be focused on in 2024 is legal aid, by having more roadshows as well as the ‘Justice on Wheels’ programme. “For example, in Sabah and Sarawak there are mobile courts, but there is no mobile legal aid, so what’s the use of that if they don’t have the opportunity to use their rights under the law? They don’t know who to consult,” she said. According to Azalina, the Cyber Court, which will manage legislation related to scammers or cyber and digital fraud, things such as cryptocurrency, e-wallet and all related platforms will be empowered next year. She said the existence of the Cyber Court in line with the progress of cases on fast-moving digital platforms requires new expertise for the prosecution and judges because it involves different aspects of proof. “The analogy is that the victim is preyed upon because there is no proof, all the evidence is gone before it can be traced, it’s fast in this digital world, and that’s why we have to have legislation that is parallel to this fast-paced world,” she said. Read also: Don’t be duped by scammers providing eMadani cash-out, Fahmi warns “Statistics from the Student Career e-Profile System show that 35.16%, or 115,939 SPM leavers in 2022 and 48.7% or 180,680 SPM leavers in 2021 did not further their studies. “The Statistics Department estimates that if the trend remains at 40%, the country will lose out on 40% of its skilled workers as the number of highly skilled workers depend on the number of youths who further their studies, whether academically or skills-wise, to ensure the country’s productivity,” he said. Aziz said there were concerns that the trend of not furthering one’s studies after SPM could give rise to a less educated generation that lacked skill, an unhealthy situation for a developing country like Malaysia, and that the government needed to and address it so that this does not worsen. Human Resources Minister V Sivakumar had in November said that the government did not plan to set up the SEGiM as it would overlap with existing committees, including the Digital Economy and National Industrial Revolution 4.0 Council (MED4IRN) and the Sharing Economy Committee. bernama the edge file photo
WEDNESDAY DECEMBER 6, 2023 16 THEEDGE CEO MORNING BRIEF HOME Lokman sends representation letter to AG over intimidation of 1MDB witness Shafee’s acquittal stands in RM9.5 mil money-laundering case as AGC discontinues appeal Chua Jui Meng an effective Health Minister, erstwhile reformist — Anwar BY TARANI PALANI theedgemalaysia.com Bernama BY HAFIZ YATIM theedgemalaysia.com KUALA LUMPUR (Dec 5): The Attorney General’s Chambers (AGC) has discontinued its appeal against senior lawyer Tan Sri Muhammad Shafee Abdullah’s acquittal in his money-laundering case involving RM9.5 million allegedly received from imprisoned former prime minister Datuk Seri Najib Razak, as well as making false declarations to the Inland Revenue Board. In a press release issued on Tuesday, Shafee said that the attorney general had filed a notice of discontinuance, and the appeal is deemed to be dismissed. “The decision of the AG is not only an exercise of discretion without fear of favour, but underpins the unimpeachable nature of the High Court decision, where the learned judge found in both fact and law that there was no element of a predicate offence (illegal activity) to give rise to charges of money laundering, and thus acquitting him (Shafee) of all charges without his defence being called,” the statement read. Sources from the AGC also confirmed the matter with The Edge when contacted. In October last year, High Court judge Datuk Muhammad Jamil Hussin ruled that the prosecution had failed to prove a prima facie case against Shafee for all four charges, and acquitted him without the senior lawyer having to enter his defence. In his decision, the High Court judge said that the prosecution had failed to prove that the RM4.3 million Shafee allegedly received from Najib in 2013, followed by RM5.2 million in 2014, were from illegal proceeds. It is understood that the court sent a letter to the parties informing them of the AGC’s intention, hence the appeal was struck out per Rule 73 of the Rules of the Court of Appeal 1994. No reasons were cited for the withdrawal of the appeal. Shafee faced four charges in total, two relating to money laundering under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, and another two relating to making false declarations to the IRB under the Income Tax Act. Read the full story PUTRAJAYA (Dec 5): The Federal Court was informed on Tuesday that the defence for former Umno supreme council member Datuk Lokman Noor Adam had sent a letter of representation to the attorney general on Monday. Counsel Tan Sri Muhammad Shafee Abdullah said if the representation is accepted, Lokman’s appeal (for contempt) is not necessary, following his conviction for intimidating a 1Malaysia Development Bhd (1MDB) witness. Shafee further clarified that should the AG or public prosecutor make a decision, the deputy public prosecutor will appear for the court. The defence also sought an adjournment of Tuesday’s proceedings. Deputy public prosecutor Datuk Mohd Dusuki Mokhtar for the prosecution confirmed to the three-member bench led by Chief Judge of Malaya Tan Sri Mohd Zabidin Md Diah that the representation letter was filed. “We cannot comment on the letter of representation. We need time to study it. “Hence, we have no objection to the adjournment sought by the defence,” Dusuki added. Lokman was scheduled to appeal over him being found guilty of contempt of court and sentenced to one month’s jail. This follows him being convicted of intimidating Datuk Amhari Efendi Nazaruddin, a 1MDB witness and former aide of former prime minister Datuk Seri Najib Razak, via a video posting in 2019. Read the full story KUALA LUMPUR (Dec 5): Former health minister, Datuk Chua Jui Meng will always be remembered as not only an effective minister but an erstwhile reformist who stuck with PKR during tough times, Prime Minister Anwar Ibrahim said on Tuesday. The prime minister paid tribute to his friend of almost 40 years, reminiscing about Chua’s great contributions to the country when serving as Health Minister and their long friendship that spanned Chua’s tenure as MP, MCA chief and PKR vice-president, to reporters gathered at the Kuala Lumpur Full Gospel Assembly Church after Anwar paid his respects here on Tuesday. “During tough times in our (PRK) struggle, we grew closer as he was always there, helping and assisting as a Keadilan leader and a crucial reformist. “He showed determination, spirit and his dedication to the party, and that’s why we feel the loss of a friend and reform champion in the country so keenly,” he said. Anwar arrived at the church at 4.28pm and signed the condolences book before spending around 20 minutes with Chua’s family. Chua, 80, passed away at Serdang Hospital on Sunday afternoon, leaving behind his wife, Honey Wong Nyet Lan, and five children. Chua left MCA and joined PKR in 2009, and was appointed vice-president after spending a year in the party. BERNAMA
WEDNESDAY DECEMBER 6, 2023 17 THEEDGE CEO MORNING BRIEF WORLD China’s state banks seen swapping and selling dollars for yuan — sources China stock slump deepens as traders fret over economy’s health BY ISHIKA MOOKERJEE & CHARLOTTE YANG Bloomberg BY SHANGHAI NEWSROOM & TOM WESTBROOK Reuters (Dec 5): A selloff in mainland China and Hong Kong stocks deepened as investors remained concerned about the health of world’s second-largest economy heading into next year. The MSCI China Index slid as much as 2.3%, on track for a third straight day of declines. The gauge was headed for its lowest close since November 2022. On the mainland, the benchmark CSI 300 Index finished 1.9% lower as foreigners sold the largest amount of shares since mid-October. Moody’s Investors Service cut its outlook for Chinese sovereign bonds to negative on Tuesday afternoon, the latest blow to investor sentiment. Equity losses have continued in December following last month’s lackluster performance, as traders saw policy support falling far short of what’s needed to rescue the economy out of the doldrums. Moody’s move is “a confirmation of risks that markets have already been pricing in,” said Marvin Chen, strategist at Bloomberg Intelligence. It “will not help market sentiment,” he added. Sentiment remains so fragile that traders on Tuesday looked past data that showed a private gauge of China’s services activity continued to expand in November. Official figures last week showed both manufacturing and services activities shrank during the month. “The accumulation of news over last few weeks would be raising questions Read also: Moody’s cuts China credit outlook to negative on rising debt China seen targeting ambitious 2024 growth goal at key meetings China says visa-free travel policy has boosted tourism SHANGHAI (Dec 5): China’s major state-owned banks were seen swapping yuan for US dollars in the onshore swap market and selling those dollars in the spot market to support the yuan on Tuesday, two sources with knowledge of the matter said. The state bank actions come at a time the Chinese yuan strengthened 2.55% to the dollar in November for the best month this year. However, it is still down 3% year-to-date. The sources said they believe the state bank moves were aimed at accelerating the yuan’s recovery and encouraging domestic exporters to settle their foreign exchange receipts into the local currency towards year end. Chinese state banks often act on behalf of the country’s central bank in the foreign exchange market, but they would also trade on their own behalf. Big banks were spotted doing a similar trade late last month, helping the yuan’s recovery against a broadly weaker US dollar, Reuters reported. on China’s economy into 2024,” said Xin-Yao Ng, an investment director for Asian equities at abrdn. “Macro data has been soft. The big concern over the property slump remains as sales volume are still very weak.” Overseas investors sold 7.5 billion yuan (RM4.6 billion) of mainland shares on a net basis via trading links with Hong Kong on Tuesday, the most since Oct 19, according to data compiled by Bloomberg. The Hang Seng China Enterprises Index slumped 1.6%, dragged down by a sharp selloff in some stocks such as Lenovo Group Ltd and NetEase Inc. A Bloomberg Intelligence gauge of property developers was down 2.6%. BLOOMBERG
WEDNESDAY DECEMBER 6, 2023 18 THEEDGE CEO MORNING BRIEF WORLD (Dec 5): Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said the kingdom won’t agree to a text that calls for the phase-down of fossil fuels at the COP28 summit in Dubai. “Absolutely not,” he said when asked in a TV interview in Riyadh whether his country, the world’s top oil exporter, would be happy to see the language added. An agreement to call for a fossil fuel phase-out or phase-down is a key demand of many countries at COP28, including the US and European Union. The text must be agreed unanimously. Talks are due to run until Dec 12. Negotiators have been looking at other formulations — such as limiting the shift to “unabated” fossil fuels or tying it to a just transition. Abdulaziz, who’s the half brother of Crown Prince Mohammed bin Salman, didn’t say whether such a fudge would be acceptable to Saudi Arabia. He called out countries pushing for a phase-out of fossil fuel for hypocrisy, saying that if they believe in it, they should just get on with it. “I’m not naming names,” he said. “But those countries who really believe on phasing out and phasing down hydrocarbons, you should come out and put together a plan for how starting Jan 1, 2024.” The issue was given added weight a day earlier, when a video call was released Saudi energy minister won’t agree to fossil fuel phase-down DUBAI (Dec 5): The US is among at least 60 countries backing a pledge on Tuesday to cut cooling-related emissions by 2050, US State Department officials said at the UN climate summit in Dubai. The Global Cooling Pledge would mark the world’s first collective focus on energy emissions from the cooling sector. It calls for countries to reduce by 2050 their cooling-related emissions by at least 68% compared to 2022 levels. It’s a tough task, given the cooling industry is only expected to grow as temperatures continue to climb. With installed cooling capacity set to triple by 2050, cooling emissions are expected to surge to between 4.4 billion and 6.1 billion metric tonnes of carbon dioxide equivalent by 2050, according to a report published on Tuesday by the United Nations Environment Programme (UNEP). That would equal one-tenth of expected global emissions, the report said, and would strain electric grids. Reuters is first to report the US support, which suggests there could be a process to construct more regulations or incentives for the industry in the US, and ramp up pressure on other countries to join. The officials declined to be named as the information remained confidential. One official said the US was keen to work on ways to boost the efficiency of cooling technologies and phase down the use of hydrofluorocarbons, or HFCs, a potent greenhouse gas that is released by air conditioners and refrigerators. In October, the US Environmental Protection Agency set a new rule restricting the use of HFCs beginning from 2025 to 2028, and proposed setting requirements for managing or reusing HFCs and repairing leaky equipment. Kenya was the first to sign on to the Global Cooling Pledge, with at least 59 more countries joining as of Monday afUS joins dozens of countries in backing COP28 pledge to slash cooling emissions BY GLORIA DICKIE Reuters BY WILL KENNEDY Bloomberg ternoon, said Brian Dean of Sustainable Energy for All, a nonprofit agency that is part of a UNEP coalition that developed the pledge. Organisers hope to see at least 80 countries supporting the cooling pledge, given the urgent need to slash climate-warming emissions and keep people safe from dangerous heatwaves. By contrast, at least 118 countries supported another COP28 pledge to triple renewable energy and double energy efficiency rates by 2030 — commitments that are considered less detailed and less expensive to implement than the cooling goal. India voiced concerns about the pledge to organisers, and if not resolved, it would not join, a government official said Monday, without giving any details. Nearly three-quarters of the potential for reducing cooling emissions by mid-century can be found in G20 countries, the UNEP report said. A report from the Lancet medical journal last month estimated that heat stress deaths could quadruple by mid-century. UNEP estimates that global efforts to tackle cooling emissions could avoid the release of up to 78 billion metric tonnes of carbon dioxide equivalent. Read also: Higher carbon prices needed in net zero push, Singapore’s Menon says Chevron, Exxon opt out of funding COP28 methane-cutting fund showing COP28 President Sultan Al Jaber saying there was no scientific basis to saying a phase-down is necessary to reach climate goals. Although he was arguing there were other routes to reducing emissions, his words were condemned by many climate campaigners. Al Jaber’s presidency has been viewed with suspicion from the start, because he is also the head of Abu Dhabi National Oil Co, which produces more than three million barrels a day. He has said repeatedly that fossil fuels will need to be phased down eventually as part of the energy transition. While Saudi Arabia has set a net zero target, it has long argued the focus should be on emissions, not which fuels should or shouldn’t be part of the mix. It has emphasised the role of carbon capture, use and storage, and is pursuing plans to reforest areas of the country. Moreover, net zero targets don’t include energy exports, just energy consumers at home. BLOOMBERG
WEDNESDAY DECEMBER 6, 2023 19 THEEDGE CEO MORNING BRIEF
WEDNESDAY DECEMBER 6, 2023 20 THEEDGE CEO MORNING BRIEF WORLD (Dec 5): ByteDance Ltd’s TikTok has struck an agreement to invest in a unit of Indonesia’s GoTo Group and cooperate on an online shopping service, pioneering a template for e-commerce beyond Southeast Asia’s biggest economy. The Chinese-owned video service has agreed broadly to work with GoTo’s Tokopedia across several areas rather than compete directly with the Indonesian platform, people familiar with the pact said. The pair aim to announce details of that tie-up as soon as next week, the people said, asking not to be identified disclosing a deal before it’s formalised. GoTo’s shares erased morning declines to climb as high as 5% in Jakarta. While the two companies have reached an informal agreement, the final details of that alliance are getting hammered out and could change before announcement, the people said. The pact is also subject to regulatory approval and could still fall through, they added. An investment in Tokopedia will be a first of its kind for TikTok Shop, the rapidly growing arm of ByteDance’s video service that’s making inroads into online shopping from the US to Europe. Its progress in Indonesia against Sea Ltd. and Tokopedia, however, came to a halt when Jakarta — responding to complaints from local merchants — forced TikTok to split payments from shopping in the country. Now, a tieup with a savvy local operator could provide a model for TikTok as it pursues expansion in other markets such as Malaysia, where the government has signalled a willingness to review the influence of overseas players like TikTok. Bloomberg News reported last month that TikTok and GoTo were discussing a potential investment but another option was a joint venture. That could entail building a new e-commerce platform. Representatives for TikTok and GoTo declined to comment. ByteDance’s ultimate goal is revive its online-shopping service in Southeast Asia’s largest retail arena. TikTok, the only platform immediately affected by Jakarta’s new rules, has halted online shopping to comply with the curbs. Indonesia is the first and largest market for TikTok Shop. It started the service in Indonesia in 2021 and its instant success with younger, video-first shoppers encouraged it to expand into other markets including the US. BY OLIVIA POH, DONG CAO & FARIS MOKHTAR Bloomberg ByteDance strikes deal with GoTo to save Indonesian TikTok Shop For GoTo, Indonesia’s largest internet company, a deal with TikTok could be risky as it would help a major online-retail rival to operate in the country. But it would also give GoTo a strong global social-media partner in an arrangement that could boost shopping, logistics and payments volumes for both companies. Chief executive officer Patrick Walujo, who took over in June, is trying to bring GoTo to profitability on an adjusted basis by the end of the year to show the ride-hailing and e-commerce company has long-term potential. The managing partner of shareholder Northstar Group is continuing his predecessors’ campaign to reduce losses by slashing jobs, cutting promotions and tightening expense controls. TikTok has been attempting to engage government officials and other social media companies to figure out a way to restart its e-commerce operations in the country. Indonesian minister Teten Masduki said TikTok has spoken with five companies including Tokopedia, PT Bukalapak.com and Blibli about possible partnerships. Indonesia is among the first countries in Southeast Asia to push back against TikTok. Navigating the conflict will be pivotal for the company as governments across the world assess how Southeast Asia’s largest nation moves to curb the social media giant’s burgeoning e-commerce presence. TikTok said just months earlier it will invest billions of dollars into the region. Following the Indonesian restrictions, nearby Malaysia said it is studying the possibility of regulating TikTok and its e-commerce operations. The social media leader is already facing possible bans and scrutiny in the likes of the US, Europe and India on national security concerns. Now, a tieup with a savvy local operator could provide a model for TikTok as it pursues expansion in other markets such as Malaysia, where the government has signalled a willingness to review the influence of overseas players like TikTok. An investment in Tokopedia will be a first of its kind for TikTok Shop, the rapidly growing arm of ByteDance’s video service that’s making inroads into online shopping from the US to Europe. BLOOMBERG
WEDNESDAY DECEMBER 6, 2023 21 THEEDGE CEO MORNING BRIEF WORLD (Dec 5): Ford Motor Co will take a direct stake in a battery-nickel plant under construction in Indonesia, deepening its role in the supply chain as carmakers try to secure materials for electric vehicles (EVs). The US automaker joins PT Vale Indonesia and China’s Zhejiang Huayou Cobalt Co as investors in a project to make an annual 120,000 tonnes of nickel chemicals for EV batteries, according to a joint statement from the companies. The Pomalaa plant is expected to start commercial production in 2026, with total investment at 67.5 trillion rupiah (RM20.2 billion). The statement did not disclose each company’s share of the investment. Global carmakers are racing to ensure long-term flows of materials like lithium, cobalt and nickel as demand balloons. While direct investments in mines or refineries are still rare, General Motors Co has invested in a US lithium miner while Tesla Inc is interested in buying a lithium producer. Indonesia is becoming a major source of battery-ready nickel following a wave of refinery investments in the minerals-rich country, mostly by Chinese companies. Ford, which plans to make two million EVs a year by the end of 2026, already had an agreement with Huayou to take battery materials derived from the Pomalaa plant. “This framework gives Ford direct control to source the nickel we need — in one of the industry’s lowest-cost ways — and allows us to ensure the nickel is mined in line with our company’s sustainability targets,” Lisa Drake, vice president for Ford Model e EV industrialisation, said in the statement. Pomalaa is a long-delayed project, and an example of earlier efforts to use “high-pressure acid leaching” technology, or HPAL, to make nickel chemicals from low-grade ores. There are now a number of HPAL plants ramping up in the Southeast Asian nation, but there are still concerns about their environmental credentials. “The technology remains difficult to develop and ramp up and manage, compared to other conventional nickel production methods and processes,” said Allan Ray Restauro, analyst at BloombergNEF. Ford takes stake in Indonesia nickel project (Dec 5): Doubts over BYD Co’s sales targets and smart-car capabilities drove a US$12 billion (RM56.07 billion) selloff in the Chinese electric-vehicle (EV) maker last month, even as it draws closer to Tesla Inc as the industry’s top seller. Hong Kong-listed BYD plunged 12% in November while Tesla and local rival XPeng Inc gained more than 15% each. BYD’s loss was fuelled by concerns over its ability to meet sales targets amid a difficult macro outlook, and the impact of price cuts to stave off tough competition. There are also questions over whether BYD’s cars can compete with the intelligent, connected offerings from rivals. These are coming not only from established EV players but also new entrants including smartphone titan Huawei Technologies Co. “The growth profile of BYD is being questioned,” and the company could wind up losing market share, said Xiadong Bao, a fund manager at Edmond de Rothschild Asset Management. “The arrival of Huawei in the EV segment, will definitely shorten the time-to-market” for new Chinese products, and BYD is “more vulnerable” given its lagging tech. BYD growth status in doubt after US$12 bil selloff Cloudy outlook BYD shares had actually outperformed in October as record sales pushed it closer to overtaking Tesla in deliveries of pure EVs. The market quickly turned bearish again, however, as the company increased discounts in an effort to continue driving sales. With other headwinds including a selldown by longtime backer Warren Buffett’s Berkshire Hathaway Inc and a European Union anti-subsidies probe into Chinese EVs, BYD shares have severely lagged most peers. Some are betting on further losses, with short interest rising to over 4% of the free float over the last three weeks, according to IHS Markit data. The stock’s weakness has helped drive the forward earnings multiple down to its lowest in about 12 years, which could be attractive to bargain hunters. That valuation is “undemanding,” but it “depends heavily” on strong results estimates, which are now in question, said Edmond de Rothschild’s Bao. Growth has declined over the past three quarters and consensus expects a further slowdown over the next two periods. While BYD’s sales reached another record last month, they were basically flat with the level in October. That might not help placate investors who have been questioning BYD’s sales goals for three million units this year and four million in 2024. Peaking retail sales is a major reason reason for investor caution, along with price cuts, rising inventories and increasing competition, according to UOB Kay Hian Holdings Ltd, the only broker with a sell rating on the company. Read the full story BY CHARLOTTE YANG Bloomberg Bloomberg
WEDNESDAY DECEMBER 6, 2023 22 THEEDGE CEO MORNING BRIEF WORLD (Dec 5): Mistral AI is in the final stages of raising roughly €450 million (US$487 million or RM2.27 billion) from investors including Nvidia Corp and Salesforce Inc in a funding round that values the OpenAI rival at about US$2 billion, according to people familiar with the deal. The deal includes more than €325 million in equity from investors led by Andreessen Horowitz, which is in talks to invest €200 million in funding, the people said, asking not to be identified because the discussions are private. Nvidia and Salesforce agreed to contribute another €120 million in convertible debt, they said. Some of the details are in flux and may still change, the people said. The start-up’s three co-founders agreed to sell more than €1 million apiece in equity as part of the deal, according to documents detailing the transaction terms that Bloomberg reviewed. Three other Mistral insiders are set to offload shares, including Cedric O, the former French minister who acts as the chief adviser to the company, and plans to sell nearly €1 million, according to the term sheet. A spokesperson for Mistral declined to comment. Representatives of Andreessen Horowitz, Nvidia and Salesforce declined to comment. O didn’t respond to requests for comment. The US$2 billion valuation of a company less than a year old underscores the OpenAI rival Mistral nears US$2 bil valuation with Andreessen Horowitz backing (Dec 4): Mark Zuckerberg is selling Meta Platforms Inc stock for the first time in two years, after the social media giant rapidly rebounded from a tumultuous 2022. The Meta co-founder’s trust as well as entities for his charitable and political giving unloaded about 682,000 shares worth almost US$185 million (RM863.02 million) in November through trading plans, with the latest disclosed last Wednesday, according to data compiled by Bloomberg from regulatory filings. That’s the first time entities that manage Zuckerberg’s fortune have sold shares since November 2021. Meta surged 172% this year through the end of November, outperforming all major US tech companies other than Nvidia Corp. That’s helping to maximise the proceeds for Zuckerberg’s activities outside Meta, which include venture capital, scientific research and impact investments. He’s regularly offloaded blocks of Meta stock over the past decade, but didn’t sell a single share in 2022, when catastrophic quarterly results led to one of the biggest one-day stock wipe-outs and Meta’s worst annual performance since its 2012 initial public offering. Meta’s stock is now approaching the record highs set in 2021, when Zuckerberg as well as his charitable foundation, the Chan Zuckerberg Initiative, sold more than US$1 billion of the Menlo Park, California-based company’s shares. The 39-yearold still holds about 13% of Meta, making up almost all of his US$117.7 billion fortune, according to the Bloomberg Billionaires Index. Zuckerberg and his wife, Priscilla Chan, 38, have previously pledged to allocate 99% of their wealth to philanthropic causes during their lifetimes, such as promoting equality and curing diseases. More than half of the recent Meta stock sales came from shares controlled by their namesake foundation. Zuckerberg sells first Meta shares in two years after 172% surge BY BEN STUPPLES Bloomberg BY MARK BERGEN, BENOIT BERTHELOT & LIZETTE CHAPMAN Bloomberg tech world’s unbridled optimism about the future promise and profit of artificial intelligence (AI) companies. Mistral makes open-source software that powers chatbots and other generative AI tools, a field that requires considerable computing resources. It describes itself as less expensive and more efficient than US peers. Mistral, which has emerged as one of Europe’s most prominent AI start-ups, was founded by former scientists from Alphabet Inc’s DeepMind and Meta Platforms Inc who had worked on large language models similar to those offered by Sam Altman’s OpenAI. Mistral raised a US$113 million initial round in June, an enormous sum for a European tech start-up. General Catalyst, Lightspeed Venture Partners, Bpifrance and several others also participated in the round, according to the documents. Lightspeed declined to comment. Representatives of General Catalyst and Bpifrance didn’t respond to requests for comment. The smallest portion of the selling spree — about US$19 million — went to the advocacy arm of the Chan Zuckerberg Initiative. The organisation has funded efforts to mobilise voters as well as to advance immigration reform. Earlier this year, the Chan Zuckerberg Initiative pledged US$250 million to establish a biomedical research hub in Chicago. It previously backed efforts to address the San Francisco Bay area’s housing shortage and made early-stage investments to train software developers in Africa. Founded in 2015, the Palo Alto, California-based foundation has net assets of about US$6.3 billion, and is led by both Zuckerberg and Chan, according to latest filings. Meta’s stock has risen more than 200% since they pledged eight years ago to give away most of their fortune.
WEDNESDAY DECEMBER 6, 2023 23 THEEDGE CEO MORNING BRIEF WORLD TOKYO (Dec 5): Core inflation in Japan’s capital slowed in November, underscoring the central bank’s view that cost-push pressures in the world’s third-largest economy will gradually dissipate. While service prices — in focus as the central bank looks for signs of wage-driven inflation — marked their fastest pace of increase since 1994, analysts attributed the climb to a spike in hotel fees amid an influx of tourists. The core consumer price index (CPI), which excludes volatile fresh food but includes fuel costs, for Tokyo rose 2.3% in November from a year earlier, government data showed on Tuesday, slightly below a median market forecast for a 2.4% gain. It was slower than the 2.7% increase in October and matched a low marked in July last year, as fuel costs kept falling and price hikes for food moderated, the data showed. The Tokyo index is considered a leading indicator of nationwide trends. The so-called “core core” index that strips away both fresh food and fuel prices — closely watched by the BOJ as a gauge of broader price trends — rose 3.6% in November, slowing from a 3.8% gain in October. Inflation in Japan’s capital slows, clouds BOJ exit path FRANKFURT (Dec 5): The European Central Bank can take further interest rate hikes off the table given a “remarkable” fall in inflation and policymakers should not guide for rates to remain steady through mid-2024, ECB board member Isabel Schnabel told Reuters. The comments mark a dovish shift for Schnabel, seen as the most influential voice in the conservative camp of policymakers, and drove up rate cut expectations on Tuesday as investors now expect the ECB to reverse the steepest increase in interest rates in the bank’s quarter century history. Euro zone inflation tumbled to 2.4% last month, from above 10% a year earlier, after 10 straight rate hikes. That has put the ECB’s 2% inflation target within sight and raised some doubts about policymakers’ warnings that another two years of stubborn price growth may be ahead. Schnabel, who had insisted just a month ago that rate hikes must remain an option because the “last mile” of the inflation fight may be the toughest, said she had shifted stance after three unexpectedly benign inflation readings in a row. “When the facts change, I change my mind. What do you do, sir?” Schnabel said in an interview, repeating a quip often attributed to John Maynard Keynes. “The most recent inflation number has made a further rate increase rather unlikely.” ECB hawk Schnabel takes rate hike off table after ‘remarkable’ inflation drop BY BALAZS KORANYI Reuters BY LEIKA KIHARA & TAKAHIKO WADA Reuters Read also: Short supply of homes to push global property prices higher at slower pace — poll Following Schnabel’s comments, investors were betting on 142 basis points of rate cuts next year, up from 130 basis points a day earlier, with the first move now seen as soon as March. Bond yields also tumbled with German 10-year papers hitting 2.28%, their lowest levels since June, as bets for an ECB policy reversal solidified. Schnabel also warned against guiding markets on interest rate moves too far ahead, given rapidly changing inflation figures that are surprising policymakers on the way down, as they did on the way up. ECB president Christine Lagarde, French central bank chief Francois Villeroy de Galhau and Bank of Greece governor Yannis Stournaras have all guided for steady rates for the next “few” or “several” quarters, even as markets see a rate cut in the early spring. “We have been surprised many times in both directions,” Schnabel said. “So we should be careful in making statements about something that is going to happen in six months’ time.” Schnabel, a German, is the first of the ECB’s policy hawks to signal a shift in view. Her comments come after Bundesbank chief Joachim Nagel said the November data did not change his mind and a rate hike was still a possibility. Read the full story The data will be among factors the BOJ will scrutinise at its next policy-setting meeting on Dec 18-19. With inflation having exceeded the BOJ’s 2% inflation target for more than a year, many market players expect the bank to phase out its massive stimulus some time next year. BOJ governor Kazuo Ueda has stressed the need to keep policy ultra-loose until recent cost-push inflation is replaced by a demand-driven increase in prices, backed by solid wage gains. He has also said next year’s annual wage negotiations and the outlook for service prices, which reflect labour costs, are key to determining how soon the BOJ can exit its ultra-easy policy. Slowing global growth and lacklustre domestic consumption have cast a shadow over a potential BOJ exit. Japan’s economy contracted in July-September, snapping two straight quarters of expansion on soft consumption and exports. BLOOMBERG REUTERS
WEDNESDAY DECEMBER 6, 2023 24 THEEDGE CEO MORNING BRIEF WORLD (Dec 5): Singaporean sovereign-wealth fund GIC is in talks to invest in Atlas SP Partners, the securitisation business that Apollo Global Management Inc bought from Credit Suisse Group AG, according to a person with knowledge of the matter. Terms of the agreement, including the size of GIC’s planned investment in the platform, couldn’t be learned. Representatives of Apollo and Atlas SP declined to comment, and a GIC representative didn’t immediately respond to a request for comment. Any capital injection from GIC would follow an effort by Apollo to raise capital that enables Atlas SP’s balance sheet to grow to more than US$50 billion (RM233.30 billion) from about US$40 billion in February. The platform bundles debts such as car loans and mortgages into bonds that it sells, and needs funding to help temporarily finance assets that get packaged into securities, Bloomberg News has reported. Apollo said in June that Abu Dhabi Investment Authority had provided a cornerstone capital commitment to Atlas SP, and that it had “substantial additional capital raising underway”. Atlas SP, led by chief executive officer Jay Kim, has been active in recent months. In October, the firm was part of an investor group that agreed to provide a US$1.1 billion delayed-draw mortgage facility to open-air shopping centre landlord Site Centers Corp. Atlas SP also led a US$200 million warehouse facility for Above Lending, which specialises in consumer installment loans, and separately led a securitisation for equipment-financing company Equify Financial. Singapore’s GIC in talks to invest in Apollo’s structured-finance unit — source (Dec 5): The US government concluded that short seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t relevant before extending his conglomerate as much as US$553 million (RM2.58 billion) for a container terminal in Sri Lanka, a senior US official said. Allegations in a scathing report by USbased Hindenburg Research, which erased around US$100 billion from the Adani Group’s market value earlier this year, were front and centre as the International Development Finance Corp, or DFC, conducted a due diligence investigation of the conglomerate, an official from the US agency told Bloomberg. The DFC was satisfied that the accusations in the short seller’s report, which said Adani was pulling off “the largest con in corporate history”, weren’t applicable to Adani Ports and Special Economic Zone Ltd, the subsidiary spearheading the Sri Lankan project, the DFC official said, declining to be named to detail the negotiations. The US agency will also continue to monitor the Indian firm to ensure the US government doesn’t unintentionally support financial misconduct or other inappropriate behaviour, the official said, noting that it’s critical that the US approaches infrastructure projects differently than China. The Sri Lankan port deal involving Adani marks one of the biggest and most prominent US government-backed infrastructure projects in Asia. It comes after years of American efforts to counter growing Chinese influence in the region as a result of President Xi Jinping’s Belt and Road Initiative to build infrastructure around the globe. Adani Group has denied the allegations featured in the Hindenburg report, including stock-price manipulation. Formal regulatory inquiries and court hearings into the issue in India haven’t uncovered any wrongdoing. Adani stocks have rallied of late, and Adani Ports and Special Economic Zone Ltd has gained 7.4% so far this year. Adani Group, which has attracted controversy for its giant Australian coal mine and for the billionaire’s perceived closeness with Indian Prime Minister Narendra Modi, has touted the DFC’s investment as a vote of confidence following the Hindenburg allegations. “We see this as a reaffirmation by the international community of our vision, our capabilities and our governance,” Karan Adani, the tycoon’s son and chief executive officer at Adani Ports, told reporters in Colombo when the deal was announced. US examined Hindenburg allegations before giving loan to Adani BY IAIN MARLOW Bloomberg BY GILLIAN TAN Bloomberg Read also: India’s Adani Green secures additional US$1.36 bil loan Read also: SoftBank mobile arm buys Irish telco in bet on driverless cars BLOOMBERG
WEDNESDAY DECEMBER 6, 2023 25 THEEDGE CEO MORNING BRIEF WORLD NYC workers to get US$16 an hour as 22 states boost minimum wage (Dec 5): Workers in New York City, Long Island and Westchester County will soon be making at least US$16 (RM75) an hour, a dollar more than they do now, as the state joins 21 others in lifting the minimum wage. Increases are set to take effect Jan 1 from Rhode Island to Nebraska to California, according to payroll processor ADP. Washington state will require employers to pay US$16.28 an hour, the nation’s highest minimum wage at the state level. Wages are rising after a year in which labour unions have amped up pressure on employers to pay more, with US auto workers winning new gains after a strike and United Parcel Service Inc significantly increasing pay to avoid a walkout. In many states, meanwhile, legislators have boosted minimum wage levels as inflation has fueled big increases in living expenses. The coming pay gains are “a reflection of increases that have passed by legislation, where raises are being phased in annually, or raises that have been passed by a ballot initiative,” said Holly Sklar, chief executive officer of Business for a Fair Minimum Wage. The group, which counts Patagonia Inc and Ben & Jerry’s among its supporters, is a coalition of executives and companies advocating for fair employee compensation. Recent wage growth for the lowest-earning workers is above levels seen in the last two decades, according to the Federal Reserve Bank of Atlanta. Still, that may be cold comfort for many workers due to the post-pandemic surge in inflation, when prices for groceries, utilities and transportation have all soared. — Bloomberg RBA holds key rate to assess economy, sending currency lower (Dec 5): Australia’s central bank kept interest rates unchanged at its final meeting of the year on Tuesday as cooling inflation and a softening labour market suggest its policy tightening to date is gaining traction. Markets showed disappointment at the neutral tone of the post-meeting statement, sending the currency and government bond yields lower after the Reserve Bank (RBA) held its cash rate at a 12-year high of 4.35%, as anticipated. “Higher interest rates are working to establish a more sustainable balance between aggregate supply and demand,” governor Michele Bullock said. “Holding the cash rate steady at this meeting will allow time to assess the impact of the increases in interest rates on demand, inflation and the labor market.” The currency fell 0.6% and the policy-sensitive three-year government bond yield erased earlier gains to trade at around 4%. Swaps traders trimmed bets the RBA will hike again. They now see less than a 30% chance for an increase in the first half of 2024, down from better than 40% odds before the statement. “Today’s [Tuesday] stale statement offered no further guidance on policy,” said Faraz Syed, an economist at Citigroup Inc, who is predicting one more rate hike in February. “While the statement was similar to November, it wasn’t as hawkish as the minutes from November or the recent commentary from the RBA governor.” — Bloomberg Blackstone buys Kyoto hotel from Goldman in US$54 mil deal (Dec 5): Blackstone Inc bought a Kyoto hotel from Goldman Sachs Group Inc as a rapid tourism rebound in Japan boosts hospitality deals in the island nation. The 158-room Moxy Kyoto Nijo, a brand of Marriott International Inc, was acquired in an ¥8 billion (US$54 million or RM252.31 million) deal that closed last week, according to people familiar with the matter. The hotel, located near Kyoto’s historic Nijo Castle, opened in July 2021. A Blackstone spokesperson confirmed the transaction took place, but declined to comment on other details. A representative for Goldman Sachs declined to comment. Japanese hotels have been among the most popular real estate investments in the Asia-Pacific region this year. Investors are betting that tourism will continue to recover as the yen weakens, and are attracted by the ability of hotel operators to change room rates in an inflationary environment. As of August, foreign investors had spent US$2 billion on hotel deals in Japan in 2023, more than any other sector in Asian commercial property and surpassing 2022’s annual investment figure, according to MSCI Real Assets. Blackstone’s head of Japan real estate said earlier this year that hotels were at the “top of the list” for acquisition priorities considering the business potential around the tourism boom. The world’s largest alternative-asset manager has acquired at least 12 hotels for its Japan portfolio in the past two years. The number of foreign visitors to Japan in October surpassed levels seen in 2019 before the coronavirus pandemic. Their spending from July through September also beat 2019 figures, with lodging accounting for the largest portion. — Bloomberg NEWS IN BRIEF India to be world’s third-largest economy by 2030 — S&P Global Ratings BENGALURU (Dec 5): India will remain the fastest-growing major economy for at least the next three years, setting it on course to become the world’s third-largest economy by 2030, S&P Global Ratings said in a report. S&P expects India, currently the world’s fifth-largest economy, to grow at 6.4% this fiscal and estimates growth will pick up to 7% by fiscal 2027. In contrast, it expects China’s growth to slow to 4.6% by 2026 from an estimated 5.4% this year. India’s gross domestic product (GDP) grew a bigger-thanexpected 7.6% in the second quarter of fiscal 2024, data showed last week, which prompted several brokerages to raise their full-year estimate. However, S&P, which had raised its forecast even before the latest data, said India’s growth will depend on its successful transition to a manufacturing-dominated economy from a servicesdominated one. “A paramount test will be whether India can become the next big global manufacturing hub, an immense opportunity,” S&P said in its Global Credit Outlook 2024 report, dated Dec 4. While Prime Minister Narendra Modi’s government has been driving domestic manufacturing thorugh the “Make in India” campaign and productionlinked incentives (PLIs), the share of manufacturing is still roughly 18% of GDP. In contrast, services account for over half of India’s GDP. S&P said that developing a strong logistics framework is key to becoming a manufacturing hub and that India also needs to “upskill” its workers and increase female participation in the workforce to realise its “demographic dividend.” India has one of the youngest working populations in the world, with nearly 53% of its citizens under the age of 30. — Reuters Blackstone Inc bought a 158-room Moxy Kyoto Nijo hotel near the historic Nijo Castle in Kyoto from Goldman Sachs Group Inc ¥8 billion (US$54 million or RM252.31 million) last week. BLOOMBERG
WEDNESDAY DECEMBER 6, 2023 26 THEEDGE CEO MORNING BRIEF WORLD ALEXANDRIA, Louisiana (Dec 4): Startup tech firms are racing to transform the way rare earths are refined for the clean energy transition, a push aimed at turbocharging the West’s expansion into the niche sector that underpins billions of electronic devices. The existing standard to refine these strategic minerals, known as solvent extraction, is an expensive and dirty process that China has spent the past 30 years mastering. MP Materials, Lynas Rare Earths and other Western rare earths companies have struggled at times to deploy it due to technical complexities and pollution concerns. Rare earths are a group of 17 metals used to make magnets that turn power into motion for electric vehicles, cell phones and other electronics. While US scientists helped develop solvent extraction for rare earths in the 1950s, radioactive waste from the process gradually made it unpopular in the United States. China began to rapidly expand in the industry starting during the 1980s, and now controls 87% of global rare earths refining capacity, according to the International Energy Agency. That prowess has helped propel the country’s economy to the second-largest in the world. Emerging Western rivals now offer the tantalising prospect of processing the minerals in faster, cleaner and cheaper ways, if they can successfully launch. “The existing rare earths refining process is a nightmare,” said Isabel Barton, a mining and geological engineering professor at the University of Arizona. “That’s why there are so many companies promising new methods, because we need new ones.” Interviews with nearly two dozen industry consultants, academics and executives show that if one or more of these novel processing technologies succeed as hoped by 2025, they could slash reliance on Chinese rare earths technology and its toxic by-products, while also bolstering plans by Western firms to charge premium prices for the strategic minerals. While none have launched commercially — and some industry consultants and analysts question whether they will be able to do so soon — a cadre of firms are pushing forward with aggressive development plans. On a former US Air Force base in Louisiana, Ucore Rare Metals aims to process rare earths by mid-2025, using a technology known as RapidSX that it says is at least three times faster than solvent extraction, produces no hazardous chemical waste and requires only a third of the physical space. “Our goal is to re-establish a North American rare earths supply chain,” Michael Schrider, Ucore’s chief operating officer, said during a visit to the site. Formed in 2006, Ucore initially planned to mine a rare earths deposit in Alaska. But the company changed tack in 2022 to focus on refining, not mining, a pivot born from what two executives said they saw as a flaw in the West’s strategy to weaken China’s minerals dominance by trying to master both steps simultaneously. Ucore, which has been testing its process with Pentagon funding, is in talks now with 17 mining companies to buy lightly processed supplies of rare earths known as concentrate, ship them to the Port of New Orleans, then truck them to a 80,800-square foot warehouse that will be outfitted with the RapidSX technology beginning in January. Rare earths miners increasingly say they are content to focus on digging up rock — rather than compounding their operations with the added step of processing. BY ERNEST SCHEYDER Reuters Western start-ups seek to break China’s grip on rare earths refining “Mining companies should focus on finding new deposits,” said Luisa Moreno, president of Defense Metals, which aims to open a rare earths mine in British Columbia within four years and is interested in licensing Ucore’s technology. “You probably should let refining be handled by others that specialise in that.” Rainbow Rare Earths plans by 2026 to deploy rare earths refining technology in South Africa, developed by its Florida-based partner K-Technologies that uses a process known as continuous ion exchange, used by some lithium producers. Startup Aether is developing nanotechnology that programs proteins to selectively bind with and extract rare earths from ore deposits. In Norway, privately-held REETec says its proprietary refining process emits 90% less carbon dioxide than solvent extraction and should be operational by late 2024. And privately-held Phoenix Tailings earlier this year began refining small amounts of rare earths in Massachusetts, using a process that it says is free of emissions and waste. “There are technologies that can be developed that are far better than solvent extraction,” said Robert Fox, a scientist at the US Department of Energy’s Idaho National Laboratory. The lab last month agreed to research new refining techniques for privately-held US Critical Materials, which is developing a rare earths deposit. Read the full story Read also: Mining giant Vale says China can’t control the price of iron ore REUTERS
WEDNESDAY DECEMBER 6, 2023 27 THEEDGE CEO MORNING BRIEF MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) SAPURA ENERGY BHD 219.6 -0.005 0.040 14.29 639.2 CLASSITA HOLDINGS BHD 145.7 0.010 0.055 -84.93 67.8 VELESTO ENERGY BHD 122.2 0.000 0.220 46.67 1,807.4 LEFORM BHD 81.6 0.005 0.340 64.73 503.5 WIDAD GROUP BHD 78.5 -0.005 0.465 8.14 1,439.9 PANDA ECO SYSTEM BHD 73.1 -0.035 0.205 0.00 137.6 KANGER INTERNATIONAL BHD 71.6 -0.010 0.055 37.50 35.7 RENEUCO BHD 65.3 0.025 0.215 -41.10 154.9 CSH ALLIANCE BHD 59.0 0.000 0.050 25.00 69.1 SARAWAK CONSOLIDATED 41.7 0.000 0.780 437.93 499.4 UEM SUNRISE BHD 39.5 -0.005 0.705 176.47 3,566.2 TOP GLOVE CORP BHD 37.6 0.020 0.840 -7.18 6,726.9 KPJ HEALTHCARE BHD 28.6 -0.020 1.330 31.68 5,804.5 REACH ENERGY BHD 27.5 -0.005 0.035 -22.22 74.5 TANCO HOLDINGS BHD 25.6 -0.015 0.560 67.16 1,125.4 SIME DARBY PROPERTY BHD 24.9 0.000 0.605 34.44 4,114.5 EDEN INC BHD 22.1 -0.015 0.235 62.07 108.0 MQ TECHNOLOGY BHD 21.8 0.000 0.025 -50.00 36.8 MY EG SERVICES BHD 21.6 0.000 0.805 -6.44 6,004.9 ARTRONIQ BHD 21.3 0.005 0.850 19.72 346.8 Data as compiled on Dec 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) PEGASUS HEIGHTS BHD 0.010 100.00 370.0 0.00 108.2 KEY ALLIANCE GROUP BHD 0.010 100.00 332.1 100.00 36.8 SARAWAK CABLE BHD 0.070 55.56 4,836.1 7.69 27.9 XOX BHD 0.015 50.00 1,182.7 0.00 75.8 CLASSITA HOLDINGS BHD 0.055 22.22 145,690.8 -84.93 67.8 TA WIN HOLDINGS BHD 0.035 16.67 12,127.1 -36.36 120.2 TWL HOLDINGS BHD 0.035 16.67 12,133.7 0.00 171.7 SMTRACK BHD 0.040 14.29 1,728.0 -20.00 48.9 RENEUCO BHD 0.215 13.16 65,304.6 -41.10 154.9 PDZ HOLDINGS BHD 0.045 12.50 276.2 12.50 26.2 ZELAN BHD 0.050 11.11 2,632.2 -28.57 42.2 SENTORIA GROUP BHD 0.105 10.53 7,182.4 16.67 64.4 MYCRON STEEL BHD 0.380 10.14 5,256.6 -7.32 124.3 MINETECH RESOURCES BHD 0.055 10.00 2,229.2 0.00 84.1 ASIA MEDIA GROUP BHD 0.115 9.52 23.0 -23.33 27.5 SERSOL BHD 0.130 8.33 267.5 -43.48 95.1 SERN KOU RESOURCE BHD 0.605 8.04 1,525.1 -13.57 652.2 VSOLAR GROUP BHD 0.140 7.69 3,216.2 -53.33 22.6 KEY ASIC BHD 0.070 7.69 2,265.7 7.69 97.9 TURIYA BHD 0.215 7.50 1,777.9 34.38 49.2 Data as compiled on Dec 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) MLABS SYSTEMS BHD 0.005 -50.00 1.0 -75.00 7.2 FINTEC GLOBAL BHD 0.005 -50.00 1,259.1 -50.00 29.6 LAMBO GROUP BHD 0.015 -40.00 757.8 -72.73 23.1 METRONIC GLOBAL BHD 0.015 -25.00 29.7 -25.00 23.0 G3 GLOBAL BHD 0.020 -20.00 190.0 -33.33 75.5 OVERSEA ENTERPRISE BHD 0.050 -16.67 376.7 -36.84 113.4 KANGER INTERNATIONAL BHD 0.055 -15.38 71,583.9 37.50 35.7 PANDA ECO SYSTEM BHD 0.205 -14.58 73,104.9 0.00 137.6 BSL CORP BHD 0.030 -14.29 2,144.7 -55.62 57.9 BARAKAH OFFSHORE PETROLEUM 0.035 -12.50 296.9 40.00 35.1 INDUSTRONICS BHD 0.035 -12.50 190.0 -53.33 24.8 REACH ENERGY BHD 0.035 -12.50 27,503.6 -22.22 74.5 SAPURA ENERGY BHD 0.040 -11.11 219,555.0 14.29 639.2 INFRAHARTA HOLDINGS BHD 0.090 -10.00 101.5 -28.00 34.6 AVILLION BHD 0.050 -9.09 4,482.2 -37.50 56.7 XOX TECHNOLOGY BHD 0.050 -9.09 639.7 11.11 44.7 CHINA OUHUA WINERY HOLDINGS 0.050 -9.09 80.0 -23.08 33.4 EA TECHNIQUE M BHD 0.260 -8.77 9,217.4 52.94 137.9 TRIVE PROPERTY GROUP BHD 0.055 -8.33 48.7 -21.43 69.5 ASDION BHD 0.055 -8.33 8,879.2 -42.11 25.5 Data as compiled on Dec 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) HEINEKEN MALAYSIA BHD 21.280 -0.220 287.4 -15.56 6,428.6 HEXTARTECHNOLOGIES SOLUTIONS 22.600 -0.200 8.1 32.47 2,907.5 HAP SENG CONSOLIDATED BHD 4.390 -0.140 1,192.7 -31.41 10,929.6 AYER HOLDINGS BHD 7.090 -0.100 0.1 7.42 530.7 SMRT HOLDINGS BHD 0.945 -0.085 18,609.2 551.72 428.0 PARAGON UNION BHD 2.660 -0.080 17.9 43.01 223.0 SCIENTEX PACKAGING AYER KEROH 2.090 -0.080 10.0 -12.92 732.8 MALAYAN CEMENT BHD 4.210 -0.080 961.3 98.58 5,515.9 POWER ROOT BHD 1.860 -0.070 641.7 -9.60 860.3 GENTING BHD 4.580 -0.070 7,887.4 2.23 17,635.6 BRITISH AMERICAN TOBACCO 9.280 -0.070 62.7 -17.29 2,649.7 KESM INDUSTRIES BHD 7.000 -0.070 0.3 -0.28 301.1 MI TECHNOVATION BHD 1.740 -0.060 2,438.9 33.85 1,554.3 FORMOSA PROSONIC INDUSTRIES 2.790 -0.060 666.2 -13.62 712.0 TEO GUAN LEE CORP BHD 1.160 -0.050 29.5 7.82 96.9 METROD HOLDINGS BHD 1.250 -0.050 14.0 2.46 150.0 DKSH HOLDINGS MALAYSIA BHD 4.610 -0.050 7.3 7.17 726.8 WARISAN TC HOLDINGS BHD 1.050 -0.050 5.1 3.96 68.4 UCHI TECHNOLOGIES BHD 3.700 -0.050 684.8 14.89 1,689.5 SEREMBAN ENGINEERING BHD 0.680 -0.045 12.4 -39.29 54.2 Data as compiled on Dec 5, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) NESTLE MALAYSIA BHD 115.000 1.100 179.5 -17.86 26,967.5 DUTCH LADY MILK INDUSTRIES 22.600 0.380 17.0 -25.26 1,446.4 MALAYSIAN PACIFIC INDUSTRIES 26.980 0.360 139.4 -6.19 5,366.2 RAPID SYNERGY BHD 28.000 0.300 439.9 75.44 2,993.1 PANASONIC MANUFACTURING 18.000 0.300 14.0 -21.40 1,093.4 UNITED PLANTATIONS BHD 16.760 0.260 497.6 14.46 6,951.8 FRASER & NEAVE HOLDINGS BHD 27.640 0.140 10.8 28.08 10,137.8 HONG LEONG INDUSTRIES BHD 9.170 0.120 86.1 -0.33 2,929.6 AJINOMOTO MALAYSIA BHD 16.020 0.120 40.7 22.48 974.0 PETRONAS DAGANGAN BHD 22.600 0.100 539.5 -1.08 22,452.1 SPRITZER BHD 1.900 0.090 1,500.3 28.38 602.8 MBM RESOURCES BHD 4.500 0.080 775.1 50.13 1,759.0 MESINIAGA BHD 1.410 0.080 50.0 -12.42 85.2 APEX EQUITY HOLDINGS BHD 1.160 0.070 72.8 -2.52 235.1 PERTAMA DIGITAL BHD 2.750 0.070 14,572.1 56.25 1,205.1 RIVERVIEW RUBBER ESTATES BHD 3.240 0.060 6.2 -5.97 210.1 BURSA MALAYSIA BHD 6.810 0.060 377.6 2.41 5,511.3 PIE INDUSTRIAL BHD 3.180 0.060 244.9 23.06 1,221.3 MULPHA INTERNATIONAL BHD 2.400 0.050 19.4 11.63 746.8 KELINGTON GROUP BHD 1.950 0.050 3,903.6 42.34 1,257.3 Data as compiled on Dec 5, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 36,204.44 -41.06 -0.11 S&P 500 * 4,569.78 -24.85 -0.54 NASDAQ 100 * 15,839.67 -157.91 -0.99 FTSE 100 * 7,512.96 -42.63 -0.57 AUSTRALIA 7,061.55 -63.10 -0.89 CHINA 2,972.30 -50.62 -1.67 HONG KONG 16,327.86 -318.19 -1.91 INDIA 69,296.14 431.02 0.63 INDONESIA 7,100.86 7.26 0.10 JAPAN 32,775.82 -455.45 -1.37 KOREA 2,494.28 -20.67 -0.82 PHILIPPINES 6,308.95 24.58 0.39 SINGAPORE 3,077.16 -6.92 -0.22 TAIWAN 17,328.01 -93.47 -0.54 THAILAND 1,383.54 3.23 0.23 VIETNAM 1,115.97 -4.52 -0.40 Data as compiled on Dec 5, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,781.00-43.00 OIL US$ 78.420.39 RM/USD 4.6635 RM/SGD 3.4862 RM/AUD 3.0686 RM/GBP 5.8938 RM/EUR 5.0512
Malaysian Paper www.thesun.my RM1.00 PER COPY RM1 WEDNESDAY DEC 6, 2023 SCAN ME No. 8409 PP 2644/12/2012 (031195) KUALA LUMPUR: Three Universiti Malaya medical academics have blasted the Malaysian vape industry for pushing the false narrative that vaping is a “cool” and “healthier” alternative to traditional cigarettes. In a joint paper, Dr Nur Amani Ahmad Tajuddin, Dr Siti Idayu Hasan and Dr Farizah Mohd Hairi said many have been convinced into believing they have found a safer vice because of this narrative. “How many are aware that we are in a vape culture crisis involving teenage girls? Approximately one in four Malaysian teenage girls is a vaper. oMalaysia in e-cigarette culture crisis, with about one in four teenage girls a vaper: Experts █ BY JOSHUA PURUSHOTMAN [email protected] Academics say vaping does not empower but instead enslaves young women and exposes them to nicotine, a highly addictive substance that affects brain development, mood and cognition. – AFPPIC “That is more than the number of smokers, drinkers and drug users combined. As women, we have the power to stop this harmful habit from damaging our girls,” they said. Nur Amani is the deputy cordinator of the Nicotine Addiction Research and Collaborating Group (NARCC) and family medicine specialist at Universiti Malaya, Siti Idayu is a member of NARCC and the impact officer at the Universiti Malaya Community Engagement Centre, while Farizah is a member of NARCC and public health medicine specialist at Universiti Malaya. The academics said as women, mothers and proud Malaysians, seeing the rise of smoking and vaping among young people, “especially our daughters, is deeply troubling”. They pointed to the National Health and Morbidity Survey 2022, which revealed a significant increase in the prevalence of e-cigarettes and vape use among teenagers, accompanied by a decline in the rate of smoking. They said more worrying is that among female teenagers, vaping is nearly four times more common than smoking cigarettes. They said this shows Malaysian adolescents may be switching from cigarettes to vape, which they described as a serious “public health threat”. “The beautifully designed vaping devices, myriad of flavours and modern marketing tactics have caught the attention of our teenagers, making it more acceptable among young females than traditional smoking. Fumingover vaping scourge PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has given an assurance that a salary adjustment for the technical profession in the public service will be given priority in the Public Service Remuneration System study. Speaking at the National Technical Profession Day celebration here yesterday, Anwar said his presence at the event was to recognise the role of technical professionals, in line with the current situation and economic growth. “The status of the technical profession has been uplifted and become very critical. In line with the recognition, I have also given my Pay rise for technical professionals to be given priority: PM commitment that the salary adjustment for the technical profession will be given proper attention,” he said. Anwar, who is also finance minister, asked the technical profession governing body to submit reasonable input relating to salary adjustment through the system. He also instructed Khazanah Nasional Bhd, Telekom Malaysia Bhd (TM) and Tenaga Nasional Bhd, among others, to get involved directly in TVET training. “TM (for example) knows the need for the type of training that needs to be given, and it is best for them to help manage and train the students (at TVET institutions),” he said, adding that 64 private companies and government linked companies have been working closely with TVET institutions. Anwar said the people’s perception of TVET is now different because the intake of diploma students for TVET programmes under the Higher Education Ministry has increased from 58,424 students in 2021 to 85,535 in 2022. “The training of technical professionals is very critical and should be addressed. TVET should be improved because 97% of TVET graduates now get hired with an average starting salary of around RM2,000.” Anwar also emphasised efforts to improve TVET graduate additional skills in certain fields as it could increase their wage range. “A salary of RM2,000 is insufficient today but if they (TVET graduates) attended extra skills training, such as the one given by Petronas in Sarawak or other training centres in Sabah, their salary can easily increase from RM2,000 to between RM3,500 and RM5,000. According to Petronas, for those with welding skills, the salary could reach up to RM7,000.” – Bernama Cops seek foreigners over corpse in water tank Contractor informs house owner of body after completing repairs on leaking roof. Report on — page 6 Reversing brain drain TalentCorp launches platform to connect firms with Malaysians working abroad with aim of enticing return of professionals. Report on — page 3 Turn to — page 4
WEDNESDAY | DEC 6, 2023 2 Govt to focus on salary increment next year KUALA LUMPUR: The unity government is determined to increase the people’s income in the second year of its administration next year, said unity government spokesman Fahmi Fadzil. Speaking at Bernama TV’s Apa Khabar Malaysia programme yesterday, the communications and digital minister said spurred by the improving and stabilised economic landscape under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, the initiative would cover all sectors. “In the first year, the unity government generally managed to strengthen the political stability, which is a crucial foundation. “With this stable foundation, we have announced various policies such as the Madani Economy, New Industrial Master Plan, transition to green energy and, the latest, the White Paper on Progressive Wage Policy, which is to raise salary (of oSpurred by improving economy and political stability, initiative will cover all sectors, says Fahmi CORDIAL DISCUSSION ... The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah with Timor Leste Vice-Prime Minister Francisco Kalbuadi Lay during their meeting at Istana Negara yesterday. – BERNAMAPIC civil servants) Insya-Allah next year,” he said. Commenting on the Communications and Digital Ministry’s achievements, Fahmi said its latest was to get five mobile network operators to sign a share subscription agreement to hold equities in Digital Nasional Berhad on Dec 1, Bernama reported. He said the ministry has also introduced initiatives allowing the public to enjoy internet access at a cheaper rate through packages, such as the 5G Rahmah Package, in addition to the use of Starlink satellite devices to boost internet access in remote and rural areas. Fahmi said under the new policy of “where there’s a way, there’s internet”, collaboration with all the telecommunication companies (telcos) would ensure wider internet access. “It is still in the early stages. Several companies have stated their intentions to work with the telcos and, if we can implement this, it will enable us to have internet access literally anywhere,” he said. On cybersecurity and personal data, Fahmi said the ministry will continue to increase digital literacy among the people. New laws will also be introduced as well as amending existing Acts to keep pace with the changing times. Following the formulation of the Cybersecurity Bill, Fahmi added that a regulatory body has been established to ensure all information and communication technology companies will ensure that the security of cyber infrastructure is protected. Fahmi said the MyDigital ID, which has been implemented, will also be able to protect personal data security of users by using just one identity and password on all platforms developed by the government. “Malaysia is one of the countries where the use of data is increasing, and the internet speed is among the best in Southeast Asia and Asia Pacific. “However, we are still plagued by scams. So, we must always be vigilant,” he said. ‘Be wary of eMadani scammers’ KUALA LUMPUR: Communications and Digital Minister Fahmi Fadzil has advised the public not to be duped by scammers providing cash-out of eMadani credit of RM100. Fahmi said such activities by unscrupulous parties always seemed to be on the rise each time the government announced the provision of any aid or initiative for the people. “For example, when it was announced that the public could withdraw from the Employees Provident Fund, all kinds of scams were perpetrated. “When the Rahmah Cash Aid was announced, the same thing happened. So, it’s the same with the eMadani (credit),” he said after appearing as a guest on Bernama TV’s Apa Khabar Malaysia programme yesterday. On Monday, the Finance Ministry announced it received over seven million applications as of 5pm. – Bernama Anwar genuinely concerned: S’pore envoy SINGAPORE: “I have always found him to be erudite, gracious, and genuinely concerned for the well-being of Malaysians,” said Singapore High Commissioner to Malaysia Vanu Gopala Menon. These are Menon’s observations from his interactions with Prime Minister Datuk Seri Anwar Ibrahim. Menon, who assumed his post as the high commissioner to Malaysia on Nov 10, 2014, said Singapore Prime Minister Lee Hsien Loong and Anwar have known each other for decades. “Prime Minister Lee was one of the first few world leaders to congratulate Anwar when he was sworn in as prime minister,” said the senior diplomat. He added that Deputy Prime Minister Lawrence Wong, during a visit to Malaysia in September 2022, had met with Anwar, who was then the opposition leader. Given the close and interdependent relations, the high commissioner said Singapore welcomes “a Malaysia that is stable and forward looking”. “We were each other’s secondlargest trading partner last year, and our economic links continue to grow. Singapore was Malaysia’s top foreign investor in the first half of 2023,” he said. The unity government led by Anwar has helped bring political stability and bring the country forward. Malaysian Investment Development Authority, in its update in September, said Singapore is the leading source of foreign direct investment with approved investments totalling RM13.7 billion in the first half of this year. “I believe that there is much that we can achieve if we work together to advance areas of mutual cooperation,” said Menon, citing the 10th Singapore-Malaysia Leaders’ Retreat held on Oct 30 this year as a good example. “It was the first retreat since the Covid-19 pandemic, and both prime ministers were able to discuss several promising areas of cooperation, such as the Johor–Singapore Special Economic Zone and the Johor BahruSingapore Rapid Transit System as well as the memoranda of understanding on the digital and green economies that were signed in January this year. “Both prime ministers also had good discussions on other outstanding bilateral issues. I hope that both sides will be able to make progress over the next year. “My best wishes to Datuk Seri Anwar and the Madani government,” said Menon. – Bernama Kemaman by-election victor may ease tensions: PM PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has described Datuk Seri Dr Ahmad Samsuri Mokhtar’s victory in the Kemaman parliamentary by-election last Saturday as something that may ease the country’s political temperature. He said this is due to Ahmad Samsuri’s moderate views compared with the extreme attitude of the PAS leadership. “The victory may provide some sort of relief and hopefully cool down the country’s sizzling political temperature,” he said after opening the National Technical Profession Day 2023 celebration here yesterday. Anwar congratulated Ahmad Samsuri and hoped that the Terengganu menteri besar would also be able to carry out his additional duties as a new MP well. Last Saturday, the PAS-led Terengganu government maintained its status quo in Kemaman with Ahmad Samsuri winning the parliamentary seat with a 37,220-vote majority. He garnered 64,998 votes, defeating Barisan Nasional candidate Gen (Rtd) Tan Sri Raja Mohamed Affandi Raja Mohamed Noor, who obtained 27,778 votes. Anwar, who is also Pakatan Harapan chairman, said a meeting between PH and Umno leaders was held on Monday and he was satisfied with the by-election outcome. He said efforts were also being made to mobilise their machinery at the grassroots level. – Bernama
WEDNESDAY | DEC 6, 2023 3 PETALING JAYA: Since 2011, some 10,000 Malaysian professionals working abroad have applied to return home under the Returning Expert Programme (REP), said Talent Corporation Malaysia Bhd Group CEO Thomas Mathew. “Of the number, more than 6,000 have been approved under the programme, and over 4,400 have successfully reintegrated into the Malaysian workforce,” he said. REP was introduced in 2001 to develop a world-class workforce by encouraging Malaysians abroad to return and work in the country. In 2011, TalentCorp assumed the role of the secretariat for REP from the Human Resources Ministry to address the immediate and critical gaps in skills and talent shortages in the country. Mathew said the top five professions recorded through REP are engineers, bankers or financiers, senior management executives or C-Suites, medical specialists and experts in information and communication technology fields. He said the impact of REP is evident as returning experts contribute their skills and knowledge to various economic sectors. “REP returnees are mostly high-calibre professionals and those with highly specialised skills. They contribute meaningfully to the development of the country, help create job opportunities in Malaysia, and bring valuable experience that contribute to our talent pool.” Mathew also said approximately 1.8 million Malaysians have migrated globally, based on the 2020 World Migration Report. “According to the World Bank, the typical highly skilled Malaysian chooses five countries for migration – Singapore, Australia, the US, the UK and Canada,” he said, adding that a choice destination was Singapore, where 1.13 million Malaysians live and work. He added that Malaysian professionals would consider returning home if the country offered them the right opportunities for continued career growth and development. “It is not citizenship that talents look for when migrating. It is a combination of job role and satisfaction, rewards, ability to make an impact and meritocracy in promotions and career advancements.” He said the probability of them returning to Malaysia is between 40% and 70%, especially for those already with a job offer. “We found that despite living abroad, over 60% of them maintain strong ties with Malaysia by actively participating in Malaysian diaspora communities and organisations while abroad.” Mathew revealed that 92% of Malaysians living abroad have expressed eagerness to contribute to the country through consulting, mentorship, knowledge sharing and collaborative projects. “They exhibit continued involvement in Malaysia through property ownership, financial investments and the cultivation of professional networks within Malaysia.” He said REP is committed to providing enticing living and financial incentives to facilitate and attract Malaysian professionals to return home. “Among the benefits that returning professionals are entitled to is a flat tax rate of 15% on chargeable employment income for a continuous period of five years, and tax exemption for all personal effects brought into Malaysia, limited to a single shipment. “Foreign spouses and the children of returnees can also obtain permanent residence status, subject to the discretion of the Immigration Department.” In addition to financial incentives, TalentCorp recently launched the MyHeart platform to provide further facilitation for REP as well as for Malaysians abroad who do not wish to return home as yet. Under the platform, TalentCorp has introduced the MyHeart Career and Facilitation Fair (MyHeart CaFe), which serves as a bridge connecting companies with Malaysians residing abroad. “MyHeart CaFe facilitates direct access for these companies to the global talent pool, while simultaneously offering Malaysian talents abroad the opportunity to explore potential careers in Malaysia. “Notable companies participating in MyHeart CaFe include Petronas, CIMB Group and PricewaterhouseCoopers,” he said. 5,400 cases received via MYJalan app KUALA LUMPUR: The Works Ministry received a total of 5,440 complaints as of Nov 30, submitted via the MYJalan mobile app launched on Aug 24. Its minister Datuk Seri Alexander Nanta Linggi said of the figure, 1,435 complaints were related to roads managed by the ministry and the remaining 4,005 involved roads under the jurisdiction of other authorities. “Through Budget 2024, the ministry will receive an allocation of RM2.8 billion for the maintenance of roads and bridges on federal routes, in line with its commitment to enhance the MYJalan campaign,” he said when speaking at the Construction Media Awards ceremony hosted by the Construction Industry Development Board on Monday. On another matter, he said the tongue and groove-shaped concrete drains used by the Public Works Department (PWD), which is an innovation for more quality and effective drainage installation works, have been implemented in 35 PWD projects, especially in the East Coast. “Apart from that, attention is also being given to smart traffic lights equipped with cameras at selected intersections nationwide, especially at high traffic areas.” He added that the ministry received international recognition for the PWD iSupervision innovation to enhance the monitoring of projects using an information and communications technology facility. “The ministry is also highly committed to implementing high-impact innovations that are recognised both at the national and international levels. “This system (iSupervision) has been implemented at four hospital projects, deploying more efficient Internet of Things supervision, and eliminating manual methods.” – Bernama Reversing brain drain oTalentCorp launches platform to connect firms with M’sians abroad, with aim of enticing return of professionals Study on Rakan Muda programme ready next year KUALA LUMPUR: The study on youth acceptance of the Rakan Muda programme is set to conclude by the middle of next year, said Deputy Minister of Youth and Sports Adam Adli Abd Halim. He said the study, carried out by the Youth and Sports Department and the Institute for Youth Research Malaysia, commenced in September and will take eight months to complete. “The ministry has always prioritised the efficacy of the Rakan Muda programme and feedback from the target group since it was relaunched by the government. “Through this study, the ministry will be able to gauge the level of acceptance among youths and subsequently identify areas for improvement to further strengthen the implementation of this programme in the future,” he said during the question and answer session at the Dewan Negara yesterday. He was responding to a question from Senator John Ambrose, who wanted to know the effectiveness of the Rakan Muda programme and the feedback from participants. Adam Adli said apart from the study, the ministry also conducted surveys and direct assessments on participants of every programme, and the Rakan Muda programme has received positive feedback from the youths involved. He added that as of Dec 1, a total of 1,108,463 individuals have participated in 4,119 Rakan Muda activities nationwide, exceeding the target of one million set for this year. The new phase of the Rakan Muda programme was launched by Prime Minister Datuk Seri Anwar Ibrahim on June 25, comprising Rakan Aktif, Rakan Demokrasi, Rakan Mahir, Rakan Prihatin and Rakan Digital. – Bernama 600 programmes held to foster unity KUALA LUMPUR: The National Unity Ministry has organised over 600 programmes to foster unity among the people, said Minister Datuk Aaron Ago Dagang. “As of November, the ministry has organised over 600 programmes and currently, we are collaborating with other agencies such as the National Museum Department and National Library to enhance these programmes further,” he said when appearing as a guest yesterday on RTM’s Selamat Pagi Malaysia programme in conjunction with the Madani government one year anniversary. Among the programmes held were the Semarak Kenegaraan, Semarak Perpaduan and Komuniti Rahmah, which were aimed at promoting unity, he added. Aaron said the ministry places a strong emphasis on the aspects of welfare and culture in line with the Malaysia Madani concept mooted by Prime Minister Datuk Seri Anwar Ibrahim. On the Neighbourhood Watch Areas programme, he said it as one of the ministry’s main machinery, with over 800 areas nationwide. He said the ministry also intends to make it more progressive by engaging them in economic activities. The programme also focuses on eight initiatives, namely community safety, lifelong education, economy and livelihood, creativity, environment, leadership, quality of life as well as heritage and culture. – Bernama █ BY ALLEN WONG [email protected] Mathew presenting a memento to National Institute for Occupational Safety and Health executive director Ayop Salleh, witnessed by Human Resources Deputy Minister Datuk Mustapha Sakmud, during the launch of the Future Skills Talent Council initiative. – AMIRUL SYAFIQ/THESUN
WEDNESDAY | DEC 6, 2023 4 Perak govt mulls methods to curb REE theft IPOH: The federal and Perak governments have been looking into methods to prevent irresponsible parties from stealing outputs of a non-radioactive rare earth element (REE) project in the state, said Menteri Besar Datuk Seri Saarani Mohamad. He added that its extraction process was not as complex as mining tin ore, which raises concerns that some aspects of the project could be unregulated. Saarani said the state government will establish detection measures, prevent false declarations and exports of such outputs and implement security laws. “Both governments are organising workshops to develop methods to detect, apprehend and punish offenders,” he said at the Perak legislative assembly yesterday. He was responding to a question from Mohamad Fakhrudin Abdul Aziz (PN-Kamunting), who wanted to know the state government’s steps to detect and regulate non-radioactive REE to counteract illegal mining. Saarani also said the royalty rate imposed on the project proponent is 12% of the non-radioactive REE selling price in the state. “As of September, the project proponent settled nearly RM21.12 million in royalty payments through exports of rare earth carbonate to China. “The local government, via the Gerik District Council, also collects revenue from fees related to the approval of planning permission (papers) issued for non-radioactive REE mining activities.” He was replying to a question from Datuk Shahrul Zaman Yahya (BN-Rungkup) on whether the Perak government had recorded a hike in income due to the project in Kenering, Gerik. – Bernama Lifestyle medicine conference to address chronic illnesses PETALING JAYA: Attendees of the Malaysian Lifestyle Medicine Conference, organised by the Malaysian Society of Lifestyle Medicine (MSLM), are expected to convene at the Berjaya Times Square Hotel in Kuala Lumpur for its third edition today and tomorrow. MSLM founder and president Dr Sivaneswaran Poobalasingam said the hybrid conference, themed “Prevent, treat and reverse chronic diseases with evidence-based lifestyle medicine”, will explore state-of-the-art strategies that can manage non-communicable diseases (NCDs). “The event is designed to educate and empower healthcare professionals, while showcasing the latest protocols and different pillars oTwo-day event aims to educate, empower healthcare professionals: President █ BY ALLEN WONG [email protected] Freeze on liquor licences unchanged KUALA LUMPUR: The freeze on the issuance of new licences for liquor sales at sundry shops, convenience stores and Chinese medical halls here has not been lifted, said Kuala Lumpur City Hall (DBKL). It added that the Excise Licensing Board of the Federal Territory of Kuala Lumpur will only consider licence renewal applications. “(Reports that) the board has withdrawn the ban at sundry shops, convenience stores and Chinese medical halls are untrue because consideration for the sale of liquor in such premises are still subject to set guidelines. “The board, which met on Nov 23, approved 1,519 licence renewal applications.” An alleged report was recently uploaded on social media, stating that newly appointed committee members of the board have lifted the ban at sundry shops, convenience stores and Chinese medical halls. DBKL prohibited the sale of liquor at such premises under guidelines implemented on Nov 1, 2021. Non-Muslims in the capital have voiced discontent over the matter, claiming that the move is a violation of consumer rights. – Bernama RM10.4 billion investments recorded in Pahang KUANTAN: Pahang recorded committed investments valued at RM10.41 billion as of June, said state Public Works, Transport and Health Committee chairman Datuk Mohammad Fakhruddin Mohd Ariff. He added that foreign direct investment accounted for RM9.57 billion, while domestic direct investment totalled RM839.4 million. “We applied investment strategies via a location-centric approach, with the location of a project to be determined based on industrial clusters. For example, Gebeng in Kuantan has sections for the port and petrochemicals, heavy and medium industries as well as the timber, digital and tech industries. “Tanjung Agas in Pekan is an industrial area for maritime and manufacturing, while Kechau Tui in Lipis is a defence-based industrial area,” he said at the state legislative assembly yesterday. Mohammad Fakhruddin was replying to a question from Woo Chee Wan (PH-Mentakab) on behalf of state Investment, Industries, Science, Technology and Innovation Committee chairman Datuk Mohamad Nizar Najib, who was on sick leave. Woo wanted to know the amount of investments received up to June and the actions taken by the state government to attract investors. Mohammad Fakhruddin said the administration is focusing efforts and action plans on improving infrastructure to attract more investments, apart from providing various initiatives and facilities for investors. – Bernama USER FRIENDLY SYSTEM... Home Minister Datuk Seri Saifuddin Nasution Ismail inspecting the implementation of the Visa Liberalisation Plan at the KL International Airport Terminal 1 in Sepang yesterday. – BERNAMAPIC of lifestyle medicine.” Sivaneswaran also said the emerging healthcare discipline and therapeutic intervention have the potential to address underlying causes and replace unhealthy behaviour patterns with positive ones. He said MSLM participated in the development of a Lifestyle Medicine and Diabetes Remission Module and trained healthcare professionals at a public health facility, which received support from the Health Ministry and the World Health Organisation. According to him, the trainees successfully acquired strategies to assist patients in their journey to be free of chronic diseases. “Studies indicate that poor lifestyle choices are key factors in the pathogenesis of chronic diseases. “Our professional training does not equip us to help patients initiate health-promoting behaviours. Hence, there has been a great increase in demand for evidence-based lifestyle medicine practices.” He said speakers from around the world will provide insights at the conference on how healthcare professionals could help stem the “NCD tsunami”. “Our international and local speakers are leaders in the field of lifestyle medicine,” he said, adding that the event will include workshops and mindfulness and physical activity sessions. Sivaneswaran said “Lifestyle medicine and remission of Type 2 diabetes”, “Microbiome and chronic diseases”, “Fasting in disease prevention and management” and “Plant-based diet and chronic diseases” are among the highlights at the conference. “There are also opportunities for participants to network and forge relationships with like-minded healthcare professionals.” He expressed hope that the event will lead to significant impacts in local and worldwide healthcare. “We can change the way we practise medicine and this can contribute significantly to reducing the burden of chronic diseases.” Beware of ‘harm reduction’ misnomer “Such behaviour exposes them to addiction risks and potentially serves as a gateway to more dangerous substance abuses. If it is not controlled, the consumption of e-liquids could be laced with illicit drugs.” They warned the public not to be fooled by the “tobacco harm reduction” term promoted by vape industry players. “There is no harm reduction in it when teenage girls start vaping for the first time and become lifelong nicotine addicts. “Be aware that 99% of e-liquids sold are nicotine-based even when labelled as ‘nicotine-free’. The industry’s main aim when selling vapes is for the products to become (more widespread) and for users to become addicts.” The academics said vaping is not free from risks, adding that recent studies have shown potential harms associated with e-cigarettes, including respiratory issues, addiction and exposure to unhealthy chemicals. “Even when we think teenagers only mix around with vapers and do not vape (themselves), studies have shown that being around vapers could lead to teenagers becoming vapers. “They could become addicted to the nicotine that is puffed out from the vapes of their peers.” The academics also pointed to the economic implications of smoking and vaping, with medical expenses for related health complications burdening the country’s healthcare system. They said while some may argue vaping is a personal choice and that women have the right to do whatever they wish with their bodies, “it is a false and misleading notion”. “Vaping is not a choice, it is an addiction. It is not empowering, but enslaving. Vaping exposes women to nicotine, a highly addictive substance that affects brain development, mood and cognition. “Nicotine also increases the risk of cardiovascular diseases such as hypertension, heart attack and stroke and reproductive disorders that could lead to infertility and many types of cancer.” From front page
WEDNESDAY | DEC 6, 2023 6 @thesundaily FOLLOW ON TWITTER Malaysian Paper SHAH ALAM: Police are looking for two foreigners after finding a corpse inside a water tank that was cemented at a house in Kampung Pendamar, Port Klang on Monday. Selangor police chief Datuk Hussein Omar Khan said the two foreigners, identified as Ranjit Singh and Mandeep Singh, are believed to be involved in the case since they were tenants at the house. “Anyone with information can contact the South Klang police headquarters at 03-3376 2222 or any police station,” he said in a statement. Hussein also advised the public not to spread any pictures through social media as such images could cause panic among the people. Earlier, he said police received a report from a local man at 10.58pm on Dec 3 stating he was informed by a foreigner that there was a corpse in the water tank of the house he had rented out, Bernama reported. “Investigations revealed the person who lodged the report had rented his house to two foreigners starting from 2019 to October 2021. “Before renting out the house to another tenant, the owner had inspected the water tank and it was cemented.” Hussein said the previous tenant had claimed the tank was cemented because rat droppings were getting into it. The owner, not suspecting anything, later rented the house to another tenant. Last month, the owner asked a foreigner to repair a leak in the roof and upon paying the worker, he was informed that there was a corpse in the tank. “Information was received that one of the two previous tenants had returned to his country of origin. The owner then lodged a police report. “Police, the Fire and Rescue Department and Forensics Unit from Selangor broke away the cemented part and found a corpse, believed to be of a woman,” he said, adding that the remains were sent to the Shah Alam Hospital for a post-mortem today. Meanwhile, a foreign man has been remanded for seven days to assist investigations into the case. Pensioner loses RM125,000 in scam ALOR GAJAH: An army pensioner lost RM125,000 of his retirement savings after falling prey to phone scam syndicate members posing as a representative of Pos Malaysia and a police officer. Alor Gajah police chief Supt Arshad Abu said the victim, in his 40s, received a call at about 10.30am on Saturday purportedly from the Kuala Lumpur Pos Laju headquarters about an uncollected package. “The victim was told there were some banned items like identity cards and credit cards in the package, that had been confiscated by Customs. “The call was then (supposedly) connected to the Penang state police headquarters and the victim spoke to one ‘Sgt Suraya’ to lodge a report, before being told the case would be handled by ‘Insp Dani’,” he said in a statement yesterday. Arshad also said the victim was informed he was involved in activities involving drugs and money laundering, adding that the call was then transferred to the “highest level” for the victim to appeal, apart from being told a check would be made on his bank account and the matter would be referred to Bank Negara Malaysia. “The victim was told to make ‘payments for investigations’ into the case. He made three transfers on Dec 2 and Dec 3 from his retirement savings to two bank accounts belonging to the syndicate, totalling RM125,000. “The victim then called the Penang police headquarters to speak to ‘Sgt Suraya’ and ‘Insp Dani’ but was told he had been duped.” He said the case is being investigated under Section 420 of the Penal Code for fraud and advised the public to be vigilant and not be easily swayed by phone scammers posing as public authorities. – Bernama Cops seek foreigners over corpse in water tank oContractor informs house owner of body after completing repairs on leaking roof Prosecution withdraws appeal over Shafee’s acquittal KUALA LUMPUR: The prosecution has withdrawn their appeal to reverse lawyer Tan Sri Muhammad Shafee Abdullah’s acquittal in two money laundering cases involving RM9.5 million allegedly received from former prime minister Datuk Seri Najib Abdul Razak, and two other charges of making false declarations to the Inland Revenue Board. A statement issued by Shafee & Co on behalf of Muhammad Shafee yesterday stated the attorneygeneral/public prosecutor has filed a notice of discontinuance of the appeal in the Court of Appeal against the decision of the High Court in acquitting Muhammad Shafee of all charges. “Accordingly, the said appeal before the Court of Appeal is deemed dismissed pursuant to Rule 73 of the Rules of the Court of Appeal 1994,” the statement read. That means Muhammad Shafee’s acquittal in all four cases stands. According to the statement, the decision of the attorney-general/public prosecutor is not only an exercise of discretion without fear or favour but also underpins the unimpeachable nature of the High Court decision in which the learned judge found in both fact and law that there was no element of a predicate offence (illegal activity) to give rise to charges of money laundering and thus acquitted Muhammad Shafee of all charges without his defence being called. “In this regard, Tan Sri Muhammad Shafee would like to thank his lawyers, family, friends and the public at large for their unwavering support over the past five years during his quest to prove his innocence over charges that he has consistently stated were arbitrary in nature. “Following that, he looks forward to continuing his professional endeavours with the same dedication and integrity that have always guided him in the service of his clients and remains committed to upholding the principles of justice and fairness for all.” DPP Afzainizam Abdul Aziz confirmed the matter and said the withdrawal was filed on Dec 1. – Bernama Court dismisses election petition PUTRAJAYA: The 15th general election results for the Gua Musang parliamentary seat, which was won by Perikatan Nasional’s Mohd Azizi Abu Naim, stands after Barisan Nasional candidate Tan Sri Tengku Razaleigh Hamzah’s representative Mohd Azmi Mahmood failed to reinstate his election petition to challenge the election results. A Federal Court three-man bench led by Court of Appeal President Tan Sri Abang Iskandar Abang Hashim yesterday struck out Mohd Azmi’s appeal and ordered him to pay RM30,000 in costs. In delivering the court’s unanimous decision, Abang Iskandar said there was merit in the preliminary objection raised by Mohd Azizi’s lawyer Yusfarizal Yussoff. Mohd Azmi was appealing against a High Court decision on Sept 5, which struck out his petition after he dismissed his team of lawyers. He filed the petition on behalf of Tengku Razaleigh to nullify the Gua Musang result based on allegations of bribery, among others. Tengku Razaleigh lost to Mohd Azizi by just 163 votes. – Bernama Girl dies from suspected abuse KUALA LUMPUR: A six-year-old girl was confirmed dead, allegedly due to being abused and neglected by her babysitter at a flat in Bandar Tun Razak on Saturday. Cheras district police chief ACP Zam Halim Jamaluddin said the victim, a local, was sent to the Tunku Azizah Hospital in an unconscious state at about 3.40pm. He added that the victim’s body was sent to the Hospital Kuala Lumpur forensics department for a post-mortem. – Bernama SMOKED OUT ... Sabah Customs Deputy Director Datuk Mohd Nasir Deraman (centre) at a press conference yesterday showing part of a consignment of contraband cigarettes worth RM860,000 that was seized from a house in Kampung Kubang Paya, Semporna. – BERNAMAPIC Boy warded after lightning strike KANGAR: An eight-year-old boy suffered burns almost all over his body after being struck by lightning at Kampung Permatang Kerisek in Simpang Empat on Monday. Kangar police chief ACP Yusharifuddin Mohd Yusop said in the 7pm incident, Muhamad Azizul Jaafar and his 39-year-old mother, Nor Lelawati Abu Bakar, were walking home from a neighbour’s house. He said Nor Lelawati was unhurt but traumatised over the incident. “The incident occurred when it was raining. She had gone to fetch her son from the neighbour’s house,” he said in a statement yesterday. Yusharifuddin said the boy is being treated at the Sultanah Bahiyah Hospital in Alor Setar. – Bernama
WEDNESDAY | DEC 6, 2023 7 Myanmar junta chief calls for political solution with ethnic groups YANGON: Myanmar’s junta chief has called on ethnic armed groups battling the military across the country to find a political solution, state media reported yesterday. The junta is reeling from coordinated offensives near the borders with China, India and Thailand, in what analysts say is the biggest threat to its rule since it seized power in 2021. Junta chief Min Aung Hlaing “warned that if armed organisations keep on being foolish, residents of the relevant regions will suffer bad impacts”, according to the Global New Light of Myanmar. “So, it is necessary to consider the lives of the people and those organisations need to solve their problems politically,” he said. Myanmar has more than a dozen ethnic minority armed groups, many of which hold territory in the country’s border regions and have battled the military since independence from Britain in 1948. In late October three groups launched a joint offensive across northern Shan state, capturing towns and seizing vital trade hubs on the China border. More than 250 civilians, including children, are feared to have died since the launch of the offensive in October, according to United Nations field reports. Over 500,000 people have been displaced across the country, the UN said. Galvanised by the offensive, People’s Defence Forces formed after the coup that ousted Aung San Suu Kyi’s government have launched renewed attacks on the military in the north and east. Last week PDF fighters told AFP they controlled parts of the capital of eastern Kayah state and were battling to dislodge junta troops from the city. 14 dead as Thai bus smashes into tree BANGKOK: A double-decker coach smashed into a tree in southern Thailand, killing at least 14 people and injuring 32, police said yesterday. The long-distance bus was travelling from Bangkok to the kingdom’s far south when it collided with the tree in coastal Prachuap Khiri Khan province on Monday night. Photos published in local media showed the front part of the bus split in two by the force of the crash, with the tree still wedged in the middle. “From a preliminary investigation, 14 people died and 32 people were injured,” Arnon Tangto, a police investigator in Huay Yang district in Prachuap Khiri Khan told AFP, saying a probe is under way. He said the cause of the accident has not been confirmed, but police suspect the driver – who was badly injured but survived – may not have had enough sleep. “We are collaborating with the hospital to check his blood alcohol level,” said Arnon. The police are still investigating whether the dead were all Thai. Race to find 12 hikers missing after eruption AGAM: Hundreds of Indonesian rescuers were racing yesterday to find a dozen hikers who went missing after a volcano eruption killed 11 people. The dead hikers were found on Monday near the crater of Mount Marapi on the island of Sumatra, while others were found alive and carried down the mountain in arduous rescue efforts hampered by further eruptions and bad weather. The volcano spewed an ash tower 3,000m, taller than the volcano itself, into the sky on Sunday. “This morning we will deploy around 200 personnel, on top of the personnel who are already staying up there. “Until now five bodies have been brought down,” Hendri, head of operations at the Padang Search and Rescue Agency, told AFP yesterday. “The volcano is still erupting.” He said the 12 hikers remained missing as of yesterday morning and six dead bodies were still to be evacuated, with five brought down the mountain for identification. The rescuers would attempt manual evacuations when possible, walking to the top of the volcano and evacuating the victims using stretchers because of ongoing eruptions and poor visibility, Hendri said. Head of Marapi’s monitoring post Ahmad Rifandi said it had observed five eruptions from midnight to 8am local time yesterday. “Marapi is still very much active. We can’t see the height of the column because it’s covered by the cloud,” he said. Abdul Malik, head of Padang Search and Rescue Agency told reporters on Monday that three hikers found alive on the mountain after the eruption were injured but taken to hospital for medical treatment. The head of Indonesia’s Mount Marapi spewing volcanic ash as seen from Nagari Batu Palano in Agam, West Sumatra province in Indonesia on Dec 4. – REUTERSPIC oRescue efforts impeded by volcanic activity and bad weather B R I E F STOURIST KILLED BY SHARK IN BAHAMAS WASHINGTON: A US tourist visiting the Bahamas was killed by a shark on Monday, police in the Caribbean country said. The unnamed 44-year-old woman, from Boston, was paddle-boarding off a resort on the island of New Providence, also home to the capital Nassau. A lifeguard brought the woman and a male relative she was with to shore and performed CPR, according to a news release from the Royal Bahamas Police Force. “The victim suffered significant trauma to the right side of her body,” the statement said, and she was declared dead by emergency responders. The resort was not named by police. An investigation has been launched. The Bahamas, an archipelago of more than 3,000 islands, is home to a number of beach resorts, and counts tourism as a major part of its economy. Shark attacks there and elsewhere are rare, with 89 bites in the wild recorded worldwide last year by the International Shark Attack File. – AFP ‘DO NOT REPEAT SOVIETERA REPRESSIONS’ MOSCOW: Russian President Vladimir Putin said Monday that Russia should never repeat Sovietera mass repressions, as Moscow carries out an unprecedented crackdown on opponents of its Ukraine campaign. Under Putin’s leadership, Moscow has brushed over Stalin-era repressions in history textbooks and focused on the Soviet Union’s role in defeating Nazism. “It is important for us that nothing like this repeats itself in the history of our country,” Putin told his human rights council, according to Russian news agencies, referring to the mass repression seen under the Soviet Union. Putin said the Soviet-era repressions caused “enormous, difficult to repair damage to our people and our state”. The Soviet Union had a notorious Gulag prison system, where it also sent the Kremlin’s political opponents. The comments came as Moscow has punished thousands of Russians, either with a fine or prison sentence, for denouncing the Kremlin’s Ukraine campaign. – AFP UK TO SEAL NEW ASYLUM TREATY LONDON: Britain’s interior minister James Cleverly arrived in Rwanda on yesterday to sign a new treaty that London hopes will revive controversial plans to transfer migrants to the east African country. Cleverly’s ruling Conservatives are trying to salvage their stalled bid to send asylum-seekers and other migrants to Rwanda after the UK Supreme Court last month blocked an earlier arrangement as unlawful. – APF volcanology agency Hendra Gunawan said Marapi has been at the second level of a four-tier alert system since 2011 and a 3km zone had been imposed around its crater. He appeared to blame hikers on Monday for going too close to the crater, saying the agency recommended no human activities in that zone and emphasised that “severe impacts” were reported for victims within one to 1.5km from the crater. Officials said the hikers had registered through an online booking system, but others may have been on illegal mountain routes. Relatives were still waiting for updates at an information centre at the base of the mountain. “I will stay here until I hear some news,” said Dasman, father of missing hiker Zakir Habibi, who made a two-hour drive from Padang city to the base of the mountain last night in hope of good news. “I still hope my son survives,” he said on Monday. A total of 75 hikers were listed by officials as hiking on the mountain since Saturday, with 49 initially accounted for and some suffering burns and fractures. The search will carry on for seven days, rescue officials said. Mount Marapi, which means “Mountain of Fire”, is the most active volcano on Sumatra island. Indonesia experiences frequent seismic and volcanic activity due to its position on the Pacific “Ring of Fire”, where tectonic plates collide. The archipelago nation has nearly 130 active volcanoes.
WEDNESDAY | DEC 6, 2023 8 /thesuntelegram FOLLOW ON TELEGRAM Malaysian Paper Trump looking to appeal reinstated gag orders NEW YORK: Former US President Donald Trump is seeking permission to appeal a decision reinstating gag orders in his New York civil fraud case to the state’s highest court, a court filing showed on Monday. Justice Arthur Engoron imposed a gag order on Trump on Oct 3 barring him from speaking publicly about court staff. Engoron acted after Trump shared on social media a photo of the judge’s top law clerk posing with US Senate Majority leader Chuck Schumer, a Democrat, and falsely called her Schumer’s “girlfriend”. The post left the court “inundated” with hundreds of threats made by Trump supporters, Engoron said in a court filing. Engoron later restricted Trump’s lawyers statements about his staff in oFormer US president says decision violates US, New York state constitutions by restricting his First Amendment right a separate order. An appeals court judge temporarily paused the gag orders on Nov 16, but they were reinstated by a mid-level state appeals court last Thursday. Engoron already has fined Trump US$15,000 (RM70,000) for twice violating the gag order on him, promising steeper penalties for future violations possibly including imprisonment. Trump, the frontrunner for the 2024 Republican nomination to challenge Democratic President Joe Biden in the 2024 US election, is accused in the case of unlawfully overstating his net worth by billions of dollars to dupe lenders and insurers. The trial has focused on damages because Engoron already found that Trump’s financial statements were fraudulent. In Monday’s filing, Trump lawyer Clifford Robert asked the mid-level appeals court, known as the Appellate Division, to allow Trump to appeal its reinstatement of the orders to the Albany-based Court of Appeals. Robert said the orders violated the US and New York state constitutions by restricting Trump’s “First Amendment right to highlight serious concerns raised by the public and partisan activities of Justice Engoron’s principal law clerk during an ongoing bench trial”. A First Department judge on Monday denied Trump’s request for permission to appeal the orders on an expedited basis. Justice Sallie Manzanet-Daniels gave the office of state AttorneyGeneral Letitia James, who brought the case against Trump and his family real estate company, until Dec 11 to respond to Trump’s request to appeal. A spokesperson for the office declined to comment. – Reuters Eight dead as cyclone batters India’s southeast coast Commuters make their way through a flooded road after heavy rains in Chennai. – AFPPIC CHENNAI: At least eight people were killed as storms lashed India’s southeast coast, police said yesterday, with Cyclone Michaung expected to make landfall within hours. The cyclone was forecast to hit the coast of Andhra Pradesh state lovernight as a “severe cyclonic storm”, packing winds up to 100kph, the Indian Meteorological Department (IMD) said. “We are facing the worst storm in recent memory,” Tamil Nadu state chief minister M. K. Stalin said in a statement late on Monday. In Chennai, state capital of Tamil Nadu, eight people were killed, police said in a statement yesterday. They include some who drowned, as well as one person hit by a falling tree, another electrocuted with live wires in the water, and one crushed by a falling wall. Cars were seen floating on raging torrents, homes were flooded, and a crocodile was spotted swimming the streets in the city. IMD warned of “exceptionally heavy rainfall” in some areas. Trees were uprooted and vehicles swept away due to the heavy rains, according to images posted on social media. The cyclone is expected to hit India’s southeast coast near the town of Bapatla, on the 300km stretch between Nellore and Machilipatnam. Home Minister Amit Shah said the government was “braced to provide all the necessary assistance to Andhra Pradesh”, with rescue teams deployed and more “on standby to mobilise as needed”. Scientists have warned that storms are becoming more powerful as the world gets warmer with climate change. Cyclones are a regular and deadly menace on coasts in the northern Indian Ocean, where tens of millions of people live. – AFP New Zealand Maori party protests new government WELLINGTON: Thousands of protesters took to the streets across New Zealand yesterday to criticise the newly elected conservative government for its policies toward the Indigenous Maori population. The country’s Te Pati Maori party backed the demonstrations in Auckland, Wellington and several other cities that snarled commuter traffic and provided an early leadership test for Prime Minister Christopher Luxon. Maori leaders accuse Luxon’s conservative coalition of racist policies, including undermining a treaty that protects Indigenous rights. The coalition government, sworn in last Monday, also wants to switch the names of some departments from Maori to English and close the Maori Health Authority, Te Aka Whai Ora. Police estimate around 300 vehicles took part in protests in New Zealand’s largest city Auckland, where two arrests were made. The early morning protests coincided with the opening session of the new New Zealand parliament in Wellington. “The protest this morning was more of an activation of our people,“ said Rawiri Waititi, co-leader of Te Pati Maori co-leader, speaking to Radio New Zealand. He joined a group of around 600 people in Wellington, some draped in Maori flags and carrying signs reading “Honour the Treaty”, who marched through the capital before rallying in front of parliament. “This is about pulling our people together, standing as one to protect the Treaty of Waitangi, the very document which allows us to live here freely,“ Waititi added. The 1840 Treaty of Waitangi was an agreement between British colonial powers and Indigenous Maori chiefs. The centre-right government led by the conservative National Party was voted into power following general elections in October. Luxon rejected the protestors’ criticism of his fledgling government. “I think it’s pretty unfair, to be honest,” Luxon told reporters. “The reality is we’ve been in government for a week. We are going to get things done for Maori and non-Maori.” B R I E F SCHINA EYES DEEPER EU TIES AT SUMMIT BEIJING: China hopes to boost relations with the European Union at an upcoming summit, with a firm focus on pragmatic cooperation in the face of complex situations and severe challenges, its foreign minister Wang Yi said. In a meeting on Monday with EU diplomatic envoys to China in Beijing, Wang said the two sides should view bilateral relations from a strategic perspective and added that China’s policy toward Europe remains stable, according to Xinhua news agency. “China and the EU have not completely the same point of view on international and regional issues, and only by adhering to communication and coordination can we play a constructive role in maintaining world peace and stability and addressing global challenges,” Wang said, according to the Xinhua report. The remarks came ahead of a highly-anticipated summit tomorrow between Chinese President Xi Jinping and President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen. – Reuters COLOMBIA, REBELS START FIFTH ROUND OF TALKS MEXICO CITY: The Colombian government and rebels from the National Liberation Army (ELN) started a fifth round of peace talks in Mexico City, the Mexican Ministry of Foreign Affairs said on Monday. The negotiations, hoping to put to rest six decades of fighting between Bogota and the left-wing insurgency, come after the recent kidnapping of the father of Liverpool footballer Luis Diaz, which had threatened to upend a delicate ceasefire. The agenda for the meetings, continuing on from talks started more than a year ago was not disclosed. “We trust that, with the willingness of both parties and the support of the international community, this new round of negotiations in our country will open the way to reaching a definitive and lasting solution to the conflict,” the Mexican foreign ministry said in a statement. – AFP TALIBAN MUST REFORM TO GET FULL DIPLOMATIC TIES BEIJING: China said yesterday Afghanistan’s Taliban government will need to introduce political reforms, improve security and mend relations with its neighbours before receiving full diplomatic recognition. Beijing does not formally recognise Afghanistan’s Taliban rulers, although both countries host each others’ ambassadors and have maintained diplomatic engagement. “China has always believed that Afghanistan should not be excluded from the international community,“ foreign ministry spokesperson Wang Wenbin said yesterday when asked if China would now recognise the Taliban government. – AFP
WEDNESDAY | DEC 6, 2023 9 Battle rages on between Israel and Hamas oPalestinians in southern Gaza told to flee to other areas ahead of renewed offensive GAZA: Israeli troops battled Hamas militants in the southern Gaza Strip yesterday after expanding their offensive deeper into the besieged territory, with warnings that an “even more hellish scenario” was unfolding for trapped civilians. Israel had initially focused its offensive on the north of the territory, but the army is now also dropping leaflets on parts of the south, telling Palestinian civilians there to flee to other areas. Israeli tanks, armoured personnel carriers and bulldozers were seen on Monday near the southern Gaza city of Khan Yunis, which is packed with civilians who fled their homes further north in the territory earlier in the war, witnesses told AFP. The army said on Monday it was taking “aggressive” action against “Hamas and other terrorist organisations” in Khan Yunis, warning that the main road in the north and east of the city “constitutes a battlefield”. Hamas claimed via Telegram its militants had targeted two personnel carriers and a tank near Khan Yunis. Rocket salvos were again fired from Gaza towards Israeli territory. As the war spreads, international aid organisations have warned that civilians in the densely populated territory are running out of places to flee to. “Nowhere is safe in Gaza and there is nowhere left to go,” said Lynn Hastings, UN humanitarian coordinator for the Palestinian territories. “If possible, an even more hellish scenario is about to unfold, one in which humanitarian operations may not be able to respond,” Hastings said in a statement. The Hamas-run health ministry in Gaza says the war has killed nearly 15,900 people in the territory, around 70% of them women and children. The Israeli army yesterday denied telling the World Health Organisation to empty an aid warehouse in southern Gaza within 24 hours before ground operations in the area render it unusable. On Monday, World Health Organisation chief Tedros Adhanom Ghebreyesus wrote on X that his organisation had received a notification from the military “that we should remove our supplies from our medical warehouse in southern Gaza within 24 hours”. Key ally the US has cautioned Israel to do more to avert civilian casualties as operations shift to the south. Israel on Monday said it was not seeking to force Palestinian civilians to permanently leave their homes, but that it was instead seeking support from aid groups to improve infrastructure in a tiny coastal area of Gaza named AlMawasi. “We have asked civilians to evacuate the battlefield and we have provided a designated humanitarian zone inside the Gaza Strip,” Israeli military spokesman Jonathan Conricus said. The latest fighting followed the collapse last Friday of a Qatarmediated truce that saw scores of Israeli and other hostages released in exchange for Palestinian prisoners. According to the Israeli military, at least 137 hostages are still being held in Gaza, but Hamas has ruled out more releases until a permanent ceasefire is agreed. US envoy to promote Yemen peace despite Huthi attacks WASHINGTON: The US pointman on Yemen is heading to the region in hopes of preserving the delicate truce in the war-battered nation despite Huthi rebels’ recent attacks targeting Israel, the State Department said on Monday. Tim Lenderking, the US special envoy for Yemen, will travel this week to the Gulf. The State Department did not specify his dates or destinations but said he would be in touch with officials from Saudi Arabia, the United Arab Emirates and Oman, as well as UN representatives. Huthi rebels, who have ties to Iran and control much of Yemen, have targeted Israeli-linked vessels in avowed solidarity with Palestinians. State Department spokesman Matthew Miller told reporters that the “provocative and dangerous attacks” by the rebels have “threatened almost two years of progress to end the war in Yemen”. Lenderking “will emphasise the need to contain the Israel-Hamas conflict while pursuing the United States’ priority of Yemeni-Yemeni political dialogue to end the war and set Yemen on a firm course for peace and stability”, the State Department said in a separate statement. “A wider conflict in the Middle East does not serve US interests nor those of our regional partners, who support a lasting peace in Yemen,” it said. Yemen has suffered nearly a decade of war that turned the country into the scene of one of the world’s largest humanitarian catastrophes, but a de facto truce has held since April 2022. Upon taking office, US President Joe Biden put a priority on ending the war by reducing support for a devastating Saudi military campaign in Yemen, removing the Huthis from a list of designated terrorist groups and appointing Lenderking, who has met with Huthi representatives. Since the Gaza war, the Huthi rebels have seized an Israeli-linked cargo vessel and fired ballistic missiles at various targets. On Sunday, US Central Command said US warships shot down three suspected Huthi drones in the Red Sea. – AFP Protesters gather near Canadian parliament OTTAWA: Several thousand people gathered on Parliament Hill in the Canadian capital on Monday, demonstrating in solidarity with Israel and calling for an end to anti-Semitic violence. Dozens of buses were chartered to Ottawa from Montreal and Toronto, home to large Jewish communities. “It’s so important that diverse parts of our country come together and stand up for the Jewish people and stand together against hatred of Jews,” Sara Lefton of United Jewish Appeal, one of the groups sponsoring the rally, told AFP. Israel has been at war with Hamas militants in the Gaza Strip since Oct 7. Mary Anne Joseph said she came to the demonstration partly in support of her father, a Holocaust survivor who was among an early group of refugees to Canada. She carried a sign that said “Stop antiSemitism Now”. Many demonstrators wore clothing with the white and blue colors of the Israeli flag. “There’s a lot of anti-Semitism and hatred in the world. I believe that us standing up for who we are is very important,” said Adam Schkolne, 20. He came from Guelph, a five-hour drive from Ottawa and described himself as “proud to be Jewish” and also horrified by anti-Semitic acts around Canada in the past two months. Jewish schools, synagogues and a Jewish community centre have been the target of gunfire and Molotov cocktails in Montreal in recent weeks. B R I E F SNIGER ENDS PARTNERSHIPS WITH EUROPEAN UNION NIAMEY: Niger’s military leaders said Monday that they were ending two European Union security and defence missions in the country, after earlier in the day agreeing to strengthen military cooperation with Russia. The Nigerien foreign ministry said that it was ending the agreement between Niger and the EU regarding the Niamey-based civilian capacity-building mission called EUCAP Sahel Niger. The mission, launched in 2012, supports Niger’s internal security forces, authorities and nongovernmental actors. Niger’s foreign ministry also announced in a press statement the “withdrawal by the State of Niger of consent for the deployment of an EU military partnership mission” in Niger. The military partnership known as EUMPM was launched in February “at the request of the Nigerien authorities”, according to the EU Council website. It was designed to “enhance the ability of the Niger Armed Forces to contain the terrorist threat,“ the website said. – AFP PAPUA NEW GUINEA TO RECRUIT AUSTRALIAN COPS SYDNEY: Papua New Guinea will recruit Australian police officers for key positions in its national police force under a wide-ranging security deal to be signed this week that also covers defence and biosecurity, Papua New Guinea’s minister of state said. Papua New Guinea Prime Minister James Marape will travel to Canberra to sign the security agreement tomorrow, Minister of State Justin Tkatchenko told Reuters, after having also won commitments from Australia on biosecurity that would boost his nation’s agricultural exports. “This shows our commitment to Australia as one of our traditional security partners now and into the future,” Tkatchenko said in a telephone interview. – Reuters Palestinians fleeing from Khan Yunis to Rafah in the southern Gaza Strip after the Israeli army called on people to leave certain areas in the city on Monday. – AFPPIC
10 WEDNESDAY | DEC 6, 2023 Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesun.my/ Ensuring child safety on the road TRAVELLING with your children can be challenging, especially if they are below the age of five. While we often think that we have covered all the bases in meeting our children’s needs, the question remains: Are we vigilant enough to ensure their safety and well-being while on the road? Sunway Medical Centre, Sunway City (SMC), Head of Accident and Emergency Department, Dr Lee Soon Han, highlighted the most common travel-related injuries or illnesses among children: 0 Motor vehicle accidents 0 Falls resulting in cuts, bruises or open wounds 0 Febrile or respiratory illness due to viruses 0 Water-related injuries, including drowning 0 Diarrhoea and vomiting from food poisoning To lower the risk of such incidences, he advises parents to use booster or car seats and seatbelts correctly, considering the child’s age, height and weight. To make sure to wear water safety devices during swimming, with close adult supervision, and to ensure hygienne practices, such as consuming clean water and proper food while maintaining sterility of milk bottles. First aid necessities and knowledge Essentials, such as first aid kits, are something every parent should prioritise when they travel with children. Lee said the kit should consist of items such as paracetamol for fever or pain, oral rehydration solution, cough and cold medications like antihistamines, and inhalers for children with asthma. There should also be basic items for wound care, such as gloves, gauze, antiseptic wipes, band-aids and adhesive tape as well as a thermometer. In addition, it also helps if parents are aware of the dos and don’ts if their child suffers from motion sickness or feels discomfort due to the difference in pressure while travelling. Tips for motion sickness 0 Stay hydrated 0 Avoid heavy meals, instead, consider eating and drinking in small amounts, regularly 0 Avoid reading or using any screen devices during the ride 0 Encourage sleep during the ride or flight Tips for pressure in the ear 0 This can be balanced by swallowing or chewing 0 Babies and young children should be encouraged to nurse or suck on a bottle 0 Older children can have snacks or chew gum 0 Bring along familiar toys the child is fond of for comfort As for children with chronic heart or lung disease, travelling to destinations with different climates or altitudes may be risky. Parents should consult their doctors before travelling. “Dress appropriately, with more layers at lower climate destinations while for hotter locations, sunscreen should be applied regularly to avoid sunburn,” he added. Be wary of what your child consumes Amid the array of delicacies waiting to be sampled while on holiday, it is best to always bear in mind that what you consume may not be suitable for a child’s digestive system. According to SMC’s Consultant Emergency Physician Dr Nur Elayni Borhan, diarrhoea and vomiting are among the most common illnesses suffered by children. “Ensure your child is taught to follow safe food and water practices. Frequently wash hands to prevent foodborne and waterborne illnesses,” she advised. “For infants, breastfeeding is the best way to reduce risk while keeping vaccinations up-to-date is essential, considering the heightened risk of various vaccine-preventable diseases during travel.” Most importantly, children should avoid swimming in any fresh, non-chlorinated water such as rivers, ponds or lakes, as they may be contaminated with diseases that can be transmitted to the child if the water is ingested. She said the best treatment for diarrhoea is to consume plenty of fluids. Oral rehydration solution may be used to prevent dehydration, especially if the child is also vomiting. “If your child appears to be dehydrated, has a fever or bloody stool, seek medical attention immediately.” Staying alert on allergies According to Nur Elayni, children with food allergies, planning is the key to making your trip safe and enjoyable. Always stay alert, take necessary precaution and all essential medications. 0 Bring a medical kit with your child’s medication, including their epinephrine pen. Do this no matter how near or short the trip is. 0 Pack safe snacks and meals in case there are no safe restaurants. 0 If you are going to a non-English speaking country, make sure to translate information about your allergy. Give this written information to those preparing your food to help them understand your child’s needs. 0 If your child has a history of severe allergies, take note of the allergy policies on the airline and at the hotels. Every airline or hotel is different, and they need advance notice to make accommodations. 0 Research restaurants or grocery stores which carry products safe for your child. Holidaying with a peaceful mind Nur Elayni also advised bringing some topical medication such as antiseptic cream, mentholated or medicated topical ointment – anything you are used to, from home. “You know your children, so bring the things that would benefit them. Avoid introducing new things to them.” Meanwhile, Lee urged parents to be aware of accessing emergency medical treatment when needed. “Before embarking on your journey, identify all important healthcare facilities at your destination and get advice on available local medical services from hotels or tour company representatives. Crucially, ensure that any travel insurance policies purchased for the trip cover child travellers and include provisions for medical repatriation if the need arises.” The article was contributed by Sunway Medical Centre at Sunway City. Comments: [email protected] Children should avoid swimming in non-chlorinated water to avoid contamination. – REUTERSPIC COMMENT “Ensure your child is taught to follow safe food and water practices, and to wash hands regularly to prevent foodborne and waterborne illnesses.”
11 WEDNESDAY | DEC 6, 2023 Handling foreign panhandlers’ issue PANHANDLERS are a familiar presence, whether in the bustling city of New York or the historic alleys in Paris, relying on the generosity of passers-by for survival. Yet, amid this global phenomenon of panhandling – an act of soliciting small donations from strangers – a distinct subset of individuals that garners less attention but faces equally complex challenges are foreign beggars. Malaysia, too, is plagued with the problem of “migrant beggars”. Despite numerous attempts to mitigate this problem, the population of foreign beggars within our borders appears to be growing to the extent that it has become a “hot topic” for media criticism and discussion. Nevertheless, there has been minimal exploration of the problem, especially from public and social policy viewpoints. It may be surprising but the act of begging reflects public and social policy shortcomings. Foreign beggars’ issues are not new, yet, panhandling here is a grave concern due to its extent. Some have expressed frustration at the persistent and aggressive panhandling while others, including merchants and shoppers, have vocalised their discomfort. In response to complaints, certain individuals have resorted to offensive language and raising their voices to the locals. Studies on public attitudes toward panhandling have shown that people’s beliefs are influenced by their personal experiences. Research suggests that increased exposure to panhandling is correlated with reduced sympathy toward panhandlers. Consequently, as panhandlers become a more visible presence, frustrations among locals, driven by concerns over perceived threats, economic strain or cultural disparities have manifested in calls for authorities to deport them. This aligns with the Immigration Act 1959/63 (Act 155) Section 56 (2). However, is deportation alone the best solution? While deportation may address the immediate concern, it may not tackle the root causes and, therefore, have a long-lasting effect. Sustainable solution The evolving sentiments of the local community and even some voices urging the government to provide them with work to assist their survival recognise the need for a more sustainable solution. The Social Welfare Department recently revealed a rise in the proportion of detained foreign beggars compared with locals, with 380 foreigners and 180 locals, from January to August. This contrasts sharply with 2013, when the ratio was 1:4, with 194 foreigners to 854 locals. Foreign beggars have been found sleeping on sidewalks and makeshift shelters near Central Market in Kuala Lumpur. However, a lesser-known fact is that a significant subset of panhandlers may be residing in private homes or hotels. Reportedly, most of the foreign panhandlers hail from neighbouring countries such as Myanmar, Indonesia, Thailand, Sri Lanka and Cambodia. The age range, gender and family status within this group exhibit a diverse mix, highlighting the varied backgrounds and circumstances that contribute to their involvement in panhandling. Their employment history often reflects them seeking livelihood opportunities in a foreign land. These demographics set the stage to delve further into the factors influencing migration decisions. Push factors are the negative aspects of the home country while pull factors are the positive aspects of the receiving country – in this case, Malaysia. What some foreign beggars perceive as favourable conditions – especially the so-called “professional” beggars – lie significant governance gaps and various cartels operating at border points. The automation and digitalisation of all systems of administration, including extensive use of biometrics and drones, may be one powerful and longneeded step to address this issue. “Push” factors that motivate the people to leave their home country include war and conflict, violence and persecution in Myanmar and unemployment in Indonesia and Cambodia. On the contrary, Malaysia’s relatively stable political situation, comparably better economic and employment opportunities, favourable currency-exchange rate and better working and living conditions are “pull” factors, making it a central attraction for the low-skilled citizens from low- to middle-income countries in the Southeast Asia region. Malaysia’s reputation for generosity also attracts foreign beggars, who claim they can earn up to RM10,000 per month. Currently, Malaysia is home to 182,820 registered refugees with UNHCR (United Nations High Commissioner for Refugees) as of August, mostly Rohingya from Myanmar. Additionally, Malaysia’s porous border with Thailand has become a gateway for human trafficking syndicates, contributing to forced begging, the second-highest form of exploitation in 2012-2017 as noted by the Social Welfare Department. Panhandling often seems strategic, targeting specific spots such as transit hubs, bustling sidewalks, lengthy traffic lights, popular markets and outdoor eateries where people carry change, foot traffic is high, the potential for higher donations increases, and where there is an opportunity for direct approach. Furthermore, panhandling fluctuates, but it tends to peak during specific periods such as festive seasons. As the streets become more crowded during the festive seasons, beggars capitalise on people’s generosity to collect maximum alms and charity. Previously, the department recorded a three-fold increase in the number of beggars during Ramadhan. Therefore, the concern about panhandling issues is at its peak. Internal empowerment, external control To address the persistent panhandling problem, the government has implemented several initiatives, including regular raids and arrests, setting up Self-Development Village, and deporting foreign beggars. Despite these efforts, the problem continues to persist. The Immigration Department handles foreign beggars, while refugees are referred to the UNHCR. Emphasising deportation as the primary solution without addressing the underlying reasons why foreigners resort to begging may not serve as a long-term deterrent. This approach overlooks the root causes, leading to a “carousel” where individuals in desperate situations return or are replaced by others. Such a blanket approach also raises humanitarian concerns as some of them may be facing life-threatening circumstances in their homeland. As noted by Emir Research, the Rohingyas in Myanmar were already reeling from the systematic persecution, which persisted under the brief period of normal. Moreover, the Immigration Department may lack the expertise or resources necessary to tackle the fundamental social issues contributing to foreign nationals resorting to begging, such as poverty, homelessness and exploitation. Most importantly, if there is a lack of coordination between the Social Welfare Department and Immigration, it could result in a fragmented approach and, thus, a lack of effective response. It is high time for policymakers to avert public fears while shifting away from blankly seeing foreign panhandlers as threatening nuisances and, instead, empowering truly vulnerable individuals to be self-sufficient. Therefore, it is essential to adopt a two-fold strategy: “internal empowerment, external control”. Firstly, the initiative should be undertaken to empower vulnerable individuals among the foreign beggars through opportunities for their sustainable livelihoods. For example, tailored programmes offering essential services, education, employment opportunities and social support to facilitate integration into the local community. Food security is also one area where Malaysia can vastly benefit from an additional labour force. With agritech at help, and with minimal training, this additional labour force can help in narrowing the expanding food supply deficit. Concurrently, stringent measures must be enforced at the border to regulate and monitor the entry of foreigners with a particular focus on identifying migrant beggars because most of the detained foreign beggars turn out to be either “undocumented” or “overstayed” in the country. Additionally, the Immigration Department, UNHCR, Social Welfare Department and police must collaborate closely to enhance coordination and efficiency in addressing the issue of foreign beggars. This collaborative effort requires a clear power divide and guidelines between the Immigration Department, under the Home Affairs Minister and the Social Welfare Department, under the Women, Family and Community Development Ministry. The government should also establish accessible public complaints channels. The public is confused about which agency to contact regarding foreign beggars. This ambiguity in jurisdiction creates frustration among citizens. Implementing an easily accessible public complaints channel will streamline communication, allowing concerned citizens to share crucial information with the authorities seamlessly. In summary, addressing the escalating issue of foreign beggars in Malaysia necessitates a two-pronged strategy: internally empowering them through tailored programmes and externally enforcing stringent border controls. Interagency collaboration, jurisdiction clarity and the establishment of public complaints channels for streamlined communication are among the key recommendations. Through these steps, we can move beyond the immediate concerns of deportation and toward a more compassionate and long-term solution that will benefit the nation, and recognise that every face we encounter on the street carries a unique story, struggle and hope. The writer is a Research Assistant at Emir Research, an independent think tank focused on strategic policy recommendations based on rigorous research. Comments: [email protected] COMMENT by Farah Natasya Factors that motivate people to leave their home country include war and conflict. – REUTERSPIC “Interagency collaboration, jurisdiction clarity and the establishment of public complaints channels for streamlined communication are key to addressing foreign beggars’ issue.
ESG ESG WEDNESDAY | DEC 6, 2023 12 Aces Awards celebrates decade of ESG KUALA LUMPUR: The Asia Corporate Excellence and Sustainability (Aces) Awards 2023, which turned ten this year, recently celebrated a star studded night with a breathtaking awards ceremony full of glitz and glamour, held in conjunction with its inaugural summit 2023, themed “Actioning Asean’s ESG: A Vision for Sustainable Progress”. In celebrating its tenth year, Aces chose to turn the spotlight on leaders in industry and commerce throughout Asia who had contributed and made positive changes in the area of Environmental, Social and Governance (ESG), as well as sustainability, thus creating a visible From left: Council members Nieto, Shanggari and Jayanthi are among those who played a prominent role at the Aces Summit 2023. oCompanies across region rewarded for positive sustainable solutions █ BY DHARSHINI GANESON [email protected] and long lasting impact on the climate and eco-system in the region. In rewarding the outstanding leaders, Aces aims to promote the importance of embedding ESG into the business models and igniting progress in these areas through research, expert insights, standards and strategic alliances. The summit provided a much needed platform for business leaders, sustainability advocates and thought leaders to explore and debate strategies for transformative actions. MORS Group CEO and Aces Awards and Aces Council president Shanggari Balakrishnan said she believes corporate leaders are aware of the changes that need to be made, and business leaders also know that success cannot be measured by profit alone, but by the way their brands are recognised for their ESG practices both locally and internationally. The Aces Council comprises five visionary corporate and thought leaders, whose world view helped shape the Aces Awards. Among the well-known council members are international corporate lawyer, author and public policy advocate Hemant K. Batra, University of Malaya Malaysian Centre of Regulatory Studies former executive director Dr Jayanthi Desan as well as Harvard graduate and FDI consultant James John Ku. The other notable council members were Naterial Concept founder and CEO Luis Bueno Nieto, and Shanggari. Testament to the success of the awards and the interest it generated was the record 580 submissions received by Aces, its highest ever from over 52 industries across 15 countries. After rigorous screening, 82 made it to the winners list, with the Philippines topping the count with 23 winners, followed by Malaysia with 15. Among those recognised for their trailblazing efforts were Sedania As Salam Capital Sdn Bhd CEO Nisa Ismail, who bagged the Woman Entrepreneur of the Year award for shaping and transforming Malaysia’s fintech landscape. “Women need to be heard, especially in boardrooms, and they need to be part of the business community to drive the sustainable agenda,” she said. Malaysia’s leading healthy home contributor Cuckoo International (MAL) Sdn Bhd founder and CEO Hoe Kian Choon was named Young Entrepreneur of the Year and Ayla Corporation was named Asia’s Most Sustainable Company of the Year. This 189 year old corporation in the Phillipines, with diverse interests ranging from property, telecommunications, utilities as well as solar energy, is the country’s largest and oldest conglomerate. Energy Absolute Public Company Ltd founder and CEO Somphote Ahunai was named Entrepreneur of the Year for his success in Thailand’s renewable energy and electric vehicle industries. Aces award winners have collectively generated over US$361 billion in revenue, emphasising the financial visibility of sustainabledriven businesses and the importance of reducing carbon footprint. Mida: RM54.7b green investments approved, mainly in renewable energy KUALA LUMPUR: Malaysian Investment Development Authority (Mida) has approved RM54.7 billion in green investments to date, with the bulk in renewable energy, specifically in solar projects, according to its deputy CEO, Investment Promotion and Facilitation, Sivasuriyamoorthy Sundara Raja. Going forward, Sivasuriyamoorthy said, the agency is optimistic because of the National Energy Transition Roadmap (NETR) launched by the government earlier this year, which he deemed exceptional. “So we feel very confident, we feel that we are able to attract more investments, green investments Solar power receives the lion’s share of renewable energy investments. – BERNAMAPIC █ BY HAYATUN RAZAK [email protected] Climate financing in Malaysia to increase: BNM governor KUALA LUMPUR: Malaysia is expecting to see at least half of new financing by local banks aligned with climatesupporting or transitioning activities by 2026, said Bank Negara Malaysia’s (BNM) governor Datuk Abdul Rasheed Ghaffour. He said there is currently growing focus and concrete climate actions taken by financial institutions in Malaysia and to date, the industry’s financial commitment stands at over US$43 billion (RM200.4 billion) for environmental, social and governance (ESG) purposes. “That said, Malaysia cannot do this on its own. As stated in the National Energy Transition Roadmap, the government anticipates that Malaysia will require investments of about US$280 billion by 2050 to meet our energy transition needs,” Abdul Rasheed said in his opening address at Malaysia’s Climate Finance Day at the 28th Conference of Parties (COP28) in the United Arab Emirates (UAE) on Sunday. He said that it is hoped that the Malaysian financial sector to play a key, vibrant role in mobilising capital to address the enormous climate financing needs of the world at large which is estimated at US$275 trillion by 2050. “Our vision for Malaysia to facilitate and catalyse green finance flows for the betterment of the planet aligns closely with our aspiration of becoming the renewable energy hub for Asean, as well as to serve as an international gateway for Islamic finance. Meanwhile, the BNM governor said that climate and nature-related risks are tightly intertwined, where climate change, driven by factors like emissions and deforestation, exacerbates extreme weather events and biodiversity loss. He said these changes, in turn, heighten risks of more frequent disasters, shifts in disease patterns, and challenges to food and water security. Recognising these interconnections, Abdul Rasheed said BNM has been and will continue to actively build its knowledge and understanding of nature and the role of the financial sector in nature conservation. “Let me reiterate that Malaysia welcomes the opportunity to work with partners to deliver on our commitments to fight climate change.” – Bernama moving forward,” he said at ESG Evolve 2023 recently. The government has said that it is committed to low-carbon development aimed at restructuring the economic landscape to a more sustainable one. In this context, the NETR sets the goal to accelerate energy transition and change the way energy is generated to improve climate resilience. NETR has developed the Responsible Transition Pathway 2050 to shift Malaysia’s energy systems from fossil fuel-based to greener and low-carbon systems. NETR outlines 50 initiatives under the six energy transition levers and five enablers, in addition to the 10 flagship projects and initiatives announced in July 2023. The energy transition financing will be undertaken through a combination of grants, loans, rebates, incentives, and other investments to support the whole-of-nation approach. NETR aims to power our future by unlocking potential in new growth areas and delivering progress and prosperity to Malaysian households and businesses. Successful implementation of NETR will lift gross domestic product value from RM25 billion in 2023 to RM220 billion and generate 310,000 jobs in 2050. Mida is one of the Malaysian agencies spearheading national level efforts to put in place all necessary policies, facilitation, and support to ensure that Malaysia is ready to host new green investments coming into the industry over the next few years.
WEDNESDAY | DEC 6, 2023 Editorial T: 03-7784 6688 F: 03-7785 2624/5 E: [email protected] Advertising T: 03-7784 8888 F: 03-7784 4424 SCAN ME E: [email protected] Maybank IB cautiously optimistic on local economy, equities next year KUALA LUMPUR: Maybank Investment Bank Bhd (Maybank IB) is cautiously optimistic about the prospect of Malaysia’s economy and equities for 2024, driven by growth, fiscal reforms and economic restructuring. The bank said the stable political outlook and delivery of macro blueprint cum targets introduced in 2023 would also boost the country’s economic growth. “2024 will be a year of take-off in terms of execution of the blueprints announced in 2023 for the ‘transition’ of the economy via reforms and restructuring. “Growth, fiscal reforms and economic restructuring are thus the three key deliverables by the government in 2024, in our view,” Maybank IB said in a note yesterday. Additionally, the bank’s research said an extended runway in terms of public funding and support for major infrastructure projects under the new Public Finance and Fiscal Responsibility Act would catalyse both public and private investments, thus creating a multiplier impact. Fiscal reforms, in particular, the implementation of targeted subsidy roll-back and the upcoming Government Procurement Act (to be tabled in Parliament in the second quarter of 2024), would support fiscal consolidation, providing strength for the ringgit too, it said. For equities, it opined that the tailend of US monetary policy tightening was a tailwind while stable domestic policies, economic transformation via the National Energy Transition Roadmap, and rising foreign direct investment momentum with targets to raise product and economic complexity under the New Industrial Master Plan 2030 would be the three key catalysts for positive growth. “We also look forward to better corporate earnings growth in 2024 as estimated 2023 (2023E) earnings growth was very much impacted by two sectors, namely petrochemicals and plantation. “Excluding these two sectors, our core earnings growth was a good 15.4% in 2023E. On expectations for stability in commodity prices ahead, we are positive for our 15.6% earnings growth projection for 2024. “Key risks in 2024 are mainly external, including the ‘higher-for-longer’ US interest rates, US-China geopolitical rivalry, broadening of Israel-Hamas war impacting global demand and trade recovery, and China’s real estate sector flaring up and souring financial and capital market sentiment,” Maybank IB said. – Bernama Step up efforts to sustain agricommodity sector: DPM oAgrotourism, mechanisation and automation, stakeholder cooperation must be intensified, says Fadillah He said KPK also needs to help small farmers increase their income. “But this will only succeed if we all increase our close cooperation because the ministry alone will not be able to implement or achieve our target to make this country a developed and prosperous country by producing high yield products, not only from downstream, but from upstream as well,” he said. Later at a press conference after the celebration, Fadillah said the agricommodity sector can be developed into agrotourism where entrepreneurs can take the initiative to create tourism elements in their shops or gardens as tourist attractions. Along with the growth in the agricommodity sector, he said the development of the biomass industry, especially in the fields of farming and animal husbandry, will also be emphasised. During the event, Fadillah presented several awards to selected recipients from the palm, rubber, timber, cocoa, pepper and kenaf sectors in conjunction with HAKN, which was held for the first time, aimed at recognising and appreciating the services of Malaysians involved in developing the agricommodity sector at all levels. – Bernama eMadani provision will not increase inflation: Ahmad Maslan KUALA LUMPUR: The provision of an eWallet credit of RM100 under eMadani to 10 million Malaysians is not expected to cause a rise in inflation in Malaysia. Deputy Finance Minister I Datuk Seri Ahmad Maslan said this is because the total amount of RM1 billion allocated for this initiative is very small when compared to gross domestic product (GDP). “eMadani does not cause inflation because the money in the market (money market) is RM1 billion. If we multiply it by three, which is called the multiplier effect, it will be RM3 billion. “This RM3 billion will not affect the RM1.8 trillion total national economy or GDP. “Bank Negara considers that it does not raise the national inflation rate,“ he told Bernama when met here as a guest for the Apa Khabar Malaysia programme on Bernama TV yesterday. Recently, Prime Minister Datuk Seri Anwar Ibrahim said the one-off assistance was open from Dec 4, 2023 to Feb 20, 2024. The assistance is an initiative from the Ministry of Finance to promote the digital economy and foster a cashless payment culture, benefiting 10 million eligible adults with an allocation of RM1 billion. When asked about the public’s complaints regarding problems encountered when redeeming the eWallet credit on the platforms provided, Ahmad said it was because many people wanted to access the aid at the same time causing congestion. “Perhaps there are too many people accessing the platforms on the first day. But I’m sure by the next few days, the people know that they can apply until February. “So there is no need to rush to register, we have a lot of time and four platforms to redeem eMadani,“ he said. Ahmad advised the public who are eligible to receive the assistance not to rush to redeem the e-credit as the redemption period is still long and will continue until Feb 20, 2024. – Bernama PUTRAJAYA: The agrotourism initiative, the improvement of mechanisation and automation skills and the cooperation of stakeholders in the agricommodity sector need to be intensified to ensure the sustainability of the sector in the face of uncertainties in the global market next year, said Deputy Prime Minister Datuk Seri Fadillah Yusof. Considering the agricommodity sector as the main pillar of the country’s economy, Fadillah who is also the Minister of Plantation and Commodities. said Malaysia needs to maintain the momentum of the sector so that the commodities produced can compete in the global market. “Our agency will focus on how we can improve research in addition to establishing collaboration with the industry or academics to produce new technology based on automation and mechanisation,” he said when officiating the National Agricommodity Day (HAKN) celebration here yesterday. Giving examples of automation and mechanisation skills that can be highlighted such as the use of drones and machines, Fadillah said it would also indirectly reduce dependence on external labour as well as attract youths to be involved in the agricommodity industry. “Competition is getting fiercer and we can no longer depend on external energy like Indonesia for example because they are also growing economically. “Maybe getting skilled workers is a challenge for us, that’s why we have to be skilled in technology, mechanisation and automation,” he said. He said the role of the Ministry of Plantation and Commodities (KPK) is not only as a regulator and facilitator but has the main goal of ensuring the increase in productivity or yield in the agricommodity industry, while also contributing to their source of income. Fadillah (centre) launching the National Agricommodity Day celebration in Putrajaya yesterday. Present are, from left, Plantation Industries and Commodities Ministry deputy chief secretary (strategic planning and management) Abdul Hadi Omar, Deputy Plantation Industries and Commodities Minister Datuk Siti Aminah Aching, ministry secretary-general Datuk Mad Zaidi Mohd Karli and ministry deputy secretary-general Datuk Zailani Hashim. – BERNAMAPIC
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Muruku Buntong entrepreneur’s Deepavali snack, made from a still a national favourite 60-year-old recipe, is constantly in high demand. Chicken price float benefits consumers A week after subsidies ended, market prices are competitive and lower than subsidised prices, says expert. Full report —on page 3 Full report —on page 6 Full report —on page 4 Citing protection of country’s interests in terms of diplomatic, economic relations and security as reasons for joining meeting, Anwar says he remains steadfast in defending justice and rights of Palestinians. I will show up at Apec Story on page 2 Full story -on page 2 SCAN TO SUBSCRIBE ‘Improve education system to boost worker productivity’ PETALING JAYA: The Small and Medium Enterprises Association (Samenta) has urged the government to revamp the education system and focus more on Technical and Vocational Education and Training (TVET) programmes to ensure the success of the proposed progressive wage policy. The proposed policy, which is based on a progressive wage model (PWM), aims to increase employee wages in parallel with increased productivity and will be introduced through a starting salary guide by position and progressive annual salary increases. Commenting on the white paper which was tabled in Parliament last week, Samenta’s national secretary, Yeoh Seng Hooi (pic), noted that the policy aims to raise employees’ skill sets and productivity. He believes the current education system should be improved and revamped in order to nurture the future workforce and equip them with skills to make them more marketable besides placing more emphasis and grants for TVET programmes. Yeoh opined that through a sound education foundation, graduates would have adequate technical and soft skills before they enter the job market, particularly into the private sector. “Industries should not be burdened to assume the role of educational institutions,” he told SunBiz, adding that there should be collaboration between educational institutions and the private sector in terms of designing course syllabuses as it was important for the latter to share their inputs. Furthermore, he said SMEs should continue to train and upgrade their staff. If SMEs were to adopt the PWM, he said the focus would be to enhance the skills of their workers. Hence, it should not only be confined to technical workers as “even service workers can be further trained with a structured career path”. “When productivity increases, wages will rise in tandem. Market forces will ensure that there is wage equilibrium. However, SMEs may wish to tie down the employees should they invest significantly in their training and development,” he remarked. According to Economy Minister Rafizi Ramli, there will be a pilot run for PWM that will commence in June 2024, which will see 1,000 organisations with employees earning between RM1,500 and RM4,999 participating. Yeoh said the number of companies were too few and suggested for the government to fund the training through matching grants. However, he expressed that cash incentives of RM200 to RM300 for SMEs per month for 12 months under the proposed policy “may not have much lasting impact”. “Instead, SMEs should be given a matching training grant up to RM10,000 per employee for those earning below RM5,000 monthly. In return, the SMEs are contractually bound to raise the salary of the employee by at least RM300 per month after the training,” he added. KLK secures first SLL amounting to RM500m from Maybank PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) and Malayan Banking Bhd (Maybank) have established a sustainability-linked loan (SLL) amounting to RM500 million for the plantation company’s general working capital requirements. KLK’s first SLL underscores the shared vision and commitment of both organisations to achieve positive and sustainable outcomes. Serving as the sole sustainability structuring adviser, Maybank structured the SLL to align KLK’s financial strategy and commitment to environmentally and socially responsible practices. The SLL aligns to the Sustainability-Linked Loan Principles 2023 outlined by the Loan Market Association, Asia Pacific Loan Market Association, and Loan Syndication and Trading Association, which will feature a pricing adjustment mechanism benchmarked against the achievement of predetermined sustainability performance targets. “We are pleased to have signed our maiden SLL with Maybank, which is a significant milestone for the group. Our readiness to embrace sustainable financing pivots on our recently announced sustainability commitments which includes key areas such as carbon emission reduction, biodiversity conservation and social responsibilities,” said KLK Group COO Lee Jia Zhang. Maybank Global Banking Group CEO Datuk Muzaffar Hisham said, “KLK’s first sustainability loan sets the stage for further collaborations in driving long-term ESG initiatives.” █ BY GLORIA HARRY BEATTY [email protected] oSME association calls for greater focus on technical and vocational training to ensure success of proposed progressive wage policy
BIZ & FINANCE BIZ & FINANCE WEDNESDAY | DEC 6, 2023 15 SDEC records up to RM80m in potential transaction value KUALA LUMPUR: The 8th Selangor Smart City and Digital Economy Convention (SDEC), which was held from Oct 19 to 22, attracted over 15,000 attendees and generated a potential transaction value of up to RM80 million. The Selangor Information Technology and Digital Economy Corporation (Sidec) said the fourday event facilitated 54 business matches, offering a platform for networking, engaging keynote presentations, dialogue sessions and pitching sessions from 20 startup companies. In a statement yesterday, the corporation said these activities nurtured a rich exchange of ideas and insights, contributing to the evolving sectors of sustainability, digital innovation, and entrepreneurship. CEO Yong Kai Ping said that Sidec’s success at the event was a testament to SDEC’s role as a trailblazer in spearheading digital transformation. “It reflects our unwavering commitment to revolutionising the industry, driving innovation that not only meets but exceeds the evolving needs of businesses in the digital age. “SDEC is not just keeping pace, we are leading the charge towards a future where technology seamlessly integrates with logistics oSelangor Smart City and Digital Economy Convention a resounding success, facilitates 54 business matches and entrepreneurship, creating a landscape of limitless possibilities,” he said. He also noted that the firm solidified its commitment to fostering innovation among local businesses, startups, and technology entrepreneurs by signing five memorandums of understanding (MoU) and partnership exchanges. Among the partnership deal exchanges were between Sidec and Yinson; Sidec and Taipei Computer Association, while MoUs were signed between the Selangor Digital School and the Malaysian Inbound Chinese Association; Selangor Digital School and the Internet Alliance; and Mydin and Wavpay. During the event, Sidec said there was also a launch of the new data portal, the Selangor Government Data Exchange, the Demand-Responsive Transit Selangor Mobility Zone and Logo. Sidec has also marked the conclusion of 2023 with an outstanding array of achievements, solidifying its position as a driving force in the region’s digital landscape, playing a pivotal role in reshaping the digital landscape, fostering innovation, and contributing to the economic development of the region. “A key highlight of 2023 was Sidec’s instrumental role in fostering partnership between public and private sectors, facilitating an environment conducive to innovation and growth. “This includes the completion of its twin accelerator programmes, the Selangor ECommerce Xccelerator (ECX) 2023 and the sixth edition of the Selangor Accelerator Programme (SAP),” it noted. It shared that 10 startups under the SAP 2023 and five e-commerce merchants under ECX 2023 were crowned as winners, solidifying their status as trailblazers in the region’s burgeoning technology and entrepreneurship scene. The winners received cash prizes and international business trips designed to spur innovation, expansion and networking opportunities and will also be inducted into the CXO Club, an exclusive enclave of premier businesses, another one of Sidec’s key introductions this year. “The CXO Club was borne out of our mission to provide our accelerator programme graduates with an avenue that would assist them in reaching their milestones in garnering users, revenue and funding under the guidance of seasoned industry veterans known as the ‘Supercoach’”. “These coaches will guide the next generation of businesses through every business cycle, with the possibility of even achieving significant liquidity events such as initial public offerings or mergers and acquisitions. “We hope to continuously play a role in uplifting and transforming the SMEs and startup founders of the state and nation into serial entrepreneurs or even venture capitalists,” Yong said. Looking to 2024, Sidec said it remains committed to fostering growth, innovation, and positive change. Positioned as a catalyst for advancement, the organisation is set to continue driving initiatives that elevate Selangor’s digital landscape, forge new partnerships, and create a dynamic ecosystem for businesses to thrive, it added. – Bernama Survey points to good 2024 for local real estate market PETALING JAYA: The year 2024 could be a good one for Malaysia’s real estate market, with a new report predicting strong growth in prices and rents. According to IQI Property Survey and Index – Malaysia Q4 2023 by IQI, a real estate agency network and a member of Juwai IQI, the new research revealed strong market sentiment. Juwai IQI co-founder and group CEO Kashif Ansari said that the buy– rent ratio reveals strong confidence in the real estate market, with 91.1% saying they would advise a friend to buy today, while only 8.9% advise renting. The numbers are nearly as lopsided in Kuala Lumpur and Selangor as they are country-wide, with 88.8% for buying versus 11.2% for renting. “Agents may recommend buying because they expect significant increases in both sales prices and rents in 2024. This optimism might be based on expected economic trends, investment inflows, infrastructure improvements, and demand and supply dynamics,” he said in a statement. Most of the increase in transaction volume will be for moderately and affordably priced property. 51% of purchases are valued between RM100,000 and RM500,000, according to data from the National Property Information Centre. IQI forecast real estate industry residential prices to rise 9.95% and rents 9.57% in 2024. “The forecast is for a 9.95% increase in residential prices and a Buy-rent ratio reveals strong confidence in real estate market, with 91.1% saying they would advise a friend to buy today, while only 8.9% advise renting. – BERNAMAPIX 9.57% increase in rents during the next 12 months. Specifically in Kuala Lumpur and Selangor, the industry expects prices to climb by 9.7% and rents by 9.9%,” he said. He added that responses are overwhelmingly positive across all locations with only 5% of the countrywide research panel expect prices to fall and only 3% expect rents to drop. “The widespread expectation that prices and rents will climb signals the potential for capital appreciation and rental yield growth. That could encourage investors and renters to return to the market and lead to developers launching new projects. “So, we expect to see more demand in 2024, driven by Malaysia’s demographic trends, urbanisation, economic growth, and changes in housing affordability,” he said. When it comes to the economic outlook, the research reveals a mixed but generally positive outlook. “Agents in our research panel are keeping a wary eye on broader economic factors and global disruptions that have the potential to undermine Malaysia trade growth,” he said. Over half (56%) of respondents expect a more robust economy over the next 12 months, while only onethird (33.5%) expect the economy to weaken. The most common view is that the economy will be “Somewhat stronger” (35%), followed by “Somewhat weaker” (25%). JF Tech forging ahead with growth engines, transformation KOTA DAMANSARA: Main market-listed innovator and manufacturer of highperformance test contacting solutions for global integrated circuit (IC) makers, JF Technology Bhd managing director Datuk Foong Wei Kuong said yesterday that FY23 was demanding given the intensified market uncertainties stemming from a myriad of macroeconomic obstacles. He added it was a commendable achievement that they were able to equal the best-ever top-line performance posted in the prior year. “This is credited to our highly sustainable and resilient business model with recurring and compounding sales of test consumables combined with the maturation of our growth engines,” said Foong after their 17th annual general meeting. Forging ahead, he remarked that their focus remain on their six growth engines and JF 4.0 transformation. “As part of this transformation, we have recently set up a joint venture company in Malaysia with Shenzhen HFC Co Ltd (Shenzhen HFC) to produce materials used in high-end semiconductor chips for artificial intelligence (AI) and electric vehicle applications. Shenzhen HFC stands at the forefront of utilising graphene materials for heat dissipation in AI chips. Therefore, being the leader in the material science of graphene for this application may potentially lead to industry dominance,” he added. All in all, he said they continue to be positive on the group’s long-term prospects as they are ready to ride on the forthcoming wave of recovery of the semiconductor industry. On dividend payout, the group has paid a total dividend of 1 sen per share amounting to RM9.3 million in FY23. This translated to a payout of 76.2% based on net profit of RM12.2 million. Proton:12,296 units sold in November KUALA LUMPUR: National carmaker Proton Holdings Bhd sold 12,296 units in November, bringing its year-to-date (YTD) figure for the first 11 months of 2023 to 141,900 units for the domestic and export markets. Notably, Proton has already surpassed the sales volume of the entire previous year’s 141,432 units. The Proton S70 has surpassed 900 per week in bookings, bringing total bookings for the car to over 3,000 units, while the Proton X Series consisting of the X50, X70 and X90 models have reached the remarkable milestone of 201,710 units on the road. Meanwhile, the Proton X50, a frontrunner in the B-segment SUV category, contributed significantly to November’s success with 2,115 units sold and since its launch, a total of 102,325 units were sold. “The X70 recorded 95,100 units in sales since its launch, maintaining its strong market standing and the X90 garnered 4,285 units in sales, further contributing to the overall success of the X Series,” Proton said. Proton’s PIES models (Persona, Iriz, Exora, Saga) continue to record impressive growth compared to YTD 2022 with a 34.3% growth. – Bernama
COMMUNITY COMMUNITY 16 WEDNESDAY | DEC 6, 2023 PENANG: as Lefty, takes storytelling to the next Julian Kam, better known Lefty draws it right with graphic level by breathing life into his composition with every stroke of his pen. His graphic narratives transcend mere ink on paper, portraying real-life scenes, people, experiences and authentic moments. This art form, called “documentary comics” combines journalism and biography, and is presented through sequential art or comics. Lefty, 54, employs sensory ethnography to capture the essence and vibrance of the themes or geographical locations. “What I do is fully immerse myself by relocating to the vicinity of the project I am involved in. I observe, indulge in local cuisine, get to know the people, gather data, conduct research, and then integrate these facts and experiences into the storyline,” said Lefty, who is lefthanded. The Ferry Tales from the SamaSama: George Town series depicts Penang’s iconic ferry services that traverse the 11km-wide Penang Straits, carrying people and vehicles across the waterway. This model of ferry that Lefty drew has been an integral part of Penang’s transport system and a cultural identity since the first double-decker and double-ended prototype, called the Penang Ferry was built and delivered by the Singapore Harbour Board to Penang in 1957. It took about two years to construct the prototype. Thereafter, the Penang Harbour Board commissioned four more ferries from the Cheoy Lee Shipyard in Hong Kong in 1959 which were named Pulau Aman, Pulau Langkawi, Pulau Pangkor and Pulau Tioman. Subsequently, 12 more such ferries were built over the years replacing those that were too old to service the route. The Penang Ferries retained its prominence, albeit to a lesser extent, even though the Penang Bridge was opened in 1985. The remaining historical ferries were decommissioned on Dec 31, 2020. They were replaced by a fleet of four new speed ferries, launched on Aug 7 this year to ply the channel between the Raja Tun Uda Ferry Terminal and Sultan Abdul Halim Ferry Terminal. As per the statistics provided by the Penang Port Commission (PPC), the channel serviced 232,516 fourwheeled vehicles, 418,326 motorcycles, 10,871 bicycles, and transported 625,926 foot passengers during its final year of operation. Lefty’s relationship with comics goes back to his formative years, where his passion for drawing laid the foundation for a future in graphic design. His odyssey led him through diverse roles – from an art director to a prominent figure in comic publication and as the editor-in-chief for Left Pocket Creatives in Shanghai. “I was in Shanghai for more than a year, between 2017 and 2019. Then I came back to set up a branch for the company in Penang. The name of the company is a happy coincidence,” said Lefty. Confessing his love for things from the past, Lefty shared that he loved to wander around the older parts of Shanghai rather than the cosmopolitan city itself. “I understand everything changes and we cannot stop progress, so what I could do is to keep documenting things before they disappear, using the method I know best, which is graphic storytelling. oPenang artist documents things before they disappear, using the method he knows best █ BY T.C. KHOR [email protected] “Unfortunately, we do not have a very comprehensive archival system here, and photographs are even harder to find. So, I believe drawing to be the most practical way to capture the essence of what might no longer be around,” said Lefty, who also managed to document the tofumaking business at Perak Road before the whole village was demolished last year to make way for new development. Back in Penang after his stint in Shanghai, Lefty embarked on projects such as I Am Home and Sama-Sama: George Town, A Multicultural Art Journey. These undertakings became his canvas, depicting the underbellies of Penang’s culture and history. Through his illustrations, he weaved tales that mirrored the depth and diversity of this beloved city. “It is hard to choose which ones are my favourite as they are all my babies, but if I must, I would say that I particularly like the Sama-Sama series and the GTWHI (George Town World Heritage Incorporated) air well series. “I also feel very fulfilled at this stage of my career. I don’t view what I do as a job at all and I take on meaningful projects over the stressful ones even though it means more money or fame.” Lefty, who feels most comfortable with ink and paper as his preferred medium, has also explored digital colouring and other art types. “I am very much influenced by movies and music. I like photography, pop art and fine art too. In fact, I love all visual mediums. I like Batman over Superman, and I find my inspiration from comic book legends such as Sergio Toppi, Moebius, Mike Mignola, pre-2000 Frank Miller and Jack Kirby. “Apart from documentary storytelling, I also like to tell pulp and pop culture stories,” said the art maestro. “I will be releasing a new comic called Major Zombie: The Mark of Blood, Book 1 this month, and it will be launched at the Singapore Comic Con.” Major Zombie is a comic character created in 2003 at the Gilamon Studio, an art collective he co-founded with two friends to explore the pulp fiction trend and popular themes at that time. It chronicles the life of a former superhero known as Superium who turned into a zombie while heroically attempting to save a child from the Zombie King. Kaktus, the name of the girl Superium saved, later becomes Major Zombie’s sidekick, while Mikey the maggot and a host of other maggots fight internally against the zombie viruses that ravage Major Zombie’s The Ferry Tales from the Sama-Sama: George Town series depicts Penang’s iconic ferry services. Through his illustrations, Lefty weaves tales that mirrored the depth and diversity of Penang.
COMMUNITY COMMUNITY 17 WEDNESDAY | DEC 6, 2023 storytelling body. From its initial appearance, Major Zombie inspired Lefty to produce two more graphic novels, Love and Loss in 2011 and The Blood Trial, the following year. The Blood Trial won the Best Cartoon Comic Series and Best Independent Comic by PeKomik Awards in the same year. Lefty’s artistic contributions extend beyond paper and bound pages – his work can also be found on the streets of Penang through the Marking George Town project. Castiron sculptures detailing candid moments from Penang’s history can be found dotting five locations on the streets of this Unesco heritage city: Transfer Road, Steward Lane, Victoria Street, Chulia Street and Muntri Street. Yet, Lefty’s style of storytelling through sequential art stretches beyond the boundaries of our imagination and leaves us hungry for more. Lefty envisions expanding his comic series, delving into narratives from other locales and regions. His aspiration is clear – to inspire readers to perceive cities through a wider lens and to cherish their uniqueness. Fuelled by an inexhaustible well of ideas and an unyielding love for drawing, there is much more left of Lefty that remains unseen, promising a future adorned with more masterpieces. Traditional kampung cuisine offers diners nostaglic trip KUALA KANGSAR: Nestled in the heart of a serene countryside, surrounded by the natural beauty of padi fields and golden sunset sky, stands a traditional-style attap restaurant known as Rumah Atap Kuning. It is not just an ordinary restaurant; it is a journey back in time, curated by a former secretary turned passionate restaurateur, Zaida Mohamed Abdul Aziz. At 51, Zaida has transformed her dream into reality, creating a place that resonates with the warmth of balik kampung, the feeling of returning to one’s hometown. Rumah Atap Kuning is not just a culinary experience; it is a nostalgic journey with traditional kampung cuisine, served in the embrace of a charming Perak-style house. The mother of four, who also has a food business in Kuala Lumpur, said the traditional home was built on a nearly one-hectare piece of land which was initially purchased to be her second home, a place for weekend retreats. However, she and her husband Zainal A. Wahab, 52, together with their daughter, Aida Batrisya Zainal, 22, decided to take advantage of the land space and traditional-styled house to turn it into restaurant premises. Now, the business, which has been running for over two months, exclusively offers lunchtime slots. The dining space can accommodate up to 30 individuals or six to seven groups simultaneously, allowing patrons to Visitor Muadz Md Nazan, 39, poses for a photo with his family in front of Rumah Atap Kuning in Bukit Lada Sayong. – BERNAMAPIC enjoy their meals in the cozy ambiance of the restaurant or in the outdoor gazebo area. The dishes offered are served on classic mould pans called talams. There are two menu plans namely Talam A and Talam B, priced at RM140 per group (four people) or RM35 per head. On the menu are dishes cooked by Zaida. These include gulai lemak ikan patin bersama tempoyak, gulai ayam kicap, ayam rendang daun puding, gulai itik, rendang pucuk paku taik minyak, asam pedas telur itik, gulai lemak telur itik dengan belimbing buluh, puyuh salai, ikan pekasam, sambal gesek and a variety of ulam (salad). The dishes are served with a cordial drink as well as desserts such as sweet potato and red jelly. “After lunch, our guests are welcome to spend some time taking photographs and even engaging in the simple joy of feeding our ducks and chickens,” she said. “We also provide batik wear and sarongs for the comfort of our guests who want to dress traditionally during this experience. However, some guests already come garbed in traditional Malay costumes,” she said, adding that there has been an encouraging number of patrons at the restaurant. Zaida also recommends guests to make reservations at least a week or two in advance along with a deposit of 50%. “Some will be disappointed if they walk in without making reservations. (Without pre-bookings) some will have to wait to get a table because the restaurant may be full,” said Zaida, who is from Bagan Ajam, Penang. To give all guests a chance to soak in the atmosphere at the restaurant, Zaida offers a “sunset hi-tea”experience with kuah durian and water for RM10 per head. Meanwhile, teacher Siti Zawiyah Mohamad Basari, 40, is willing to travel more than 120km from Kulim, Kedah just to experience the charm of dining at the traditional house. “I discovered Rumah Atap Kuning through Facebook and have visited the restaurant twice with my colleagues. Today, I am here with my husband and mother. “The prices, considering the quality of the food and service, are worth it. I will undoubtedly return,” she said. - Bernama The nostalgic feel of an old kopitiam is captured in the GTWHI air well series. Lefty’s cast-iron sculpture details candid moments from Penang’s history.
BIZ & FINANCE BIZ & FINANCE WEDNESDAY | DEC 6, 2023 18 READ OUR HERE /thesun Malaysian Paper India November services growth softens but still solid oOutlook for business activity remains bright although sector expands at slowest pace in a year, says economist BENGALURU: India’s dominant services sector stayed strong in November but expanded at its slowest pace in a year as demand softened despite cooling inflationary pressures, a private survey showed. The S&P Global India Services Purchasing Managers’ Index fell to 56.9 in November from October’s 58.4, below all expectations in a Reuters poll which predicted a more modest dip to 58.0. That marked the slowest pace of expansion since November last year, but the index remained firm and has been above the 50-mark that separates growth from contraction since August 2021. The services sector accounts for over 50% of India’s gross domestic product (GDP). The Indian economy grew 7.6% in the July-September quarter, supported by government spending and manufacturing. India remained the fastest growing major economy and outstripped the Reuters poll expectation for a 6.8% expansion. However, the PMI’s new business sub-index – a key gauge of demand – fell for a second month and was its lowest in a year in November. An index measuring international demand fell to a five-month low. “India’s service sector has lost further growth momentum ... but we continue to see robust demand for services fuelling new business intakes and output,” noted Pollyanna De Lima, economics associate director at S&P Global. “The current rates of expansion look very healthy when considering their respective longrun averages and the outlook for business activity remains bright in spite of optimism fading due to rising inflation expectations.” Overall business confidence slipped to a four-month low in November despite upbeat projections for output. The future activity sub-index was well below September’s nine-year high. That led firms to up headcount at a muted pace, with hiring slowing to a seven-month low. Operating costs and prices charged to customers increased but the pace for both was the weakest since March. Retail inflation in India eased to 4.87% – a four-month low in October. It is now close to the midpoint of the Reserve Bank of India’s (RBI) target of 2-6% but economists do not expect the RBI to cut interest rates before the third quarter next year. A manufacturing PMI rose to 56.0 in November but slowing services activity dragged down the overall S&P Global India Composite PMI Output Index to 57.4 – the lowest since November last year. – Reuters Bitcoin rises above US$42,000 for first time since April 2022 NEW YORK: Bitcoin rose on Monday, briefly surpassing US$42,000 (RM195,820) to reach a 20-month high, in a new surge of momentum fueled by US interest rate cut expectations and traders betting that US regulators will soon approve exchange-traded spot bitcoin funds. The world’s biggest cryptocurrency rose to US$42,162, its highest since April 2022, seemingly casting off the gloom that had settled over crypto markets following the collapse of FTX and other crypto-business failures last year. It was up 8.27% at US$42,005 as of 20:00 GMT. Bitcoin’s gains lifted the shares of cryptocurrency-related companies, as well as exchange-traded funds (ETFs) listed in the US. Coinbase jumped 7% and Microstrategy gained 6.3%, while bitcoin miners such as Riot Platforms, Marathon Digital and CleanSpark rose between 7% and 13%. Last week, Microstrategy disclosed it bought an additional US$593 million in bitcoin during November. The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures, rose 7.5%, while the ProShares Short Bitcoin Strategy ETF that allows traders to bet on a fall in bitcoin futures dropped 7.5%. Bitcoin’s “remarkable ascent” can be attributed to a “confluence of factors” that were buoying sentiment, Luuk Strijers, chief commercial officer of crypto derivatives exchange Deribit, wrote in a note on Monday. He cited widespread optimism that the US securities regulator may soon approve a spot bitcoin ETF, which would throw open the bitcoin market to millions more investors. Abating inflation would lead central banks to begin easing rate hikes, making riskier assets more attractive, he said, and noted a steady increase in institutional engagement. Bitcoin is up by more than 150% so far this year. Riskier investments and other interest-rate sensitive assets such as gold have also rallied hard over the last few weeks as markets wager that the US Federal Reserve has finished hiking rates and will start cutting early in 2024. Reports in October that the US Securities and Exchange Commission (SEC) would not appeal a court ruling that the agency had been wrong to reject its spot bitcoin ETF application have also driven bets that an eventual approval is near. SEC chair Gary Gensler said in October the agency’s commissioners would potentially consider as many as 10 bitcoin ETF filings, but could not provide guidance on timing. A spot bitcoin ETF could allow previously wary investors access to crypto via the tightly regulated stock market. Demand is expected to be as much as US$3 billion in the first few days of trading, and pull in billions more thereafter. Investors are confident the SEC could approve multiple spot bitcoin ETFs as early as January, based on key public SEC filing and comment deadlines, Matteo Greco, research analyst at digital asset investment firm Fineqia International, wrote in a note. “An approval is expected to bring short-term capital influx from the traditional finance investors.” Investors have also welcomed the settlement of a years-long US criminal probe into Binance, the world’s largest crypto exchange and a key cog in the worldwide crypto market. Ether, the coin linked to the Ethereum blockchain network, rose more than 6% on Monday, hitting US$2,274.88. – Reuters Moody’s cuts China credit outlook to negative BEIJING: Rating agency Moody’s yesterday cut its outlook on China’s government credit ratings to negative from stable, citing lower medium-term economic growth and risks from a major correction in the country’s vast property sector. The downgrade reflects growing evidence that authorities will have to provide financial support for debt-laden local governments and state firms, posing broad risks to China’s fiscal, economic and institutional strength, Moody’s said in a statement. “The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector,“ Moody’s said. The move by Moody’s was its first change on its China view since it cut its rating by one notch to A1 in 2017, also citing expectations of slowing growth and rising debt. While Moody’s affirmed China’s A1 long-term local and foreigncurrency issuer ratings yesterday, it said it expects the country’s annual GDP growth to slow to 4% in 2024 and 2025, and to average 3.8% from 2026 to 2030. Most analysts believe the economy is on track to hit the government’s annual growth target of around 5% this year, but activity is highly uneven. The world’s second-biggest economy has struggled to mount a strong post-Covid recovery as a deepening crisis in the housing market, local government debt risks, slow global growth and geopolitical tensions have dented momentum. A flurry of policy support measures have proven only modestly beneficial, raising pressure on authorities to roll out more stimulus. Local government debt reached 92 trillion yuan (RM59 trillion), or 76% of China’s economic output in 2022, up from 62.2% in 2019, according to the latest data from the International Monetary Fund. After years of over-investment in infrastructure, plummeting returns from land sales, and soaring costs to battle Covid-19, economists say debt-laden municipalities now represent a major risk to the economy. China’s Finance Ministry said it was disappointed by Moody’s downgrade, adding that the economy will maintain its rebound a positive trend. It also said property and local government risks are controllable. “Moody’s concerns about China’s economic growth prospects, fiscal sustainability and other aspects are unnecessary,“ the ministry said. In October, China unveiled a plan to issue 1 trillion yuan in sovereign bonds by the end of the year to help kick-start activity, raising the 2023 budget deficit target to 3.8% of gross domestic product from the original 3%. The central bank has also implemented modest interest rate cuts and pumped more cash into the economy in recent months, pledging to sustain policy support. – Reuters B R I E F SGERMANY TO REMAIN TOP FDI DESTINATION IN EUROPE DESPITE EXPECTED DECLINE BERLIN: The number of foreign companies settling in Germany is expected to fall by almost a fifth in 2023 but the country remains Europe’s most sought after destination for foreign direct investment, Germany Trade & Invest said yesterday. Pledged investments were of higher value than previous years, with the largest from energy company BP, which plans to spend €6.8 billion (RM34 billion) on two wind farms in the North Sea. Germany’s growing availability of renewable energy made it attractive to potential investors, Hartig said, though high prices remained a barrier. – Reuters C919 TO MAKE FIRST FLIGHT OUTSIDE MAINLAND CHINA HONG KONG: China’s first domestically produced large passenger jet will conduct a flyby over Hong Kong’s Victoria Harbour next week as part of the aircraft’s first showcase outside the mainland. The C919 made its maiden commercial flight in May and is key to Beijing’s decades-long ambitions to compete with Western rivals in the air and cut down China’s reliance on foreign technology. The jet, manufactured by the state-owned Commercial Aircraft Corporation of China, also will be displayed at the Hong Kong International Airport from Dec 12 to 17. Beijing hopes the singleaisle C919 will challenge foreign models like the Boeing 737 MAX and the Airbus A320, though many of its parts are sourced from abroad. – AFP S’PORE TO TRIPLE AI POOL TO 15,000 EXPERTS: DPM SINGAPORE: Singapore plans to triple its pool of artificial intelligence (AI) experts, including machine-learning scientists and engineers, to 15,000, as part of its national AI strategy, deputy prime minister Lawrence Wong said on Monday. The Southeast Asian nation of 5.45 million, which is home to the Asian headquarters of global tech giants such as Google owner Alphabet and Microsoft, said it would also work to boost its available high-performance computing resources by securing access through partnerships with chipmakers and cloud service providers. Nvidia revenue for the quarter that ended in October included US$2.7 billion (RM13 billion) that originated from Singapore, trailing only the US, China, and Taiwan. – Reuters Bitcoin’s gains lifted the shares of cryptocurrency-related companies, as well as exchange-traded funds listed in the US. – UNSPLASH PIX
BIZ & FINANCE BIZ & FINANCE WEDNESDAY | DEC 6, 2023 20 MARKETS/FROM THE BROKERS SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors. [Compiled by SunBiz Team DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shalll not be liable or responsible for any consequences resulting from usage of the information. IN view of the seasonal pick-up in car sales orders, D & O Green Technologies Bhd (D&O) sees an increase in capacity utilisation from 3QFY23’s 80%-85% to about 90%. Based on our back-of envelope calculation, fourth quarter sales could be the best ever quarterly sales. Meanwhile, order visibility remains strong until Jan 2024 before seeing a dip in February due to the Lunar New Year celebration and shorter working month. Management has set an automotive LED sales growth target of 10% for 2024, driven by i) maiden contribution from module segment (PCBA) and headlamp, ii) bigger smart LED sales and iii) increasing automotive LED adoption for new EV car launches. We believe gross margins should normalise to the 27%-28% range next year compared to an estimated 21% this year, underpinned by i) an improvement in capacity utilisation, ii) better margins from smart LED andhead lamps and iii) higher productivity with more automation in place. The module project on the top floor of the plant for the electric vehicle control unit for Beijing Jingwei Hirain Technologies Co, has seen 3 production lines installed with plans to double to the maximum of six lines next year. Upon full capacity, Plant 2 could potentially generate annual revenue of up to RM1.5b. Plant 3 is currently undergoing the final stage of discussion with the authorities. Construction of the 10-storey building, which costs about RM170m, is expected to be ready by 2026-2027. Upon full capacity utilisation, it could potentially generate up to RM1.2b in annual sales. We expect significant margin recovery next year on the back of higher average selling prices from new products and higher capacity utilisation. We reiterate our Outperform call with unchanged TP of RM4.37. – (Dec 5, 2023) FOR the recently concluded 3Q23 results season, out of the 111 stocks under our coverage (excluding 5 on restriction), 48% came in within expectations, 27% below and 25% above. When stacked against consensus, the notable difference was a higher proportion of disappointments at 34%, while 44% and 22% were inline and above expectations, respectively (both lower than us). Comparing against the preceding quarter (i.e. 2Q23), there was a reduction in results misses (from 38% to 27%), alongside a higher percentage of those that surprised on the upside (from 14% to 25%). Consequently, from a ratio perspective (% of results above/below), this improved strongly from 0.38x to 0.93x. The same trend was also witnessed for consensus – albeit at a slower quantum – with the ratio recovering from 0.33x to 0.66x. We estimate that 3Q23 aggregate core earnings for our coverage universe rose +6.9% QoQ and +2.2% YoY. However, cumulative 9M23 numbers still showed a slight dip at -2.1% vs SPLY – the drags mainly stemmed from Plantation, PChem, Tenaga, Axiata and to a lesser extent, Gloves. Sector-wise, results shortfalls were more prevalent in Media, Tech and to some extent, Plantation. On the other hand, sectors that surprised on the upside were Auto, Gloves and Healthcare. We cut CY23/24 KLCI earnings by -2.2%/-1.8%. Our revised CY23/24 KLCI earnings growth forecast stands at -0.3%/+8.0%. Following the earnings cut and recalibration of the PE band, our end2023 KLCI target is revised lower to 1,490 based on 15.2x PE (- 0.75SD 5Y) tagged to mid-CY24 EPS. For 2024, our KLCI target stands at 1,540 premised on 15.2x PE pegged to end-CY24 EPS. (Dec 5, 2023) MALAYSIA Airports Holdings Bhd (MAHB) recorded 6.8m passenger movements for Malaysia operations in October, down 1.5% MoM but up 25.5% YoY. The stable pax figures were supported by robust growth in international traffic (3.5% MoM, +60.8% YoY) as well as domestic traffic (-6.0% MoM, +3.0% YoY), considering the high base effect as the Deepavali festival fell in October (vs Nov in 2023), along with the general election campaigns late last year. For 10M23, the growth in cumulative passenger movements in Malaysia moderated to 65.6% from 71.8% a month ago, to 67.4m. It accounted for 74.9% of our full-year forecast (i.e.: 90m), which we consider as within expectations as 2023 passenger growth is expected to be back-end loaded. The resilient growth in passenger movements was in tandem with the increase in airline seat capacity, which surged 3.3% MoM. In additional, the average load factor increased 0.2% with stable demand from Northeast Asia, South Asia and Southeast Asia, where passenger movements grew 2.2% - 12.2% MoM. Expectations are running high on travel demand to and fro China and Malaysia, thanks to the establishments of visa-free entry for Malaysian tourists (15 days) and Chinese tourists (30 days). So, MAHB’s traffic data for Dec-23 to 1Q24 would serve as important indicator of the return of Chinese visitors to Malaysia. In addition, we believe Malaysia’s tourism industry is hopeful for China’s President Xi Jinping visit. The government has set the target of attracting 5m Chinese tourists on a yearly basis after the visa-free regime. This is a tall order, in our opinion, considering the fact that only 3.1m tourists visited Malaysia in 2019. No change to our FY23-35 earnings projections. We upgrade MAHB to Buy (from hold) as the recent selling pressure appears overdone. We maintain MAHB DCF-valuation at RM7.85/share based on unchanged discount rate of 12%.- (Dec 5, 2023) FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD 1 US Dollar 4.732 4.597 4.587 1 Australian Dollar 3.150 3.024 3.008 1 Brunei Dollar 3.539 3.437 3.429 1 Canadian Dollar 3.493 3.399 3.387 1 Euro 5.140 4.973 4.953 1 New Zealand Dollar 2.932 2.823 2.807 1 Papua N Guinea Kina N/A N/A N/A 1 Singapore Dollar 3.539 3.437 3.429 1 Sterling Pound 5.985 5.800 5.780 1 Swiss Franc 5.406 5.283 5.268 100 UAE Dirham 130.450 123.680 123.480 100 Bangladesh Taka 4.386 4.099 3.899 100 Chinese Renminbi 66.730 63.920 N/A 100 Danish Krone 70.670 65.030 64.830 100 Hongkong Dollar 61.230 58.180 57.980 100 Indian Rupee 5.770 5.420 5.220 100 Indonesian Rupiah 0.032 0.029 0.024 100 Japanese Yen 3.222 3.120 3.110 100 New Taiwan Dollar 16.100 N/A N/A 100 Norwegian Krone 44.850 41.240 41.040 100 Pakistan Rupee 1.690 1.580 1.380 100 Philippine Peso 8.680 8.180 7.980 100 Qatar Riyal 131.370 124.710 124.510 100 Saudi Riyal 127.620 121.150 120.950 100 South Africa Rand 26.060 23.540 23.340 100 Sri Lanka Rupee 1.480 1.360 1.160 100 Thai Baht 14.050 12.460 12.060 Exchange Rates Source: Malayan Banking Bhd/Bernama Ringgit eases against dollar, taking cue from weaker yuan KUALA LUMPUR: The ringgit ended lower against the US dollar yesterday following the weakening in the Chinese yuan after ratings agency Moody’s cut its outlook on China’s government credit ratings to negative. At 6pm, the ringgit decreased to 4.6610/6660 against the greenback from Monday’s close of 4.6550/6600. Bank Muamalat Malaysia chief economist Mohd Afzanizam Abdul Rashid said the downgrade from stable to negative suggests that the odds of possible sovereign rating cut for China has escalated. “This happened as the China government is ramping up its fiscal stimulus measures to bolster its economic actitivities as it needs to grapple with the weakening property markets. “I think given that there is a positive correlation between the yuan and the ringgit, the weakneses in the yuan could result in a weaker ringgit,” he told Bernama. On the contrary, he said the Japanese yen appears to be getting some support, gaining some 0.33% against the US dollar as investors appear to be seeking refuge in yen. “Similarly, the euro appreciated against the US dollar by 0.21%,” he added. At the close, the ringgit was traded higher versus a basket of major currencies. It appreciated further vis-a-vis the euro to 5.0483/0537 from 5.0623/0677 at Monday’s close, was also higher against the British pound at 5.8873/8936 from 5.8997/9061 previously, and was up against the Japanese yen to 3.1692/1729 from 3.1751/1787 previously. Yinson and JLand ink MoU for sustainable real estate solutions KUALA LUMPUR: Yinson Holdings Bhd and JLand Group Sdn Bhd (JLG), a wholly owned subsidiary of Johor Corporation Bhd (JCorp), have entered into a memorandum of understanding (MoU) yesterday to explore potential business opportunities in the development and deployment of renewable energy and green technology solutions. This collaboration leverages Yinson’s position as a global energy infrastructure and technology company in its inclusive transition journey, as well as JLG’s position as the leader in Johor’s real estate and infrastructure businesses. The strategic alliance underscores Yinson’s commitment to sustainability, innovation, and value creation with likeminded partners as it aims to provide communities with affordable, reliable, and accessible energy in its decarbonisation journey. Yinson’s group CEO Lim Chern Yuan said, “We are delighted to partner JLG to ensure clean energy solutions and green technology infrastructure are easily and readily accessible to all Malaysians. This collaboration enables us to provide sustainable energy solutions, ensuring an inclusive energy transition while tackling climate change through reduction of carbon emissions.” JCorp Real Estate & Infrastructure division director and JLG Deputy chairman Datuk Akmal Ahmad remarked, “This significant collaboration is a big move towards bringing green solutions to our multiple projects, which span from homes and commercial buildings to industrial parks. We are adding eco-friendly energy tech to our developments in Johor, aiming for a broader focus on environmental awareness. This collaboration significantly enhances our dedication to crafting digital-first, sustainable ecosystems, and developments,” he added. Malaysia Airports Holdings Bhd Buy. Target price: RM7.85 KLCI Strategy Target: 1490 pts D&O Green Technologies Bhd Outperform. Target price: RM4.37 Source: PublicInvestment Research Source: HLIB Research Source: TA Securities Dec 5, 2023: RM3.51 Dec 5, 2023: 1449.46 pts Dec 5, 2023 RM7.08
LYFE LYFE WEDNESDAY | DEC 6, 2023 22 /theSunMedia FOLLOW ON YOUTUBE Malaysian Paper BLACKPINK, the globally renowned sensation, recently brought its distinctive fashion prowess to Buckingham Palace, leaving an indelible mark on the world of style with a captivating fusion of K-pop glamour and British aristocracy. Devoted Blinks, the fandom of this chart-topping female quartet went wild and took to social media, including X (formerly Twitter) to share their thoughts on each member’s individual style statements at the esteemed venue, drawing parallels to the timeless fashion sense of the late Princess Diana. Jennie’s regal elegance Jennie, acknowledged for her refined and elegant style, channelled Diana’s timeless grace in a stunning off-theshoulder gown, radiating regal beauty in chic white adorned with modest lace details. The sleek yet compelling design echoed the late princess’ preference for understated beauty during her iconic nighttime appearances. Lisa’s modern grace Lisa, the group’s fashionista, infused a modern twist into regal attire by opting for an aquamarineembellished cape dress designed by Georges Hobeika. Paired with metallic Rene Caovilla heels and a Bulgari necklace, her daring choice mirrored Diana’s avantgarde style, showcasing Lisa’s ability to blend the classic with a fresh, contemporary touch. Rose’s timeless romance Rose chose a classic black column gown with a sweetheart neckline and Gianvito Rossi pumps, capturing the essence of Diana’s legendary fashion moments. Her attire paid homage to the late princess’ penchant for timeless and romantic fashion, creating a look that stood the test of time. Jisoo’s classic sophistication As Dior’s global ambassador, Jisoo exuded classic sophistication in a black puff-sleeved dress from the fashion house Resort 2024 collection, inspired by Frida Kahlo. Her ensemble recalled Diana’s preference for elegant yet approachable fashion, showcasing the timeless allure of classic silhouettes. The echoes of Princess Diana’s fashion legacy resonated as Blackpink made a sartorial statement at Buckingham Palace. The group’s ability to pay homage to the late princess while seamlessly integrating their distinct styles reflects the enduring influence of timeless fashion. Blackpink’s Buckingham Palace showcase will undoubtedly be remembered as a pivotal moment in the group’s journey through the realms of both music and fashion. – BY ACE EMERSON Blackpink’s tribute to the late Diana. – PICS COURTESY OF BLINKS ON X Blackpink’s fashion nod to Diana breathable and lightweight materials, redefine comfort and performance. Breaking norms, embracing diversity Boots shatter gender norms, evolving into a unisex staple worldwide. Gender-neutral designs and inclusive marketing campaigns redefine conventional footwear perceptions. From combat boots gracing soldiers’ feet to high-heeled boots strutting fashion runways, their versatility transcends gender boundaries. Global footprints Boots metamorphose into symbols of cultural identity, each style reflecting regional traditions. Cowboy boots embody American Western culture, while the Chelsea boots boast British origins. The influence of these cultural icons ripples globally as fashionistas reinterpret and embrace these styles, contributing to the ever-evolving world of boots. Pop culture icons Boots etch an indelible mark on popular culture, evolving into iconic symbols in movies, music and literature. From rugged combat boots worn by action heroes to thigh-high boots embraced by music icons like Beyonce, boots emerge as powerful tools for self-expression and storytelling. Treading lightly towards tomorrow In recent years, a crescendo of sustainable fashion has echoed through boots. Designers incorporate eco-friendly materials, ethical manufacturing processes and recyclable components, creating boots that not only make a fashion statement but also align with environmentally conscious values. Striding through fashion’s annals From their humble origins as practical footwear to their current status as fashion luminaries, boots traverse the sands of time, adapting to cultural shifts and style revolutions. Whether commanding the runway, navigating challenging terrains or making a bold statement on city streets, boots stride confidently through the annals of fashion history, proving that their allure is truly timeless. S TEP into the enchanting universe of boots, where the echoes of timeless elegance harmonise with utilitarian prowess, transcending the mundane to manifest as iconic symbols of both style and functionality. theSun invites you on a journey through the rich tapestry of their history, exploring the evolving trends and multifaceted roles that boots have seamlessly embraced. A tapestry woven in time - military roots to everyday chic Embark on a historical odyssey as boots, born centuries ago for military and labour purposes, unfold their captivating narrative. Witness the recognition by early civilisations of the imperative need for protective footwear in battle and harsh working conditions. Like masterful artwork, boots have evolved from simple leather coverings to sophisticated designs, catering to specific needs such as riding, hunting and conquering rugged terrain. Runway elegance meets street couture In the mid-20th century, boots underwent a transformative metamorphosis, transcending functionality to ascend the throne of high fashion. Legendary figures like Marilyn Monroe and Audrey Hepburn became maestros, orchestrating the transition of boots from utilitarian essentials to coveted fashion accessories. The dynamic 1960s witnessed the emergence of the Chelsea boot and the audacious go-go boots, marking an era of bold and experimental designs. Diverse horizons Today, the world of boots unfolds as a vibrant landscape, offering classic leather boots, trendy combat boots and sleek ankle booties. Designers, akin to avant-garde artistes, experiment with materials, from vegan leather to suede, even venturing into unconventional realms with rubberised fabrics. The fusion of traditional craftsmanship and modern aesthetics yields a cornucopia of choices catering to every taste and occasion. Functionality ventures into adventure While boots have become synonymous with fashion, their pragmatic roots remain embedded. Outdoor enthusiasts and adventurers traverse diverse terrains, relying on specialised boots designed for hiking, mountaineering and extreme weather conditions. Technological marvels, including waterproof, Evolution of boots The type of footwear that provides functionality and style. – PICS BY FREEPIK █ BY YASMIN ZULRAEZ Popularised through the era. oTimeless saga of style, substance and unbridled allure Providing comfort and safety.
LYFE LYFE WEDNESDAY | DEC 6, 2023 23 Daily defence WHILE some men are accustomed to shaving and washing their faces with drugstore cleansers frequently, others have adopted a good skincare regime to improve their complexion. As men become more aware of the importance of taking good care of their skin, the skincare industry has moved away from the traditional strategy of delivering skincare primarily targeted at women towards a more diversified approach of providing skincare products for bothgenders. This article will explore a simple yet effective daily skincare regimen created with men’s specific needs in mind. Kick off the day fresh The first step in any skincare routine is cleansing. Initiating a skincare routine with a thorough cleanse is crucial for a revitalised complexion. This pivotal step involves the use of a gentle, hydrating cleanser designed to eliminate the residue of overnight processes. Throughout the night, the skin accumulates excess oils, sweat and environmental debris, making morning cleansing imperative. Opt for natural ingredients to preserve essential oils and create a balanced canvas for better absorption of subsequent products. This cleansing ritual not only ensures immediate cleanliness but also lays the groundwork for a resilient and receptive complexion throughout the day. Say goodbye to dead skin In the pursuit of vibrant and smooth skin, exfoliation emerges as a crucial practice. Men are encouraged to incorporate exfoliation into their routine two to three times a week to bid farewell to dead skin cells, fostering a complexion free from dullness and roughness. This process not only rejuvenates the skin’s surface but also plays a pivotal role in unclogging pores and stimulating cell turnover. When selecting exfoliants, consider those infused with potent ingredients such as alpha-hydroxy acids (AHAs) or beta-hydroxy acids (BHAs). These active compounds contribute to the removal of dead skin cells, promoting a healthier and more refined skin texture. Regular exfoliation becomes a cornerstone in maintaining Facial care has come to be associated with hygiene. – PICS BY PEXELS oTailored daily skincare routine for men █ BY HAZIQUE ZAIRILL First M’sian model to open Louis Vuitton show A MALAYSIAN model has made a mark in the fashion industry by opening the first ever Louis Vuitton Men’s Pre-Fall 2024 Show in Hong Kong. Ridzman Zidaine opened the show with a striking entry, strutting down the runway to showcase Pharrell Williams’ first pre-fall presentation that echoes Maison’s art of travel at Hong Kong’s Victoria Harbour on Thursday. The 23-year-old model was striding with style and confidence in a sailorinspired double-breasted Louis Vuitton suit in a blend of Maison’s motifs with a sailor hat and an oversized Damier pattern bag in pristine white with hints of nauticalinspired red and blue. He also reappeared during the final walk, when he and 34 other models showcased each design for the last time before Pharrell stepped out to close the show. Ridzman is also featured on Louis Vuitton’s official Instagram story and on its Instagram page’s main feeds. In July last year, Ridzman made headlines with his debut on the runway of Paris Fashion Week, donning Louis Vuitton, Hermes and Ermenegildo Zegna. In June, he was on the runway of London Fashion Week for fashion designer Robyn Lynch’s showcase. He was scouted and signed by Kuala Lumpur-based modelling agency Topboi Citizen at 19 and made his first show at Kuala Lumpur Fashion Week 2019. - BY I. HANIM To rejuvenate skin, start with a thorough cleanse. The ordinary has all kinds of skincare. a complexion that exudes vitality and a youthful glow. Healthy glow Irrespective of skin type, men should recognise the essential role of moisturising in their skincare routine. A lightweight, non-greasy moisturiser is a key player in preserving optimal skin hydration levels while serving as a protective barrier against environmental pollutants. For daytime application, opt for a moisturiser that includes SPF to shield your skin from the harmful effects of UV rays. In essence, moisturising is the cornerstone of a daily skin care regimen, ensuring that your skin remains supple, healthy and radiant throughout the day and apply it every morning, regardless of the weather. This simple step goes a long way towards preserving your skin’s health and preventing signs of ageing. Combat signs of ageing The delicate skin around the eyes is prone to premature ageing. It is possible to lessen the appearance of fine lines, dark circles under the eyes and puffiness by using an eye cream as part of your routine. Look for products that contain hyaluronic acid and vitamin C if you want to give the skin around your eyes the ability to remain firm and hydrated. Rejuvenate Including a night serum in your skincare routine a few times a week can be a game-changer for skin repair and renewal. These serums, enriched with potent ingredients like retinol, peptides and antioxidants, work overnight to diminish fine lines, enhance skin texture and promote a more youthful appearance. The deep penetration of these ingredients during the night addresses daily wear and tear and stimulates collagen production while safeguarding the skin from environmental stressors. Embracing the reparative power of night serums unveils a transformative journey for a revitalised and radiant complexion. Skincare is not exclusive to any gender, and men can benefit greatly from adopting a regular skincare routine. The key is consistency and choosing products that cater to your specific needs. By investing a few minutes each day in proper skincare, men can maintain healthy, vibrant skin that reflects their overall well-being and self-care. First Malaysian model to showcase Louis Vuitton. night. Protect skin from UV damage Sunscreen is a non-negotiable step in any skincare routine. Exposure to UV rays can lead to premature ageing, pigmentation and an increased risk of skin cancer. Choose a broad-spectrum sunscreen with at least SPF 30 and
LYFE LYFE WEDNESDAY | DEC 6, 2023 24 /thesundaily FOLLOW ON FACEBOOK Malaysian Paper Honey elixir HONEY, often referred to as “liquid gold”, has been cherished for its sweet taste and medicinal properties for centuries. Beyond its culinary uses, honey has made a mark in the beauty industry, becoming a key ingredient in various skincare routines. Packed with antioxidants, antibacterial properties and essential nutrients, honey offers a range of beauty benefits that go beyond its delectable flavour. In this feature, we will delve into the seven remarkable beauty benefits of honey that make it a must-have in your beauty arsenal. Natural moisturiser One of the most notable beauty benefits of honey is its ability to moisturise and nourish the skin. Honey is a natural humectant, meaning it attracts and retains moisture. When applied to the skin, honey helps hydrate and lock in moisture, making it an excellent remedy for dry and parched skin. For a quick and easy DIY moisturising mask, mix honey with a bit of yoghurt or avocado and apply it to your face. Leave it on for 15-20 minutes, then rinse it off to reveal soft, supple skin. Acne treatment Honey’s antimicrobial and antibacterial properties make it an effective treatment for acne-prone skin. It helps combat acne by reducing the growth of bacteria that can lead to breakouts. Additionally, honey’s antiinflammatory properties can soothe irritated skin and reduce the redness associated with acne. Create a spot treatment by applying a small amount of raw honey directly to blemishes or mix it with other natural ingredients like tea tree oil for a potent acne-fighting concoction. Gentle exfoliation Honey contains natural enzymes that act as gentle exfoliators, helping to remove dead skin cells and unclog pores. This makes honey an excellent ingredient for those with sensitive or easily irritated skin. Combine honey with finely ground oats or sugar to create a mild A sweet substance made by bees from nectar. – FREEPIK oIts seven beauty benefits █ BY THASHINE SELVAKUMARAN Six recycling innovations that could change fashion polyester and cotton, allowing both to be transformed into new fibres. SuperCircle - collecting and sorting SuperCircle addresses the lack of infrastructure for collecting and sorting old clothes. By collaborating with delivery firms, warehouses and tracking systems, they aim to streamline the recycling process. In-store drop-off bins, free shipping labels and incentives for consumers are part of their strategy. Saentis Textiles - in-house recycling Saentis Textiles provides a solution for in-house recycling with a patented machine that minimally damages cotton fibres during the recycling process. Its recycled cotton is utilised by brands like IKEA, Patagonia and Tommy Hilfiger. Unspun - 3D weaving machine Unspun introduces the world’s first 3D weaving machine capable of creating customed sized jeans directly from yarns in under 10 minutes. This innovation aims to reduce the need for brands to maintain large inventory stockpiles, thus minimising waste and transportation. Cetia - preparing old clothes France-based Cetia specialises in preparing old clothes for recycling. Using AI and laser technology, they recognise and remove hard points like buttons and zippers without damaging the items. Rubi Labs - carbon-capture fabric Rubi Labs captures waste carbon dioxide from factories and transforms it into cellulose, similar to plant growth. The resulting cellulose pulp can be used to produce yarn. A pilot project with Walmart in July aims to test the scalability and affordability of this innovation. Recycling textiles is a highly complex task, and technical solutions are still in its infancy. It is an effective pore cleanser. – FREEPIK THE fashion industry’s significant waste issue has spurred European governments to set ambitious recycling targets. However, the complexity of recycling textiles and the early stages of technical solutions pose challenges. Nonetheless, the urgency to scale up recycling is pressing, with potential massive fines looming for brands that fail to meet high recycling levels. Circular economy consultant Paul Foulkes-Arellano emphasises the need for brands to adopt rapid recycling solutions. Various innovative ideas are emerging in the textile recycling landscape, each addressing different challenges. Circ - unblending clothes Circ, based in the US, tackles the difficulty of recycling blended materials, such as polycotton. They employ a hydrothermal process to separate exfoliating scrub. Gently massage the mixture onto your face in circular motions, then rinse off for a smoother complexion. Anti-ageing properties Rich in antioxidants, honey helps neutralise free radicals that contribute to premature ageing. Free radicals can damage the skin’s collagen, leading to wrinkles and fine lines. By incorporating honey into your skincare routine, you can support the skin’s natural elasticity and promote a more youthful appearance. Consider mixing honey with a few drops of rose-hip oil or aloe vera gel for a rejuvenating face mask that combats the signs of ageing. Scars are fading and healing Honey’s wound-healing properties can aid in reducing the appearance of scars and promoting skin regeneration. Applying honey to scars or wounds helps create a moist environment that supports the healing process and minimises scarring. For a natural scar-fading treatment, mix honey with a pinch of turmeric and apply it to the affected area. Turmeric has antiinflammatory properties that complement honey’s healing effects. Brightening and even skin tone The enzymes in honey, along with its gentle exfoliating properties, contribute to a brighter and more even skin tone. Regular use of honey can help fade dark spots and hyperpigmentation, giving your skin a radiant glow. Combine honey with lemon juice, a natural skin brightener, for a potent concoction that promotes a luminous complexion. Remember to use sunscreen during the day to protect your skin from further pigmentation. Hair conditioning Beyond its benefits for the skin, honey can also work wonders for your hair. The humectant properties of honey make it an excellent natural conditioner. It helps retain moisture, making hair softer and more manageable. Mix honey with coconut oil or yoghurt and apply the mixture to your hair, focusing on the ends. Leave it on for 30 minutes before washing for silky-smooth, nourished locks. Honey stands out as a versatile and effective beauty elixir. Embrace the natural goodness of honey in your skincare and haircare routines to unlock these seven beauty benefits and let the golden elixir transform your beauty regimen. These initiatives demonstrate diverse approaches to addressing textile recycling challenges, offering potential solutions for a more sustainable fashion industry. - ETX STUDIO Honey moisturises and hydrates the skin. – DABOR HONEY
LYFE LYFE WEDNESDAY | DEC 6, 2023 25 LOCAL sensation band Alif Satar and The Locos is gearing up to perform at a show to usher in the year 2024 with electrifying performances dedicated to their loyal fans. The band is slated to captivate the audience on Jan 7, 2024, at Zepp Kuala Lumpur, ensuring a thrilling and unforgettable experience for all attendees. Adding to the excitement, the event will feature the acclaimed Indonesian singer, Anggi, whose popularity has soared with her hit song Tak Segampang Itu, drawing attention from an ever-expanding audience. Presented by Mutiara Optimum and coorganised by MND Sport and Event, the show, titled “A Night With Alif Satar and The Locos,“ distinguishes itself with the inclusion of Anggi, creating a unique fusion of Alif’s musical prowess and Anggi’s soloist excellence. Both artists, boasting impressive achievements individually, will collaborate to deliver a performance that promises to be both collaborative and unforgettable. This event stands as a testament to the diverse talents and accomplishments of both the band and the soloist, ensuring an evening of extraordinary entertainment. Harith Daniel from MND Sport and Event explained the concept behind the collaboration, stating, “One might wonder how the collaboration between Alif Satar and The Locos and Anggi will unfold.” “Alif, accompanied by his band and Anggi will showcase their vocal talents, exploring diverse genres while remaining harmoniously united on one stage. “The uniqueness of the show lies in recognising the distinct strengths of the band and Anggi’s artistic ways. “Beyond a musical collaboration, we aim to foster not only camaraderie but also to fortify professional relationships within the music industry. This collaboration is envisioned not only to strengthen bonds but also to unite the tastes of fans across the archipelago,“ he added. For Alif, agreeing to the organisers’ proposal is an expression of appreciation for the industry and the fans who have consistently supported his singing career. “This performance is not just about Alif Satar and The Locos, but I see it in a bigger context when combined with Anggi. “This is about the friendship between two related countries, about music being a bridge for artists to exchange ideas and grow,“ he added. The Jangan Nakal singer openly expresses his genuine excitement about meeting fans and providing entertainment, especially after an extended period without live performances. He acknowledges the anticipation and eagerness of the audience, who have patiently awaited his return to the stage. Anggi, the third-place winner of Indonesian Idol season 11, views the opportunity to share the stage with the local band and perform in Malaysia as an excellent platform to broaden her career. Tickets for the event are currently on sale and can be purchased by visiting MyTicket.asia at [email protected]. – BY HAZIQUE ZAIRILL Alif Satar and The Locos will be performing together with Anggi in Zepp KL in January 2024. Alif Satar and The Locos to perform at Zepp KL broadcast by the acclaimed Japanese artist Tomoya Warabino, renowned for his compelling portrayal of Gento Hiruma in Ultraman Blazar, adds an extra layer of excitement. Prepare for an immersive experience as the event unfolds, featuring an epic battle with cinematic-type action that promises to rival the adrenaline of the previous year’s stage show. The premiere show kicks off at 7pm on Dec 1, with subsequent stage presentations scheduled at 1pm, 4pm and 7pm on the weekends of Dec 2 and 3, as well as Dec 9 and 10. Keep an eye out for updates, though – the schedule might undergo alterations without prior notice. Beyond the heroics, the tour introduces a fascinating exhibition of the latest figures from the Tamashii Nations. These extend beyond the Figuarts’ Ultraman series, incorporating esteemed intellectual properties such as One Piece, Spy x Family, Mashle and Hell’s Paradise. Action figures aficionados, brace yourselves. Tamashii Nations will unveil new event-exclusive items, including Figuarts’ Ultraman ZERO and Ultraseven (The Mystery of Ultraseven). The much-celebrated Figuarts’ Ultraman (The Rise of Ultraman) makes a comeback, available at special merchandise counters, eliminating the need for international travel to add these exclusive items to your collection. Explore the dedicated merchandise counters, where a treasure trove of memorabilia awaits to enrich your collection. Admission to this grand tour is complimentary, with daily opening hours from 10am to 10pm. Visitors aged 15 years and older are welcome, while those below this age threshold must be accompanied by a guardian. As the Malaysia tour concludes, brace yourselves for the Tamashii Nations Southeast Asia Tour’s onward journey to other captivating Southeast Asian cities, including Thailand and Indonesia. For the latest updates and thrilling behindthe-scenes content, immerse yourself in the world of Tamashii Nations by visiting their official Facebook page. Get ready to witness the clash of heroes, the unveiling of exclusive figures and the camaraderie of Ultraman enthusiasts. Tamashii Nations’ Southeast Asia Tour is not just an exhibition - it is a superhero pilgrimage. AFTER a year’s hiatus, brace yourselves for spectacle like no other - Malaysia is hosting the Ultra Heroes Southeast Asia Tour again. theSun dives into the exhilarating realm of Tamashii Nations, where Paradigm Mall in Petaling Jaya transforms into a haven for enthusiasts and collectors from Nov 30 to Dec 10. Organised under the prestigious Tamashii Nations brand, the tour, orchestrated by Bandai Spirits in collaboration with Bandai Namco Asia, promises an exclusive encounter with the newest Ultra hero, Ultraman Blazar, making Malaysia the first country outside Japan to meet this iconic figure. A life-sized statue of Ultraman Blazar, standing tall at approximately 2.0 metres and meticulously crafted based on S H Figuarts, steals the spotlight during the event. But that is not all — a special video Ultraman Blazar debuts in Malaysia during the first leg of Ultra Heroes Southeast Asia Tour. –PICS BY ULTRA HEROS TOUR Latest figure displays and amazing stage shows await. oTamashii Nations’ Southeast Asia tour hits Malaysia Indonesian rising star, Anggi. █ BY HAZIQUE ZAIRILL Unleashing the Ultra Heroes Explore the merchandise counters for memorabilia to add to your collection.