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https://theedgemalaysia.com/node/671775

IRB: Over 220,000 Form Bs received via e-Filing as of June 14

English

KUALA LUMPUR (June 19): The Inland Revenue Board (IRB) has received a total of 229,613 Form Bs through e-Filing as at June 14, 2023, with a tax value of RM1.21 billion. The due date for submission of Form B, which is the income tax return form for individuals with a business income, is June 30, 2023. Large Tax Payer Branch director Kamarudin Hashim said the amount is still low compared to the total of 777,579 Form Bs, with tax worth RM5.56 billion, received in 2022 for the assessment year 2021. “This is due to the fact that there are still many who opt to pay their taxes nearing the end of the deadline,” he said during Bernama TV’s talk show programme Ruang Bicara entitled “Taxation on individual business income” here on Monday (June 19). The awareness of paying taxes in the Individual Business Income category is still low compared to individuals in the Employment Income and Corporate Companies categories, Kamarudin noted. These people include those involved in retail businesses, direct sales, livestock, stalls, law firms and cover writers, singers, YouTubers and social media influencers, among others. He cautioned that taxpayers who fail to make an assessment within the prescribed period can be penalised up to 300% of the amount of tax that has been interpreted, while those who fail to report accurate income can be penalised up to 100%.  

https://theedgemalaysia.com/node/616330

兴业零售研究：宝光准备走高

Mandarin

（吉隆坡14日讯）兴业零售研究表示，宝光控股（Poh Kong Holdings Bhd）准备走高，因昨日试图突破92仙阻力位，但盘中遭回调。 该研究机构今日在报告中指出，如果突破该水平，多头可能会进一步推动该股至99仙的近期高位，然后是1.05令吉。 “相反，跌破87仙的支撑位将引发抛售压力，抵销近期突破的水平。”   （编译：陈慧珊）   English version：Poh Kong poised to scale higher, says RHB Retail Research

https://theedgemalaysia.com/node/616493

新冠肺炎：新增确诊1万413宗 99.5%是第一和第二阶段

Mandarin

（吉隆坡15日讯）我国周四（14日）新增1万413宗新冠肺炎确诊病例，其中99.5%是第一和第二阶段。 卫生总监丹斯里诺希山指出，52宗或0.5%则是第三至第五阶段的重症病例，其中16人未曾接种或未完成接种、11人完成接种但还没施打加强针，另25人则已接种加强针。 全国累计确诊病例达436万3024宗，活跃感染群有112个，包括昨日新增的8个。 他表示，昨日有374名患者入院接受治疗，其中154人（41.2%）是重症病例，而220人（58.8%）是第一和第二阶段。 诺希山补充，新增康复病例达1万3202宗，累计420万9858宗。 各州区的加护病床使用率均低于50%。 而低风险新冠隔离及治疗中心（PKRC）病床使用率，只有霹雳高于50%，为71%。 全国的基本传染值为0.86，雪兰莪以0.91居首，吉兰丹则最低，为0.63。   （编译：陈慧珊）   English version：Covid-19: 99.5% of new cases in Categories 1 and 2 on April 14

https://theedgemalaysia.com/node/675451

Fahmi: Elon Musk's Starlink to bring internet services to remote areas

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KUALA LUMPUR (July 20): Malaysia has issued a licence to Starlink, the satellite communications service started by Elon Musk, to provide internet services in the country, particularly in remote areas, its communications minister said on Thursday (July 20). Minister Fahmi Fadzil said in a Facebook post that Starlink, which is operated by Musk's SpaceX, would begin by providing its services to schools and higher education institutions. The government was also prepared to work with satellite communications firms, including Starlink, to ensure 100% internet coverage in populated areas, Fahmi said. Around 3% of populated areas in Malaysia face issues with internet access, due to geographical and infrastructure challenges, he added. The announcement comes a week after Malaysian Prime Minister Datuk Seri Anwar Ibrahim held a call with Musk to discuss his companies investing in Malaysia. The government earlier this year announced that his electric vehicle (EV) maker Tesla would open an office in Malaysia. It also approved the company's application to import battery-run EVs into the country, as part of a wider government effort to promote sustainable mobility. Separately on Thursday, Tesla unveiled its sport utility electric vehicle — Model Y — at an event in Kuala Lumpur, with deliveries to Malaysia to begin next year. The rear-wheel drive model has a starting price of RM199,000, Tesla said in a statement.

https://theedgemalaysia.com/node/610871

Auto parts maker EP Manufacturing ventures into EV business

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KUALA LUMPUR (March 8): Auto parts maker EP Manufacturing Bhd (EPMB) is venturing into the manufacturing and distribution of two-wheeled electric vehicles (EVs) for Malaysia and other Southeast Asian markets.  The group on Tuesday (March 8) signed an agreement with CIS Pride Silver Rock Fund (CIS) and Sharkgulf Technologies Group Ltd to undertake the business, according to its stock exchange filing.  CIS, incorporated in the Cayman Islands, is an investment fund managed by Silver Rock Capital Ltd, Realchamp Asset Management Ltd and The Pride Group Ltd. It is the main funder for the new venture.  Sharkgulf is a China-based company that manufactures the "Blueshark" brand of two-wheeled EVs. In a separate statement, EPMB said it will establish a manufacturing facility and a sales and distribution centre in Malaysia for the Blueshark brand of two-wheeled EVs. The group will also set up a research and development (R&D) centre that will provide technical expertise and resources to Sharkgulf.  The R&D sharing between EPMB and Sharkgulf is about keeping pace with rapidly changing developments in the Internet of Things and improving the value chain, said EPMB executive chairman Hamidon Abdullah. “At the same time, it would help us address international cost tables. At EPMB, we acknowledge that the world is changing and we must evolve in tandem with the rapid change to stay relevant,” he added.  The group cited a ResearchAndMarkets.com study that said the electric two-wheeler market is expected to reach US$367.37 billion by 2026. For the year ended Dec 31, 2021, EPMB’s net loss narrowed by 45% year-on-year to RM8.2 million, on revenue of RM345.4 million (from RM408.9 million previously), mainly due to the disruption of automotive manufacturing production caused by the floods.  EPMB’s share price rose two sen or 1.69% to RM1.20 on Tuesday, giving it a market capitalisation of RM237.07 million. The stock has risen 224% in the past year from 37 sen.

https://theedgemalaysia.com/node/619402

UOB foresees Malaysian economy to strengthen to 4.5% in 1Q on sustained economic activity expansion

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KUALA LUMPUR (May 11): UOB Global Economics and Markets Research said Wednesday (May 11) that Malaysia’s real gross domestic product (GDP) growth rate could strengthen to 4.5% in the first quarter, from 3.6% in the fourth quarter last year (4Q21), underpinned by sustained expansion of economic activities. Its senior economist Julia Goh and economist Loke Siew Ting said in a note that despite the Omicron wave in early February and lagged impact of flash floods in mid-December 2021, January-to-March economic indicators suggested further improvement in real GDP. “The data suggests that the nation’s real GDP growth could strengthen to our estimated 4.5% year on year in 1Q22 (from +3.6% in 4Q21, Bloomberg est: +4%), partly benefiting from year-ago low base effects,” they said. On a seasonally adjusted basis, they see Malaysia’s economy holding up its expansion momentum, albeit moderate at 2% (4Q21: +6.6%, Bloomberg est: +2.7%). The 1Q22 seasonally adjusted absolute value of real GDP is expected to return to pre-pandemic levels for the first time since the Covid-19 outbreak in 1Q20, marking a good start for 2022, they added. According to them, 1Q22 GDP growth is expected to be driven by a sustained expansion in the services and manufacturing sectors as agriculture, mining and quarrying, and construction sectors take a back seat. On the aggregate demand side, they said domestic demand is expected to steer overall growth in 1Q22 amid continued positive contribution from net trade and modest stock replenishment activities for the sixth straight quarter. Private consumption is projected to post the highest growth rate on the back of a further improvement in the labour market and favourable base effects, they said. They also said ongoing fiscal policy support will likely make public consumption the second top contributor to overall GDP growth last quarter. “This will help to cushion the persistent sluggishness in total investment amid an increasingly challenging investment environment,” they said. Barring any unexpected turn in the global outlook, they believe that Malaysia’s economy will continue to expand in the coming quarters. “This is expected to lift the full-year real GDP growth to 5.5% (from 3.1% in 2021, official est: 5.3%-6.3%), above the long-term 20-year average of 4.5% and official estimated potential output growth of 3.0%-4.0% for 2022 (2021: 2.3%),” they said. They also opined that the transition to endemicity from April 1 with full re-opening of the economy and country’s borders to international travellers, and upliftment of most Covid-19 containment measures by May 15 are key positive catalysts for growth through the year. High national vaccination rates against Covid-19 and the continuation of targeted government policy support including cash aids, special EPF withdrawal facility, and various subsidies will also help to underpin domestic growth momentum for the remaining quarters of the year, they said. The Malaysian central bank will release 1Q22 GDP numbers on Friday.

https://theedgemalaysia.com/node/600870

UOB Research sees 2021 inflation at 2.5%, raises 2022 target to 3%

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KUALA LUMPUR (Dec 22): UOB Global Economics & Market Research has raised its 2022 inflation forecast for Malaysia to 3% from 2.5%, as it expects inflation pressure seen currently to spill over into next year. This comes as the research house sees its 2021 inflation target of 2.5% as achievable, after the November consumer price index (CPI) rose to a five-month high of 3.3%. It was the CPI's fourth consecutive month of increase, bringing the January-November average to 2.3%. "With a higher inflation anticipated in December amid poor weather and flood effects, our full-year inflation target of 2.5% is achievable," said UOB Research senior economist Julia Goh in the report. "In view of more persistent inflation and second-round effects following supply chain bottlenecks, post-pandemic labour shortages, and global energy supply crunch, we revise up our inflation forecast to 3.0% for 2022 (versus 2.5% previously). "Other key upside risks to the headline inflation outlook could come from the government's decision on subsidies and electricity tariffs that could have potential knock-on effects on prices of other CPI components," Goh said. The research house is also anticipating a weaker ringgit against the US dollar, with the exchange rate projected to reach 4.28 by mid-2022, which may intensify import cost pressure. But despite the upside price pressure, UOB Research has maintained its forecast of a 25-basis-point increase in the Overnight Policy Rate to 2% in the second half of 2022, given lingering downside risks to growth and pandemic uncertainties related to the Omicron Covid-19 variant risks. Malaysia's November CPI data came above consensus forecast of 3.2%, and surpassed the 2010-2020 average headline inflation of 1.8%. Excluding fuel, inflation rose 1.8% in November, UOB Research said. Core inflation also inched higher to 0.9% — the highest in 14 months since September 2020 — from 0.7% in October. The indicator has risen above its rolling 12-month moving average of 0.7%, the research house noted. "On a year-on-year basis, November's higher inflation was driven by increases in five main groups including transport (12.7%); housing, water and electricity, gas and other fuels (3.4%); food and non-alcoholic beverages (2.7%); furnishings, household equipment and routine household maintenance (2.6%); and restaurants and hotel (0.9%)," it said. Malaysia's chief statitstician Datuk Seri Dr Mohd Uzir Mahidin said the significant increase was attributed to higher prices of raw materials for cooking. "The price of chicken (the largest component of meat and the main source of protein for Malaysians) increased by 16.7% as a result of global higher prices of feed for animals," Mohd Uzir said in a statement. Year-on-year, milk, cheese and eggs were up 4.2%, while the average price of vegetables rose 3.4%. Mohd Uzir also pointed out that fuel prices remained high (27.6%) while electricity cost increased by 34.6% after the electricity discount under the government's economic stimulus packages was discontinued in September 2021. Meanwhile, those that registered a decline in prices were clothing and footwear (-0.4%) and vitamins (-1.7%), while prices for communication services, education fees and toll charges remained largely unchanged. Amid the recent rise in food prices, the government is considering non-monetary measures including using wholesale cooperatives to increase goods supplies at lower prices, subsidies to farmers, and increasing importing supplies from neighbouring countries.

https://theedgemalaysia.com/node/605619

新冠肺炎：新增确诊5522宗

English

新冠肺炎：新增确诊5522宗

https://theedgemalaysia.com/node/600050

Shafee's money laundering trial postponed due to his and counsel's MySejahtera status

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KUALA LUMPUR (Dec 17): Tan Sri Muhammad Shafee Abdullah's RM9.5 million money laundering and income tax trial is set to continue in February and March. Both Shafee and his counsel Harvinderjit Singh have been under quarantine since Dec 10, after coming in close contact with a person who contracted Covid 19. As a result, a case management was held before Justice Datuk Muhammad Jamil Hussain on Friday (today). Justice Jamil then fixed Feb 10, 15 and 22, along with March 1, 28 and 29, as the next trial dates. DPP Afzainizam Abdul Aziz appeared for the prosecution. This is the second time this month that Shafee's trial has been postponed. On Dec 8, the hearing of the case was postponed due to the Court of Appeal delivering its decision on Datuk Seri Najib Razak's appeal in the SRC International Sdn Bhd case. Shafee is the lead counsel for the former prime minister. And on Dec 10, Shafee's trial had to be postponed once again due to him being placed under quarantine Shafee has been on trial — since Sept 13, 2018 — for two charges of receiving money derived from illegal activities amounting to RM9.5 million through two cheques of RM4.3 million on Sept 5, 2013 and RM5.2 million on Feb 14, 2014 respectively, which were allegedly issued by Najib and deposited into his CIMB Bank Bhd account. Shafee is also facing two charges of engaging in transactions resulting from illegal activities, namely submitting incorrect tax returns and in violation of Paragraph 113(1)(a) of the Income Tax Act 1967 for the financial years ended Dec 31, 2013 and 2014 respectively. The senior counsel has claimed trial to the charges. Read also: Najib's lawyer Shafee claims 1MDB judge facing pressure to finish the case  Shafee claims more evidence in SRC case kept under wraps

https://theedgemalaysia.com/node/607038

Global technology, media and telco M&A activity will continue in 2022 — PwC

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KUALA LUMPUR (Feb 11): Dealmakers are optimistic that global technology, media and telecommunications (TMT) merger and acquisition (M&A) activity will continue in 2022 amid continued growth in the sector and a rapid pace of change, according to accounting firm PricewaterhouseCoopers (PwC). In a recent report titled “Global M&A Trends in Technology, Media & Telecommunications: 2022 Outlook”, the firm said three trends in particular define the current TMT deal landscape globally. PwC said market opportunities created by innovation and technology, combined with a favourable capital-raising environment in 2021, had led to significant growth in the number of technology companies globally. It said in a crowded market, well-funded players, including many new public companies, are using M&A to rapidly scale their businesses in the race for market dominance. Technologies such as artificial intelligence, the Internet of things and cloud-based computing have disrupted traditional industries like healthcare, advertising, automotive and banking, and led to tech convergence — where technology is embedded in the products or services of an industry, often creating a new industry in itself. PwC said as these "hybrid-tech" companies infiltrate large markets, such as the multi-trillion dollar global healthcare market, the race to exploit emerging technologies creates opportunities for M&A — either as an acquirer or as a target to be acquired. PwC said the business models of the new generation of tech companies are of lower cost and more scaleable than before, boosting their valuations and making it easier for them to attract funding. It said the Silicon Valley venture capital funding model — of scaling companies ahead of initial public offerings (IPOs) — had also gone global. It added that India saw a huge growth in the number of unicorns, with 79 unicorns in December 2021 with a total valuation of US$260 billion (about RM1.09 trillion). The high number of private tech unicorns and a strong IPO pipeline globally are expected to create further opportunities for M&A in 2022, it said. PwC said as digital assets gain broader mainstream acceptance, traditional finance companies seeking a cryptocurrency foothold are bolstering their core businesses through M&A. It said companies across industries are attempting to incorporate and monetise non-fungible tokens as a component of their core businesses. After a record year in 2021 — with 600 crypto deals in total, more than double that in 2020 — the firm expects continued acceleration of crypto-related IPOs and acquisitions in 2022 across trading platforms, digital payment applications and related products.

https://theedgemalaysia.com/node/648475

HLIB maintains 'buy' call on DNeX, trims target price by 14% to 93 sen

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KUALA LUMPUR (Dec 16): Hong Leong Investment Bank (HLIB) Research has maintained its "buy" call, but trimmed its target price for Dagang NeXchange Bhd (DNeX) by 13.9% to 93 sen from RM1.08 to reflect the scarcity premium of a listed wafer fab foundry on the local stock exchange.  DNeX slipped to a low of 48 sen a share in Friday (Dec 16) morning trade, down 7.7% from the previous day's close at 52 sen. At the time of writing, the third active stock of the day had fallen two sen or 3.85% to 50 sen. It saw some 40.94 million shares traded, with a market capitalisation of RM1.58 billion. The stock has fallen 38.27% year-to-date.   DNeX announced on Thursday that Beijing Integrated Circuit Advance Manufacturing and High-End Equipment Equity Investment Fund Center (Limited Partnership)  (CGP) — via its special purpose vehicle Tethystronics Technologies Company Ltd — had decided to commence arbitration proceedings against DNeX Semiconductor Sdn Bhd and SilTerra.   This development came on the heels of the appointment of four new directors of SilTerra by DNeX, which CGP deemed as illegal, invalid and void.   On Thursday, DNeX hosted an analyst briefing after the announcement.  “From the announcement, we understand that unless otherwise unanimously agreed upon by CGP and DNeX in writing, SilTerra’s board shall consist of not more than five directors, and the composition of the board shall be mutually agreed upon by both parties in writing, and SilTerra’s board shall at all times comprises two persons appointed by DNeX and three persons appointed by CGP. From the analyst briefing hosted, we highlight that DNeX has appointed four new directors to SilTerra’s board,” said HLIB.  The research house said that according to DNeX’s management, the development will not impact SilTerra’s ongoing operations, as it is an issue involving the board. So, it is not clear whether the latest development would have a quantitative impact on SilTerra's earnings guidance. “We think that both arbitrations are reasonable, with equitable ways for both parties to resolve the underlying issues in an amicable manner,” said HLIB.  Additionally, the announcement also stated that DNeX, which controls 60% of SilTerra, and its subsidiaries have legal authority and basis to appoint additional directors, and the appointment of the four new directors was in accordance with the prevailing terms of the constitution. “We are taking the opportunity to reduce SilTerra’s price-earnings multiple to 15 times (from 20 times) — still at a premium to TSMC’s (Taiwan Semiconductor Manufacturing Company Ltd) current forward multiple of 13 times to reflect the scarcity premium of a listed wafer fab foundry on the local stock exchange,” HLIB said.  DNeX has been in a legal dispute with CGP over its 60% stake in SilTerra since November. The issue was that one of the conditions for DNeX's acquisition of SilTerra was that SilTerra had to be 55%-owned by a Malaysian company, or else its manufacturing licence would be revoked.

https://theedgemalaysia.com/node/672076

Cosmos Technology's full-year net profit falls 36% on higher carriage cost

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KUALA LUMPUR (June 21): Water technology solutions provider Cosmos Technology International Bhd, which made its debut on the ACE Market in October 2022, posted a net profit of RM520,000 for the fourth quarter ended April 30, 2023 (4QFY2023) on revenue of RM14.14 million. There are no comparative figures as no interim financial report was available for the previous corresponding quarter. For the full financial year, the group saw its net profit  fall 36.5% to RM3.67 million, from RM5.79 million in FY2022, due to higher carriage outwards paid to overseas customers for shipment of goods. Full-year revenue increased 18.6% to RM58.27 million from RM49.12 million in FY2022, on the back of a RM16.5 million rise in the manufacturing sector's revenue to RM46.6 million. The distribution segment meanwhile saw its revenue fall by RM7.3 million to RM11.7 million. Cosmos said that in view of the positive outlook for global oil demand in 2023, the group remains positive on the market demand for fabricated metal products, which is mainly driven by oil demand. "Having said that, most global economies are facing elevated inflation and tighter monetary policy which will weigh in on the global growth," the group said, adding that the uncertainty in the global economy remains a concern for management. "Nevertheless, the management remains cautiously optimistic and shall proactively manage any challenges the group may face in the future," it added. Cosmos said the utilisation of the IPO proceeds for its expansion plan is expected to contribute positively in the future. Cosmos' shares closed half sen or 1.18% lower at 42 sen on Wednesday (June 21), valuing the group at RM106.51 million.

https://theedgemalaysia.com/node/672333

Wang Kelian case: Four Thai men charged with smuggling Myanmar migrants

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KANGAR (June 23): Four Thai men were separately charged at the Sessions Court here on Friday (June 23) with smuggling of migrants involving two Myanmar nationals at Bukit Wang Burma, Wang Kelian, Padang Besar between 2013 and 2015. The four men, Jehpa Lapi-E, 56, Somphon A-Dam, 51, Arun Kaeofainok, 30, and Amree Nesalaeh, 58, nodded in understanding when the charge was read out by the court interpreter before judge Musyiri Peet. However, no plea was recorded as the offence under the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act 2007 is under the High Court’s purview. According to the charge sheet, Jehpa Lapi-E, Somphon A-Dam and Arun Kaeofainok were each charged with smuggling a Myanmar man known as Mohd Belal at Bukit Wang Burma, Wang Kelian, Padang Besar between February and April 2013. The other accused Amree Nesalaeh was charged with smuggling another Myanmar man, Zedul Islam, at the same place at around 5.30am between August 2014 and March 2015. The charge, framed under Section 26A of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act, carries a maximum jail term of 15 years and a fine, or both, upon conviction. The court did not allow bail and set July 25 as the next mention date for the case to be transferred to the High Court. In May 2015, Malaysia was shocked by the discovery of camps and graves involving illegal immigrants in Wang Kelian on the Malaysia-Thailand border, and the incident drew various reactions from the local and international communities. Upon investigations, the Malaysian government submitted an extradition request to the Thai government for 10 Thai individuals on Jan 6, 2017, and both countries made efforts to locate all the individuals involved for the extradition process. On Thursday, Home Minister Datuk Seri Saifuddin Nasution Ismail said four Thai men wanted in connection with the discovery of the camps and mass graves in Wang Kelian in 2015 have been extradited to Malaysia to face court charges. He said the successful extradition of the four was the result of cooperation between Malaysia and Thailand.

https://theedgemalaysia.com/node/611700

Will voters swing or split in Johor’s snap election?

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This article first appeared in The Edge Malaysia Weekly on March 14, 2022 - March 20, 2022 Click / Tap image to enlarge Download High Resolution Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/667308

Berjaya Land unveils Berjaya Rail, confirms group's intention to participate in HSR project

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KUALA LUMPUR (May 17):  Berjaya Land Bhd (BLand) is venturing into the rail business with the launch of Berjaya Rail Sdn Bhd (Berjaya Rail), with intent to venture into the rail business, particularly in the high-speed rail project. In a statement on Wednesday (May 17), BLand said it will initially engage in the Request for Information exercise, conducted by MyHSR Corp Sdn Bhd, under the Ministry of Finance. Through this venture, it said Berjaya Rail will be conducting businesses involving the construction of railways and subways, design, supply and installation of railway systems, development of transit-oriented properties, and consulting and training services for related technical solutions. BLand said Berjaya Rail has appointed Farizul Baharom as its director and chief executive officer. It said he brings with him a wealth of experience from various positions held as the special adviser to the transport minister, head of project management office for LRT3 at Prasarana Malaysia Bhd, head of legal & head of Cross Border Rail for HSR & RTS in Land Public Transport Agency (SPAD) and various other roles in the Economic Planning Unit of the Prime Minister’s Department, Prokhas Sdn Bhd and the Attorney General’s Chambers Malaysia. The group said he will be joined by an experienced board of directors composed of experienced leaders in engineering, finance and banking, property development, and bilateral cross border negotiations for transport infrastructure and services.

https://theedgemalaysia.com/node/623662

SEA needs more incentives, financing plans for green investment

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This article first appeared in The Edge Malaysia Weekly on June 13, 2022 - June 19, 2022 Click / Tap image to enlarge Download High Resolution Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/650073

Hextar Healthcare's biggest shareholder Eddie Ong to vacate director post

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KUALA LUMPUR (Dec 30): Hextar Healthcare Bhd's largest shareholder Datuk Eddie Ong Choo Meng is leaving his post as a non-independent non-executive director on Saturday (Dec 31). Ong, who has an indirect stake of 29.2% in the company via Hextar Rubber Sdn Bhd, is exiting the board "to pursue other interests", said Hextar Healthcare in a Bursa Malaysia filing. Besides Ong, Hextar deputy chairman Datuk Mohamed Hamzah is also slated to resign on Saturday, to likewise "pursue other personal interests". Meanwhile, the healthcare company has appointed Lim Siew Eng and Doris Cheng Chin Ching as independent non-executive directors of the company, effective Jan 1, 2023. Hextar Healthcare, formerly known as Rubberex Corp (M) Bhd, said Lim has more than 28 years of experience in the financial services industry. "She started her career with Malaysian International Merchant Bankers Bhd (now known as Hong Leong Investment Bank Bhd) where she held various managerial positions and served as head of corporate advisory before joining Maybank Investment Bank in 2004 as its head of corporate finance," the company said. It added that Cheng has over 28 years of experience in the healthcare industry. She served 10 years as a registered nurse with the government, before joining several private healthcare companies, from being head nursing tutor at Pantai Medical Centre to general manager at Megah Medical Specialist Centre and subsequently chief operating officer at Damai Service Hospital in Kuala Lumpur. Hextar Healthcare slipped into the red in the third quarter ended Sept 30, 2022 with a net loss of RM4.37 million, versus a net profit of RM25.22 million a year earlier, as revenue dropped 62.16% to RM35.91 million from RM94.9 million. The company attributed the drop in earnings to the continued fall in nitrile disposable gloves' prices, as well as low-capacity utilisation due to the oversupply in the market. It added, however, that the impact of this was mitigated by the resilience of its other products, specifically those of the household and industrial gloves division. Coming off the Covid-19 pandemic, Hextar Healthcare diversified into the healthcare industry by acquiring test kit manufacturer Reszon Diagnostics International Sdn Bhd from Revongen Corp Sdn Bhd for RM180 million — satisfied via a combination of RM54 million cash and RM126 million in Hextar shares. The completion of the acquisition saw the emergence of Revongen as the company's second-largest shareholder with a 16.2% stake. Revongen is 71.2%-owned by Law Eng Lim, who is a director of Reszon. The remaining shareholding in Revongen is owned by Olympia Tier Sdn Bhd (23.8%) and Neogon Holding FZE (5%). Shares in Hextar Healthcare ended unchanged at 37 sen on Friday (Dec 30), giving the company a market capitalisation of RM399.16 million. Year to date, the counter has declined 28.85%. Read also: Hextar Healthcare slips into the red in 3Q due to drop in glove price Hextar Healthcare sees emergence of new substantial shareholder as part of its diversification plan

https://theedgemalaysia.com/node/667355

Malaysia to share agriculture sector vision at Kazan Forum 2023

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PUTRAJAYA (May 17): Minister of Agriculture and Food Security Datuk Seri Mohamad Sabu will share Malaysia's vision on its agriculture sector when he participates in the 14th International Economic Forum "Russia-Islamic World: Kazan Forum 2023", in conjunction with his working visit to Russia from May 15 to 23. The Ministry of Agriculture and Food Security, in a statement here on Wednesday (May 17), said that in addition to delivering a speech at the Malaysia-Russia roundtable session to share the country's vision of the agricultural sector, Mohamad Sabu will also deliver the keynote speech at the plenary session at the Kazan Forum. The Kazan Forum is an international event organised by the Russian government through the Tatarstan government since 2009, as a platform to strengthen cooperation between Russia and Islamic countries. The ministry said that Malaysia has also the opportunity to explore the potential to promote tropical fruits that are ready for export, as well as introduce halal food products to Russia and the Organisation of Islamic Cooperation (OIC) countries at the Russia Halal Expo 2023, which is one of the main programmes under the Kazan Forum. In conjunction with the visit, Mohamad Sabu is also scheduled to hold bilateral meetings with Russian Agriculture Minister Dmitry N Patrushev in Moscow, and Tatarstan Agriculture and Food Minister Marat Zyabbarov in Kazan, to discuss agricultural cooperation between Malaysia and Russia by prioritising market access for Malaysian agricultural products to Russia.

https://theedgemalaysia.com/node/667123

Teen gunman kills three in New Mexico before police shoot him dead

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(May 16): An 18-year-old gunman shot three people to death and wounded several others, including two police officers, in a northwest New Mexico town on Monday (May 15) before police shot him dead outside a church a short time later, police said. The late-morning shooting unfolded in a residential area of Farmington, New Mexico, about 180 miles (290km) northwest of Albuquerque, but few additional details from authorities were immediately available. Police responded "to find a chaotic scene where a male subject was actively firing upon individuals in that neighbourhood", Baric Crum, the deputy chief of operations for the Farmington Police Department, said in a news briefing hours later. At least three civilians were killed in the shooting, and two officers were wounded in an exchange of gunfire with the suspect, Crum told reporters. Crum said a total of nine people, not counting the suspect, were injured in the shooting, but it was not clear whether that tally included the three who died. The gunman, identified only as an 18-year-old, was believed to have acted alone, police said. There was no information provided about the three people killed, and no motive was readily apparent. "We are still trying to determine why he was in this neighborhood," Crum told reporters. Some of the incident was captured in video footage posted to the social media platform TikTok and confirmed as authentic by Farmington police spokesperson Shanice Gonzales. It shows a man dressed in black pacing around a driveway outside the First Church of Christ Scientist, carrying what appears to be a handgun, before he is later seen being shot dead by police in front of the building. The man who apparently was recording the video is heard describing the scene to someone else and referring to the suspect walking in circles beside the church. He then says, "There's a person laying the middle of the street." The two injured officers, one from the Farmington Police Department and one from New Mexico State Police, were listed in stable condition at San Juan Regional Medical Center, according to police. The gun violence prompted security lockdowns at several public schools in Farmington, a city of about 46,000 residents. Police said after the suspect was killed that there was no longer a threat to the public, and the lockdowns were lifted. Farmington, a commercial hub for oil and gas drilling and a shopping destination for the nearby Navajo Nation and smaller towns in the so-called four-corners area where the states of New Mexico, Arizona, Colorado and Utah meet, has experienced at least two other high-profile incidents of deadly gun violence in recent years. "This serves as yet another reminder of how gun violence destroys lives in our state and our country every single day," New Mexico governor Michelle Lujan Grisham said in a statement. Police in Farmington last month killed an armed homeowner at his own house, then exchanged gunfire with his wife, after officers showed up at the wrong address in response to a domestic violence call. Farmington also was the scene of a deadly high school shooting in December 2017 in which a gunman killed two students before taking his own life. Monday's carnage is among the latest in at least 225 mass shootings recorded in the US this year, according to the non-profit group Gun Violence Archive. The group defines a mass shooting as any in which four or more people are wounded or killed, not including the shooter.

https://theedgemalaysia.com/node/672207

Salahuddin: MSM, CSR told to provide daily report on sugar production

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PUTRAJAYA (June 22): The two main sugar producing companies in Malaysia, MSM Malaysia Holdings Bhd (MSM) and Central Sugars Refinery Sdn Bhd (CSR), have been instructed to provide daily sugar production reports since May to ensure there are no disruption in the supply of the commodity in the country. Domestic Trade and Cost of Living Minister Datuk Seri Salahuddin Ayub said instructions had been issued to the two companies to submit daily reports after the sugar supply crisis in several states. Speaking at a press conference after attending the monthly assembly of the Ministry of Domestic Trade and Cost of Living (KPDN) here on Thursday (June 22), Salahuddin said it was among measures to ensure sufficient sugar supply, especially ahead of next week's Hari Raya Aidiladha celebration. In addition, he said KPDN will monitor the supply of sugar in the market through checks with wholesalers and suppliers, as well as surveys at retail stores and supermarkets. "We will monitor seriously ahead of the Hari Raya Aidiladha celebration to ensure that the supply (of sugar) is adequate," he said, adding that the supply of sugar was also found to be stable after the Ops Manis operation was launched last May. Previously, the media had reported concern among the people, especially in Kelantan, following the difficulty in obtaining 1kg sugar packets, which were allegedly not available in the market in April. Salahuddin added that enforcement was also increased at the borders to ensure that there is no diversion of subsidised goods, including sugar, to neighbouring countries.

https://theedgemalaysia.com/node/667918

Maybank IB stays neutral towards the impact of El-Nino on regional plantations and CPO prices

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KUALA LUMPUR (May 22): Maybank Investment Bank Research has maintained its “neutral” call on the regional plantation sector and said that El Nino’s impact on the price of crude palm oil appeared more subdued in the recent past, compared to two decades ago. In a report, Maybank IB analyst Ong Chee Ting stated that the preferred “buys” are Kuala Lumpur Kepong Bhd (KLK), First Resources Ltd (FR SP), and Bumitama Agri Ltd (BAL SP). Maybank IB said weather models globally are expecting a more than 50% probability of an El Nino returning in the second half of this year. Based on its study of the past five El Nino occurrences, the research outfit said that “there was no clear trend on FFB [fresh fruit bunches] yield impact during periods of weak/ moderate El Ninos, except during the strong El Ninos of 1997 and 2015”. It added that during intense El Nino periods, Malaysia’s monthly yield grew year-on-year at the onset for a period of seven to eight months before tree stress sets in, which would hurt yields thereafter. A strong El Nino would lead to a lagged impact on production as “dryer weather at the onset would generally quicken [the] ripening of FFB, as well as aid harvesting and evacuation activities in the field,” said Ong. “With [the] improving labour force in Malaysia, FFB yield is likely to recover sharply in 2H2023. If El Nino [does] return, output may only be negatively impacted in 2024,” Ong commented. In addition to warmer waters, Maybank IB believes that El Nino is just one of many factors in price discovery, noting that only 2002’s El Nino exhibited pure positive returns from the onset, irrespective of the strong El Ninos in 1997 and 2015, as both periods faced an initial dip in CPO prices by 10% and 9% respectively, before trending higher. The increased volatility in price movements of CPO, particularly in the past two decades, could be in part due to “(i) the influence of other major events that coincided with the El Nino such as the Asian Financial Crisis in 1998 (which led to capital control in Malaysia, while Indonesia banned exports of palm oil), (ii) China’s accession to WTO in 2002 (boosting demand), and (iii) EU mandating biodiesel blend since 2005 (structural change in demand), and (iv) post GFC, US Fed flooded the world with money via QEs,” Ong elaborated. Looking at the last regional haze coinciding with El Nino of 2015, Maybank IB remains uncertain on the impact of haze, alongside the possible El Nino occurrence this year. “Despite higher CPO prices, 2015’s KL Plantation Index (KLPLN) (as a sector proxy) did not show much excitement. In fact, KLPLN initially dipped as much as 10% before recovering after 12M (12 months) to close 4% higher compared to the onset of El Nino,” Ong explained.

https://theedgemalaysia.com/node/603414

林伟才辞任丽阳机构主席

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（吉隆坡11日讯）顶级手套（Top Glove Corp Bhd）创办人兼执行主席丹斯里林伟才辞去丽阳机构（Tropicana Corp Bhd）主席一职，即日生效。 根据丽阳机构向大马交易所的报备，现年64岁的林伟才，因其他事务辞职。 目前直接持有该集团1亿6221万股的林伟才，是于2017年10月向丹斯里陈志成及他的两家关联公司Golden Diversity私人有限公司和Aliran Firasat私人有限公司收购丽阳机构的股份。 他自2017年担任丽阳机构的非独立非执行董事，之后在2019年出任主席。 林伟才担任主席期间，丽阳机构于2020年12月购入价值7847万令吉的顶级手套股票，引人侧目，当时该集团坚称，此次收购将使其能够从该手套公司获利，因全球需求强劲促使长期前景可期。 然而，在2021年4月，丽阳机构以998万令吉，亏本脱售顶级手套185万股。出售所得款项充作产业发展活动的营运资本。 根据去年4月16日向马交所的报备，丽阳机构通过独资子公司Desiran Realiti私人有限公司，持有顶级手套1247万股或0.16%股权。 闭市时，丽阳机构扬2仙或1.92%，收于1.06令吉，市值报15亿6000万令吉。   （编译：陈慧珊）   English version：Top Glove’s Lim Wee Chai resigns as Tropicana chairman

https://theedgemalaysia.com/node/601942

RAM Ratings reaffirms PETROS’ AAA ratings

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KUALA LUMPUR (Dec 30): RAM Ratings has reaffirmed its AAA/Stable/P1 corporate credit ratings (CCRs) of Petroleum Sarawak Bhd (PETROS), while also reaffirming the AAA/Stable rating of the sukuk issued by its subsidiary Petroleum Sarawak Exploration & Production Sdn Bhd’s (PSEP). The rating agency said the ratings assigned to PETROS and PSEP’s multi-currency Islamic medium-term notes of up to RM15 billion (2021/2051) mirror Sarawak’s state implicit strength in view of the group’ strategic importance to spearhead the development of Sarawak’s sizeable oil and gas reserves. State-owned PETROS will be able to derive ready financial assistance if required, as well as regulatory support from the Sarawak government, RAM Ratings’ analysts Joel Thum and Thong Mun Wai said in a statement. They noted that despite being a new oil and gas group, PETROS’ planned investments into mature upstream assets, which generates cash flow from the outset, makes its operating risk manageable and would not be exposed to the high-risk exploration and greenfield development phases of the upstream business. RAM Ratings noted that PETROS completed the acquisition of participating interests in two separate production sharing contracts of 50% and 20% respectively on Jan 1, 2021, through PSEP.  For the first half of its financial year ending Dec 31, 202 (FY21), PETROS registered revenue and pre-tax profit of RM569.3 milllion and RM168.2 milllion respectively, with a commendable operating profit before depreciation, interest and tax (OPBDIT) margin of 68%.  “Upon completion of remaining investments by fiscal 2024, annual revenue and OPBDIT should exceed RM3.5 billion and RM1.5 billion respectively,” said RAM Ratings. The agency expects PETROS’ remaining earmarked investments to be spaced out for now due to high crude oil prices, and for the group’s debts to rise significantly in the coming years, in line with funding needs for upstream investments and capital expenditure (capex). “We expect gearing to be around 2.2 times before easing in FY25. On the back of healthy operating profits, we expect PETROS’s debt to OPBDIT ratio to stay fairly healthy at 2.8 times on average throughout fiscal 2022-2025.  “Anticipated robust earnings and operating cash flow over the same period will keep the group’s projected average OCF debt cover and interest coverage strong at a respective 0.37 times and 10 times,” said RAM Ratings. The rating agency also said that PETROS is exposed to the volatility of crude oil and natural gas prices, which are expected to soften next year as production regains momentum to meet higher consumption levels. “Conversely, prolonged periods of feeble prices will adversely affect the group’s business and financial performance, while weakening its ability to service financial obligations and fund capex.  “Although hefty investments for exploration and development are not required, the group will still need to incur an average of RM800 million in recurring annual capex to sustain oil and gas output, once earmarked investments are completed,” said RAM Ratings.

https://theedgemalaysia.com/node/622997

获授权为经销商 民泰近电向本地油气市场供应管道产品

Mandarin

（吉隆坡7日讯）民泰近电（Bintai Kinden Corp Bhd）获授权，成为英国Wolff Pipelines Ltd管道产品的经销商。 该公司今日发布文告指出，子公司Bintai Energy私人有限公司收到Wolff的独家授权书，为本地油气市场供应符合欧美标准的不锈钢和碳钢管、法兰和连接件。 Wolff是无缝和焊接钢管的生产商，为油气业的增长和发展作出贡献。 民泰近电执行董事Azri Azerai表示，Bintai Energy获授权为Wolff管道产品的大马经销商，将增强公司的产品供应，并能够竞标更多油气合约。 授权期限为2年，从2022年6月1日生效，并可在期满前通过书面形式续期。 截至4时30分，民泰近电扬1仙或9.09%，至12仙，共1025万9700股易手。   （编译：陈慧珊）   English version：Bintai Kinden appointed distributor of piping products for local O&G market

https://theedgemalaysia.com/node/638090

Budget 2023 may need to be retabled if Parliament is dissolved prior to Bill approval

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KUALA LUMPUR (Sept 28): The tabling of the Supply (Budget) Bill 2023 or Budget 2023 may need to be retabled in the Dewan Rakyat again if the Bill has not been approved when Parliament is dissolved to make way for the 15th general election (GE15). This means the newly-elected government formed after GE15 would need to restart the whole process of tabling the budget again, said Dewan Rakyat Speaker Tan Sri Azhar Azizan Harun. “If GE15 is held, then there will be a new government [before the budget is passed]. So the new government needs to do the first reading again, because the budget does not bind the next government,” he told reporters in Parliament on Wednesday (Sept 28). He said the newly-formed government can choose to retable the same draft Bill to the house. Budget 2023, which is scheduled to be tabled next Friday (Oct 7), is expected to see its first reading two days prior to that. The first reading is mostly seen as just a formality, where only the title of the Bill is read out in Dewan Rakyat. By convention, the budget has always been tabled by the Finance Minister, a post currently held by Tengku Datuk Seri Zafrul Abdul Aziz. “Based on the notice received so far, the [upcoming sitting] will see Budget 2023 being moved for the first reading [on Wednesday (Oct 5)], and then on Friday, it will be brought for the second reading. After that, it will be debated at the policy level, as well as the committee level,” added Azhar. The third meeting of the fifth term of the 14th parliamentary session will start from Oct 3 to Nov 29. In a related development, Azhar said he has yet to receive information from the minister in charge on whether the Control of Tobacco Product and Smoking Bill 2022, which is currently being referred to the Parliamentary Special Select Committee (PSSC), will be retabled in the Dewan Rakyat next week. “As far as I know, the select committee has met two or three times and they are finalising the Bill. “If the matter is finalised, maybe the minister who will bring the Bill will give a notice to the [Dewan Rakyat] secretary to list the Bill in the upcoming session. So far, I have not received any information,” he said. Last week, Health Minister Khairy Jamaluddin said he is confident that the Control of Tobacco Product and Smoking Bill 2022 would be tabled for its third reading at Dewan Rakyat next month, after finalising several amendments, and that it would receive the support of the majority of the Members of Parliament (MPs). At the time, he said the Bill was still being reviewed and studied by a PSSC, and that discussions were proceeding smoothly. The PSSC comprises 12 MPs from the government and opposition blocs to study several amendments, with Khairy chairing it. The Bill, among other things, will prohibit the sale and use of any form of smoking material including electronic cigarettes or vaping to individuals born on Jan 1, 2007 onwards. Some MPs, however, deem it would limit the freedom of choice. The Bill also outlined provisions for the registration of tobacco products, smoking materials or tobacco substitute products, in addition to controlling advertising, promotion and sponsorship, and sales and purchases of tobacco products, smoking materials, tobacco substitute products or smoking devices. Meanwhile, Azhar said he is not involved in the dissolution of Parliament, as it is under the prerogative of the prime minister (PM). “The dissolution of Parliament is under the authority of the PM, who will advise the Yang di-Pertuan Agong. If advised to do so, the Agong has the discretion to accept or reject the advice. “I read in the news that there is a bit of polemic about whether that power is the power of the PM only, or it must be a Cabinet decision. I don’t have an answer to the polemic,” he said.

https://theedgemalaysia.com/node/644888

Feb 9 fixed for further case management of Najib’s second SRC trial

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KUALA LUMPUR (Nov 21): The High Court has fixed Feb 9 next year for further case management of former prime minister Datuk Seri Najib Razak’s second SRC International Sdn Bhd trial for three counts of money laundering involving RM27 million of SRC funds. On Monday (Nov 21), judge Mohamed Zaini Mazlan fixed the date during case management of the matter before Najib’s ongoing 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial, which is held at another High Court before judge Datuk Collin Lawrence Sequerah. Deputy public prosecutor Mohd Ashrof Adrin Kamarul appeared for the prosecution, while senior counsel Tan Sri Muhammad Shafee Abdullah appeared for Najib. The case management date was fixed pending the outcome of Najib’s application for review against the Federal Court’s decision that confirmed his guilt and sentence in his first SRC trial, after which he is currently serving a 12-year jail sentence. The former PM was also fined RM210 million. In the first SRC case, the Federal Court had on Aug 23 affirmed Najib’s guilt with regards to one charge of abuse of power in relation to approving the RM4 billion Retirement Fund Inc (KWAP) loan to SRC between August 2011 and March 2012, three charges of criminal breach of trust and three more for money laundering of RM42 million of SRC funds between Dec 26, 2014 and Feb 10, 2015. As a result of the conviction, Najib has filed the review seeking the apex court to re-look into the case, where the former PM hopes to gain leave first. At the Federal Court, Najib was represented by Datuk Hisyam Teh Poh Teik, but for this review, Shafee has indicated that he would be taking over the matter. With regards to the second SRC case, Najib is alleged to have received a total of RM27 million from SRC into his AmIslamic Bank account at the Jalan Raja Chulan branch on July 8, 2014. Initially, the prosecution wanted this second case to be heard together with the first one, but the charges were filed later, resulting in the prosecution splitting the case. SRC is a former subsidiary of 1MDB and both are now placed under the Ministry of Finance Inc. The hearing of Najib's application for review of his conviction in the first SRC case is fixed for Jan 19, 20 and 26 next year before another bench. Read also: Najib’s bid to challenge Federal Court's SRC decision will be heard Jan 19, 2023

https://theedgemalaysia.com/node/641000

Al Rajhi Bank Malaysia partners Nomura Asset Management Malaysia on shariah investment

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KUALA LUMPUR (Oct 23): Al Rajhi Bank Malaysia (ARBM) announced a partnership with Nomura Asset Management Malaysia to increase its shariah investment offering, as part of the Al Rajhi’s ambition to become the number one Islamic innovation bank in Malaysia. Through this collaboration, ARBM will increase its product diversification, fill product gaps, and increase offerings to meet customers’ demands. As part of this partnership, ARBM will distribute three Nomura funds, namely the Nomura Global Shariah Semiconductor Equity Fund, Nomura Global Shariah Strategic Growth Fund and Nomura i-Income Fund. With the funds from Nomura Asset Management Malaysia, ARBM’s customers will have more options for them to meet their long-term financial goals. In addition, with the combination of a global equity fund and a fixed income fund, investors will have the opportunity to diversify their investment portfolios as well. Customers will be able to purchase the Nomura funds at all Al Rajhi Bank Malaysia branches, starting Oct 21. Arsalaan (Oz) Ahmed, chief executive officer at Al Rajhi Bank Malaysia, said, “I am delighted with this strategic partnership, as this represents a milestone for the Bank and marks our first partnership with Nomura Asset Management. This collaboration will offer our customers a wider selection of shariah-compliant funds that have been strategically selected for growth based on the digital and Islamic finance trends. More importantly, this partnership will enable ARBM to further expand our product offerings to our clients, in line with the latest market trends and demands in Islamic finance.” Nomura Global Shariah Semiconductor Equity Fund, launched in July 2022, is for investors who are seeking long-term capital growth and opportunities from companies globally involved in the manufacturing ecosystem of semiconductors that are shariah compliant, with high-risk tolerance. As for Nomura Global Shariah Strategic Growth Fund, the fund’s objective is to achieve long-term capital growth, primarily through the fund’s investments in foreign shariah-compliant equities, sukuk, Islamic collective investment schemes and Islamic money market instruments. Furthermore, Nomura i-Income Fund seeks to provide investors with regular income distribution through investments in Islamic deposits, Islamic money market instruments and sukuk. Nomura Asset Management Malaysia recently celebrated its 15th year anniversary and currently manages around RM30 billion worth of assets under management (AUM) for corporate and retail investors. Nomura Asset Management Malaysia is part of 14 global offices and is headquartered in Tokyo, Japan. It continues to innovate and offer investors opportunities to invest in assets with strong potential for growth and long runways. Nomura Asset Management Malaysia’s managing director and country head Leslie Yap said the partnership will bring together Nomura Asset Management Malaysia’s and Al Rajhi Bank’s strengths to deliver value to ARBM’s clients, while expanding Nomura Asset Management Malaysia’s reach to more investors. “We are proud to bring our shariah funds to more Malaysian investors through the partnership with Al Rajhi Bank, as we continue to improve local investor access and cater to the growing appreciation for Islamic investing. By offering funds with different asset classes, we will be able to provide more investment opportunities for Al Rajhi Bank to diversify their portfolio to meet their long-term financial goals”, said Yap.

https://theedgemalaysia.com/node/671895

Hyundai raises 2030 EV sales goal to 2m

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(June 20): Hyundai Motor Co said it will sell two million electric vehicles (EVs) annually by 2030, raising its forecast from 1.87 million a year ago, as demand for clean-energy cars continues to surge. The South Korean automaker also plans to spend about 109 trillion won (RM403.13 billion) to boost production and make progress in areas such as hydrogen cars, EV batteries and software for future mobility, it said in a statement on Tuesday (June 20). The investment pledge from the world’s third-biggest carmaker follows Toyota Motor Corp laying out an ambitious plan to sell 1.5 million battery EVs by 2026. Ford Motor Co is pursuing a radical restructuring with ambitions to make two million EVs a year by 2026. Hitting the new goal would mean Hyundai’s EVs, including luxury brand Genesis, account for 18% of its global sales in 2026 and 34% in 2030, the company said. They will make up 53% of its sales in three key markets — Korea, the US and Europe — by the end of the decade. Volkswagen AG expects electric-battery vehicles to account for 20% of its global sales by 2025. “We will show you how a legacy automaker can execute an effective strategy for electrification” — Hyundai CEO Jay Chang. Hyundai and Kia Corp have sold around 109,000 EVs this year, placing them fifth in the global industry, according to BloombergNEF.   Hyundai is facing pressure in the US and Europe to increase domestic production of clean cars and reduce reliance on battery minerals and components made in China. The company aims to start mass production at its EV plant being built in the state of Georgia in the second half of next year, chief executive Jay Chang said at an annual event for investors on Tuesday. “We now see intense competition between legacy automakers and new firms over EVs,” Chang said. “We will show you how a legacy automaker can execute an effective strategy for electrification.” Hyundai is planning to halt production at another of its plants in China. The company sold its first plant in the country in 2021 and stopped operations at another facility in 2022. It said it plans to sell two more plants and optimise production at its remaining facilities. To speed production and improve profitability elsewhere, Hyundai will adopt a new platform for EVs, called Integrated Modular Architecture, or IMA. The company is targeting an operating margin of at least 10% by 2030 for EVs. Rather than hurrying to build new EV plants, Hyundai will focus on transforming assembly lines for internal combustion engine cars, Chang said. It only takes a month to convert them for EV production, he said, adding that the approach also protects jobs. Starting production in Georgia later next year will enable Hyundai to meet requirements under the US Inflation Reduction Act, Chang said. The company is also considering a new joint venture in Europe to boost local production of EV batteries. It is still reliant on supplies from partners like SK On Co and LG Energy Solution Ltd and plans to focus on next-generation cells. Hyundai executives were eager to outline plans to focus on innovation, including robotics, hydrogen and so-called software-driven vehicles. 42dot, a unit that develops autonomous-driving technology and other mobility platforms, is hiring at least 100 software engineers, according to its website. Hyundai has invested at least US$1 billion (RM4.64 billion) in the subsidiary. “What we expect from 42dot is mentality of a startup that tries bold attempts on software-driven vehicles,” Hyundai executive vice president Kim Heung-soo said.   There was no indication the company plans to work more closely with Tesla Inc. When asked by an analyst about plans to form a partnership for EV charging services, Kim was dismissive. “That may make Hyundai rely on Tesla’s overall system too much,” he said. Hyundai shares fell 0.7% on Tuesday. They’re up 31% this year.  

https://theedgemalaysia.com/node/652078

Chu Jenn Weng of ViTrox Corp named EY Entrepreneur Of The Year 2022, Malaysia

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This article first appeared in The Edge Malaysia Weekly on January 16, 2023 - January 22, 2023 FOUNDER and president of ViT­rox Corp Bhd Chu Jenn Weng was named the EY Entrepreneur Of The Year (EOY) 2022, Malaysia, at a glittering black-tie gala, which was finally held after a long three-year break owing to the Covid-19 pandemic. Chu, 53, who was also declared the winner in the Master Entrepreneur category, was selected from among 13 top nominees vying for the title. He will represent Malaysia on the international stage this June, competing for the EY World Entrepreneur Of The Year (WEOY) 2023 award in Monte Carlo, Monaco. Penang-based Vitrox specialises in designing and developing automated vision inspection systems and equipment testers for the semiconductor and electronic packaging industries. Under Chu’s stewardship, ViTrox launched its first 3D vision inspection system for semiconductor components in 2004 and, today, it is a global industry leader in machine vision technology. The company has received the prestigious Global Technology Award for advanced X-ray inspection and optical inspection consecutively for the last 10 years and has won numerous other honours for its outstanding performance in its business, products and technology, as well as in human resource development. Philip Rao, Ernst & Young Consulting partner and EOY Malaysia programme director said, “Chu is an inspiring visionary and leader whose story profoundly reflects ‘The Unstoppable’ attributes of an exceptional entrepreneur. Chu strives to build a winning team at ViTrox by leading the company on a solid sustainable five-theme strategy as a go-green practitioner; accountable purchaser; caring employer; trusted corporation; and a promoter of sustainable governance. Today, ViTrox continues to expand its presence with more than 600 sites across 46 countries, aiming to become the world’s most trusted vision inspection solutions company.” The EOY programme, which has run in Malaysia for more than two decades, supports the government’s efforts to assist the spirit of entrepreneurship in the country. In his address, Deputy Finance Minister II Steven Sim Chee Keong said, “It is vital that we fortify existing programmes and initiatives to further accelerate digitalisation and the adoption of new, cutting-edge technologies, nurture an ecosystem that promotes public-private partnerships in spurring greater innovation, upskill our talent and develop future workforce and entrepreneurs. “I wish to commend and congratulate EY for celebrating 21 years of the EOY award programme in Malaysia and for your pivotal role in fostering principled entrepreneurship in Malaysia over the years,” he said, paying homage to an initiative that has successfully highlighted the achievements of creative, successful enterprises all over the world and the unstoppable forces behind them. Malaysia managing partner of Ernst & Young Datuk Abdul Rauf Rashid agreed. He said, “The EOY programme is about recognising the entrepreneurial spirit of extraordinary men and women who have gone on to build and open doors for themselves and countless others. Even during the most challenging times, they have stepped up and persevered against all odds in pursuing their unstoppable ambition for a better working world that is equitable and sustainable. “Through their business, these entrepreneurs are continuously revitalising the business landscape by introducing new and innovative services and products, and creating jobs and wealth. They also transform lives by contributing to the economy and society and, along the way, they are inspiring other budding entrepreneurs to follow suit.” The three other recipients of awards at the event were Empire Sushi CEO Nicole Lim (EY Emerging Entrepreneur Of The Year 2022, Malaysia), ATX Distribution CEO Sashi Kumar A Kovindasamy (EY Technology Entrepreneur Of The Year 2022, Malaysia) and Hernan Corp founder and CEO Anna Teo (EY Woman Entrepreneur Of The Year 2022, Malaysia). All four winners were selected by an independent panel of judges guided by a set of global standard criteria. For more information on the four winners and all 13 nominees, or to nominate an unstoppable entrepreneur whom you know, visit ey.com/my/eoy.   The Edge is the media partner of EY Entrepreneur Of The Year Malaysia 2022   Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/627980

StanChart: US recession probability over 40%, as Fed walks rate tightrope

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KUALA LUMPUR (July 13): Standard Chartered Bank (StanChart) Malaysia has projected a more than 40% chance of the US economy falling into a recession over the next 12 months amid blazing inflation and the US Federal Reserve's (Fed) hawkish stance on interest rates. “When we started the year, the Fed was only expecting a 75 bps (basis points) rate hike by the end of this year. As we progressed through the various months, right now it is expecting over three percentage points in additional rate hikes for the whole of this year, with a 75 bps hike [in last month’s meeting],"  its head of asset allocation and thematic strategy Audrey Goh said in a global market outlook briefing held on Wednesday (July 13). As a result, Goh is of the view that financial markets have revised their rate hike expectations higher. StanChart’s global investment committee has also upped its Fed policy rate projection to 3.25% by year end. “One of the key takeaways from this is that as the Fed continues to keep a tight policy for longer to tame inflation, this also potentially increases the chance of a policy mistake, and a lot of the concern as we have seen in the markets today is regarding a recession. “But the good thing is most of the indicators are still pointing towards an expansion, not a recession, but the vast majority of their trends are deteriorating and we are basically seeing more indicators flashing red (a recession warning), ” she added.   According to her, the recession indicators now flashing a warning have doubled to four — namely US Bear Markets, Uni of Michigan Consumer Confidence, Conference Board Consumer Confidence, and ISM New Orders/Inventories — from two in the last few months. “Against this backdrop, we basically see that there is [over] 40% probability of a recession in the US over the next 12 months. It is certainly not a base case, and I think that a lot of it is really dependent on what the Fed chooses to do. “If inflation continues to remain high and sticky, then that might force the Fed to keep policy tight for longer. Then this means that the probability of a recession will then likely increase over the course of the year,” she explained. Conversely, if the Fed starts to focus on growth — due to the economic slowdown — rather than inflation itself, then obviously the recession probability will also be reduced, Goh said. She pointed out that the US is not alone in traversing this tightrope, as central banks globally are trying to balance between curbing inflation while not tipping the economy into a recession. For the European market, StanChart has forecast 40% probability of a recession in the next 12 months. “Europe, being on the frontline of the Ukraine war, faces the biggest risk of stagflation, characterised by rising inflation, stagnating output, and rising unemployment. The euro-area job market has been resilient so far, despite a surge in headline inflation, driven by soaring energy prices. “However, the EU’s (European Union) ban on oil imports from Russia and Russia’s decision to halt gas sales to several EU countries could keep European energy costs and headline inflation higher for longer. Thus, we expect the ECB (European Central Bank) to raise rates to positive territory in the second half, slowing growth [of the bloc’s economy]. “Nevertheless, our end-2022 estimate for the policy rate (0.5%-0.75%) is below the market’s 0.9% estimate as we expect policymakers to pause as growth suffers in the coming months,” the bank said. Read also: Malaysian corporate earnings to grow 6%-7% in 2023, says StanChart Ringgit to gain from Malaysia's improving trade terms — StanChart

https://theedgemalaysia.com/node/603727

Shafee: Rafizi was careless, reckless when commenting on NFCorp's purchase of commercial properties

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PUTRAJAYA (Jan 13): Tan Sri Muhammad Shafee Abdullah said PKR vice-president Rafizi Ramli was “careless” and “reckless” when he alleged in 2012 that National Feedlot Corp Sdn Bhd (NFCorp) and its chairman Datuk Seri Mohamad Salleh Ismail had used a RM250 million government loan as collateral to purchase commercial properties in KL Eco City. During an online hearing Thursday at the Federal Court in NFCorp’s appeal against the dismissal of its defamation suit against Rafizi by the Court of Appeal, Shafee said Rafizi had not, before making the statements, bothered to verify the information with Salleh before going to the press. “There is not just carelessness, but also recklessness. He (Rafizi) did not verify with the plaintiff (Salleh) if he had indeed used the loans (as collateral). Salleh would have told him there is no loan,” the defence counsel told the country’s apex court. The hearing was presided over by a bench of three judges led by Tan Sri Azahar Mohamed, the Chief Justice of Malaya. The other two Federal Court judges on the bench were: Datuk Zabariah Yusof and Puan Seri Zaleha Yusof. Azahar said the court will only be addressing two questions of law in this appeal, namely: Rafizi’s counsel Razlan Hadri Zulkifli, however, argued that the trial judge in the High Court had found no malice in Rafizi’s statements. "The respondent’s defence of qualified privilege was not defeated due to finding of malice. To the contrary, the trial judge made a finding that there was no malice, a finding of fact which should not be disturbed by appellate courts, and was not disturbed by the Court of Appeal," he said. Hence, Razlan submitted that the first question was founded on a wrong assumption and should not be answered by the apex court.  He also pointed out that the same test applied for malice is also applicable for the defences of qualified privilege and fair comment. "Further, with regard to the second question, it is clear from the line of authorities submitted by the parties that the same test for malice applies to both the defences of qualified privilege and fair comment. The trial judge used the same test and found that there was no malice, a finding which was concurred by the Court of Appeal," he added. Razlan argued that Salleh and his family had never come forth to show proof that they had the ability or income to purchase the KL Eco City properties. Previously, Salleh, his wife former minister Datuk Seri Shahrizat Abdul Jalil and their three children, who had sat on the board of NFCorp, had said the purchase was a “private investment” by its directors and the properties were not bought using company funds. “Without any proof from the 1st Appellant (Salleh) or his family showing their ability to purchase the eight office units in KL Eco City office, and the 1st Appellant’s justification of the earlier purchases of real property using the NFCorp funds as investments, it is natural for the respondent (Rafizi) to deduce, based on the information he had, that the KL Eco City purchase is a repetition of misuse of public funds for purposes not related to the NFCorp project,” Razlan said. Razlan also said that comments which Rafizi made were that of a “fair-minded person” as the actions of Salleh in securing the loan for the purchase of the properties led Rafizi to conclude that the purchases were made with public funds. However, Shafee said Rafizi did not have evidence to prove this, and that his allegations could not amount to fair comment. “There was no iota of evidence to prove that the defamatory statements were true or a fair comment on a matter of public interest. Hence, the respondent (Rafizi) has failed to prove his defence of fair comment,” Shafee said. After hearing the arguments from both parties, Azahar deferred the court's ruling to an unspecified date, saying the court needed time to go through the questions of law. The High Court in October 2016 found Rafizi guilty of defaming Salleh and NFCorp and ordered him to pay RM150,000 in damages to the first and RM50,000 to the latter. However, a three-member Court of Appeal bench led by Justice Datuk Dr Hamid Sultan Abu Backer then ruled, on May 14, 2020, that Rafizi's appeal had merits and ordered the damages and RM100,000 in costs paid by Rafizi to Salleh and NFCorp previously to be returned. In addition, the former lawmaker was also awarded costs of RM110,000.

https://theedgemalaysia.com/node/675092

The State of the Nation: Bank Negara’s tightening poser

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This article first appeared in The Edge Malaysia Weekly on July 17, 2023 - July 23, 2023 A confluence of events in the country’s financial system over the past few weeks has intrigued market watchers. In the two weeks leading up to Bank Negara Malaysia’s monetary policy meeting on July 6, the Kuala Lumpur Interbank Offer Rate (Klibor) started ticking higher, especially for the one- and three-month tenures. This was because the central bank has been mopping up liquidity in the interbank money market by issuing larger-than-usual short-term bills, which caught many players by surprise. “Everyone — the principal dealers — was caught by surprised; nobody was prepared for the amount and bid up to 3.2% for the bills. In market lingo, they tendered for very high yield thinking it wouldn’t be accepted. Bank Negara accepted up to 3.2%. Those who didn’t want the bills had to accept, had to borrow from the interbank market,” says a Treasury officer at a local bank. Principal dealers, comprising licensed banks operating in Malaysia, are obligated to bid for all government and Bank Negara paper in the primary market and provide two-way price quotations for benchmark securities under all market conditions to ensure liquidity in the secondary market. Bank Negara has also lowered allocation rates in reverse repurchase agreement (reverse repo) auctions in the past two weeks. “By reducing reverse repo, the central bank effectively reduces the liquidity available in the banking system, which can help manage excess funds and control inflationary pressures,” says a fixed-income trader. She believes Bank Negara is taking a two-pronged approach to drain short-term liquidity via a larger issuance of Bank Negara Interbank Bills (BNIB) and reverse repo to ensure that the man on the street would not be affected by further interest rate hikes while ensuring economic growth remains intact. Analysts at Maybank Research call this quasi-tightening, as opposed to tightening directly via a higher overnight policy rate (OPR), which was kept unchanged at 3% on July 6. “An unusually large RM5 billion BNIB tranche was issued on June 23 and, since then, issuances have totalled over RM20 billion compared to infrequent issuance averaging less than RM1 billion per week previously,” according to a July 7 report by Maybank Research’s Winson Phoon and Se Tho Mun Yi. “The allocation ratio of Bank Negara reverse repos dropped to 63% on average in the past two weeks from close to 100% prior to this. We think this represents a quasi-tightening,” they say, adding that the central bank’s intention is unclear. (See “Central bank explains its liquidity operations” for answers to The Edge on its recent move.) Nevertheless, they note that the action affects corporate funding “as opposed to an OPR hike, which would have broader implications”. By tightening liquidity in the interbank money market and pushing Klibor rates higher for the shorter-term paper, the central bank is making it more expensive for corporates to borrow. Some say this will limit “capital flight” as the interest differential between the ringgit and other currencies such as the greenback narrows. “Raising the OPR may be unpopular with retail loans based on the BLR (base lending rate), which is based on the OPR. By leaving the OPR unchanged, the retail borrowers won’t be affected. But when corporates borrow, the reference is the Klibor; so, their cost of funds will go up,” says another money market specialist, adding that this will indirectly support the ringgit. Asked whether the move could help shore up the ringgit, which had shown strength last Thursday, another fixed-income trader says it is possible but it is not the main factor. “When the Klibor rate increases, generally, it will increase the bond yield and narrow the interest rate differentials. However, it’s important to consider the broader economic and other reasons behind these increases,” the trader says. Maybank Group’s regional head of FX Research and strategy Saktiandi Supaat says tightening of liquidity in the banking system has an impact on strengthening the ringgit. “The tightening in banks’ liquidity can in part enhance the ringgit strength via issuance of Bank Negara bills or papers as part of money market operations, as it reduces ringgit supply,” he tells The Edge.   The ringgit hit a low of 4.6783 against the US dollar on June 23, on the back of an aggressive rate hike campaign by the US Federal Reserve since March 2022 to tackle inflation, raising rates to between 5% and 5.25% from close to zero. Scepticism abounds, however, on the effectiveness of “quasi-tightening”. “It depends on how much Klibor goes up, and this will affect sentiment for the corporates. The central bank has to balance this carefully,” says the money market specialist. An economist says: “This is interbank liquidity, so the money stays within the domestic system. I doubt it would have much impact. Even if it could, it’s not a large amount.” Central banks manage the liquidity in the interbank money market on a daily basis to ensure the stability of the financial system. They have three ways to manage liquidity or money supply: (i) by using the interest rates; (ii) through banks’ reserve requirements; and (iii) through the money market — by conducting quantitative easing or tightening. A senior banker sees Bank Negara’s move as simply soaking up excess liquidity in the market in a bid to curb inflation, using one of the tools all central banks have at their disposal. “They do it from time to time,” he explains. A former banker says: “It tells me that Bank Negara will rely more on open-market operations, as it believes the OPR is closer to optimal level. The CPI (Consumer Price Index) is now 2.8%; at 3%, the OPR is offering a positive real interest rate. This tells me the OPR is closer to optimal. Conversely the Fed is close to its optimal rate as the federal funds rate is 5.25% and the CPI there is [close to] 5%.” In the US, inflation cooled to 3% in June, slowing from 4% in May and below market expectations of 3.1%. It was also the slowest rate of inflation since March 2021. Malaysia’s latest inflation reading in May eased to 2.8% from 3.3% in April. Bank Negara’s Monetary Policy Committee statement also struck a more moderate tone on inflation compared with the previous statement, saying “both headline and core inflation are projected to trend lower, broadly within expectations”. Meanwhile, a former chief investment officer says Bank Negara’s move may be intended to ensure that deposit and lending rates are in sync. “The financial institutions now are also very aggressive to increase their deposit rates. Some banks are offering higher than 4% returns for fixed deposits. As such, Bank Negara is looking for ways to raise the lending rates to minimise credit risk,” he says. The Treasury officer disagrees with the stealthy rate hike narrative. “The fact is Bank Negara is managing liquidity in the banking system. What the central bank did was smoothen the amount of liquidity across the curve,” he says. “There’s no need to read into whether it’s a stealthy rate hike. If the central bank is doing a stealthy rate hike, it’s creating an imbalance between policy and action. If it’s to support the ringgit, do a proper market measure. Otherwise, it confuses whole market, doing something from a position of weakness.” The move coincides with a rare statement by the Financial Market Committee on June 27 on the ringgit foreign exchange market, noting that “the extent of the recent depreciation of the ringgit is not reflective of Malaysia’s economic fundamentals”. The committee, comprising representatives from Bank Negara, financial institutions, corporations and financial service providers, also encouraged exporters to take advantage of the attractive level of exchange rate in managing their foreign currency balances and foreign exchange (forex) risks. Key in its messaging is Bank Negara’s mandate to intervene in the forex market to stem currency movements that are deemed excessive. Meanwhile, Bank Negara’s foreign currency reserves as at June 30, 2023, fell below US$100 billion (RM458.9 billion) for the first time since November 2022, reflecting its intervention in the forex market and loss from the quarterly forex revaluation, owing to a 0.4% rise in the US dollar index, says Kenanga Research. The reserves dropped by US$1.1 billion, or 1.1% month on month, to US$99.2 billion. It is worth noting that July 1 also marked the start of Datuk Shaik Abdul Rasheed Abdul Ghaffour’s term as Bank Negara governor for a five-year term until June 30, 2028, leading some to ask whether the aggressive move to drain liquidity in the interbank market may simply be “a new way” for the central bank to manage liquidity.  The Edge asked the central bank to explain the recent larger issuances of Bank Negara Interbank Bills (BNIB). The following is its reply.  The Edge: The BNIB issue of RM5 billion on June 23, and totalling over RM20 billion since then compared with infrequent issuances averaging less than RM1 billion per week previously, was seen by some in the market as unusual. Could you comment on why a higher than usual tranche was issued? What is the rationale for this move? There is speculation that this was to support the ringgit because of the surge in Klibor (Kuala Lumpur Interbank Offered Rate) as a result of the large issuances. Is this the case? Bank Negara Malaysia: Adjustments to the liquidity operations strategy are conducted by Bank Negara from time to time. It has been observed that the total overnight surplus liquidity has increased since the onset of the pandemic and remained at elevated levels. Importantly, recent money market activities do not seem to reflect such evolving market conditions (including the extent of interbank trading). This prompted Bank Negara to initiate an adjustment to its liquidity operations strategy to reduce banking institutions’ overnight excess liquidity by issuing more term BNIB. The objectives of Bank Negara’s liquidity operations remain to promote more efficient management of overnight liquidity balances by banking institutions and to encourage more robust interbank trading that would lead to better price discovery. Through meeting these objectives, liquidity intermediation in the interbank money market is expected to be enhanced. What is repo and reverse repo and how has that impacted the floor price of Klibor? Will the increase in Klibor impact households? Information on Bank Negara’s repo and reverse repo can be obtained at www.bnm.gov.my/instruments under ‘Repo transactions’. Various factors are considered by the financial institutions in the pricing of repo and reverse repo, which are secured transactions. The same applies for Klibor, which are for unsecured interbank activities. Klibor is calculated based on the submissions of 11 banks in the Malaysian financial market and there is no floor price specified for these rates. Movement in the Klibor rates reflects market participants’ pricing based on prevailing supply and demand of unsecured interbank liquidity in the market. For example, in January 2023, the three-month Klibor rate increased to 3.71% (OPR [overnight policy rate] was at 2.75%), compared with the current three-month Klibor rate of 3.56% (OPR at 3.00%). The increase in Klibor would not affect household borrowers, as floating-rate loans taken by households are tied to the Standardised Base Rate (SBR), which is anchored to the OPR instead of Klibor. Bank Negara decided to maintain the OPR rate at 3%. Will that cause the ringgit to weaken further? The OPR decisions are made based on the domestic inflation and growth outlook in Malaysia. Ongoing developments — including ringgit developments or interest rate changes in other economies — are considered insofar as it affects this outlook. The ringgit will continue to be market-determined, reflective of global and domestic developments. Over the long term, the ringgit will reflect the positive economic fundamentals of the country.   Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/675717

State polls: DAP announces 11 candidates contesting in Negeri Sembilan

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SEREMBAN (July 23): DAP on Sunday (July 23) night announced the names of 11 candidates, including a new face, that the party will be fielding in the Negeri Sembilan elections next month. Its secretary-general Anthony Loke, when announcing the candidates here, also confirmed that he will be defending the Chennah seat in the polls, while first-time candidate Desmond Sian Meow Kong will be contesting the Rahang seat. Also contesting are Teo Kok Seong (Bahau), J Arul Kumar (Nilai), Chew Seh Yong (Lobak), Ng Chin Tsai (Temiang), Nicole Tan ( Bukit Kepayang), Yap Yew Weng (Mambau), P Gunasegaran  (Seremban Jaya ), Choo Ken Hwa (Lukut) and S Veerapan (Repah). “Negeri Sembilan was won on the spirit of Pakatan Harapan (PH) in 2018. I am a Negeri Sembilan native, raised here, started my political career here, so of course, Negeri Sembilan is close to my heart.   “Ten of the seats we kept as status quo, and only seat, in Rahang, we are featuring a new face. Many of DAP’s candidates in Negeri Sembilan are still young, in their 30s to 60s,” he told reporters after the Pakatan Harapan (PH) candidate announcement ceremony here. He said DAP will be contesting in only four states, and will be announcing its candidates for Selangor on Monday (July 24), followed by Penang and Kedah respectively on Tuesday (July 25).  “Tonight is not about DAP candidates, or Amanah, or Keadilan, but only PH because we represent the PH symbol, we enter the ring with the PH symbol,” he said.  Barisan Nasional (BN) last Friday (July 21) announced 17 candidates running in the state, followed by the announcement of six PKR candidates by Prime Minister Datuk Seri Anwar Ibrahim, who is also PKR president, and two Amanah candidates announced by its president Datuk Seri Mohamad Sabu on Sunday night.  Loke said that all candidates need to defend the Negeri Sembilan government, and retain state PH chairman Aminuddin Harun as the menteri besar candidate. Meanwhile, Loke also thanked Amanah for handing over its incumbent seat, Lenggeng, which it won in the 14th general election, to BN this time around. Following are the DAP candidates contesting in Negeri Sembilan:  N01 Chennah — Anthony Loke (DAP) N08 Bahau — Teo Kok Seong (DAP) N10 Nilai — J Arul Kumar (DAP) N11 Lobak — Chew Seh Yong (DAP) N12 Temiang — Ng Chin Tsai (DAP) N21 Bukit Kepayang — Nicole Tan (DAP) N22 Rahang — Desmond Sian Meow Kong (DAP) N23 Mambau — Yap Yew Weng (DAP) N24 Seremban Jaya — P Gunasegaran  (DAP) N30 Lukut — Choo Ken Hwa (DAP) N36 Repah — S Veerapan (DAP).

https://theedgemalaysia.com/node/671323

Japan’s US$25b birthrate steps seen struggling to move dial

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(June 15): Japanese Prime Minister Fumio Kishida’s US$25 billion (RM116 billion) package of measures to boost the birthrate of the country’s shrinking population is unlikely to be the game changer he has called for or a big vote winner should he call an early election. The premier’s package promises spending levels per child on par with the support offered by Sweden. But experts warn his plan doesn’t tackle the structural flaws that place a heavy burden on women for raising children and lead many to put off the idea of starting a family.   Opinion polls indicate majority support for expanded handouts, but not on a scale that would convince Kishida that now is the time to go to the polls without considering other factors. Most of the policies announced are focused on helping people who already have children or partners, and don’t help the people who aren’t at that stage yet, experts say. Without improving job prospects, wages and the general feeling that young people can’t afford to have a family, the government’s measures will only go so far, they said. “Prime Minister Kishida probably knows the package isn’t on any ‘new dimension’ as he characterises it,” said Junya Tsutsui, a sociology professor at Ritsumeikan University with expertise in Japan’s birthrate crisis. “The policies support those who have children, but it’s likely that they don’t really resonate with people who haven’t or can’t marry.” Kishida’s package so far includes a range of measures, including expanding monthly child support payments of ¥15,000 (RM492) for children up to 2 years old, and ¥10,000 for children aged 3 and above. He’ll extend it by three years until children graduate from high school and remove income caps for receiving support. From the third child, handouts will increase to ¥30,000 per month. Another measure raises support for fathers who take paternity leave to the same level as their post-tax salary, with the aim of raising the percentage of men working in the private sector who take at least two weeks of paternity leave to 85% by 2030. Currently only 14% of them take the leave. Other measures include improving access to childcare facilities and decreasing birth costs. In total the policies are expected to amount to around ¥3.5 trillion of spending or around 0.6% of gross domestic product. The Organization for Economic Cooperation and Development shows Japan’s existing support for families at around 2% of gross domestic product. Sweden has the highest level of spending on family benefits among OECD members at 3.4% of GDP. The Nordic country has maintained a fertility rate above the OECD average, although the rate has been slowly decreasing. For Japan, the real problem lies in the fact that so many young people are in low-paying, unstable jobs that don’t allow them the sense that they can afford to marry and have kids, said Tsutsui. In a country where hardly any children are born outside marriage, raising wages will have the biggest impact in improving the declining birth rate, the academic said. “A major barrier to marriage is the wage divide between regular and non-regular workers,” said Tsutsui. Around 64% of Japan’s workers are regular employees, meaning they are full-time workers that enjoy job protection, higher pay levels and social security benefits. Some 36% are non-regular workers, an umbrella term for people working on fixed-term contracts, part-timers, or those dispatched from temp agencies. Pay levels for non-regular workers are around two-thirds of their regular counterparts, according to labour ministry data. Among men in their early 30s, around 60% of regular workers are married, while only a quarter of non-regular workers have tied the knot, according to the cabinet office. That directly ties into a lower birthrate for the latter cohort. Nobuko Nagase, a professor of labour economics at Ochanomizu University in Tokyo says non-regular employees on minimum wage earn only about ¥2 million a year for full-time hours. That’s barely enough to live independently, let alone support a family. “Raising young people’s wages should be the very first thing that’s tackled in birthrate policies,” she said. Japan’s overall pay levels are rising, but are being outpaced by inflation at a decades high. The results of spring wage negotiations showing much bigger increases have yet to translate into substantially higher pay in monthly data. If the country doesn’t succeed in improving its declining birthrate, its population is set to roughly halve from 2004’s levels to around 64 million by 2100, according to the National Institute of Population and Social Security Research data compiled by the cabinet office. Along the way, Japan’s social security, pension and basic societal systems are likely to suffer. It is also unclear whether the measures would serve as a major vote winner. In a poll conducted by TV Asahi from June 10-11, 53% of those who said they didn’t support Kishida’s cabinet cited a lack of positive expectations over his policies, far more than any other reason. Still, 54% said they were in favour of the expansion of handouts. Kishida’s government remains coy on how they will be funded, promising to avoid adding to the burden on households. But economists wonder if the plans are sustainable without an increase in taxation. “While the birthrate tackling measures don’t go beyond conventional policies, they involve a great deal of money,” said Takahide Kiuchi, economist at Nomura Research Institute. “What’s really needed is a long-term perspective,” he said. “It’s difficult for people to have more children when there are no future growth prospects. What’s needed is an outlook where people can expect Japan’s productivity to rise and real income to increase.”

https://theedgemalaysia.com/node/649943

Digital transformation among factors IRB stops engaging contract officers

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PUTRAJAYA (Dec 29): Digital transformation is one of the factors the Inland Revenue Board (IRB) is not continuing with the practice of employing monthly and daily contract officers from Jan 1, 2023. In a statement on Thursday, IRB said the transformation enables most tasks and work functions at IRB to be automated, further increasing cost efficiency in administering the Malaysia's taxation system. "IRB is streamlining its organisational structure which also involves the structuring of human resources. The implementation also involves the issue of reviewing the need to employ monthly and daily contract officers at IRB. "The automation process implemented by IRB allows tasks that have been carried out by contract officers to be distributed to existing permanent officers for optimal utilisation," according to the statement. The statement said that basically, contract officers are employed for the purpose of carrying out tasks or functions that need to be completed within a specific period, which is project-based. The decision to not continue with the practice of employing contract officers was made in 2018 and fully implemented from Jan 1, 2023 and the termination involves 42 monthly contract officers and 998 daily contract officers. "The notification regarding the decision to not hire these contract officers was already explained to the officers involved in early 2022. "It is aimed at giving space and time to affected officers to organise their career apart from looking for job opportunities in the open market," according to IRB. The agency explained that the move to terminate the services of these contract officers was not driven by the personal interest of any party but based on the desire to improve its operational efficiency as well as ensure that the country's financial resources are used optimally to avoid any waste. Apart from that, IRB said the revenue from direct national tax collection administered by it cannot be used solely for the purpose of extending the contracts of workers as claimed by some parties. "If this proposal is taken into account and implemented, it will invite negative perspectives from other parties. On the other hand, the direct collection of national taxes must be distributed equally for the prosperity and well-being of the country," according to the statement. Earlier, a local media portal reported that a group representing 967 IRB officers, who receive daily wages and are at risk of losing their jobs ahead of the new year, appealed to Prime Minister Datuk Seri Anwar Ibrahim to extend their contracts.

https://theedgemalaysia.com/node/632242

放弃勘探许可证 Hibiscus挤入热门股排行榜

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（吉隆坡15日讯）Hibiscus Petroleum Bhd周一上午成为大马交易所热门股之一，因有消息称其间接独资子公司已放弃VIC/P57石油勘探许可证，并交回给澳洲国家海上石油业权管理局（NOPTA）。 截至早上10时12分，该股涨1仙，至86.5仙，成交量为1202万股。 Hibiscus Petroleum上周五向马交所表示，其间接独资子公司Carnarvon Hibiscus Pty Ltd及其联营公司3D Oil Ltd已于2月4日向NOPTA交出VIC/P57勘探许可证，此前该公司进行了一次不成功的开采。 该公司表示，在8月4日获得联邦-维多利亚海上石油联合管理局的批准后，NOPTA已批准交出许可证。   （编译：魏素雯）   English version：Hibiscus Petroleum among most active counters after relinquishing exploration permit

https://theedgemalaysia.com/node/675219

Research houses upbeat on KGW’s prospects ahead of listing

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KUALA LUMPUR (July 18): Two research houses are optimistic about KGW Group Bhd’s future prospects, ahead of its tentative listing date on the ACE Market of Bursa Malaysia on Aug 1.  The ocean freight company set its initial price offering (IPO) price at 21 sen, seeking to raise RM16.73 million from the sale of 79.66 million new shares, which represents 16.5% of KGW’s enlarged share capital. Meanwhile, existing shareholders are also conducting an offer for sale of 43.45 million existing shares, or 9% of the enlarged share capital, which is expected to raise gross proceeds of RM9.12 million. RHB Investment Bank assigned a fair value (FV) of 23 sen, a 9% premium from its IPO price, representing a price-earnings (P/E) multiple of 12.2 times its financial year ending Dec 31, 2024 (FY2024). In a research note on Monday (July 17), the research house added that it expects the group’s expertise in long-haul shipments and growing warehouse segment to propel its three-year earning compound annual growth rate (CAGR) of 11% from 2023 to 2025. Meanwhile, between 2019 and 2022, KGW registered a three-year CAGR revenue growth of 74%, owing to stellar performances from their ocean freight segment, which is their main source of revenue. Part of KGW’s expansion this year includes its new three-storey office building of 16,500 square feet with an annexed two-storey warehouse of 36,900 square feet, both currently under construction and slated to be ready by the fourth quarter of this year. RHB Research analyst Alexander Chia anticipates the new warehouse to yield higher margins through higher rental rates, and will enable the group to centralise its entire operations. As such, Chia expects the warehouse division to register three-year revenue CAGR of c.29% during 2023 to 2025. However, the analyst believes that the freight market will remain challenging due to sharp corrections in ocean freight rates since the third quarter of 2022, on decreasing demand, destocking and ramping up of ocean capacities. Nonetheless, higher-than-normal jet fuel prices may shift preferences back towards ocean freight, thanks to its affordability. Additionally, KGW also holds a circa 18-year track record in arranging and coordinating ocean shipments between Malaysia and various US ports, as well as a registration as a Non-Vessel Operating Common Carrier (NVOCC) with the US Federal Maritime Commission. Chia estimates the twenty-foot equivalent unit (TEU) volume for FY2023-(FY)2025 to grow within an 8%-15% range. “Our valuation basis was circa 10% lower than KGW’s local logistics peers, due to its smaller market capitalisation and risk of business concentration in ocean freight,” Chia added. Meanwhile, Public Investment Bank Bhd (PIVB) assigned a higher FV of 24 sen, based on an eight times P/E (price/earnings) multiple, to its FY2024 earnings per share (EPS) of three sen. The research house ascribed a four-year CAGR of 17.2% for revenue from FY2020 to FY2024, and a four-year CAGR of 60.2% for net profit. PIVB’s research team said KGW’s growth will be driven by the centralisation of its entire operations, enlargement of its marketing and business teams, enhancement of its warehousing and distribution capabilities, the expansion of its customer base, and provision of e-commerce solutions. Meanwhile, PIVB cited Malaysia’s competitive industry, fluctuating ocean freight rates and foreign exchange rates, and the shortage of ocean cargo space as the group’s (KGW’s) key risks.  Other downsides include its dependence on other freight forwarders and suppliers, and customers’ possible direct engagement with other carriers. From KGB’s expected fundraising of RM16.73 million, the group will be utilising 12.0% and 4.4% of the proceeds for renovation and working capital respectively, and 59.8% for repayment of bank borrowing. Read also: Freight services group KGW seeks ACE listing to raise RM16.73m at 21 sen per share

https://theedgemalaysia.com/node/669260

UK’s Sunak won’t push Biden for trade deal during US visit

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 (May 30): Rishi Sunak won’t push US President Joe Biden for a trade deal during a visit to Washington next week, the UK prime minister’s spokesman said. The two leaders will discuss the global economy, supply chains and support for Ukraine during the June 7-8 visit, the spokesman, Max Blain, told reporters Tuesday (May 30). As well as Biden, Sunak will meet with congressional leaders and business figures, he said. “We are not seeking to push a free trade agreement with the US currently,” Blain said when asked if the topic would be up for discussion. The concession reflects an acceptance by the UK’s Conservative government that the all-encompassing US trade deal which proponents of Brexit once hailed as one of the great prizes of Britain’s divorce from the European Union is now a distant prospect, after Biden made clear it’s not a priority of his administration. Biden and Sunak will discuss “efforts to continue strengthening our economic relationship as we confront shared economic and national security challenges,” among other issues, White House Press Secretary Karine Jean-Pierre said in a statement announcing Sunak’s visit. The two leaders will meet at the White House a week from Thursday, Jean-Pierre said. Blain said that the UK will instead continue to work on state-level agreements such as a recent deal signed with Oklahoma, as well as pursuing “targeted” measures “to remove the few barriers that remain.” He would not be drawn on what those targeted measures were. Britain is seeking a trading arrangement with the US that amounts to a free trade agreement “in all but name,” people familiar with the matter told Bloomberg last month. British officials had originally hoped to have discussions during Biden’s trip to Northern Ireland, but the US administration made it clear the president intended to use that visit to discuss the peace process and investment in the region. A wider discussion on economic issues would be possible in June, Amanda Sloat, the National Security Council’s senior director for Europe, told reporters in Belfast at the time.

https://theedgemalaysia.com/node/621630

财务成本增加 WCT首季净利猛挫47%

Mandarin

（吉隆坡27日讯）WCT控股（WCT Holdings Bhd）截至今年3月杪首季净利按年猛挫47%至3056万令吉，一年前为6540万令吉，主要是财务成本增加所致。 季度营业额从4亿4429万令吉，弹升至6亿472万令吉。 每股盈利从4.66仙，狂泻至2.16仙。 该公司没有派息。 WCT控股表示，工程和建筑部门继续成为主要收入来源，占总收入的48%。 WCT控股集团董事经理拿督李德福表示，工程和建筑部门将成为集团盈利的主要贡献者。 “随着我们专注于执行当前项目，我们将继续寻求新的工程和建设机会，以补充我们的订单。” 李德福表示，产业发展及产业投资部门对集团整体营业额的贡献分别约为45%及7%。 他指出，产业发展部门录得2亿6900万令吉营业额（2021财年首季：1亿7700万令吉）及5600万令吉营运盈利（2021财年首季：7700万令吉）。 “营业额增长得益于脱售空地（2亿1400万令吉），而去年同期为1亿3500万令吉。”   （编译：魏素雯）   English version：WCT 1Q net profit falls 47% on higher finance cost

https://theedgemalaysia.com/node/668092

E Jean Carroll wants to add Trump’s CNN town hall comments to defamation suit

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(May 23): The New York author who won a US$5 million civil sexual-abuse trial against Donald Trump earlier this month is seeking court permission to amend an earlier defamation lawsuit against the former president to add comments he made about her on a recent CNN town hall. E Jean Carroll, who claims Trump assaulted her in a dressing room more than two decades ago, on Monday asked a judge to let her add more detail to a 2019 suit in which she says Trump defamed her from the White House by calling her a liar when she went public with her allegation. “Ms Carroll’s eleventh hour attempt to amend her complaint exposes the true motivation behind her numerous lawsuits,” Trump’s lawyer Alina Habba said without elaborating. A federal jury in Manhattan on May 9 found Trump liable for sexual abuse in a suit Carroll filed last year under a New York law that temporarily lifted the statute of limitations on such claims and awarded her US$5 million in damages. Her earlier defamation suit is still winding its way toward trial. Carroll’s lawyer, Roberta Kaplan, argues that the 2019 defamation claim is bolstered by Trump’s comments during a televised CNN town hall one day after the verdict in which he lashed out at her client. Trump again called Carroll’s allegations “a fake story” and dismissed her as a “wack job” in the televised question and answer session from New Hampshire. The remarks demonstrate Trump’s “malicious repetition” of his defamatory remarks, Kaplan said in the filing. Kaplan also wants to add detail from Trump’s deposition in the case that she says will demonstrate a “total lack of official process” around the remarks he issued about Carroll while he was in the White House. Kaplan argues the testimony undercuts Trump’s primary defense — that his denial was an official duty as president. The case is Carroll v Trump, 1:20-cv-07311, US District Court for the Southern District of New York (Manhattan).

https://theedgemalaysia.com/node/647464

金务大：未来5个财年持续投资20亿令吉

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（吉隆坡8日讯）金务大（Gamuda Bhd）集团董事经理拿督林云琳表示，在未来5个财年，集团将拨出20亿令吉投资可再生能源业务。 “我们的可再生能源计划也延伸到马来西亚边境以外。对金务大来说，澳洲是一个非常重要的市场。因此，我们希望在未来几年在澳洲市场开发一些水力水泵项目。例如，我们正在塔斯马尼亚岛投标。” 他出席集团的股东常年大会后告诉记者：“我们不只想做太阳能发电厂承包商。我们也在深入讨论其他大型可再生能源资产。” 林云琳还表示，集团应该会通过内部融资或贷款筹集20亿令吉资金，但不太可能通过股权融资筹资。 他说：“如果我们必须筹资，我会感到非常惊讶，因为目前我们的负债率几乎为零，而且考量到我们的资产基础，实际上，我们可以在未来几年借到70亿至80亿令吉，而无需接近70%净资产的负债上限。” 林云琳解释说，集团在ERS Energy公司投资2亿令吉，以换取30%股份，是为了利用ERS在国家能源（Tenaga Nasional Bhd）全新强化配电计划（NEDA）框架下的配额。 尽管如此，他表示，金务大对可再生能源的投资，短期内不太可能带来可观的盈利增长，因为集团预计中期的经常性收入会更高。 他说：“据我所知，盈利贡献不会很大，最多数千万（令吉）。” 询及新政府会否审查金务大的项目时，林云琳表示，集团的项目都没有受到影响，因为都是按程序授予。 至于捷运3号线（MRT3），金务大尚未收到有关招标结果的任何消息。 金务大有份参与捷运1号线（MRT1）及捷运2号线（MRT2）项目。因此，集团备获看好在MRT3竞标活动中脱颖而出。 截至下午3时26分，金务大升7仙或1.8%，至3.95令吉，市值达102亿3000万令吉。从年初至今，该股上涨了41%。   （编译：魏素雯）   English version：Gamuda earmarks RM2 bil for sustainable investment over next five financial years

https://theedgemalaysia.com/node/664187

Ideas: AI avatar, your digital clone

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This article first appeared in Digital Edge, The Edge Malaysia Weekly on April 24, 2023 - April 30, 2023 “It looks like me, it sounds like me, but it’s not me.” This was arguably the quote of the year in Malaysia in 2008 when everyone took an interest in the art of communication. But in the case of an artificial intelligence (AI) avatar, make no mistake; it will look exactly like you, sound exactly like you and can be your digital twin version to help you with daily tasks. Before the Industrial Revolution, people worked 16 hours daily, and the concept of a “working day” did not exist. Today, with the help of new technologies and production methods, humanity is witnessing unprecedented economic growth, societal change and greater emphasis on people’s well-being. The average number of daily work hours is eight, people have a better work-life balance and businesses can achieve better returns on investment (ROIs). With AI joining the workforce, people are now experiencing how AI technologies such as ChatGPT and DALL-E can even help free up the time we spend on digital tasks, allowing us to focus on more creative and high-value activities to improve overall productivity and quality of life. This naturally leads to the next question: What if we all have an AI avatar, a digital clone of ourselves? An AI avatar is a digital representation of human-like intelligence. This means AI avatars can understand and respond to human conversations and gestures, recognise faces and emotions, and provide personalised and context-aware interactions with people. Creating an AI avatar that can act like you involves understanding your personality, behaviour, mannerisms and personality traits. Once this data is collected, the AI avatar can be trained using AI algorithms to recognise patterns in your behaviour and respond to different situations the way you would react. As your avatar interacts with you more, its ability to act as you will improve over time. The technology behind an AI avatar includes natural language processing (NLP) to understand human speech and text, speech recognition technology to convert human speech into digital data, computer vision technology to interpret the environment it sees, machine learning technology to build AI algorithms, generative adversarial networks (GANs) to create digital representations, chatbots to simulate conversation, and virtual reality (VR) and augmented reality (AR) to create immersive environments for the avatars to interact with each other. Imagine your company’s version of its own ChatGPT, with the face and voice of Beyonce on top of it. You get the idea. Customer experiences will be enhanced tremendously. Sales will increase. The business can operate 24/7, and the AI avatar can be replicated in different roles. The AI avatar can also proactively reach customers and interact with them to provide product recommendations based on their behaviour, preferences and purchase history. For businesses that want to leverage AI avatars to gain a competitive advantage in the market, you should note that when ChatGPT took the world by storm, the market saw an increase in demand for ChatGPT-like customised chatbots tailored to the company’s direction. This is because even after integrating ChatGPT into existing systems, businesses still need a team of data scientists and developers skilled in NLP to train and fine-tune the model with the company’s products, culture and brand image. In addition, AI avatars will help businesses collect and analyse customer behaviour data, identify improvement areas, save on labour costs, reduce human errors, automate routine tasks and free up employees to focus on high-level tasks. As for how AI avatars will disrupt the industry, let me use the TikTok influencers’ example I discussed in my previous article on “AI is coming at humanity fast and furious” (Digital Edge, Issue 1459, Feb 13). With the help of generative AI technologies to automate content creation and market research, influencers can now transform into full-fledged advertising firms without hiring anyone. To take this a few steps further, the influencers can create AI avatars of themselves and license them to brands as virtual marketers, virtual consultants or even virtual customer support. This AI avatar licensing approach will surely create a new business model for the industry. Now that you could have a digital clone of yourself, what would you do with it? Some argue that relying heavily on AI avatars for assistance and companionship rather than seeking out other humans could lead to changes in relationships and social dynamics, as they cannot fully replace human interaction and connection. For people who are isolated or lonely, relying solely on an AI avatar for social interaction could worsen feelings of loneliness and isolation, and they may lose some of their ability to make decisions independently. Others comment that AI avatars could support people with mental health issues, such as anxiety or depression, by providing calming conversations and helpful resources. It can offer personalised recommendations for movies, music or books, based on individual preferences and past behaviour. They could also be used to play games or engage in other leisure activities. On top of that, the AI avatar could be trained to monitor your health and provide reminders to take medication, schedule doctor’s appointments or perform other tasks related to your health and well-being. Previously, the Industrial Revolution helped automate many manual jobs. Then people shifted focus to digitalisation to improve productivity. With the AI revolution, many digital tasks will now also be automated. When the AI avatar takes place in the foreseeable future, what humans will do when given all the free time in the world remains an exciting topic. What is clear, however, is that AI avatars will undoubtedly have the potential to change how we interact with technology and each other. David Lim is founder and CEO of WISE AI, a leading enterprise AI solutions company in Southeast Asia Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/601577

绿野集团与京东签协议 引入全通路电商平台

Mandarin

（吉隆坡28日讯）绿野集团（Country Heights Holdings Bhd）已与北京沃东天骏信息技术有限公司（简称京东）签署一项许可协议和合作协议，为数字化转型计划的一部分。 该集团指出，上述协议将利用京东的技术和绿野集团的资源，为大马市场开发京东的全通路商业模式。 京东是中国的一家B2C网上零售商，最初是一家网上磁光商店，但很快就多元化至销售电子产品、手机、电脑和类似商品。 绿野集团今日向大马交易所报备，将成立JDMines私人有限公司，70%由该集团拥有，而余下的30%由科技孵化器Star Pulse私人有限公司持有，以实现和执行全通路商业模式。 该集团说，通过这次合作，JDMines将在绿野国际会展中心（MIECC）底层，建造第一家占地约10万平方英尺的实体店。 该集团表示，京东通过无人机、自主技术和机器人投资于高科技和人工智能配送，并拥有世界最大的无人机配送系统、基础设施和能力。该公司最近还开始测试机器人送货服务和建造无人机送货机场，并推出首辆自动驾驶卡车。 绿野集团指出，该协议将包括3个阶段： 配合这项宣布，绿野集团今早9时起暂停交易，并于下午2时30分恢复交易。 截至4时23分，该股大涨44仙或28.76%，报1.97令吉，共357万600股成交。   （编译：陈慧珊）   English version：Country Heights inks deals to pursue digital transformation plan

https://theedgemalaysia.com/node/604182

Skyline KL by TSLAW Land records 90% take-up

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PETALING JAYA (Jan 17): TSLAW Land Sdn Bhd’s Skyline KL apartment suites project achieved a 90% take-up. According to a statement on Monday (Jan 17), Skyline KL’s sales gallery was also officially opened to the public, located at Level 1, Wisma IAV. Prices of Skyline KL units start from approximately RM360,000, with sizes ranging between 480 and 1,080 sq ft. It has a gross development value of RM1.2 billion and is scheduled for completion in 2026.  TSLAW Land executive director Law Wai Cheong said that Skyline KL is the latest addition to continue Pudu’s history and heritage. “In revitalising the area’s landscape and vibe, we envision the beginning of a progressive urban regeneration. Skyline KL is designed with four towers and offers five layouts. The project’s location and facilities promise a convenient lifestyle. It offers young urbanites a genuine ‘affordable luxury’ opportunity,” he added. Skyline KL is situated in the heart of Kuala Lumpur, directly linked to Pudu LRT station, which grants easy access to the TRX Financial Hub, KL 118 Tower, as well as Pavilion and KLCC shopping centres. The project has over 50 facilities spread over three levels that include two 50-metre length swimming pools, multipurpose hall incorporating three badminton courts, four BBQ decks and multiple pavilions. There is also a 4,000 sq ft gym area and a 660-metre jogging track. Skyline KL also offers an Automated Waste Collection System, and a Magdrain Floor Trap system that mitigates bad odour incidents and insect intrusion in all units. It is also designed with motion sensor lift call buttons and Air Touch level buttons to allow contactless use of elevators.

https://theedgemalaysia.com/node/608791

Hong Leong Industries posts 26.4% drop in 2QFY22 earnings on rising costs, reversal of provision made earlier

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KUALA LUMPUR (Feb 23): Hong Leong Industries Bhd saw its net profit fall 26.4% year-on-year to RM73.78 million in the second quarter ended Dec 31, 2021 (2QFY22) from RM100.24 million a year ago due to rising material costs coupled with higher reversal of inventory provision in the previous corresponding period. Consequently, earnings per share were lower at 23.47 sen from 31.9 sen. Revenue for the period was mostly unchanged at RM777.07 million compared with RM770.68 million a year ago. In a bourse filing on Wednesday, the group said the higher material costs led to a slight reduction in margins for motorcycle products. Hong Leong Industries is involved in the manufacture and sale of motorcycles, spare parts and ceramic tiles. On a sequential basis, the group posted over a 100-fold increase in net profit to RM73.78 million compared with RM662,000 in the immediate preceding quarter, driven by higher revenue from the resumption of manufacturing operations. Revenue surged 181.53% quarter-on-quarter to RM777.07 million from RM277 million, the group's filing with the local bourse showed. For the cumulative six months ended Dec 31, 2021, Hong Leong Industries' net profit dropped 50.69% to RM74.43 million from RM150.96 million a year earlier. Meanwhile, revenue fell 25.94% to RM1.05 billion from RM1.42 billion. The group said the lower results for the six-month period were mainly due to lower sales across all product segments because of the Movement Control Order, which resulted in curtailment of production for two months. On its prospects, it said that the Covid-19 pandemic and supply chain disruptions remain as key concerns that may continue to impact the group's production, but it will continue to manage costs and develop new products. Going forward, the group expects a satisfactory performance for FY22. Hong Leong Industries closed 16 sen or 1.68% higher at RM9.70 with some 145,800 shares changing hands. At RM9.70, the company is valued at RM3.18 billion.

https://theedgemalaysia.com/node/667847

Jokowi dismisses tech minister detained in corruption probe

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(May 20): Indonesian President Joko Widodo dismissed Johnny Plate as communication and information technology minister after he was detained in a probe into alleged corruption. The government announced Plate’s dismissal on its website after earlier appointing an acting replacement for him. Authorities detained Plate following investigations into alleged corruption in a 4G wireless base station project led by an agency under his ministry. Jokowi is battling corruption and streamlining state spending in a bid to safeguard the public’s trust in his administration as his second term in office ends in 2024.

https://theedgemalaysia.com/node/640580

Former Goldman Sachs banker Roger Ng's sentencing set for Dec 9 in US

English

KUALA LUMPUR (Oct 19): The sentencing of former Goldman Sachs Group Inc banker Roger Ng Chong Hwa, who was found guilty of bribery and money-laundering charges in relation to the 1Malaysia Development Bhd (1MDB) scandal, is now slated for Dec 9 in the US. Deputy public prosecutor (DPP) Zaki Asyraf Zubir informed the court of the latest development during case management for Ng's ongoing criminal trial in Malaysia on Wednesday (Oct 19). "The trial [in the US] has concluded, and now the sentencing process is pending. It was initially set for Nov 9, but we have been informed that it has been postponed for a month and is now set for Dec 9," he said. In April this year, Ng — the only Goldman Sachs banker to go to trial over the 1MDB scandal — was convicted on all three charges by an American jury, and faces up to 30 years in prison. He was found guilty on two counts of conspiring to violate the US Foreign Corrupt Practices Act in relation to 1MDB by bribing government officials in Malaysia and Abu Dhabi through bond offerings that Goldman Sachs handled. He was also convicted on a charge of conspiracy to launder money, following a trial that spanned almost two months. The former banker had pleaded not guilty to all charges, and his lawyers have said that he would be appealing against the decision. It was previously reported that his sentencing was initially set for Sept 13, but was moved to Nov 9. Zaki also informed the court that Ng would most likely be in the US until 2024 to facilitate the appeal process, which would take about a year. "He has been handed over until Feb 28, 2024 to complete the appeal process there," the DPP said. Ng's Malaysian lawyer Datuk Tan Hock Chuan also confirmed the matter before High Court judge Datuk Muhammad Jamil Hussin during proceedings on Wednesday. "My understanding from the DPP is that an agreement has been reached by both the governments [of Malaysia and the US] for my client to be handed over until Feb 28, 2024," he said. He suggested that the court schedule another case management date early next year to further update the court on the status of Ng's US matter. Muhammad Jamil later said that postponing Ng's criminal trial in Malaysia until after February 2024 would be "too long", and told the prosecution to get instructions from the Attorney General Chambers on how to proceed with the matter. "In the upcoming case management, the prosecution could update the court on any instructions for this case, so that it is not left hanging for too long without any action," he said. Zaki took note of the matter, and said that he would get further instructions. The matter has been set for Jan 10 next year. In Malaysia, Ng is facing charges under the Capital Markets and Services Act 2007 (CMSA). He is facing four counts of violating the CMSA, namely abetting Goldman Sachs in the sale of notes and bonds belonging to 1MDB subsidiaries by omitting material information and publishing untrue statements. He is charged under Section 370(c) of the CMSA, which carries a punishment of up to 10 years' imprisonment and a fine of at least RM1 million, upon conviction. Among material facts allegedly omitted in these bond issuances was the fact that fugitive Low Taek Jho (Jho Low) was the principal controller and intermediary of 1MDB. In February last year, Muhammad Jamil ordered the four charges to be tried together, after Ng was initially charged in two different High Courts. Ng had claimed trial to the charges. Although Ng is charged with abetment with Goldman Sachs, the charge against the US financial institution was dropped in September 2020, after it agreed to a US$2.5 billion financial settlement with Malaysia. Read also: AG: Malaysia will await process of Roger Ng's sentencing and appeal before deciding next course of action All four 1MDB-related charges against ex-banker Roger Ng to be tried together

https://theedgemalaysia.com/node/661345

Seven out of Datasonic's existing nine government contracts won through direct negotiation, Parliament told

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KUALA LUMPUR (March 29): Datasonic Group Bhd currently has nine contracts with the Home Ministry worth a total of RM1.1 billion, with only two of these contracts having gone through the process of an open tender, the Dewan Rakyat was told. Home Minister Datuk Seri Saifuddin Nasution Ismail said five of the contracts totalling RM990.01 million were between Datasonic's wholly-owned subsidiary Datasonic Technologies Sdn Bhd (DTSB) and the Immigration Department, and the other four worth RM113.44 million were between DTSB and the National Registration Department. “Seven of the nine contracts were secured through direct negotiation between 2016 and 2022, while the remaining two contracts were through open tender,” Saifuddin said in a written parliamentary reply on Wednesday (March 29) to Lim Guan Eng [PH-Bagan]. Lim wanted to know the status of the contracts awarded to Datasonic, how many of these contracts involved family members of a former top government leader, and whether the contracts will proceed or be retendered. “All these contracts are still in force, and are proceeding in accordance with the implementation schedule as stated in the agreement documents,” the minister said. Saifuddin said DTSB has the capability and capacity to undertake security priniting because it possesses a factory, finance ministry certificate, as well as a security document printing certificate issued by the office of the chief government security officer. The minister did not respond to Lim's query on the alleged involvement of family members of a former top government leader, except to say that the ministry cannot control the ownership of Datasonic’s shares. Datasonic's share price closed unchanged at 42.5 sen on Wednesday (March 29), valuing the group at RM1.26 billion. The counter has been trending downwards since it closed at 49.5 sen on Feb 3. For more Parliament stories, click here.

https://theedgemalaysia.com/node/623959

Dynaciate proposes to buy Pahang industrial land from KPower for RM12m

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KUALA LUMPUR (June 14): Dynaciate Group Bhd has proposed to acquire a piece of freehold industrial land measuring 23,550 square metres in Bentong, Pahang from KPower Bhd for RM12 million cash. In a bourse filing on Tuesday (June 14), Dynaciate said its wholly-owned subsidiary Magnitude Resources Sdn Bhd had entered into a sale and purchase agreement with KPower’s wholly-owned subsidiary Powernet Industries Sdn Bhd for the proposed acquisition. The acquisition includes a double-storey office building, single-storey factory, double-storey warehouse and a single-storey warehouse. Dynaciate said the acquisition is complementary to the group’s strategy to identify, invest and develop potential industrial land and buildings for the purposes of capital appreciation and rental income. “The group is expanding its property portfolio by capitalising on and building on the group’s resources and know-how to develop and construct the industrial buildings to increase the value of the property investments,” it added. Dynaciate believes the industrial property has the potential to contribute positively to the group’s future earnings. Shares in Dynaciate closed unchanged at 11.5 sen on Tuesday, giving the group a market capitalisation of RM112.31 million. KPower shares ended up half a sen or 1.33% at 38 sen, giving it a market capitalisation of RM203.75 million.

https://theedgemalaysia.com/node/606354

My Say: Structural barriers in O&G sector’s path to sustainability

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This article first appeared in Forum, The Edge Malaysia Weekly on February 7, 2022 - February 13, 2022 The once-in-a-century heavy rainfall in December and ensuing floods that hit Malaysia should make us wonder about the floods that have occurred in the last few decades. With more extreme weather swings being predicted, how much worse will the floods be in the future? The prognosis is not good. Based on the assessment of the United Nations Intergovernmental Panel on Climate Change (IPCC), a 1°C temperature rise can cause an increase of 7% rainfall in Malaysia in the coming decades. The World Bank’s climate risk country profile also foresees more frequent floods in Malaysia, owing to climate change attributed to global warming. Climate change is at our doorstep. While reversing climate change is not possible, mitigation, via management of our carbon emissions, can and must be in place. The government of Malaysia has pledged to become carbon neutral as early as 2050 and stop building coal-fired power plants. At the recent climate change talks (COP26), Malaysia strengthened its commitment, with a pledge to reduce greenhouse gas emissions, including CO2 and methane, by 45%, an increase from a previous target of 35%. Malaysia’s oil and gas (O&G) industry, particularly the sector serving the oil majors, known as oil and gas services and equipment (OGSE), is key to this. Some of the measures announced by the O&G industry are Petroliam Nasional Bhd’s (Petronas) 2050 net zero carbon commitment via goals such as carbon capture, a cap on greenhouse gas (GHG) emissions and carbon offsets. Furthermore, as the economy becomes greener, the OGSE sector will follow the energy transition pathway, with gas serving as the transition fuel. To make significant progress in this area, Malaysia needs a strong, resilient and internationally competitive OGSE sector that will contribute to sustainable national development as pointed out in the National OGSE Industry Blueprint 2021-2030. We will require OGSE firms that can leverage their technical prowess to develop low-carbon technical solutions while also innovating to maximise efficiency. However, there are structural issues impeding the sector’s ability to contribute meaningfully to Malaysia’s decarbonisation aspirations. For one, we lack homegrown OGSE champions capable of competing globally. At the same time, issues like industry fragmentation persist. Malaysia’s OGSE industry is made up of 4,000 OGSE firms — a fragmented group of players offering varied services to the O&G supply chain. In contrast, an advanced oil-producing country like Norway has just over 1,000 OGSE companies, according to Ernst & Young’s 2020 annual industry review. While the Blueprint has identified initiatives to drive competition, resilience, development and sustainability, OGSE players still need to balance between energy transition and committing to a social contract to operate, as well as managing stringent investor demands for profitability and the need to comply with sustainability standards. While a majority of public-listed OGSE entities have adopted sustainability reporting, the non-PLCs (public-listed companies) — mid-tier OGSE players and cash-strapped OGSE SMEs (small and medium enterprises) — are still fighting tooth and nail for financial survival. Hence, we are seeing uneven progress in sustainability reporting and the adoption of sustainable practices within the industry. This is the reality on the ground. Due to higher costs associated with Covid-19, OGSE owners are concerned about maintaining adequate cash flow to pay personnel and keep the lights on. Operators have rescheduled payments as some projects are put on hold. Compounding this is the recent widespread flooding that could mean higher costs of doing business with logistical delays, office closures and lack of manpower. The fact of the matter is this: Non-listed companies lack the awareness and resources such as financing and talent to comply with sustainability reporting requirements. There are also no sustainability guidelines in place for non-listed firms as well as SMEs, even as investors and funders are demanding that these firms report their sustainability progress as one of the many conditions in getting access to financing. Expecting all OGSE sector players to instantly adopt sustainable activities across the board may not be the best route. Embracing sustainability needs to be on everyone’s agenda. There is a need for collaborative partners to achieve the targets set by the government. For sustainability to be adopted, policymakers need to use a systemic lens and enable the right levers to support sustainability. The sector needs a policy that is focused on industry development — and that addresses fundamental and structural issues — before further strengthening the industry with a comprehensive sustainability policy measure. Depending on company size and where they are in the supply chain, each segment will need customised, pragmatic and relevant sustainability plans. One of the major levers that can be easily put in place is the access to finance for OGSE firms that must be complemented with sustainability financing. The government’s effort in linking the national budget to Sustainable Development Goals and allocation of sustainability funding are steps in the right direction. Another notable development is Bank Negara Malaysia’s Joint Committee on Climate Change moving ahead to establish a Climate Change and Principle-based taxonomy, a RM1 billion financing facility to assist SMEs in implementing sustainability practices, and an O&G Value-based Intermediation Financing and Investment Impact Assessment Framework (VBIAF) for financial institutions and industry players. Notwithstanding the above, a sectoral plan and road map with clear timeframes for adopting sustainable measures will need to be devised. But the sustainability journey is long, and it is easy to get discouraged. Hence, some of the features could include minimum criteria and quick wins in the form of health and safety standards, and gender diversity at the board level, both of which are already embedded or in stages of implementation in most OGSE firms. For minimum criteria, this is where policymakers, regulators, financial and investment bodies, together with the OGSE sector, need to be in alignment and identify achievable milestones or ratings. As most OGSE companies are Petronas-licensed suppliers, including these criteria into Petronas project requirements in the tender process could also help alleviate costs. Grants, incentives and funds should also be made available to facilitate and accelerate sustainability adoption. Floods and increasingly inclement weather owing to climate change are here to stay. Any form of mitigation requires all of us — government, industry and society — to do our part. The OGSE sector can be a part of the net zero carbon aspiration but let us first resolve structural issues to ensure the firms thrive and contribute to both the sustainability aspirations and economic prosperity of the nation. Ilham Sunhaji is head of corporate strategy and research at Malaysia Petroleum Resources Corporation, an industry development agency under the Economic Planning Unit Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/646984

Seven in 10 Malaysians save less than RM500 a month, RinggitPlus survey shows

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KUALA LUMPUR (Dec 6): Seven in 10 Malaysians save less than RM500 per month, leaving them vulnerable to financial shocks, said RinggitPlus.com. At the other end of the spectrum, the percentage of Malaysians who manage to save more than RM1,500 a month has also dropped significantly, from 20% in 2020 to 5% in 2022, the financial comparison website said in a statement. Citing the findings of the RinggitPlus Malaysian Financial Literacy Survey (RMFLS) 2022, the statement said: “70% of respondents indicated that they save less than RM500 a month or do not manage to save at all. This is the worst-ever result tracked by RMFLS in five years”. “The financial effects of the pandemic have been devastating and our survey findings this year reaffirm that Malaysians have real financial challenges to address,” said RinggitPlus co-founder and director Hann Liew. “It is a harsh reality not only for the rakyat, but also for policymakers and industry players — this is a generational issue that requires long-term solutions with sustained and concerted support from all parties,” he said. The nationwide survey was conducted using a self-administered online questionnaire through a third-party analytics platform, based on a sampling of 3,144 Malaysians aged 18 and above. RinggitPlus said the 2022 survey results also indicate that more Malaysians are struggling with less savings in hand, as 63% of respondents stated that they can survive for three months or less with only their savings, compared with 52% last year. “A similar pattern is also seen whereby 55% of Malaysians spent exactly or more than what they earned each month (44% last year), essentially living paycheque-to-paycheque," said RinggtPlus. With depleting savings and higher cost of goods, the survey also highlighted a worrying trend, where more credit cardholders are not paying off their bills in full — just 55% in 2022 compared to 70% last year. “With the challenges in cashflow and savings, the survey shows that Malaysians are choosing short-term monetary relief over long-term financial stability. A staggering 66% of respondents above 21 stated that they will consider applying for more Employees’ Provident Fund (EPF) withdrawals, if the government allows it,” said RinggitPlus. In addition, the survey also found that 52% of Malaysians above the age of 18 have not started investing. Meanwhile, a majority of those who are investing have low-risk appetites but medium-term investment horizons which is not optimal — though these may be influenced by current financial challenges and the global economic outlook, noted RinggitPlus.

https://theedgemalaysia.com/node/639301

BNM international reserves down 0.19% to US$106.1b as at Sept 30, from US$106.3b as at Sept 15

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KUALA LUMPUR (Oct 7): Bank Negara Malaysia's (BNM) international reserves have dipped to US$106.1 billion (RM493.68 billion) as at Sept 30, 2022, from US$106.3 billion as at Sept 15. "The reserves level has taken into account the quarterly foreign exchange revaluation changes," the central bank said in a statement on Friday (Oct 7). The reserves position is sufficient to finance 5.6 months of imports of goods and services, and is 1.1 times the short-term external debt. The central bank's international reserves consist of five components. They are: foreign currency reserves, which rose to US$94.6 billion from US$93.9 billion two weeks earlier; International Monetary Fund (IMF) reserves, which stayed at US$1.3 billion; and special drawing rights (SDRs) of US$5.5 billion, down from US$5.7 billion previously; gold of US$2.1 billion, down from US$2.3 billion; and other reserve assets of US$2.6 billion, down from US$3.1 billion. The bank's assets totalled RM576.06 billion as at Sept 30, while currency in circulation stood at RM156.78 billion.

https://theedgemalaysia.com/node/669337

Hong Kong aims to raise up to US$6b in green bonds — sources

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SYDNEY (May 31): Hong Kong's government is aiming to raise US$4 billion (RM18.41 billion) to US$6 billion in a multi-currency green bond deal, according to two sources with direct knowledge of the matter. The sources could not be named as the information is confidential. The Hong Kong government referred a request for comment to the city's Monetary Authority, which said the "relevant details will be announced in due course". The deal consists of three-, five- and 10-year dollar green bonds, according to a term sheet seen by Reuters. Investors had already lodged orders worth US$9 billion for the US dollar tranche, according to a bookrunner's message seen by Reuters. A separate term sheet showed the government is also carrying out an offshore Chinese yuan green bond with 2-, 5- and 10-year tenors. Hong Kong also plans to issue a Euro green bond, according to the sources, but details will be released later on Wednesday (May 31). The deal is the second green bond carried out by the city this year after it raised US$5.75 billion worth of bonds in dollars, euros and green bonds in January. Initial price guidance has been set at Treasuries plus 65 basis points (bps) for the three-year dollar bond, Treasuries plus 70bps for the five-year and Treasuries plus 80bps for the longer-dated bond, the term sheet showed. For the offshore yuan tranche, price guidance is set at 3.15% for the two-year, 3.4% for the five-year and 3.7% for the 10-year bond. Hong Kong's government plans to use the funds raised to finance projects that provide "environmental benefits and support the sustainable development" of the city, according to the term sheet.   

https://theedgemalaysia.com/node/664913

Genting Malaysia’s Miami land sale set to boost ammunition for New York casino bid

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KUALA LUMPUR (April 27): Genting Malaysia Bhd’s proposed US$1.225 billion (RM5.433 billion) land divestment in Miami is set to reinforce the group’s financial strength in its bid for a downstate New York gaming licence. Although the casino-and-resort operator has made it clear that cash proceeds arising from the divestment are meant for “general corporate and investment purposes”, analysts seem upbeat on the latest deal, driven mainly by the prospect from the downstate New York gaming licence.  JPMorgan analysts Jeffrey Ng and Sigrid Qiu said the exercise not only unlocks value of non-core assets, but also signifies that Genting Malaysia is preparing capital for its bid for a downstate New York gaming licence.  “Investors have never valued the Miami assets, as they were sleeping assets awaiting a gaming licence. Genting Malaysia originally bought the Miami Herald land for US$246 million in 2011. The initial hope was to win a gaming licence and build a casino, but that hope never came true,” they said in a research note on Thursday (April 27).  “We do not expect a special dividend, as the unlocked capital is already earmarked. Genting Malaysia is bidding for a New York table gaming licence, and the projected capital expenditure is US$1 billion,” they added.  Genting Malaysia announced the divestment on Thursday, proposing to sell the four parcels of land, collectively spanning 15.47 acres, by its wholly-owned unit to Smart Miami City LLC, which is ultimately-owned by South Florida-based real estate developer Terra Group founders David and Pedro Martin.  AmInvestment Bank Bhd has been appointed as the principal adviser for the deal, while JLL Valuation & Advisory Services LLC is the independent land valuer.  The disposals, which require shareholders’ approval, would enable Genting Malaysia to recognise an estimated gain of US$967 million.  Nomura analysts Tushar Mohata and Alpa Aggarwal said the sale represents ‘a large windfall’ for Genting Malaysia, and is deemed a very positive development for the group and its parent, Genting Bhd.  “This is a large windfall for the company, in our view, and will help improve the balance sheet for both Genting Malaysia and Genting after years of capex, Covid-19 related slowdown and generous dividends, which have resulted in its net debt-to-equity rising from 19% as of end-2019 to 71% as of end-2022.  “A rough calculation shows that Genting Malaysia’s net debt to equity will fall back sharply to 21% post the sale,” they said. Genting Malaysia’s latest annual report showed that its cash and cash equivalents stood at RM3.04 billion as at end-2022, down from RM4.64 billion as at end-2021.  If Genting Malaysia fails to secure a New York gaming licence, the gain from the asset sale could then be used to pare down debt, said JPMorgan’s Ng and Qiu, potentially saving interest cost of US$23.8 million, boosting steady state profit after tax by 8%.  “The bidding process is likely to take longer than expected, with the release of the final result likely early next year.  “The region’s two existing race course-based casinos — Genting’s Resorts World New York City and MGM Resorts International’s Empire City Casino — are the leading contenders, as they both already have existing infrastructure to turn into full casinos,” they said.  The duo has an “overweight” rating for Genting Malaysia, with a target price (TP) of RM4.00, given the post-pandemic growth prospects of its flagship resort in Malaysia, potential New York gaming licence and sustainable dividends.  According to Bloomberg data, analysts have 15 “buy” ratings, four “hold”, and one “sell” for Genting Malaysia, with a consensus TP of RM3.28.  Genting Malaysia’s shares climbed as much as 3% to an intraday high of RM2.75 on Thursday, before paring gains to close at RM2.73, up six sen or 2.25%, valuing it at RM16.21 billion.  Genting, meanwhile, rose as much as 1.7% to an intraday high of RM4.74, before paring gains to close at RM4.70, up four sen or 0.9%, valuing the group at RM18.22 billion. Talks on the divestment deal surfaced last month when media reported that the property attracted offers of over US$1 billion.  Back then, Maybank Investment Bank analyst Samuel Yin Shao Yang, who has a “buy” rating and a TP of RM2.97, estimated that Genting Malaysia could realise proceeds of over RM4.4 billion, and a gain on disposal of more than RM2.9 billion or 52 sen per share. “More than a decade after entering the Miami property market, Genting Malaysia is likely to exit it, but with a whopping profit in tow. Yet, we do not expect Genting Malaysia to declare special dividends, but instead expect it to fortify its balance sheet, as it bids for a lucrative downstate casino licence in New York,” he wrote in a research note on March 27. “Recall that we estimated that a downstate casino licence could add over 53 sen per share to our discounted cash flow-derived TP,” he added. Yin said Genting Malaysia currently operates the Hilton Miami Downtown hotel on the aforesaid property, but it contributed only US$4.8 million or less than 1% to group earnings before interest, tax, depreciation and amortisation for the financial year ended Dec 31, 2022.  “Thus, the sale of the aforesaid property will not negatively impact our Genting Malaysia earnings estimates materially,” he said. To receive CEO Morning Brief please click here.

https://theedgemalaysia.com/node/674611

Disney extends CEO Bob Iger's contract through 2026

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(July 13): Walt Disney's board on Wednesday (July 12) extended chief executive officer Robert Iger's contract by two years as the experienced leader who came out of retirement in 2022 battles long-term challenges to its film and television businesses. The board said in a statement that it aimed to maintain "continuity of leadership during the company’s ongoing transformation". Iger returned to Disney as the CEO in November 2022, less than a year after he retired, vowing to stay for two more years to restore the business while seeking a more durable replacement after the company pushed out Bob Chapek, Iger's hand-picked successor. "There is more to accomplish before this transformative work is complete," Iger said in a statement, adding that the board was continuing to interview internal and external CEO candidates. He faces challenges on multiple fronts during a period of significant transition in entertainment and media. The streaming video business, once viewed as the future of media, continues to lose money. Terms of his contract include opportunity to receive an annual incentive bonus of five times his base salary. In his previous contract, he was entitled to an estimated US$27 million per year in total compensation. Weak box office performance of marquee titles have also challenged Iger's effort to turn around the empire. Meanwhile, the television business is confronting long term and likely irreversible declines in audiences. In February, Disney said it would cut 7,000 jobs in a major overhaul to save US$5.5 billion (RM25.38 billion) in costs. Disney shares edged higher in after hours trading.

https://theedgemalaysia.com/node/627766

Higher CPO prices mitigate lower FFB yields for Kretam

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This article first appeared in The Edge Malaysia Weekly on July 11, 2022 - July 17, 2022 KRETAM Holdings Bhd reported a record profit of RM153.3 million in the financial year ended Dec 31, 2021 (FY2021), but the Sabah-based plantation group refuses to get overly excited. Executive director and chief operating officer Gary Lim Tshung Yu acknowledges that although the company’s earnings performance was lifted by higher crude palm oil (CPO) prices, its fresh fruit bunch (FFB) yield has actually been on a downward trend. According to him, Kretam’s production has dropped about 7% from pre-Covid levels due to factors such as seasonal weather conditions, travel restrictions and labour shortage. “Frankly, last year was a very bad one for us in terms of FFB yield, which was only about 17 tonnes per hectare. Fortunately, the higher CPO prices mitigated these negative factors,” he tells The Edge in an interview. For perspective, Kretam’s FFB yield was in the range of 18.83 to 18.92 tonnes per hectare between FY2017 and FY2019, before declining to 17.61 tonnes per hectare in FY2020 and 17.71 tonnes per hectare in FY2021. Over the past two years, CPO prices had climbed about 70%, from RM3,041 per tonne at end-2019 to RM5,159 per tonne at end-2021. Quite astonishingly, it hit the RM8,000 per tonne mark for the first time on March 1 this year before sliding to the RM5,000 per tonne level recently. “Definitely, Kretam is riding the commodity boom and we are benefiting from the rising CPO prices. Our earnings speak for itself. But the fact is, we are still facing a difficult labour situation. Although travel restrictions have been lifted, we are still facing difficulties in bringing in foreign labour,” says Lim. Kretam currently employs about 4,000 workers, of whom 3,200 are foreign workers. About 76% of the group’s foreign workers are from Indonesia, while the remaining 24% are from the Philippines. Lim acknowledges that the labour shortage will continue to affect Kretam due to the loss of income from unharvested fruit. “Although we are not heavily impacted, we are still short of workers on the field. The introduction of the minimum wage for the plantation sector is actually a double-edged sword. On one hand, such an increase will raise production costs by 20% to 25%. But on the other hand, we are hopeful that such an increase will attract more foreign workers,” he explains. To mitigate the impact of the labour shortage, Kretam has been trying to mechanise its operations. For instance, the group is working on mechanising its evacuation process. “As a local plantation company, there is only so much we can do. We try to offer better wages and benefits to our workers, build better houses for them, provide them with better welfare,” says Lim, adding that the weaker ringgit is another issue because foreign workers will be less willing to work in Malaysia. “And bear in mind that most foreign workers at plantation companies are from Indonesia, the largest CPO producer in the world. We can’t really stop them if they want to return to their home country,” he observes. Lim, 30, was appointed to the board in December 2018. He is the son of Datuk Freddy Lim Nyuk Sang, CEO and controlling shareholder of Kretam with 66.89% equity interest. Its top 30 shareholders include Mingo Development Sdn Bhd, Morisem Consolidated Sdn Bhd and Akas Permai Sdn Bhd. It is worth pointing out that Freddy is the largest shareholder of Sandakan-based timber firm Priceworth International Bhd, with a direct stake of 26.96%, where his brother Andrew Lim Nyuk Foh is managing director. Year to date, the share price of Main Market-listed Kretam had fallen 12% to close at 49.5 sen last Wednesday, giving the company a market capitalisation of RM1.15 billion. The counter is trading at a historical price-earnings ratio (PER) of 6.2 times, lower than the average 8.4 times for plantation stocks on Bursa Malaysia. On its share price performance, Lim is of the view that Kretam is an undervalued stock. “We would like to think that investing in our stock will not go wrong for long-term investors. Theoretically, if our PER could revisit 12 to 15 times, which we think we deserve, our share price would easily go back to RM1,” he says. Lim adds that Kretam will continue to perform well even when CPO prices normalise because it is an integrated plantation group with both upstream (plantation, mills and fertiliser plant) and downstream business (refinery and biodiesel). In FY2021, the refinery segment generated revenue of RM707 million, while the plantation segment contributed revenue of RM520 million. But in terms of profit, the plantation segment contributed RM120 million in FY2021, which was higher than RM46 million generated by the refinery segment. Lim highlights that Kretam’s plantation segment has a better profit margin than the refinery segment, as CPO and FFB prices have risen significantly. Hopefully, he says, the return of more foreign workers post-Covid will provide better management and yield to the group’s plantation segment. Kretam has four estates in Sandakan, three in Lahad Datu and two in Tawau. In total, the estates measure 24,744ha, of which 20,090ha are plantable areas. The group also operates three oil mills in Sandakan, Lahad Datu and Tawau, with a combined capacity of 135 tonnes per hour. Kretam operates an integrated refinery and biodiesel plant, which produces edible oils and biodiesel from palm oil, at the Sandakan Palm Oil Industrial Cluster. It has the capacity to process 1,500 tonnes of CPO and refine 300 tonnes of palm methyl ester (PME) per day. On its earnings performance, Lim foresees that FY2022 will be another good year for Kretam. “Our net profit reached a record high of RM153.3 million in FY2021, when CPO prices were in the range of RM4,000 to RM5,000 per tonne. We expect CPO prices to remain strong at least until the end of this year. Against this backdrop, we expect to see profit growth in FY2022,” he says. “But to be honest, it’s hard to predict our earnings performance beyond FY2022. Overall, we believe Kretam, like most plantation companies, will continue to register a healthy financial performance and grow steadily.” Interestingly, in February 2018, Hap Seng Plantations Holdings Bhd had announced its intention to acquire a 55% stake in Kretam for RM1.18 billion, but the deal fell through about four months later. Hap Seng Plantations decided not to proceed with the deal after it found the results of its due diligence to be “unsatisfactory and unacceptable”. When asked about what transpired then, Lim merely replied, “We are unable to answer this because we didn’t get an explanation from them. As to whether our stake is still up for sale, I think it is difficult to justify a good price at the moment. But at the current price, we are not interested in selling.” After a two-year pause, Kretam resumed paying dividends in FY2020 (two sen per share) before reducing it to one sen per share in FY2021, which translates to a dividend yield of 2% based on its current share price.   Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/622874

Malaysian planters see losses in earnings by 5-10% from labour shortages

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KUALA LUMPUR (June 6): Malaysian planters see losses in earnings by a further 5-10% this year, exacerbated by the acute labour shortages in the oil palm industry. In a statement on Monday (June 6), the Malaysian Estate Owners' Association (MEOA) said the two oil palm regions in Malaysia where there are massive shortages of labour are Peninsular Malaysia and Sarawak, which make up 74% of the total oil palm production area in Malaysia. It said even if there are fresh fruit bunches (FFB) on the trees, they are not being harvested, or are not harvested within the specified norm of 12 to 15 days round. Some areas are even taking up to 35-40 days to render the FFB to be overripe or rotten, it said. It was reported on May 31 that Indonesia had cancelled a plan to send its citizens to work in oil palm plantations in Malaysia. The group said with no issuance of the announced 32,000 extended permits for workers, except for the recent small number of workers for some bigger plantation groups in sight, there will be even lower palm oil available along with the ban of export of palm oil from Indonesia. MEOA said there is a sustained and growing demand for palm oil in the global edible oil equation. "The sad reality is that Malaysia is missing the golden opportunity presented on a platter as we are not able to cope with the harvesting of all the oil palm bunches at the appropriate harvesting rounds set against the present limited labour force. "Crop losses translate into losses in revenues and also taxes for the government coffers along with losses in additional multiplying and spin-off economic activities for the country," it said. The group said the acute labour shortages will also affect future earnings as with limited labour force, many plantations would try to manage their labour productively by channelling their scarce human resources focused merely on harvesting of crop. It said the priority is to ensure the modus operandi to bring in workers from Lombok is firmed up and the entire process can kick-start without delay so that all companies, be it big, medium or small players, will benefit from the return of the guest workers into Malaysia. MEOA said it remains optimistic that the issuance of all the work permits would also be issued to mid- and smaller-sized plantations with the same urgency and expediency. "In so far that recruitment applications by any planters fulfil all the necessary requirements to bring in the guest workers, transparency should prevail and no favouritism should be accorded," it said. MEOA said that set against a national shortage of an estimated 1.25 million workers, the relevant authorities should also parallelly work out a system to prevent absconding from the plantation industry. Read also: Indonesia cancels plan to send workers to Malaysia's palm plantations Malaysia to receive first batch of Indonesian workers for palm oil sector Approval of foreign workers for plantation to carry on as planned, says Human Resources Ministry

https://theedgemalaysia.com/node/633427

SRC案终极上诉 纳吉要求首席大法官退审

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（布城23日讯）前首相拿督斯里纳吉周一（22日）晚入禀法庭提出申请，要求领审SRC International私人有限公司案终极上诉的首席大法官Tun Tengku Maimun Tuan Mat退审。 纳吉代表律师郑宝德告诉联邦法院五司，他的当事人已入禀申请，并要求优先处理退审申请。 但主控官Datuk V Sithambaram表示并未收到已盖印的副本，无法进行辩论。 对此，Tengku Maimun询问郑宝德是否就主上诉提呈任何陈词，郑宝德回说不，但他要回复控方的陈词，即法庭可在辩方不陈词的情况下，作出裁决。 除了要求Tengku Maimun退审，纳吉还要求一组新法官来审理他的最终上诉。 纳吉申请的依据是首席大法官的丈夫Datuk Zamani Ibrahim，于2018年5月11日在Facebook发布的贴文，纳吉的支持者也就此向警方投报。 这篇文是与纳吉领导的政府在第14届全国大选倒台有关，他写道：“欣见纳吉倒台”。 “作为审理我上诉领审（Tengku Maimun）的丈夫，他很可能会影响领审对我所面对罪责的想法。”   （编译：陈慧珊）   English version：Najib makes last-ditch effort to recuse Chief Justice in SRC final appeal

https://theedgemalaysia.com/node/652118

CNY: MAVCOM approves a total of 316 extra flights

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SEPANG (Jan 17): The Malaysian Aviation Commission (MAVCOM) has approved 25 additional flights to domestic destinations in conjunction with the Chinese New Year from Jan 18 to 31. With these extra flights, a total of 316 additional flights have been approved compared with the 291 additional flights announced by Transport Minister Anthony Loke Siew Fook on Jan 6, following requests from airlines and as part of the effort to deal with the flight fare hike during festive seasons. MAVCOM executive chairman Datuk Seri Saripuddin Kassim said the additional flights involved 134 flights offered by AirAsia, Batik Air (69), Malaysia Airlines (53), SKS Airways (44) and Firefly (16). “With these additional flights, the airport is expected to be busier starting tomorrow," he told Bernama and RTM after conducting an inspection at Kuala Lumpur International Airport 2 (klia2) here on Tuesday to assess the operational readiness of airlines and airports including the Kuala Lumpur International Airport (KLIA) to handle high passenger traffic in conjunction with the festive season this weekend. He said MAVCOM had issued a letter to local airlines on Monday (Jan 16) to remind them to comply with all flight schedules and regulations. On flight delays or cancellations, Saripuddin said the Malaysian Aviation Consumer Protection Code 2016 (MACPC) stipulated rules that need to be followed including providing food and internet access for delays of two hours or more. "It is true that there are airlines that comply with the rules but it depends on the passengers, sometimes they refuse the service, it is their choice. "We just want airlines to be responsible as required by MAVCOM, because all passengers pay a passenger service charge, so they deserve to get (at least) the minimum standard of service at the airport," he added.

https://theedgemalaysia.com/node/673537

Central Global takes on mixed development job worth RM42m in Kedah

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KUALA LUMPUR (July 4): Central Global Bhd’s unit had signed a collaboration agreement with Kedah state government to develop a mixed project with a gross development value of RM42.3 million at Pendang, Kedah.    In a filing on Tuesday (July 4), the company said its wholly-owned sub-subsidiary Central Global Development Sdn Bhd (CGD) signed the agreement with Menteri Besar Kedah Inc’s wholly owned subsidiary Permodalan Kedah Bhd (PKB).    CGD is primarily involved in investment holding and buying, selling, renting and operating of self-owned or leased real estate of residential buildings and land.     While PKB is primarily involved in developing the state of Kedah in various fields including real estate development, construction, hospitality and mining.    “The project, spanning 11.7 acres of leasehold land, will see CGD undertake the responsibility of developing a mixed development comprising 20 units of two-storey shop/office lots, 46 units of two-storey terrace houses, and 53 units of 1-storey terrace houses,” the company said.    The project is expected to be completed within five years.    “The demand for residential properties in Kedah has continued to be encouraging and there is no better way for us to employ our construction expertise than to fulfill this demand,” said CGB executive director Jacky Lee.    He added the agreement is also a synergistic collaboration that fits well into the group’s expansion plan given CGB’s existing exposure in the construction sector in the northern region.    “In line with this plan, we continue to source for opportunities in both the domestic and regional markets to ensure a healthy replenishment of projects,” he added.   Currently, CGB is active in the residential property construction sub-sector in Penang through its wholly-owned subsidiary Proventus Bina Sdn Bhd.   The group is also making significant headway in the infrastructure construction sub-sector primarily in Sabah through its 70%-owned subsidiary RYRT International Sdn. Bhd.    To date, the group’s construction order book is recorded at RM318.8 million.    Central Global’s shares closed unchanged at RM1.54, valuing the company at RM231.09 million.  

https://theedgemalaysia.com/node/609330

CSC Steel poised to continue recent strong uptrend, says RHB Retail Research

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KUALA LUMPUR (Feb 28): RHB Retail Research said CSC Steel Holdings Bhd is poised to continue its recent strong uptrend movement (having printed a “breakaway gap” on Feb 22) as it managed to sustain above the support level following the recent pullback. In a trading stocks note on Monday (Feb 28), the research house said the stock is expected to jump higher if it manages to surpass the RM1.58 recent high. “If that happens, we expect the bulls to climb towards the next resistance at RM1.74, followed the next resistance of RM1.84. “Conversely, falling below the immediate support of RM1.45 may trigger the resumption of a downward correction, printing a 'lower low' bearish pattern amid 'filling the gap',” it said.

https://theedgemalaysia.com/node/666274

Supermax buys back 66.9 million of own shares from April to May

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KUALA LUMPUR (May 9): Supermax Corporation Bhd bought back a total of 66.9 million of its own shares from April 19 to May 9, amounting to RM58.45 million. Supermax's stock exchange filings show that the group's outstanding issued capital stood at 2.72 billion as of Tuesday (May 9). These buybacks were done within the price range of 82 sen to 91 sen. In comparison, Supermax traded as high as RM9.394 per share in August 2020 at the height of the Covid-19 pandemic, before trending downwards in the following years as the subsiding global pandemic led to a softening in glove demand. At the time of writing, Supermax shares closed 8 sen or 9.88% higher at 94 sen on Tuesday, giving it a market capitalisation of RM2.44 billion. It is worth noting that as of the second quarter ended December 31, 2022 (2QFY2022), Supermax's cash and bank balances stood at RM2.473 billion after deducting long-term borrowings of RM42.3 million and short-term borrowings of RM97.3 million. The cash level is almost as big as the group’s market capitalisation. Supermax is 39% controlled by executive chairman Datuk Seri Stanley Thai Kim Sim and his wife Datin Seri Cheryl Tan Bee Geok through Supermax Holdings Sdn Bhd.

https://theedgemalaysia.com/node/610947

云顶大马：重新开放国际边界将进一步支持集团复苏

Mandarin

（吉隆坡9日讯）云顶马来西亚（Genting Malaysia Bhd）表示，随着新冠疫苗的进展推动人们对我国经济增长的乐观情绪，我国重新开放国际边界将进一步支持集团复苏。 云顶马来西亚说：“客人、员工和社区的健康和安全，仍然是关键的优先事项。”   （编译：魏素雯）   English version：Genting Malaysia says potential reopening of country's borders will further support group’s recovery    

https://theedgemalaysia.com/node/672075

EU sees hurdles to seizing €200b in Russian assets

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(June 21): The European Union (EU) has assessed that it can’t legally confiscate outright frozen Russian assets and instead is focusing on using those assets temporarily, according to a document obtained by Bloomberg. The EU is zeroing in on two options as it keeps exploring how it could harness more than €200 billion (RM1.01 trillion) in frozen Russian central bank assets and channel them to Ukraine, the report said. Many of the funds are at settlement giant Euroclear Ltd, where they generated nearly €750 million by the first quarter of this year. The bloc is expected to seek a mandate to work on this policy from EU leaders when they meet in Brussels next week.  An EU working party on the use of Russian reserves frozen under the bloc’s sanctions has been discussing how to gather information and assessing options under EU and international law. Its members see “no credible legal avenue allowing for the confiscation of frozen or immobilised assets on the sole basis of these assets being under EU restrictive measures,” it concluded. Instead it favours channelling windfall profits from the investments to Ukraine.  Austrian Foreign Minister Alexander Schallenberg urged caution in an interview with Bloomberg Television on Wednesday (June 21). “I fully understand the emotionality of the debate and that we say we have to get our hands on these assets,” he said.  “But we are rule-of-law states. We are defending a rules-based international order,” Schallenberg added. “So whatever we do in this endeavour has to be absolutely water-tight. It can be challenged, and it might be challenged in front of European or American courts. If any of these actions were to be lifted by a judge, it would be a diplomatic and economic disaster.” Several major global banks are concerned that appropriating Russian assets could cause Moscow to retaliate against their remaining interests in the country, according to people familiar with the matter.  Russia could make life harder for foreign banks and target their local staff, an executive at one bank said. A second executive said his bank isn’t lobbying directly but is opposed in principle to confiscation by the EU. The European Central Bank has warned that using interest rate proceeds from the assets could encourage official reserve holders to turn their back on the euro, the report said. The central bank believes international coordination will play a key role in mitigating the risks. The paper identified significant legal obstacles to one of the two options the bloc is exploring: temporarily using liquid assets of Russia’s central bank — in other words, investing the assets and directing the proceeds to Ukraine.  The group preferred a second option: a so-called windfall contribution. Firms with Russian holdings that are generating large profits by investing them could be required to transfer a substantial amount to the EU. This could reduce legal risk for the bloc because the EU wouldn’t be managing them. EU officials wrote that this model wouldn’t affect financial stability, would preserve the business models of the firms involved and would be fair in terms of tax. “It would not impact the legal situation of the assets,” they added. European Commission president Ursula von der Leyen said on Wednesday in a speech to the Ukraine Recovery Conference in London that the bloc will come up with a proposal for using those holdings before its summer break in mid-July. More than half the assets are in cash and deposits, while a “substantial amount” of the remainder is in securities that will transform to cash as they mature in the next two to three years. The commission informed the working group “of the potential magnitude of revenues” if these liquid assets were invested prudently. EU officials considered actively managing the assets to generate returns that could be used to support Ukraine. But property rights would need to be considered, and there is a risk of negative returns that couldn’t be completely eliminated, the report said. Overall, the paper describes the urgent need of pushing forward with the work and taking the lead internationally on the matter given that most central bank assets are in the EU. The bloc’s leaders are expected to take stock of the work done so far next week and ask that officials keep moving ahead on it, according to a draft statement seen by Bloomberg.  

https://theedgemalaysia.com/node/644326

ELK-Desa Resources’ 2Q net profit more than doubles to RM11.53 mil, declares 4.5 sen dividend

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KUALA LUMPUR (Nov 16): ELK-Desa Resources Bhd’s net profit for the second quarter ended Sept 30, 2022 (2QFY23) jumped more than two times to RM11.53 million, from RM4.75 million a year ago, on higher contribution from both hire purchase and furniture segments. As a result, its earnings per share increased to 3.8 sen in 2QFY23, from 1.6 sen previously, the non-bank lender said in a bourse filing. Quarterly revenue rose 54.26% to RM36.04 million, from RM23.36 million a year before. The company has declared an interim dividend of 4.5 sen per share, payable on Dec 16. The dividend payout is higher than the two sen declared for the previous corresponding period. For the cumulative six-month period ended Sept 30, 2022 (6MFY23), ELK-Desa’s net profit tripled to RM29.12 million, from RM9.72 million a year earlier.  Its six-month revenue also gained 37.01% to RM74.99 million, from RM54.74 million previously. In a statement, ELK-Desa executive director and chief financial officer Teoh Seng Hee said the significant profit contribution from its hire purchase segment for 6MFY23 was on the back of the reversal of impairment allowance on hire purchase receivables. However, he does not foresee such a reversal trend continuing for the remaining financial year, given the uncertainties in the operating environment, such as rising cost of living and the expiry of bank loan moratoriums impacting borrowers’ disposal incomes. Nonetheless, he said the better performance in 6MFY23 compared to the entire FY22 reflects the normalisation of the group's business activities, following disruptions to operations caused by the global pandemic. Teoh added that the overall demand for used-car hire purchase financing is expected to remain strong, more so as the economy normalises. “We also expect the growth of online trading platforms for used cars to contribute towards a slower price reduction rate for older used cars, while the introduction of a higher minimum wage rate of RM1500 may be a positive for the industry,” he said. In its furniture segment, Teoh expects the improving business and consumer sentiment to drive demand for quality and value-for-money products. In tandem with the strategy to solidify its presence in the wholesaling of home furniture in the domestic market, he said ELK-Desa will work closely with furniture dealers and manufacturers to identify the right furniture products that appeal to Malaysian consumers. ELK-Desa's share price closed seven sen or 5% higher at RM1.48 on Wednesday (Nov 16), for a market capitalisation of RM448.75 million. 

https://theedgemalaysia.com/node/671916

Spotify plans new premium tier, expected to include HiFi audio

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(June 20): Spotify Technology SA is planning a more expensive subscription option that’s expected to include high-fidelity audio in an effort to drive more revenue and placate investors who’ve been saying the company should raise its prices. Dubbed “Supremium” internally, according to people familiar with the strategy, the new tier will be Spotify’s most expensive plan and likely offer a HiFi feature the company first announced it was working on in 2021. Spotify delayed that product’s rollout after two of its competitors, Apple Music and Amazon Music, began offering the feature for free as part of their standard plans. The new tier will launch this year in non-US markets first. To augment its current “Premium” tier, Spotify will give subscribers expanded access to audiobooks, either through a specific number of hours free per month or a specific number of titles. There will be an option to purchase more. Currently, the company only sells audiobooks a la carte through its app. Spotify plans to introduce that feature in the US in October, after first launching in markets abroad. A Spotify spokesperson declined to comment. These changes might be enough to drive new revenue and maintain interest in a stock that has doubled so far this year to US$159.99 per share. Spotify has been competing fiercely with the rival services from Apple Inc and Amazon.com Inc, both of which hiked their standard plans’ prices by a dollar in the US to US$10.99 (RM51) per month in the past year. Spotify’s US$9.99 Premium plan, which includes access to podcasts and ad-free music listening, has remained the same in the US since the service launched stateside. The company also offers a free version with commercials. Chief executive officer Daniel Ek said on an earnings call earlier this year that the company balances pricing changes with the desire to grow subscribers. In 2022, the company increased prices in more than 40 markets. “It’s definitely something that we’re doing, and we’re looking at it as a balanced portfolio approach, where in some markets we’re selectively increasing prices, because we’re in a more mature place,” he said. “In some markets, we’re mostly focused on growth.” The company has been reining in costs this year in an effort to achieve profitability. It reduced staff by 6% in January and then cut an additional 2% of employees earlier this month. It also let high-profile podcast deals lapse and is looking to sublease floors in its New York City office.

https://theedgemalaysia.com/node/609151

齐力工业末季净利从1.45亿弹升至2.86亿

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（吉隆坡25日讯）截至2021年12月31日第四季（2021财年第四季），齐力工业（Press Metal Aluminium Holdings Bhd）的净利弹升至2亿8582万令吉，一年前为1亿4525万令吉。 2021财年净利暴涨至10亿3000万令吉，上财年报4亿5985万令吉。   （编译：魏素雯）   English version：Press Metal 4Q net profit up at RM286m from RM145m a year earlier

https://theedgemalaysia.com/node/663284

Cover Story: From old industrial area to vibrant locality

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This article first appeared in City & Country, The Edge Malaysia Weekly on April 17, 2023 - April 23, 2023 Initially an industrial enclave, Section 13 is one of the last few tracts in Petaling Jaya that are still available for redevelopment, thanks to a rezoning exercise carried out more than a decade ago. Landmarks of the area include the Rothmans Roundabout at the intersection of Jalan Professor Khoo Kay Kim (formerly known as Jalan Semangat), Jalan Profesor Diraja Ungku Aziz (formerly known as Jalan Universiti) and Jalan Harapan. Some of the recent land transactions are the purchase of Dutch Lady Milk Industries Bhd’s 9.93-acre leasehold factory parcel and buildings by UEM Sunrise Bhd — to be redeveloped into a RM1.3 billion mixed-use project — and the sale of the former Sinalco and Kickapoo Joy Juice bottling factory site to Penang-based GSD Land (M) Sdn Bhd. They are located across from each other on Jalan 13/6. The bottling factory site was reportedly transacted at RM46 million, or RM514 psf — a new high for transactions of industrial land (now rezoned for mixed-use commercial developments) in the area. Bounded by Jalan Professor Khoo Kay Kim, Jalan Profesor Diraja Ungku Aziz and Jalan Kemajuan, Section 13 is known to be part of Petaling Jaya’s “church belt”, owing to the number of churches there. The area also has automobile showrooms and two hospitals (Columbia Asia Hospital Petaling Jaya and ReGen Rehab Hospital). Over the past 10 years, the landscape of Section 13 has changed significantly, giving way to more mixed-use developments. Most of the parcels on Jalan Professor Khoo Kay Kim, Jalan Profesor Diraja Ungku Aziz and Jalan Kemajuan have been developed. The most recent completed offerings are ATWATER by Paramount Property Development Sdn Bhd and Ryan & Miho by OSK Property, both on Jalan Profesor Diraja Ungku Aziz. ATWATER comprises two serviced apartment towers and two office towers. The serviced apartment buildings — which are fully sold — have been completed and the developer is in the process of handing over the units to the purchasers. ATWATER comprises a total of 493 serviced apartments ranging from the smaller 670 sq ft and 703 sq ft units to those with larger built-ups of 853 sq ft to 1,422 sq ft. Most units have a semi-detached design, offering natural ventilation in the bathrooms and yard area. The facilities include a swimming pool, fitness centre, badminton court, basketball court, an exercise station, a reflexology path and yoga pavilions nestled in a communal garden. The office towers are under construction and slated for completion by 3Q2023. While the new projects in Section 13 are mainly mixed-use developments, the area has few new office components. Henry Butcher Real Estate Sdn Bhd chief operating officer Tang Chee Meng notes that offices in the mixed-use development areas in Section 13 — such as centreSTAGE and Jaya One — were mostly sold on a strata basis. There are also a few single-owner office buildings available for rent, including PJ33. “Occupancy rates are mixed, with single-owner office buildings that have more modern facilities and specifications doing better than strata-titled offices. Rental rates have been fairly stable,” he says. According to Nawawi Tie Leung Sdn Bhd managing director Eddy Wong, only a handful of office transactions have been recorded in Section 13. Based on announcements by public-listed companies, Luxchem Corp Bhd bought Block N in Jaya One for RM696 psf in April 2022; and Excel Force MSC Bhd sold an 18,988 sq ft office at Plaza 33 for RM825 psf in March 2018, with an existing tenancy at a rental rate of RM5 psf. Some of the current asking rents observed in Section 13 are between RM2.80 and RM3.50 psf at the Jaya One offices, and around RM5.50 psf on average at PJ33, he notes. Meanwhile, Henry Butcher’s Tang has observed some newer office buildings with more superior facilities offering tenants attractive packages, which has resulted in businesses relocating there and vacating their offices in older buildings. He says while the owners of the new buildings may lose out in terms of net rental collections at the beginning, it helps them gain more tenants and increase their occupancy rate. They can push up the rentals closer to the market rate once the tenancies are due for renewal. According to data from Henry Butcher, the rental rates for office space at PJ33 have hovered from RM3.40 to RM13 psf (depending on the tower, floor level and unit size) since 2016. In terms of transactions, office units in purpose-built office buildings at Jaya One were transacted at RM521 to RM669 psf, based on three deals in 2022. From 2018 to 2021, these office units at Jaya One were priced at RM361 to RM796 psf, according to the data. Nawawi Tie Leung’s Wong notes that the office sector in the Klang Valley is expected to remain challenging in the near term as the oversupply of office space may take some time to normalise. “Occupiers are moving from older office buildings to the newer office buildings, owing to the large stock of newly completed offices,” he explains. Tang says although the office market in the area may see challenges in the short term in view of the abundance of office supply in relation to demand, “in the longer term, with the decentralisation of offices away from the congested and more expensive city centre, demand and therefore occupancy rates of offices in the area could pick up”. Knight Frank Malaysia executive director of corporate services Teh Young Khean says the occupancy rate of office space in Selangor has remained relatively stable at an average of 77%, despite an increase of 19.8% in supply over the last five years. “There is a change in preference for businesses to be located in Greater Kuala Lumpur. Factors supporting this observation include lower rental and operating cost, easier accessibility and less commuting time between home and workplace, proximity to a wider talent pool as well as the availability of prime, Grade A and green office buildings off city centre areas.” In 2022, Selangor recorded 26 million sq ft of office space, of which more than 58.5% was located in Petaling Jaya, notes Teh. He says the high demand for office space in Petaling Jaya can be attributed to its strategic location, amenities, accessibility, public transport and easy access to the talent pool — all of which are expected to catalyse the city’s potential for business operations. Teh also notes that over the last five years, Petaling Jaya has seen an increase of 36.9% in office space supply and a marginal drop of 9.1% in occupancy rate. Like Tang and Wong, he has also observed a preference for businesses to move from older office buildings to Grade A, Multimedia Super Corridor (MSC)-status and green-accredited office buildings for lower and more efficient operating cost, as ageing buildings are unable to provide the latest office requirements. “This movement from old buildings to newer ones offering amenities suitable for a modern, sustainability-minded and technology-driven business has led to high take-up rates at newer office buildings,” says Teh. He adds that more tenants are expressing a keen interest in green buildings because of increasing environmental, social and governance (ESG) awareness. According to Teh, office rents in KL and Selangor have been stable over the last five years. “Occupiers have a strong preference for Grade A, MSC-status and green-accredited buildings and their landlords should expect a steady income stream. Generally, it has been observed that purpose-built office buildings that [meet these requirements] command higher monthly asking gross rental rates ranging from RM5 to RM6 psf. Meanwhile, the rental rate for Grade B offices ranges from RM4.50 to RM6 psf. “Petaling Jaya has recorded the highest rental rates, with rents stabilising and returning to pre-Covid-19 [levels],” he adds. According to Nawawi Tie Leung’s Wong, the new developments in Section 13 comprising mostly mixed-use developments with high-rise residential towers have brought in a younger demographic of purchasers and occupiers. This has resulted in a revival of commercial activities targeting this new and growing population segment. “The residential developments have been reasonably well received due to their central location. People tend to buy in places that they are familiar with or where their parents live, especially if they have young children. As Petaling Jaya is a mature township, the choice of properties available was previously limited to old terraced houses, but, now, there are brand-new condominiums available that align with the lifestyle preferences of the younger generation,” he says. “The availability of amenities, such as eateries and supermarkets, and the connectivity of the location with easy access to three major highways — Federal Highway, Sprint Highway and LDP (Lebuhraya Damansara-Puchong) — add to the appeal of this location.” Tang notes that house buyers in Section 13 are mostly singles or small families with young children from the middle- to upper-middle-income groups. Predominantly Chinese and working in nearby areas in Petaling Jaya and Kuala Lumpur, they are mostly owner-occupiers. “Residential and serviced apartments priced between RM500,000 and RM1 million are the most popular in this area,” he adds. While the retail segment in Section 13 reflects the overall lacklustre retail scene in the Klang Valley, Wong emphasises the importance for retail developments to have a unique proposition or product positioning that caters for a niche market in order to be successful. Lifestyle and niche developments such as Gasket Alley, adjacent to Columbia Asia Hospital Petaling Jaya and diagonally across from Jaya One on Jalan 13/6, seem to be doing well, he notes, adding that such products exemplify the type of developments that have the potential to thrive. According to Henry Butcher Shopping Centre Consultants Sdn Bhd managing director Tan Hai Hsin, retail oversupply has been the main cause of the poor take-up rates of retail spaces at mixed-use developments in Section 13. For example, he notes that the retail lots at the inner part of centreSTAGE have been suffering from poor occupancy rates.  “The multiple ownership has led to low chances of the retail area being revived.” However, he adds that the front portion is well occupied. “There are several other mixed-use developments in the area with relatively good occupancy rates. A few retail lots in the mall in Pacific Star are occupied. Several shops in PJ Midtown are also occupied,” says Tan. The performance of the majority of retail shops in Section 13 depends on the large pool of office workers in the area. Those with supermarkets also attract residents from nearby housing schemes, especially on weekends. Tan says retail shops in mixed-use developments compete mostly with shopping centres, rather than conventional shopoffices. Most retail developments in Petaling Jaya, he adds, suffer from low footfall due to intense competition from mega malls nearby, such as 1 Utama Shopping Centre, Sunway Pyramid and Paradigm Mall. “The nearby SS2 has a large concentration of shopoffices with surface parking lots. Shoppers prefer this shopping destination, owing to its direct access from the parking lots. On weekdays after working hours and on weekends, these parking lots are free and shoppers going out to buy a few things or have a quick meal find this more convenient than driving into big malls to find parking,” he says. Property consultants cite traffic congestion and the lack of public transport amenities in Section 13 as a main challenge, with the nearest light rail transit station (Asia Jaya LRT station) situated 4km away. There are also limited parking space, open space and recreational parks, all of which are necessary in a residential area. Wong notes that another challenge is that the land in Section 13 is leasehold. “This is not a major obstacle, however, as there are other positives such as its central location, access to amenities and connectivity that balance out this concern.” Nevertheless, property consultants share a positive outlook on the future prospects of Section 13, thanks to its strategic location in Petaling Jaya. Wong believes that once all of Section 13 is fully redeveloped, it will be transformed into a premium neighbourhood just like Mont’Kiara. “The increase in population, especially the younger demographic with strong spending power, will provide the support for the commercial activities here,” he says. Tang points out that the MBPJ Special Area Plan (Rancangan Kawasan Khas) for Section 13 is slated to bring improvements to the locality. The proposed improvements include landscaping and amenities for a walkable concept with shaded pedestrian areas, interconnected lanes, streets and linked bridges, public green areas and water elements; existing multiple monsoon drains transformed into walkable riverside linear parks to attract leisure activities; and seven locations with a total size of 0.9 acres being designated as an “urban oasis”. “With the redevelopment plan drawn up by the local council and rezoning of the area into commercial, the future prospects of Section 13 look bright, as the area will be revitalised, with the conversion and redevelopment of the old and dated factories into modern commercial, retail and office complexes as well as serviced apartments,” says Tang. “The revitalisation and gentrification of the area will also make it more attractive for residents from other parts of PJ and even KL to move in to start a business or set up their home. The long-term prospects appear good but, in the short term, the retail and office lots will suffer low occupancy rates until the oversupply improves.” With the improvement plans of the local authorities and private developers’ interest in rejuvenating this area, Section 13 Petaling Jaya is slated to become a new hotspot. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/678537

Foreign buying of local equity extends to fifth week with RM466 mil inflow, says MIDF

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KUALA LUMPUR (Aug 14): Foreign investors continued their net buying on Bursa Malaysia for the fifth consecutive week at RM465.5 million in the week ended Aug 11 from RM130.5 million the week prior. In its weekly fund report on Monday (Aug 14), MIDF Research said it also saw foreign investors net buying every day, which last occurred during the week ended Feb 24. MIDF said foreign investors net bought RM800,000 last Monday (Aug 7), RM84.5 million last Tuesday, RM209.7 million last Wednesday, RM66.3 million last Thursday and RM104.2 million last Friday. It noted that the top three sectors that saw foreign net inflows were financial services at RM274.3 million, technology (RM66 million) and plantation (RM65 million). It added that sectors with net foreign outflows for the week were healthcare (RM72.2 million), real estate investment trusts or REITs (RM22 million) and energy (RM700,000). “Year-to-date, foreigners have net sold RM2.46 billion,” said the research house. Meanwhile, local institutions and local retailers have net sold for the fifth week straight. Local institutions remained net sellers of domestic equities at RM321.9 million last week from RM122 million the prior week. “They only net bought RM23 million last Monday and were net sellers for the rest of the week. Year-to-date, local institutions have been net buyers at RM2.68 billion,” it said. MIDF said local retailers net sold at a much higher rate of RM143.7 million from RM8.5 million the week before, and year-to-date, they have net sold RM220.1 million. “In terms of participation, there was a decline in average daily trading volume (ADTV) among retail investors by 2.4% and institutional investors by 5.8% while that of foreign investors remained unchanged,” it said. For its market snapshot, MIDF said the advancers last week include Nikkei 225, which rose 0.87%, as well as the FBM KLCI (0.83%) and the Dow Jones Industrial Average (0.62%). At the bottom of the list of decliners were the CSI 300, which fell by 3.39%, Hang Seng (2.38%) and the Nasdaq Composite Index (1.90%).

https://theedgemalaysia.com/node/615919

Will Serba Dinamik's top execs be let off with just a compound for providing false reports to SC?

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KUALA LUMPUR (April 11): It appears that Serba Dinamik Holdings Bhd's chief executive officer (CEO) Datuk Mohd Abdul Karim Abdullah and three other top executives who have been charged with providing false reports to the Securities Commission Malaysia (SC) last December might be let off with just a compound, instead of being tried in court and possibly face jail time for the offences they were charged with. This follows reports on Monday that Serba Dinamik had sent letters of representation to the Attorney-General's Chambers (AGC), which, according to proceedings in the Sessions Court, had been “conditionally accepted” by the chambers. Normally, a representation letter is sent either to reduce a charge or have the charges dropped. SC's deputy public prosecutor Hashley Tajudin told the Sessions Court that the AGC was "agreeable" to the representation, contingent on certain conditions being fulfilled, but did not elaborate. This took place when the SC was supposed to update the court about handing over the relevant documents to the defence team about the charges the defendants faced. Meanwhile, over at the Court of Appeal (COA), Serba Dinamik's counsel Mak Lin Kum, who is representing the company in the matter of it being compelled by Bursa Malaysia Securities Sdn Bhd to reveal Ernst & Young Consulting Sdn Bhd's fact-finding update (FFU) from their special independent review, informed the court that his clients' charges at the Sessions Court would be compounded. “The AG Chambers has agreed and they would issue compounds instead,” the counsel told the COA bench that is led by Justice Datuk Lee Swee Seng. Regardless of this revelation, Serba Dinamik failed to obtain a stay from the COA on the High Court's order that compelled the company to abide by Bursa's directive to reveal the FFU. Presently, Serba Dinamik and its senior executives are facing charges at four different Sessions Courts, three of which are in Kuala Lumpur and one in Shah Alam. On Dec 28, Serba Dinamik itself was charged under Section 369(a)(B) of the Capital Markets and Services Act 2007 (CMSA) involving a false statement relating to the revenue of RM6.014 billion recorded by the group in its consolidated results for the quarter and year ended Dec 31, 2020. On the same day, the oil and gas giant’s executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and vice president of accounts and finance Muhammad Hafiz Othman were each charged with the same offence under Section 369(a)(B), read together with Section 367(1), of the same Act. A day later (Dec 29), Mohd Abdul Karim was charged with the same offence, also framed under Section 369(a)(B) of the CMSA, which stipulates that a person who, with the intent to deceive, makes or furnishes any false or misleading statement or report to the commission, a stock exchange, a derivatives exchange or an approved clearing house relating to the affairs of a listed corporation commits an offence. If found guilty, a person can be jailed for up to 10 years or fined up to RM3 million. Muhammad Hafiz was also separately charged at the Shah Alam Sessions Court with falsifying the accounting records of the group's subsidiary, Serba Dinamik Sdn Bhd (SDSB). He was alleged to be directly involved in instructing the preparation of false documents relating to the sales of SDSB, an offence under Section 368(1)(b)(i) of the CMSA. Notably, the High Court had, earlier this year, allowed the SC's appeal to sentence Transmile Group Bhd CEO Gan Boon Aun to two years' jail and to fine him RM2.5 million for a similar offence. Gan was found guilty of furnishing a misleading statement, with intent to deceive, relating to Transmile’s revenue in the company's earnings report for the financial year ended Dec 31, 2006. Gan's charge was, however, framed under the Securities Industries Act 1983. Gan, meanwhile, is said to have turned fugitive after he submitted an application to overturn his guilty conviction, for which he was initially sentenced to just one day in jail. theedgemarkets.com has reached out to the AGC for comments on Serba Dinamik possibly being given a compound, and is awaiting its response. If a compound is indeed going to be offered, why did the AGC change its mind after giving the go-ahead to the SC to file criminal charges last December? What has happened since? The AGC must explain. Read also: Serba Dinamik and executive officers’ representation conditionally accepted by AG's Chambers SC charges Serba Dinamik and officers for submitting false statement to Bursa SC: High Court increases jail sentence for former Transmile CEO Gan Boon Aun from one day to two years

https://theedgemalaysia.com/node/607753

SAM Engineering 3Q net profit doubles as aerospace, equipment business see higher demand

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KUALA LUMPUR (Feb 16): SAM Engineering & Equipment (M) Bhd’s net profit soared 102.87% to RM25.2 million for its second quarter ended Dec 31, 2021 (3QFY22) from RM12.42 million a year earlier, on the back of an increase in demand at its aerospace and equipment divisions. Earnings per share (EPS) doubled to 18.62 sen from 9.19 sen, the aviation engineering group’s bourse filing showed. Quarterly revenue jumped 70.95% to RM351.11 million from RM205.38 million previously. For the nine months ended Dec 31, 2021, SAM’s net profit grew 52.92% to RM53.69 million from RM35.11 million in the previous corresponding period, while revenue grew 32.06% to RM788.72 million from RM597.26 million. Nine-month EPS rose to 39.67 sen from 25.98 sen. The group said its financial performance for the nine-month period had benefited from the increased sales of casing and aerostructures products in its aerospace segment, as well as an increase in demand from its semiconductor and data storage customers in its equipment segment. The nine-month net profit was higher due to higher sales from its aerospace segment while its equipment segment saw higher sales offsetting inventory write-offs and unfavourable foreign exchange movements. On prospects, SAM said the group expects its aerospace segment to benefit from the aviation industry’s momentum as more countries open up their borders while its equipment segment will benefit from the rise in global semiconductor equipment sales. SAM’s share price closed 94 sen or 4.16% higher at RM23.54 on Wednesday, giving the group a market capitalisation of RM3.19 billion based on its 135.35 million outstanding shares. Year to date, SAM has declined by 24 sen or 1.01%. Last month, SAM announced a three-for-one bonus issue of 406.05 million shares.

https://theedgemalaysia.com/node/611366

新冠肺炎：新增确诊3万787宗 224宗属重症病例

Mandarin

（吉隆坡11日讯）我国周四（10日）新增的3万787宗新冠肺炎确诊病例中，224宗属于第三、第四和第五阶段的重症病例。 卫生总监丹斯里诺希山今日在文告中指出，3万563宗则是第一和第二阶段。全国累计374万1986宗确诊病例。 同时，单日有2万6457宗康复病例，累计339万3999宗。 他说，224宗重症病例中，58人未接种，而94人施打了两剂疫苗，但未接种加强针，72人则施打了加强针。 “122人是60岁以上，还有96人有共病症。” 诺希山表示，周四共有2048名患者入院，其中771人是重症，而1277人是第一和第二阶段。 目前有389人在加护病房接受治疗，其中229人需要呼吸机辅助，使呼吸机使用率目前达26%。 至于加护病床使用率，有6州超过50%，即吉兰丹（79%）、柔佛（68%）、布城（67%）、吉隆坡（62%），而槟城和雪兰莪均为57%。 全国的新冠肺炎基本传染值（RT/R0）为1.04，其中砂拉越最高，达1.37，其他高于1.0的有吉隆坡（1.16）、登嘉楼（1.15）、霹雳（1.10）、森美兰（1.07）、吉打（1.05）、雪兰莪（1.04）、彭亨和槟城皆1.03，以及马六甲和布城各1.02%。   （编译：陈慧珊）   English version：Health DG: 224 new Covid-19 cases in categories three to five on March 10

https://theedgemalaysia.com/node/633060

Prosecution suggests apex court decide on SRC final appeal without fresh submissions from defence

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PUTRAJAYA (Aug 19): The Federal Court can proceed to deliberate for a decision for Datuk Seri Najib Razak’s final appeal against his SRC International Sdn Bhd conviction with the absence of the former premier’s fresh written or oral submissions, said ad hoc prosecutor Datuk V Sithambaram. Citing case law, Sithambaram submitted to the five-member panel led by Chief Justice Tun Tengku Maimun Tuan Mat that there is precedent for the court to “proceed accordingly”, as the defence has stated that they do not plan to file any fresh submissions for the appeal. In the instance where there are no fresh submissions, the five-member panel is to decide on the merits of the 94 grounds of appeal based on the written submissions by Najib’s prior counsels — Messrs Shafee & Co — filed in the lower courts, namely the High Court and the Court of Appeal. Pursuant to Section 313(2) of the Criminal Procedure Code, the court may consider Najib’s appeal and may make an order even if the appellant does not appear to submit arguments in his appeal. However, Sithambaram humbly conceded that the court has the absolute discretion to grant the defence an adjournment for them to prepare written submissions. The prosecution then concluded their submissions for the appeal. Sithambaram’s submission to the court was in response to Najib’s lead defence counsel Hisyam Teh Poh Teik applying for an adjournment of proceedings until Thursday (Aug 25), as he will be occupied with Umno president Datuk Seri Ahmad Zahid Hamidi’s graft, money laundering and criminal breach of trust trial (CBT) at the Kuala Lumpur High Court. This request for adjournment was also rejected by the Chief Justice, adding that the appeal’s proceedings are to continue on Tuesday (Aug 23) as previously scheduled. On July 28, 2020, the High Court found Najib guilty of all seven charges in relation to SRC and was sentenced to 12 years in jail and a RM210 million fine. The charges comprise one count of abuse of power in approving RM4 billion in loans from KWAP to SRC, and three counts each of CBT and money laundering of RM42 million of SRC funds. The conviction and sentence were upheld by the Court of Appeal on Dec 8 last year, which resulted in this final appeal at the Federal Court. As proceedings came to the close on Friday, Najib’s lead defence counsel Hisyam maintained that he is not planning to file any fresh submissions to the court to defend the former premier in his final SRC appeal in proceedings next week. Hisyam: I have no submissions to make. Tengku Maimun: Not even oral? Hisyam: Not even oral. Tengku Maimun: Even on Tuesday? Hisyam: Even on Tuesday. The Chief Justice highlighted that the defence has three days — Saturday, Sunday and Monday — to prepare its submissions, and told Hisyam: “Don't tell us that you are not prepared to even submit on any of the 94 grounds in the petition of appeal?” Hisyam maintained that the defence will not be making any submissions, to which Tengku Maimun remarked that it is their liberty to do so. Tengku Maimun added that when proceedings resume on Tuesday, the panel will “deal with the matter”. On Thursday (Aug 18), Hisyam had initially stated that the defence were planning to file fresh submissions to the court, but puzzlingly, as proceedings on that day neared the end, the defence counsel walked back on his statement, informing the five-member panel that he was no longer planning to do so. After being appointed weeks prior to the appeal hearing following Najib's decision to replace Messrs Shafee & Co with Hisyam and Messrs Zaid Suflan TH Liew at the 11th hour, the defence had sought a three- to four-month adjournment to prepare its submissions as well as amend the grounds of appeal. However, the Federal Court rejected the application, stating that Najib had chosen to change counsels despite being well aware of his appeal dates. Hisyam would later attempt to discharge himself as the former premier’s lead defence counsel, but this was also denied by the apex court. A day after, Najib discharged his newly appointed solicitors Messrs Zaid Suflan TH Liew and Partners. Tengku Maimun is joined by Chief Judge of Sabah and Sarawak Tan Sri Abang Iskandar Abang Hashim, and three Federal Court judges, namely Datuk Nallini Pathmanathan, Datuk Mary Lim Thiam Suan and Datuk Mohamad Zabidin Mohd Diah on the Federal Court quorum in Najib’s final SRC appeal. Earlier, Hisyam indicated to the apex bench that Najib had discharged his solicitors from Messrs Zaid Ibrahim Suflan TH Liew and Partners from representing him in the final appeal.

https://theedgemalaysia.com/node/669664

Goldman Sachs to cut more jobs, eyes sharp fall in markets revenue

English

NEW YORK (June 2): Goldman Sachs Group Inc plans to cut more jobs as a difficult economic environment weighs on dealmaking and trading revenue may slump 25% this quarter, the bank's president said on Thursday (June 1). "The macro backdrop is extraordinarily challenging," Goldman Sachs president and chief operating officer John Waldron told investors at a conference, without specifying the scale of the lay-offs. Goldman Sachs shares closed down 2.3% on Thursday, in contrast to the S&P 500 financial index, which rose 1.1% on the day. The firm is expected to cut just under 250 jobs in the coming weeks, a source familiar with the matter told Reuters in May. In January, it let go of about 3,200 employees, its biggest headcount reduction since the 2008 financial crisis. Staffing cutbacks will help the Wall Street titan achieve its goal of reducing payroll expenses by US$600 million (RM2.76 billion), a target set in February that may be surpassed by the end of the year, Waldron said. Revenue for both equities and fixed-income trading is expected to decline 25% this quarter compared with a year earlier, when rising interest rates and the war in Ukraine boosted market activity and fueled a 32% surge in revenue for its trading division. "If you think about global banking and markets, the capital markets activity is more sluggish," Waldron said. Meanwhile, "activity levels are more muted" in equities and fixed income, he said. Waldron's comments echo those of Wall Street rivals. Andy Saperstein, a co-president of Morgan Stanley, warned on Wednesday that trading results will be "notably down" in the second quarter versus a year earlier, while "investment banking is also very challenged". Bank of America Corp expects investment banking fees and trading revenue to be broadly flat this quarter compared with a year earlier, its CEO Brian Moynihan said at the same conference on Thursday. JPMorgan Chase & Co's revenues for investment banking and trading are both expected to decline 15% in the second quarter, Daniel Pinto, the bank's president, said in May. Goldman Sachs is running a sale process for its fintech business, GreenSky, and may take a write-down on the US$500 million of goodwill, or the premium it paid above the assets' book value, Waldron said. Goldman Sachs agreed to buy GreenSky for US$2.2 billion in late 2021. "As the marketplace has gotten weaker, we've been monitoring whether that goodwill should be impaired over some period of time," he said. The bank may also consider selling GreenSky's loan book separately. Goldman Sachs earlier sold US$1 billion worth of loans from its consumer bank, Marcus, and plans to further reduce the portfolio, it disclosed in April. The bank's CEO, David Solomon, had championed its foray into consumer banking since taking the reins in 2018. But the retail business largely failed to gain traction against more established players and lost billions of dollars. Waldron said Goldman Sachs had increased its financing revenue by US$3 billion over the last three years and sees more room to take market share as other lenders such as regional banks step back.

https://theedgemalaysia.com/node/646348

令吉兑美元续升

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（吉隆坡1日讯）由于美国联储局（FED）对加息的态度不那么强硬，导致美元走软，令吉兑美元开盘走高。 截至9时，令吉兑美元升至4.4040/4150，昨日则收报4.4420/4500。 SPI Asset Management董事经理Stephen Innes表示，令吉全面追赶式大幅上涨，不仅因为摆脱了政治风险，而且还受到了美联储主席Jerome Powell有关本月开始放缓加息步伐言论的刺激。 他指出，对中国重开的预期，也将提振大马的贸易平衡，这可能会在短期内支持令吉。 同时，ActivTrades交易员Dyogenes Rodrigues Diniz表示，在美国非农就业报告发出之前，ADP研究的11月就业数据低于预期，这将进一步打压美元。 令吉兑一篮子主要货币大多走高。 令吉兑新元从昨日的3.2487/2551，增至3.2447/2533，兑英镑由5.3366/3467，扬至5.3275/3408，以及兑欧元从4.6010/6098，升至4.5960/6075。 兑日元则跌至3.2200/2285，昨日收报3.2007/2067。   （编译：陈慧珊）   English version：Ringgit extends gains against US dollar at market open

https://theedgemalaysia.com/node/637449

UN: Renewable energy jobs rose to nearly 13 million last year

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KUALA LUMPUR (Sept 23): Worldwide employment in the renewable energy sector reached 12.7 million last year, a jump of 700,000 new jobs in just 12 months. In a statement on its website on Thursday (Sept 22), the United Nations (UN) said this was despite the lingering effects of Covid-19 and the growing energy crisis, citing a new report titled “Renewable Energy and Jobs: Annual Review 2022” published by the International Renewable Energy Agency (Irena) in collaboration with the UN’s International Labour Organization (ILO). The UN said solar energy was found to be the fastest-growing sector. The agency said that in 2021, the sector provided 4.3 million jobs, more than a third of the current global workforce in renewable energy. It said that with rising concerns about climate change, Covid-19 recovery and supply chain disruption, countries are turning inwards to boost job creation at home, focusing on local supply chains. The report described how strong domestic markets are key to anchoring a drive towards clean energy industrialisation. Developing renewable technology export capabilities is also dependent on this, it added. ILO director-general Guy Ryder said: “Beyond the numbers, there is a growing focus on the quality of jobs and the condition of work in renewable energy to ensure decent and productive employment. “The increasing share of female employment suggests that dedicated policies and training can significantly enhance the participation of women in renewable energy occupations, inclusion and, ultimately, achieve a just transition for all,” he said. Meanwhile, Irena director-general Francesco La Camera said that in the face of numerous challenges, “renewable energy jobs remain resilient, and have been proven to be a reliable job creation engine". “Spurring a domestic value chain will not only create business opportunities and new jobs for people and local communities, it also bolsters supply chain reliability and contributes to higher energy security overall,” he said. The report showed that an increasing number of countries are creating jobs in the renewables sector, with almost two-thirds of them in Asia. China alone accounts for 42% of the global total, according to the report, followed by the European Union and Brazil with 10% each, and the US and India with 7% each. The report said Southeast Asian countries are becoming major solar photovoltaic (PV) manufacturing hubs and biofuel producers, while China is the pre-eminent manufacturer and installer of solar PV panels, and is creating a growing number of jobs in offshore wind. India added more than 10 gigawatts of solar PV, generating many installation jobs, but remains heavily dependent on imported panels, the report noted. Europe now accounts for about 40% of the world’s wind manufacturing output, and is the most important exporter of wind power equipment, as it tries to reconstitute its solar PV manufacturing industry.

https://theedgemalaysia.com/node/629243

CapitaLand Malaysia Trust's 2Q NPI up 42% on better retail sentiment

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KUALA LUMPUR (July 22): CapitaLand Malaysia Trust (CLMT) logged a 41.63% rise in net property income (NPI) to RM37.43 million for the second quarter ended June 30, 2022 (2QFY22), from RM26.43 million in the corresponding quarter last year, underpinned by retail sentiment recovery as tenants' businesses gradually normalised. Distributable income more than doubled to RM21.58 million — or one sen per unit — from RM10.57 million in 2QFY21, while revenue rose 29.61% to RM68.32 million from RM52.71 million, the real estate investment trust (REIT) said in a filing. For the first half ended June 30, 2022 (1HFY22), CLMT posted a 43.1% increase in NPI to RM73.49 million from RM51.34 million in the same period a year earlier. Six-month distributable income jumped 131.54% to RM42.03 million — or 1.95 sen per unit — from RM18.15 million previously, while revenue was up 24.27% to RM135.92 million from RM109.37 million. CLMT's manager, CapitaLand Malaysia REIT Management Sdn Bhd (CMRM), said the group is optimistic about the retail sector's continued recovery, in view of the progressive ease in movement restrictions coupled with the reopened international borders. "In 2QFY22, CLMT marked an important milestone in its diversification strategy with the proposed acquisition of a logistics property in Penang. This will pave the way for CLMT to build a more diversified and resilient portfolio," said CMRM chairman Lui Chong Chee. Meanwhile, CMRM chief executive officer Tan Choon Siang highlighted that the 1.95 sen distribution per unit (DPU) for 1HFY22 was higher than the full-year DPU of 1.84 sen for FY21. "Portfolio occupancy rate as at June 30, 2022 improved to 80.8% as all CLMT malls registered improvements in occupancies. Portfolio tenant sales per square foot in 2QFY22 exceeded pre-pandemic levels, notching an increase of 18.9% when compared to the average in 2019," added Tan. He said the group is cautiously optimistic about sustaining the positive performance momentum in coming quarters and is closely monitoring the impact of inflation, labour shortages as well as rising interest rates on its tenants' businesses. "To increase the resilience of CLMT's portfolio, we will continue to pursue yield-accretive investment opportunities in the industrial and logistics space as part of our diversification strategy towards increasing the proportion of non-retail assets in CLMT's enlarged portfolio to 20% over the next three years," he added. CLMT also noted that CMRM has elected to apply the distribution reinvestment plan to the income distribution for 1HFY22. "The dates of book closure and income distribution will be announced upon obtaining the necessary regulatory approvals," it said. On June 7, CLMT announced that it proposed to buy industrial properties — 5.11 hectares of freehold land with building thereon — in Penang from Dynaciate Group Bhd for RM80 million to venture into the logistics sector. CLMT units finished half a sen or 0.89% higher at 56.5 sen on Thursday (July 22), giving the REIT a market capitalisation of RM1.22 billion.

https://theedgemalaysia.com/node/650939

Bursa opens higher, lifted by transportation and logistics stocks

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KUALA LUMPUR (Jan 9): Bursa Malaysia opened higher on Monday (Jan 9), with the FBM KLCI rising 0.31% to 1,485.14 points on renewed buying interest, lifted mainly by gains in transportation and logistics stocks, said a dealer. At 9.05am, the benchmark FBM KLCI had gained 4.59 points, from last Friday's close at 1,480.55. The market bellwether opened 4.01 points stronger at 1,484.56.     On the broader market, gainers surpassed decliners 229 to 97, while 220 counters were unchanged, 1,664 untraded, and 19 others suspended. Turnover amounted to 176.96 million units worth RM66.35 million. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng noted that Wall Street surged last Friday, as the latest economic data suggested that inflation in the US might be cooling off, leading to possibly less aggressive rate hikes from the US Federal Reserve going forward. "The Dow Jones Industrial Average jumped 700 points, while the Nasdaq added 264 points, with the US 10-year yield easing to the 3.56% level," he told Bernama. Over in Hong Kong, the Hang Seng Index closed 60 points lower, but still capped a brilliant performance for the week, on improving confidence buoyed by economic-friendly moves from the Chinese government. On the home front, Thong reckoned that stock accumulation would continue, with the KLCI index expected to trend in the 1,480 and 1,495 range on Monday. "Although we anticipate buying to be broad-based, we reckon that buying interest should remain on the construction and tourism-related sectors today (Monday)," he added.  Among the heavyweights, MISC Bhd gained seven sen to RM7.28, while IOI Corp Bhd added five sen to RM3.96, and Genting Malaysia Bhd rose five sen to RM2.81. PPB Group Bhd added two sen to RM17.70, and Sime Darby Plantation Bhd improved three sen to RM4.40.  As for the actives, CSH Alliance Bhd went up half a sen to five sen, Nylex (Malaysia) Bhd climbed 3.5 sen to 41 sen, and DS Sigma Holdings Bhd ticked up two sen to 64 sen. KNM Group Bhd was flat at 4.5 sen, and Cypark Resources Bhd eased 1.5 sen to 63.5 sen.  On the index board, the FBM Emas Index gained 40.90 points to 10,673.23, the FBMT 100 Index strengthened by 39.06 points to 10,381.48, and the FBM Emas Shariah Index widened by 52.02 points to 10,887.89.   The FBM 70 Index was higher by 79.55 points to 13,114.26, and the FBM ACE Index grew 31.19 points to 5,409.09.   Sector-wise, transportation and logistics bagged 18.08 points to 940.25, the Financial Services Index went up 27.93 points to 16.443.41, and the Industrial Products and Services Index pushed up 0.64 of a point to 182.31. The Plantation index added 40.02 points to 6,930.19, and the Energy Index garnered 4.08 points to 781.67.

https://theedgemalaysia.com/node/621674

国油化学首季净赚20.8亿创纪录

English

（吉隆坡27日讯）由于石化产品需求持续强劲且产品价格上涨，国油化学（Petronas Chemicals Group Bhd）首季净利创纪录。 该集团今日向大马交易所报备，截至3月杪2022财政年首季净利达20亿8000万令吉，相比上财年同期的14亿6000万令吉。 首季营业额从46亿8000万令吉，按年涨42%至66亿3000万令吉。 按季比较，净利较2021财年第四季的20亿令吉，微升2%。 该集团并没有派发股息。 国油化学在文告中指出，首季业绩表现主要归因于所有产品的价格上涨，尤其是氨和尿素，受益于全球石化产品需求持续强劲、供应中断及能源价格高涨。 休市时，该股上扬15仙或1.52%，挂10.02令吉，市值达80亿2000万令吉。   （编译：陈慧珊）   English version：PetChem reports record high quarterly net profit of RM2.08b for 1Q

https://theedgemalaysia.com/node/673362

Japan's Nikkei ends at 33-year high as BOJ's tankan survey signals recovery

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TOKYO (July 3): Japan's Nikkei share average closed at its highest level in 33 years on Monday (July 3), led by machinery makers, as a quarterly survey by the central bank signalled a recovery in corporate activities. The Nikkei index ended 1.7% higher at 33,753.33, its highest close since March 1990. The broader Topix rose 1.41% to 2,320.81. "US stock market was strong on Friday after investors confirmed a slowdown of Personal Consumption Expenditures (PCE) index, while the BOJ's 'tankan' showed an increase in capital expenditure," said Shuji Hosoi, senior strategist at Daiwa Securities. "Pension funds finished their sell-off of stocks associated with rebalancing their portfolios, and new money has been injected in the market, which is also a positive cue." Wall Street's three major indexes advanced solidly on Friday, with the tech-heavy Nasdaq boasting its biggest first-half gain in 40 years as inflation showed signs of cooling. The Bank of Japan's (BOJ) quarterly "tankan" survey showed Japanese business sentiment improved in the second quarter, as companies expected to increase capital expenditure and projected inflation to stay above the Bank of Japan's 2% target five years ahead. Machinery makers jumped 3.23% to become the top performer among the 33 industry sub-indexes on the Tokyo Stock Exchange. Heavyweight air-conditioning maker Daikin Industries surged 6.75% and Komatsu, the world's second-largest construction machinery maker, rose 2.01%. Chip-related shares also rose, with chip-making equipment maker Tokyo Electron jumping 3.94% and chip-testing equipment maker Advantest jumping 5.93%. Z Holdings, which runs internet firm Yahoo Japan, jumped 5.25%. Meanwhile, department store operator Takashimaya lost 1.34% to become the worst performer on the Nikkei. Peer J.Front Retailing slipped 0.76%.

https://theedgemalaysia.com/node/652496

Taiwan fines Foxconn for unauthorised China investment

English

TAIPEI (Jan 19): Taiwan on Thursday fined Foxconn T$10 million (US$329,088) for making an unauthorised investment in a Chinese chip firm, but said the Taiwanese iPhone assembler had cooperated in the case and so received a lesser punishment. Taiwan, which Beijing views as sovereign Chinese territory, has kept a wary eye on China's ambition to boost its semiconductor industry and is tightening legislation to prevent what it says is China stealing its chip technology. Foxconn, a major Apple Inc supplier and the world's largest contract electronics maker, disclosed last July it was a shareholder in Chinese chip conglomerate Tsinghua Unigroup, but said last month it would be selling the stake. Taiwan's government, which needs to clear all outbound investments, had not approved the deal. Its Economy Ministry said that while Foxconn had acquired the stake without prior approval and so was in breach of regulations, there was no concern about an "outflow of technology" and there was minimal impact on Taiwan's economy or industry. "At the same time, it (Foxconn) fully cooperated during the investigation of this case," the ministry said in a statement, adding that over the past three years Foxconn has invested more than T$20.4 billion in Taiwan and created 7,943 jobs. The fine can therefore be reduced at the ministry's discretion, the statement said. Foxconn confirmed in a statement to the Taipei stock exchange that it had fully cooperated with the probe and said it had not intentionally failed to first seek approval for the investment. It added the fine "has no significant impact on the company's shareholders' interests or stock price". The Tsinghua Unigroup did not immediately respond to a request for comment. The ministry said Foxconn has committed to continue to invest in Taiwan this year and next and the ministry's Investment Commission will "require the company to implement its commitments". Foxconn, formally called Hon Hai Precision Industry Co Ltd, is keen to make auto chips in particular as it expands into the electric vehicle market. Taiwan prohibits companies from building their most advanced foundries in China to ensure they do not site their best technology offshore.

https://theedgemalaysia.com/node/601508

Trading in Country Heights halted pending announcement

English

KUALA LUMPUR (Dec 28): Trading of the securities in Country Heights Holdings Bhd has been halted from 9am on Tuesday (Dec 28) pending an announcement. The stock was last traded at RM1.53.   Read also: Country Heights inks deals to pursue digital transformation plan

https://theedgemalaysia.com/node/671282

Usage of Central Bank Digital Currency may rise if global geopolitical conflicts worsen, says Andrew Sheng

English

KUALA LUMPUR (June 15): Global traders and investors may turn to Central Bank Digital Currency (CBDC) as an alternative tool to transact bilaterally should the ongoing geopolitical conflicts further escalate and further weigh on confidence towards the US dollar hegemony that has been in place since the Bretton Woods Agreement, according to prominent economist Tan Sri Andrew Sheng. “The US economy is doing better in part because of ChatGPT and the tech industry. But since roughly one-fifth to one-third of tech industry profit in the US depend on their China business, if the US-China trade gets worse, overall profit will be down and therefore the demand for US dollar will also be down,” he told the audience here at International Institutional Investor Series 2023 on Thursday (June 15). “The point is in the Ukraine war, which nobody knows who is winning or losing, and I am not making a prediction, if Ukraine wins and Russia loses, the dollar hegemony role will remain totally unchanged. “But if Ukraine loses, and the prestige and credibility of the Nato (North Atlantic Treaty Organization) is reduced, then the multi-currencies payment system which has been talked about by Brazil, Saudi Arabia etc will accelerate,” he explained. Under a multi-currency settlement system, Sheng said it would be easier for trading nations to adopt CBDC as its feature that allows relevant transactions to be net off each other would result in lower requirement of liquidity holdings. “People need to understand that one reason why the US dollar is so strong, or so [widely] used, is [due to] what I call the heritage infrastructure issue. Once you put in software and hardware to process international payments, it's quite expensive to change,” he said. Secondly, Sheng said the Society for Worldwide Interbank Financial Telecommunication system, more widely known as the SWIFT system, is dependent upon Real Time Gross Settlement (RTGS). “RTGS means that every payment you make is to be paid gross rather than net. So, if I buy X stock, and I sell X stock at the same time, at the end of the day, I can actually settle net. But RTGS would require me to pay the full amount that I buy and then settle the full amount I sell, which means that both sides have to carry much higher liquidity than necessary. “When you have a CBDC system, in which you have to buy the dollar in order to settle into the rupiah or between the ringgit and the rupiah, and with CBDC, you just swap, and net off the payment to between Bank Indonesia and Bank Negara Malaysia,” he explained. Nonetheless, Sheng acknowledged that currently, the US dollar position remained unchallenged, as the country continued to deliver higher return on equity, liquidity and lower risks relative to the euro, Japanese yen and China’s renminbi.

https://theedgemalaysia.com/node/641161

ZTE and PMI Malaysia Sign Strategic Cooperation Agreement on Professional Project Management Ecosystem

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Recently, the signing ceremony of the strategic cooperation agreement between PMI Malaysia and ZTE Corporation was held in Kuala Lumpur. Those who attended the signing ceremony and communication activities include the Board of Directors from PMI Malaysia, the CMO of ZTE Malaysia, the Engineering & Service Technology VP, and the Project Delivery Director. Both parties signed the strategic cooperation agreement on site. The PMI was established in 1969 as an authoritative organization for global project management. The PMP certification launched by the PMI has become an authoritative project management qualification certification, reflecting the professional level of the project management field in the world. Director of Treasury of PMI Malaysia Dr. Joshua Netto said: "ZTE has always been a strategic partner of PMI Malaysia. In the era of global digital and intelligent transformation, PMI Malaysia and ZTE will carry out more comprehensive and in-depth cooperation in multiple fields of project management to improve the project management level in the communications field and jointly create excellent management and services." The Deputy Country Manager Mr. Wang Qi Ming of the ZTE Malaysia said: "ZTE is committed to providing Malaysia customers with world-class communication networks. With the development of the digital economy, we are accelerating the expansion of the second growth curve represented by IT, digital energy, and smart terminals, and require partners such as PMI Malaysia to provide more professional consulting services in organizational operation, process mechanism, and management mode transformation. I hope that both parties will have deeper cooperation in the digital evolution of project cluster management and AI application. " The Director of Public Relation at PMI Malaysia, Mr. Nehru Nagappan, added that the signing of this strategic agreement opens a new chapter for the in-depth cooperation between ZTE and PMI Malaysia in the project management field. “In the future, ZTE will work closely with PMI Malaysia to build a professional project management ecosystem and win-win the digital and intelligent era”, said Mr. Nehru. ZTE Corporation is a global leader in telecommunications and information technology. Founded in 1985 and listed on both the Hong Kong and Shenzhen Stock Exchanges, the company has been committed to providing integrated end-to-end innovations to deliver excellence and value to consumers, carriers, businesses and government and enterprise network customers from over 160 countries around the world to enable increased connectivity and productivity. ZTE has complete end-to-end product lines and integrated solutions in the communications industry. Through a full range of wireless, wired, service, terminal products, and professional communications services, ZTE can flexibly meet the differentiated and rapid innovation requirements of different operators and government and enterprise customers worldwide. At present, ZTE has fully served mainstream global operators and government and enterprise customers. ZTE insists on Build Stronger Core Competence, continuously enhances R&D investment and core competitiveness. By the end of 2022H1, ZTE had filed over 8,5000 patents worldwide and accumulated over the years 4,3000 patents worldwide. ZTE has filed over 4717 chip patents and has granted over 2062 licenses. Up to now, the patent technology value of ZTE has exceeded 45 billion yuan CNY. In 2022H1, ZTE achieved operating revenue of CNY 59.82 billion. ZTE adheres to R&D investment, continuously strengthens core competitiveness, and promotes market share increase. In 2022H1, ZTE's R&D investment reached CNY 10.15 billion, accounting for 17% of its operating revenue. In terms of operator network business, ZTE actively participates in global 5G construction. ZTE's series of innovative products and solutions are committed to maximizing customer experience and network efficiency, and building the optimal cost-effective 5G network. The share of 5G wireless, 5G core network and 5G bearer products in the domestic operator market is over 30%. According to reports from external organizations, in 2022, ZTE shipped the second largest number of ZTE 5G base stations (Oro), the second largest number of 5G core networks (Oro), the third largest market share of optical network operators (Omdia), and the first number of PON OLT base stations (Oro) in the world. The total user capacity of the video system exceeds 200 million, and the market share continues to increase. The full series of 5G power supplies have provided power supply guarantee for over 450,000 5G sites worldwide.

https://theedgemalaysia.com/node/673472

缺乏催化剂 马股半天跌4.8点

Mandarin

（吉隆坡4日讯）由于缺乏买盘催化剂，马股小幅下跌0.34%，跟随亚洲股市疲势。 休市时，富时隆综指跌4.8点，挂1391.09点。 综指今早以1393.56点，较昨日闭市的1395.89点，下跌2.33点。盘中游走于1388.85点至1396.33点。 下跌股389只、上升股298只，另有358只，1200只无起落，以及27只暂停交易。 成交量13亿4000万股，值7亿1872万令吉。 马六甲证券今日在报告中指出，尽管周一的上涨可能为近期进一步上行提供空间，但买入仍可能是有选择性。 “我们认为，近期的焦点将围绕在州选，这将为综指和低价股复苏提供进一步的动力。” 他表示，原棕油价格大幅反弹，种植股料随之走高。 “科技股可能会继续受益于隔夜纳斯达克综合指数的强劲表现，而公用事业股将受到煤炭价格放缓的提振。” 重量级股中，联昌国际集团（CIMB Group Holdings Bhd）扬5仙，报5.21令吉、国家能源（Tenaga Nasional Bhd）起1仙，至9.11令吉、马银行（Malayan Banking Bhd）则跌5仙，挂8.70令吉、大众银行（Public Bank Bhd）降3仙，至3.91令吉，以及IHH医疗集团（IHH Healthcare Bhd）减8仙，报5.80令吉。 至于热门股，科恩马（KNM Group Bhd）跌0.5仙，挂8.5仙、Sarawak Consolidated Industries Bhd减1仙，至46仙、Farm Fresh Bhd挫15仙，报1.04令吉，而日马集团（Jade Marvel Group Bhd）和Velesto Energy Bhd分别持平于22.5仙和22仙。   （编译：陈慧珊）   English version：Bursa remains in negative territory at midday

https://theedgemalaysia.com/node/608170

Maybank revises Sabah branch operating hours

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KUALA LUMPUR (Feb 20): Malayan Banking Bhd (Maybank) has said its Sabah branch's daily operating hours will be temporarily revised to between 9.30am and 2pm effective from Monday (Feb 21, 2022) until further notice as Maybank continues to safeguard its customers' and employees' well-being at a time when Malaysia's daily number of new Covid-19 cases spikes to a record high of above 28,000 infections. In an announcement on Friday (Feb 18, 2022), Maybank said its customers' and employees' safety remained the financial services group's utmost priority. "We apologise for any inconvenience caused and thank you for your understanding and patience. Stay safe!" Maybank said. "During this period, our self-service terminals will continue to operate from 6am till 12am midnight. "We encourage you to perform all your essential banking via Maybank2u, Maybank2u Biz and Maybank2E from the safety of your home," Maybank said. Maybank's latest announcement on Friday on the group's website followed one on Monday (Feb 14) when the group said that due to the recent spike in Covid-19 cases in Malaysia, Maybank had since Monday (Feb 14) revised its customer service operating hours to 9am to 6pm, from Mondays to Fridays. "The team will however still continue to operate 24/7 for critical services such as lost or stolen cards, fraud related issues, ATM/self-service terminal queries, and Maybank2u password-related matters," Maybank said. Malaysia's confirmed daily number of new Covid-19 cases climbed to a record high of 28,825 on Saturday (Feb 19) from 27,808 a day earlier, the Ministry of Health said. These brought the nation's total number of infections to 3.19 million since the pandemic began in early 2020, according to the ministry. The previous record high daily figure of fresh pandemic cases of 27,831 was reported on Wednesday. Malaysia's daily number of new Covid-19 cases spiked to the current level above 20,000 from the 5,566 infections reported on Feb 1, 2022. At Bursa Malaysia on Friday (Feb 18, 2022), Maybank's share price closed down two sen or 0.23% to RM8.66 for a market value of about RM102.88 billion. Maybank's latest reported number of issued shares stood at 11.88 billion.

https://theedgemalaysia.com/node/652887

Imran Khan confident of election win, backs IMF role in Pakistan

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(Jan 25): Pakistan’s ousted prime minister Imran Khan said he’s confident of returning to power this year, and would back a continued role for the International Monetary Fund (IMF) to prop up the economy and stave off a growing risk of a debt default. The former cricket star, who was removed from office in a confidence vote last year, said in an interview that he expects to win a majority when elections are held — likely sometime after August. Khan and his party had a mixed showing in recent by-elections and local polls, and he would face an uphill task with a national vote where the winner will need the support of the powerful military establishment to take power. Khan said he’s preparing a “radical” plan to shore up an economy that he predicts will be in even worse shape by then. “If we get into power, we won’t have much time,” the 70-year-old politician said at his residence in Lahore in Punjab province, where he’s recovering from a leg injury sustained when he was shot at a protest in November. Asked if his plan would involve sticking with the IMF — whose accord for about US$6.5 billion (RM27.7 billion) of lending to Pakistan has seen multiple delays — he said: “We have no choice now.” The South Asian nation slid dangerously close to a debt default in recent months, driving its bond yields to distressed levels, as IMF loan payments were held up. Khan’s successor, Prime Minister Shehbaz Sharif, has been wary of the fund’s demands, like raising energy prices and taxes. Pakistan’s foreign-exchange reserves have slumped by half since October, and they’re now insufficient to pay for one month’s imports. The country is also still reeling from the impact catastrophic flooding last year, and suffering from surging inflation. “We will have to make policies like never before in our country,” Khan said. “We fear a Sri Lanka-type situation,” he said, referring to the default in Pakistan’s regional neighbour. He said he would reappoint Shaukat Tarin as finance minister, after he held the post in the previous Khan administration. Khan has taken to the streets since he was pushed out of office, leading protests aimed at pushing Sharif’s government to call early elections. In one of his government’s last major decisions, Khan lowered fuel prices — triggering a dispute that stalled the IMF programme. The ex-premier said his decision was based on getting discounted fuel from Russia. Khan was in Moscow for a previously scheduled visit on the day Russia invaded Ukraine in February last year. In a three-hour conversation, President Vladimir Putin vowed to help Pakistan with energy supplies, Khan said in the interview. He said he’ll pursue an independent foreign policy that doesn’t lean on any single country such as the US or China. He gave the example of arch-rival India, which has amicable relations with the US but still imports discounted oil from Russia and trades with China. Khan said he enjoyed an excellent relationship with former president Donald Trump, but ties deteriorated under his successor. “It’s only when Joe Biden came along that for some reason I found that there was reluctance there,” he said, adding that he believes that happened because the US needed someone to blame for its exit from Afghanistan. Khan came to power in 2018 as an outsider in a country where politics has been largely dominated by dynasties and the powerful army. While his rise to the premiership was seen as having the blessing of the military establishment, his exit was marked by a breakdown of that relationship. In his latest pressure tactic to push for snap polls, the former cricket star’s allies dissolved two of the nation’s four provincial assemblies. That has triggered elections in those provinces, which historically have been held in parallel with a nationwide vote. Khan said he believes national elections may be rigged to keep him out of power. He referred to his removal from office as “regime-change”, and said that Sharif’s governing coalition and some members of the country’s establishment are “scared” because “they were part of the regime-change. We know exactly who was responsible for it”. Pakistan’s government spokesman and the army’s media wing didn’t immediately respond to a request for comment on Khan’s remarks. Khan, who has heavy security outside his residence, said he still believes his life is in danger. He has blamed Prime Minister Sharif and an intelligence officer for the November attack. Both have denied the claim. “Right now I’m afraid, I have powerful enemies,” said Khan. “The entire political status quo is against me.” Khan’s Pakistan Tehreek-e-Insaf party said early Wednesday that there were reports circulating that the former premier could get arrested. News reports said a senior party leader Fawad Chaudhry had been detained by security officials. The police complaint accused of Chaudhry of threatening senior officials of the Election Commission, the report said. They have to go through the courageous females and youth to get through to Kaptaan at Zaman Park! Pakistanis are brave and determined, Lahore now belongs to Kaptaan! #?????_???_?????_???_???? pic.twitter.com/0D2r5wJD9D Video footage surfaced on social media showing supporters gathering just outside Khan’s residence in Lahore following an appeal by his party to protect him from security forces, highlighting his widespread popularity. “They have to go through the courageous females and youth to get through to Kaptaan at Zaman Park!” the party said in tweet referring to Khan who was once the captain of the Pakistani cricket team. “Pakistanis are brave and determined, Lahore now belongs to Kaptaan.”

https://theedgemalaysia.com/node/668937

Power abuse case: Ex-Labuan MP Rozman to know whether he must enter defence on Tuesday

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KUALA LUMPUR (May 29): The decision on whether former Labuan Member of Parliament Datuk Rozman Isli will be called to enter his defence, or acquitted of a charge of using his position to obtain an employment contract for Labuan Liberty Port Management Sdn Bhd (LLPM), will be known on Tuesday (May 30) in the Sessions Court here. Judge Rozina Ayob is scheduled to announce her decision at 3pm. If the court's decision is in favour of the prosecution, that there is a prima facie case (sufficient evidence to proceed to trial) against Rozman, 59, he will be called to defend himself, or else he will be acquitted and discharged. On March 6, the prosecution closed its case after calling 24 witnesses to testify in the trial, which began on Aug 11 last year. Among the prosecution witnesses called were former Labuan Port Authority (LPL) board member Zulkurnain Ayub, former Transport Ministry deputy secretary-general (management) Datuk Chua Kok Ching, and LPL Development and Investment Committee secretary Hida Jerman. Deputy public prosecutor Ahmad Feisal Mohd Azmi prosecuted, while counsel Muhammad Rafique Rashid Ali represented Rozman. Rozman was charged as an official of a public body, the deputy chairman of the Labuan Port Authority, to have used his position to obtain gratification, namely an employment contract as the operator for Dermaga Merdeka Pelabuhan Labuan for LLPM, in which his father and younger brother have an interest in. The offence was allegedly committed at the TKSU meeting room, Level 9, Ministry of Transport, Jalan Tun Hussein, Precinct 4, Putrajaya between 2.30pm and 5.30pm on March 21, 2018. He was charged under Section 23(1) of the Malaysian Anti-Corruption Commission Act and can be punished under Section 24(1) of the same Act, which carries a maximum sentence of 20 years in prison and a fine of five times the value of the bribe or RM10,000, whichever is higher, if convicted.

https://theedgemalaysia.com/node/623465

S P Setia wins double gold at FIABCI World Awards 2022

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PARIS (June 10): S P Setia Bhd has clinched two gold awards at the International Real Estate Federation (FIABCI) World Prix d’Excellence Awards 2022 held on June 9 in Paris, France. This year's win makes S P Setia the Malaysian developer with the most FIABCI World Gold awards, with 15 under its belt. The winning projects were KL Eco City (KLEC) in Kuala Lumpur, which bagged the top accolade in the Mixed-use Development category and Setia Marina 2 of Setia Eco Glades, Cyberjaya, which was honoured under the Residential (Low-Rise) category. S P Setia president and chief executive officer Datuk Choong Kai Wai noted that the recognitions of KLEC and Setia Marina 2 in the international realm are a testament to the strength of its products in meeting the aspirations of homeowners, property buyers and communities. "We are truly honoured to be awarded for our commitment in delivering thoughtfully planned developments anchored on our LiveLearnWorkPlay development philosophy and our continuous effort in operating along the environment, social and governance (ESG) pillars," he said. "As lifestyles and demands have changed over the years, especially after the Covid-19 pandemic, property development is now not only about building homes that support sustainable lifestyles, but also uplifting communities in and beyond our developments through creating sustainable business opportunities," Choong added. Both KLEC and Setia Marina 2 have previously won the Mixed-use Development and Residential (Low-Rise) categories at the FIABCI Malaysia Property Award 2021.

https://theedgemalaysia.com/node/644527

Teladan Setia’s 3Q net profit up 34% on record-high revenue

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KUALA LUMPUR (Nov 17): ACE Market-listed Teladan Setia Group Bhd’s net profit rose 34% to RM11.66 million for the third quarter ended Sept 30, 2022 (3QFY2022), from RM8.71 million a year earlier, on the back of a record-high quarterly revenue. Earnings per share climbed to 1.45 sen from 1.19 sen, according to the Melaka-based property developer in a filing with the local bourse on Thursday (Nov 17). No dividend was declared for the quarter under review. Revenue jumped 63.38% to a record high of RM75.88 million from RM46.44 million a year prior, driven by better sales and progress in terms of revenue recognition.  “Besides, there were a few newly launched projects as compared to 3QFY2021, which enabled a higher percentage of revenue to be recognised in [3QFY2022],” the group added.  For the nine months ended Sept 30, 2022 (9MFY2022), Teladan logged a net profit of RM35.36 million, a 50.68% rise from RM23.47 million for the same period last year. Cumulative revenue increased 63.96% to RM210.38 million, versus RM128.31 million for 9MFY2021. Despite having to weather inflationary pressures, the interest rate upcycle, and softened property demand going forward, Teladan said the group is optimistic that under its well-strategised roll-outs of suitable properties, its sales will remain commendable. “At the same time, the group is still actively looking to acquire more strategic land plots in Melaka, as it aims to strengthen its current land bank of 1,109 acres (448.8 hectares),” Teladan added.  Shares in Teladan ended unchanged at RM1.37 on Thursday, giving the property developer a market capitalisation of RM1.1 billion.

https://theedgemalaysia.com/node/658602

Renewed interest in Toyo Ventures as it kickstarts power plant project

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KUALA LUMPUR (March 10): Toyo Ventures Holdings Bhd regained some upward momentum after the stock fell off from the recent peak of RM1.61 in February. The stock soared to an intra-day high of RM1.45 in the afternoon trading session against Thursday’s (March 9) closing of RM1.30. It ended the week at RM1.41, up 11 sen or 8.5%, with a trading volume of 3.2 million shares. Year to date, Toyo Venture’s share price has gained 43% from 98 sen at the end-2022.   Toyo Venture seems to have kickstarted the groundworks for its power plant project that it secured in Vietnam more than 15 years ago.  On Thursday, Toyo Ventures said its wholly-owned unit Song Hau 2 Power Co Ltd was awarded an US$86 million (RM388.5 million) operation and maintenance contract to Power Engineering Consulting Joint Stock 2 (PECC2) for site works, technical services and advisory services. This is the second contract within a week.  Prior to that, Toyo Venture was awarded a US$2.42 billion contract to a consortium of Sunway Construction Sdn Bhd and PECC2 to construct Song Hau 2 Thermal Power Plant located at Song Hau Power Generation Centre, Hau Giang Province, Vietnam.  In the filing dated March 1, Toyo Venture said that Export-Import Bank of Malaysia Bhd had offered to be the mandated Lead Arranger and Bookrunner and coordinating arranger for the syndicated financing facilities of up to US$2.42 billion for the construction of the power plant, vide its letter dated Nov 14 last year. The project is scheduled for completion in four and a half years from the date Toyo Ventures issues a notice to proceed to the contractor. On the other hand, Toyo Ventures was also in the news recently as Bursa Malaysia publicly reprimanded the company for the withdrawal of its proposed final dividend per share of one sen for the financial year ended Sept 30, 2021 (FY2021). The company declared the dividend on Nov 30, 2021.  Bursa stated that the withdrawal was in contravention of paragraph  8.26(1) of the Bursa Malaysia Securities Main Market Listing Requirements, as a listed issuer must not make any subsequent alteration to the dividend entitlement once the dividend had been declared.  The board of directors at the material time of the breach were Yusoff Daud, Song Kok Cheong. Chew Cheong Loong, Lim Soek Fun, Tham Kut Cheong, Chan Kee Eng, Song Hsiao May and Lim Guan Lee.  The group cancelled the dividend plan in January last year amid insufficient retained earnings of the company, which arose from certain adjustments made in its audited financial statements for the 15-month financial period ended  Sept 30, 2021.  Read also:  Toyo Ventures sign O&M, EPC contracts for 2.12GW power plant in Vietnam AEON Credit, Pos Malaysia, Able Global, Computer Forms, WTK, EA Technique, Toyo Ventures and GFM Bursa publicly reprimands Toyo Ventures for withdrawing proposed dividend

https://theedgemalaysia.com/node/672736

BNM says it will intervene in forex market to stem excessive currency movements

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KUALA LUMPUR (June 27): In an effort to stabilise the ringgit, Bank Negara Malaysia (BNM) on Tuesday (June 27) said it will intervene in the foreign exchange (forex) market to stem currency movements that are deemed excessive. As the value of the ringgit will continue to remain market-determined, the central bank expects ongoing measures by the government to further strengthen the economy will help to ensure that the ringgit better reflects the country’s fundamentals, said Financial Markets Committee (FMC) and BNM assistant governor Adnan Zaylani. “While the ringgit continues to be affected by global developments, Malaysia’s expected economic growth in the range of 4%–5%, as well as the structural reforms and fiscal consolidation efforts by the government, are supporting factors for the ringgit,” he said in a statement on Tuesday. The statement was released after the central bank’s FMC held a meeting to discuss recent developments in financial markets affecting the ringgit exchange rate. According to the FMC, the external environment continues to be the main factor affecting the ringgit, particularly the evolving market expectation of higher terminal interest rates in most major economies, which in turn raises the risks of a possible marked slowdown in the global economy. At the same time, the People’s Bank of China had been cutting interest rates, as there were signs that China’s post-Covid-19 economic recovery was losing momentum. Besides, against the backdrop of US dollar strength, the FMC noted that the extent of the ringgit’s recent depreciation is not reflective of Malaysia’s economic fundamentals. According to Bloomberg data, the ringgit ended stronger against the US dollar on Tuesday for the second straight day. The ringgit strengthened to 4.6663 against the US dollar, compared with 4.6755 on Monday and last Friday’s 4.6783. However, year-to-date, the local note has weakened by 5.94% against the US dollar.  The FMC viewed the recent movements in the ringgit exchange rate to be excessive, taking into account a number of factors. The country’s growth momentum is expected to continue in 2023, albeit at a more moderate level, after gross domestic product recorded one of the highest growth rates in the world last year, it said. “While the strong correlation between the ringgit and renminbi can be explained by the significant trading relationship between Malaysia and China, it is important to note that Malaysia’s external sector remains diversified, both in terms of product segments as well as in terms of trading partners. The FMC observed that this should serve to moderate the close co-movement between the ringgit and the renminbi. “The FMC noted that while the ringgit volatility has risen consistently with those of regional currencies’, the extent of the volatility increases has been disproportionately higher and deviating from historical relative movements. Notwithstanding this, the onshore financial markets remain on solid footing,” it said. "Ringgit FX volatility remains the lowest among regional peers. This was underpinned by a healthy increase in daily FX turnover volumes over the past few years, averaging US$15.1 billion (RM17.42 billion) year-to-date.”  Meanwhile, in the bond market, non-resident holdings of Malaysian Government Securities (MGS) bonds have remained close to a longer-term average figure of 23.5%. “Importantly, MGS continues to offer positive real yield and FMC members noted sustained interest among foreign investors in the Malaysian bond market”,” said the FMC. On top of that, FMC members also discussed observations that corporates and exporters have retained more proceeds in foreign currencies, indicated by rising foreign currency account balances which could potentially lead to imbalance in market flows. In managing their forex risks, corporates and exporters should be encouraged to take advantage of the attractive level of exchange rate in managing their foreign currency balances, it added.

https://theedgemalaysia.com/node/608047

Malaysia's telcos call for dual wholesale network, but decline to share details

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KUALA LUMPUR (Feb 18): Four mobile network operators (MNOs) — Celcom Axiata Bhd, Digi Telecommunications Sdn Bhd, Maxis Bhd and U Mobile Sdn Bhd — have recommended that the government allow a dual wholesale network (DWN) model which will be developed and operated by two consortiums involving the government, Digital Nasional Bhd (DNB), and MNOs who are ready to invest. In a joint statement on Friday (Feb 18), the companies said they have submitted their proposal for the establishment of DWN. “We see the DWN model as a feasible option that leverages MNOs' capabilities, existing resources, including infrastructure, supply chain and the experience of thousands of Malaysian technical talents. We are committed and we look forward to playing our part in realising the long-term sustainable benefits to the nation, a win-win solution for the government, rakyat and the industry,” they added. "Taking this opportunity, we would like to express once again our full support towards the government’s agenda through the MyDigital initiative and the development of the digital economy in Malaysia where 5G networks are among the critical infrastructure," said the telcos. Without sharing details in the statement, they said the telecommunications industry has been in discussions with the government and has provided views and facts directly with regards to the matter. “Taking this opportunity, we would like to express once again our full support towards the government’s agenda through the MyDigital initiative and the development of the digital economy in Malaysia where 5G networks are among the critical infrastructure. “As the matter will be tabled to the Cabinet, as announced by our Minister of Communications and Multimedia, we will respectfully wait for the decision from the government,” they stated. Kenanga Research sees downside earnings risks for MNOs over the next three to five years if the government opts for a single wholesale network (SWN) model, as MNOs may have to pay upfront wholesale costs to DNB, even if they are slow to monetise 5G services, according to the research outfit note on Monday (Feb 14). Noting that there is no clear guidance on when the government's final decision on the model to be adopted for the nationwide 5G network roll-out will be announced, Kenanga expects it to take place in either February or March. On Feb 7, Dr Ong Kian Ming, member of Parliament for Bangi and assistant political education director for the Democratic Action Party, has listed 15 questions pertaining to DNB's 5G rollout. DNB is a special-purpose vehicle under the Ministry of Finance that is wholly responsible for the 5G infrastructure. Ong had also written an open letter containing 10 questions addressed to MNOs over the 5G rollout. Read also: Single wholesale network model presents downside risks to telcos' profitability — Kenanga  DNB's Ralph Marshall responds to Ong Kian Ming's questions on 5G rollout  Ong Kian Ming’s open letter to mobile network operators in Malaysia on 5G rollout

https://theedgemalaysia.com/node/657520

fariz-test dont delete

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Caption KUALA LUMPUR (April 28): It has been three days since Selayang Baru was put under the Enhanced Movement Control Order (EMCO). The geographic scope of the directive was widened after taking into account the risk of infection from the nearby Kuala Lumpur wholesale market and the daily market here, said Senior Defence Minister Datuk Seri Ismail Sabri Yaakob. At the northern part of the capital and the area around the wholesale market, 14 new cases were detected today, bringing the total cases to 69. Six zones in the area were placed under EMCO, namely: Zone A: Jalan Indah 3 and Jalan Indah 5A, Selayang Indah Zone B: Jalan Indah 21, Lembah Indah, Selayang Baru Zone C: Jalan Besar Selayang Baru, Jalan 1 and Jalan Indah 21, Selayang Baru Zone D: Jalan 3, 5, 7 and 9, Selayang Baru Zone E: Jalan 2, 4, 6 and 8, Selayang Baru Zone F: Blok A, B and C, Selayang Makmur The Edge’s photographer Sam Fong paid a visit to the area yesterday and captured the sights. The Malaysia Civil Defence Force, in their distinctive blue camouflage, was seen distributing food supplies to residents. The packages were passed through the sharp barb wire, no doubt eliciting concerns about possible injuries, but nothing untoward happened fortunately. En-masse screenings for Covid-19 took place under tents at the commercial district.

https://theedgemalaysia.com/node/678001

MIDF maintains ‘neutral’ call on property sector after June loan applications dip 11% m-o-m

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KUALA LUMPUR (Aug 9): MIDF Research has maintained its "neutral" call on the property sector after loan applications fell in June, but foresees demand recovering gradually as Bank Negara Malaysia (BNM) paused rate hike last month. According to data released by BNM, loan applications for the purchase of property declined by 11% month-on-month (m-o-m) in June, compared to a strong growth of 23% m-o-m in May. On a yearly basis, loan applications slipped by 13.4% year-on-year (y-o-y), bringing cumulative loan applications to RM297 billion in the first half of the year (1H 2023). For 1H2023, loan applications recorded a flattish growth rate of 0.8%, indicating marginally better demand for property. MIDF Research analyst Jessica Low Jze Tieng said that the decline in loan applications in June could be caused by the normalising of loan application as the 23% m-o-m hike in May 2023 was likely boosted by pent-up demand after the Hari Raya celebrations. She added that the decline in June could also have been caused by the overnight policy rate (OPR) increase by 25 basis points in May. As loan applications slipped, so did total loans approved for the purchase of property, easing 5.8% m-o-m in June 2023. However, on a yearly basis, total loans approved grew by 5.4% y-o-y, attributable to a higher percentage of total approved loan over total applied loan of 47.7% in June, as compared to 45% the month before. “In a nutshell, we see that the healthy total approved loan should translate into slightly better new sales outlook for property developers,” said Low, adding that the total approved loan in 1H 2023 was healthy at RM131 billion, representing a growth rate of 9.2% y-o-y. Low further commented that the property scene in Johor Bahru is improving with “lower overhang units and potential revival of the High Speed Rail project”, that is expected benefit property developers with exposure to Johor namely Sunway Bhd (1,632 acres), Eco World Development Group Bhd (1,000 acres), and Mah Sing Group Bhd (1,120 acres in Meridien East). Similarly, property developers with townships in Johor are also expected to reap benefits; IOI Properties Group Bhd with its Bandar Kulai township, Glomac Bhd with its Sri Saujana and Saujana Jaya townships, and S P Setia Bhd with its Setia Tropika, Setia Eco Gardens and more townships in the area. As such, the research house narrowed its revalued net asset value (RNAV) discount and target prices (TP) for several property-developing companies by downgrading Eco World Development Group to a "neutral" call from "buy" due to limited upside, as well as lowered its "buy" call on UOA Development Bhd to "neutral" as bumper dividend of 20 sen goes ex on Wednesday (Aug 9). Meanwhile, Low kept her "buy" rating on Mah Sing, IOI Properties, Glomac and S P Setia, with her top picks of the sector being Mah Sing and Glomac with their respective TPs of 83 sen and 47 sen. Additionally, KL Property Index recorded strong gains of 20.5% year-to-date (YTD) as the valuation of property counters was undemanding. Based on a price-to-book value (PBV) for 25 property stocks, it was trading at a three-year mean minus one standard deviation level of 0.39 times at the beginning of the year. “The strong gains in KL Property Index could be due to the improving property scene at Johor and potential revival of High-Speed Rail which bodes well for long term outlook for property sector,” Low extended. Presently, the average PBV for the 25 property stocks is trading at 0.54 times, which is above the mean plus one standard deviation level of 0.52 times, Low believes that the valuation of property counters is more reasonable at this level and may limit further upside.  

https://theedgemalaysia.com/node/603410

TIME拟以6200万购EPF隆办公楼

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（吉隆坡11日讯）TIME dotCom Bhd提议以6200万令吉，收购雇员公积金局（EPF）位于吉隆坡的Changkat Raja Chulan办公大楼。 由于EPF是TIME的大股东，持有11.75%股权，因此此次收购属于关联方交易。 TIME向大马交易所报备，EPF最初于1994年以4604万令吉的价格购买上述物业。截至2021年11月30日，未经审核账面净值为2059万令吉。 “这项收购计划将使TIME能够扩大营运设施的空间。管理层认为，该大楼的状况良好，可以满足营运需求。” TIME指出，此次收购将通过独资子公司AIMS Data Centre私人有限公司进行，并将以内部资金支付。 该公司补充，如无意外，收购将在协议转为无条件之日起的3个月内完成。 闭市时，该股起1仙或0.23%，收于4.38令吉，市值达80亿令吉。   （编译：陈慧珊）   English version：TIME plans to buy EPF’s Changkat Raja Chulan building for RM62m

https://theedgemalaysia.com/node/670570

Security: Zero Trust — the game-changer in critical infrastructure protection

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This article first appeared in Digital Edge, The Edge Malaysia Weekly on June 12, 2023 - June 18, 2023 Critical infrastructure forms the fabric of our society, providing power for our homes and businesses, and fuel for our vehicles and transport needs. As digital technologies continue to percolate horizontally across sectors, larger and larger volumes of critical infrastructure and services have become increasingly connected, leading to the convergence of operational technology (OT) and information technology (IT). These interconnections bring accessibility benefits, but they also introduce a host of potential security risks. In Malaysia, cybercriminals are exploiting the expanded security surfaces from the IT/OT convergence to infiltrate both systems. In 2022, Malaysia recorded 25,000 cybercrimes resulting in RM850 million of losses, affecting critical infrastructure like those of major banks in Malaysia, the National Registration Department, civil servant e-payroll system and a leading payment gateway service provider. With all of these significant risks to critical infrastructure environments, it is not surprising that there is a growing security focus on operational resilience in the sector. Simply put, failure is not an option. You can’t have your water or power supply go down or have food supplies disrupted because of an outage in critical infrastructure. So, the stakes are very high and there is almost zero room for something going the wrong way. Being operationally resilient in an era of increasing threats and changing work habits is an ongoing challenge for many organisations. This is true for the organisations, agencies and companies behind our critical infrastructure. In addition to the convergence of OT and IT, critical infrastructure organisations face two other challenges as part of their digital transformation. Hybrid workforces mean that people can be literally anywhere. And cloud migration means apps can be anywhere too. The complexity of infinite combinations of devices, people and applications means that organisations need a higher level of security applied consistently. To get to a state of resiliency, there are a number of common challenges in critical infrastructure environments that must be overcome because they negatively impact security outcomes. These include: Legacy systems: Critical infrastructure often uses legacy systems far beyond their reasonable lifespan from a security standpoint. This means many systems are running older, unsupported operating systems, which often cannot be easily patched or upgraded due to operational, compliance or warranty concerns. IT/OT convergence: As IT and OT systems converge, OT systems that were previously isolated are now accessible, making them more available and, inherently, more at risk of being attacked. A lack of skilled resources: In general, there is a lack of dedicated security personnel and security skills in this sector. There has also been a shift in recent years towards remote operations, which has put further pressure on resources. Regulatory compliance: There are rules and regulations across many critical infrastructure verticals that create complexity concerning what is or isn’t allowed. Getting insights from data: With a growing number of devices, it is often a challenge for organisations to get insights and analytics from usage data that can help steer business and operational outcomes. A Zero Trust approach can help remediate a number of the security challenges that face critical infrastructure environments and provide the level of cyber resilience that critical infrastructure needs now. With Zero Trust authentication, access is a continuous process that helps limit risk by eliminating implied trust. As an example, let us consider the data centre industry, a critical service that is witnessing exponential growth in Malaysia. A relatively new data centre trend is distributed computing, where services are spread across multiple clouds but operate as a single application to offer improved performance, reliability and scalability. The drawback here is that any compromise or mimicking of service while constantly communicating with each other can affect the entire application. Implementing Zero Trust within systems, data centres and clouds can enhance the protection and integrity of laterally moving data as it passes from one service to another. This helps deliver the most important objective in critical infrastructure cybersecurity — preventing the damage of cyber physical assets, loss of critical services and preserving human health and safety. Critical infrastructure’s purpose-built nature and correspondingly predictable network traffic and challenges with patching make it an ideal environment for Zero Trust. It is important to realise that Zero Trust is not a single product. It is a journey that organisations will need to take. Going from traditional network architecture to Zero Trust, especially in critical infrastructure, is not going to be a “one-and-done” effort that can be achieved with the flip of a switch. Rather, the approach we recommend is a phased model that includes the identification of the organisation’s crown jewels, visibility and risk assessment, OT-IT network segmentation and finally, the application of Zero Trust policies. Critical infrastructure is vital. It needs to be operationally resilient, reduce the potential attack surface and minimise the new or expanding risks created by digital transformation. When applied correctly, a Zero Trust approach to security within critical infrastructure can play a central role in all of this — ensuring resilience and the availability of services that society depends on daily. Anand Oswal is senior vice-president of network security at Palo Alto Networks, a global cybersecurity leader Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

https://theedgemalaysia.com/node/663165

Glomac to acquire remaining 49% stake in construction unit Glomac Bina

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KUALA LUMPUR (April 12): Glomac Bhd has proposed to acquire the remaining 49% stake in Glomac Bina Sdn Bhd from the group's executive chairman and major shareholder Tan Sri Mohamed Mansor Fateh Din (FD Mansor) and another major shareholder, Mohd Yasin Loh Abdullah. The property developer said the acquisition of the stake for RM16.25 million will enable Glomac Bina to become a wholly-owned subsidiary of the group. "Glomac Bina is solely involved in construction works awarded by Glomac Group. The proposed acquisition will enable Glomac to streamline its group structure and gain 100% control in Glomac Bina to be in the position to drive the future strategic direction of Glomac Bina," said Glomac in a filing with Bursa Malaysia. “Glomac Group has been consolidating the financial results of Glomac Bina at 51% interest. Upon completion of the proposed acquisition, Glomac Group will be able to recognise 100% financial results from Glomac Bina,” the group added. FD Mansor and his son Datuk Seri Fateh Iskandar — who is also Glomac's group managing director, chief executive officer and major shareholder — are directors of Glomac Bina. Glomac said the purchase, to be satisfied entirely from internally-generated funds, is expected to be completed by the third quarter of 2023. Shares of Glomac closed unchanged at 32 sen on Wednesday (April 12), giving the group a market capitalisation of RM256 million.

https://theedgemalaysia.com/node/650685

Samsung's quarterly profit sinks to eight-year low on demand slump

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SEOUL (Jan 6): Samsung Electronics Co Ltd flagged on Friday (Jan 6) its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices. The dismal profit estimate by the world's largest memory chip, smartphone and TV maker — a bellwether for global consumer demand — sets a weak tone for other technology firms' quarterly results. Samsung's profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won (US$3.37 billion) from 13.87 trillion won a year earlier. It was Samsung's smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. "All of Samsung's businesses had a hard time, but chips and mobile especially," said Lee Min-hee, analyst at BNK Investment & Securities. Quarterly revenue likely fell 9% from the same period a year earlier to 70 trillion won, Samsung said in a short preliminary earnings statement. Asia's fourth-biggest listed company by market value will release detailed earnings on Jan 31. Rising global interest rates and cost of living have dampened demand for smartphones and other devices that Samsung makes and also for the semiconductors it supplies to rivals such as Apple Inc. "For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances...," Samsung said in the statement. Its mobile business' profit declined in the fourth quarter as smartphone sales and revenue decreased due to weak demand resulting from prolonged macroeconomic issues, Samsung added. "Memory chip prices fell in the mid-20% during the quarter, and high-end phones such as foldable didn't sell as well," said BNK Investment's Lee, adding its display business was hurt due to client Apple's production delays at the world's biggest iPhone factory in China during the quarter. Three analysts said they expected Samsung's profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices. Samsung shares rose 1% in Friday morning trade, versus a 0.9% rise of the wider market. Shares of rival memory chip maker SK Hynix rose 1.6%. "The reason shares are rising despite the poor earnings result is... investors are hoping Samsung will need to reduce production, like Micron or SK Hynix said they would, which would help the memory industry overall," said Eo Kyu-jin, an analyst at DB Financial Investment. Samsung had said in October that it did not expect much change to its 2023 investments. Analysts said that Samsung has a history of not announcing memory chip production cuts, but could organically adjust investment by delaying bringing in equipment or through other ways.

https://theedgemalaysia.com/node/645579

EVENING 5: Five things you need to know today

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EVENING 5: Anwar is Malaysia’s 10th Prime Minister Dirty dealings. Corporate battles. Consumer woes. Here are five things you need to know today.  1. Datuk Seri Anwar Ibrahim has become Malaysia’s 10th prime minister.  2. Sime Darby Bhd saw its 1QFY22 net profile decline on weaker consumer sentiment and higher costs. 3. Genting Malaysia Bhd and Genting Bhd both swung back to profitability in 3QFY22.  4. Pharmaniaga Bhd saw its third-quarter net profit fall 83% on lower sales as the country enters into the endemic phase. 5. Lotte Chemical Titan Holding Bhd declared a special single-tier dividend of 13.98 sen per share for FY22.