CEOMorningBrief THURSDAY, OCTOBER 5, 2023 ISSUE 647/2023 theedgemalaysia.com US 30-YEAR MORTGAGE RATE TOPS 7.5% FOR FIRST TIME SINCE 2000 p16 HOME: BHIC seeks extension for disposal of 20.77% Boustead Naval Shipyard stake to MOF p4 Astro falls to all-time low of 40 sen as uncertainty clouds dividend outlook p5 WORLD: ‘Tough decisions’, UK’s Sunak cancels part of rail project p15 EU formally opens anti-subsidy probe into EVs made in China p18 HK banks struggle to sell foreclosed homes at 20% discount p22 BOUSTEADPLANTATIONS.COM.MY LTAT buys out BPlant after KLK’s bid falls through Report on Page 3. Report on Page 4. Kossan Rubber’s largest shareholder distributes 14.35% stake to family members
ceoMorningBrief thursday, october 5, 2023 Issue 647/2023 theedgemalaysia.com
THURSDAY OCTOBER 5, 2023 2 THEEDGE CEO MORNING BRIEF published by ( 2 6 6 9 8 0 - X ) tel . 603-77218000 Level 3, Menara KLK, 1 Jalan PJU 7/6, Mutiara Damansara, 47810, Petaling Jaya, Selangor, Malaysia publisher + ceo . Ho Kay Tat editor-in-chief . Kathy Fong chief commercial officer . Sharon Teh chief operating officer . Lim Shiew Yuin editors . Jenny Ng . Tan Choe Choe Lam Jian Wyn to contact editors: [email protected] to advertise: [email protected] the edge ceo morning brief Read from desktop or mobile device. You can print in A4 to read. Set print mode to fit or shrink oversize page. to get on emailing list [email protected] Bernama KUALA LUMPUR (Oct 4): The Securities Commission (SC) and Ministry of Agriculture and Food Security (KPKM) have established the Malaysian Innovation Agri-Financing Steering Committee (MIAF) to help agropreneurs grow and support the country’s food security. SC chairman Datuk Seri Dr Awang Adek Hussin said the steering committee is a collaborative initiative that includes KPKM, Agrobank, Malaysia Digital Economy Corp and the SC. “The committee aims to leverage the expertise and resources of its members to increase the agriculture sector’s understanding and adoption of alternative finance and technology, as well as facilitate the growth of investment-ready agribusinesses. “God willing, we will achieve these objectives because together, we can drive positive change and empower agropreneurs to thrive in their industry," he said in his welcoming remarks at the SCxSC GROW Roadshow and Bioeconomy Corporation Conference HOME KOTA KINABALU (Oct 4): The subsidies given by the government to the people throughout the country including electricity, fuel and food is expected to exceed RM81 billion this year, said Prime Minister Datuk Seri Anwar Ibrahim. He said even though the figure is seen as high, reducing the total subsidy without looking at the needs of the people is not a choice to the government to ensure the people are not burdened especially by the current cost of living. Therefore, he said the rationalisation of subsidies being implemented by the government is important in ensuring the people get assistance while the country’s economy remains strong. “Subsidy is an intervention by the government to ease the people’s burden. Subsidies for chicken and eggs amounted to RM3.8 billion but reducing the subsidies would not an option as it will raise the cost of living to the people, therefore a more resilient policy is needed to reduce (subsidies) which is the rationalisation of subsidies. “With such a [high] amount of subsidies, no country can survive, some will [be] lessened,” he said while launching the Putrajaya’s subsidy expenditure expected to surpass RM81 bil this year — Anwar Bernama SC, agriculture ministry set up steering committee to help agropreneurs Islamic Affairs Management Convention in conjunction with the 2023 Ijtimak Perdana Agensi Agama Seluruh Malaysia (IJPAM) at the Sabah Intrnational Convention Centre here on Wednesday. Also present were Sabah Chief Minister Datuk Seri Hajiji Noor; Minister in the Prime Minister’s Department (Sabah, Sarawak Affairs and Special Functions) Datuk Armizan Bin Mohd Ali; and Minister in the Prime Minister’s Department (Religious Affairs) Datuk Dr Mohd Nai’im Mokhtar. IJPAM 2023, which began on Sept 30 until Thursday, saw the attendance of 1,837 participants from various Islamic Affairs agencies at federal and state levels throughout the country. Anwar said through the rationalisation measure, electricity subsidy for 1% of the wealthiest group has been cancelled but 99% of the people are not affected. The prime minister said he recently asked Tabung Haji (TH) to review all subsidies for the cost of performing pilgrimage for the rich, with an eye to channeling the subsidy to needy Muslims. “I requested this rationalisation from the Muslim community, the richest are not given subsidies to help other pilgrims, it was well received. There are 400 pilgrims who are eligible for the subsidy (haj) but turned down the subsidy to help others pay the cost of haj,” he said. Anwar said many people repeated his statement in 2008 saying ‘today we win, tomorrow the price of oil goes down’, explaining that year saw the price of oil in this country surpassing other oil producing countries like Saudi Arabia. Read the full story Read the full story here on Wednesday. He noted that since inception in 2015, less than 7% of the funds raised through equity crowdfunding (ECF) and peer-topeer (P2P) lending platforms has gone into agri-related businesses. “Hence, there are significant opportunities for agri-businesses to tap into these alternative financing methods to help support Malaysia’s food security,” he said. Awang Adek said start-ups and micro, small and medium enterprises (MSMEs) are the backbone of the Malaysian economy; therefore, supporting their growth is vital for sustainable economic growth. In addition to financial support, market access and partnerships are also important for sustainable growth, he said. In the private market space, Awang Adek said, the SC has worked to develop a facilitative regulatory framework that includes incentives to ensure that venture capital (VC) and private equity (PE) managers are able to support MSMEs across a wide range of sectors. He explainded that VC/PE firms not only provide financing, but they also support entrepreneurs in their business development journey. “This ensures that agropreneurs have the financial backing and the business knowledge they need to grow their businesses,” he said.
THURSDAY OCTOBER 5, 2023 3 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 5): Lembaga Tabung Angkatan Tentera (LTAT) is planning to buy out Boustead Plantations Bhd (BPlant) at an offer price of RM1.55 per share. This comes immediately after the proposed disposal of a 33% stake in BPlant by LTAT and Boustead Holdings Bhd (Boustead) to Kuala Lumpur Kepong Bhd (KLK) fell through. “Following this termination, LTAT wishes to also announce that it aims to proceed with the general offer of BPlant at an offer price of RM1.55 per share, subject to regulatory approvals,” LTAT said in a statement on Wednesday. At an offer price of RM1.55 per share, it represents a premium of 22% over BPlant’s last traded price of RM1.27 on Tuesday. LTAT and Boustead hold a total of 68% in BPlant. It is worth noting that LTAT took Boustead private earlier this year. A back-of-the-envelope calculation shows that LTAT would have to fork out RM1.11 billion for the remaining 716.8 million shares, equivalent to 32% interest, it does not own. LTAT added in the statement that as majority shareholders, together with Boustead, of BPlant, they will refocus efforts on the restructuring of the company to ensure it gets back on a stronger financial footing and charts a better business horizon moving forward. It also said that the move will allow BPlant to retain agility and independence in charting its own course to ensure a sustainable future. “We are committed at addressing all the legacy issues within the Boustead Group, in line with the Strategic Plan 2023-2025 (MAMPAN25). For LTAT to discharge its duty, per the mandate and function of a sustainable pension fund, it is vital for the legacy issues to be addressed first. “We remain confident that the restructuring of the Boustead Group will significantly improve LTAT’s position, particularly since almost 50% of our investment remains unlocked within the Group,” said LTAT chief executive officer Datuk Nazim Rahman. Meanwhile, BPlant and KLK also announced news of the failed deal in separate filings, confirming the report by The Edge on Tuesday. LTAT buys out BPlant after KLK’s bid falls through BY SULHI KHALID & ESTHER LEE theedgemalaysia.com KLK said it was informed that the condition precedent under the strategic collaboration agreement (SCA) inked between KLK, Boustead and LTAT “will not be satisfied by the cut-off date of Oct 6, 2023”. “In the circumstances, the parties mutually agree that the SCA shall be terminated with immediate effect on Oct 4, 2023,” it said. “As a result of the termination, Boustead shall return the deposit (equivalent to the sum of RM229.15 million) to KLK within 14 business days from Oct 4, 2023, or such other later date as may be agreed between the parties,” KLK added. Both KLK and BPlant said the termination of the SCA is not expected to have any material effect on the earnings, earnings per share, net assets, and net assets per share of the respective companies for their current financial year. Their shares will resume trading on Thursday, after two days of suspension on Tuesday and Wednesday. To recap, the deal would have seen LTAT and Boustead dispose of a 33% stake in BPlant for RM1.15 billion or RM1.55 per share. KLK currently holds a direct 3.09% stake in BPlant, following its last acquisition of 6.11 million shares on Sept 29. Under the deal, KLK had planned to extend a mandatory general offer at RM1.55 a share for BPlant in order to raise its shareholding to 65%, and to subsequently delist the company. LTAT and Boustead would have held the remaining 35% upon completion of the now-defunct exercise. The BPlant-KLK proposal came just months after LTAT took Boustead private to accelerate the restructuring of Boustead’s debt, which totalled RM6.76 billion at end-March. This comprised long-term borrowings of RM2.778 billion and short-term borrowings of RM3.986 billion, against cash of RM565.8 million. For LTAT, improvements in Boustead will be positive to its own position, as the armed forces fund said in July that its asset allocation on Boustead-related investments stood at 39% of its portfolio. In March this year, the armed forces fund paid RM476.45 million in dividends or a rate of 5% for 2022, up from 2021’s RM379.4 million or 4.1%. On Monday, Prime Minister Datuk Seri Anwar Ibrahim said the Ministry of Finance had allocated RM300 million this week to help LTAT address its liquidity issues, and is looking for a total of RM2 billion by year-end to “save” LTAT. The money would help LTAT avoid losses, Anwar was quoted as saying in news reports, as he revealed the financial support at the launch of the Felda Segalanya event at Felda Chemomoi in Teriang, Pahang. LTAT completed Boustead’s takeover on June 12, in which it paid RM702.3 million for the remaining 40.58% stake in Boustead, in a deal that valued Boustead at RM1.73 billion. Boustead had net tangible assets of RM1.60 per share at the time, against the takeover price of 85.5 sen. Speculation of the termination of the BPlant stake sale to KLK had sent shares of BPlant down 13% to RM1.27 on Monday, giving it a market capitalisation of RM2.84 billion. Prior to that, reports that Boustead was preparing to dispose of the plantation arm had sent BPlant shares on a steady climb from a low of 64 sen apiece since June. The counter rose to its recent closing high of RM1.52 on Aug 28, following the announcement of KLK’s acquisition proposal. KLK shares last closed unchanged at RM21.48 on Monday, valuing the group at RM23.22 billion. According to Bloomberg data, its share price has fallen 3.94% year-to-date, but over the past one year, it is up by 9.69%.
THURSDAY OCTOBER 5, 2023 4 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 4): Boustead Heavy Industries Corp Bhd (BHIC)’s planned disposal of a 20.77% stake in troubled Boustead Naval Shipyard Sdn Bhd (BNS) to the Ministry of Finance (Inc) has been extended by 21 business days as the parties involved require more time to fulfil conditions precedent to the RM1 deal. BHIC told the local stock exchange on Wednesday that the agreement for an extension by both parties came after the expiry of the conditional period on Tuesday. The deal was part of the government’s intention to take full control of the RM9.13 billion littoral combat ship (LCS) project that BNS failed to deliver on time. According to BHIC’s past disclosures, the divestment is conditional upon fulfilling conditions precedent within 30 business days, or a further period of 21 business days or such longer period as the parties may agree. There were four conditions precedent, including execution of a conditional intercompany trade receivables reorganisation agreement to be entered into between BHIC and BNS. The agreement was meant for the repayment of RM383.94 million or such other sum owed by BNS to BHIC. Other conditions precedent include necessary written consent from BNS’ lenders and BHIC’s financiers or creditors. The deal is also conditional upon completion of due diligence review and all remedial actions undertaken and completed to the satisfaction of MOF. Of the remaining equity interest in BNS, Boustead Holdings holds a direct stake of 68.85%, while Lembaga Tabung Angkatan Tentera (LTAT) owns 10.38%. LTAT took Boustead Holdings private in June this year. Shares of BHIC closed two sen or 3.85% lower to 50 sen on Wednesday, giving it a market capitalisation of RM124.23 million. BHIC seeks extension for disposal of 20.77% Boustead Naval Shipyard stake to MOF KUALA LUMPUR (Oct 5): Kossan Holdings (M) Sdn Bhd (KHSB), the largest shareholder of Kossan Rubber Industries Bhd, distributed its 14.35% stake in the public-listed glove manufacturing company to founding family members. Kossan Rubber’s bourse filings showed KHSB as having distributed Kossan Rubber shares as dividend in specie to founder Tan Sri Lim Kuang Sia and three of his siblings — Lim Leng Bung, Lim Kuang Wang and Lim Kuang Yong. Each of them received 73.22 million shares. KHSB, the Lim family’s private vehicle, has distributed a total of 366.1 million shares. The bourse filing, however, did not reveal the recipient of the fifth block of 73.22 million Kossan Rubber shares. The glove manufacturer was founded by Kuang Sia and his four brothers, including the late Lim Kwan Hwa, who passed away during the Covid-19 pandemic in 2021. After the share distribution, KHSB, the Lim family’s private vehicle, is left with a 35% stake or 893.07 million shares. It is still the single largest shareholder in the listed company. Kossan Holdings’ shareholders are Kuang Sia and his three brothers Leng Bung, Kuang Wang and Kuang Yong, with each holding a 20% stake. The remaining 20% stake is held by Lim Seow Kiang, Lim Woi Kok and Lim Siew Bing at 5% each, with the remaining 5% stake owned equally by Lim Lee Theng, Lim Lee Sia, Lim Lee Chin, Lim Lee San and Lim Lee Yen. The distribution of shares from Kossan Holdings raised Kuang Sia’s direct shareholdings in the listed entity to 3.15% (80.23 million), Kuang Wang’s to 2.94% (75.22 million), Leng Bung’s to 2.96% Kossan Rubber’s largest shareholder distributes 14.35% stake to family members BY CHOY NYEN YIAU theedgemalaysia.com BY CHESTER TAY theedgemalaysia.com (75.53 million) and Kuang Yong’s to 2.9% (74.14 million). Like other major glove makers, Kossan Rubber’s share price has been in the doldrums over the past two years following the pandemic-driven rally in 2020. The stock closed at RM1.36 on Wednesday, a far cry from a record high of RM7.59 in August 2020. Kossan Rubber fetched a market capitalisation of RM3.4 billion at its closing of RM1.36. The group’s profitability has dwindled post-pandemic, as over-expansion in industry capacity led to a glove supply glut. Kossan Rubber recorded a net loss of RM27.53M million for the six-month period ended June 30, 2023 (1H2023), compared to a net profit of RM136.09 million a year earlier, as revenue shrank to RM782.25 million from RM1.274 billion a year earlier due to market competition, higher energy and labour costs and lower plant utilisation. On prospects, the glove maker said although there are signs of stabilisation, the glove sector continues to be impacted by a supply-demand imbalance and this is expected to continue in the second half of FY2023. Kossan Rubber had embarked on a capacity rationalisation exercise in 2022 to boost efficiency and lower operating costs, as it decommissioned two older plants with a total capacity of three billion pieces.
THURSDAY OCTOBER 5, 2023 5 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 4): Astro Malaysia Holdings Bhd’s share price continued heading south on Wednesday. It hit an alltime low of 40 sen a week after the release of its quarterly earnings which came below consensus estimates. The stock has plunged 61.17% from last year’s peak of RM1.03 in end-March. In other words, a cumulative RM3.29 billion has evaporated from the pay-TV group’s market capitalisation over the past 18 months. Investment analysts broadly hold rather bearish valuations of Astro with the lowest target prices at 35 sen pegged by KAF Equities Sdn Bhd and 38 sen by AmInvestment Bank. The median target price stood at 47 sen. Overall, six out of the 12 analysts tracking Astro have a “sell” recommendation on the stock, while the rest are recommending clients to “hold” onto the shares. However, Astro’s historical dividend yield has soared to 7.5% following the sharp fall in share price. Nonetheless, a high dividend yield may not be enough to outweigh concerns revolving the pay-TV group’s dwindling subscriber base as well as its recent move to revise its dividend policy. In conjunction with its quarterly earnings released last week, the group also announced its move to revise its dividend policy from a dividend payout ratio (DPR) of 75% of profit after tax, amortisation, and minority interest (Patami) to determining DPR based on consolidated Patami on an annual basis. Taking cues from the dividend policy shift as well as its recent earnings miss, analysts have forecasted Astro’s dividend per share (DPS) for the financial year ending Jan 31, 2024 (FY2024) to range between BY IZZUL IKRAM theedgemalaysia.com Astro falls to all-time low of 40 sen as uncertainty clouds dividend outlook Analyst recommendations for Astro Malaysia Holdings Bhd Target price Research house Recommendation (sen) Date issued UOB Kay Hian Hold 45 Oct 3, 2023 KAF Equities Sell 35 Sept 26, 2023 AmInvestment Bank Sell 38 Sept 26, 2023 Maybank Investment Sell 47 Sept 26, 2023 RHB Research Neutral 50 Sept 26, 2023 TA Securities Sell 50 Sept 26, 2023 HLIB Hold 50 Sept 26, 2023 Kenanga Market perform 56 Sept 26, 2023 Public Investment Bank Neutral 59 Sept 26, 2023 CLSA Sell 40 Sept 25, 2023 Affin Hwang Investment Bank Sell 45 Sept 22, 2023 MIDF Neutral 62 Sept 26, 2023 *Only recommendations issued in 2023 are included in this list. Source: Bloomberg Astro Malaysia Holdings Bhd 0 20 40 60 80 Sept 12, 2022 Oct 4, 2023 30 50 70 90 Vol (mil) Sen 41.5 sen 82.53 sen *As at market close on Oct 4, 2023 Source: Bloomberg 1.8 sen and three sen. At the stock’s intraday low of 40 sen, this translates to a dividend yield of 4.5% and 7.5%. “As Astro has been viewed as more of a dividend than growth stock, we believe that the DPS uncertainty will be viewed poorly,” Maybank Investment said. Back in FY2022, Astro’s DPS stood at 6.8 sen, which translated to a dividend yield of 7% while in FY2023, its DPS stood at three sen, which translated to a dividend yield of 4.9%. Meanwhile, Astro’s 2QFY2024 earnings fell short of consensus estimates last week, which analysts largely attributed to weaker-than-expected subscription revenue and higher-than-expected operating costs. Maybank Investment underlined that Astro’s moves to revise its dividend policy as well as undertake another voluntary separation scheme point towards the group’s uncertain outlook, driven by poor consumer sentiment and persistent content piracy. Kenanga Research cautioned that the group may continue to see high content costs in the event the weak ringgit persists, as it will lead to higher costs for imported programmes. Earlier this week, the group announced the shutdown of its home shopping business Go Shop effective Oct 11, citing a “challenging overall economic landscape and the changes in consumer shopping behaviour” It is worth noting that Astro’s substantial shareholders are billionaire Ananda Krishnan Tatparanandam, with a 41.29% stake, and Khazanah Nasional Bhd, with a 20.67% stake. Ananda also controls a 62.26% stake in Maxis Bhd. The Employees Provident Fund ceased to be a substantial shareholder of Astro back in January this year. Shares in Astro pared losses to close at 41.5 sen, still down 2.5 sen or 5.68%. The group is valued at RM2.16 billion.
THURSDAY OCTOBER 5, 2023 6 THEEDGE CEO MORNING BRIEF HOME KUALA LUMPUR (Oct 14): Malaysia’s refined fuel consumption is projected to grow at a much slower pace than anticipated over the next 10 years, averaging at around 1.5% through 2023 to 2032. BMI, a unit of Fitch Solutions, said although an improving economy together with ongoing fuel subsidies was contributing to a recovery in fuel consumption, fuel demand faces downside pressures from high global oil prices and energy transition initiatives. It forecast Malaysia’s real gross domestic product (GDP) growth would register at 4.2% in 2023 and further improve to 4.42% in 2024. “The near-term outlook for fuel consumption points to the upside, but the pace of demand growth could slow down in the long term as the government plans to implement policies aiming to cut fuel subsidies and accelerate energy transition initiatives,” BMI said in its outlook for Malaysia’s energy transition report on Wednesday. It noted that the government’s ongoing subsidies now have become a critical issue against the backdrop of elevated global oil and gas prices, putting significant pressure on the government to cover rising costs. “Though the government has not announced drastic measures to cut subsidies, we can expect a complete reduction in fuel subsidies for high-income groups. Such policy moves could constrain oil demand growth going forward because car ownership tends to be higher amongst high-income households. “We expect the government’s move to cut fuel subsidies will be met with resistance from industries, especially manufacturing entities which rely heavily on subsidies for industrial production. “However, we expect the government will continue to keep fuel subsidies for public transportation services to keep transportation costs down,” BMI said. Malaysia’s refined fuel consumption growth set to slow down over next decade — BMI (Oct 4): Malaysia is counting on its plan to cut subsidies next year to help narrow the budget deficit, giving the government room to avoid resorting to “too many taxes,” according to Economy Minister Rafizi Ramli. The government expects savings of at least US$1 billion (RM4.68 billion) to US$2 billion dollars a year from its shift to targeted subsidies that could begin as soon as the second quarter of 2024, he said in an interview with Bloomberg Television’s David Ingles. Malaysia currently absorbs much of the price of fuel and cooking oil for its population, straining the Southeast Asian nation’s coffers. “The successful implementation of the subsidy re-targeting programme will put us in a much stronger position fiscally and it will allow us some breathing space so that we don’t jump on the new taxes bandwagon too carelessly,” Rafizi said. The government is set to unveil its 2024 spending plan on Oct 13, and the budget must reconcile the country’s limited fiscal space with its ambition to become a high-income nation within this decade. Prime Minister Datuk Seri Anwar Ibrahim had previously hinted at more taxes to shore up government finances, including a capital gains tax on the disposal of unlisted shares. The 2024 budget will reveal a “concrete move” away from the current blanket subsidy system, Rafizi said, adding that how it plays out would help the government make informed decisions for taxes in 2025 and beyond. Malaysia aims to lower the budget gap to about 4.6% of gross domestic product (GDP) in 2024, and is on track to meet its shortfall-target of 5% of GDP for this year, he said. “So the fiscal deficit target is more important to us than the manner and the strategy to go there,” he said. The aim is to eventually narrow the gap to 3.5% of GDP by 2025, he said. The World Bank said on Monday that Malaysia’s narrow fiscal space remains a concern, as government tax revenue keeps declining while expenses such as on pensions and interest payments continue to rise. Spending inefficiencies including broad-based fuel subsidies and distortionary price controls exacerbated this, it said in a report. The country will leverage the savings from targeted subsidies to start reducing the debt-to-GDP ratio to 60% from the current 63%, Rafizi said. That will start happening when the budget gap shrinks to 3.5% of GDP, he added. Malaysia is designing cash transfers and aid to mitigate the impact of inflation from slashing its subsidy allocation, said Rafizi. About 80% of Malaysia’s eight million households are set to benefit one way or another from the cash transfers, he added. Bank Negara Malaysia governor Datuk Abdul Rasheed Ghaffour on Tuesday said the economy wasn’t facing a severe inflation challenge, and price pressures were expected to continue to trend lower. Still, changes to domestic policies on fuel subsidies posed potential risks to its outlook, he said. Malaysia banking on subsidy savings to narrow 2024 fiscal deficit BY ANISAH SHUKRY Bloomberg Bernama Read also: Malaysia could halve fiscal deficit if GST implemented — MARC Read the full story
thursday october 5, 2023 7 The E dge C E O m o rning brief H O N O U R I N G M A L AY S I A’ S B E S T P E R F O R M E R S I N ESG EXCELLENCE Knowledge Partner (Funds Category) Main Partner Auditor Official Broadcast Partner Automotive Partner In Collaboration With
thursday OC T Ober 5, 2023 8 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 4): Asean+3 Macroeconomic Research Office (AMRO) has revised its full-year growth forecast for the Asean+3 region to 4.3%, from a previous forecast of 4.6% projected in July, mainly because of China’s weaker-than-expected growth in the second quarter of the year. The think tank, however, projected growth for the region at 4.5% in 2024, as the impact of China’s policy support measures to boost domestic demand is expected to materialise more fully. “This, along with the gradual pickup in durable goods consumption in the United States (US) and the anticipated recovery of the global technology cycle, should boost regional exports next year amid expected weakness in the global economy,” said AMRO in the latest Asean+3 growth outlook for 2023, published on Wednesday. Asean+3 comprises ten Asean countries, namely Malaysia, Brunei, Singapore, Indonesia, Thailand, Vietnam, Cambodia, Laos, Myanmar and the Philippines, plus China, Japan and South Korea. AMRO chief economist Khor Hoe Ee sees positive signs in China’s economy, amid challenges which are weighing on China’s expected turnaround in manufacturing exports and improving growth momentum. “Beyond the real estate sector, manufacturing investment is holding up and consumer spending is starting to get back on track — these should have positive spillover effects across the rest of Asean+3,” Khor said during a virtual media briefing in conjunction with Asean+3’s growth outlook for 2023. As such, AMRO’s forecast is for inflation in the region — excluding Laos and Myanmar — to moderate to 2.6% in 2024. However, Khor said that the resurgence of global food and energy prices in recent months is sparking concerns of another commodity price spike, with the risk of higher inflation becoming more salient. “El Nino is the wild card for inflation, especially if it leads to additional restrictive trade policies on key agricultural imports, such as rice. “The impact of commodity prices on Asean+3 inflation will be sharper, if the strength of the US dollar relative to the region’s currencies continues,” he noted. He also warned against fully discounting the risk of recession in the US and Euro, especially in an environment where global interest rates could stay higher for longer. “Should recession in both economies materialise, growth in the Asean+3 region could slide below 3% — the lowest since 1998, barring the pandemic-induced slowdown of 2020,” he added. AMRO trims Asean+3 growth forecast for 2023 to 4.3% KUALA LUMPUR (Oct 4): Asean+3 Macroeconomic Research Office (AMRO) has maintained its inflation rate forecast for Malaysia at 3.1% for the rest of 2023, despite the country’s recent increase in prices for imported rice and supply shortages of rice. Notwithstanding the issue with the country’s staple food, the think tank also continues to see that Malaysia’s inflation rate will further decline to 2.6% in 2024 as opposed to 3.3% in 2022. AMRO chief economist Khor Hoe Ee said that the forecast is considering that Malaysia’s inflation rate has eased faster — to 2.5% in August 2023 — as well as the government’s effort to tame the rice issue. “In terms of inflation, I think it has come off faster than expected — our 3.1% [forecast] is very close to the threshold of the central bank [Bank Negara Malaysia (BNM)] — BNM also expects the inflation to come down next year. “We know that rice prices have gone up quite strongly in Malaysia and the government is taking measures to offset the impact,” Khor told a virtual media briefing on AMRO Asean+3’s growth outlook 2023 on Wednesday (Oct 4). On Tuesday, BNM governor Datuk Abdul Rasheed Ghaffour was quoted saying that Malaysia does not face a severe inflation challenge such as in other economies and the inflation rate continues to moderate in line with the lower global commodity prices and improving supply and demand AMRO keeps Malaysia’s 2023 inflation forecast at 3.1% despite rice woes conditions, he said at the 13th International Conference on Financial Crime and Terrorism Financing (IFCTF). Meanwhile, the government on Monday announced a subsidy and several measures to try to tackle the rice prices amid concern over rising costs and supply shortages. Besides maintaining the Malaysian inflation rate forecast, AMRO is also keeping its gross domestic product (GDP) growth projection for Malaysia at 4.2% this year mainly due to the country’s strong economic activities. “Malaysia is doing quite well — we see the fundamentals for Malaysia is is quite strong — with its DDI [domestic direct investment] and FDI [foreign direct investment] and the turnaround in manufacturing — so we don’t see any change of growth forecast at this moment,” he said. As of the first half of 2023 (1H2023), Malaysia has approved investments totalling RM132.6 billion in the services, manufacturing, and primary sectors involving 2,651 projects, according to the Minister of Investment Trade and Industry (MITI) Tengku Datuk Seri Zafrul Tengku Abdul Aziz. Malaysia’s DDI accounted for 52.2% or RM69.3 billion of the total approved investment, while FDI contributed 47.8% or RM63.3 billion in 1H2023. Read also: AMRO sees no reason for BNM to intervene in weakening ringgit by Anis Hazim theedgemalaysia.com by Anis Hazim theedgemalaysia.com AMRO chief economist Khor Hoe Ee said that the forecast is considering that Malaysia’s inflation rate has eased faster — to 2.5% in August 2023 — as well as the government's effort to tame the rice issue. amro
thursday OC T Ober 5, 2023 9 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 4): National carmaker Proton said its total sales for the first nine months of the year has increased by 14.1% to 116,832 units compared to the same period last year as four Proton models continue to lead their respective segments. In a statement on Wednesday, the automotive company highlighted that sales in September receded by 1,725 units while total industry volume (TIV) also retreated to below the 70,000-unit threshold. Proton’s sales growth, however, remains ahead of total industry growth by more than 3.7% while its market share also remains ahead of 2022 figures, currently standing at 20.5% or 0.7% more than the previous year, it said. For September alone, 12,230 units were sold, with the Persona ending September as the second most popular B-segment sedan with 2,053 units sold. It remains the year-to-date market leader with total sales of 18,614 units. “The company’s newest model, the Proton X90, is also proving to be attractive to buyers looking for a premium family SUV that uses mild-hybrid technology. “A service update was recently issued for the model and as a result, all units on the production line and in customer hands are in the process of being updated. “This caused a minor delay in production and 491 units were delivered in September, but the situation is expected to return to normal this month,” it shared. Meanwhile, two additional segment leaders from Proton are the X50 and Exora. The X50 garnered 2,210 sales in September and while it ceded its stranglehold of being the most popular SUV in the country to a cheaper rival, it remains by far the best-selling B-segment SUV. As for the Exora, the MPV remains the undisputed leader in its segment and as it approaches the end of its production run, 367 units were sold in September to raise its total sales to 3,517 units this year, the company said. “September was a quiet month for the automotive industry leading to a downturn in sales compared to August. Many buyers are adopting a wait and see approach in anticipation of the tabling of the 2024 national budget on October 13 and this led to some short-term effects. “The overall mood of the market however remains buoyant with new introductions continuing at a record pace,” according to Proton Edar CEO Roslan Abdullah. Roslan added sales has remained strong thanks to the combination of technology and value offered by its models. “As an example, the Proton X50 has been the best-selling B-segment SUV for nearly three full years and with production now meeting demand, we are able to deliver units to customers with minimal waiting time. “Another example is the Proton Persona, that is undergoing a sales recovery in 2023 and sits atop the B-segment sedan market. “Such achievements will give the company a strong baseline going into 2024 and with updates and new model introductions in the pipeline, we are hopeful of being able to continue our ascent to be amongst the leading automotive brands in the region,” he said. Proton year-to-date sales up 14.1% to 116,832 units on continued sales growth KUALA LUMPUR (Oct 4): Malakoff Corp Bhd has inked a memorandum of understanding (MOU) with ports under the MMC Group of Companies, namely Northport (Malaysia) Bhd, Johor Port Bhd, Pelabuhan Tanjung Pelepas Sdn Bhd and Penang Port Sdn Bhd, to explore the collective potential through collaboration, and to explore various green power initiatives, including any solar power programme under the government’s initiatives, such as the Corporate Green Power Programme (CGPP). In a statement on Wednesday, Malakoff said that through the MOU, the company and MMC Ports are set to embark on a transformative partnership within the CGPP, where Malakoff will assume the pivotal role of a solar power producer, while MMC Ports will serve as the esteemed corporate consumer. It said this strategic collaboration paves the way for MMC Ports to tap into renewable energy (RE) through a virtual acquisition of solar power. Malakoff said this initiative reflects the joint commitment of Malakoff and MMC Ports to spearheading the development of 500MW of solar projects within the Albukhary Group of Companies. Additionally, under the self-consumption (SelCo) rooftop solar programme, Malakoff will serve as the developer for the end user, MMC Ports, where the installation, operation Malakoff inks deal with MMC to generate 500MW of solar power and maintenance of the solar photovoltaic system will be managed by Malakoff. Malakoff managing director and chief executive officer Anwar Syahrin Abdul Ajib said the government’s recently announced National Energy Transition Roadmap not only outlines clear policies for utility companies such as Malakoff to further leverage their expertise in the RE space, but will also substantially boost the country’s economic growth. “This strategic collaboration represents our ambition and commitment to tackling global environmental issues by expanding our existing RE portfolio, and exploring different areas of green initiatives through comprehensive and innovative solutions. “To date, our achievements encompass 67MW of total solar installed capacity through Large Scale Solar (LSS) and rooftop solar, and a promising 84MW of hydropower capacity that is steadily progressing towards completion. “Our readily available land bank close to the grid lines in Perak and Melaka serves as evidence of our capacity, which would subsequently enable potential offtakers, especially within the Albukhary Group, to develop solar projects. Moreover, we are also exploring energy exports to neighbouring countries, such as Singapore,” he said. At the midday break on Wednesday, Malakoff shares had shed 0.83% or half a sen to 59.5 sen, with 196,700 shares traded. by Surin Murugiah theedgemalaysia.com by Sulhi Khalid theedgemalaysia.com (From left) Johor Port Bhd CEO Md Derick Basir, Pelabuhan Tanjung Pelepas Sdn Bhd CFO Muhammad Abdullah Hatta, Ministry of Natural Resources, Environment and Climate Change secretary general Dr Ching Thoo Kim, Deputy Minister Datuk Seri Huang Tiong Sii, Malakoff Corp Bhd executive vice-chairman Tan Sri Che Khalib Mohamad Noh and managing director and CEO Anwar Syahrin Abdul Ajib, Northport (Malaysia) Bhd CEO Datuk Azman Shah Mohd Yusof, and Penang Port Sdn Bhd CEO Datuk Sasedharan Vasudevan.
thursday OC T Ober 5, 2023 10 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 4): UOB Kay Hian said Pecca Group Bhd is poised to benefit from the growing Malaysian automobile industry, driven by higher total industry volume (up 12% year-to-date) and supported by healthy backlog orders. In a note on Wednesday, the research house, which does not have a rating for Pecca, said the original equipment manufacturer (OEM) segment contributed 86% of Pecca’s total revenue, while the remaining 14% is attributed to the pre-delivery inspection and replacement equipment manufacturer (REM) markets. It said the company’s brand coverage is diversified into mass-market customers, including both national and non-national brands such as Perodua, Proton, Toyota, Nissan and Mitsubishi. “Combining the positive momentum reflected in higher vehicle sales despite the absence of sales and service tax exemption and higher penetration of mass-market customers, we assume that Pecca continues to benefit from the improved demand, coupled with a healthy plant utilisation rate of 85% to 90%, which positions it well to meet demand. “Other prospects appear promising, supported by its strategic initiatives and plans, including i) the completed acquisition of PT Gemilang Maju Kencana (GMK) in May to expand its presence in the Indonesian market; ii) the expansion plan for the OEM segment to cover entry-level, mid-level, and luxury brands; iii) facilitating growth of the REM business across Malaysia and globally in countries such as Europe, the US, Australia, New Zealand, Dubai and Singapore; and iv) capturing of new opportunities, including Tier-1 manufacturers and the electric vehicle market. “While the Malaysian market currently accounts for over 90% of Pecca’s overall existing sales, there is significant growth potential in Indonesia, leveraging GMK’s extensive partnership and the number of population to impact vehicle demand,” it said. At 11.45am on Wednesday, Pecca had shed 0.83% or one sen to RM1.19, with 3.83 million shares traded. Pecca poised to benefit from growing Malaysian automobile industry, says UOB Kay Hian KUALA LUMPUR (Oct 4): Kenanga Research has maintained “overweight” on the automotive sector with MBM Resources Bhd as its top pick with a target price of RM4.70 and its calendar year 2023 (CY2023) total industry volume (TIV) forecast of 720,000 units, which would match the record level achieved in CY2022, and introduced its CY2024 TIV forecast of 710,000 units. In the space of non-national brands, the research house said automakers are shifting away from the highly competitive low-margin segment such as 7-seater SUVs and focus on premium products that will appeal to the middle-income group such as those offered by Bermaz Auto Bhd (OP; TP: RM3.22). Honda, for instance, replaced its 7-seater variant of Honda BR-V with WR-V (small 5-seater SUV), raking in 7,300 units in bookings and 3,300 units delivered just within a few months after launching. It said car buyers are spoilt for choice with new launches including Perodua D66B (1QCY24, B-segment), Toyota Innova Zenix (3QCY23), Mazda CX-30 CKD, Peugeot Landtrek, Peugeot e-2008 (EV), Kia Sorento, Kia Sportage, Kia Carens, Honda WR-V, Honda CR-V, Toyota Vios, Toyota Yaris, Toyota GR86, Toyota GR Corrolla and Nissan Serena. In a sector update on Wednesday, the research house said the industry’s earnings visibility is still strong, backed by a booking backlog of 235,000 units. Kenanga said a new car is still an affordable luxury for most Malaysian households despite the high inflation and a slowing global economy. “We now see greater opportunities in the affordable segment, as it will be less affected by the targeted fuel subsidy, which may dent demand for mid-market vehicles, as it will erode spending power of the middle 40% income group. “Our sector top pick is MBM Resources Bhd (‘outperform’; target price: RM4.70) that focuses on the affordable segment. It also offers an attractive dividend yield of about 12%,” it said. New car still an affordable luxury for most Malaysian households, says Kenanga The research house said that additionally, vehicle sales will be supported by new battery electric vehicles (BEVs) that enjoy sales and service tax exemption and other electric vehicle facility incentives up to CY2025 for completely built-up units, and CY2027 for completely knocked-down units. It said BEV registrations had leapt significantly for the past two years (from 274 units in CY2021 to over 3,400 units in CY2022 and 7,500 units by September 2023), and are on track to meet the national target for EVs and hybrid vehicles — 15% of TIV by CY2030, and 38% by CY2040. “Meanwhile, the government’s pledge to enable charge point operators to secure faster approvals for installations provides comfort, as currently, only 1,246 EV charging stations have been built to date. Read the full story by Surin Murugiah theedgemalaysia.com by Surin Murugiah theedgemalaysia.com Sources: MAA, Kenanga Research Total industry volume (1997-2024) 0 100 200 300 400 500 600 700 800 1997 1998 1999 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F 2024F -80 -60 -40 -20 0 20 40 60 80 100 Units (000’) TIV Growth (%)
thursday october 5, 2023 11 The E dge C E O m o rning brief PRESENTS REAL ESTATE MATTERS Official Solar Partner Supported By
thursday OC T Ober 5, 2023 12 The E dge C E O m o rning brief home news In brie f YLI receives land acquisition compensation of RM98 mil from Malaysian Rail Link KUALA LUMPUR (Oct 4): YLI Holdings Bhd’s subsidiary, Laksana Wibawa Sdn Bhd, has accepted and received RM97.84 million in compensation for its land in Hulu Serendah, Selangor that was compulsorily acquired for a rail project. In a local bourse filing on Wednesday, the steel manufacturer said the land was acquired by Malaysian Rail Link Sdn Bhd, an agency under the Ministry of Finance Inc (MOF Inc), which has been appointed as the asset and project owner of East Coast Rail Link (ECRL). The group said the RM97.84 million compensation includes compensation for severance damages. Following the disposal, YLI is expected to gain approximately RM62.17 million and it will utilise most of the proceeds for expenses and repayment of its borrowings, as well as redemption of Redeemable Convertible Preference Shares (RCPS). “The compulsory disposal arose as a result of receipt from the Land Administrator of the notice to take possession of the Land under Section 18 of the Land Acquisition Act 1960,” it said. At the time of writing on Wednesday, shares in YLI were 6.5 sen or 20.97% higher at 37.5 sen, which translates into a market capitalisation of RM39.12 million. — by Sulhi Khalid Italy’s CDP signs investments accord with Khazanah Nasional MILAN (Oct 4): Italian state lender Cassa Depositi e Prestiti (CDP) and Malaysia’s sovereign wealth fund Khazanah Nasional Bhd have signed a four-year agreement to strengthen economic relations and promote mutual investments, CDP said on Wednesday. Under the non-binding deal, Khazanah can assess potential investment opportunities in the Italian companies controlled by CDP, through its unit CDP Equity, the lender added in a statement. The agreement also envisages the creation of a joint working group to analyse, promote and coordinate potential cooperation opportunities. CDP Equity’s portfolio includes motorway operator Autostrade per L’Italia ASPI — bought last year from the Benetton family’s Atlantia, shipbuilder Fincantieri, construction group Webuild, energy group Saipem, and broadband company Open Fiber. According to Italian media reports, local construction entrepreneur Matterino Dogliani is looking at teaming up with an international investment firm for a friendly offer for ASPI, through his family holding Fininc. — Reuters Mosti actively looking to foster tech hubs in East Malaysia KUALA LUMPUR (Oct 4): The Ministry of Science, Technology and Innovation (Mosti) is actively looking into fostering tech hubs in East Malaysia by providing training, resources and mentorship to budding tech entrepreneurs. Deputy Minister Datuk Arthur Joseph Kurup said the ministry is engaging with local communities to understand their needs and ensure that tech advancements are inclusive and beneficial to all parties. “Borneo has a huge tech potential that Malaysia has yet to explore fully, and this is our priority towards narrowing the gap (with Peninsular Malaysia). “The region offers a fresh perspective and has a goldmine of opportunities for local entrepreneurs,” he said in the “Connecting the Dots: Driving The Success of Malaysia’s Tech Start-ups” panel discussion at the Kuala Lumpur Venture Finance Decodes here on Wednesday. One of the significant challenges in East Malaysia has been the digital divide, primarily due to infrastructure constraints such as telecommunications, Arthur said. However, he said East Malaysia has good resources, such as the largest coal deposit located in Merit Pila in central Sarawak, and the Meliau basin in south central Sabah. Hence, local entrepreneurs and startups are encouraged to venture into green energy, as it has a high market potential, said the deputy minister. — Bernama New Zealand governor-general visits Orang Asli community in Gombak KUALA LUMPUR (Oct 4): The governorgeneral of New Zealand, Dame Cindy Kiro, on Wednesday visited the Orang Asli community in Gombak, here, in conjunction with a programme organised by the Jungle School Gombak Malaysia. The programme was held at Alang Manja Resort, Gombak, in conjunction with Kiro’s maiden four-day state visit to Malaysia beginning Oct 1. During the visit, Kiro also sampled Orang Asli dishes such as jagung parut and lepat tepung and observed how they were made. The governor-general of New Zealand then joined the traditional Orang Asli dance before visiting one of the traditional houses and a mini exhibition about the Jungle School Gombak Malaysia. At the end of the visit, Kiro and her delegation thanked the host with a Maori song. On Monday, Kiro in her speech at the state banquet at Istana Negara, KIP REIT unitholders greenlight RM80 mil KIPMall Kota Warisan acquisition KUALA LUMPUR (Oct 4): Unitholders of KIP Real Estate Investment Trust (KIP REIT) on Wednesday voted in favour of the REIT’s proposal to acquire KIPMall Kota Warisan in Sepang for RM80 million. The resolution was duly passed at its extraordinary general meeting (EGM) after 87 unitholders who collectively hold 226.64 million units in KIP REIT, which represent 99.98% of voting units voted for the acquisition, according to its filing to Bursa Malaysia. KIPMall Kota Warisan houses a one-and-a-halfstorey retail centre, with a net lettable area of approximately 17,300 sq m on a freehold land in Dengkil, Sepang in Selangor. Consequently, the resolution for the proposed private placement of up to 12.27 million new units in KIP REIT to raise RM10 million at an issue price to be determined later. In June this year, KIP REIT announced it plans to buy KIPMall Kota Warisan for RM80 million cash from Cahaya Serijaya Sdn Bhd, while the proposed private placement will partially fund the acquisition. “The outcome of both the annual general meeting (AGM) and EGM represents a resounding vote of confidence and wholehearted endorsement from our committed unitholders. “This serves as a testament of the confidence and belief that our unitholders have in the strategic direction and decisions made by KIP REIT,” KIP REIT chief executive officer Valerie Ong Pui Shan said. — by Anis Hazim said she looked forward to learning more about the indigenous peoples in Malaysia and how both countries can work more closely in various fields. She said indigenous exchanges were taking place across a range of areas such as health, education, tourism and biodiversity. This is Kiro’s maiden visit to Malaysia and the Southeast Asian region since assuming office on Oct 21, 2021. — Bernama Bernama
thursday OC T Ober 5, 2023 13 The E dge C E O m o rning brief home SEREMBAN (Oct 4): Negeri Sembilan is estimated to have rare earth elements (REE) resources of up to RM30 billion in market value, according to Menteri Besar Datuk Seri Aminuddin Harun. He said the state government is ready to start mining activities for the REE resources and the Department of Minerals and Geology has also identified several potential mining areas in the state. “It could be worth up to RM30 billion, which is only an estimate in this state. We (the state government) will look into the need to set up a one-stop centre to ensure the safety and control of REE. “We will follow the federal guidelines and standard operating procedures (SOP) as well as the Perak government’s way of implementing REE mining. We will also detail the SOP at the state level before the end of this year,” he said after chairing the state executive council meeting here on Wednesday. Aminuddin said royalty payments and land status were among other things that needed to be considered before the state government could start the REE mining activities by next year at the earliest. Prior to this, Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad was reported to have said that the state government is now allowed to conduct initial REE exploration based on the existing SOP for rare earth and mineral mining. Negri Sembilan’s rare earths resources estimated to be worth RM30 bil, says MB KUALA LUMPUR (Oct 4): Malaysia has sent a letter to Indonesia with regards to both parties’ cooperation under the Asean Agreement on Transboundary Haze Pollution, says Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad. He said the letter had been sent to his counterpart in Indonesia following instructions from Prime Minister Datuk Seri Anwar Ibrahim on Tuesday to coordinate with his counterparts in Aseanto resolve the transborder haze issue. “I have sent a letter to Indonesia. Yesterday the prime minister had instructed the ministry to coordinate this haze problem. “Following the instruction, I sent a letter to my counterpart in Indonesia,” he told reporters after attending the International Green Technology and Eco Products Malaysia (IGEM) Exhibition and Conference, here on Wednesday. The Malaysian Air Pollution Index Management System (APIMS) website operated by the Department of Environment (DOE) reported that as of this afternoon, the air quality in Sri Aman was at an unhealthy level of 138, while in Serian, Sarawak, it was 113. An API reading of zero to 50 indicates that the air quality is good; 51 to 100, moderate; 101 to 200, unhealthy; 201 to 300, very unhealthy; and above 300, hazardous. Earlier, Nik Nazmi said a Malaysia pavilion would be set up at the 2023 United Nations (UN) Climate Change Conference from Nov 30 to Dec 12 in Dubai, United Arab Emirates (UAE) to showcase local solutions for tackling climate change. He said the Malaysia pavilion would also showcase critical topics and issues such as just energy transition, mitigation, adaptation, and sustainable finance. “It is not just a physical structure but a clear demonstration of our commitment and hard work in addressing climate change. It will embody the spirit of collaboration, which is a crucial aspect of Malaysian culture. “We want to make our (Malaysia) pavilion something that is interesting to drop by and should be able to tell our story,” he said. Nik Nazmi said the pavilion would also showcase the input from the Advisory Panel of Climate Change and Consultation Panel of Climate Change, which had been set up to obtain views from various stakeholders in order to elevate Malaysia’s participation at the conference. He said besides the government and private sectors, input was also taken from non-governmental organisations (NGOs), vulnerable communities, youth and children via consultation panels. “A few of them reminded that we need to do more with children, now we need to see children as the biggest stakeholders. We need to involve the children not only to educate them but also to educate their parents about climate change,” he said, adding that Malaysia’s participation at the conference was a lasting legacy of climate action and sustainable development. KUALA LUMPUR (Oct 4): The society not only needs to be alert to suspicious calls to deal with scams but also needs to overcome the issue of cognitive hacking to ensure that they do not become a victim of the crime. Chief regulatory officer of the Malaysian Communications and Multimedia Commission (MCMC) Datuk Zulkarnain Mohd Yasin said cognitive hacking occurs when victims are unable to rationalise and act according to their emotions, thus opening up opportunities for scammers to carry out their activities. He said the matter may happened as a result of data mining by fraudulent criminals which gives them an advantage to analyse through digital traces to manipulate the thoughts and attitudes of victims. Letter sent to Indonesian govt over haze, says Nik Nazmi MCMC advises to be wary of cognitive hacking, rationalise to avoid falling prey to scammers Bernama Bernama Bernama “Scammers now don’t hack the device but they hack our mind so that our rational mind will be silenced or stuck until the emotions that affect us feel doubtful because our mind has been hacked. “What is important when we receive a suspicious call is to pause. This is because their tactics are intimidating and ask us to take immediate action in a state of fear and in a state of silence, rational thought does not occur,” he said in the Ruang Bicara MCMC programme produced by Bernama TV on Tuesday night. Zulkarnain said when faced with such a situation, individuals need to stop for a moment to think, turn off the call and ask for a third party’s opinion or do a self-check to verify any calls that are found to be suspicious. “Humans are made to be in a hurry, so in matters involving something that is uncertain or even doubtful, we should stop and check. Those are the two things we have to train ourselves,” he said.
thursday OC T Ober 5, 2023 14 The E dge C E O m o rning brief home KUALA LUMPUR (Oct 4): Former prime minister Tan Sri Muhyiddin Yassin cited his successful application to strike out his abuse of power charges at the High Court, in a bid to set aside his three money-laundering charges at the Sessions Court. In an application filed by Messrs Chethan Jethwani & Co on Monday, the Pagoh Member of Parliament sought to set aside the three money-laundering charges, and that he be granted a discharge not amounting to acquittal. He cited that since the High Court on Aug 15 acquitted and discharged him from the predicate offence of abuse of power under Section 23 of the Malaysian Anti-Corruption Commission Act 2009 — as the charges did not disclose any offence committed and were made without basis — the money-laundering charges under Section 4 (1) (b) of the Anti-Money Laundering, anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) should also fall. In his supporting affidavit, Muhyiddin said that since the predicate offence of abuse of power had fallen, the purported charges under Section 4 of AMLA should also be considered as being without basis. Muhyiddin is charged with three counts of money laundering amounting to RM200 million from Bukhary Equity Sdn Bhd, which is 99% controlled by Tan Sri Syed Mokhtar Albukhary, while the remaining 1% is held by the tycoon’s wife Sharifah Zarah Syed Kechik. The sum was put into Parti Pribumi Bersatu Malaysia’s account, of which Muhyiddin is the president. Muhyiddin cites abuse of power discharge as grounds to strike out moneylaundering charges SELAYANG (Oct 4): Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor’s trial for alleged seditious remarks he had made about the Yang Di-Pertuan Agong and Sultan of Selangor will begin on Jan 18, 2024. At the Selayang sessions court on Wednesday, Judge Nor Rajiah Mat Zin had set 12 dates in January and February next year to hear the case. On July 18 this year, Sanusi was charged with two counts of sedition under Section 4(1) of the Sedition Act 1948 for the statements he had made. Both charges accused him of uttering words that had a tendency to incite disloyalty against a ruler. He was charged in two separate courts in Selayang, one before Judge Nor Rajiah and another before Sessions Court Judge Osman Affendi Mohd Shalleh. At the case management on Wednesday, Judge Nor Rajiah informed the prosecution and defence in the case that both charges will now be heard before her as Judge Osman Affendi had allowed an application by the prosecution to hear both charges in one court. Osman allowed the application because the two charges involve the same witnesses and the same subject matter of the charges. Once they were in Nor Rajiah’s court, Sanusi’s sedition trial begins in January 2024, ten witnesses to be called by Timothy Achariam theedgemalaysia.com by Hafiz Yatim theedgemalaysia.com deputy public prosecutor (DPP) Datuk Masri Mohd informed that they will be calling ten witnesses. Sanusi’s lead counsel was Awang Armadajaya Awang Mahmud. The dates set for the trial next year are: Jan 18, 19 and will continue on Feb 5, 8, 9, 12, 13, 15, 16, 19, 22 and 23. For the first charge, Sanusi had allegedly belittled the Sultan of Selangor for having appointed Datuk Seri Amirudin Shari as the state’s menteri besar and said that the Kedah sultanate would not have appointed him (Amirudin) as menteri besar. Sanusi also alleged that the Kedah ruler’s lineage was the only one which was uninterrupted. For the second charge, Sanusi is alleged to have questioned the Yang Di-Pertuan Agong’s move to have a unity government under Prime Minister Datuk Seri Anwar Ibrahim. Sanusi faces a fine of not more than RM5,000 or a jail term of not more than three years or both, for each charge. Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor’s trial for alleged seditious remarks he had made about the Yang Di-Pertuan Agong and Sultan of Selangor will begin on Jan 18 next year. Zahid Izzani/The Edge The prosecution is appealing against the acquittal of Muhyiddin on the abuse of power charges, and the hearing at the Court of Appeal (COA) is fixed for Feb 28 and 29 next year. The prosecution has also filed a stay of proceedings at the Sessions Court, pending the decision of the COA. This application is fixed for hearing before Sessions Court judge Azura Alwi on Nov 29. Zahid Izzani/The Edge
thursday OC T Ober 5, 2023 15 The E dge C E O m o rning brief world LONDON (Oct 4): A rout in government bond markets deepened on Wednesday with US yields reaching their highest in 16 years, souring appetite for riskier assets as investors bet that interest rates will remain persistently high, boding ill for the world economy. The US Treasury 10-year yield rose 6.9 basis points (bps) to 4.872%, its highest since 2007, after climbing nearly a dozen bps on Tuesday’s job openings data that pointed to resilience in the US economy. Thirty-year Treasury yields rose above 5% for the first time since August 2007, just before the global financial crisis. European bonds followed suit, with yields on Germany’s benchmark 10-year debt rising above 3% for the first time since 2011. The country’s 30-year yield climbed to its latest 12-year high. Even Japan’s 10-year yield, which is capped by the Bank of Japan (BOJ), rose 4.5 bps to a decade high despite the BOJ offering to buy US$4.5 billion worth of bonds on Wednesday. Australian, Canadian and British government bond yields have also surged this week. “It’s a very difficult market,” said Sandrine Perret, multi-asset portfolio manager at Unigestion. “It is all back to yields, that’s the main driver of markets. The pivot that most investors were expecting in September has not come yet — that’s the big driver of all market pricing at the moment.” The moves in bond markets sucked money from all corners into dollars. “With the risk-free rate so high, it’s not really compelling for people to allocate away from short-term cash-like investments,” said Mel Siew, a portfolio manager at Muzinich & Co in Singapore. Read the full story Global bond rout deepens MANCHESTER (Oct 4): British Prime Minister Rishi Sunak cancelled part of a high-speed rail project on Wednesday, ending weeks of uncertainty and provoking anger in his own Conservative Party with his move to reinvent his premiership as one of tough decisions and action. With the governing Conservatives badly lagging the opposition Labour Party in polls before an election expected next year, Sunak and his team are seeking to revive his premiership by saying he is a politician willing to take long-term “tough decisions” to make people better off. But his flagship “tough decision” to stop the construction of the HS2 high speed rail to Manchester in his closing speech at the party’s annual conference in that city might do little to steady the ship. He told the party conference: “I’m ending this long-running saga. I am cancelling the rest of the HS2 project. And in its place we will reinvest every single penny — £36 billion (RM206.9 billion) — in hundreds of new transport projects in the north and the midlands, across the country.” To applause from a packed conference hall, Sunak told those who first backed the project years ago that the circumstances in Britain had changed, making the money better spent on roads, underground rail systems and other transport connections in northern and central England. “Hs2 is the ultimate example of the old consensus,” he said, pressing his message that he was the politician to change 30 years of an inefficient “political status quo”. His words might do little to calm the tempers of businesses which have invested heavily to start construction and some Conservatives, particularly a regional mayor and party favourite in central England. But Sunak’s supporters say it is proof he can withstand criticism in his pursuit of making the “right decisions” rather than politically expedient ones, pointing to him pressing on with his move to water down measures to reach climate targets. Lagging Labour This stance, they say, is aimed at closing the gap with the Labour Party, despite a new poll by Savanta on Wednesday suggesting that a small boost in the Conservatives’ ratings last week had all but disappeared. It gave Labour a 19-point lead over the Conservatives. Sunak spoke about reforming Britain’s National Health Service, the banning of cigarettes for younger smokers and a repeated message that he will do things differently. “Politics doesn’t work the way it should. We’ve had 30 years of a political system which incentivises the easy decision, not the right one. Thirty years of vested interests standing in the way of change,” he said. He took aim at Labour leader Keir Starmer, saying he was part of the outdated system — a taste of what is gearing up to be an ugly election campaign. “The Labour party have set out their stall: to do and say as little as possible and hope no one notices. They want to take people’s votes for granted and keep doing politics the same old way,” he will say. “It is about power for the sake of power. It is in short, everything that is wrong with our politics.” But as the party’s conference draws to an end, his team will be watching for the response to his new approach and specifically his decision on cutting the second phase of HS2, which has seen £2.3 billion spent already. Earlier, business leaders accused Sunak of doing the exact opposite of his speech — being driven by short-term political gain rather than considering the value a new high-speed train line could offer generations to come. ‘Tough decisions’, UK’s Sunak cancels part of rail project by Elizabeth Piper, Andrew MacAskill & Alistair Smout Reuters by Tom Wilson Reuters reuters
thursday OC T Ober 5, 2023 16 The E dge C E O m o rning brief world (Oct 4): Apple Inc chief executive officer Tim Cook sold stock worth about US$41 million (RM191.62 million) after taxes in his biggest sale in more than two years as the shares of the iPhone maker slide off recent highs. Cook sold 511,000 shares, according to a filing with the US Securities and Exchange Commission on Tuesday. He still has about 3.28 million shares in the Cupertino, California-based company where he’s worked for more than two decades, according to data compiled by Bloomberg. The share sale comes after Cook took a rare pay cut of about 40% to US$49 million for 2023. As part of the changes to his compensation, his stock awards tied to Apple’s performance will increase to 75% this year from 50% previously. Other Apple executives also disclosed stock sales, including senior vice presidents Deirdre O’Brien and Katherine Adams, who sold US$11.3 million in shares each. Cook’s last major stock sale was in August 2021, when he sold Apple CEO Tim Cook gets US$41 mil from biggest share sale since 2021 SINGAPORE (Oct 4): To own a car in Singapore, a buyer must bid for a certificate that now costs US$106,000 (RM501,592), equivalent to four Toyota Camry Hybrids in the US, as a post-pandemic recovery has driven up the cost of the city-state’s vehicle quota system to all-time highs. Singapore has a 10-year “certificate of entitlement” (COE) system, introduced in (Oct 4): US mortgage rates last week topped 7.5% for the first since November 2000 and applications for home purchases tumbled to a multi-decade low, illustrating a battered housing market. The contract rate on a 30-year fixed mortgage rose by 12 basis points, the most since mid-August, to 7.53% in the week ended Sept. 29, according to Mortgage Bankers Association data out Wednesday. The index of home-purchase applications fell 5.7% to 136.6, the lowest level since 1995. The overall measure of mortgage applications, which includes refinancing activity, slid 6% to its weakest reading since 1996. The housing market has been bearing the brunt of aggressive interest-rate hikes by the Federal Reserve since early last year. More recently, bond yields have soared in anticipation that the US Fed’s policy rate will remain higher for longer amid a resilient economy. Borrowing costs have continued to rise so far this week, and Mortgage News Daily, which updates more frequently, put the 30-year fixed mortgage rate at 7.72% on Tuesday. Higher mortgage rates and elevated home prices, due in part to limited supply, is contributing to one of the most unaffordable housing markets on record. 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour. The quota, offered through a bidding process, has made it the most expensive city in the world to buy a car, with the COE for a large car more than quadrupling from 2020 prices on Wednesday to a record S$146,002. Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 in Singapore, compared with US$28,855 in the US A small, government-subsidised flat in Singapore costs about S$125,000. In 2020, when fewer people in Singapore were driving, the price of COEs dropped to about S$30,000; a post-Covid increase in economic activity has led to more car purchases while the total number of vehicles on the road is capped at about 950,000. The number of new COEs available depends on how many older cars are deregistered. The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the “Singapore Dream” of upward social mobility — having cash, a condominium and a car. The median annual household salary in Singapore is S$121,188. In Singapore, a certificate to own a car now costs US$106,000 US 30-year mortgage rate tops 7.5% for first time since 2000 by Xinghui Kok Reuters by Augusta Saraiva Bloomberg by Subrat Patnaik Bloomberg Read also: US private payrolls growth slows sharply in September, ADP report shows Reuters Bloomberg Bloomberg more than US$750 million in Apple stock after completing a decade as CEO. After tax withholdings, he netted about US$355 million, according to data compiled by Bloomberg. Apple shares hit an all-time high in July and have since declined more than 12% amid a wider tech selloff. Apple Inc chief executive officer Tim Cook sold 511,000 shares on Tuesday, netting about US$41 million (RM191.62 million) after taxes in his biggest sale in more than two years.
thursday OC T Ober 5, 2023 17 The E dge C E O m o rning brief world (Oct 4): Seasonality shows that Asian equities perform best over the last three months of the year. History may not repeat itself this time around. As investors fret over a hawkish US Federal Reserve, China’s struggling economy and the surge in oil prices, the MSCI Asia Pacific Index is headed for a technical correction. With the gauge down more than 10% from an end-July peak, strategists from Nomura Holdings Inc to IG Asia Pte say the cocktail of risks will likely see markets sputter in the final quarter of 2023. Six of 10 participants in an informal Bloomberg News survey of regional money managers predict the regional benchmark to fall 5% in the fourth quarter (4Q), putting it on track for its third straight annual drop — the longest streak of losses since the bursting of the dot-com bubble. Four respondents forecast gains of between 5% to 15% for the gauge, which is down about 2% so far this year. “We have a confluence of downward pressures from rising bond yields, the US dollar at its 11-month high, economic risks in China dragging for longer and elevated energy costs for the region’s oil-importers,” said Jun Rong Yeap, a strategist with IG Asia. “As long as these headwinds persist, traction in Asian equities may remain downbeat.” A selloff in global bonds intensified at the start of the quarter as the US-led rout spilled over to other markets. Traders are bracing for 10-year US yields to top 5% for the first time since 2007 after they jumped to 4.85% this week, bolstering expectations that interest rates will remain higher for an extended period of time. China’s economic woes emerged as the most significant risk to the region’s stocks in the informal survey. Geopolitical tensions between China and the US ranked second, followed by Fed’s tighter for longer policy, oil’s rally and Japan earnings outlook. “China’s slowdown will loom large on Asian markets,” said Sandeep Rao, a quantitative analyst at Leverage Shares. “A correlatory pulldown can be expected across the region.” Asia stocks’ stellar 4Q record looks hazy on Fed, China woes LONDON/MOSCOW/DUBAI (Oct 4): An Opec+ ministerial panel which met on Wednesday made no changes to the group’s current oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market. Ministers from the Organization of the Petroleum Exporting Countries (Opec) and allies led by Russia, known as Opec+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee, can call for a full Opec+ meeting if warranted. Oil has jumped towards US$100 a barrel for Brent crude, the highest since 2022, although prices have come under pressure in recent days from concerns that interest rates may remain higher for longer and from weaker economic growth. “The committee will continue to closely assess market conditions,” an Opec statement issued after the meeting said, adding that the panel recognised and acknowledged the Saudi and Russian cuts. Earlier on Wednesday, Saudi Arabia said it would continue with a voluntary cut of one million barrels per day (bpd) until the Opec+ panel holds oil policy steady as Saudi keeps oil cuts by Ahmad Ghaddar, Olesya Astakhova & Maha El Dahan Reuters by Abhishek Vishnoi, Ishika Mookerjee & John Cheng Bloomberg end of 2023, while Russia said it will keep a 300,000 bpd voluntary export curb until the end of December. Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said Opec+ cuts were needed to stabilise the market, and prices were not being targeted. Ahead of the meeting, Opec+ sources had told Reuters that policy was likely to remain steady although with oil rallying, some analysts had cited an increasing probability the Saudi voluntary cuts will be reduced. The Saudi and Russian supply cuts are on top of earlier curbs announced since late 2022. The next JMMC meeting is on Nov 26, the statement said, the same day as the next scheduled full meeting of Opec+ to decide policy. China is confronted with a slew of issues, including sluggish consumer spending, a fragile real estate market and faltering exports amid tensions with the West. The problems pose an outsized risk as most of the region’s economies count China as their main trading partner. A separate recent informal poll by Bloomberg News signalled China’s property sector crisis is likely far from over. Analysts including those at Goldman Sachs Group Inc have earlier warned that a spillover of China’s property stress to the rest of Asia can pressure the region’s earnings and returns. To be sure, not everyone is pessimistic on Asia. Tina Teng, a strategist at CMC Markets, said while risks are mounting, there’s “potential in Asian stock markets due to the region’s divergent monetary policy stance from the Western central banks,” referring to the supportive policies at the central banks of Japan and China. Asia’s equity valuations are also relatively more attractive than developed markets, with the MSCI Asia gauge trading at 13.3 times its one-year forward earnings versus 18 times for the US equity benchmark. Still, these factors haven’t helped the region’s stocks in recent months. Equity markets in emerging Asia excluding China have seen foreign outflows for two straight months, while a Morgan Stanley analysis shows global funds’ positioning in China stocks has dropped to lowest level since 2020. “We see a number of headwinds for Asia markets into year-end, including higher rates, higher oil and China’s struggle with economic recovery which remains a headwind for global growth,” said Kieran Calder, head of equity research for Asia at Union Bancaire Privee. Six of 10 participants in an informal BloombergNews survey of regional money managers predict the regional benchmark to fall 5% in the fourth quarter (4Q), putting it on track for its third straight annual drop — the longest streak of losses since the bursting of the dot-com bubble. Bloomberg
thursday OC T Ober 5, 2023 18 The E dge C E O m o rning brief world (Oct 4): SoftBank Group Corp’s billionaire founder Masayoshi Son implored a Japanese audience to embrace artificial intelligence (AI), making an impassioned speech for early adoption at his first public appearance in months. Japan, which largely missed the initial wave of growth from the internet, can’t afford to lose another three decades, Son said during an upbeat keynote address at SoftBank World, an annual event for the tech investor’s domestic corporate clients. Noting that more than 70% of companies in Japan either ban or are considering banning the use of generative AI, Son waved his arms in frustration. “Saying ‘don’t use AI’ is like saying, don’t drive a car or use electricity,” he said on Wednesday. “Whether you like it or not, the AI revolution will come.” Son has stayed away from the public eye this year after suffering what he called a crisis of confidence on mounting losses at SoftBank’s flagship Vision Fund. But a surge in interest in AI, spurred by OpenAI’s ChatGPT, along with the initial public offering of chip architect Arm Holdings plc last month appears to have revived his spirits. The Vision Fund, which invested billions of dollars into hundreds of start-ups, lost more than US$30 billion (RM141.99 billion) last fiscal year and shifted into a defensive, largely dormant mode. But now SoftBank, which is sitting on more than US$40 billion in cash, is preparing to go back on the offensive again, executives have said. Son’s enthusiasm for AI was on display during his 90-minute presentation, which began with an illustration of a goldfish in a fishbowl. People who refuse to use AI will end up akin to that goldfish, unable to process information like language, he said. The sum of knowledge that AI will command will be 10 times that of all humanity within 10 years, he added. Arm chief executive officer Rene Haas appeared during Son’s presentation to explain how the chip designer’s power-efficient architecture will become even more key with the spread of AI-wielding devices in the future. SoftBank is embracing AI, Son said. SoftBank Corp, Japan’s third-largest wireless carrier, has tied up with Microsoft Corp to market OpenAI services in the country, and is working on its own Japanese language chatbot. The telecommunications firm has sway over payments arm PayPay Corp, messaging app Line, and search engine Yahoo Japan. “Wake up, Japan!” Son told his audience. The CEO said he likes to watch ChatGPT-bots debate, as a cheaper alternative to watching his directors argue over ideas. “I want to be standing on the side of evolution. I don’t want to be left behind.” SoftBank’s Son tells Japan: Adopt AI or get left behind again (Oct 4): The European Union (EU) has formally launched an anti-subsidy probe into electric vehicles (EVs) manufactured in China, setting in motion a one-year investigation that could see provisional measures such as countervailing duties imposed in the next nine months. The probe, which was announced by European Commission president Ursula von der Leyen last month, will focus on new battery-powered electric vehicles (BEVs) and alleged subsidies granted by the Chinese state, a legal notice in the EU’s official journal confirmed on Wednesday. Though narrow in scope, the investigation focuses on a major global industry that has seen a massive rise in exports from China in recent years. Despite concerns in various sectors that Beijing could retaliate, the EU wants to act now, given the precedent in other subsidised industries such as solar panels. The notice says that the commission has gathered enough evidence to show that the carmakers have benefited from subsidies granted by the Chinese government. “Those subsidies have allowed the subsidised imports to rapidly increase their market share in the EU to the detriment of the union’s industry,” it added. The support includes the direct transfer of funds, government revenue that hasn’t been collected, and government provision of goods or services for less-than-adequate remuneration. The notice highlights evidence of “various grants, provision of loans, export credits and credit lines provided by state-owned banks or bonds underwritten by stateowned banks and other financial institutions at preferential terms”. It also mentions income tax reductions and exemptions, as well as “dividend tax exemption, import and export tax rebates; value-added tax exemptions and rebates; EU formally opens antisubsidy probe into EVs made in China and government provision of goods (such as raw and input materials as well as components)”. The investigation will focus on new BEVs designed to carry nine people or less, including the driver. The notice doesn’t name specific producers, but the probe will focus on all manufacturers in China that export to the EU, including Tesla Inc and major Chinese brands such as BYD Co, SAIC Motor Corp and Nio Inc. China described the investigation as solely based on assumptions and lacking sufficient evidence, according to a statement from the Ministry of Commerce on Wednesday. Beijing expressed strong dissatisfaction with the move, which it said will seriously disrupt the global automotive supply chain, and have a negative impact on China-EU economic relations. The probe covered the period from Oct 1, 2022 to Sept 30, 2023, and the assessment of injury and countervailing measures will cover the period from Jan 1, 2020 until the end of the investigation. Any countervailing measures would depend on the level of subsidisation that is determined, and the extent to which that has undercut manufacturers in Europe. In recent probes of other sectors such as e-bikes and fiber-optic cables, the EU discovered subsidy margins ranging from 4% to 17%, Bloomberg previously reported. As part of the probe, the EU will be looking to gather evidence and testimony from all relevant parties, the notice said. by Alberto Nardelli & Katharina Rosskopf Bloomberg by Vlad Savov & Min Jeong Lee Bloomberg Despite concerns in various sectors that Beijing could retaliate, the EU wants to act now.
thursday OC T Ober 5, 2023 19 The E dge C E O m o rning brief world (Oct 4): Norway’s oil and gas is helping to fuel the nascent recovery in US initial public offerings. Norges Bank Investment Management, the country’s US$1.4 trillion (RM6.6 trillion) wealth fund, was among three cornerstone investors touted by German sandal maker Birkenstock Holding Ltd on Monday as it kicked off its US$1.6 billion IPO roadshow. Together, these investors offered to buy at least 40% of the offering. That came just weeks after NBIM, which is responsible for managing Norway’s fossil fuel riches, and four other investors said they’d snap up as much as US$400 million of Instacart’s IPO, or roughly 61% of the deal. It’s part of a growing trend in the US, where cornerstone investors have historically been a less common feature on listings than in Asia and Europe. But with the world’s deepest equity market only just waking up from a prolonged period of inactivity, listing hopefuls are seeking comfort that a large portion of their stock already has reputable buyers lined up. “While we are beginning to emerge from a challenging IPO market, the cornerstone process continues to be seen as a useful way of derisking the pricing and execution of IPOs,” said Brad Miller, Americas head of ECM at UBS Group AG. Early look Including Birkenstock, six of the year’s 10 biggest US IPOs leaned on cornerstone investors. Ten tech companies signed up to invest as much as US$735 million in the landmark IPO of chip designer Arm Holdings Plc last month. Such early votes of confidence can help drum up interest in a listing: both Arm and Instacart ended up pricing their offerings at the top end of marketed ranges. There are added benefits for the cornerstones, which get early access to company management, as well as the chance to receive a larger allocation, according to Josh Weismer, head of US equity capital markets at Mizuho Financial Group Inc “Having cornerstone investors on the cover validates the transaction, creates scarcity value and helps underpin pricing,” said Weismer, whose bank was one of four lead Norway’s US$1.4 tril sovereign fund buoys nascent IPO recovery (Oct 4): Intel Corp plans to turn its programmable chip division into a stand-alone business, and sell shares to the public or seek an investor for it, part of chief executive officer Pat Gelsinger’s efforts to wring more value from the semiconductor company. The division — called the Programmable Solutions Group, or PSG — will become an independent entity from Jan 1, Intel said in a statement on Tuesday. The business, whose chips can be customised for different uses, was created out of the company’s acquisition of Altera Corp in 2015. Gelsinger, who took the helm in 2021, has been shaking up Intel and raising funds for a costly turnaround effort. The company paid more than US$14 billion (RM66.29 billion) for Altera in 2015, and spinning the business off should help unlock some of that value. Investors applauded the move, sending the shares up almost 3% in late trading on Tuesday. “Over the next two to three years, Intel intends to conduct an IPO (initial public offering) for PSG, and may explore opportunities with private investors to accelerate the business’s growth, with Intel retaining a majority stake,” the chipmaker said in the statement. Programmable chips — also known as field programmable gate arrays, or FPGAs — can have their function changed or updated, even after they have been installed in electronic devices. They are used in communications hardware, data centre gear, and in the design and development of other chips. While their characteristics make them extremely flexible and powerful, they have traditionally been difficult to programme, making mass adoption difficult. Under Intel’s ownership, the programmable unit has focused on the cloud computing and communications equipment markets. That’s meant it missed out on other areas, such as chips for industrial and Intel to turn Altera unit into stand-alone business, seek IPO by Ian King Bloomberg by Ryan Gould Bloomberg underwriters on Arm’s listing. “It is a trend that has gained favour in the US and is expected to continue through the end of this year and into 2024.” Norway’s sovereign fund — the world’s largest, according to the SWF Institute — was also active in the US listings market earlier in the year. It was lined up to invest in the June IPO of thrift store chain Savers Value Village Inc, as well as the February IPO of solar power equipment maker Nextracker Inc. Other investors that have committed money to the year’s top IPOs include BlackRock Inc, Franklin Templeton and AllianceBernstein LP. In some cases, a company’s existing investors are plowing in more money: French luxury tycoon Bernard Arnault signed up as a cornerstone for the Birkenstock IPO, while Sequoia Capital doubled down on Instacart. Executives are now sitting down in targeted meetings at an early stage to introduce their story to prospective cornerstone buyers and hone the marketing pitch they’ll use later on the roadshow. Drumming up demand from these funds can also help ensure a coveted share-price pop on the first day of trading. “It remains to be seen if this is a permanent part of the capital formation process, but we would expect it to at least continue until we are in a more normalized IPO environment,” said UBS’ Miller. aerospace customers. Though those semiconductors fetch lower prices, demand for them is growing. Gelsinger said the PSG business had “underperformed” because of that concentration. “We haven’t been managing it as well as we could have,” he told analysts on a conference call. Some customers have been underserved, he said. To rectify that, PSG has mid-priced products coming to the market, and will follow up with cheaper chips at the beginning of next year. Intel expects an investor for the business to be announced soon, followed by an IPO in two to three years, Gelsinger said. The spin-off plan mirrors what Intel did with Mobileye Global Inc, a maker of chips for self-driving cars. The company carved out the business and returned a portion of it to public markets last year. Gelsinger is seeking to restore Intel to the forefront of the chip industry, after mistakes under his predecessors led to a loss of market share. Intel, based in Santa Clara, California, slid down the ranks of the biggest producers of semiconductors, ending decades of leadership. Read the full story
thursday OC T Ober 5, 2023 20 The E dge C E O m o rning brief world WASHINGTON (Oct 4): The US on Tuesday announced actions against Chinese companies and people as President Joe Biden’s administration targets trafficking of the deadly drug fentanyl, unsealing indictments and imposing sanctions on dozens of targets. “We are here today to deliver a message on behalf of the US government. We know who is responsible for poisoning the American people with fentanyl,” US Attorney General Merrick Garland told reporters. “We know that this global fentanyl supply chain, which ends with the deaths of Americans, often starts with chemical companies in China.” The US Treasury Department in a statement said it imposed sanctions on 28 people and entities involved with the international proliferation of illicit drugs, including a large China-based network. The move marks the latest Chinese targets Washington has hit with sanctions related to fentanyl, as the administration seeks to stem imports of the drug. The Justice Department also unsealed eight indictments charging eight China-based companies and 12 of their employees with crimes relating to fentanyl and methamphetamine production, distribution of synthetic opioids, and sales resulting from precursor chemicals. None of the defendants has been arrested so far and the Chinese government did not work with US authorities on the investigations, Garland said. Liu Pengyu, the spokesperson for China’s embassy in Washington, said China strongly condemned Tuesday’s move, adding that the Chinese government takes a firm stance on counter-narcotics. “The US, however, in disregard of China’s goodwill, has been scapegoating China through the tactics of sanctioning, smear and slander. This has seriously eroded the foundation of China-US cooperation on counter-narcotics,” Liu said. US Secretary of State Antony Blinken, during his visit to China in June, said he made clear Washington needs much greater cooperation from China on stemming the flow of fentanyl and that the sides had agreed to explore setting up a working group on the matter. Tuesday’s announcement came the day before Garland was due to travel to Mexico with other senior US officials. Fentanyl trafficking is expected to be a major subject of discussion. US prosecutors accused some of the chemical manufacturing companies of shipping chemicals used to make fentanyl to the US using fake shipping labels and other mechanisms to avoid detection. Other shipments went to Mexico’s powerful Sinaloa drug cartel, prosecutors said. The Treasury accused the China-based network of being responsible for the manufacturing and distribution of fentanyl, methamphetamine and MDMA precursors. It said the network is capable of synthesising multi-thousand-kilogramme quantities of fentanyl, methamphetamine, and MDMA precursors and other illicit chemicals. So-called fentanyl precursors are chemicals used to produce the powerful synthetic opioid that has fueled a rise in drug overdose deaths in the US in recent years. Also hit with sanctions were two entities and one person based in Canada. Tuesday’s sanctions action freezes any US assets of those targeted and generally bars Americans from dealing with them. US takes action against Chinese companies, people tied to fentanyl WASHINGTON (Oct 4): New orders for US-made goods increased more than expected in August and shipments accelerated, supporting views that economic growth strengthened in the third quarter. Factory orders rebounded 1.2% after falling 2.1% in July, the Commerce Department said on Wednesday. Economists polled by Reuters had forecast orders gaining 0.2%. Orders rose 0.5% on a year-onyear basis in August. Manufacturing, which accounts for 11.1% of the economy, continues to plod along despite 525 basis points in rate hikes from the Federal Reserve since March 2022. US factory orders beat expectations in August on equipment, increased 0.9% as reported in last month’s estimate. Shipments of these so-called core capital goods rose by an unrevised 0.7%. Business spending on equipment rebounded in the second quarter after contracting for two straight quarters. Growth estimates for the third quarter are as high as a 4.9% annualised rate. The economy grew at a 2.1% pace in the April-June quarter. Read also: One in eight US households saw a drop in income in September by Lucia Mutikani Reuters by Andrew Goudsward & Daphne Psaledakis Reuters The US, however, in disregard of China’s goodwill, has been scapegoating China through the tactics of sanctioning, smear and slander. Orders for computers and electronic products gained 0.3%. Electrical equipment, appliances and components orders jumped 1.0%. Machinery orders gained 0.6%. Civilian aircraft orders fell 15.9%, while motor vehicle orders rose 0.3%. Shipments of manufactured goods soared 1.3%. Manufactured goods inventory rose 0.3%, while unfilled orders increased 0.4%. The Commerce Department also reported that orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans bloomberg
thursday OC T Ober 5, 2023 21 The E dge C E O m o rning brief world GREATER NOIDA, India (Oct 4): Indian oil refining giant Reliance Industries showcased its swappable and multipurpose battery storage technology for electric vehicles (EVs) on Wednesday, as it makes a big push on clean energy. Reliance, led by billionaire Mukesh Ambani, displayed removable and swappable batteries for EVs that can also be used to power household appliances through an inverter at a renewable energy exhibition. The idea is that a person can use one battery for mobility, as well as for powering appliances at home, company executives at the event said, requesting not to be quoted as they are not authorised to speak with the media. The batteries can be swapped at Reliance’s battery swap stations or re-charged by households using rooftop solar panels, which it also plans to sell, the executives added. The executives did not clarify as to when the company plans to start selling these batteries. Development of battery storage solutions is a part of Reliance’s bigger US$10 billion green push towards clean energy projects. The company aims to cut dependence on its mainstay oil-to-chemical business and be net zero carbon by 2035. The company acquired two battery companies for about US$200 million in 2021 and 2022, respectively — UK-based Faradion that makes sodium-ion batteries, and Lithium Werks that produces lithium iron phosphate (LFP) batteries. Reliance displayed a LFP chemistry based battery at the exhibition. Reliance won an incentive last year to set up a five gigawatt hours (GWh) battery manufacturing facility under India’s US$2.4 billion programme, which aims to boost local battery cell production. The factory will be set up by 2026 and will make batteries and containerised energy storage solutions. Read the full story India’s Reliance unveils swappable, multipurpose batteries for EVs SINGAPORE (Oct 4): Temasek’s decarbonisation-focused investment subsidiary GenZero has invested in At One Ventures’ US$375 million (S$514.08 million) second fund, focused on backing early-stage startups with disruptive climate technology. Other investors include the World Wildlife Foundation, the MacArthur Foundation, CalSTRS and New Mexico State Investment Council (NMSIC), says At One in an Oct 4 announcement. In addition to institutional investors, At One received continued support from “mission-aligned” individual investors and family offices, such as One Small Planet, Toba Capital and Valhalla Foundation. The firm is led by Tom Chi, a founding member of moonshot factory Google X. It is focused on four, often interconnected areas: air, water, soil and biodiversity. Five of the firm’s 35 portfolio companies are currently focused on biodiversity, including automated ecosystem restoration start-up Dendra Systems. At One wants to expand on those investments, ensuring that 20% of the start-ups in its portfolio are addressing ecosystem health by 2025. According to the firm, 11 of its portfolio companies are already booking sales of their products. MANILA (Oct 4): Philippine President Ferdinand Marcos Jr lifted on Wednesday an order capping rice prices that the government imposed last month to rein in the rising cost of a national staple, which he blamed on smugglers, hoarders and price manipulators. The Philippines, among the world’s largest rice importers, has adequate rice supply, said Marcos, who is also agriculture secretary. “As of today, we are lifting the price caps on rice for the regular milled rice and the well-milled rice. We are removing controls,” Marcos told reporters on Wednesday after distributing sacks of rice to poor families in the capital region. The price ceilings, which took effect in September, were meant to protect consumers from what the government described as widespread price manipulation by traders working with industry cartels. “We don’t have a rice shortage. We have enough supply. But because of smugglers, hoarders and price manipulators, supply is crimped and prices soar,” he said in a separate speech. Farmers groups cheered the lifting of the price cap, saying it would stabilise rice prices during the ongoing harvest season and encourage farmers to expand production. Marcos’ decision comes ahead of the release of September inflation data on Thursday, which the central bank excted to be in the 5.3%-6.1% band, well outside its 2%-4% comfort range. Stubbornly high inflation has dented Marcos’ approval ratings, which last month suffered a double-digit drop, an opinion poll showed, the first decline since he won a landslide victory in last year’s presidential elections. Temasek’s unit invests in At One Ventures’ US$375 mil second fund backing ‘disruptive climate tech’ Philippines’ Marcos lifts rice price cap, calls supplies adequate by Jovi Ho theedgesingapore.com by Mikhail Flores & Karen Lema Reuters by Arpan Chaturvedi & Aditi Shah Reuters bloomberg
thursday OC T Ober 5, 2023 22 The E dge C E O m o rning brief world (Oct 4): Packed inside a small office in Hong Kong’s financial district, about 20 people wait for a property auction to start. The bidders — old women carrying grocery bags and middle-aged couples wearing t-shirts and sneakers — have come for a rare opportunity: The chance to buy a discounted home in a real estate market long known as one of the world’s most expensive. Of the 24 properties up for sale, the majority are foreclosed homes. But in a display of the caution that has gripped Hong Kong’s market and is contributing to a price slump, the prospective buyers are wary. Only one of the properties sells, with the rest passed in after failing to meet the minimum price or attracting no bids. Auctions featuring seized homes have become more common in Hong Kong as the number of properties taken over by creditors rises. Foreclosed homes on sale in September increased 36% from a year ago to 271 — the most since 2009, according to Hong Kong real estate agency Centaline Property Agency Ltd. Other firms are also seeing a spike in distressed sales. The number of foreclosed properties handled by CS Auctioneers Ltd increased to almost 300 in September from about 100 at the beginning of the year, according to Alger Cheng, general manager of the firm’s auction department. Banks are now open to price cuts in order to speed up sales, “knowing that the inventory of foreclosed homes will only increase given the down cycle,” Cheng said. Such properties can be 20% lower than the market price. Enticed to buy Hong Kong’s property market enjoyed a two-decade bull run that created a wealth gap and led to the city ranking as the least affordable housing market in the world. But since 2021, there’s been a price slump following an exodus of residents, severe Covid-19 restrictions, a weakening economy and interest rates that have more than doubled. Prices are now down 17% from the 2021 peak, despite a brief recovery in the first half of this year, according to Centaline. It was during the boom years when prices were rising more than 10% a year that many buyers were enticed to enter the market. In order to own a property, people borrowed heavily from banks. New mortgage applications with more than an 80% loan-to-value ratio made up 36% of the total in 2022, up from 14% in 2019, when Hong Kong relaxed the mortgage rules for first home buyers, according to mReferral Mortgage Brokerage Services. These borrowers are the most vulnerable group in the current high interest-rate environment, which has seen monthly mortgage payments increase by 30% from March 2022 based on a 30-year loan on a HK$5 million (RM3 million) property, data from mReferral show. The real estate market’s down cycle is also contributing to the pressure on struggling homeowners by making it harder to quickly offload their assets at a price that can cover their loans, said Dick Ip, assistant vice president at Pan Asian Mortgage Advisory Co. by Shawna Kwan & Ka Ho Cheuk Bloomberg HK banks struggle to sell foreclosed homes at 20% discount The number of used homes sold at a loss totalled 95 in September, the most this year, according to calculation by the Hong Kong Economic Times. Vicious cycle The impact on the banking sector, though, has been minimal. The number of residential mortgage loans given by banks subject to foreclosure, receivership or similar legal actions stood at 282 at the end of June, representing an increase of 24 cases compared to end-2022, according to the Hong Kong Monetary Authority. The delinquency ratio was 0.07% at the end of June, HKMA said. Still, house prices may fall another 5% in the second half of the year, said Louis Chan, the head of Centaline’s residential division, which will create a vicious cycle as borrowers are discouraged to repay loans when their debt outsizes property value. “The total number of foreclosed properties could increase to more than 1,000,” Chan said. Back at the auctions, the bidders remain reluctant. Attending her first sale is Anita Lam, who has her eye on an apartment in the Tsim Sha Tsui area. It’s close to where she lives now and provides an opportunity for an upgrade at a bargain price. But her bids don’t reach the minimum price and she won’t go further. “It is out of our budget,” she says. Auctions featuring seized homes have become more common in Hong Kong as the number of properties taken over by creditors rises. bloomberg
thursday OC T Ober 5, 2023 23 The E dge C E O m o rning brief world A rash of bedbug sightings in the country sparked a frenzy of news coverage at home and abroad, forcing the government to jump in and quell the hysteria surrounding the subject, as Paris prepares to host the Olympics next year. Videos that appear to show the bloodsucking insects crawling over seats in the Paris metro and a high-speed train have gone viral on social media channels in the last few weeks. It led to an emergency meeting on Wednesday between Transport Minister Clement Beaune and operators including RATP, which runs Paris’ subway, trams and buses. “It’s a topic that needs to be treated seriously, with no psychosis and no denial,” Beaune told reporters after the meeting. “There is no resurgence in bedbugs on public transport. There is no danger. Each case that is signalled gets investigated, and we will continue doing so each time.” Beaune said he asked public transport operators to publish data on a quarterly basis on the cases flagged and those that are confirmed. Protocols to deal with bedbug episodes also have been reinforced to make sure action is swift whenever real cases emerge. While there’s no clear evidence that infestations have climbed significantly in recent months, the topic has become a political issue in France, which is currently hosting the Rugby World Cup and getting ready to host the Paris 2024 Olympics starting in July. Prime Minister Elisabeth Borne has said that the government is working to find long-term solutions for detecting infestations and supporting those affected. Paris tries to quell bedbugs hysteria ahead of 2024 Olympics (Oct 4): Britain’s AstraZeneca has agreed to pay US$425 million (RM2.01 billion) to settle about 11,000 lawsuits in the US that claimed its heartburn drugs Nexium and Prilosec caused chronic kidney disease. AstraZeneca did not admit wrongdoing under the settlement, part of broader litigation against makers of a class of heartburn drugs called proton pump inhibitors (PPIs). Its shares dipped 0.4%. “Today’s settlements are a significant victory for the thousands of patients who suffered kidney injuries as a result of using” the drugs, the plaintiffs’ attorney Chris Seeger said in a statement. A single lawsuit is still scheduled to go to trial in April in Louisiana, according to AstraZeneca. Nexium brought AstraZeneca about US$1.3 billion in revenue last year. The company did not report sales figures for Prilosec. Plaintiffs in the lawsuits allege that PPI use led to kidney damage or failure, and that the companies failed to warn of the risk. (Oct 4): A small-cap distillery whose shares have nearly quadrupled this year is helping shine a spotlight on India’s growing power in the world of whisky, as a producer as well as a consumer. Piccadily Agro Industries Ltd has surged by its daily limit in two sessions this week after its single-malt Indri Diwali Collector’s Edition won top prize at the Whiskies of the World Awards. The stock is now up 292% so far in 2023 with the push from the result of the annual US-based competition. While the beverage more typically conjures up images of Scotland or Ireland (not to mention spelling debates), so-called “New World whiskies” have been making inroads by winning critical and commercial praise. At the same time, rising prosperity has helped demand surge in India, making it the world’s largest whisky market at about US$18 billion (RM85.2 billion) a year, according to data from Statista. AstraZeneca to pay US$425 mil to end US lawsuits over heartburn drugs India’s whisky takes on Scottish peers, boosting tiny stock 290% by Brendan Pierson Reuters by Chiranjivi Chakraborty Bloomberg by Albertina Torsoli Bloomberg “It is an exciting time for India, and Indian whiskies are not far behind as we are playing our part in the India story,” Siddharth Sharma, founder of Piccadily Distilleries, said in a statement. The South Asian nation’s whisky makers still face challenges including outright alcohol bans in some states and heavy regulations on raw material procurement and distribution. “The demand for premium alcohol is largely an urban-led phenomenon,” said Abhay Agarwal, founder and portfolio manager at Piper Serica Advisors. “Many premium whisky sellers don’t have much to show in terms of volumes,” said Agarwal, adding that he has exited investments in listed alcohol beverage makers in recent years given muted volume growth and rising costs. Other investors continue to pour into the sector. Among Indian whisky-related stocks, SOM Distilleries & Breweries Ltd has tripled this year while Radico Khaitan Ltd has gained 16% and larger United Spirits Ltd is up 13%. Read the full story Bloomberg Bloomberg Read also: Tourist bus falls off bridge near Venice killing at least 21
thursday OC T Ober 5, 2023 24 The E dge C E O m o rning brief MARKETS Top 20 active stocks World equity indices Top gainers (ranked by %) Top losers (ranked by %) Top gainers (ranked by RM) Top losers (ranked by RM) NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) KNM Group Bhd 159.70 0.015 0.165 230.00 667.3 Sealink International Bhd 64.20 0.035 0.225 125.00 112.5 Evergreen Max Cash Capital 63.21 0.005 0.460 null 512.9 UEM Sunrise Bhd 60.50 0.015 0.820 221.57 4148.0 Ekovest BHD 55.70 0.005 0.535 57.35 1586.5 Netx Holdings Bhd 50.20 0.005 0.160 166.67 147.1 Widad Group Bhd 50.20 0.000 0.520 20.93 1610.2 YTL Corp Bhd 43.10 -0.030 1.430 146.55 15678.6 Velesto Energy Bhd 33.20 -0.010 0.245 63.33 2012.8 Malaysian Resources Corp Bhd 30.80 -0.005 0.450 52.54 2010.4 My EG Services Bhd 28.50 -0.020 0.795 -7.60 5933.5 YTL Power International Bhd 27.50 -0.060 1.920 168.53 15556.1 Harvest Miracle Capital Bhd 27.00 0.015 0.140 16.67 171.5 Iskandar Waterfront City Bhd 25.60 -0.015 0.700 159.26 644.8 Bumi Armada Bhd 23.10 -0.005 0.540 12.50 3198.2 KGW Group Bhd 22.10 0.020 0.220 0.00 106.2 JAKS Resources Bhd 22.10 -0.005 0.205 -12.77 485.8 CN Asia Corp BHD 21.80 0.000 0.200 -18.37 48.9 TWL Holdings Bhd 20.30 0.000 0.030 -14.29 140.4 Top Glove Corp Bhd 20.30 -0.010 0.775 -14.36 6206.3 Data as compiled on Oct 4, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) AE Multi Holdings Bhd 0.015 50.00 5.0 -40.00 32.5 Green Ocean Corp Bhd 0.015 50.00 285.0 -25.00 31.7 Mlabs Systems Bhd 0.015 50.00 7,988.2 -25.00 21.7 Lambo Group BHD 0.020 33.33 44.0 -63.64 30.8 ZEN Tech International Bhd 0.020 33.33 46,489.4 0.00 52.6 YLI Holding BHD 0.375 20.97 1,974.9 25.00 38.6 Asdion Bhd 0.030 20.00 1415.2 -68.42 13.4 Sealink International Bhd 0.225 18.42 64,231.4 125.00 112.5 Eduspec Holdings Bhd 0.070 16.67 15,522.0 -30.00 74.6 PUC BHD 0.040 14.29 137.6 14.29 72.9 Harvest Miracle Capital Bhd 0.140 12.00 27,007.7 16.67 171.5 mTouche Technology Bhd 0.050 11.11 328.1 0.00 46.3 Mclean Technologies Bhd 0.150 11.11 1,113 -11.76 29.6 Kanger International Bhd 0.100 11.11 44,451.6 150.00 65.0 SHH Resources Holdings BHD 1.210 10.00 474.9 83.33 121.0 KGW Group Bhd 0.220 10.00 22,093.9 0.00 106.2 KNM Group Bhd 0.165 10.00 159,677.8 230.00 667.3 Woodlandor Holdings Bhd 0.765 9.29 233.5 2.00 30.6 Knusford BHD 0.895 8.48 662.1 49.17 89.2 CSH Alliance Bhd 0.065 8.33 791.1 62.50 89.8 Data as compiled on Oct 4, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (%) (‘000) CHANGE CAP (%) (RM MIL) Pegasus Heights Bhd 0.005 -50.00 793.1 -50.00 54.1 MMAG Holdings Bhd 0.010 -33.33 581.3 -60.00 24.2 Nexgram Holdings Bhd 0.015 -25.00 327.4 -78.57 9.7 Sanichi Technology Bhd 0.015 -25.00 550.6 -40.00 21 Kamdar Group M Bhd 0.160 -20.00 0.6 -3.03 31.7 Talam Transform Bhd 0.020 -20.00 253.305 33.33 85.9 SMTrack Bhd 0.025 -16.67 3,994.5 -50.00 30.4 Timberwell BHD 0.435 -14.71 1.0 -16.35 38.7 Alam Maritim Resources Bhd 0.030 -14.29 798.1 20.00 46.0 PDZ Holdings Bhd 0.030 -14.29 990.8 -25.00 17.4 Zelan Bhd 0.030 -14.29 41.0 -57.14 25.3 PDZ Holdings Bhd 0.030 -14.29 990.8 -25.00 17.4 Fitters Diversified Bhd 0.035 -12.50 920.5 -50.00 81.9 Komarkcorp Bhd 0.035 -12.50 315.5 -36.36 40.4 Green Packet Bhd 0.040 -11.11 1,343.0 -27.27 79.8 Spring Art Holdings Bhd 0.205 -10.87 3,684.1 13.89 85.2 Minetech Resources Bhd 0.045 -10.00 313.6 -18.18 68.8 Sarawak Cable Bhd 0.050 -9.09 1,132.0 -23.08 19.9 Binasat Communications Bhd 0.350 -7.89 13,835.3 14.75 135.9 Straits Energy Resources Bhd 0.120 -7.69 1089.5 4.35 113.1 Data as compiled on Oct 4, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Hong Leong Financial Group 17.280 -0.400 183.3 -7.10 19,789.8 Heineken Malaysia Bhd 24.180 -0.300 43.0 -4.05 7,304.7 Ayer Holdings Bhd 7.200 -0.290 12.1 9.09 538.9 Ajinomoto Malaysia Bhd 15.100 -0.280 36.6 15.44 918.1 AEON Credit Service M Bhd 11.820 -0.260 319.7 -6.04 3,017.7 Panasonic Manufacturing 18.500 -0.240 32.9 -19.21 1,123.8 Kesm Industries Bhd 7.350 -0.230 13.2 4.70 316.2 CI Holdings Bhd 2.960 -0.190 116.3 1.02 479.5 Harrisons Holdings Malaysia 8.430 -0.150 2.6 27.15 577.3 Carlsberg Brewery Malaysia 19.620 -0.140 49.0 -14.25 5,998.8 Hong Leong Bank Bhd 19.340 -0.120 1,762.4 -5.93 41,923.7 Kotra Industries Bhd 5.100 -0.110 18.7 -22.73 756.4 Master-Pack Group BHD 2.830 -0.100 158.5 20.43 154.6 Malaysian Pacific Industries 26.720 -0.100 48.7 -7.09 5,314.5 Riverview Rubber Estates BHD 3.200 -0.100 1.2 -7.13 207.5 Greatech Technology Bhd 4.190 -0.090 1,256.9 -13.43 5,252.5 PIE Industrial BHD 2.910 -0.090 147.7 12.61 1,117.6 APB Resources Bhd 2.140 -0.080 79.7 42.67 237.3 Timberwell BHD 0.435 -0.075 1.0 -16.35 38.7 FACB Industries Inc Bhd 1.230 -0.070 0.5 7.89 103.2 Data as compiled on Oct 4, 2023 Source: Bloomberg NAME CLOSE CHANGE VOLUME YTD MARKET (RM) (‘000) CHANGE CAP (%) (RM MIL) Hextar Technologies Solutions 25.440 0.640 12.4 49.12 3272.8 Chin Hin Group Bhd 3.980 0.180 1602.2 23.22 7042.3 Petronas Dagangan Bhd 22.440 0.140 180.400 -1.8 22293.1 SHH Resources Holdings BHD 1.210 0.110 474.9 83.33 121.0 British American Tobacco 9.300 0.100 271.7 -17.11 2655.4 Batu Kawan Bhd 20.200 0.100 2.6 -9.42 7946.3 Petronas Chemicals Group 7.100 0.100 3163.5 -17.44 56800.0 PPB Group Bhd 15.300 0.100 318.0 -12.27 21765.8 Malaysia Airports Holdings 7.300 0.090 4624 11.28 12180.4 IOI Properties Group Bhd 1.670 0.090 19,800 57.55 9195.3 Allianz Malaysia Bhd 15.940 0.080 12.4 12.57 2836.8 Fraser & Neave Holdings Bhd 25.580 0.080 2.0 18.54 9382.2 Knusford BHD 0.895 0.070 662.1 49.17 89.2 Magni-Tech Industries Bhd 1.970 0.070 163.6 7.07 853.9 Woodlandor Holdings Bhd 0.765 0.065 233.5 2 30.6 YLI Holding BHD 0.375 0.065 1,974.9 25 38.6 HAP Seng Consolidated Bhd 4.730 0.060 4477.6 -26.09 11776.1 Sarawak Plantation Bhd 2.130 0.060 58.7 0.95 594.3 APM Automotive Holdings Bhd 2.080 0.050 7.9 13.66 406.6 Teo Seng Capital Bhd 1.250 0.050 2064.6 67.79 366.7 Data as compiled on Oct 4, 2023 Source: Bloomberg CLOSE CHANGE CHANGE (%) CLOSE CHANGE CHANGE (%) DJIA * 33,002.38 -430.97 -1.29 S&P 500 * 4,229.45 -58.94 -1.37 NASDAQ 100 * 14,565.62 -271.95 -1.83 FTSE 100 * 7,470.16 0.98 0.01 AUSTRALIA 6,890.25 -53.17 -0.77 CHINA 3,110.48 3.16 0.10 HONG KONG 17,195.84 -135.38 -0.78 INDIA 65,226.04 -286.06 -0.44 INDONESIA 6,886.58 -54.31 -0.78 JAPAN 30,526.88 -711.06 -2.28 KOREA 2,405.69 -59.38 -2.41 PHILIPPINES 6,298.20 -7.79 -0.12 SINGAPORE 3,147.39 -44.96 -1.41 TAIWAN 16,273.38 -180.96 -1.10 THAILAND 1,451.25 3.95 0.27 VIETNAM 1,128.67 10.57 0.95 Data as compiled on Oct 4, 2023 * Based on previous day’s closing Source: Bloomberg CPO RM 3,715.007.00 OIL US$ 89.41-1.51 RM/USD 4.7302 RM/SGD 3.4476 RM/AUD 2.9915 RM/GBP 5.7368 RM/EUR 4.9663
PETALING JAYA: Lead exposure is an issue in the country as it is found in paints, imported jewellery, toys and instant noodles that are commonly used and consumed by Malaysians, said Prof Juliana Jalaludin of the Environmental and Occupational Health Department at Universiti Putra Malaysia. She added that high blood-lead levels can be attributed to various factors, including environmental, occupational and lifestyle related causes. “Lead-based paint is one of the most significant sources of exposure. It is commonly found in older homes and buildings. As these structures deteriorate, lead dust and chips can be ingested or inhaled, leading to elevated blood-lead levels among the occupants. “Dietary habits also contribute to high blood-lead levels as foods that are prepared in lead glazed or lead soldered containers such as ceramic (ware) are exposed to the toxic metal. “While it is not commonly used in food preparation or food packaging, lead and a few other heavy metals have been found in the seasoning for instant noodles and in shrimp paste, dried salted fish and canned fish.” She said the sources of such lead contamination were most likely to be the flour and salt as well as the water and environment in which food is processed. “Certain traditional medicines, cosmetics, and folk remedies may also contain a small amount of lead as an ingredient, which upon using or consuming over long periods can cause high blood-lead levels,” she added. Several studies conducted in various parts of oExposure to lead common as toxic metal present in food, paint, cosmetics and traditional medicines █ BYLEE KIAN SENG [email protected] Household threat INSIDE TELLING IT AS IT IS ON THURSDAY OCTOBER 5, 2023 No. 8365 PP 2644/12/2012 (031195) www.thesundaily.my TMJ recounts terrifying moments of Bangkok mall shooting BANGKOK: The Tunku Mahkota Johor (TMJ) Tunku Ismail Sultan Ibrahim said he had a harrowing experience at a hotel near Bangkok’s Siam Paragon Mall, where a 14-year-old boy shot dead at least two people and injured five others. The assailant, who was arrested within an hour of the shooting, is said to have mental health issues. He was taken to a nearby hospital after being interrogated by police, Thai Police General Torsak Sukvimol told reporters. One of the deceased is a Chinese citizen and the other a Myanmar national, Sukvimol said. Relating the ordeal, the Johor Crown Prince said his family was seated in the hotel lobby when the shooting erupted. He said a commotion broke out as people fled the mall and into the hotel upon hearing gunfire, before the royal family was rushed to the basement of the hotel for safety. “The only thing on my mind was how many gunmen there were, what weapons they had and what was the situation. “We had to be on alert and prepared for any circumstance because all we knew at that point were the gunshots we heard. “We didn’t have any other information and had to be ready for anything. I still have images of me telling my kids everything is going to be okay and that babah and mama are here. “We also told them to get down while waiting for the car,” he said in a Facebook post late on Tuesday night, just hours after the incident happened. Tunku Ismail said he and his security team assumed a defensive formation to shield his family until it was safe for them to leave the area. “My security team and I stood in front of my family, creating a human shield to protect them at all costs. The idea was to get the family and my team out of there. “My wife hugged all our kids, staying low and trying to calm them because they were terrified and crying. “Alhamdulillah, we are safe. Thanks to my security team and our friends from Singapore and Malaysia. I will forever be grateful to all of you,” he wrote. Tunku Ismail said he told his team to go to the Malaysian embassy in Thailand, but his driver informed him that the Singapore embassy was closer, so he contacted the Singapore consul-general in Johor for assistance. “Now, we are here safe in the (Singapore) embassy. I called Prime Minister Datuk Seri Anwar Ibrahim and our Defence Minister Datuk Seri Mohamad Hasan to inform them of what was happening. Turn to — page 2 the world, including Malaysia, have found a correlation between elevated blood-lead levels in children and lower intelligence quotient (IQ) scores. The Lancet Planetary Health study, that was released on Sept 11, stated: “Researchers estimate that children younger than five years lost 765 million IQ points due to lead exposure globally.” Juliana said children are most commonly exposed and they are most vulnerable to lead exposure, especially those who are under six years old. She said children’s bodies are still developing, and they tend to put their hands on objects that may have lead dust and then put their hands in their mouths. (Left) The teenage suspect being restrained while a policeman retrieves the handgun used in the attack (inset). – AFPPIC Call to teach financial literacy in schools 3 page Turn to — page 3 Joint effort needed to woo Chinese tourists 4 page
2 theSUN ON THURSDAY | OCTOBER 5, 2023 NEWS WITHOUT BORDERS Malaysia reiterates support for stand against terrorism KUALA LUMPUR: Malaysia remains committed to supporting efforts by the international community in the fight against terrorism, said Malaysian Ambassador to Iran Khairi Omar. Speaking at the Sixth Committee of the United Nations (UN) General Assembly held in New York on Monday, he said the nation is reiterating calls for a robust and effective collective action to combat the global threat. “No nation is immune to the threat of international terrorism. We believe that it is only through international cooperation and collective efforts that we can hope to succeed in our determination to combat terrorism,” he said when delivering the country’s statement, “Measures to Eliminate International Terrorism”. Khairi said the fight against terrorism requires concerted efforts through the UN as well as through regional and bilateral initiatives. He added that the country also fully supports the four pillars of action contained in the UN Global oFight against threats requires concerted efforts through UN, regional and bilateral initiatives: Envoy Focus on dilapidated S’wak schools SIBU: Efforts to address the issue of dilapidated schools in Sarawak will be among the Education Ministry’s main focuses next year. Deputy Education Minister Lim Hui Ying said such schools should be demolished and rebuilt. He said Prime Minister Datuk Seri Anwar Ibrahim had also raised the issue of such schools in Sarawak this year. “We are in the process of fixing the problem, as many dilapidated schools in Sarawak are rated seven on the scale, which means the schools must be demolished and rebuilt. This is one of the wishes of the prime minister, and the Education Ministry is expediting the process,” she said after a working visit to Sekolah Menengah Kebangsaan (SMK) St Elizabeth on Tuesday. Buildings rated one to four on the scale are considered to be functioning, safe to be used and need only periodic maintenance, while buildings rated five are deemed to be unsafe as reported by the school management, and need maintenance. Schools assessed six on the scale are deemed to be unsafe as justified by the technical department of the district education office, and buildings considered seven on the scale refer to unsafe buildings and the Public Works Department recommends that they be demolished. Lim, whose 10-day working visit to Sarawak ended on Tuesday, said she visited 17 government-aided schools in Miri, Bintulu, Kuching, Sarikei and Sibu, and distributed maintenance allocations amounting to RM2.34 million to 23 schools. She said the ministry is also trying to deal with the issue of student dropouts in the interiors of Sarawak and look for solutions. Also present during her visit to SMK St Elizabeth were Dewan Rakyat Deputy Speaker and Lanang MP Alice Lau Kiong Yieng and Sibu MP Oscar Ling. – Bernama Counter-Terrorism Strategy. “Malaysia strongly condemns terrorism in all its forms and manifestations. It has also deplored the recent terror attacks in Turkiye and Pakistan which saw civilian casualties. “Terrorism and violent extremism are major threats to world peace and security. Attributing terrorism to a particular religion, nationality, civilisation or ethnic group is wrong. “No religion propagates terrorism, and no nationality, civilisation or ethnic group is predisposed to it. Therefore, Malaysia strongly disagrees with the negative stereotyping and profiling of Muslims as terrorists.” Khairi said domestically, Malaysia believes that preventive measures are more effective in addressing terrorism-related threats, and thus it has put in place laws such as the Security Offences (Special Measures) Act 2012, the Prevention of Terrorism Act 2015 and the Special Measures against Terrorism in Foreign Countries Act 2015. “We will continue to enact new laws that are consistent with Malaysia’s international obligations. While preventive laws are essential in maintaining peace and security, Malaysia is always committed to ensuring that all its citizens can enjoy their fundamental liberties in a manner which does not infringe on the exercise of the rights of others. “Our efforts are further strengthened through cooperation with foreign law enforcement authorities in the investigations and prosecutions of alleged terrorists and their activities.” Khairi said given the threat of online radicalisation and recruitment, the Southeast Asia Regional Centre on CounterTerrorism in Kuala Lumpur has continued to actively engage the public through its countermessaging initiatives to educate the public on the dangers of terrorism and to raise awareness of indicators of radicalisation and recruitment. He added that Malaysia is party to 11 of the international counterterrorism conventions and protocols, and at the regional level Malaysia is party to the Asean Convention on Counter Terrorism, Bernama reported. He said Malaysia commends the UN Office of CounterTerrorism for bringing to the fore important discussions on the multiple dimensions of the threat and challenges in countering terrorism. King appoints 15 envoys KUALA LUMPUR: The Yang diPertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah presented instruments of appointment to 15 Malaysian envoys assigned to missions abroad in a ceremony held at Istana Negara yesterday. The envoys are Ambassador to China Datuk Norman Muhamad, Ambassador to Russia Datuk Cheong Loon Lai, High Commissioner to Australia Sharrina Abdullah and High Commissioner to India Muzafar Shah Mustafa. The group includes Ambassador to Belgium Datuk Mohd Khalid Abbasi Ab Razak, Ambassador to the Netherlands Roseli Abdul, High Commissioner to South Africa Rus Shazila Osman, Ambassador to Ireland Wan Aznainizam Yusri Wan Abdul Rashid and Ambassador to Turkmenistan Mohd Suhaimi Ahmad Tajuddin, Bernama reported. Others are Ambassador to Mexico Jamal Sharifuddin Johan, Ambassador to Cuba Muhammad Radzi Jamaludin, Ambassador to Azerbaijan Ahmad Kamrizamil Mohd Riza, High Commissioner to Papua New Guinea Hamizan Hashim, High Commissioner to Fiji Nor Azam Mohd Idrus and Ambassador to Italy Zahid Rastam. Pact on infrastructure development KUALA LUMPUR: Malaysia, Saudi Arabia and Kazakhstan have agreed to strengthen strategic cooperation in infrastructure development and road safety for mutual benefit. Works Minister Datuk Seri Alexander Nanta Linggi said the matter was discussed with Saudi Arabia ViceTransport Minister Badr Bin Abdullah Al-Dulami and Kazakhstan Transport Minister Marat Karabayev when the two leaders paid a courtesy call on him at the 27th World Road Congress 2023 organised by the Permanent International Association of Road Congresses in the Czech Republic. Nanta said during the meeting with the Saudi Arabian delegation, both parties exchanged views on a variety of issues and expressed commitment to strengthening strategic cooperation in the areas of road safety and maintenance in both countries. He added that the Kazakh delegation led by Marat had expressed interest in bringing Malaysia’s expertise in constructing, developing and managing port infrastructure to the republic. “I strongly welcome the proposal, which demonstrates that Malaysia’s expertise in infrastructure construction has garnered international interest.” – Bernama Worst experience I have gone through: TMJ “The Malaysian Ambassador to Thailand (Datuk Jojie Samuel) is also with us,” he said. Tunku Ismail updated on X that the family had safely returned to Johor on Tuesday night, Bernama reported. “Sadly, I missed the JDT game but I’m glad my family and our team are safe. This is the worst experience I’ve ever gone through. “Protecting the lives of my children from a killer. Two people died. May God bless their innocent souls,” he wrote. Tunku Ismail was in Bangkok for a JDT match against BG Pathum United in the AFC Champions League Group I match on Tuesday night. In the game, JDT FC defeated BG Pathum United 4-2 at the Pathum Thani Stadium. It was originally reported that there were three fatalities in the shooting. The 14-year-old suspect has been held for discharging a firearm inside the mall. Meanwhile, Jojie has confirmed that no Malaysians were involved in the shooting incident. > See also Page 6 From front page Al-Sultan Abdullah with the envoys at Istana Negara yesterday. – BERNAMAPIC
3 NEWS WITHOUT BORDERS theSUN ON THURSDAY | OCTOBER 5, 2023 PETALING JAYA: According to statistics from the Insolvency Department, 34,043 bankruptcy cases were recorded among working adults from 2019 to April this year, with the figure rising just four months later to 35,714. Hence, Parent Action Group for Education Malaysia (PAGE) chairman Datin Noor Azimah Abdul Rahim is calling for financial literacy to be taught in schools. She said providing financial literacy as a school subject would result in a positive outcome and considerable decline in the proportion of those who will likely file for bankruptcy in adulthood. “Subjects related to financial literacy should be taught in secondary schools, if not earlier. Teaching people how to manage their money from young would make them wiser in the monetary sense and decisions they make as adults. “If this is done effectively, PAGE believes there will be a noticeable decrease in the number of young adults who find themselves in serious financial difficulty. “This is because they would have learnt essential skills in budgeting and good financial habits. The knowledge and skills they gain in school would save them from financial ruin,” Noor Azimah said. Concurring with her is Malaysian Literacy in Financial Education Association (MyLIFE) chairman Amy Seok. Founded in 2019 by Seok and a group of like-minded professionals, MyLIFE believes in proactive action to elevate the financial literacy of Malaysians through education. “We are committed at the working level to effectively implement the national strategy formed by the Financial Education Network, which is spearheaded by Bank Negara Malaysia and the Securities Commission Malaysia,” she said. Seok added that financial literacy is directly applicable to the lives of students as they transition into adulthood, encouraging them to manage savings, budget, pay bills, understand debt and make informed investment decisions. She said by teaching school subjects related to financial literacy, students could develop vital skills and knowledge to effectively navigate the pitfalls of making poor decisions, adding that the skill sets students learn would promote a greater sense of financial security and become a barrier against the dangers of accumulating debt. “Additionally, it acts as a compass pointing students in the right direction to realise their financial desires and strengthen the groundwork for accomplishing their long-term financial objectives. “Students would be able to strengthen themselves against the traps of deceptive financial practices and schemes by being armed with basic concepts such as interest rates, credit scores and savings techniques,” Seok said. On how financial literacy could benefit students in their careers, she said it would give them the knowledge and skills to make informed decisions during salary negotiations, employee benefits, taxes and retirement planning. “Young adults would be able to manage the complexities of their finances with assurance and foresight, thanks to what they have learnt in school. “The ability to master these skills is essential for choosing a career, maximising earnings potential and creating a plan for long-term financial security.” Seok said once they start working, financially literate young adults would be less likely to rely on government assistance programmes and have higher rates of home ownership and business ventures. No cases recorded in M’sia since 2019 “It is important to note that the effects of lead exposure on IQ and cognitive functions can be influenced by factors such as the timing and duration of exposure, source of lead and individual susceptibility.” Juliana said many countries, including Malaysia, have implemented regulations to limit lead in paint, stepped up efforts to reduce it in drinking water, and carried out public health campaigns to raise awareness on its dangers. The Health Ministry said it has not had a single case of lead poisoning since the last one was reported in Kampung Jenjarom in Kuala Langat, Selangor in 2019. However, its spokesman confirmed that buildings and substances that contain lead are common in the country. “Some of the older buildings or structures may still have lead-based paint on them. Imported goods such as toys and jewellery may also contain lead-based material.” According to a 2016 research by the International Persistent Organic Pollutant Elimination Network and the Consumers Association of Penang, 72% of paint tested from samples in Kedah and Penang had lead concentrations exceeding the acceptable level of 90ppm (parts per million). “Lead levels in food are normally regulated to ensure they are safe to consume. The lead levels in various types of food are regulated in Malaysia under Regulation 38, Food Regulation 1985 and the Food Act 1983.” oMove would help students avoid debt trap in adulthood, curb national bankruptcy figures: Groups Pahang keen to raise exporter ranking KUANTAN: The Pahang government wants to improve its position as an exporter among states nationwide, from sixth to fifth position. State Felda, Cooperatives and Entrepreneurs Committee chairman Razali Kassim said it is a realistic target given its current performance, in addition to its cooperation with the Malaysia External Trade Development Corporation (Matrade) and other relevant agencies. “Matrade is serious about helping Pahang in developing entrepreneurs involved in micro, small and medium enterprises in the state government’s efforts to become one of the leading exporting states, especially in the food sector, with the opening of its office here last year. “I believe with comprehensive guidance and training from Matrade, we can improve our position. Last year, Pahang’s export value stood at RM32 million and it should be increased to achieve the target with the participation of more Pahang entrepreneurs,” he said when opening the Pahang Export Day event on Tuesday, on behalf of Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail. Also present at the event, which was sponsored by Exim Bank Malaysia and Fusionex Group, were Matrade deputy executive officer (exporter development) Abu Bakar Yusof and Pahang Economic Planning Division secretary Tengku Datuk Nor Asmaliza Ku Lah. Currently, 3,124 entrepreneurs across the state have registered under Matrade, which is providing them with opportunities to undergo various guidance and development programmes. Razali expressed hope more entrepreneurs would register with Matrade and allow the agency to identify potential products that could be exported and shed light on product specifications to meet the standards set by importing countries. Meanwhile, Abu Bakar said Matrade wants to create a larger exporting community in the country by equipping entrepreneurs with a wide range of export-related knowledge. “Our main challenge is to meet the demands of importing countries. We can probably start with a small number of products, supported by the relevant ecosystem players to expand their production overseas. “The most important thing is to prepare them for the international market. Currently, we have over 200 export destinations,” he said, adding that to support the initiative, programmes related to development, training and promotions should be provided continuously. – Bernama Sarawak all-in on digital economy goals KUCHING: The Sarawak government is committed to accomplishing its goals in the journey into the digital economy. Sarawak Premier Tan Sri Abang Johari Abang Openg said any decision made will impact the lives of the present and future generations, as well as the world as a whole. “I can assure you that we are committed to realising a prosperous and sustainable future that is also inclusive. “We believe the digital future is the way forward and Sarawak’s goal is to be a leading digital economy and society by 2030,” he said at the World Congress on Innovation and Technology and International Digital Economy Conference Sarawak yesterday. Abang Johari said he believes that with a successful and strategic partnership between the government, businesses and society, careful planning and a focus on delivery excellence, Sarawak will be a thriving society driven by innovation and technology. “I am proud to say Sarawak Energy Berhad (a state-owned power supply company) continues to power up new lines, and is now Malaysia’s largest renewable energy producer.” He also said the state is restructuring its economy based on its strengths, which includes its strategic location in the fast-growing region. Abang Johari added that in terms of economy, Sarawak maintained a trade surplus over the years from major trading partners in Asia and Europe. “We inspire to leapfrog our annual gross domesticpProduct growth at 8% per year to achieve RM282 billion in 2030 from the current 4% per year in 2019, and increase our median monthly household income from RM4,000 to RM15,000 through our development plans by 2030.” – Bernama From front page Proposal to teach financial literacy in schools █ BY RAVEEN AINGARAN [email protected] CREATIVE MINDS ... Participants showing their projects during the Annual Architecture Student Works Exhibition 2023 at One Utama Shopping Centre in Petaling Jaya yesterday. – ADIB RAWI YAHYA/THESUN
4 theSUN ON THURSDAY | OCTOBER 5, 2023 NEWS WITHOUT BORDERS @thesundaily FOLLOW ON INSTAGRAM SCAN ME Or download app on the AppStore or Google Play ENJOY A SEAMLESS READING EXPERIENCE. Read our iPaper at https://www.thesundaily.my/ ‘Join forces to woo Chinese tourists’ PETALING JAYA: The private sector and government agencies involved in tourism must join forces to draw more mainland Chinese to the country, says Malaysian Inbound Tourism Association (Mita) president Uzaidi Udanis, adding that the China market is huge and can accelerate the revival of the Malaysian tourism sector. The number of Chinese tourists who visited Malaysia in 2019 before oAssociation proposes increasing flight connectivity, ensuring competitive ticket prices and offering innovative tourism packages █ BYRAJVINDER SINGH [email protected] the Covid-19 pandemic totalled close to three million. This drastically fell to a mere 178,000 arrivals in the first quarter of this year. Uzaidi said Thailand has also upped its game and is giving Chinese tourists a lot of offers, including visa-free entry to that country. Before the pandemic, Thailand attracted over 11 million Chinese tourists. But this came down to one million in the first quarter of this year, he said. “To draw more Chinese tourists to Malaysia, it is important to increase flight connectivity and frequency between the two countries while also ensuring competitive ticket prices. “Prime Minister Datuk Seri Anwar Ibrahim and Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing have promised to provide visa-free entry for Chinese tourists. “But a lot of work still needs to be done. Sadly, we have missed the boat in the current holiday season. It is more important for the government to prepare for the coming year-end and Chinese New Year holidays.” Uzaidi said Chinese tourists are looking for new experiences but expensive flight tickets to Malaysia and our still-recovering economy have hampered their arrival. He added that it is the middle and high-income Chinese tourists who go on holidays, and they have many options available to them due to their cash-rich status. They are now looking at countries such as Uzbekistan, Turkiye and Saudi Arabia as tourist destinations, making these countries our competitors. “Recently, we received inquiries about surfing activities and we advised a Chinese group to head to Cherating in Pahang. “We also arranged a fishing expedition for another group of high-flying Chinese tourists. “Visiting the KLCC and Dataran Merdeka is not attractive anymore, and we need to keep up with the times by coming up with innovative tourism products and packages.” Uzaidi said Mita is also organising various activities for Chinese tourists during Chinese New Year, such as Yee Sang-related activities with VIP guests. “This is something they will not get in other tourist destinations.” Malaysian Association of Tour and Travel Agents president Nigel Wong Chun Teim said Chinese tourists faced problems in getting visas to visit Malaysia. The authorities should eliminate this problem if the country is serious about drawing Chinese tourists. “Chinese tourists have changed their preferences and now prefer back-to-nature trips and outdoor activities such as visiting animal sanctuaries, forest reserves and trekking. “We must be ready to provide them with what they are looking for. The pre-Covid-19 era saw Chinese tourists who just wanted to tour the country. While these groups still remain, they will not be as big as before,” Wong said. M’sia to raise rice issue at talks KUALA LUMPUR: Malaysia will call on Asean’s main rice supplier nations to prioritise exporting the staple to member countries during the 45th Asean Ministers’ Meeting on Agriculture and Forestry (Amaf). Deputy Agriculture and Food Security Minister Chan Foong Hin said yesterday the matter will be raised during the bilateral discussion sessions with the countries at the Amaf, which is being held here. “Discussions may be held with either Thailand or Vietnam,” he said after officiating the launch of the event. Chan was representing Agriculture and Food Security Minister Datuk Seri Mohamad Sabu. Earlier, Chan said the sustainability of agricultural and forestry sectors, which is vital to the livelihoods of millions of people in Asean, faces imminent threats from climate change, overfishing, unsustainable agriculture practices and food wastage. “It is incumbent upon us to safeguard this sector, a source of both sustenance and income, while responsibly managing our limited resources,” he said. Commenting on the White Rice Integrated Operations launched on Tuesday, Chan said comprehensive inspections at all levels of the padi and rice industry chain will begin at any time. On Tuesday, Mohamad Sabu said it would involve padi and rice regulatory bodies, the ministry, police, the Royal Malaysian Customs Department and the Malaysian Quarantine and Inspection Service. – Bernama No restrictions on Japan fish import KUALA LUMPUR: The government is not restricting the import of agricultural and fish products from Japan, said Agriculture and Food Security Minister Datuk Seri Mohamad Sabu. He said the Health Ministry always monitors food safety, including conducting radiation inspections, and had confirmed that fish products imported from Japan are safe for consumption. “However, we rate all fish products from Japan at level four, the level we pay the most attention to. So eat any fish products that come from Japan, it is safe,” he said after a bilateral meeting with Japanese Agriculture, Forestry and Fisheries Minister Miyashita Ichiro here yesterday. Several countries had raised concerns after Tokyo dumped processed radioactive water from the Fukushima nuclear power plant into the Pacific Ocean. The action prompted China, Hong Kong and North Korea to take immediate action to restrict marine products from Japan. Asked if the country would increase rice imports from Asean supplier countries offering the commodity at a cheaper price, Mohamad said the matter will be discussed with Padiberas Nasional Berhad. “We will discuss it from time to time,” he said. – Bernama Ichiro speaking during an event in Kuala Lumpur yesterday to promote seafood from Miyagi prefecture. – BERNAMAPIC
5 NEWS WITHOUT BORDERS theSUN ON THURSDAY | OCTOBER 5, 2023 Kedah MB sedition trial in January KUALA LUMPUR: The Selayang Sessions Court has fixed 12 days, starting in January, for the hearing of a case involving Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor, who is facing two sedition charges. He was charged with uttering seditious words during a political talk in July regarding the appointment of the Selangor menteri besar and the establishment of the unity government. “I request that the case be heard in December and about 10 prosecution witnesses will be called to testify,” said DPP Datuk Masri Mohd Daud. Awang Armadajaya Awang Mahmud, representing Muhammad Sanusi, requested the trial begin in January. Judge Nor Rajiah Mat Zin then set the trial dates for Jan 18 and 19 and Feb 5, 8, 9, 12, 13, 15, 16, 19, 22 and 23, after Masri said the case was of public interest. Masri earlier informed the court that there were amendments to the two charges against Muhammad Sanusi and requested that the charges be read out and tried together since they involved the same incident and witnesses. The amendments involved a change in the section of the law, as Muhammad Sanusi was previously charged under Section 4(1)(a) of the Sedition Act 1948, but it was amended to Section 4(1)(b). When the amended charges were read out by the court interpreter, Muhammad Sanusi said: “I understand the charge, Your Honour, and plead not guilty.” According to the two amended charges, the Jeneri assemblyman is accused of committing both offences at Simpang 4, Taman Selayang Mutiara-Kampung Bendahara in Gombak at 11pm on July 11. Both charges were framed under Section 4(1)(a) of the Act and punishable under Section 4(1), which carries a maximum fine of RM5,000, imprisonment of up to three years, or both. – Bernama Muhyiddin files for discharge in Jana Wibawa case KUALA LUMPUR: Former prime minister Tan Sri Muhyiddin Yassin filed an application to the Sessions Court on Monday to give him a discharge not amounting to acquittal for three money laundering charges he is facing involving RM200 million relating to the Jana Wibawa project. The Pagoh MP stated several grounds for the application, including his acquittal and discharge on four counts of abuse of power involving RM232.5 million in connection with the same project by the High Court on Aug 15. He said the High Court acquitted and discharged him of the predicate offence under Section 23(1) of the Malaysian Anti-Corruption Commission Act 2009 because the charges were unfounded as they did not specify the details of the offences committed. “Since the charges under that section, including the first charge, are not provided for by the law and are unfounded, I truly believe that the money laundering charges, which are predicate offences, are also unfounded.” Muhyiddin, 76, claimed that it was inappropriate and unfair for him to continue to face prosecution and trial for money laundering charges because the lengthy trial would affect the quality of his life. “Therefore, I believe that my rights under Phases 5 and 8 of the Federal Constitution will be affected if this application is not granted and I am forced to face trial on baseless charges. “I also believe that the respondent (prosecutor) will not be prejudiced if this application is allowed.” The Bersatu president is facing two charges of receiving proceeds from unlawful activities totalling RM195 million from Bukhary Equity, which was deposited into the CIMB Bank account of the party. – Bernama Police seize syabu worth RM5 million GEORGE TOWN: Police arrested a wireman serving as a drug transporter and seized 157.19kg of syabu valued at RM5.19 million under Ops Tapis in Bandar Cassia, Batu Kawan on Tuesday. Penang police chief Datuk Khaw Kok Chin said the 34-year-old was nabbed at about 1pm following a public tip-off. “A team found an SUV left unattended in a parking lot. While monitoring the situation, we saw a car driven by the suspect approaching the parking lot before transferring several sacks from the SUV into his car. “Upon inspection, we found six sacks containing 150 plastic packets of Chinese tea that contained syabu weighing 157.19kg. “We arrested the man, who is from the Klang Valley, and seized both vehicles.” – Bernama Court sets February for actor’s trial KUALA KUBU BHARU: The Magistrate’s Court has fixed two days, beginning Feb 6, for the trial of a case involving actor Muhammad Hafidz Roshdi, who was charged with hurting his wife in March. Magistrate Siti Fatimah Talib fixed the trial dates when the case came up for mention yesterday, which was attended by DPP Asmaa’ Zamri and Datuk Akberdin Abdul Kader, representing Muhammad Hafidz, 29. “The court set trial dates for Feb 6 and 7. The proceedings will start at 11am,” said Siti Fatimah. Muhammad Hafidz pleaded not guilty on March 13 to a charge of voluntarily causing hurt to Nurul Shuhada Mat Shukri, 29, who was his wife at the time, by punching her on the cheek three times, causing her to sustain cuts, bruises and swelling. The actor was accused of committing the offence near the Sungai Buaya toll plaza on March 2. – Bernama Man fined for illegal gold mining activities RAUB: A self-employed man was ordered to pay a fine of RM50,000, in default 12 months’ jail, by the Sessions Court yesterday for conducting illegal gold mining operations at the Kechau Permanent Forest Reserve in the Lipis district. Judge Ahmad Faizadh Yahaya meted out the fine on Liew Lok Shong from Selangor, who pleaded guilty. The judge also ordered the forfeiture of an excavator and water pump that was seized from Liew, 59. He was charged with conducting mining activities without a valid licence in the forest area at about 1am on March 10. The offence, under Section 158 of the Pahang Minerals Enactment 2001, carries a maximum fine of RM500,000, imprisonment of up to 10 years, or both. State Enforcement Unit prosecuting officers Taqiuddin Azizan and Muhamad Najmi Zaki prosecuted, while Liew was unrepresented. – Bernama Judge withdraws from Najib’s case against ex-AG PUTRAJAYA: Court of Appeal Judge Datuk Azizah Nawawi has recused herself from hearing Datuk Seri Najib Abdul Razak’s appeal to reinstate his RM1.9 million lawsuit against former attorney-general (AG) Tan Sri Tommy Thomas for alleged misfeasance in public office. Azizah, who chaired a three-man bench, said she recused herself from the case as her husband was directly under Thomas at the material time and the case is of public interest. At the onset of yesterday’s hearing, she disclosed to parties in the appeal that her husband Datuk Nik Suhaimi Nik Sulaiman was oRecusal based on position of spouse as division head in Attorney-General’s Chambers during material time the head of the Appellate and Trial Division in the Attorney-General’s Chambers when Thomas was the AG. She then asked the parties concerned whether they objected to her presiding over Najib’s appeal. Najib’s counsel Datuk Firoz Hussein Ahmad Jamaluddin told the court that the former prime minister wished for Azizah to recuse herself from hearing his appeal. Firoz said the instruction from his client is to object to Azizah hearing the appeal since Thomas is the subject matter of the proceedings, Bernama reported. Alan Adrian Gomez, representing Thomas, said they were not objecting to Azizah hearing the appeal as he has not heard of any grounds suggesting there was a possibility of bias if she hears the appeal. Azizah then ordered a date to be fixed for case management to set the hearing date for the appeal. The bench, which also comprised justices Datuk See Mee Chun and Datuk Lim Chong Fong, was supposed to hear Najib’s appeal yesterday to reinstate his suit against Thomas. The suit was struck out by the High Court on Nov 25 last year. Najib sued Thomas, claiming that he had been wrongly accused in court in the cases involving 1Malaysia Development Berhad, International Petroleum Investment Company, abuse of power under the Malaysian Anti-Corruption Commission Act 2009 and money laundering under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. He claimed the charges against him were part of a move that had been planned by Thomas, in line with the Pakatan Harapan government objectives at the time. Thomas was the AG from June 4, 2018 to Feb 28, 2020. Najib is seeking RM1.9 million in damages and a declaration that Thomas had committed misfeasance in public office, including consultation fees for the audit team to review documentation for preparation of facts to address the cases against him. He is also claiming general, exemplary and aggravated damages, interest, costs and other relief deemed appropriate by the court. Police personnel displaying the seized drugs during a press conference at the Penang contingent police headquarters yesterday. – BERNAMAPIC
6 theSUN ON THURSDAY | OCTOBER 5, 2023 NEWS WITHOUT BORDERS /thesundaily FOLLOW ON FACEBOOK SCAN ME Certificate to own car now costs S$146,000 in Singapore SINGAPORE: To own a car in Singapore, a buyer must bid for a certificate that now costs about S$146,000 (RM503,000), equivalent to four Toyota Camry Hybrids in the US, as a postpandemic recovery has driven up the cost of the city-state’s vehicle quota system to all-time highs. Singapore has a 10-year “certificate of entitlement” (COE) system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour. The quota, offered through a bidding process, has made it the most expensive city in the world to buy a car, with the COE for a large car more than quadrupling from 2020 prices on Wednesday to a record S$146,002. Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 in Singapore, compared with US$28,855 in the US. A small, government-subsidised flat in Singapore costs about S$125,000. In 2020, when fewer people in Singapore were driving, the price of COEs dropped to about S$30,000; a post-Covid increase in economic activity has led to more car purchases while the total number of vehicles on the road is capped at about 950,000. The number of new COEs available depends on how many older cars are deregistered. The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the “Singapore Dream” of upward social mobility – having cash, a condominium and a car. sThe median annual household salary in Singapore is S$121,188. “There is a need to lower one’s aspiration from achieving the ‘good life’ to settling with a ‘good enough life’,” Tan said. – Reuters B R I E F STIKTOK TO STOP SALES IN INDONESIA JAKARTA: Short video app TikTok said it stopped transactions on its app in Indonesia from yesterday after Southeast Asia’s biggest economy banned direct sales on social media platforms last week to protect millions of small businesses. Indonesia is one of the world’s biggest markets for TikTok Shop and was the first to pilot the app’s e-commerce arm, but the Chinese-owned app said it would comply with the new regulation from yesterday evening. “Our priority is to remain compliant with local laws and regulations,” TikTok Indonesia said in a statement on Tuesday. “As such, we will no longer facilitate e-commerce transactions in TikTok Shop Indonesia,” it said. – AFP CHINA WELCOMES U.S. CONGRESSIONAL VISIT BEIJING: Beijing said yesterday it welcomed an upcoming visit to China by US Senate Majority Leader Chuck Schumer and other senior lawmakers, adding it hoped the trip would enhance their “understanding” of the country. Next week’s delegation will be the latest in a series of visits by US officials to China, as both sides seek to defuse tensions across a range of security and economic issues that have been at their highest levels in years. “(We) hope that this visit will enhance the US Congress’s objective understanding of China,” China’s Foreign Ministry said in a statement, adding that it “welcomes” the visit. Schumer is set to be accompanied on the trip by Republican colleague Senator Mike Crapo. – AFP Teen faces murder charge over mall shooting spree BANGKOK: Authorities in Thailand were preparing to charge a 14-year-old boy with premeditated murder yesterday after a shooting spree at a Bangkok mall using what police said was a modified pistol intended to fire blanks. The suspect had suffered a psychological breakdown in the run-up to the shooting at the luxury Siam Paragon shopping centre on Tuesday in which two foreigners were killed, police said, the latest gun violence to shock Thailand in the past three years. Chaos erupted late in the afternoon at the mall in Bangkok’s bustling commercial heart, with hundreds of panicked shoppers fleeing, some screaming as gunshots rang out. A Chinese and a Myanmar national were killed and five people were wounded. The suspect surrendered after police cornered him in a designer furniture shop. Police said they were seeking to charge him oThai PM says gun access for young must be tightened with premeditated murder, attempted murder, possession of an illegal firearm and for using it in a public space. “We still cannot get a statement out of him because the doctor said he had a psychological problem,” said Maj-Gen Nakarin Sukhontawit. Mass shootings are rare in Thailand but gun violence and gun ownership is common. Ownership rules are strict, but firearms can be modified and obtained illegally, many smuggled from abroad. Police said the boy had adapted a widely sold gun meant to fire blanks. Instagram’s most photographed place in 2013, Siam Paragon is Thailand’s most famous mall, drawing throngs of domestic and foreign shoppers daily to its high-end stores. Flowers were left in front of the mall yesterday as it reopened for business. Prime Minister Srettha Thavisin told reporters access to guns, including ones that can be modified, was something his government would address with police. “They can buy from online, therefore we need to be more restrictive in young people’s access to these dangerous things. NEW DELHI: The Indian army said yesterday that 23 soldiers were missing after a powerful flash flood caused by intense rainfall tore through the remote Lachen Valley in the mountainous northeast Sikkim state. A video released by an Indian army spokesman showed a thick torrent of raging brown water sweeping down a thickly forested valley, with roads washed away and power lines ripped down. “Due to sudden cloud burst over Lhonak Lake in North Sikkim, a flash flood occurred in the Teesta River ... 23 personnel have been reported missing and some vehicles are reported submerged under the slush,” the army said in a statement. “Search operations are under way.” The area is close to India’s border with Nepal and China and boasts a sizeable military presence. Lhonak Lake sits at the base of a glacier in the snowy peaks that surround Kangchenjunga, the world’s third-highest mountain. The army said water released upstream from the Chungthang dam meant the river was already more than 4.5m higher than usual. India has been wary of its northern neighbour’s growing military assertiveness and their 3,500km shared frontier has been a perennial source of tension, with parts of Sikkim claimed by Beijing. Experts said climate change is increasing the frequency and severity of rains and floods. Other photographs shared by the army showed water submerging the first floor of buildings, and flowing down a street in a town with only the tip of a small construction crane visible poking out. In neighbouring West Bengal state, people were being evacuated from the districts of Kalimpong, Darjeeling and Jalpaiguri and taken to safer places. – AFP “We will work through the policy process by controlling guns and making them harder to access.” The shooting came at as Srettha’s new government is trying to stimulate a stuttering economy by boosting tourist arrivals in what is one of Asia’s most popular travel spots, including by offering visa-free entry to citizens of China, a crucial market for Thailand. China’s embassy in Bangkok said Srettha had called its ambassador and pledged to “strengthen public safety management to offer a reliable and safe environment for Chinese people travelling to Thailand”. National police chief Torsak Sukvimol said the suspect had been receiving psychological treatment and had not taken his prescribed medication when he embarked on the shooting. Investigators were looking into his background and planned to speak to friends, including some online gamers, about his mental state. Torsak met the boy soon after the shooting. “Initially I spoke to him to calm him down ... he appeared to hear someone speaking to him, he was hearing things, a noise he said told him to shoot,” he told media. – Reuters Three Filipinos dead after boat ‘rammed’ MANILA: Three Filipino fishermen are dead after their boat was “rammed” by a foreign commercial vessel in the South China Sea, the Philippine coast guard said yesterday. The incident happened before dawn on Monday 160km northwest of Scarborough Shoal, off the Philippines’ main island of Luzon. The fishing vessel was moored to a floating device known as a payao, which is used to catch fish. “The mother boat submerged, resulting in the death of its three crew members, including its boat captain,” the coast guard said in a statement. Eleven other crew members used smaller fishing boats to retrieve the bodies and took them to Infanta municipality in Pangasinan province. The coast guard said the commercial vessel involved in the incident was foreign flagged, but did not specify from which country. A crude oil tanker vessel called the Pacific Anna and registered under the flag of the Marshall Islands was in the area at the time of the incident, the coast guard said, after cross-checking the fishermen’s account of the incident with marine traffic. The coast guard said the vessel would be boarded by authorities at its next port. – AFP A flooded street in Lachen Valley. – INDIAN ARMY/AFPPIC 23 Indian soldiers missing in flash flood
7 NEWS WITHOUT BORDERS theSUN ON THURSDAY | OCTOBER 5, 2023 US House speaker ousted in historic vote WASHINGTON: Kevin McCarthy was axed on Tuesday as speaker of the US House of Representatives in a brutal, historic rebellion by far-right Republicans accusing him of a string of broken promises and furious at his cooperation with Democrats. The manoeuvre laid bare the chaotic levels of infighting among Republicans heading into the 2024 presidential election, with its likely candidate Donald Trump making history of his own as the only former or sitting president to face criminal indictment. The first ouster of a speaker in the House’s 234-year history was supported by only a handful of right-wing Republican hardliners. However, the House is almost evenly divided and with Democrats joining eight rebel Republicans rather than riding to McCarthy’s rescue, he had no way to survive. oManoeuvre lays bare chaotic levels of infighting among Republicans 21 killed after bus falls from Venice bridge ROME: Flags flew at half-mast over Venice yesterday after 21 people were killed when a bus careered off an overpass and caught fire. “The bus flipped upside down. The impact was terrible because it fell from over 10m” landing next to railway tracks below, said Venice fire brigade commander Mauro Luongo. The dead are thought to be mostly tourists returned from Venice’s historic centre to a camping site on Tuesday evening. Fifteen others were injured in what Venice mayor Luigi Brugnaro described as “an apocalyptic scene”. Firefighters said the bus was electric, despite the Italian interior minister earlier saying it ran on methane. They spent hours extracting bodies from the charred remains of the bus, which was finally removed from the site yesterday morning. “Among the difficulties was the fact that the bus was electric so it had batteries. Unfortunately, they caught fire on impact,” said Luongo. “That’s why operations took a little longer to remove the vehicle.” Luca Zaia, the governor of the Venice region, confirmed the official death toll was 21, “including a one-year-old child and a teenager”. Five Ukrainians were among the dead identified so far, alongside a German, a Croatian, a Frenchman and the Italian driver, he said. Five of the 15 injured are in a “very serious condition”, and some were still being identified, he said. Firefighters said the bus caught fire after careering off an overpass straddling a railway line and linking the mainland Mestre and Marghera districts of Venice in northern Italy. Zaia said that flags on official buildings in the region would be put at half-mast because of this “tragedy of enormous proportions”. As to the cause, Zaia said: “The main hypothesis at the moment is that the bus driver ... may have fallen ill.” Investigators are analysing surveillance cameras from the area as part of their investigation into what happened. Italian Prime Minister Giorgia Meloni expressed her “profound condolences”. According to Corriere della Sera newspaper, 19 people died at the scene, with the remaining two dying in hospital. – AFP “I ended up being the 55th speaker of the House – one of the greatest honours. I loved every minute,” a circumspect McCarthy told reporters after the vote, making clear he did not plan to stand again. “And the one thing I will tell you is doing the right thing isn’t always easy, but it is necessary. I don’t regret standing up for choosing governance over grievance.” The 58-year-old former entrepreneur had sparked fury among conservatives when he passed a bipartisan stopgap funding measure at the weekend backed by the White House to avert a government shutdown. Florida conservative Matt Gaetz, who forced the removal vote, gambled that he could oust McCarthy with just a few Republicans, helped by Democrats loath to bail out a speaker who only recently opened a highly politicised impeachment inquiry into President Joe Biden. “The reason McCarthy went down today is because nobody trusts McCarthy,” Gaetz said. “Kevin McCarthy has made multiple contradictory promises, and when they all came due, he lost.” South Carolina Republican Nancy Mace revealed she, too, had soured on McCarthy over promises to put legislation up for a vote that were never honoured. Democrats pointed to his decision to renege on a deal with Biden on spending limits agreed earlier this year in high-stakes talks over the federal budget. Biden issued a statement through his press secretary after McCarthy’s overthrow urging the House to quickly choose a replacement, arguing that the urgent challenges facing the country “will not wait”. The New Democrat Coalition, a bloc of pro-business Democratic lawmakers, described McCarthy as “simply not trustworthy”. Congressional Progressive Caucus chairman Pramila Jayapal, a leading leftist, vowed to let Republicans “wallow in their pigsty of incompetence” rather than rescue McCarthy. The tussle came just days after the House and Senate passed a measure to avert a costly government shutdown – both with big bipartisan majorities – by extending federal funding through mid-November. Conservatives were furious, seeing their chances dashed for forcing massive budget cuts. – AFP Pakistan orders 1.7 million Afghans out of country ISLAMABAD: The Pakistani government’s threat to forcibly expel illegal Afghan immigrants is “unacceptable”, a Taliban official said yesterday, adding that Afghans were not to blame for Pakistan’s security problems. Estimating that there were 1.73 million Afghan immigrants living in Pakistan without any legal status, Pakistan’s caretaker government on Tuesday set a Nov 1 deadline for them to leave or face forcible expulsion. “The behaviour of Pakistan towards Afghan refugees is unacceptable,” Zabihullah Mujahid, the spokesman for the Taliban administration in Kabul, said in a post on the social media platform X, formerly known as Twitter. To help justify the crackdown, Pakistan Interior Minister Sarfraz Bugti alleged that Afghan nationals had carried out 14 out of 24 suicide bombings in Pakistan this year. The Taliban spokesman rejected that claim. “The Pakistani side should reconsider its plan. “Afghan refugees are not involved in Pakistan’s security problems. “As long as they leave Pakistan voluntarily, that country should tolerate them.” Pakistan’s ultimatum to the immigrants, most of whom have been living in the country for years, came after a meeting of civil and military leaders to review the law and order situation following two suicide bombings on Friday that killed at least 57 people. Sarfraz said one of the suicide bombers was an Afghan national, and he also accused India’s intelligence agency of involvement. Islamabad alleges that the militants use Afghan soil to train fighters and plan attacks inside Pakistan. The Taliban denies those accusations, saying Pakistan’s security problems are home-grown. – Reuters B R I E F SFUGITIVE RUSSIAN REPORTER JAILED IN ABSENTIA MOSCOW: Fugitive former Russian TV journalist Marina Ovsyannikova, who captured world attention when she burst into a news broadcast with a placard that read “Stop the war” and “They’re lying to you”, was sentenced in absentia yesterday to eight and half years in jail. Ovsyannikova was fined for her original protest, less than three weeks after Russia invaded Ukraine on Feb 24, 2022, in what it called a “special military operation”. But she later faced criminal prosecution for “spreading knowingly false information about the Russian Armed Forces” in connection with a July 2022 protest when she stood on a river embankment opposite the Kremlin and held up a poster calling President Vladimir Putin a murderer and his soldiers fascists. – Reuters FIVE INJURED IN BALTIMORE CAMPUS SHOOTING WASHINGTON: At least five people were injured in a shooting on a university campus in the eastern US city of Baltimore on Tuesday. The shooting took place on the campus of the historically black university Morgan State at 9.25pm (9.25am yesterday in Malaysia), Baltimore police commissioner Richard Worley told reporters. Five people between the ages of 18 and 22 had been injured in the incident, but none of them had life-threatening injuries, he said. The university’s police chief, Lance Hatcher, said four of the injured were students at the college. No arrests were announced in connection with the shooting. – AFP Colombian army apologises for civilian executions BOGOTA: Colombia’s army apologised for the first time on Tuesday for the deaths of civilians executed by soldiers to inflate performance numbers as they fought leftist guerillas. The government has said 6,402 civilians died as part of this policy from 2004 to 2008, with slain civilians dressed up in guerilla fatigues in some cases. On Tuesday, the army asked forgiveness from the families of 19 of those who were part of the larger group. “We acknowledge that painful acts were committed by members of the national army that should never have happened,” army commander Luis Ospina said during an event in Bogota. He said soldiers had “tainted the legitimacy” of the army. “We offer our deep, sincere apology,” he said as relatives of victims watched him. The policy of inflating army kill numbers with civilian deaths included rewards for soldiers such as days of leave and decorations. In July, Defence Minister Ivan Velasquez apologised for one of these killings and on Tuesday President Gustavo Petro called the policy tantamount to genocide. “May rifles never again point at our people,” the president said. Colombia’s military fought leftist rebel groups for decades starting in the 1960s until reaching an historic agreement with the main one, known as FARC, in 2016. – AFP ON A HIGH NOTE ... Attendees lighting sparklers to celebrate at the end of the Oktoberfest in the German city of Munich. – REUTERSPIC
8 theSUN ON THURSDAY | OCTOBER 5, 2023 SPEAK UP reading experience. b) Aesthetic design: The design and ambience are given attention, creating a welcoming and cosy atmosphere to enhance the reading experience and attract a diverse clientele. c) Community engagement: These libraries promote a sense of community through events, workshops, book clubs and author talks to engage patrons and promote a reading culture. d) Sustainability: Many boutique libraries emphasise sustainability by incorporating eco-friendly practices, such as using energy-efficient lighting, recycling materials and committing to reducing carbon footprint. Traditional and boutique libraries are increasingly embracing social media platforms to adapt to the digital age. Social media platforms, such as Facebook, Instagram, Twitter and LinkedIn, offer strong tools for connecting with readers, promoting events, sharing book suggestions and engaging in meaningful discussions about books and media. Social media marketing has become a significant tool for promoting businesses and organisations, including boutique libraries. How does social media marketing help sustain boutique libraries? a) Increased visibility and outreach: Social media platforms reach a wide audience, allowing boutique libraries to showcase their unique offerings, events and sustainable practices to a larger community. b) Engagement and interaction: Platforms such as Facebook, Instagram and Twitter enable real-time engagement with patrons, allowing libraries to receive feedback, address queries and cultivate a strong online community. c) Promoting sustainability: Social media serves as a crucial avenue for highlighting a library’s sustainable efforts and encouraging the community to engage in and support eco-friendly practices. d) Collaboration and partnerships: Boutique libraries can leverage social media to connect with potential partners, authors, artists and like-minded organisations, fostering collaborations that enrich the library’s offerings and expand its reach. e) Enhanced content quality: Quality of social media content is significantly enhanced through posts by social media players on various platforms. While the digital age has offered many benefits, it is necessary to understand that not everyone has equal access to technology or the internet. Traditional libraries remain crucial in addressing this disparity by offering physical spaces and resources for those without digital access. A suggested hybrid approach integrating digital innovation and traditional library services can ensure inclusivity and accessibility, benefiting a diverse audience and guiding the future of libraries. Finally, boutique libraries in Malaysia offer a unique blend of specialised collections, aesthetic appeal, community engagement and a focus on sustainability, introducing a refreshing move on traditional libraries. Embracing social media marketing allows these libraries to widen their reach, involve the community and strengthen their sustainable practices, ensuring a bright and significant future for Malaysia’s boutique libraries. The writer is the chief librarian at Berjaya University College. Comments: [email protected] Get a jump start today on creating a successful tomorrow! For the best in local and international higher education institutions, catch theSun's fortnightly Education Focus. FOCUS 2023 EDUCATION Contact us now for special deals on digital, video and print advertising. Charm of boutique libraries THE advent of the digital age has resulted in a shift in how we consume and engage with literature and media, and this is evolving as technology improves. Reading and accessing material is now easier, thanks to e-books, audiobooks and digital platforms. However, this digital transition has presented problems for traditional libraries, forcing these entities to innovate and adapt. Traditional libraries are often linked with serene spaces and rows of bookshelves, and are progressively evolving. As a result of this shift, boutique libraries have emerged, offering a unique approach to organising and presenting content. To remain relevant and appealing to current readers in this ever-changing landscape, traditional libraries are undergoing a metamorphosis. Boutique libraries have evolved as distinct gathering places, combining traditional library services with contemporary aesthetics and specialised resources. These libraries have gained popularity in Malaysia due to their particular qualities and emphasis on sustainability. Traditional libraries have played an important role in encouraging literacy and knowledge by providing a comprehensive range of books and resources to communities, promoting a love of learning and reading across diverse genres and subjects. On the other hand, the introduction of digital platforms and e-books has posed a substantial threat to traditional libraries, compelling them to innovate and compete in the world of technology while retaining the attractiveness of physical venues. Boutique libraries have evolved, with particular emphasis on specialised collections. These libraries meticulously curate literature based on specific themes, genres or subjects, creating a unique and personalised reading experience for visitors. Nonetheless, due to their small scale of operation, boutique libraries face issues in terms of sustainability and finance. As a result, they must develop long-term models to support their specialised collections and activities. Distinctive characteristics Boutique libraries stand out because they differ from conventional libraries. These traits include: a) Specialised collections: Boutique libraries curate collections focusing on specific themes, subjects or target demographics, providing a more tailored Honouring educators on World Teachers’ Day TODAY is World Teachers’ Day. It is a significant occasion for recognising and appreciating the pivotal role teachers play in transforming education. It is a day to not only celebrate their dedication but also to reflect on the support they need to unleash their potential and passion for teaching. Being a teacher offers a remarkable opportunity to create a profound and enduring impact on the lives of students while also providing personal fulfilment. The government should prioritise teachers’ wishes, which often revolve around addressing persistent challenges. Foremost among these is the shortage of teachers, a problem further exacerbated by the deteriorating working conditions and social status of educators. Without an adequate number of qualified teachers, the quality of education in the country will be compromised. Another crucial aspect that needs consideration is the improvement of teaching facilities. The government must assess and invest in providing state-of-the-art infrastructure and administrative support to schools. This includes addressing digitisation issues, such as ensuring internet access for students. Moreover, it is imperative to provide suitable devices, especially to the economically disadvantaged B40 segment, ensuring that no student is left behind in this digital age. Recognising the value of education is a catalyst for societal progress, and it is important to acknowledge that a well-educated workforce is an invaluable asset. In the rapidly evolving and competitive global landscape, a well-educated populace will equip the nation with the skills and knowledge needed to thrive in various industries and sectors. Therefore, investing in education and supporting teachers will not only benefit individuals but also strengthen the country’s ability to adapt and excel in an ever-changing environment. On this World Teachers’ Day, let us not only celebrate the dedicated educators who shape the future but also commit to providing them with the resources, recognition and respect they rightfully deserve. By addressing the teacher shortage, improving teaching facilities and ensuring equal access to digital resources, Malaysia can pave the way for a brighter educational future, ultimately benefiting the entire nation in the long run. Sze Loong Steve Ngeow Kajang VOICES OF REASON Traditional libraries are evolving to cater to the needs of today’s readers. – REUTERSPIC LETTERS [email protected] █ BYSHAEIDDAH AKMAR
9 SPEAK UP theSUN ON THURSDAY | OCTOBER 5, 2023 theSun ON WEDNESDAY | NEWS WITHOUT BORDERS THE OBJECTIVES TO achieve greater unity among Malaysians TO maintain a democratic way of life TO create a just society in which the wealth of the nation shall be equitably shared TO ensure a liberal approach to her rich and diverse cultural traditions TO build a progressive society which shall be oriented to modern science and technology RUKUN NEGARA: THE PRINCIPLES BELIEF IN GOD LOYALTY TO KING AND COUNTRY THE SUPREMACY OF THE CONSTITUTION THE RULE OF LAW COURTESY AND MORALITY I N conjunction with Academia Day, observed annually today, we should recognise the importance of academic freedom. The issue of academic freedom has garnered attention in our country over the years. Why is academic freedom important? Academic freedom is pivotal in our quest to produce high-quality students who can bring about constructive changes to society and the country. Academic freedom is equally indispensable for our dedicated academicians. Our nation’s need for high-calibre academicians, who can provide critical views and ideas to propel our progress and development, cannot be overstated. The main ingredient for students and academicians to make meaningful contributions to society and the country is academic freedom. In essence, academic freedom ensures that students and academicians can engage in intellectual discourse without the fear of censorship or retaliation. Academic freedom is the cornerstone that upholds a faculty member’s right to remain true to his or her pedagogical philosophy and intellectual commitments. It preserves the intellectual integrity of our educational system and, thus, serves the public good. This is vital for students and academicians as it grants them the right to express their views through speech, writing and electronic communication on and off campus, without fear of sanction and prosecution from the authorities. However, this freedom is not absolute if the manner of expression infringes the rights of others or the views demonstrate that they are professionally ignorant, incompetent or dishonest about their respective disciplines or areas of expertise. Academic freedom also gives students and academicians the right to pursue their chosen topics of study and research, and to draw conclusions consistent with their findings. However, it is important to note that this freedom does not preclude others from evaluating the worthiness of their work and the soundness of their conclusions. Thus, it is of utmost importance that we not only cherish but also respect and protect academic freedom at all times. Academic freedom should not be regarded as a threat or an adversary. Due to the numerous laws in the country, it has been incumbent on the government to protect and uphold academic freedom. In late 2018, the previous government led by Pakatan Harapan undertook several efforts to introduce major amendments to key legislations, namely the Universities and University Colleges Act 1971 (UUCA), the Private Higher Educational Institutions Act 1996 (PHEIA) and the Educational Institutions (Discipline) Act 1976 (EIDA). The initial amendment aimed to eliminate subsection (c) of Section 15(2) of UUCA, which prohibited students from engaging in political party activities on university and college premises. The second amendment sought to remove subsection (c) Section 47(2) of PHEIA, which restricted students from participating in political activities on campuses of private higher educational institutions. The third amendment was to remove subsection (c) of Section 10(2) of EIDA, granting students the right to be involved in political activities on campus. These amendments also stipulate that any ongoing disciplinary action against students related to their participation in on-campus political activities under the Acts will be discontinued when the amendments take effect. These changes provide a safe environment for university and college students to engage in oncampus political activities without the looming threat of repercussions. Furthermore, these amendments enable students to express their views and ideas more openly, free from the fear of arrest or disciplinary hearings. These amendments should be welcomed and appreciated by all as it can further guarantee academic freedom. Although efforts have been made to protect and ensure academic freedom, more steps need to be carried out to further strengthen this fundamental right in the country. Recently, there has been a growing call for the complete removal of the UUCA. To address this, the government should actively engage with and listen to the voices advocating for the abolition of this law. By meeting with these concerned groups, the government can gain a deeper understanding of their reservations regarding the retention of such legislation. The government must take proactive steps to engage with students and academicians in a meaningful dialogue regarding the issue of academic freedom in the country. The current government must heed the widespread calls for the establishment of a more conducive academic environment in the nation. If we want to drive meaningful progress, the issue of academic freedom cannot be ignored. The time has come for us to encourage our youths to speak their minds without reservation and empower them to engage in critical thinking. More importantly, we should not stifle the diverse views and opinions of our youths but allow them the space to express themselves even when their perspectives differ from those of adults. This same assurance should also be extended to our academicians. They should be encouraged to speak more and give critical views and ideas for the progress and development of our society and nation. We should not restrict the contributions of our students and academicians to society and the country through rules and regulations. Differing views and opinions should be addressed professionally through open discussions, talks or debates, rather than resorting to arrest, prosecution, fines or imprisonment. Encouraging constructive dialogue is essential for the growth and progress of our society and country. The writer is an associate professor at the Faculty of Syariah and Law at Universiti Sains Islam Malaysia. Comments: [email protected] Call for government support of animal welfare shelters WORLD Animal Day was celebrated globally yesterday. It is a momentous occasion that extends beyond a single day. It serves as a powerful reminder of the profound impact our treatment and perception of animals can have. World Animal Day underscores the significance of the Universal Declaration on Animal Welfare (UDAW), recognising animals as sentient beings. It calls upon us to champion the prevention of cruelty and the safeguarding of the welfare and well-being of all animals, including livestock, within our communities. In light of this day, I appeal to the government, on behalf of animal lovers in the country, to view the plight of animal shelters operated by voluntary organisations, such as SPCA (Society for the Prevention of Cruelty to Animals), PAWS (Animal Welfare Society) and others. These animal shelters are under tremendous pressure, and risk closure due to a severe shortage of funds and insufficient donations. The global economic impact, including the hike in the prices of consumer goods such as pet food, has seriously affected animal shelters. A recent statement by the president of the Ipoh Society for the Prevention of Cruelty to Animals (ISPCA) has sent shockwaves throughout the community. It has been revealed that approximately 300 dogs and cats under their care may be released onto the streets due to the dire lack of financial resources to sustain these animals. The situation for ISPCA has been made worse by the state land authorities that are insisting on a substantial payment from the organisation for the use of state land or risk eviction. This demand is insensitive, considering that ISPCA is a volunteer-based non-profit organisation dedicated to providing invaluable services to the public. We should recognise the remarkable work undertaken by ISPCA, including their successful Trap-Neuter-Release (TNR) programme, which they carry out with the support of the Ipoh City Council (ICC). This programme has yielded results in curbing the population of unwanted stray animals within the city, demonstrating the organisation’s commitment to the welfare of animals. The humane TNR programme developed by ISPCA in collaboration with ICC has become a model for study and emulation by numerous state councils across the country. This programme has proven to be highly effective in managing stray animal populations. SPCAs throughout the country deserve the cooperation and support of the local authorities and the government to carry out their objectives and missions. The local authorities should work closely with animal shelters for a win-win outcome. This will ensure the welfare and well-being of homeless and ailing animals. It will be highly impactful if the government can provide annual grants for deserving animal shelters. We can aptly name this initiative the Madani Animal Welfare Grant. Such a gesture will reflect positively on the government. Through our collective efforts, we can ensure that the animals that share our environment are protected, and not deprived of compassion and human care. S. Param Ipoh LETTERS [email protected] Protecting academic freedom COMMENT by Dr Muzaffar Syah Mallow “If we want to drive meaningful progress, the issue of academic freedom cannot be ignored. The time has come for us to encourage our youths to speak their minds without reservation and empower them to engage in critical thinking. This is not only for their individual growth but also for the betterment of our nation as a whole. The global economic impact, including the hike in the prices of consumer goods such as pet food, has seriously affected animal shelters. – REUTERSPIC
10 theSUN ON THURSDAY | OCTOBER 5, 2023 Avaland unveils Amika Residences PETALING JAYA: Real estate developer Avaland Bhd recently opened its Amika Residences serviced apartments in Subang Jaya for sale. More than 800 people thronged the Amika Residences sales gallery and show units for a preview of the development. Being a Japaneseinspired development, the highlight of the opening event was the KagamiWari, which is the ceremonial opening of a sake barrel for good fortune. Amika Residences has a gross development value of RM475 million and is situated on a 3.5-acre freehold parcel, facing a 9.2-acre central park which has a water body inspired by Melbourne’s Yarra River. The development comprises 468 serviced apartments in two towers (Tower A: 216 units, Tower B: 252 units) and the units will come in three sizes – 883 sq ft, 1,075 sq ft and 1,227 sq ft – offering layouts of two-plus-one bedrooms, three bedrooms and three-plus-one bedrooms respectively. Amika Residences will also have 24 retail units with built-ups ranging from 1,335 sq ft to 3,681 sq ft. The development concept is inspired by Japanese fusuma sliding panels that redefine spaces in a room or serve as doors. Walls between bedrooms can be removed to create larger spaces, and open-plan living areas can be customised to individual preferences. Each unit will feature an internal foyer inspired by traditional Japanese home entryways, providing ample space for a shoe cabinet and bench if required. Facilities for residents to enjoy are to be located on the West Garden Nishi on Level 3, East Garden Azuma on Level 8 and the Clubhouse Rooftop including a stone garden, tatami lawn, water cascades and koi pond, tea leaf pavilion, gymnasium, central pool, garden kitchen and sky garden. From left: Avaland deputy CFO Shirley Leong, CFO Susan Jacob Secreto, Teh, COO Aw Sei Cheh, deputy COO Chee Kok Keong, senior project development director Yaw Sheng Fung at the opening of Amika Residences sales gallery. oJapanese-inspired RM475m GDV project in Subang Jaya comprises 468 serviced apartments in two towers “As part of Avaland’s sustainability roadmap, Amika Residences has achieved GreenRE certification (gold rating), with 84% of dwelling unit spaces designed to have excellent airflow and natural light in 90% of the rooms, enhancing comfort for residents and reducing electricity costs. The inclusion of electric vehicle charging points will be part of Amika’s green features,” said Avaland CEO Teh Heng Chong. Sunway subsidiary, PDC in deal to develop industrial land in Batu Kawan PETALING JAYA: Property and construction group Sunway Bhd and Penang Development Corporation (PDC) will jointly develop a parcel of prime industrial land in Batu Kawan, Penang. Sunway subsidiary Umech Land Sdn Bhd will develop the 559-acre site in exchange for a land entitlement of RM646 million to PDC. Sunway’s 70% stake in Umech is held via its wholly owned subsidiary, Sunway Bukit Gambier Sdn Bhd. The land is situated about 4km from the Penang Second Bridge, offering excellent connectivity, and is a 20-minute drive from Penang Island, and a 30-minute drive from Penang Port. The strategic location makes it an ideal site for the proposed industrial park, which would complement the Batu Kawan region’s burgeoning industrial areas such as Batu Kawan Industrial Park 1 (BKIP 1) and Valdor Industrial Park. The proposed industrial park will comprise factories, industrial lots and commercial components with a gross development value of at least RM3.5 billion. The vision for the industrial park is to create a dynamic, innovation-driven ecosystem that serves as a global hub for cutting-edge industrial technology, research, development, and collaboration building upon the success of BKIP 1. Sunway Property managing director Sarena Cheah said, “We are excited to announce the proposed development of the second parcel of industrial land this year to add to our industrial development portfolio. “This investment signifies Sunway Property’s commitment to not only create a sustainable industrial park but also to contribute to the economic growth and prosperity of the state of Penang by attracting investments and fostering technological advancements in the region. “The strategic development aligns seamlessly with Sunway Property’s dedication to advancing innovation, technology, and sustainable development within the industrial sector, while accommodating the ever-changing requirements of businesses in the digital era.” Malaysia’s first Hyatt Place hotel opens in Bukit Jalil PETALING JAYA: Malaysia’s first Hyatt Place hotel opened for business in Bukit Jalil, Kuala Lumpur, recently. Hyatt Place Kuala Lumpur, the first international-class hotel in Bukit Jalil, offers 250 guest rooms, various dining establishments, free Wi-Fi for guests and a fitness centre. The hotel is currently offering rates from RM385 per room per night, inclusive of breakfast for two guests. Situated in a well-connected area within reach of national stadiums, convention centres, golf courses and a recreational park, Hyatt Place offers direct access to major highways. The hotel is a 30-minute drive to Sultan Abdul Aziz Shah Airport in Subang, a 45-minute drive to Kuala Lumpur International Airport and the Awan Besar LRT station is a short drive away. “As Bukit Jalil continues to grow and thrive economically, we are excited to add to the momentum by welcoming the first Hyatt Place hotel to the area and this country,” Hyatt Place Kuala Lumpur is the first international-class hotel in Bukit Jalil. Alfa Bangsar special units released into the market PETALING JAYA: City Motors Group, the developer of the Alfa project, recently announced the release of special reserved serviced apartment units of the development for sale to the public. Alfa Bangsar, a 42-storey, multifaceted development, boasts an eight-level podium featuring a car park, hotel and 35,000 sq ft of commercial space. The hotel, managed by InterContinental Hotels Group, takes up Level 9 to Level 18 and offers 220 rooms and amenities such as swimming pool, sauna, garden, function hall, meeting rooms and gymnasium. The project also includes 178 serviced apartment units on Level 19 to Level 42, with various layouts to choose from. Residents of Alfa Bangsar’s serviced apartments will enjoy an array of amenities, including a sky garden, multipurpose room, fitness centre, swimming pool, barbecue area and children’s playground. Since the release of the units on Sept 20, the response from the market has been positive, with 80% of them already sold. The project is on track for completion in the second quarter of 2024. City Motors Group CEO Terence Chia said, ”We are thrilled by the enthusiastic response we’ve received. Alfa Bangsar presents a unique opportunity for property ownership in the heart of Bangsar, Jalan Maarof.” Established in 1965 by Datuk Foo Wan Kien, City Motors Group started out in automotive financing, poultry farming and automotive distribution. Over the years, the company transitioned to property development and has completed notable projects in Malaysia, Singapore and Hong Kong. B R I E F SMRCB LAND TO BUILD TUJUH RESIDENCES IN KWASA DAMANSARA PETALING JAYA: Property developer MRCB Land Sdn Bhd has unveiled its latest residential project, Tujuh Residences, the first to-be-developed residential project in Kwasa Damansara City Centre (KDCC). Tujuh Residences is a 29-storey development comprising 573 serviced residences with a gross developmental value of RM384 million, ranging from one-bedroom, three-bedroom and dual-key units. Tujuh Residences will be the first residential project in KDCC to deploy MRCB’s proprietary modular construction technology, MRCB Building System, which allows up to 80% of the building works be undertaken off-site. SUNWAY MALLS A TWO-GOLD WINNER AT 2023 MAXI AWARDS PETALING JAYA: Sunway Malls emerged as a big winner at the International Council of Shopping Centres (ICSC) MAXI Awards recently when one of its malls, Sunway Velocity Mall, bagged two Gold Awards. Headquartered in New York, ICSC is a global trade association of the mall and retail real estate industry. Sunway Velocity Mall was the sole Malaysian mall winner at the awards ceremony held in Las Vegas in the US that saw 100 finalists from countries around the world, including Canada, the UK, Denmark, the US, China and others. The MAXI Awards recognises innovative events, programmes and technology that add value to the mall industry. SP SETIA’S IRAMA VILLA III IN BANDAR KINRARA SOLD OUT PUCHONG: SP Setia’s latest residential development, Irama Villa III in Bandar Kinrara, has been sold out. The project situated on a 3.97- acre expanse comprises 38 units of freehold double-storey terrace houses. It has a gross development value of RM61 million. Irama Villa III comes in sizes ranging from 2,165 sq ft to 2,770 sq ft, and 2,234 sq ft to 2,337 sq ft with four-plus-one bedrooms and five bathrooms. Prices start from RM1.4 million. said Hyatt Place general manager Kevin Flynn. The hotel is fully owned by Mygres Ceramiche Sdn Bhd (MCSB), an investment holding company founded in 2005 by Datuk Wira Vincent Lye, a businessman and entrepreneur with over 30 years of experience in the corporate world. MCSB is associated with building materials trader MyDecor Group of Companies.
KLCI 1,415.84 STI 3,147.39 HANG SENG 17,195.84 SCI NIKKEI 30,526.88 711.06 TSEC 16,273.38 KOSPI 2,405.69 CLOSED S&P/ASX200 6,890.20 THURSDAY OCTOBER 5, 2023 Editorial Tel: 03-7784 6688 Fax: 03-7785 2624/5 Email: [email protected] Advertising Tel: 03-7784 8888 Fax: 03-7784 4424 Email: [email protected] 5 MOST ACTIVES October 4, 2023 STOCK VOL CLSG (sen) +/– (sen) KNM 1,596,700 16.0 +1.5 HSI-CRT 7,217,400 7.0 -1.0 SEALINK 6,423,100 22.0 +3.5 EMCC 6,312,000 46.0 +0.5 UEMS 6,046,500 82.0 +1.5 EXCHANGERATES OCTOBER 4, 2023 Foreign currency Bank sell Bank buy Bank buy TT/OD TT OD 1 US DOLLAR 4.7905 4.6565 4.6465 1 AUSTRALIAN DOLLAR 3.0400 2.9200 2.9040 1 BRUNEI DOLLAR 3.4890 3.3900 3.3820 1 CANADIAN DOLLAR 3.4930 3.4000 3.3880 1 EURO 5.0280 4.8660 4.8460 1 NEW ZEALAND DOLLAR 2.8470 2.7420 2.7260 1 SINGAPORE DOLLAR 3.4890 3.3900 3.3820 1 STERLING POUND 5.7990 5.6180 5.5980 1 SWISS FRANC 5.1890 5.0700 5.0550 100 UAE DIRHAM 132.0500 125.2400 125.0400 100 BANGLADESH TAKA 4.4300 4.1420 3.9420 100 CHINESE RENMINBI N/A N/A N/A 100 HONGKONG DOLLAR 61.8600 58.8000 58.6000 100 INDIAN RUPEE 5.8600 5.5000 5.3000 100 INDONESIAN RUPIAH 0.0318 0.0288 0.0238 100 JAPANESE YEN 3.2180 3.1170 3.1070 100 NEW TAIWAN DOLLAR N/A N/A N/A 100 PAKISTAN RUPEE 1.7100 1.6000 1.4000 100 PHILIPPINE PESO 8.5600 8.0700 7.8700 100 QATAR RIYAL 132.9600 126.2200 126.0200 100 SAUDI RIYAL 129.2500 122.7000 122.5000 100 THAI BAHT 13.5000 11.9800 11.5800 Source: Malayan Banking Berhad/Bernama KL MARKET SUMMARY October 4, 2023 INDICES CHANGE FBMEMAS 10,493.84 -41.53 FBMKLCI 1,415.84 -4.17 CONSUMER PRODUCTS 548.91 -1.65 INDUSTRIAL PRODUCTS 170.11 +0.03 CONSTRUCTION 181.93 -1.28 FINANCIAL SERVICES 15,832.13 -73.09 ENERGY 858.05 -13.67 TELECOMMUNICATIONS 567.96 -9.41 HEALTH CARE 1,676.07 -13.41 TRANSPORTATION 917.27 -2.77 PROPERTY 857.34 -1.41 PLANTATION 6,825.83 -34.09 FBMSHA 10,782.08 -41.42 FBMACE 5,120.42 -41.83 TECHNOLOGY 61.50 -0.71 TURNOVER VALUE 3.028 BIL RM2.234 BIL 5 TOP GAINERS October 4, 2023 STOCK VOL CLSG (RM) +/– RM HEXTECH 12,400 25.44 +0.64 CHINHIN 1,602,200 3.98 +0.18 PETDAG 180,400 22.44 +0.14 SHH 474,900 1.21 +0.11 BAT 271,700 9.30 +0.10 5 TOP LOSERS October 4, 2023 STOCK VOL CLSG (RM) +/– RM HLFG 183,100 17.28 -0.40 HEIM 43,000 24.18 -0.30 AYER 12,100 7.20 -0.29 AJI 36,600 15.10 -0.28 AEONCR 319,600 11.82 -0.26 Budget 2024 to focus on SMEs, says deputy finance minister II KUALA LUMPUR: The government will focus on small and medium enterprises (SMEs) in Budget 2024, said Deputy Finance Minister II Steven Sim Chee Keong. He said it was one of the key performance indicators (KPI) set by Prime Minister Datuk Seri Anwar Ibrahim. “Foreign direct investment (FDI) is important for Malaysia’s economy and the government will continue to increase efforts to attract more FDI into the country. “But we also see that domestic direct investment (DDI) is an important component in the country’s economic development, and one of these DDIs is from the SME sector. It is one of the KPIs that the government is focusing on at this time,” he said after inaugurating Allianz Asia’s regional delivery centre yesterday. Sim said the focus given to SMEs is because the sector needs a lot of support from various parties, especially from the government. “Malaysian businesses, especially SMEs, face many obstacles and are in the recovery process after being hit by the Covid-19 pandemic a few years ago, so the focus needs to be on making the sector more sustainable for the country’s economic growth,” he added. – Bernama IGEM 2023 sets RM4b target in business leads KUALA LUMPUR: The International Greentech & Eco Products Exhibition & Conference Malaysia (IGEM) 2023 has targeted RM4 billion in business leads and 40,000 visitors from over 40 countries. Hosted for the 14th consecutive year, IGEM which opened yesterday is a mustattend for those in the sustainable development value chain as reflected in its RM41 billion track record in business leads, with over 530,000 visitors from 112 countries since 2010. Deputy Prime Minister Datuk Seri Fadillah Yusof will officiate the opening ceremony on behalf of Prime Minister Datuk Seri Anwar Ibrahim today. Natural Resources, Environment and Climate Change (NRECC) Minister Nik Nazmi Nik Ahmad said IGEM 2023 is timely, significant and impactful in converging efforts towards net zero emissions when climate action is gaining traction. “The turnout of exhibitors, speakers, delegates, trade attachés, corporate leaders and business visitors reflects not just the popularity of IGEM but also the urgency towards climate action,” he said in a statement yesterday. Organised by the NRECC ministry and co-organiser Malaysian Green Technology and Climate Change Corporation (MGTC), Southeast Asia’s leading trade event for green technologies and eco solutions, this year’s theme “Race Towards Net Zero: Leadership For Climate Action” saw green tech companies occupying over 400 exhibition booths. The exhibition floor is organised into sub-themes namely Empowering Cities, Electrifying Mobility, Decarbonising Energy, Accelerating Circularity and Conserving Biodiversity with corporations such as Tenaga Nasional Bhd, Leader EV Solutions Sdn Bhd, Samaiden Group Bhd, Solarvest Holdings Bhd and Cenergi SEA Bhd. A highlight of the event is the AtoZero Asean Summit & Exhibition which features key decision-makers to explore pathways, policies and business opportunities to drive the global net zero transition agenda. Hence, Nik Nazmi said Malaysia has to reach a consensus on regional interconnectivity partnerships, energy storage, carbon capture, green financing, hydrogen economy and Asean future grid if Asean were to be a determining factor in a just energy transition. This makes AtoZero Asean a significant inclusion, he said. IGEM 2023 is also hosting several conferences on topics such as energy efficiency, carbon market, planetary health, low-carbon mobility, hydrogen economy, water, environment, circular economy, technologies in ESG and green incentives. – Bernama Malakoff invests RM2.5b to develop solar projects KUALA LUMPUR: Malakoff Corporation Bhd is expected to invest around RM2.5 billion to develop 500MW of solar projects within the Albukhary Group of Companies over five years. The diversified business group comprises the MMC Group, DRB-Hicom Bhd and Tradewinds Plantation Bhd, among others. Pursuant to the above, Malakoff and MMC Ports have entered into a memorandum of understanding (MoU) to undertake business exploration in various green power initiatives with investments worth RM350 million. This includes, but is not limited to any solar power programme under the government’s initiative such as the Corporate Green Power Programme (CGPP), Self-Consumption (SelCo), cold ironing or shore-to-ship power supply, installation of electric vehicle charging stations and others. Malakoff managing director/CEO Anwar Syahrin Abdul Ajib said Malakoff and MMC Ports namely Northport (Malaysia) Bhd, Johor Port Bhd, Tanjung Pelepas Sdn Bhd and Penang Port Sdn Bhd are set to embark on a transformative partnership within the CGPP. Malakoff will assume the role of a solar power producer and MMC Ports as corporate consumers, he added. “This strategic collaboration paves the way for MMC Ports to tap into renewable energy (RE) through solar power,” he told oCompany enters into MoU with MMC Ports to jointly explore business opportunities in green power initiatives 4.17 44.96 135.38 180.96 59.38 53.20 reporters after Malakoff-MMC Group MoU. Anwar Syahrin said under the SelCo rooftop solar programme, Malakoff will serve as the developer for end-user MMC Ports, while Malakoff will manage the installation, operation and maintenance of the solar photovoltaic system. He also said that in line with the government’s aim to achieve a 70% RE capacity mix by 2050, Malakoff and MMC Ports are actively exploring opportunities to collaborate within the large-scale solar (LSS) programme. “They are considering the implementation of cold ironing or shore-toship power supply solutions. Cold ironing or shore-to-ship power supply is the process of providing electricity to the ship at berth, during which, the engines are shut down, significantly reducing greenhouse gas emissions and air pollution,” he said. Anwar Syahrin said the strategic collaboration represents the company’s ambition and commitment to tackling global environmental issues by expanding the existing RE portfolio and exploring different areas of green initiatives via comprehensive and innovative solutions. To date, Malakoff’s achievements encompass 67 MW of total solar installed capacity through LSS and rooftop solar, and a promising 84 MW of hydropower capacity that is steadily progressing towards completion. The readily available landbank in Perak and Malacca which are located close to the grid lines serves as evidence of the company’s capacity, which would subsequently enable potential off-takers, especially within the Albukhary Group, to develop solar projects. Anwar Syahrin said the company is also exploring energy exports to neighbouring countries such as Singapore. The company aims to reach an RE capacity of 1,400 MW by 2031 and achieve a 15% to 20% recycling rate by 2025 from waste collected by wholly owned subsidiary Alam Flora Sdn Bhd. – Bernama Participation 25.5 41.9 32.5 99.9 Retail Institutions Foreign Bought RM m 604.5 1102.4 527.3 2234.2 Sold RM m 537.9 771.4 924.9 2234.2 Net RM m 66.6 331.0 -397.6 0 % Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com Source: Bursa Malaysia A Participating Organisation of Bursa Malaysia Securities Berhad A Trading Participant of Bursa Malaysia Derivatives Berhad S E C U R I T I E S S D N. B H D. 197201001092 (12738-U) 4/10/2023
12 theSUN ON THURSDAY | OCTOBER 5, 2023 SUNBIZ @thesundaily FOLLOW ON TWITTER SCAN ME MGTC: Economic growth must not worsen environment KUALA LUMPUR: Climate change can affect companies’ financial bottom line, if not taken seriously or addressed, said Malaysian Green Technology and Climate Change Corporation (MGTC) group CEO Shamsul Bahar Mohd Nor (pix). He pointed out that climate change is a global issue and industry players should strive to pursue net zero carbon emission as it is a collective responsibility for all, not just the government’s. He reasoned that companies should take into account their carbon emissions as well as adopt environmental, social and governance initiatives as per global standards, as failing to do so, would impact their businesses, especially financially. “Industry leaders especially must take climate change seriously because it will inevitably effect financial bottom lines, be it from physical or transactional risks … from legal, economic and technological implications,” said Shamsul in his special address at the Atozero Asean oCompanies should strive to pursue net zero carbon emission as it is a collective responsibility for all, not just the govt’s, says CEO █ BYGLORIA HARRY BEATTY [email protected] Summit, held in conjunction with International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2023 yesterday. He added that advancing climate action and accelerating green growth “must not only be exponentially introduced, but must be exponentially shared”. In addition, he reiterated that economic growth should not come at the expense of environmental degradation. Touching on green growth, he explained that the concept promotes a model of development that maximises well-being and social equity, while reducing environmental risks and ecological scarcities. Furthermore, he said that the Ministry of Natural Resources, Environment and Climate Change (NRECC) as well as MGTC support the advancement of climate action which includes proactive measures such as reducing carbon emission, transitioning to renewable energy sources, improving energy efficiency and adapting to the impacts of climate change. According to Shamsul, various activities were carried out to boost the growth of Malaysia’s green economy, namely by offering multiple green incentives, conducting energy and emissions assessment as well as empowering cities. On the first day of event, NRECC minister Nik Nazmi Nik Ahmad officiated the soft launch of Malaysia’s Pavilion for its participation in the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, which reflects Malaysia’s commitment to focus on energy transition and the reduction of greenhouse gas emissions in line with its climate change advisory panel. At the same time, several memoranda of understanding will be signed between Malaysian and international parties during the event, reinforcing their commitment to the regional green economy. MIDF Research still positive on banking amid buoyant lending KUALA LUMPUR: MIDF Research is maintaining a “positive” call on the banking sector as the loan applications and approvals hit new highs this month. In a note yesterday, the research house said that while the second half of 2023 has its fair share of deposit competition, asset quality and provisioning-related headwinds, banks have guided for a stronger corporate loan pipeline, lighter operating expenses and steady non-interest income outlook to buoy the sector. “Dividend yields as usual remain highly attractive, especially with the recent negative share repricing,” it said. MIDF Research said the hire purchase, residential mortgages and unsecured loans continued to boast exceptional figures. While there was some weakness in business loans, the research house noted the high base effects from last year. As for the deposits, MIDF Research said there were some rundown in fixed deposits (FD) but current account savings accounts showed month-on-month (m-o-m) growth. It said FDs grew at 7.2% year-on-year (yo-y) and but shrank 0.6% on a m-o-m basis, suggesting that banks were likely continuing to let pricier FDs expire. On another note, the research house said the liquidity coverage ratio, which refers to the proportion of highly liquid assets held by financial institutions to ensure their ongoing ability to meet short-term obligations, showed a notable decline. – Bernama StanChart Malaysia maintains waiver on DuitNow QR charges KUALA LUMPUR: Standard Chartered Malaysia will maintain its waiver on Merchant Discount Rate (MDR) charges for merchants who accept payments via DuitNow QR and will put on hold any new charges by Paynet on DuitNow QR until further notice. The bank reassures its merchants that any changes relating to the MDR will be communicated in a timely manner. With this, the bank is confident that its clients will continue to pursue and adopt digital payment solutions such as DuitNow QR. Standard Chartered remains committed to its merchants, partners and clients in driving the digitalisation agenda and supports the shift towards a cashless society while providing cost effective solutions. Taiwanese IT firms see Malaysia as ideal gateway to Asean markets KUALA LUMPUR: Malaysia’s economic and political stability is helping Taiwanese IT firms to use it as the gateway to expand to the broader Asean markets, according to Taiwan Institute for Information Technology director of International Cooperation (International Division) Jose Cheng. In an exclusive interview with SunBiz, he said that Taiwanese firms recognise Malaysia as a strategic entry point to Asean markets. “Malaysia is a very important partner for Taiwanese companies. If you want to do business in Asean countries, because of your economic and political stability, Malaysia is a very strong and important partner for Taiwanese businesses, especially for our software companies,” he said at the 2023 Taiwan-Malaysia IT Services Cooperation Seminar & Business Matching yesterday. The programme focuses on smart medical service, human resource management and █ BY HAYATUN RAZAK [email protected] ESG (Environmental, Social, and Governance) management. Cheng also said that the ability to communicate in Bahasa Malaysia, English, and Chinese positions Malaysia as a regional hub for Taiwanese software firms aiming to expand in the Asean markets. “These three languages are very important in Asia, because Malaysia and Indonesia are big markets. If you can speak Bahasa, that’s an advantage to develop your business. So I think the language is an advantage for Malaysia,” he explained. To assist Malaysia’s semiconductor industry, he highlighted that Taiwan is a major player in the semiconductor hardware industry, with companies like Taiwan Semiconductor Manufacturing Company Ltd and other semiconductor giants producing 80% of the world’s semiconductors. “With such a strong hardware industry, we’ve also developed outstanding software companies. We want to help these software companies expand their products in countries like Malaysia, Indonesia, the Philippines, and Vietnam. “Many Taiwanese companies have moved their operations to nearby countries due to the US-China trade war, establishing factories in Malaysia, Vietnam, and the Philippines. The Taiwanese companies moving out of China also need software to manage their factories, companies, and workforce. We encourage our software companies to go overseas and tap into the local market. That’s the reason behind our efforts,” he explained. Looking ahead, he said that Taiwan sees a potential for collaboration in Malaysia’s semiconductor industry as both Malaysia and Taiwan are strong in the area. “Although not yet confirmed internally, in the near future there can be an opportunity for Taiwan and Malaysia to cooperate in the semiconductor industry,” said Cheng. He stated that Taiwanese firms are seeking local partners as they understand the market and people better. He added that these Taiwanese firms not only target Malaysia’s big firms as their clients but also smaller SMEs. 7-Eleven not impacted by pending disposal of Caring Pharmacy KUALA LUMPUR: MARC Ratings views the credit profile of 7-Eleven Malaysia Holdings Bhd will not be materially impacted from the proposed disposal of its entire 75% stake in Caring Pharmacy Group Bhd to BIG Pharmacy Holdings Sdn Bhd. Accordingly, the rating on 7-Eleven Holdings’ Medium-Term Notes (MTN) Programme remains at AA-/Stable which was affirmed in May 2023. The rating agency notes that with the pending disposal of Caring, which operates retail pharmacy chains, 7-Eleven Holdings would rely solely on its convenience store operations. On excluding the contribution from Caring, 7-Eleven Holdings’ credit metrics would revert to when the rating was initially assigned. This is because the funding for the acquisition of Caring for RM266.9 million in 2020 was mostly through borrowings, notwithstanding that Caring contributed to about 30% of group revenue and operating profit in 2022. The proceeds from the disposal of RM675 million are expected to be utilised to strengthen the group’s balance sheet by reducing borrowings and to fund business expansion, in particular for the 7-Café format stores. 7-Eleven Holdings will use RM250 million of the proceeds to pare down borrowings, including the RM150 million MTN maturing in June 2024. Coupled with the deconsolidation of Caring, group borrowings 7-Eleven Holdings will use RM250m of the proceeds to pare down borrowings, including the RM150m MTN maturing in June 2024. - AMIRUL SYAFIQ/THESUN would reduce to RM451 million from RM770 million as at end-June 2023. Group debt-to-equity ratio, adjusted to exclude reorganisation deficit, would improve to below 0.30x from 0.46x as at end-2022. 7-Eleven Holdings is expected to accelerate the rollout pace of its 7-Café format stores which has reached 144 stores or 5.8% of its 2,499 total store base as at end-June 2023 (end-2022: 88 7-Café stores; 3.6%). Going forward, the group’s growth will now be driven by the expedited rollout of the 7-Café format stores — which offer a wide variety of ready-to-eat products — that have largely generated higher sales than its standard convenience stores.
13 SUNBIZ theSUN ON THURSDAY | OCTOBER 5, 2023 SC, Agriculture Ministry join hands to help agropreneurs KUALA LUMPUR: The Securities Commission (SC) and the Ministry of Agriculture and Food Security (KPKM) have established the Malaysian Innovation Agri-Financing Steering Committee (MIAF) to help agropreneurs grow and support the country’s food security. SC chairman Datuk Seri Dr Awang Adek Hussin said the steering committee is a collaborative initiative that includes KPKM, Agrobank, Malaysia Digital Economy Corporation and the commission. “The committee aims to leverage the expertise and resources of its members to increase the agriculture sector’s understanding and adoption of alternative finance and technology, as well as facilitate the growth of investmentready agribusinesses. “God willing, we will achieve these objectives because together, we can drive positive change and empower agropreneurs to thrive in their industry,” he said in his welcoming remarks at the SCxSC GROW Roadshow and Bioeconomy Corporation Conference here yesterday. He noted that since inception in 2015, less than 7% of the funds raised through equity crowdfunding (ECF) and peer-to-peer (P2P) lending platforms have gone into oMalaysian Innovation Agri-Financing Steering Committee set up to spur their growth and to enable them to support country’s food security BMI expects Malaysia’s fuel consumption to grow at slower pace PETALING JAYA: Malaysia’s fuel consumption is projected to grow at a much slower pace than anticipated, research house BMI Country Risk & Industry Research (BMI) said in a recent report. Malaysia’s consumption of refined fuels is forecast to see slow and steady expansion over the next 10 years, averaging at around 1.5% through 2023 to 2032, said BMI, which is part of global financial services company Fitch Group. BMI forecast Malaysia’s real gross domestic product (GDP) growth to register 4.2% in 2023 and improve further to 4.42% next year. Though an improving economy together with ongoing fuel subsidies are contributing to a recovery in fuel consumption, fuel demand faces downside pressures from high global oil prices and energy transition initiatives. The near-term outlook for fuel consumption points to an upside, but the pace of demand growth could slow down in the long term as the government plans to implement policies aiming to cut fuel subsidies and accelerate energy transition initiatives. A potential removal of fuel subsidies for high-income groups could also constrain oil demand growth going forward because car ownership tends to be higher among high-income households, it said. BMI expects the government’s move to cut fuel subsidies will be met with resistance from industries, especially manufacturing entities which rely heavily on subsidies for production. However, the research house expects the government will continue to keep fuel subsidies for public transport services in order to keep costs down. agri-related businesses. “Hence, there are significant opportunities for agribusinesses to tap into these alternative financing methods to help support Malaysia’s food security,” he said. Awang Adek said startups and MSMEs – micro, small and medium enterprises – are the backbone of the Malaysian economy; therefore, supporting their growth is vital for sustainable economic growth. In addition to financial support, market access and partnerships are also important for sustainable growth, he said. In the private market space, Awang Adek said, the SC has worked to develop a facilitative regulatory framework that includes incentives to ensure that venture capital (VC) and private equity (PE) managers are able to support MSMEs across a wide range of sectors. He explained that VC/PE firms not only provide financing, but they also support entrepreneurs in their business development journey. “This ensures that agropreneurs have the financial backing and the business knowledge they need to grow their businesses,” he said. Meanwhile, other private market fundraising avenues like ECF and P2P financing allow investors to mobilise capital directly to agropreneurs and provides highgrowth companies with more options to access capital. In 2022, the private markets segments saw significant growth, with combined investments totalling RM3 billion from VC/PE, ECF, and P2P financing. In addition, ECF and P2P financing have continued to grow with more than RM4.4 billion raised since inception in 2015, benefitting over 7,200 MSMEs, with 26 times more financing for the agriculture sector in 2022, he said. To increase participation in the private market space, Awang Adek said, the SC’s promotional arm Capital Markets Malaysia has conducted a series of programmes to promote corporate venture capital (CVC) which aims to give corporate executives from Malaysian public listed companies best practices and practical options to engage more with startups in Malaysia. He said CVC creates opportunities for knowledge sharing, resource pooling and technology transfer, ultimately contributing to the overall development of the startup ecosystem in the country. On the Malaysia Co-Investment Fund (MyCIF), Awang Adek said, the programme has invested in more than 3,600 MSMEs, totalling RM638 million, as at endDecember 2022. “MyCIF launched a special initiative to invest in agriculturebased enterprises where the government will match half of every ringgit invested into agribusinesses. “As a result of this initiative, MyCIF’s investments into agribusinesses increased nearly ninefold from only RM725,000 in 2021 to RM6.4 million in 2022,” he added. – Bernama Biotech and bio-based firms urged to tap alternative funding PETALING JAYA: With the rapid rise of financial technology in Malaysia, Malaysian Bioeconomy Development Corporation (Bioeconomy Corp) is urging more local biotechnology and bio-based companies to take up alternative funding solutions, enabling Malaysia’s capacity to remain competitive and stay at the forefront of technological advancements on the global stage. Bioeconomy Corp chairman Dr Lee Boon Chye remarked that startups, early stage and established entities including BioNexus Status and Bio-based Accelerator companies stand to benefit from alternatives such as equity crowdfunding (ECF) and peer-to-peer (P2P) financing which can help them scale up their operations, fund research, development and commercialisation, and expand into new markets. He said Bioeconomy Corp is committed to helping local biotechnology and bio-based companies in embracing alternative financing to ensure a continuous and supportive funding ecosystem for Malaysia’s biotechnology industry, as outlined by the National Biotechnology Policy 2.0 under the Ministry of Science, Technology, and Innovation. “Despite the economic challenges posed by the Covid-19 pandemic and its aftermath, Malaysian biotechnology and bio-based firms have demonstrated their steadfast resilience and ongoing growth. “To date, 345 BioNexus Status companies have achieved realised investments worth RM4.22 billion. In the first quarter of 2023, the companies recorded an impressive RM438.7 million in total revenues. “To sustain and improve this growth momentum, we believe that the adoption of alternative funding solutions can effectively assist these companies in addressing challenges in the industry, including access to sufficient funding, time-consuming research and approval processes, high development costs, the aftermath of the Covid-19 pandemic, and economic unpredictability – all of which may otherwise hinder their expansion and long-term sustainability goals,” Lee said when delivering his remarks at the SCxSC GROW conference in Kuala Lumpur yesterday. He added that from 2020 to 2023, Bioeconomy Corporation facilitated six biotechnology and bio-based companies to raise RM4.5 million through equity crowdfunding and peer-to-peer funding. According to Securities Commission Malaysia (SC) in its 2022 annual report, ECF and P2P financing have enabled over 7,200 Malaysian SMEs to raise more than RM4.4 billion, surpassing traditional venture capital-backed funding in Malaysia in the past few years. To capitalise on this growth, Bioeconomy Corp has joined forces with SC for the very first time at their flagship SCxSC GROW conference held at the SC headquarters yesterday. Solarvest helps transform MGTC property into Net-Zero Energy Office PETALING JAYA: Clean energy expert Solarvest Holdings Bhd is facilitating the installation of a 60kWp (kilowatt-peak) solar rooftop photovoltaic (PV) system for Malaysian Green Technology and Climate Change Corporation (MGTC), an agency under the Ministry of Natural Resources, Environment and Climate Change (NRECC) at its headquarters in Bangi, Selangor. The collaborative corporate social responsibility initiative with Huawei Technologies (Malaysia) Sdn Bhd and LONGi Malaysia Sdn Bhd will transform MGTC’s existing Green Energy Office into From left: LONGi APAC Marketing senior manager Jonathan Xu, Solarvest group sales and marketing vice-president Jack Tan, MGTC chairman Rahimi L. Muhamud, Shamsul and Huawei Malaysia Digital Power business development manager Darrius Hooi at a ceremony to mark the collaboration. Malaysia’s first Net-Zero Energy Office (ZEO) facility, where it will produce as much energy as it consumes to create a selfsustaining energy system. MGTC Group CEO Shamsul Bahar Mohd Nor said, “As a government agency that aims to accelerate green growth, advance climate action and inculcate green lifestyle, we are committed to being an agent of change for sustainable development. The transformation of our existing office into Malaysia’s first ZEO building demonstrates our carbonconscious initiative to operate in an environmentally responsible building. “In light of this, we extend our appreciation to corporations such as Solarvest, Huawei, and LONGi for their CSR initiatives promoting clean energy adoption.” Solarvest executive director and Group CEO Davis Chong Chun Shiong said they are delighted to be a part of the creation of Malaysia’s first ZEO facility. “Leveraging on our extensive expertise in clean energy, we are confident in our collaboration with Huawei and LONGi to seamlessly integrate renewable energy systems and energy-efficient designs, thus advancing MGTC’s sustainability initiatives,” he added.
14 theSUN ON THURSDAY | OCTOBER 5, 2023 SUNBIZ READ OUR HERE /thesundaily SCAN ME Bank Indonesia official signals steady rates as authorities try to calm markets JAKARTA: Bank Indonesia (BI) could maintain price stability with past rate increases, a deputy governor said yesterday, signalling policy rates will be held steady again later this month as authorities try to shore up confidence in currency and bond markets. The comments by BI’s Destry Damayanti, the second most senior official at the central bank and a member of its rate-setting board, came as the bank bought government bonds in an effort to stem a selloff in the debt market and rupiah currency. It was the first bond-buying operation by the BI since 2022, underscoring anxiety in official circles about the shakeout in markets, with the rupiah extending its fall on Wednesday to as low as 15,640 a dollar, its weakest since Dec 30. The benchmark 10-year bond yield also hit 7.067%, the highest since November, before falling slightly. “We have raised (rates) by 225 basis points. And this figure, 225 bps, we view as enough to maintain stability right now, stability in inflation, and on the other hand enough to spur lending growth,” Destry told a seminar, referring to rate increases between August and January. He said the current market volatility was due to external factors, particularly hawkish comments by US Federal Reserve officials, adding that “everything is okay” with Indonesia’s economy. BI is due to hold a two-day monetary policy meeting on Oct 18 to 19, with most analysts expecting the bank to hold rates steady at 5.75% for the ninth straight month given inflation has eased to near the bottom of the central bank’s target range. However, rate cuts are not yet on the central bank’s radar, analysts say, noting that officials are likely to take a cautious approach to any future monetary easing because of the weakening rupiah. BI on Tuesday intervened in the foreign exchange market to manage the supply and demand of US dollar, another official said. Growth in Southeast Asia’s largest economy could reach around 5% this year, or the midpoint of BI’s 4.7% to 5.3% official GDP growth outlook, Destry said, compared with last year’s 5.3% GDP expansion. – Reuters B R I E F S SAUDI ARABIA, RUSSIA TO CONTINUE VOLUNTARY OIL CUTS DUBAI: Saudi Arabia and Russia said yesterday they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices. The Saudi and Russian statements come hours before a ministerial monitoring panel of the Opec+ group of leading oil producers convenes online later in the day. Saudi Arabia, the Opec de facto leader, said it would continue with its voluntary oil output cut of one million barrels per day (bpd) for the month of November and until the end of the year and that it would review the decision again next month. – Reuters RELIANCE’S SWAPPABLE, MULTIPURPOSE EV BATTERIES ON SHOW GREATER NOIDA: Indian oil refining giant Reliance Industries showcased its swappable and multipurpose battery storage technology for electric vehicles (EV) yesterday. Reliance displayed removable and swappable batteries for EV that can also be used to power household appliances through an inverter. The batteries can be swapped at Reliance’s battery swap stations or recharged by households using rooftop solar panels, which also it plans to sell, executives said. They did not say when the company planned to start selling these batteries. – Reuters Japan keeps markets guessing on yen intervention TOKYO: Japanese authorities refrained yesterday from disclosing whether they had stepped into the market to prop up the yen and stressed their resolve to act against excess volatility, keeping markets on alert for the chance of yen-buying intervention. After sliding below the psychologically important ¥150 per dollar mark to its weakest level in a year, the yen strengthened sharply overnight on Tuesday, leading some market participants to believe Tokyo had intervened to support the currency. Speaking to reporters, Finance Minister Shunichi Suzuki declined to comment on whether Tokyo had stepped in, and repeated that currency rates must move stably reflecting fundamentals. oAuthorities emphasise resolve to act against excessive volatility “We’re ready to take necessary action against excess volatility, without ruling out any options,” Suzuki said, a view echoed by top currency diplomat Masato Kanda. In a sign of the government’s growing alarm over the yen’s weakness, Kanda said he met Prime Minister Fumio Kishida later yesterday to “discuss the economy in general”. Kanda declined to say whether he discussed the yen with the premier, but told reporters after the meeting that any intervention would target volatility rather than yen levels. The dollar hovered around ¥149.17 in Asia yesterday, well off the ¥150 line, as the remarks from Suzuki and Kanda, who are in charge of deciding whether and when to step in, kept investors on alert over intervention risks. But it has still depreciated around 12% so far this year, and some analysts questioned how long Tokyo can keep yen bears at bay. “It’s uncertain whether Tuesday’s volatility was due to intervention. But judging from the government’s policy and from the tools left for Japan, the finance ministry is likely keen to step in,” said Yoshimasa Maruyama, chief market India’s palm imports fall more than a quarter in September MUMBAI: India’s imports of edible oil fell 19% in September from August’s record as refiners curtailed purchases of palm oil by 26% after inventories jumped to a record, five dealers told Reuters. Lower purchases by the world’s biggest importer of vegetable oils could lead to higher stocks of palm oil in key producers Indonesia and Malaysia, weighing on benchmark futures. India’s total edible oil imports in September fell to 1.5 million tonnes, including 830,000 tonnes of palm oil, average estimates from dealers show. “Edible oil inventories have gone up to alltime high levels because of record imports in July and August,” said Rajesh Patel, managing partner at edible oil trader and broker GGN Research. “That’s why buyers are taking a pause now.” Domestic stocks of vegetable oil jumped to 3.7 million tonnes by Sept 1 from 2.4 million a year ago, says trade body Solvent Extractors’ Association of India, which is likely to publish its data on September imports by mid-October. Sunflower oil imports fell by 15% from a month earlier to stand at 310,000 tonnes, while soyoil imports edged up 2% to 365,000 tonnes, dealers estimated. India buys palm oil mainly from Indonesia, Malaysia and Thailand, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. “Drier weather in June and August, coupled with a slow start to planting, raised concerns about domestic oilseeds production,” said Ashwini Bansod, head of commodities research at Phillip Capital India Pvt Ltd. “This led to higher import demand in July and August ahead of festivals.” – Reuters economist at SMBC Nikko Securities. “But when yen-selling pressure persists, the chance of intervention reversing the dollar/yen’s trend isn’t high.” Japanese authorities are facing renewed pressure to combat the sustained depreciation of the yen, as investors confront the prospect of higher-for-longer US interest rates while the Bank of Japan (BOJ) remains wedded to its super-low interest rate policy. Highlighting the conflicting goals Japan is chasing, the BOJ conducted emergency bond buying yesterday to keep long-term rates from rising much and hurting the fragile economy. Meanwhile, data from the central bank showed yesterday Japan’s economy has recovered and is running near its full capacity in the second quarter. The output gap, which measures the difference between an economy’s actual and potential output, stood at -0.07% in the April-June period, according to Bank of Japan estimates. While it was the 13th straight quarter of negative territory, the gap narrowed from - 0.41% in January-March. – Reuters Chinese developer SCE Group seeks offshore debt revamp HONG KONG: China SCE Group said yesterday a non-payment on a syndicated loan has triggered a default under its dollar bonds and it would explore a holistic solution to all its debt. The Xiamen-based company is the latest to join a long list of Chinese property developers who have defaulted their offshore debt and begun a restructuring process. But only a handful have announced restructuring terms so far. China Evergrande Group, in the centre of the sector’s debt crisis, said last week its main unit in China was unable to issue new debt due to an ongoing investigation, complicating its restructuring plan that creditors were originally scheduled to vote on this month. SCE said in a filing yesterday it will suspend trading in its four dollar bonds worth a total of US$1.8 billion (RM8.5 billion) from today. “The group’s liquid cash and bank deposits may not be sufficient to meet its current and future obligations,” the developer said, citing declining sales and tightening liquidity since the second quarter . It said the payment it did not make was on an instalment of principal and interest worth US$61 million of a March 2021 syndicated loan, which may result in demands for early repayment from its other creditors. It has not received such demands yet, however, it added. – Reuters A man walks past an electronic monitor displaying the yen exchange rate against the US dollar outside a brokerage in Tokyo yesterday. – REUTERSPIC
5 O C T O B E R 2 0 2 3 T H U R S D A Y BTS’ Jungkook’s Golden creation - page 16 Junji Ito brings his Horror House to you - page 19 Cyclists can now get tyres inspired by NASA’s Rover - page 20 Be prepared to be frightened Saw X wants to play - page 17
16 ENTERTAINMENT theSun LYFE ON THURSDAY | OCTOBER 5, 2023 A RECENT discovery finds Daniel Kaluuya’s Barney film may not follow the arthouse route, despite earlier suggestions. Three months after Kevin McKeon, an executive at Mattel Films, hinted at a “surrealistic” approach to the project, the company’s CEO, Ynon Kreiz, seemed to offer a different perspective in a recent interview. Kreiz acknowledged the strong reaction to the successful Barbie film and their plans to bring other properties like Barney, Polly Pocket, and UNO to the big screen. He stated that it is too early to provide specifics but assured that they are adopting a fresh approach that will be entertaining and culturally oriented. He emphasised that the Barney film would not be considered odd, addressing concerns raised by the interviewer. Previously, McKeon had compared the Barney film to works by writer-directors Charlie Kaufman and Spike Jonze, focusing on the millennial angst within the property rather than catering solely to children. He described it as a play for adults, without being R-rated, exploring the challenges of growing up with Barney and the disenchantment within that generation. Barney originally gained fame through the PBS children’s series Barney and Friends, which ran from 1992 to 2009 and played a significant role in launching the careers of modern millennial and Gen Z stars like Demi Lovato, Selena Gomez, and Jaren Lewison. McKeon had also pitched the Barney film to potential partners as an “A24-type” film. Daniel Kaluuya, who is expected to produce and star in the film through his company 59%, last spoke about the project in June, mentioning that the script was still in development. When the film was initially announced in 2019, Kaluuya described Barney as a beloved childhood character who had faded into obscurity, leaving room for a modern exploration of his message of “I love you, you love me.” While the initial hints suggested a surrealistic and mature take on Barney, Mattel’s CEO now emphasises a fresh and entertaining approach without categorising it as an odd film, leaving audiences curious about the direction this beloved childhood character will take on the big screen. Tragedy of OceanGate oRetelling of the submersible Titan A FILM adaptation is in the works based on the fictional retelling of the tragedy involving OceanGate’s submersible, the Titan, bound for the Titanic wreck. MindRiot Entertainment, in collaboration with producer E Brian Dobbins, known for credits like White Men Can’t Jump and The Blackening (2023), is co-producing the film titled Salvaged. The screenplay is being crafted by MindRiot’s co-founders, Justin MacGregor and Jonathan Keasey. The film aims to chronicle events leading up to, during and after the tragic incident of that tragic summer, when OceanGate’s CEO Stockton Rush and four passengers aboard the Titan lost their lives. The submersible disappeared on June 18 en route to the Titanic site in the Atlantic Ocean. On June 22, the US Coast Guard found a debris field near the Titanic, consistent with a “catastrophic pressure implosion”, confirming the tragic outcome. Jonathan Keasey, in a statement, expressed concerns about media sensationalism and the rush to judgement in the 24/7 news cycle. He emphasised the film’s intention to honour the victims and their families while addressing broader issues about contemporary media. The project shares its title with a documentary series also under development by MindRiot, focusing on OceanGate’s former mission director, Kyle Bingham. As of now, Salvaged is in the preproduction stage, with no director or cast attached. This news follows James Cameron’s denial of involvement in an OceanGate film, despite his previous expeditions to the Titanic wreck for his iconic 1997 film. Cameron expressed deep concerns about the submersible’s safety and the need for certification even before the tragic expedition, as several experts in deep submergence engineering had warned against its experimental nature. █ BYYASMIN ZULRAEZ BTS’s Jungkook unveils debut solo album JUNGKOOK, the BTS sensation, who has been riding a wave of success with recent hit singles, is all set to delight his fans with thrilling news from a different perspective. Following his back-to-back chart-toppers like Seven, featuring American rapper Latto, and his latest hit 3D with Jack Harlow, Jungkook’s solo career is on an upward trajectory. Bighit Music (South Korean entertainment company that is responsible for managing the popular K-pop group BTS) has officially confirmed that Jungkook is gearing up to drop his inaugural solo album titled Golden next month. Scheduled to release on Nov 3 at 1pm KST, Golden will boast 11 tracks, which notably include his previously unveiled digital singles, Seven and 3D. Bighit Music describes the album as an artistic reflection of Jungkook’s golden moments as both a member of BTS and a solo artist, promising fans not only special stage performances but also a variety of appearances coinciding with the release of Golden. The announcement has sent the BTS Army, the group’s devoted fanbase, into a frenzy of excitement. Fans have taken to social media to express their eager anticipation. In the interim, Jungkook will treat fans to a sneak peek of his upcoming pre-release single, 3D, on “Music Bank,” airing on Oct 13. Barney will not be odd one out █ BY YASMIN ZULRAEZ █ BYTHASHINE SELVAKUMARAN Jungkook’s solo album sparks BTS Army excitement. – INSTAGRAM An OceanGate submersible. – OCEAN GATE / HANDOUT/ANADOLU AGENCY VIA GETTY IMAGES IT has been 20 years since John Woo last directed a film in English, and this December, he returns with Silent Night. The action-thriller will star Joel Kinnaman as a father seeking revenge for the death of his young son during the Christmas season, who was accidentally killed during a shootout between gang members. Fairly straightforward, but Woo is a legendary action filmmaker and this time around, he will be spicing things up. The entire film will reportedly have no dialogue, as Kinnaman’s character is shot in the throat during the shootout. “The whole movie is without dialogue. It allowed me to use visuals to tell the story and to show how the character feels. We are using music instead of language. And the movie is all about sight and sound,” Woo told Vulture. In the Entertainment Weekly (EW) exclusive that premiered the film’s trailer, Woo explained that the biggest challenge with a film like Silent Night is making the audience accept a story without dialogue and getting them moved by the story. Equally taking the film seriously, Woo told EW that the actor “was very in character. He was always pushing himself so hard to work out.’ The Hong Kong director also pointed out that the actor did 99% of his stunts, training with the fight coordinator daily and rehearsing for all the action sequences. “He tried to give a real performance, but only with his eyes - his eyes have so many stories and so many emotions. I was so happy to work with him,” Woo said. “When he came on the set, he said, ‘All I want to do is do John Woo action’. “I said, ‘what is John Woo action?’ ‘It’s firing with two guns.’ So I gave him two guns.” Silent Night will arrive in cinemas on Dec 1. █ BY MARK MATHEN VICTOR Silent Night is a movie without dialogue. All action, no talk Kaluuya and Barney – KEVIN WINTER/GA/THE HOLLYWOOD REPORTER; MARK PERLSTEIN/GETTY
17 ENTERTAINMENT theSun LYFE ON THURSDAY | OCTOBER 5, 2023 A South Korean film about a disillusioned young woman who relocates to New Zealand will open Asia’s largest film festival on Wednesday as it looks to rally after a year marked by scandal and budget cutbacks. The Busan International Film Festival (BIFF) will run until Oct 13 and feature 209 official entries from 69 countries. Eighty will be making their world premieres in the southern port city. This year’s edition comes as organisers grapple with the fallout from former festival director Huh Moon-yung’s resignation in May amid accusations of sexual misconduct. An inquiry is underway. BIFF had its 2023 budget reduced by about 10% as sponsors withdrew in the wake of the allegations, according to organisers. Kang Seung-ah, now serving as acting managing director, acknowledged they had endured a “difficult phase”. But “leveraging the strength of our members, we have prepared a festival that is more substantial than ever before”, Kang told reporters ahead of the event. The world premiere of South Korean director Jang Kun-jae’s Because I Hate Korea will take centre stage on opening night. The film, which revolves around a young woman’s decision to abandon her monotonous life in South Korea and go overseas alone, is based on the best-selling 2015 novel of the same name by Chang Kang-myoung. Described as “an earnest exploration of the pursuit of happiness”, it addresses the challenges faced by Korea’s younger generation, including intense competition and widening class disparity. The Movie Emperor, a satirical take on the Chinese film industry directed by Ning Hao and starring Hong Kong actor Andy Lau, will close the festival. Ning’s comedy “deftly captures the fine line between the film industries in Hong Kong and mainland China”, as well as the “delicate relationship between Western film festivals and Asian filmmakers”, according to the programme notes. The festival will also feature serious star power, with acclaimed Hong Kong actor Chow Yun Fat being presented the Asian Filmmaker of the Year award. Three of Chow’s films - A Better Tomorrow (1986), Crouching Tiger, Hidden Dragon (2000) and 2023’s One More Chance - will be screened in his honour. Other highly anticipated screenings include Dear Jinri, a documentary that features late Kpop star Sulli’s last and incomplete project. Sulli, born Choi Jin-ri, took her own life in 2019 after a long struggle with online bullying. The film includes her final media interview, which has not been disclosed previously. - ETX STUDIO Disney clamps down on freeloaders South Korean migrant’s tale to open Asia’s biggest film festival THE House of Mouse is coming for those piggybacking off the Disney+ accounts of others. The Walt Disney Company has informed Disney+ subscribers in Canada that, as of Nov 1, unless they are permitted by their service tier, subscribers “may not share their subscription outside of the household”. Those who violate the terms may find their access to the service limited or terminated. This is part of the company’s updates to Disney+ subscriber agreements, which will come to the US later this year. It also comes after Disney CEO Bob Iger announced that the company would be embarking on a strategy to monetise streaming accounts called “freeloaders”. “We are actively exploring ways to address account sharing and the best options for paying subscribers to share their accounts with friends and family,” Iger said on Disney’s Aug 9 quarterly earnings call. “Later this year, we will begin to update our subscriber agreements with additional terms on our sharing policies, and we will roll out tactics to drive monetization sometime in 2024.” Disney seems to be following what Netflix did in order to drive revenue from password-sharing users. In May, the latter launched its “paid-sharing programme,” which was aimed at pushing illicit password-borrowers to get their own accounts or prompting customers to add non-household users as “extra members.” – BY MARK MATHEN VICTOR Disney”s House of Mouse. South Korean director Jang Kun-jae’s Because I Hate Korea will take centre stage on opening night of the Busan International Film Festival (BIFF). Saw X takes realism to next level Saw X is the 10th instalment in the popular horror film franchise. – ALEXANDRO BOLAñOS ESCAMILLA THE meticulous efforts of the film editor of Saw X caused quite a commotion. According to the film’s director, Kevin Greutert, the editor, Steve Forn, had an unexpected visit from the police due to the alarming sounds emanating from the footage he was working on during postproduction. The particular scene in question featured a character trying to escape a gruesome “eye vacuum trap,” which involved intense screaming and other unsettling sound effects. Greutert shared the amusing story of the police showing up at Forn’s doorstep, responding to concerned neighbours who believed someone was being tortured inside his home. Forn promptly reassured the officers that everything was alright, explaining that he was working on a film and even offering to show it to them. The police found the situation so surreal that they burst into laughter and declined the offer, jokingly acknowledging the realism of the performance. Saw X, the 10th instalment in the iconic horror franchise, had just premiered in theatres at the time. The film’s plot bridges the gap between the first and second films and brings back familiar characters like John Kramer and Amanda. In an interview, Greutert discussed the eye vacuum trap scene and the franchise’s commitment to pushing the boundaries of gore. He emphasised that very few things are considered too extreme for the Saw series, having directed three of the films and edited seven of them, including the original from 2004. Producer Oren Koules added that while they have explored some intense concepts, they are mindful of working within certain limits established by the Motion Picture Association. Their extensive experience has taught them where they can push boundaries and where they need to exercise restraint. Interestingly, the Saw X creative team decided to relocate their brainstorming sessions from public places to Oren’s living room, as their discussions tended to disturb those within earshot. Topics like the amount of blood when cutting off an ear or the survivability of someone without a tongue understandably alarmed bystanders. █ BY YASMIN ZULRAEZ oMovie’s plot connects the first and second movies
18 LIFESTYLE theSun LYFE ON THURSDAY | OCTOBER 5, 2023 /thesuntelegram FOLLOW ON TELEGRAM SCAN ME AH, the crush. That intoxicating whirlwind of emotions, the heartthumping excitement, and the endless daydreams that can turn even the most mundane moments into a romantic saga. But what happens when that infatuation reaches its expiration date, and it’s time to move on? Buckle up, because this is your ultimate guide to leaving that crush behind in style. Acceptance is the first step You are in the depths of crushdom, and every sigh, glance, and text message from your crush is etched into your soul. But here is the plot twist - you have just realised that the other party is just not that into you. It stings like a bee, but remember, acceptance is your ticket to freedom. Allow yourself a moment of self-pity, a tub of ice cream and a heartfelt rom-com marathon. Cry it out, girl. Once the tears have run their course, it’s time to dust off that glitter and move to Chapter two. Rediscover your inner fabulous You have been so preoccupied with the object of your affection that you have forgotten how utterly fabulous you are. Remember that hobby you abandoned for extra texting time? Reignite that passion. Dust off those dancing shoes, pick up the guitar, or conquer the world of watercolour painting. Channel your energy into becoming the best version of yourself. Confidence is sexy, and now is your time to shine. oHow to master the art of moving on █ BYTHASHINE SELVAKUMARAN Skip-lagging risks and rewards WITH the continuous increase in airfares, travellers may find themselves enticed by the cost-saving technique known as “skip-lagging.” This method involves booking a flight with a stopover and then using that stopover city as your final destination, all without disclosing your intentions to airline staff. While it may appear to be a clever way to cut expenses, the question remains: is it a viable and ethical travel strategy? The concept of skip-lagging, which garnered attention through a Washington Post article this past summer, revolves around utilising a stopover as your ultimate endpoint. For instance, instead of purchasing a direct flight ticket to Hong Kong, you book a ticket to Hanoi with a layover in Hong Kong, knowing full well that you’ll never board the connecting flight to Hanoi. Your journey effectively ends when you step out of the airport in Hong Kong. The primary motivation behind this practice is financial savings. Direct flights tend to be more costly than those with layovers. Many airlines implement this strategy for long-haul flights by incorporating stopovers at their major hubs, such as Amsterdam for KLM, Istanbul for Turkish Airlines, or Incheon for Korean Air. By doing so, they can offer a more budget-friendly option compared to a direct flight, making it an appealing choice for travellers looking to save money. However, while skip-lagging may seem like a smart way to save, it comes with significant caveats and potential consequences. Airlines can respond to this tactic by imposing bans and flight cancellations. For instance, in July, a 17-year-old American traveller faced a three-year ban from American Airlines after booking a flight from Gainesville, Florida, to New York with a layover in Charlotte, North Carolina, where he intended to conclude his journey. Evidently, he had no intention of visiting New York City. Furthermore, offenders may also see their participation in frequent flyer programmes suspended. In practical terms, if the flight gets cancelled, the alternative offered will be to the final destination, not the stopover city. Similarly, travellers do not always need to retrieve and recheck their luggage at the layover, as it may be Skip-lagging, or using a stopover as your final destination might not be such a good idea. automatically forwarded to the final destination. To navigate these intricacies, platforms like Skiplagged.com provide guidance on “hidden-city” flights. They suggest that “some airlines may require proof of a return ticket during check-in. If this happens to you, just buy a refundable return ticket directly from the airline and cancel it ASAP after boarding.” In summary, skip-lagging presents various risks and demands a substantial amount of time and effort to identify the most cost-effective ticket. When seeking the lowest fares, alternative strategies may be more advisable, such as scheduling flights on Fridays and avoiding Sundays, which tend to be the most expensive days, according to Expedia’s latest report. By departing on a Friday, you can save up to 22% on the cost of a plane ticket compared to flying on a Sunday. Conversely, when it comes to booking, fares found on a Sunday are 18% cheaper than those on a Friday. Ultimately, travellers should carefully weigh the risks and rewards before considering skip-lagging as a cost-saving travel option. - ETX STUDIO Discussing your feelings with friends is a great option to help you stay relaxed. dating app you have been eyeing and swipe right to new beginnings. Who knows what adventurous characters and captivating stories await? Whether it is a romantic rendezvous or an awkward encounter, these new tales will keep your mind off your former crush and make for fabulous dinner party anecdotes. Crush on yourself They say the most important relationship you’ll ever have is with yourself. So why not start romancing the incredible person you are? Pamper yourself with spa days, plan solo travel adventures, and invest in self-care routines that make you feel like royalty. Celebrate your achievements, no matter how small, and remind yourself daily that you are a catch. The future is bright As you embrace your new-found single hood, remember that the future is bursting with infinite possibilities. With your newly acquired self-confidence and rediscovered zest for life, you are well on your way to discovering a love that is even more exhilarating. Whether it’s a passionate fling, a deep connection, or a whirlwind romance, the journey is just beginning. In the end, moving on from your crush is a beautiful opportunity to fall head over heels in love with life all over again. So, put on your sparkliest shoes, dance like nobody is watching, and chase after your dreams with reckless abandon. Because the world is your romantic playground and you are the star of your own story. Focus on what you can control yourself. – PICS BY PEXELS Surround yourself with people who appreciates you. Surround yourself with the A-team Your best friends are like a box of chocolates - sweet, comforting, and always there when you need them. Rally your squad, plan epic outings, and immerse yourself in the world of fun. From movie nights to impromptu road trips, your A-team will remind you of the wonderful adventures that await outside the bubble of your former crush. Plus, they have probably been waiting for your return to the social scene with open arms (and maybe some sarcastic jokes about your crush). Tinder, texts and tales of the exotic Now, it is time to sprinkle some spice into your love life. Download that Crushing the crush
19 LIFESTYLE theSun LYFE ON THURSDAY | OCTOBER 5, 2023 Horror spectacle HOLD onto your hats, folks, because the macabre mastermind himself, Junji Ito, is bringing his hair-raising Horror House Exhibition to Malaysia. Get ready to dive headfirst into the twisted landscapes crafted by this renowned horror artist. Junji Ito, the genius of all things eerie and uncanny, has unleashed over 100 spine-chilling stories into the world, including classics like Tomie and Uzumaki. He is not just a horror aficionado - he is a virtuoso at turning the everyday mundane into a freaky fever dream. The man even bagged multiple Eisner Awards for his adaptations of Junji Ito official exhibition poster. – PICS BY ADNOLOGY oJunji Ito’s Horror House Exhibition now in Malaysia █ BYTHASHINE SELVAKUMARAN Now you can bathe in your favorite drink disastrous. Here, it’s about enjoying the virtues of the botanicals used to create the drink. Simply named the Gin Spa, it was opened by the founders of Gin71, a cocktail bar in the same city, and offers a host of services, including facials, body treatments, massages, specialised treatments and reflexology, using natural ingredients such as bergamot, coriander, lemon and orange. And, of course, this gin-themed moment of relaxation ends with a glass of the famous alcoholic beverage, unless the customer specifies otherwise. The power of spices The pumpkin spice latte, which celebrates its 20th anniversary this year, has always been a popular fall drink, particularly in the US, but perhaps not to the point of bathing in the seasonal beverage. However, this could soon be possible in the UK, according to the SpaSeekers.com platform, which plans to create the first ‘pumpkin spice latte spa day this fall. The programme includes a PSL hot tub with a warming, soothing blend of cinnamon, ginger, SpaSeekers.com is organising a “Pumpkin Spice Latte” spa day including a pumpkin pie massage and a PSL hot tub. Hall A RELAXING in a bath filled with wine or gin might sound like a strange idea, but it could soon become the norm. More and more beauty and wellness professionals are serving up drinks that are as popular as they are unusual, but without their customers ever taking a sip. Here is a look at some of the spas that are taking inspiration from the drinks menu. Not even 10 years ago, the idea of slipping into a whirlpool bath or even a regular bath brimming with beer might have sounded ridiculous. But, over the years, it has become a beauty treatment like any other, with spas like this springing up all over Europe. The concept is simple: just immerse yourself in this hoppy water to take advantage of its virtues, possibly while sipping on a pint or not, as the case may be. It is a moment of relaxation that can also be fun, and it seems to have inspired a whole new line of beauty experiences themed on drinks. Here are three surprising wellness experiences that put wellbeing and indulgence on the menu. The power of aromatherapy Glasgow, Scotland, is home to the world’s one and only spa entirely dedicated to gin. Rest assured, no one is taking a dip in the famous 40% alcohol spirit - the consequences would be Frankenstein and Venus in the Blind Spot. Yes, we are dealing with a bonafide horror rockstar here. Now, brace yourself for the heartpounding adventure of a lifetime. The Junji Ito Horror House is not your typical exhibition - it is a rollercoaster through terror with three heart-pounding sections - Hall A, Hall B and the spinetingling Hall C. These areas house a total of 13 uniquely curated rooms that are just itching to mess with your mind. As you navigate these immersive spaces, iconic anime scenes will burst to life through a mix of art, live actors, and special effects. But here is the twist, you would not be merely observing from the shadows. You and your friends will embark on this eerie journey together in groups of eight, making sure you are not just passive spectators but part of the spinetingling narrative itself. Forget a leisurely stroll. This is a plunge into the heart of horror. Oh, and remember that selfie stick you were planning to bring? Sorry, but it is a no-go in Hall A and Hall B. The real magic happens in Hall C, where Junji Ito’s twisted genius takes centre stage. Get ready for an exclusive exhibit dedicated to the bonechilling Uzumaki. Plus, there is some exclusive Malaysia merchandise and F&B during the campaign period, because you will need a little something to calm your nerves after this rollercoaster ride. Chai Wei Ken, the big cheese over at Adnology Labs Sdn Bhd knows just how global Junji Ito’s art is. You can spot it everywhere, from popular shows to streetwear and even tattoo art. It is a testament to how far-reaching his work is. I have personally ventured into this exhibition, and let me tell you, it is creepy. The sets and props they have cooked up will leave your jaw on the floor. If you are a Junji Ito fan (or just a fan of the creepy), this is a must-visit that will make your hair stand on end. So, gather your brave buddies, steel your nerves, and prepare to confront fear and creativity like never before. It is a scream-tastic adventure you would not want to miss. nutmeg, cloves, pumpkin puree and a drop of coffee, as well as a facial designed to harness the benefits of pumpkin and the aforementioned spices, plus a massage themed around pumpkin pie. It sounds like an intriguing wellness escapade that, despite its unusual nature, should appeal to many fans of the famous spiced beverage. The power of grapes Next stop, Bordeaux, France, where travellers in search of relaxation can slip into a bath of wine. The famous wine-making region certainly lends itself to such an experience, even if the concept may sound surprising. The first establishment of its kind, the Wine Beer Spa, opened its doors in the city just over a year ago and offers the chance to relax in a concoction formulated from hot water enriched with the various components of wine in order to take advantage of their health and skin benefits and without wasting any precious bottles. The wine bath can even be accompanied by a glass of local wine to sip on, should you like. This well-being experience can be enjoyed solo, as a couple, or with friends, depending on the formula chosen. A beer bath experience is also available for those who prefer. Fask Mask
20 LIFESTYLE theSun LYFE ON THURSDAY | OCTOBER 5, 2023 /theSunMedia FOLLOW ON YOUTUBE SCAN ME This tyre features a nickel-titanium alloy structure with shape memory. Puncture-proof bicycle tyres inspired by Mars missions the dedication of the actors. Their acting and dialogue delivery were impeccable, immersing us fully in the narrative. Their commitment to the story elevated the experience, making it feel like we were living in a horror movie. The props and technology used throughout the experience were nothing short of impressive. Lights would go off with a mere flick of a finger, and subtle effects enhanced our hand gestures. Without revealing too much, I can assure you that you will be astounded by the technological wizardry employed. It was remarkable how seamlessly they blended technology with the historical setting, maintaining the illusion of authenticity. As the story progressed, I could not shake the feeling that I was constantly being targeted due to my cowardice. It was a testament to the actors’ skills that they could elicit such fear and anxiety. There were moments when I found myself tearing up, overwhelmed by the tension and uncertainty. Yet, amid the fear, there was exhilaration. The unpredictability of the experience made it all the more thrilling. Each episode at Hauntu boasts its own unique touch, but A Mother’s Wish stands out as one of the best I’ve encountered. If you are a horror enthusiast like me, this is an adventure you should not miss. The combination of a gripping narrative, exceptional acting, and cutting-edge technology creates an unforgettable experience that will leave you with chills long after you’ve left the haunted halls. Book your spine-tingling experience at https ://ihauntu.com/mystical-danceacademy-hauntu-the-curve/. Hauntu: The Curve 0 Address: Hauntu The Curve, 248, Level 2, The Curve, 6, Jln PJU 7/3, Mutiara Damansara, 47810 Petaling, Jaya Selangor 0 Opening Hours: Monday, Wednesday, Thursday and Friday (2pm-10pm) Saturday-Sunday (11am-10pm) Closed on Tuesdays I N the dimly lit entrance hall of Hauntu: The Curve, I found myself clutching my colleague’s arm tightly. As an ardent fan of horror, I had willingly embarked on this spine-tingling adventure, but my cowardice was evident even before our journey began. Together, we were about to step into a world crafted by the imaginative minds at Superdough, the creators of the original Hauntu. Our first episode, A Mother’s Wish, promised an immersive experience that would test our courage and unravel a haunting mystery. As we sat at the threshold of the academy, a haunting question was asked of us, “To start your journey into this academy, you must give your consent. Will you give your consent?” With a heart still racing and a new-found appreciation for the artistry behind Hauntu: The Curve, I hesitated for a moment, then whispered a nervous “Yes.” It was a journey into the unknown, but one I was glad to have taken, cowardice and all. The perfection of every detail was immediately apparent as we stepped into this eerie world. The timing of each scare was impeccable and expertly designed to keep us on the edge of our seats. Just when we thought we had a moment to breathe, another unexpected twist would send our hearts racing. The suspense was palpable, and I could not help but admire the meticulous planning behind each scare. Adding to the immersive experience was the hauntingly beautiful horror music that served as the backdrop to our journey. The eerie melodies and spine-tingling soundscapes created an atmosphere of dread that enveloped us from the moment we entered. It was as if the music itself was a character in the story, heightening our fear and anticipation. The attire of the actors was equally impressive. Dressed in period-appropriate costumes, they transported us back to the sultanate era with their attention to historical detail. Their attire added authenticity to the experience, making it feel as if we had truly stepped into the past. It was a testament to the dedication of the cast and crew to maintaining the illusion of the story. The setting itself was a masterpiece. The attention to detail in the design of each room and corridor was astonishing. From the intricate woodwork to the dimly lit lanterns, every element contributed to the immersive experience. The historical accuracy of the setting was evident in every nook and cranny, transporting us to a time long gone by. My heart pounded with anticipation as we navigated the academy’s halls, and I was already hanging onto my colleague for dear life. Despite my fear, I could not help but admire oExperiencing Hauntu: The Curve A unique Malaysian immersive horror experience. – ALL PIX BY HAUNTU CURVE The enthusiasm with which the actors communicate with the play makes the journey even more captivating. █ BY THASHINE SELVAKUMARAN Terrifying Quest The actors in the play did an outstanding job. Hauntu: The Curve is tailored to meet the desires of avid horror enthusiasts. A new type of bicycle tyre is poised for launch in the US, the direct result of research by the US space agency. Made from a novel alloy, it promises to be stretchy like rubber but as strong as titanium. Automotive suppliers have been working for years on puncture-proof and connected tyre technologies. Now, cyclists will be able to benefit from a technology originating from NASA laboratories, guaranteeing them a punctureproof tire. The American Smart Tyre Company has adopted a system developed by NASA based on a superelastic material called NiTinol+, an alloy of nickel and titanium. This material promises to be elastic like rubber, but at the same time highly resistant and with shape-memory properties. What’s more, it works without air, so it never deflates. This technology is the result of NASA research carried out as part of the development of its Mars Rover Programme. Faced with a hostile environment, this alloy can expand, contract and bend at very high speeds. But even in the event of extreme deformation, it always regains 100% of its initial shape, whatever the impact. What’s more, NiTinol+ offers superior shock absorption and unrivalled consistency of performance since it does not degrade over time. It is maintenance-free and guarantees a light, smooth ride on roads, dirt or even gravel, without the slightest risk of puncture. This technology also helps to address many of the problems associated with tyre production since it uses far less rubber and considerably reduces waste. According to SMART Tyre Company, over a billion tyres a year reach the end of their life due to wear and tear. Roughly half of these are burned as fuel, while the rest go to landfills. The very first product to be marketed based on this tyre structure is called METL. It is available in two versions: one for bicycles and the other for scooters. The aim is clearly to keep a single set of tyres for the entire life of the vehicle. These tyres will be available to order before the end of the year. In the meantime, the project is the subject of a crowdfunding campaign on Kickstarter, where prices start at US$500 (RM2,360) for two tyres, fitted to the rim of your choice, for road or off-road bikes. The scooter version starts at US$1,500 (RM7,080). Other manufacturers that have developed ranges of “puncture-proof” tyres include Continental’s Gatorskin range, which integrates technologies developed for car tyres, and Schwalbe’s Marathon Plus “puncture-resistant” range.
21 * SPORTS theSUN ON THURSDAY | OCTOBER 5, 2023 England stay grounded ENGLAND may have already clinched a Rugby World Cup quarterfinal spot but defence coach Kevin Sinfield is refusing to look further than Saturday’s (11.45pm Malaysian time) final group game with Samoa. With three wins from three, England top Pool D ahead of their trip to Lille this weekend having beaten Argentina, Japan and Chile. The 2003 World Cup winners are expected to face Fiji or Wales in the knockout stages on the weekend of Oct 14- 15 in Marseille. Those two sides from Pool C also play over the coming days. “It’s only about Saturday and Samoa,” Sinfield told reporters. “We’ll worry about what is to come Saturday evening when our game is over. There’s still a bit that we have to wait for in that group so it would be foolish for us to spend our whole time on that when we don’t quite know.” All Blacks focus on Uruguay NEW ZEALAND head coach Ian Foster wants his team to show some “edge” as the All Blacks seek to sew up a quarterfinal spot in their final Rugby World Cup pool match against Uruguay tomorrow (3am Malaysian time). Having plundered 25 tries and 167 points in their last two matches against Namibia and Italy, New Zealand are expected to beat Uruguay at a canter. Foster acknowledged his task is to ensure his team does not lose focus or take Uruguay lightly. “You can’t motivate a team falsely because it shows in performance. So, you’ve got to get real about it,” he said. “We’ve got so much to achieve ourselves. That’s a fact. We are not in a quarterfinal yet, so we’ve got to make sure we do that. We are playing against a team that basically had the same scoreline against France as what we did,” said Foster. “That deserves a lot of respect and if you watch that game, these guys, I love their attitude. I think they’re a really passionate rugby team and if we’re not in the house, then we are going to struggle.” … as Los Teros promise Kiwis a fight URUGUAY captain Andres Vilaseca said facing New Zealand in the final match of their World Cup campaign was the perfect way to round out the tournament and that Los Teros would fight for every minute of tomorrow’s clash. Uruguay troubled France in their opening 27-12 loss to the tournament hosts, led Italy 17-7 at half-time before going down 38-17, and tasted victory in a 36-26 win over Namibia in Lyon last week. Centre Vilaseca said Uruguay had a plan to take the game to New Zealand, who need a bonus-point win to be guaranteed a quarterfinal spot, but the most important element of it was their attitude to the contest. “This team is prepared to fight the All Blacks. When we can, where we can. It is our last bullet, before our World Cup is over,” he told reporters yesterday. “I’ll be happy if Uruguay fights everything and comes out empty. That’s the goal.” IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF KWONG THYE LONG SDN. BHD. (REGISTRATION NO. 197401003250 (20371-U) (IN MEMBERS’ VOLUNTARY WINDING UP) At an Extraordinary General Meeting of the members of KWONG THYE LONG SDN. BHD. duly convened and held at D12, Tingkat 1, Plaza Pekeliling, No. 2, Jalan Tun Razak, 50400 Kuala Lumpur, W.P. Kuala Lumpur on Wednesday, 27 September 2023 the following Special Resolution was duly passed:- THAT the Company be wound up voluntarily by way of Members’ Voluntary Winding Up pursuant to Section 439(1)(b) of the Companies Act 2016 AND THAT Robert Ng (NRIC No. 490512-01-5105) of 42, Jalan Sri Hartamas 2, 50480 Kuala Lumpur, W.P. Kuala Lumpur be and is hereby appointed as Liquidator of the Company for the purpose of such winding up, with all the powers given by Section 456 of the Companies Act 2016. ROBERT NG Liquidator Kuala Lumpur 5 October 2023 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF KWONG THYE LONG SDN. BHD. (REGISTRATION NO. 197401003250 (20371-U) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN THAT the creditors of the abovenamed Company, which is being wound up voluntarily, are required, on or before the Monday, 6 November 2023, being the day for that purpose or fixed by the undersigned, the Liquidator of the said Company, to send their names and addresses with particulars of their debts or claims, and the names and addresses of their solicitors, if any, to the undersigned, and if so required by notice in writing from the said Liquidator, either by their solicitors or personally are to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof, they will be excluded from the benefit of any distribution made before such debts or claims are proved. ROBERT NG Liquidator Unit 20-05, Level 20, Q Sentral 2A Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur 5 October 2023 In the Matter of the Companies Act, 2016 and In the Matter of UNILACE ENTERPRISES SDN. BHD. 197701001799 (32764-V) (In Members’ Voluntary Winding Up) Notice is hereby given pursuant to Section 439(2) of the Companies Act, 2016 that the Special Resolutions set below were duly passed by the members of the Company on 29-09-2023. “That the Company be wound up voluntarily pursuant to Section 439(1)(b) of the Companies Act, 2016 and that Mr Teo Mong Nguan NRIC No. 490423-01-5197 from Advance Management Services Sdn. Bhd. 197901008899 (53183-M), be and is hereby appointed as Liquidator of the Company for the purpose of such windingup at a fee to be approved by the Director. That the said Liquidator be empowered to distribute part or the whole of the Company’s assets either in cash, specie or in kind in pursuant to Section 456 of the Companies Act, 2016. That the said Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto.” Dated: 05-10-2023. Tan Soon Teng Director In the Matter of the Companies Act, 2016 And In the Matter of UNILACE ENTERPRISES SDN. BHD. 197701001799 (32764-V) (In Members’ Voluntary Winding Up) NOTICE IS HEREBY GIVEN that the creditors of UNILACE ENTERPRISES SDN. BHD. 197701001799 (32764-V) which is being voluntarily wound up are required on or before 05-11-2023 to send their names and addresses with particulars of their debts and claims, and of any security held by them, and the names and addresses of their solicitors (if any) to:- Teo Mong Nguan (Liquidator) Suite 19-02D, 19th Floor, Menara Zurich, No. 15, Jalan Dato’ Abdullah Tahir, 80300 Johor Bahru, Johor and if so required by notice in writing from the aforesaid Liquidator, or personally or by their solicitors required to write in and prove their said debts and claims at such time and place shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts and claims are proved. Dated : 05-10-2023 Teo Mong Nguan (Liquidator) 322 Notices IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF OHUKU MACROBIOTICS SDN. BHD. Registration No.: 200601013862 (733613-V) (In Members’ Voluntary Liquidation) At an Extraordinary General Meeting of the members of OHUKU MACROBIOTICS SDN. BHD. duly convened and held at Unit 26-5, Level 26, Tower A, The Vertical Business Suite, Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur on September 27, 2023, the following Special Resolutions were duly passed :- 1) THAT the Company be wound up voluntarily pursuant to Section 439(1) (b) of the Companies Act 2016 AND THAT Mr. Yap Cher Seng be and is hereby appointed as the Liquidator of the Company for the purposes of such winding up. 2) THAT the Liquidator will have all the powers set out in Section 456 of the Companies Act 2016. 3) THAT the Liquidator be hereby authorised to distribute either in cash, specie or in kind any surplus assets of the Company as he will think fit to the contributories of the Company in accordance with its rights and interests therein. 4) THAT the Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred in or sustained by him in the execution and discharges of his duties as the Liquidator and in relation thereto. Dated this 05th day of October, 2023. Yap Cher Seng Yap Poo Soon Ong Kee Poo Directors NOTICE IS HEREBY GIVEN that the Creditors of the abovenamed Company, which is being voluntarily wound up, are required on or before 04th day of November, 2023 to send in their names and addresses with particulars of their debts and claims and of any security held by them, and the names, addresses of their solicitor (if any) to the undersigned Liquidator at No. 35, Jalan SS 24/8, Taman Megah, 47301 Petaling Jaya, Selangor, and if so required by notice in writing from the said Liquidator, are, by their Solicitors or personally, to come and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefits` of any distribution made before such debts or claims are proved. Dated this 05th day of October, 2023. Yap Cher Seng The Liquidator IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF TECH GENERATION SDN. BHD. (202001012534) (1368854-T) (IN MEMBERS’ VOLUNTARY WINDING UP) At a General Meeting of the member of Tech Generation Sdn. Bhd. (202001012534) (1368854-T) duly held at Level 28, 1 Powerhouse, No. 1, Persiaran Bandar Utama, Bandar Utama, 47800 Petaling Jaya, Selangor Darul Ehsan via teleconference on Monday, 25th day of September, 2023, the following resolutions were duly passed:- Special Resolution THAT the Company be wound-up voluntarily pursuant to Section 439(1)(b) of the Companies Act 2016. Ordinary Resolution THAT conditional upon the passing of Special Resolution above, Mr. Jason Sia Sze Wan of Nexia SSY Corporate Recovery Sdn. Bhd. of UOA Business Park, Tower 3, 5th Floor, K03-05-08, 1 Jalan Pengaturcara U1/51A, Section U1, 40150 Shah Alam, Selangor Darul Ehsan be and is hereby appointed as liquidator of the Company for the purpose of the members’ voluntary winding-up. Dated this 5th day of October, 2023. Yang, XiaoLiang Director IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF TECH GENERATION SDN. BHD. (202001012534) (1368854-T) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE TO CREDITORS NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company, which is being wound-up voluntarily, are required on or before the 5th day of November, 2023 to send in their names and addresses with particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the Company, and if so required by notice in writing by the Liquidator, either personally or by their solicitors to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts or claims are proved. Jason Sia Sze Wan Liquidator UOA Business Park, Tower 3, 5th Floor, K03-05-08, 1 Jalan Pengaturcara U1/51A, Section U1, 40150 Shah Alam, Selangor Darul Ehsan. Dated this 5th day of October, 2023. IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN WILAYAH PERSEKUTUAN KUALA LUMPUR (COMMERCIAL DIVISION) COMPANIES (WINDING-UP) NO.: WA-28NCC-552-06/2023 In the matter of Section 465 (1) (e) & Section 466 (1) (a) of the Companies Act, 2016 And In the matter of the Companies (Winding-Up) Rules, 1972 And In the matter of TAIYO RESORT DEVELOPMENT (MALAYSIA) SDN. BHD. [COMPANY NO.: 199001004030 (195597-H)] BETWEEN AIK KHIAW TRAVEL & CARGO SDN. BHD. (COMPANY NO.: 6919-W) ... PETITIONER AND TAIYO RESORT DEVELOPMENT (MALAYSIA) SDN. BHD. [COMPANY NO.: 199001004030 (195597-H)] ... RESPONDENT NOTICE OF WINDING-UP ORDER In the Matter of TAIYO RESORT DEVELOPMENT (MALAYSIA) SDN. BHD. Winding-Up Order made on 26 September 2023. Name and Address of Provisional Liquidator:- The Official Receiver, Kuala Lumpur, Malaysia Jabatan Insolvensi Malaysia Tingkat 22-25, Menara TH Perdana, 1001 Jalan Sultan Ismail 50250 Kuala Lumpur Signed Illegible ………………………… Messrs Abraham Ooi & Partners Solicitors for the Petitioner This Notice of Winding-up Order is filed by Messrs. Abraham Ooi & Partners, Advocates & Solicitors, solicitors for the Petitioner, whose address of service is at No. 106, 8th Floor, Wisma Harwant, Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur. Tel No : 03-2691 0725 Fax No: 03-2697 0626 Ruj: AW/L/SB/JY/33037/23 322 Notices MAHKAMAH TINGGI SEREMBAN DALAM NEGERI SEMBILAN DARUL KHUSUS PETISYEN PENGGULUNGAN SYARIKAT NO. NA-28NCC-37-08/2023 In the matter of Section 464, 465(1) (e) and 466(1)(a) of the Companies Act, 2016 AND In the matter of the Company (Winding Up) Rules 1972 AND In the matter of MAKEWAY HOUSING SDN BHD (1029471-V) BETWEEN GREAT FORMWORK SDN BHD (Company No: 1217648-V) … PETITIONER AND MAKEWAY HOUSING SDN BHD (Company No: 1029471-V) … RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the abovenamed Company by the High Court at Seremban on the 23rd August 2023 presented to the said Court by GREAT FORMWORK SDN BHD (No. Syarikat: 1217648-V) of No.10, Jln Anggerik Vanilla 31/94, Kota Kemuning, 40460 Shah Alam, Selangor. And that the said Petition is directed to be heard before the Court sitting at Seremban High Court at 9.00 o’clock in the morning on the 31st October 2023; and any Creditor or Contributory of the said Company desiring to support or opposes the making of an Order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or Contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at No.10, Jln Anggerik Vanilla 31/94, Kota Kemuning, 40460 Shah Alam, Selangor. The Petitioner’s Solicitors is Messrs. Goh, Cheah & Chong of E-1-23A, IOI Boulevard, Jalan Kenari 5, Bandar Puchong Jaya, 47170 Puchong, Selangor. sgd …………………………………. Messrs Goh, Cheah & Chong Solicitors for the Petitioner Note:- Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Solicitors GOH,CHEAH & CHONG, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than twelve o’clock noon on the 30th day of October 2023 (the day before the day appointed for the hearing of the Petition). (Ref No: CKM/L20083/PZESB-MSTSB) 322 Notices DALAM MAHKAMAH MAJISTRET DI PETALING JAYA DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA PERMOHONAN PERLAKSAAN NO.: BB-76J-150-07/2023 ANTARA TENAGA NASIONAL BERHAD [No. Syarikat : 199001009294 (200866-W)] …PEMIUTANG PENGHAKIMAN DAN WON JO RESTAURANT SDN BHD [NO. SYARIKAT.: 202101002501 (1402799-A)] …PENGHUTANG PENGHAKIMAN NOTIS PENYAMPAIAN GANTI-BENTUK IKLAN Kepada, WONG FOOK HOW (No. K/P.: 650820-06-5323) (Pengarah dalam Syarikat Penghutang Penghakiman) AP11-3A-1, 20 Trees, Jalan 203D Taman Melawati Indah, Gombak 53100 Selangor Darul Ehsan Dalam perkara Saman Penghutang Penghakiman yang dikeluarkan pada 14 Julai 2023. AMBIL PERHATIAN bahawa suatu tindakan Saman Penghutang Penghakiman telah dikeluarkan terhadap Penghutang Penghakiman dalam Mahkamah Majistret di Petaling Jaya dalam Permohonan Perlaksanaan No. BB-76J-150-07/2023 oleh Tenaga Nasional Berhad [No. Syarikat: 199001009294](200866-W)] di mana tuntutan Penghutang Penghakiman ialah untuk jumlah RM7,620.68 setakat 5/4/2020 berserta faedah pada kadar 5% setahun dari tarikh 8/2/2023 sehingga 5/4/2023 sebanyak RM59.50, faedah ke atas jumlah RM7,620.68 pada kadar 5% setahun dari 6/4/2023 sehingga 14/7/2023 sebanyak RM104.39 dan kos sebanyak RM941.00 dan berikutan dengan penghakiman itu masih lagi berhutang sebanyak RM8,725.57 dan adalah diperintahkan bahawa sesalinan Saman Penghutang Penghakiman bertarikh 14/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 5/4/2023 disampaikan terhadap Penghutang Penghakiman di atas melalui Penyampaian Ganti iaitu dengan menampalkan sesalinan Saman Penghutang Penghakiman bertarikh 14/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 5/4/2023 tersebut di Papan Notis Mahkamah ini, penampalan di alamat Penghutang Penghakiman di AP11-3A-1, 20 Trees, Jalan 203D, Taman Melawati Indah, 53100 Gombak, Selangor Darul Ehsan (selepas ini “alamat Penghutang Penghakiman”) dan juga mengiklankannya sekali (1) dalam surat khabar harian tempatan dan saya percaya bahawa penyampaian itu menjadi penyampaian yang sempurna dan cukup ke atas Penghutang Penghakiman tersebut empat belas (14) hari selepas dari tarikh pengiklanan atau penampalan tersebut. Sekiranya kamu berhajat untuk membuat pembelaan terhadap tindakan tersebut, kamu mestilah diwakili oleh Peguambela kamu di hadapan Mahkamah Majistret Petaling Jaya pada 26/10/2023 (secara E-Review), jam 9.00 pagi. Sekiranya kamu gagal berbuat demikian maka Waran Tangkap akan dimasukkan terhadap kamu. Bertarikh pada 5 haribulan Oktober 2023 …..….………tt…….…….. Tetuan Sandosh Anandan Peguamcara bagi Plaintif Notis Penyampaian Ganti Bentuk Iklan ini dikeluarkan oleh Tetuan Sandosh Anandan, Peguamcara bagi pihak Plaintif yang beralamat di Unit A502, Blok A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301, Petaling Jaya, Selangor Darul Ehsan. Tel: 03-78065819 / 03-7804607 Fax: 03-78807409 (Ruj: SA/L/TNB/WON JO RESTAURANT-WONG FOOK HOW/1859/2023/SA) DALAM MAHKAMAH SESYEN DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN KUALA LUMPUR, MALAYSIA GUAMAN NO: WA-B52NCC-600-09/2022 ANTARA LONPAC INSURANCE BHD (No. Syarikat : 307414-T) … PLAINTIF DAN 1. LI & T Engineering Sdn Bhd (No. Syarikat : 201401023781 (1099867-T) 2. Yang Ting (No. Passport China : EG5821796) 3. Li ZhaoShan (No. Passport China : E32408167) 4. Take Five Idea Sdn Bhd (No. Syarikat : 201001033125 (917048-P)) 5. Chia Yi Loong (No. K/P: 770903-14-5675) 6. Wong Choi Ling (No. K/P: 740904-06-5266) … DEFENDAN-DEFENDAN NOTIS Kepada : Defendan Ketiga Li ZhaoShan (No. Passport China : E32408167) No. 40, Jalan Jiran 7, Taman Gembira, 58200 Kuala Lumpur AMBIL PERHATIAN bahawa salinan Notis Menuntut Tanggung Rugi Dan/Atau Sumbangan Defendan Kedua Terhadap Defendan Ketiga bertarikh 09-01-2023 (“Notis tersebut”) telah dikemukakan terhadap kamu di Mahkamah Sesyen Kuala Lumpur dalam perkara Guaman No. WA-B52NCC-600-09/2022 oleh Yang Ting (No. Passport China : EG5821796), Defendan Kedua yang beralamat di 165- 2-11, Wisma Mutiara, Jalan Sungai Besi, 57100 Kuala Lumpur dan Mahkamah telah memerintahkan bahawa Defendan Kedua diberi kebebasan dan/atau kebenaran untuk menyampaikan salinan Notis tersebut kepada kamu dengan cara penyampaian ganti, yakni dengan menampalkan satu salinan Notis tersebut serta satu salinan bermeterai Perintah untuk Penyampaian Ganti di Papan Kenyataan Mahkamah Sesyen Kuala Lumpur dan pada suatu tempat yang mudah dilihat di alamat terakhir kamu di No. 40, Jalan Jiran 7, Taman Gembira, 58200 Kuala Lumpur dan menyebabkan suatu Notis diiklankan dalam akhbar harian “The Sun” untuk sekali dalam Bahasa Malaysia. Penampalanpenampalan dan pengiklanan tersebut hendaklah menjadi penyampaian yang sempurna dan cukup atas Notis tersebut ke atas kamu empat belas (14) hari selepas tarikh akhir penampalanpenampalan dan pengiklanan tersebut dibuat. Kos permohonan dijadikan kos dalam kausa. Jika kamu berhasrat untuk membela terhadap Notis tersebut, kamu mestilah mencatatkan kehadiran samada sendiri atau melalui peguam di Pejabat Pendaftaran Mahkamah Sesyen Kuala Lumpur dan ambil perhatian, bahawa dalam keingkaran kamu berbuat demikian Defendan Kedua boleh meneruskan tindakan dibawah Notis tersebut terhadap kamu. Bertarikh pada 15 September, 2023. DITANDATANGANI OLEH TETUAN FYIONA, LAI & DENNIS THONG ……………………… PEGUAMCARA BAGI DEFENDAN KEDUA NOTIS ini difailkan oleh Tetuan Fyiona, Lai & Dennis Thong, Peguamcara bagi Defendan Kedua yang dinamakan di atas yang mempunyai alamat penyampaiannya di No. 13A-3, Menara 1 Mont Kiara, Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur. Tel: 03-6211 1128 Faks: 03-6211 9393 Emel: [email protected] [Ruj: YF.FL.LIT(D).747.23.YT(600)] 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF MADU HOLDINGS SDN. BHD. Company Registration Number: 198301013542 (108936-V) (IN MEMBER’S VOLUNTARY WINDING UP) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that the Final Meeting of the member of the above-mentioned Company will be held at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala Lumpur on Thursday, 9 November 2023 at 10.30 a.m. for the following purposes:- 1. To receive the Liquidator’s statement of accounts for the period from 11 January 2022 to 9 November 2023, showing the manner in which the winding up has been conducted and to receive any explanation thereon; and 2. To authorise the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of. Loo Hin Lam Liquidator Petaling Jaya Dated: 5 October 2023 Notes: 1. A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy need not be a member of the Company. 2. WThe instrument appointing a proxy must be deposited at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala Lumpur or by email to the Liquidator at info@ info-search.com.my (to be followed by the original signed copy), not less than 48 hours before the time set for holding the meeting or any adjournment thereof. NOTICE OF APPLICATION FOR VOLUNTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnerships Act 2012) Notice is hereby given that Earth Magic Asia PLT (LLP No. LLP0012989-LGN) will be making an application to the Registrar of Limited Liability Partnerships for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. Date: 05.10.2023 322 Notices NOTICE OF APPLICATION FOR VOLUNTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnerships Act 2012) Notice is hereby given that Supermars Technology PLT (LLP No. LLP0020650-LGN) will be making an application to the Registrar of Limited Liability Partnerships for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. Date: 05.10.2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF PENANG TEXTILE SDN. BERHAD 196601000015 (6496-X) (In Member’s Voluntary Winding Up) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 459 of the Companies Act, 2016, the Final Meeting of the Company will be held at Suite I, 2nd Floor, Wisma Lister Garden, 123 Jalan Macalister, 10400 George Town, Pulau Pinang on Tuesday, 7 November 2023 at 3.00 p.m. for the following purposes: 1. To receive and consider the Liquidators’ Statement of Accounts showing the manner in which the winding up has been conducted and of hearing any explanation that may be given by the Liquidators. 2. To resolve under Section 518(3)(b) of the Companies Act, 2016 the manner in which the books, accounts and documents of the Company and of the Liquidators shall be destroyed. 3. To approve and accept the resignation of the Liquidators in accordance with Section 513(3) of the Companies Act, 2016. Dated this 5th day of October, 2023 Chan Bee Peng Yeoh Hon Lin Liquidators IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF OMNI LOGISTICS SERVICES (MALAYSIA) SDN. BHD. Registration No. 201301018482 (1048315-A) (In Members’ Voluntary Winding Up) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT a Final Meeting of Sole Member of the Company convened pursuant to Section 459 of the Companies Act, 2016 will be held by a written resolution pursuant to Section 290 of the Companies Act, 2016 at 51-21-A Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Georgetown, Penang on Tuesday, 7th November 2023 at 8.30 am for the following purposes: AGENDA 1. To receive the Liquidator’s Statement of Accounts showing the manner in which the winding-up has been conducted and the property disposed of and of hearing any explanation that may be given by the Liquidator. 2. Ordinary Resolution 1 - That the books, accounts and documents of the Company and of the Liquidator, be hereby destroyed five (5) years after the Company has been dissolved in accordance with Section 518(2) of the Companies Act, 2016. Dated this 5th October 2023 LEE PENG LOON Liquidator 322 Notices 322 Notices 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF UNO (M) SDN. BHD. (428665-P) (IN MEMBERS’ VOLUNTARY LIQUIDATION) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT pursuant to Section 459 of the Companies Act, 2016 the Final Meeting of the Members of the Company will be held on Monday, 6 November, 2023 at 10.00 a.m. at Suite #8-13-6, Mutiara Bangsar, 8, Jalan Liku, 59100 Kuala Lumpur for the following purposes :- 1. To receive and consider the Liquidator’s Statement of Accounts showing the manner in which the winding up has been conducted and the property disposed of and of hearing any explanations that may be given by the Liquidator. 2. To determine by ordinary resolution the manner and period in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of. MAK YIM SEONG Liquidator Kuala Lumpur Dated this 5 October 2023 Any member entitled to attend and vote at this meeting is entitled to appoint a proxy who need not be a member of the Company to attend and vote in his stead. The instrument appointing a Proxy must be deposited at Suite#8-13-6, Mutiara Bangsar, 8, Jalan Liku, 59100 Kuala Lumpur, not less than 48 hours before the time for holding the Meeting or at any adjournment thereof. Advertise with us & connect to our urban readers. KLANG VALLEY PENANG | KEDAH PERAK | PERLIS PAHANG | KELANTAN TERENGGANU MS. Shoba TEL: 03-7784 8888 FAX: 03-7784 4424 MALACCA MR. Rajah TEL: 012-628 2844 FAX: 06-764 2051 JOHOR BAHRU MS. Anne Lim TEL: 013-770 6699 FAX: 07-355 5549 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF KWONG THYE LONG SDN. BHD. (REGISTRATION NO. 197401003250 (20371-U) (IN MEMBERS’ VOLUNTARY WINDING UP) At an Extraordinary General Meeting of the members of KWONG THYE LONG SDN. BHD. duly convened and held at D12, Tingkat 1, Plaza Pekeliling, No. 2, Jalan Tun Razak, 50400 Kuala Lumpur, W.P. Kuala Lumpur on Wednesday, 27 September 2023 the following Special Resolution was duly passed:- THAT the Company be wound up voluntarily by way of Members’ Voluntary Winding Up pursuant to Section 439(1)(b) of the Companies Act 2016 AND THAT Robert Ng (NRIC No. 490512-01-5105) of 42, Jalan Sri Hartamas 2, 50480 Kuala Lumpur, W.P. Kuala Lumpur be and is hereby appointed as Liquidator of the Company for the purpose of such winding up, with all the powers given by Section 456 of the Companies Act 2016. ROBERT NG Liquidator Kuala Lumpur 5 October 2023 IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF KWONG THYE LONG SDN. BHD. (REGISTRATION NO. 197401003250 (20371-U) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE IS HEREBY GIVEN THAT the creditors of the abovenamed Company, which is being wound up voluntarily, are required, on or before the Monday, 6 November 2023, being the day for that purpose or fixed by the undersigned, the Liquidator of the said Company, to send their names and addresses with particulars of their debts or claims, and the names and addresses of their solicitors, if any, to the undersigned, and if so required by notice in writing from the said Liquidator, either by their solicitors or personally are to come in and prove their said debts or claims at such time and place as shall be specified in such notice or in default thereof, they will be excluded from the benefit of any distribution made before such debts or claims are proved. ROBERT NG Liquidator Unit 20-05, Level 20, Q Sentral 2A Jalan Stesen Sentral 2 Kuala Lumpur Sentral 50470 Kuala Lumpur 5 October 2023 In the Matter of the Companies Act, 2016 and In the Matter of UNILACE ENTERPRISES SDN. BHD. 197701001799 (32764-V) (In Members’ Voluntary Winding Up) Notice is hereby given pursuant to Section 439(2) of the Companies Act, 2016 that the Special Resolutions set below were duly passed by the members of the Company on 29-09-2023. “That the Company be wound up voluntarily pursuant to Section 439(1)(b) of the Companies Act, 2016 and that Mr Teo Mong Nguan NRIC No. 490423-01-5197 from Advance Management Services Sdn. Bhd. 197901008899 (53183-M), be and is hereby appointed as Liquidator of the Company for the purpose of such windingup at a fee to be approved by the Director. That the said Liquidator be empowered to distribute part or the whole of the Company’s assets either in cash, specie or in kind in pursuant to Section 456 of the Companies Act, 2016. That the said Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by him in the execution and discharge of his duties in relation thereto.” Dated: 05-10-2023. Tan Soon Teng Director In the Matter of the Companies Act, 2016 And In the Matter of UNILACE ENTERPRISES SDN. BHD. 197701001799 (32764-V) (In Members’ Voluntary Winding Up) NOTICE IS HEREBY GIVEN that the creditors of UNILACE ENTERPRISES SDN. BHD. 197701001799 (32764-V) which is being voluntarily wound up are required on or before 05-11-2023 to send their names and addresses with particulars of their debts and claims, and of any security held by them, and the names and addresses of their solicitors (if any) to:- Teo Mong Nguan (Liquidator) Suite 19-02D, 19th Floor, Menara Zurich, No. 15, Jalan Dato’ Abdullah Tahir, 80300 Johor Bahru, Johor and if so required by notice in writing from the aforesaid Liquidator, or personally or by their solicitors required to write in and prove their said debts and claims at such time and place shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts and claims are proved. Dated : 05-10-2023 Teo Mong Nguan (Liquidator) 322 Notices IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF OHUKU MACROBIOTICS SDN. BHD. Registration No.: 200601013862 (733613-V) (In Members’ Voluntary Liquidation) At an Extraordinary General Meeting of the members of OHUKU MACROBIOTICS SDN. BHD. duly convened and held at Unit 26-5, Level 26, Tower A, The Vertical Business Suite, Bangsar South City, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur on September 27, 2023, the following Special Resolutions were duly passed :- 1) THAT the Company be wound up voluntarily pursuant to Section 439(1) (b) of the Companies Act 2016 AND THAT Mr. Yap Cher Seng be and is hereby appointed as the Liquidator of the Company for the purposes of such winding up. 2) THAT the Liquidator will have all the powers set out in Section 456 of the Companies Act 2016. 3) THAT the Liquidator be hereby authorised to distribute either in cash, specie or in kind any surplus assets of the Company as he will think fit to the contributories of the Company in accordance with its rights and interests therein. 4) THAT the Liquidator be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred in or sustained by him in the execution and discharges of his duties as the Liquidator and in relation thereto. Dated this 05th day of October, 2023. Yap Cher Seng Yap Poo Soon Ong Kee Poo Directors NOTICE IS HEREBY GIVEN that the Creditors of the abovenamed Company, which is being voluntarily wound up, are required on or before 04th day of November, 2023 to send in their names and addresses with particulars of their debts and claims and of any security held by them, and the names, addresses of their solicitor (if any) to the undersigned Liquidator at No. 35, Jalan SS 24/8, Taman Megah, 47301 Petaling Jaya, Selangor, and if so required by notice in writing from the said Liquidator, are, by their Solicitors or personally, to come and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefits` of any distribution made before such debts or claims are proved. Dated this 05th day of October, 2023. Yap Cher Seng The Liquidator IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF TECH GENERATION SDN. BHD. (202001012534) (1368854-T) (IN MEMBERS’ VOLUNTARY WINDING UP) At a General Meeting of the member of Tech Generation Sdn. Bhd. (202001012534) (1368854-T) duly held at Level 28, 1 Powerhouse, No. 1, Persiaran Bandar Utama, Bandar Utama, 47800 Petaling Jaya, Selangor Darul Ehsan via teleconference on Monday, 25th day of September, 2023, the following resolutions were duly passed:- Special Resolution THAT the Company be wound-up voluntarily pursuant to Section 439(1)(b) of the Companies Act 2016. Ordinary Resolution THAT conditional upon the passing of Special Resolution above, Mr. Jason Sia Sze Wan of Nexia SSY Corporate Recovery Sdn. Bhd. of UOA Business Park, Tower 3, 5th Floor, K03-05-08, 1 Jalan Pengaturcara U1/51A, Section U1, 40150 Shah Alam, Selangor Darul Ehsan be and is hereby appointed as liquidator of the Company for the purpose of the members’ voluntary winding-up. Dated this 5th day of October, 2023. Yang, XiaoLiang Director IN THE MATTER OF THE COMPANIES ACT 2016 AND IN THE MATTER OF TECH GENERATION SDN. BHD. (202001012534) (1368854-T) (IN MEMBERS’ VOLUNTARY WINDING UP) NOTICE TO CREDITORS NOTICE IS HEREBY GIVEN that the creditors of the abovenamed Company, which is being wound-up voluntarily, are required on or before the 5th day of November, 2023 to send in their names and addresses with particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the Liquidator of the Company, and if so required by notice in writing by the Liquidator, either personally or by their solicitors to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debts or claims are proved. Jason Sia Sze Wan Liquidator UOA Business Park, Tower 3, 5th Floor, K03-05-08, 1 Jalan Pengaturcara U1/51A, Section U1, 40150 Shah Alam, Selangor Darul Ehsan. Dated this 5th day of October, 2023. IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR IN WILAYAH PERSEKUTUAN KUALA LUMPUR (COMMERCIAL DIVISION) COMPANIES (WINDING-UP) NO.: WA-28NCC-552-06/2023 In the matter of Section 465 (1) (e) & Section 466 (1) (a) of the Companies Act, 2016 And In the matter of the Companies (Winding-Up) Rules, 1972 And In the matter of TAIYO RESORT DEVELOPMENT (MALAYSIA) SDN. BHD. [COMPANY NO.: 199001004030 (195597-H)] BETWEEN AIK KHIAW TRAVEL & CARGO SDN. BHD. (COMPANY NO.: 6919-W) ... PETITIONER AND TAIYO RESORT DEVELOPMENT (MALAYSIA) SDN. BHD. [COMPANY NO.: 199001004030 (195597-H)] ... RESPONDENT NOTICE OF WINDING-UP ORDER In the Matter of TAIYO RESORT DEVELOPMENT (MALAYSIA) SDN. BHD. Winding-Up Order made on 26 September 2023. Name and Address of Provisional Liquidator:- The Official Receiver, Kuala Lumpur, Malaysia Jabatan Insolvensi Malaysia Tingkat 22-25, Menara TH Perdana, 1001 Jalan Sultan Ismail 50250 Kuala Lumpur Signed Illegible ………………………… Messrs Abraham Ooi & Partners Solicitors for the Petitioner This Notice of Winding-up Order is filed by Messrs. Abraham Ooi & Partners, Advocates & Solicitors, solicitors for the Petitioner, whose address of service is at No. 106, 8th Floor, Wisma Harwant, Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur. Tel No : 03-2691 0725 Fax No: 03-2697 0626 Ruj: AW/L/SB/JY/33037/23 322 Notices MAHKAMAH TINGGI SEREMBAN DALAM NEGERI SEMBILAN DARUL KHUSUS PETISYEN PENGGULUNGAN SYARIKAT NO. NA-28NCC-37-08/2023 In the matter of Section 464, 465(1) (e) and 466(1)(a) of the Companies Act, 2016 AND In the matter of the Company (Winding Up) Rules 1972 AND In the matter of MAKEWAY HOUSING SDN BHD (1029471-V) BETWEEN GREAT FORMWORK SDN BHD (Company No: 1217648-V) … PETITIONER AND MAKEWAY HOUSING SDN BHD (Company No: 1029471-V) … RESPONDENT ADVERTISEMENT OF PETITION NOTICE is hereby given that a Petition for the Winding-Up of the abovenamed Company by the High Court at Seremban on the 23rd August 2023 presented to the said Court by GREAT FORMWORK SDN BHD (No. Syarikat: 1217648-V) of No.10, Jln Anggerik Vanilla 31/94, Kota Kemuning, 40460 Shah Alam, Selangor. And that the said Petition is directed to be heard before the Court sitting at Seremban High Court at 9.00 o’clock in the morning on the 31st October 2023; and any Creditor or Contributory of the said Company desiring to support or opposes the making of an Order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose and a copy of the Petition will be furnished to any Creditor or Contributory of the said Company requiring the same by the undersigned on payment of the regulated charge for the same. The Petitioner’s address is at No.10, Jln Anggerik Vanilla 31/94, Kota Kemuning, 40460 Shah Alam, Selangor. The Petitioner’s Solicitors is Messrs. Goh, Cheah & Chong of E-1-23A, IOI Boulevard, Jalan Kenari 5, Bandar Puchong Jaya, 47170 Puchong, Selangor. sgd …………………………………. Messrs Goh, Cheah & Chong Solicitors for the Petitioner Note:- Any person who intends to appear on the hearing of the said Petition must serve on or send by post to the abovenamed Solicitors GOH,CHEAH & CHONG, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than twelve o’clock noon on the 30th day of October 2023 (the day before the day appointed for the hearing of the Petition). (Ref No: CKM/L20083/PZESB-MSTSB) 322 Notices DALAM MAHKAMAH MAJISTRET DI PETALING JAYA DALAM NEGERI SELANGOR DARUL EHSAN, MALAYSIA PERMOHONAN PERLAKSAAN NO.: BB-76J-150-07/2023 ANTARA TENAGA NASIONAL BERHAD [No. Syarikat : 199001009294 (200866-W)] …PEMIUTANG PENGHAKIMAN DAN WON JO RESTAURANT SDN BHD [NO. SYARIKAT.: 202101002501 (1402799-A)] …PENGHUTANG PENGHAKIMAN NOTIS PENYAMPAIAN GANTI-BENTUK IKLAN Kepada, WONG FOOK HOW (No. K/P.: 650820-06-5323) (Pengarah dalam Syarikat Penghutang Penghakiman) AP11-3A-1, 20 Trees, Jalan 203D Taman Melawati Indah, Gombak 53100 Selangor Darul Ehsan Dalam perkara Saman Penghutang Penghakiman yang dikeluarkan pada 14 Julai 2023. AMBIL PERHATIAN bahawa suatu tindakan Saman Penghutang Penghakiman telah dikeluarkan terhadap Penghutang Penghakiman dalam Mahkamah Majistret di Petaling Jaya dalam Permohonan Perlaksanaan No. BB-76J-150-07/2023 oleh Tenaga Nasional Berhad [No. Syarikat: 199001009294](200866-W)] di mana tuntutan Penghutang Penghakiman ialah untuk jumlah RM7,620.68 setakat 5/4/2020 berserta faedah pada kadar 5% setahun dari tarikh 8/2/2023 sehingga 5/4/2023 sebanyak RM59.50, faedah ke atas jumlah RM7,620.68 pada kadar 5% setahun dari 6/4/2023 sehingga 14/7/2023 sebanyak RM104.39 dan kos sebanyak RM941.00 dan berikutan dengan penghakiman itu masih lagi berhutang sebanyak RM8,725.57 dan adalah diperintahkan bahawa sesalinan Saman Penghutang Penghakiman bertarikh 14/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 5/4/2023 disampaikan terhadap Penghutang Penghakiman di atas melalui Penyampaian Ganti iaitu dengan menampalkan sesalinan Saman Penghutang Penghakiman bertarikh 14/7/2023 dan Penghakiman Ingkar Kehadiran bertarikh 5/4/2023 tersebut di Papan Notis Mahkamah ini, penampalan di alamat Penghutang Penghakiman di AP11-3A-1, 20 Trees, Jalan 203D, Taman Melawati Indah, 53100 Gombak, Selangor Darul Ehsan (selepas ini “alamat Penghutang Penghakiman”) dan juga mengiklankannya sekali (1) dalam surat khabar harian tempatan dan saya percaya bahawa penyampaian itu menjadi penyampaian yang sempurna dan cukup ke atas Penghutang Penghakiman tersebut empat belas (14) hari selepas dari tarikh pengiklanan atau penampalan tersebut. Sekiranya kamu berhajat untuk membuat pembelaan terhadap tindakan tersebut, kamu mestilah diwakili oleh Peguambela kamu di hadapan Mahkamah Majistret Petaling Jaya pada 26/10/2023 (secara E-Review), jam 9.00 pagi. Sekiranya kamu gagal berbuat demikian maka Waran Tangkap akan dimasukkan terhadap kamu. Bertarikh pada 5 haribulan Oktober 2023 …..….………tt…….…….. Tetuan Sandosh Anandan Peguamcara bagi Plaintif Notis Penyampaian Ganti Bentuk Iklan ini dikeluarkan oleh Tetuan Sandosh Anandan, Peguamcara bagi pihak Plaintif yang beralamat di Unit A502, Blok A, Kelana Square, No. 17, Jalan SS7/26, Kelana Jaya, 47301, Petaling Jaya, Selangor Darul Ehsan. Tel: 03-78065819 / 03-7804607 Fax: 03-78807409 (Ruj: SA/L/TNB/WON JO RESTAURANT-WONG FOOK HOW/1859/2023/SA) DALAM MAHKAMAH SESYEN DI KUALA LUMPUR DALAM WILAYAH PERSEKUTUAN KUALA LUMPUR, MALAYSIA GUAMAN NO: WA-B52NCC-600-09/2022 ANTARA LONPAC INSURANCE BHD (No. Syarikat : 307414-T) … PLAINTIF DAN 1. LI & T Engineering Sdn Bhd (No. Syarikat : 201401023781 (1099867-T) 2. Yang Ting (No. Passport China : EG5821796) 3. Li ZhaoShan (No. Passport China : E32408167) 4. Take Five Idea Sdn Bhd (No. Syarikat : 201001033125 (917048-P)) 5. Chia Yi Loong (No. K/P: 770903-14-5675) 6. Wong Choi Ling (No. K/P: 740904-06-5266) … DEFENDAN-DEFENDAN NOTIS Kepada : Defendan Ketiga Li ZhaoShan (No. Passport China : E32408167) No. 40, Jalan Jiran 7, Taman Gembira, 58200 Kuala Lumpur AMBIL PERHATIAN bahawa salinan Notis Menuntut Tanggung Rugi Dan/Atau Sumbangan Defendan Kedua Terhadap Defendan Ketiga bertarikh 09-01-2023 (“Notis tersebut”) telah dikemukakan terhadap kamu di Mahkamah Sesyen Kuala Lumpur dalam perkara Guaman No. WA-B52NCC-600-09/2022 oleh Yang Ting (No. Passport China : EG5821796), Defendan Kedua yang beralamat di 165- 2-11, Wisma Mutiara, Jalan Sungai Besi, 57100 Kuala Lumpur dan Mahkamah telah memerintahkan bahawa Defendan Kedua diberi kebebasan dan/atau kebenaran untuk menyampaikan salinan Notis tersebut kepada kamu dengan cara penyampaian ganti, yakni dengan menampalkan satu salinan Notis tersebut serta satu salinan bermeterai Perintah untuk Penyampaian Ganti di Papan Kenyataan Mahkamah Sesyen Kuala Lumpur dan pada suatu tempat yang mudah dilihat di alamat terakhir kamu di No. 40, Jalan Jiran 7, Taman Gembira, 58200 Kuala Lumpur dan menyebabkan suatu Notis diiklankan dalam akhbar harian “The Sun” untuk sekali dalam Bahasa Malaysia. Penampalanpenampalan dan pengiklanan tersebut hendaklah menjadi penyampaian yang sempurna dan cukup atas Notis tersebut ke atas kamu empat belas (14) hari selepas tarikh akhir penampalanpenampalan dan pengiklanan tersebut dibuat. Kos permohonan dijadikan kos dalam kausa. Jika kamu berhasrat untuk membela terhadap Notis tersebut, kamu mestilah mencatatkan kehadiran samada sendiri atau melalui peguam di Pejabat Pendaftaran Mahkamah Sesyen Kuala Lumpur dan ambil perhatian, bahawa dalam keingkaran kamu berbuat demikian Defendan Kedua boleh meneruskan tindakan dibawah Notis tersebut terhadap kamu. Bertarikh pada 15 September, 2023. DITANDATANGANI OLEH TETUAN FYIONA, LAI & DENNIS THONG ……………………… PEGUAMCARA BAGI DEFENDAN KEDUA NOTIS ini difailkan oleh Tetuan Fyiona, Lai & Dennis Thong, Peguamcara bagi Defendan Kedua yang dinamakan di atas yang mempunyai alamat penyampaiannya di No. 13A-3, Menara 1 Mont Kiara, Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur. Tel: 03-6211 1128 Faks: 03-6211 9393 Emel: [email protected] [Ruj: YF.FL.LIT(D).747.23.YT(600)] 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF MADU HOLDINGS SDN. BHD. Company Registration Number: 198301013542 (108936-V) (IN MEMBER’S VOLUNTARY WINDING UP) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that the Final Meeting of the member of the above-mentioned Company will be held at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala Lumpur on Thursday, 9 November 2023 at 10.30 a.m. for the following purposes:- 1. To receive the Liquidator’s statement of accounts for the period from 11 January 2022 to 9 November 2023, showing the manner in which the winding up has been conducted and to receive any explanation thereon; and 2. To authorise the manner in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of. Loo Hin Lam Liquidator Petaling Jaya Dated: 5 October 2023 Notes: 1. A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy need not be a member of the Company. 2. WThe instrument appointing a proxy must be deposited at 12th Floor, UBN Tower, 10 Jalan P Ramlee, 50250 Kuala Lumpur or by email to the Liquidator at info@ info-search.com.my (to be followed by the original signed copy), not less than 48 hours before the time set for holding the meeting or any adjournment thereof. NOTICE OF APPLICATION FOR VOLUNTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnerships Act 2012) Notice is hereby given that Earth Magic Asia PLT (LLP No. LLP0012989-LGN) will be making an application to the Registrar of Limited Liability Partnerships for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. Date: 05.10.2023 322 Notices NOTICE OF APPLICATION FOR VOLUNTARY WINDING UP OF LIMITED LIABILITY PARTNERSHIP (Section 50(4)(a) of the Limited Liability Partnerships Act 2012) Notice is hereby given that Supermars Technology PLT (LLP No. LLP0020650-LGN) will be making an application to the Registrar of Limited Liability Partnerships for a declaration of dissolution pursuant to section 50(2) of the Limited Liability Partnerships Act 2012 within seven (7) days after the publication of this notice. Any partner or creditor of the LLP desiring to object to the application may do so in writing to the Companies Commission of Malaysia within thirty (30) days from the date of this notice. Date: 05.10.2023 IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF PENANG TEXTILE SDN. BERHAD 196601000015 (6496-X) (In Member’s Voluntary Winding Up) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN that pursuant to Section 459 of the Companies Act, 2016, the Final Meeting of the Company will be held at Suite I, 2nd Floor, Wisma Lister Garden, 123 Jalan Macalister, 10400 George Town, Pulau Pinang on Tuesday, 7 November 2023 at 3.00 p.m. for the following purposes: 1. To receive and consider the Liquidators’ Statement of Accounts showing the manner in which the winding up has been conducted and of hearing any explanation that may be given by the Liquidators. 2. To resolve under Section 518(3)(b) of the Companies Act, 2016 the manner in which the books, accounts and documents of the Company and of the Liquidators shall be destroyed. 3. To approve and accept the resignation of the Liquidators in accordance with Section 513(3) of the Companies Act, 2016. Dated this 5th day of October, 2023 Chan Bee Peng Yeoh Hon Lin Liquidators IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF OMNI LOGISTICS SERVICES (MALAYSIA) SDN. BHD. Registration No. 201301018482 (1048315-A) (In Members’ Voluntary Winding Up) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT a Final Meeting of Sole Member of the Company convened pursuant to Section 459 of the Companies Act, 2016 will be held by a written resolution pursuant to Section 290 of the Companies Act, 2016 at 51-21-A Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Georgetown, Penang on Tuesday, 7th November 2023 at 8.30 am for the following purposes: AGENDA 1. To receive the Liquidator’s Statement of Accounts showing the manner in which the winding-up has been conducted and the property disposed of and of hearing any explanation that may be given by the Liquidator. 2. Ordinary Resolution 1 - That the books, accounts and documents of the Company and of the Liquidator, be hereby destroyed five (5) years after the Company has been dissolved in accordance with Section 518(2) of the Companies Act, 2016. Dated this 5th October 2023 LEE PENG LOON Liquidator 322 Notices 322 Notices 322 Notices IN THE MATTER OF THE COMPANIES ACT, 2016 AND IN THE MATTER OF UNO (M) SDN. BHD. (428665-P) (IN MEMBERS’ VOLUNTARY LIQUIDATION) NOTICE OF FINAL MEETING NOTICE IS HEREBY GIVEN THAT pursuant to Section 459 of the Companies Act, 2016 the Final Meeting of the Members of the Company will be held on Monday, 6 November, 2023 at 10.00 a.m. at Suite #8-13-6, Mutiara Bangsar, 8, Jalan Liku, 59100 Kuala Lumpur for the following purposes :- 1. To receive and consider the Liquidator’s Statement of Accounts showing the manner in which the winding up has been conducted and the property disposed of and of hearing any explanations that may be given by the Liquidator. 2. To determine by ordinary resolution the manner and period in which the books, accounts and documents of the Company and of the Liquidator shall be disposed of. MAK YIM SEONG Liquidator Kuala Lumpur Dated this 5 October 2023 Any member entitled to attend and vote at this meeting is entitled to appoint a proxy who need not be a member of the Company to attend and vote in his stead. The instrument appointing a Proxy must be deposited at Suite#8-13-6, Mutiara Bangsar, 8, Jalan Liku, 59100 Kuala Lumpur, not less than 48 hours before the time for holding the Meeting or at any adjournment thereof. Advertise with us & connect to our urban readers. KLANG VALLEY PENANG | KEDAH PERAK | PERLIS PAHANG | KELANTAN TERENGGANU MS. Shoba TEL: 03-7784 8888 FAX: 03-7784 4424 MALACCA MR. Rajah TEL: 012-628 2844 FAX: 06-764 2051 JOHOR BAHRU MS. Anne Lim TEL: 013-770 6699 FAX: 07-355 5549 LINEOUT
22 theSUN ON THURSDAY | OCTOBER 5, 2023 SPORTS 5700/2023 04/10/2023 (WED) 9268 0708 0814 8967 6900 4115 2632 7602 3979 0093 2976 4185 6759 3682 8219 7425 2134 7428 5602 1149 5368 0253 3631 7,486,650.64 9268 9268 9268 0814 0814 0708 0814 0814 0708 0708 9268 0708 161,283.10 9268 0708 0814 MONKEY 02103 49680 9680 680 21793 8 0 9 6 270496 70496 0496 496 27049 2704 270 2 7 10,400,547.64 1,333,434.38 7 13 33 40 47 51 101,212.24 5 7 28 31 37 54 24 25 26 34 36 46 13 32,374,742.04 RM381,572 RM50,184 won on 01/10/2023 ! 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Zii Jia stuns world champ Malaysian ace overcomes shaky start to down Vitidsarn and reach last 8 NATIONAL top men’s singles shuttler Lee Zii Jia produced a magnificent fightback to stun reigning world champion Kunlavut Vitidsarn and check into the Hangzhou Asian Games quarterfinals at the Binjiang Gymnasium here today. World No. 16 Zii Jia, backed by a vociferous crowd, clinched a 10-21, 21-19, 21-6 win over world No. 4 Kunlavut to make amends for missing out on the last eight in the 2018 edition in JakartaPalembang, Indonesia. The 25-year-old Zii Jia got off to a shaky start, regained his composure to win the second game and then produced a dominant performance in the decider to send Kunlavut, who became Thailand’s first-ever men’s singles world champion in August, packing. This is Zii Jia’s fourth win over Kunlavut in seven meetings, with the Thai shuttler having won their last two encounters in the 2021 World Tour Finals and 2022 German Open. In today’s quarterfinals, former All England champion Zii Jia will take on HS Prannoy after the India shuttler downed Dmitriy Panarin of Kazakhstan 21-12, 21-13 yesterday. “Although I was behind by about seven points in the second game, I just tried everything I could,” Zii Jia told reporters. “I knew that if I lost, it was the end for me. But, if the strategy worked, that’s it… I would be able to overturn the situation. “Despite having lost many times this year, I am still trying to turn things around… sometimes, it’s just not your day. I accept them as a lesson… through this experience, I will be a more mature and experienced player,” he told reporters. On his match against Prannoy, Zii Jia said he would need to be more prepared as the world No. 7 “is a strong and consistent player”. Kunlavut said he didn’t get to prepare well for the Asiad as he was hospitalised for three days due to influenza before leaving for Hangzhou. Earlier, the national mixed doubles pair of Chen Tang Jie-Toh Ee Wei also advanced to the quarterfinals when they disposed of India’s Sai Pratheek-Tanisha Crasto 21-18, 21-18. The Malaysians, however, have the unenviable task of trying to stop defending Asian Games champion and Tokyo 2020 Olympic silver medallists Zheng Si Wei-Huang Ya Qiong of China today. The world No. 1 and three-time world champions progressed after trouncing Nepal’s Bishnu Katuwal-Nangsal Tamang 21-4, 21-7. Another national mixed doubles pair – Goh Soon Huat-Shevon Lai Jemie – failed to progress after going down 21-17, 21-23, 13-21 to Thailand’s Supak Jomkoh-Supissara Paewsampran. – Bernama Winning WC in India would top 2019 title: Morgan FORMER England captain Eoin Morgan said winning the Cricket World Cup in India would be a bigger achievement than when he guided the side to victory at the 50-overs showpiece on home soil four years ago. Morgan, who retired from international cricket last year, said white-ball captain Jos Buttler had not been given the same level of support in the build-up to this World Cup that England has had in the past. “Between 2015 and 2019, our sole focus was trying to win the ODI World Cup at home,” Morgan wrote in a column on Sky Sports yesterday. “There was a clear emphasis on having your best players available in the year leading up and trying to get absolute role clarity in every position possible. Jos has not had that.” While England are the reigning champions in both the ODI and Twenty20 versions of the World Cup, Morgan said there had been a switch in focus to the longer format of the game. “There has been a complete change in mindset in English cricket where Test cricket is now the out-and-out priority,” he said. “Only on very few occasions in Twenty20 internationals and ODIs has Jos had his best side available. This has been an Ashes year, a huge year for Ben Stokes and his red-ball team.” Morgan added that the reduced support for white-ball cricket, coupled with the challenge of playing a tournament in unfamiliar conditions, meant this year’s World Cup is a more challenging prospect for England. “All things considered, it would without a doubt be a bigger achievement for England to win this World Cup than when we won in 2019,” Morgan said. – Reuters Southee ‘unavailable’ for opener NEW ZEALAND’S Tim Southee will miss the World Cup’s opening match against holders England and potentially some of the following matches due to an injured thumb, stand-in-skipper Tom Latham said yesterday. The Black Caps will be without regular captain Kane Williamson (knee injury) and Southee (thumb injury) at the tournament’s opening match in the world’s biggest cricket stadium in Ahmedabad today. Williamson played the team’s first warm-up purely as a batsman and then fielded as well in the second warm-up, but Southee still awaits his first outing in India. “No Kane and no Tim as well,” Latham told reporters ahead of the opener. “He (Southee) is unavailable for selection. He is recovering nicely, it has been nearly two weeks post-surgery, so fingers crossed he keeps recovering. “It’s a bit of a day-by-day process. But fingers crossed he’ll be available sooner rather than later as well.” The Kiwis are still hunting for their first World Cup title after making eight semifinal appearances in 12 editions. They come into the tournament as the underdogs, with most pundits handing the favourites tag to either India or England. “We are not focused on what people are predicting; from our point of view we are solely focused on what we have to do,” said Latham. – AFP Malaysia’s Lee Zii Jia in action yesterday. – REUTERSPIX Gold Silver Bronze China 168 93 51 Japan 36 51 57 South Korea 33 44 68 India 17 31 32 Uzbekistan 16 16 22 Taiwan 12 13 20 Thailand 10 12 24 North Korea 9 11 8 Hong Kong 7 15 25 Bahrain 9 1 5 MALAYSIA 3 4 16 MEDAL TALLY
23 SPORTS theSUN ON THURSDAY | OCTOBER 5, 2023 Bellingham scores again … as unlucky Meret hands Madrid win at Napoli J UDE BELLINGHAM starred once again for Real Madrid as he scored one and assisted another in his team’s 3-2 win away to Napoli in the Champions League. The Italian side led early on through former Brighton defender Leo Ostigard, before the England midfielder set up Vinicius Junior for Real’s equaliser and then scored himself before half-time. A Piotr Zielinski penalty levelled matters after the restart, only for Federico Valverde’s thunderbolt to rebound into the net after striking the crossbar and goalkeeper Alex Meret, giving three points to Real who are top after two wins from two in Group C. That unlucky rebound maintained Madrid’s perfect start to the group stage and moved them three points clear of both the Italian champions and Braga, 3-2 winners over bottom side Union Berlin in an earlier match. “It was a difficult match, very hard-fought right until the last minute,” said Madrid coach Carlo Ancelotti to Sky Sport in Italy. “It seems absurd to me that that goal is given as a Meret own goal… Valverde is a great player and a great midfielder, he creates a lot and that was a great strike.” Ancelotti was not happy with the decision to award the spot-kick. Nacho Fernandez was adjudged to have handled inside the area, but the Real Madrid head coach told the media post-match (via Marca) that he felt it was the wrong call. “I think it was not a penalty. It’s rebounded on to Nacho’s hand – you can’t cut your hand off! The rule says that on a rebound, you can’t give a foul.” Ancelotti was however pleased with the result and performance singled out Luka Modric and Belligham for praise. “Modric has delivered for us. We needed more control, he entered the match very well, and using his experience and his quality, he has allowed us to control the game more.” Bellingham has now scored eight times in his first nine Madrid matches in all competitions and looked a class above most of the other players on the pitch. “What’s so amazing about Bellingham is that he’s only 20. He has great quality, a strong personality and character,” added Ancelotti. “He’s a young man of 20 who’s showing everyone what extraordinary talent he has.” Offering some tactical analysis on the positions of the Bellingham-Vinicius-Rodrygo front line, the coach added: “In the first half, Bellingham and Rodrygo dropped further back and this caused Napoli problems when they tried to play the ball out. “Bellingham, Rodrygo and Valverde had an important role there. We asked Vinicius to find the position where he feels at his best, and he’s always going to play out wide at times and Bellingham adapts when that happens. “I think Bellingham and Vinicius combined well and having them both pressing on our left creates a lot of danger.” – The Independent/AFP/Agencies Super-sub Tel strikes late for Bayern Castro ruins Union Berlin’s Champions League home debut BRAGA overturned a two-goal deficit to win 3-2 at Union Berlin yesterday, an injury-time strike from Andre Castro helping to spoil the German side’s home Champions League debut. Sheraldo Becker took advantage of Union’s early dominance to score a first-half brace. Braga, top scorers in the Portuguese league this season, fought back immediately, Sikou Niakate pouncing on a rebound to score, before Bruma unleashed a stunner to level the scores early in the second half. In the fourth minute of injury time, Castro, subbed on with three minutes remaining, slid a fierce shot into the bottom left corner, to give his side the win. Braga manager Artur Jorge toasted his side’s first Champions League victory, telling reporters “it was a great win, but a great win which we fought for.” “In this giant stadium, to have gone 2-0 down and to come back to win, it’s an outstanding performance.” Ipswich top of the Championship IPSWICH roared back to the top of the Championship with an emphatic 3-0 win against promotion rivals Hull at Portman Road yesterday. Kieran McKenna’s side sit one point clear of second-placed Leicester, who can regain pole position if they avoid defeat against thirdplaced Preston overnight. It was only the second defeat of the season for Hull, who slipped three places to eighth as Ipswich maintained their superb start after last season’s promotion from League One. Wes Burns gave the home team the lead in the fifth minute and Conor Chaplin completed a flowing move to make it two just before the break. Marcus Harness scored Ipswich’s third goal midway through the second half from close-range. Sheffield Wednesday manager Xisco Munoz is in danger of the sack after a 1-0 defeat against West Bromwich Albion at The Hawthorns. Just months after promotion from League One, an eighth loss from 10 league games left bottomof-the-table Wednesday with their worst ever start to a season. Stuart Armstrong’s sublime free-kick handed Southampton successive league wins with a hard fought 1-0 victory at Stoke. Isaiah Jones and Emmanuel Latte Lath netted in the second half to give Middlesbrough a 2-0 win against Cardiff at the Riverside Stadium. CHAMPIONS LEAGUE GROUP A: Manchester United 2 (Hojlund 17, 67) Galatasaray 3 (Zaha 23, Akturkoglu 71, Icardi 81), FC Copenhagen 1 (Lerager 56) Bayern Munich 2 (Musiala 67, Tel 83). P W D L F A Pts Bayern Munich 2 2 0 0 6 4 6 Galatasaray 2 1 1 0 5 4 4 FC Copenhagen 2 0 1 1 3 4 1 Man United 2 0 0 2 5 7 0 GROUP B: Lens 2 (Thomasson 25, Wahi 69) Arsenal (Jesus 14), PSV Eindhoven 2 (De Jong 86-pen, Teze 90+5) Sevilla 2 (Gudelj 68, En-Nesyri 87). P W D L F A Pts Lens 2 1 1 0 3 2 4 Arsenal 2 1 0 1 5 2 3 Sevilla 2 0 2 0 3 3 2 PSV 2 0 1 1 2 6 1 GROUP C: Napoli 2 (Ostigard 19, Zielinski 54-pen) Real Madrid 3 (Vinicius 27, Bellingham 34, Meret 78-og), Union Berlin 2 (Becker 30, 37) Braga 3 (Niakate 41, Bruma 51, Castro 90+4). P W D L F A Pts Real Madrid 2 2 0 0 4 2 6 Napoli 2 1 0 1 4 4 3 Braga 2 1 0 1 4 4 3 Union Berlin 2 0 0 2 2 4 0 GROUP D: Inter Milan 1 (Thuram 62) 1 Benfica 0, Salzburg 0 Real Sociedad 2 (Oyarzabal 7, Mendez 27). P W D L F A Pts Real Sociedad 2 1 1 0 3 1 4 Inter Milan 2 3 1 0 2 1 4 Salzburg 2 1 0 1 2 2 3 Benfica 2 0 0 2 0 3 0 ENGLISH PREMIER LEAGUE: Luton 1 (Adebayo 84) Burnley 2 (Foster 45, Bruun Larsen 85). P W D L F A Pts Man City 7 6 0 1 17 5 18 Tottenham 7 5 2 0 17 8 17 Arsenal 7 5 2 0 15 6 17 Liverpool 7 5 1 1 16 7 16 Aston Villa 7 5 0 2 18 11 15 Brighton 7 5 0 2 19 14 15 West Ham 7 4 1 2 13 10 13 Newcastle 7 4 0 3 18 7 12 Crystal Palace 7 3 2 2 7 7 11 Man Utd 7 3 0 4 7 11 9 Chelsea 7 2 2 3 7 6 8 Nottm Forest 7 2 2 3 8 10 8 Fulham 7 2 2 3 5 12 8 Brentford 7 1 4 2 10 10 7 Wolves 7 2 1 4 8 13 7 Everton 7 1 1 5 6 12 4 Luton 7 1 1 5 6 14 4 Burnley 7 1 1 5 6 16 4 Bournemouth 7 0 3 4 5 15 3 Sheff Utd 7 0 1 6 5 19 1 CHAMPIONSHIP: Birmingham 4 Huddersfield 1, Ipswich 3 Hull 0, Middlesbrough 2 Cardiff 0, Plymouth 0 Millwall 2, Stoke 0 Southampton 1, West Brom 1 Sheffield Wednesday 0. Top 10 P W D L F A Pts Ipswich 10 8 1 1 21 11 25 Leicester 9 8 0 1 18 6 24 Preston 9 6 2 1 13 10 20 Sunderland 9 5 1 3 18 8 16 West Brom 10 4 4 2 17 11 16 Norwich 9 5 1 3 19 16 16 Cardiff 10 5 1 4 16 14 16 Hull 10 4 4 2 14 12 16 Southampton 10 5 1 4 16 20 16 Birmingham 10 4 3 3 12 10 15 RESULTS & STANDINGS BRIEFS Bayern Munich’s Thomas Muller (right) and FC Copenhagen’s Valdemar Lund Jensen vie for the ball during their Champions League match. – AFPPIX TEENAGE Bayern Munich striker Mathys Tel struck late as his side came from behind to beat FC Copenhagen 2-1 in their Champions League clash in the Danish capital yesterday. Bayern lacked fluidity and struggled against an impressive Copenhagen side, who grabbed the lead early in the second half thanks to Lukas Lerager’s opener. With Bayern in danger of losing their first Champions League group stage match since September 2017, Thomas Tuchel’s men upped the ante, Jamal Musiala equalising with a superb solo effort. Tel, brought on in the 77th minute alongside Thomas Muller with just seven minutes remaining, collected the ball from the Bayern veteran before unleashing a winner past the helpless home goalkeeper Kamil Grabara. Super-sub Tel has now scored five of his six goals after coming off the bench and ensured Bayern won their 15th group stage match in a row. Tuchel told Amazon Prime he had been trying to replace Musiala when the forward scored the equaliser. “He’s returning from a muscle injury and we’d tried to take him off,” Tuchel said with a smile. Bayern captain Joshua Kimmich thanked Muller and Tel, who came off the bench to combine for the winner. “We’ve got great quality on the bench and they’ve saved us often this season.” It was one of those evenings for former Tottenham striker Harry Kane. The Englishman has been outstanding since moving to Germany but he wasn’t able to get on the scoresheet yesterday. Bayern were unable to unlock their star striker all night after he was marked out of the game by Copenhagen. – AFP