PAC FLAGS ANOTHER ‘SHOCKING’ BOUT OF DELAYS IN LCS PROJECT p3

T H U R S DAY, JA N UA R Y 2 5 , 2 0 2 4 t h e e d g e m a l ay s i a . c o m
ISSUE 708/2024

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HOME: AT&S’ new site in Kulim to produce sophisticated IC substrates for AMD by end-2024 p4
BNM keeps OPR at 3% p6
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WORLD: China announces biggest bank reserve ratio cut since December 2021 p19
Thai PM asserts economy is in ‘crisis’, pledges more stimulus p21

Murad Khalid’s SD already investigated during Mahathir’s

time, found no case against Anwar, says MACC
Report on Page 2.
WWW.MYAIRLINE.MY

CAAM extends
MYAirline’s air operator
certificate suspension
by three months
Report on Page 3.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4 2 THEEDGE CEO MORNING BRIEF

H O M E

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KUALA LUMPUR (Jan 24): Past investi-
gations on the statutory declaration (SD) by
former Bank Negara Malaysia assistant gov-
ernor Datuk Abdul Murad Khalid had found
no case against Datuk Seri Anwar Ibrahim,
said the Malaysian Anti-Corruption Com-
mission (MACC).
The SD, dated October 1999, had alleged
Anwar — now Malaysia’s prime minister —
of having instructed Abdul Murad of im-
plementing “certain corporate exercises in
favour of his friends and cronies” during his
first tenure in government.
In a statement, the MACC said six inves-
tigation papers were opened by the agency
— then known as Badan Pencegah Rasuah
(BPR) — against Anwar following the SD.
This, it said, was contrary to a recent com-
ment by former prime minister Tun Dr Ma-
hathir Mohamad on Jan 22, which alleged
that MACC did not investigate the matters
raised in the SD.
“Investigations were conducted in-depth,
comprehensively and in a detailed manner,
with the assistance of Bank Negara Malay-
sia, including in and out of the country such
as in the United Kingdom and Singapore.
Murad Khalid’s SD
already investigated
during Mahathir’s
time, found no case
against Anwar,
says MACC
BY ADAM AZIZ
theedgemalaysia.com
“The outcome of the investigation showed
there is no case against Anwar.
“Concurrently, the six investigation papers
had been presented to the Attorney-General’s
Chambers on Aug 12, 2022, and the AGC
had decided there were no charges imposed
on any party,” it said.
“As such, the MACC would like to stress
that the allegation that MACC/BPR did not
initiate investigation against Anwar arising from
the SD of Abdul Murad is not true at all.
“Furthermore, the matter occurred dur-
ing the leadership of Tun Dr Mahathir as
prime minister,” it added. Mahathir was
prime minister until October 2003.
Mahathir’s jibe against Anwar on Jan 22
was made amid investigations by the MACC
against Mahathir’s son Mirzan Mahathir, which
came to light in the third week of January.
He had then raised the issue of the SD by
Abdul Murad, alleging that Anwar had RM3
billion in more than 20 “master accounts”
as a result of actions spelled out in the SD.
The SD was issued when Anwar became the
opposition leader, soon after his sacking as
deputy prime minister in 1998.
Mahathir also sarcastically said that cur-
rent senior officials of the government are the
ones who are difficult for regulators to inves-
tigate, not individuals who bear the country’s
highest-ranking federal honorific title “Tun”.
His swipe against the government was in
response to a recent statement by Anwar,
who reportedly said on Saturday that “it is
not easy... to investigate a Tun” amid recent
high-profile investigations involving regula-
tors such as the MACC.

KUALA LUMPUR (Jan 24): Malaysian
Anti-Corruption Commission (MACC)
chief commissioner Tan Sri Azam Baki’s
“insinuations” that former finance min-
ister Tun Daim Zainuddin was evading
legal action by being hospitalised was
“false and mischievous”, Daim’s wife
Toh Puan Na’imah Abdul Khalid said
on Wednesday.
In a brief statement, Na’imah said that
Daim is prepared to face “any charge, an-
ywhere, and will vigorously defend himself
in accordance with the law”.
She explained that while Daim is cur-
rently warded and is undergoing treat-
ment, the former senior minister is “pre-
pared to face this political charge” in the
hospital itself, subject to the permission
from the hospital and medical team.
“We will leave this to Azam and the
MACC to decide,” she said. Na’imah was
Na’imah hits back
at MACC chief, says
husband Daim ready
‘to face charges in
hospital itself’
BY TARANI PALANI
theedgemalaysia.com
responding to news reports on Wednesday
in which Azam was quoted as saying that
the graft-busters have been given the green
light to charge the 85-year-old. However,
this could not be carried out as the former
cabinet minister was hospitalised.
Azam was reported to have said the agen-
cy had wanted to bring Daim’s case to court
since last week, after getting the consent
from the Attorney General’s Chambers
(AGC).
Na’imah countered that there was
“no truth” to the anti-corruption agen-
cy chief’s statement.
“I can confirm that neither myself nor
our legal counsel was ever informed that
Daim would be charged for any offence.
We were only told that a statement was
to be recorded from him. Only today,
reading the news reports, have I discov-
ered that Daim is to be charged.
Read the full story
Read also: MACC gets consent, but
charging deferred due to Daim’s health
— Azam Baki

Note: Dear readers, there will be no CEO Morning Brief on Friday (Jan 26, 2024), as we are taking a break for Thaipusam.
We will be back on Tuesday (Jan 30, 2024). For the latest news during the holidays, check out https://theedgemalaysia.com/.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
KUALA LUMPUR (Jan 24): Aviation reg-
ulator Civil Aviation Authority of Malaysia
(CAAM) has extended the suspension of
MYAirline Sdn Bhd’s air operator’s certif-
icate (AOC) by three months until April
14 this year, amid reports that the troubled
low-cost carrier has secured a new investor
from the Middle East.
On Oct 16, 2023, CAAM suspended
the airline’s AOC for 90 days, pending fur-
ther investigations by the technical aviation
regulator. The suspension had been due
to expire last week.
The suspension was issued after
MYAirline’s abruptly halted its opera-
tions on Oct 12, 2023, without prior no-
tification to CAAM, as well as econom-
ic aviation regulator Malaysian Aviation
Commission (Mavcom). Some 125,000
passengers of MYAirline, who had pur-
chased RM22 million worth of tickets,
were left in the lurch following MYAir-
line’s move.
CAAM said then that the abrupt halt
of MYAirline’s operations had raised seri-
ous concerns about public safety and the
overall integrity of civil aviation operations
in Malaysia. “A detailed safety audit will
be carried out on MYAirline during this
temporary suspension to reassess the air-
line’s capability.”
When contacted by The Edge, a spokes-
man for CAAM confirmed that the sus-
KUALA LUMPUR (Jan 24): Another
bout of delays in the progress of the litto-
ral combat ship (LCS) project has pushed
the delivery of the first vessel further to
October 2026, from August 2026 target-
ed earlier.
This was revealed by the Public Ac-
counts Committee (PAC) in a statement
following its latest proceedings in rela-
tion with the troubled billion-ringgit
project.
It, however, is unable to delve into
details of the delay period, due to De-
wan Rakyat’s Standing Order, it said.
The statement also did not touch on
the reasons behind the delays.
“The Parliament’s PAC views seriously
the delays in the development progress of
the LCS, owned by the Malaysian Royal
Navy, and requires a periodic and thor-
ough oversight of the progress,” it said.
“The committee, however, welcomed
the statement of Datuk Seri Isham
[Ishak, Ministry of Defence (Mindef)
secretary general] that Mindef will take
immediate action in ensuring issues re-
sulting in the delay can be overcome,”
it added.
3 THEEDGE CEO MORNING BRIEF
H O M E
CAAM extends
MYAirline’s AOC
suspension by
three months
BY KANG SIEW LI
theedgemalaysia.com
LOW YEN YEING/THE EDGE
Passengers walking past an unmanned
MYAirline counter in KLIA.
pension was extended for another three
months until April 14.
Out of the 10 aircraft previously under
MYAirline’s management, nine have been
deregistered by its lessors. Presently, only
PAC flags
another
‘shocking’ bout
of delays in
LCS project
BY ADAM AZIZ
theedgemalaysia.com
On Jan 19, navy chief Admiral Tan Sri
Abdul Rahman Ayob was quoted as saying
that the first LCS is “expected to be fully
operational by the end of 2026”.
Up until October last year, it was stated
by Mindef that the first LCS is expected
to be completed in August 2026, before
undergoing two other tests — the Harbor
Acceptance Test and the Sea Acceptance
Trial — spanning another two years.
“Revelation about the construction de-
lays is a shocking matter,” said the PAC.
“This worries the PAC, who wants the
one aircraft remains registered, according
to the CAAM spokesman.
MYAirline is also in the process of get-
ting a conditional air service licence (ASL)
from Mavcom. MYAirline’s ASL expired
on Nov 14, 2023.
“We have received the application for
a new ASL from MYAirline,” a Mavcom
spokesman told The Edge.
Airlines need both an ASL and AOC
to operate scheduled air services.
Earlier this month, Bernama reported,
quoting sources, that MYAirline has se-
cured and finalised a sale and purchase
agreement with a new investor from the
Middle East. However, the investor’s iden-
tity was not disclosed.
Just three days before the airline’s de-
cision to abruptly suspend its operations
indefinitely last year, CAAM had given
the thumbs up to the airline’s air safety,
security and operational proficiency for
another two years.
In a November 2023 interview with The
Edge, CAAM CEO Datuk Captain Noraz-
man Mahmud admitted that the authority
was in the dark about MYAirline’s financial
predicament before that. “CAAM did not
see anything amiss during its last safety
audit on MYAirline that was carried out
from May 29 to June 1 for the AOC re-
newal, or in the days right before the sus-
pension,” he said.
vessel construction contractor and the
LCS project team to take proactive steps
to overcome the issue.”
The latest proceedings saw the at-
tendance of Isham, LCS project team
lead Admiral Franklin Jeyasekhar Jo-
seph, and Boustead Naval Shipyard
Sdn Bhd (BNS) chief executive officer
Captain Azhar Jumaat.
The troubled LCS project saw pro-
ject cost overruns, from RM6 billion to
RM9.18 billion and later RM11.22 bil-
lion, while targeted deliveries of six ves-
sels were reduced to five.
Based on the initial plan, the first ves-
sel was supposed to be delivered over
four years ago in 2019.
Under the revised plan, the vessels
were scheduled to be delivered in Au-
gust 2026, April 2027, December 2027,
August 2028, and April 2029.
As a result of the delays and ballooning
costs, the government is stepping in to take
over the project’s debt-laden main con-
tractor BNS from its current shareholders,
including Boustead Group and the Armed
Forces Fund Board (LTAT), for RM1.The
takeover has yet to be concluded.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
AT&S’ new site in Kulim to produce
sophisticated IC substrates for AMD
by end-2024
KULIM (Jan 24): Vienna-listed Austria
Technologie & Systemtechnik AG (AT&S)
will start supplying high-end integrated
circuit (IC) substrates — to be crafted at
its new factory in Kulim, Kedah — to US
semiconductor giant Advanced Micro De-
vices Inc (AMD) for use in the latter’s data
centre processors by the end of 2024.
According to AT&S chief executive officer
Andreas Gerstenmayer, the Austrian firm has
invested over €1 billion (RM5.12 billion) in
the AT&S Campus, which is the group’s first
production site in Southeast Asia.
“Our new plant in Kulim will begin
serial production of IC substrates for the
next generation of microchips for high-per-
formance computing, data centres and AI
(artificial intelligence) applications of lead-
ing manufacturers such as AMD,” he told
a press conference on Tuesday, a day before
the official opening of the AT&S Campus
in the Kulim Hi-Tech Park.
AT&S, which is also present in Nanjan-
gud, India, Chongqing and Shanghai in
China, and Ansan, South Korea, has been
building a new state-of-the-art facility in
Kulim, with a planned investment of about
€1.7 billion under Phase 1 of the project.
This initial investment is the group’s
largest for a single project. It is also the
biggest single investment ever made by an
Austrian company in Malaysia.
Construction work started in November
2021, and commercial operations are targeted
to come on stream before the end of this year.
“We are proud to have built what is
probably the world’s most modern IC
substrate plant in such a short period of
time, and in spite of all the challenges, for
example the Covid-19 pandemic, we are
able to provide the required technologies
and capacities in time once the markets
have recovered,” said Gerstenmayer.
AT&S currently has 14,000 employees
4 THEEDGE CEO MORNING BRIEF
H O M E
BY LIEW JIA TENG
theedgemalaysia.com
By the end of this year,
we would be creating
almost 2,500 new jobs, of
which 1,500 blue-collar
workers will be working
in a highly-sophisticated
shop floor environment.
This will help to set up the
framework for our future
growth in Malaysia.”
— AT&S chief executive officer
Andreas Gerstenmayer.
worldwide. The first phase of the Kulim
project, which Gerstenmayer described as
“a key production plant”, is expected to
lead to the creation of 6,000 new jobs,
including for 4,500 blue-collar workers.
“With the AT&S investment in Malay-
sia, we are creating thousands of high-tech
jobs in the region. By the end of this year,
we would be creating almost 2,500 new
jobs, of which 1,500 blue-collar workers
will be working in a highly-sophisticated
shop floor environment. This will help to
set up the framework for our future growth
in Malaysia,” said Gerstenmayer.
Founded in 1987, Leoben-headquartered
AT&S is one of the world’s leading manu-
facturers of high-end printed circuit boards
(PCBs) and sophisticated IC substrates, serv-
ing industries such as consumer electronics,
computer, communication, semiconductor,
automotive, aviation, industrial and medical.
IC substrates provide connections be-
tween silicon dies and PCBs.They are com-
posed of several layers and a supporting core
in the middle. IC substrates contain drill
holes and conductor paths that exceed the
density of conventional PCBs.They are used
for cloud edge computing, data centres and
server farms, as well as for consumer devices.
AT&S announced in November last
year that the group is providing IC sub-
strates for AMD, a computer processor
developer. Its new campus in Kulim will
only be focusing on the production of IC
substrates, and has no immediate plans
to make high-end PCBs at the moment.
AMD corporate vice-president for man-
ufacturing Scott Aylor said AT&S will be
producing cutting-edge IC substrates, an
integral part of high-performance and en-
ergy-efficient AMD data centre processors.
“AT&S has steadfastly kept its commit-
ment to us, and punctually delivered a plant
that fully met AMD’s expectations. We are
convinced that AT&S is a perfect additional
source of high-quality IC substrates for our
data centres,” he told the press conference.
Given the fact that AMD’s quality re-
quirements are very high, AT&S has been
preparing facilities and ramping up capac-
ity at the new plant in Kulim.
In fact, AT&S is already working on new
technologies for substrates that will allow
its customers to integrate a high number of
chips into fast and efficient packaged sys-
tems, which will help to analyse and trans-
mit data quickly and reliably in the cloud.
Together with its existing plants in
Chongqing and the new research and
production centre in Leoben, which will
also open before the end of 2024, AT&S’
Kulim plant is anticipated to increase the
group’s growth globally, as well as to raise
the importance of its sites in Austria.
The new factory in Kulim.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4 5 THEEDGE CEO MORNING BRIEF

H O M E

Miti sees semiconductors as ‘new oil’,

eyes further E&E development in
northern Peninsular Malaysia
BY LIEW JIA TENG
theedgemalaysia.com

KULIM (Jan 24): Given that semiconduc-

tors are now as central to world economies
as oil has long been, it is time for Malaysia
to build a world-class electrical and elec-
tronics (E&E) cluster in northern Malay-
sia, said Deputy Minister of Investment,
Trade and Industry Liew Chin Tong.
“Going forward, we are seeing Kedah,
Penang, Perak and Perlis becoming an
important cluster for the semiconductor
industry, not just in Malaysia, but also
the world. Today, Malaysia is already the
sixth largest semiconductor exporter in the
world. To me, that is an important mile-
stone.
“But moving forward, I would like to
see more collaborations among the state
governments and the federal government.
We should grow the E&E clusters in Kedah
and Penang, and potentially North Perak
and Perlis, into one global semiconduc-
tor hub. It is already there, but it should
be grown even further,” he told a press
conference on Wednesday following the
official opening of Austria Technologie &
Systemtechnik AG’s (AT&S) new produc-
tion site in Kulim.
The Leoben-headquartered AT&S is
the world’s second largest high-end print-
ed circuit board (PCB) producer, as well
as the world’s fifth largest sophisticated
integrated circuit (IC) substrates manu-
facturer.
The Vienna-listed company, which op-
erates seven plants in Europe and Asia, has
been building its new plant in Kulim with
a planned investment of €1.7 billion (about
RM8.5 billion) under phase one of the pro-
ject. To date, it has invested over €1 billion.
With the presence of AT&S in Kulim,
Liew believes Malaysia is closer to making
the northern region a global semiconduc-
tor hub that is recognised globally.
The idea of creating a northern corridor
has always been there, he noted. “Today,
Malaysia is in a sweet spot due to geo-
political tension and trade diversion. We
have to do more in the northern region.
To us, as the federal government, the de-
velopment of the northern region is not
just about Penang and Kedah, we are also
including north Perak and Perlis in the
cluster,” said Liew.
(From left) AMD corporate vice president for manufacturing Scott Aylor, AT&S chief
executive officer Andreas Gerstenmayer, Deputy Minister of Investment, Trade and
Industry Liew Chin Tong and Kedah state exco Dr Haim Hilman Abdullah.
He also noted that Prime Minister Da-
tuk Seri Anwar Ibrahim had, in his Budget
2024 speech, said that the government
planned to open a high-tech industrial
area in Kerian, north Perak.
Liew also pointed out that Malaysia
used to be a very important high-end man-
ufacturing hub before China became the
world’s factory.
“But we are coming back to a full circle
now, whereby we are given a new opportunity
to become a high-end manufacturer again.
I hope that very soon, Malaysia will be seen
as a destination for high-end manufactur-
ing, and hopefully, we could build a stronger
supply chain in our country and the region.
“In the years to come, I believe South-
east Asia will play a very important role in
the world due to the relocation of the glob-
al supply chain. We should expect some
sort of vertical integration in the region,
where Malaysia sits at the high-to-middle
part of the value chain,” he said.
Meanwhile, Liew welcomed AT&S’
positive impact on the Malaysian econ-
omy, saying its investment, especially in
the area of IC substrates, is expected to
take Malaysia further into the new era of
semiconductor value chain.
Liew, who described semiconductors as
“the new oil”, said the industry is antici-
pated to grow further for various reasons,
including the revolution in the automo-
tive industry, the advent of artificial intel-
ligence and the continued development of
the healthcare industry.
“The International Energy Agency had
said last year that EV (electric vehicles)
could account for 18% of total car sales in
the world. In 2022, it was 14%. In 2021,
it was 9%. And in 2020, it was 5%. We
are seeing an exponential growth of the
EV industry. I believe this mega trend is
likely to benefit states like Kedah and Per-
ak,” he said.
Andreas Launer, the Austrian ambassa-
dor to Malaysia and Brunei, believes that
the economic cooperation between Aus-
tria and Malaysia “is reaching a historic
high point” with the opening of AT&S’
first plant and its Malaysian headquarters.
“I am confident that AT&S’s strong
presence in Malaysia will give important
impetus to our bilateral relations and cre-
ate many new opportunities to work closer
together also in other fields such as higher
education, vocational training or the de-
velopment of new technologies.
“I hope that this investment will also put
Austria in the spotlight of Malaysian com-
panies as a great business location and tech
partner in the heart of Europe,” he said.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
BNM keeps
OPR at 3%
BY ADAM AZIZ
theedgemalaysia.com
KUALA LUMPUR (Jan 24): Malaysia’s
headline interest rate, the overnight policy rate
(OPR), has been maintained at 3% follow-
ing the Monetary Policy Committee (MPC)
meeting on Wednesday, said Bank Negara
Malaysia (BNM).
This is the fourth time that the MPC has
decided to maintain the OPR at 3% since
July 2023. The headline rate was raised by
25 basis points in May last year.
“At the current OPR level, the mone-
tary policy stance remains supportive of the
economy, and is consistent with the current
assessment of inflation and growth pros-
pects,” BNM said.
The MPC remains vigilant to ongoing
developments to inform the assessment
of the outlook for domestic inflation and
growth, the central bank added.
“On the global front, while the mone-
tary policy stance is likely to remain tight
in the near term, the tightening cycle has
peaked for most central banks,” BNM said
in a statement.
However, global headline and core infla-
tion edged downwards in recent months, but
continued to be above average, it added.
KUALA LUMPUR (Jan 24): Following
Bank Negara Malaysia’s (BNM) decision to
maintain the Overnight Policy Rate (OPR) at
3% onWednesday, economists project the key
rate will be kept intact for the rest of the year.
MIDF Research said from a medi-
um-term perspective, policy rate normal-
isation is needed to avert risks that could
destabilise the future economic outlook such
as persistently high inflation and a further
rise in household indebtedness.
As the external environment is expected
to stay challenging in 2024, and the core
inflation rate foreseen to stabilise, MIDF
Research said these factors may influence
BNM to keep the OPR at current levels
throughout 2024.
“The decision will be subject to the sta-
bility of economic growth, the pace of price
increases and further improvement in mac-
roeconomic conditions, particularly a con-
tinued recovery in the labour market and
growing domestic demand,” it said in an
economic review note on Wednesday.
Keeping to its forecast of an unchanged
OPR, OCBC Global Markets Research
said it is cautiously optimistic on domes-
6 THEEDGE CEO MORNING BRIEF
H O M E
Overnight policy rate (OPR)
4.00
(%)
3.50
Global
financial crisis
3.50
3.00 3.00
2.50 2.70
2.00 2.00
1.50
1.00
’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24
Source: Bank Negara Malaysia
For Malaysia, economic growth “is ex-
pected to improve in 2024”, supported by
recovery in exports and resilient domestic
expenditure.
“Continued employment and wage
growth remain supportive of household
spending. Tourist arrivals and spending are
expected to improve further.
“Investment activity would be supported
by continued progress of multi-year projects
in both the private and public sectors, and im-
plementation of catalytic initiatives under the
national master plans,” the central bank said.
Concurrently, downside risks are weak-
er-than-expected external demand and
larger declines in commodity production,
while upside risks stem from greater spill-
over from the tech sector upcycle, strong-
er-than-expected tourism activity, and
speedier project roll-outs.
BNM noted further signs of recovery
in the electrical and electronics sector, but
Economists
expect OPR to
remain at 3% for
the rest of 2024
BY EMIR ZAINUL
theedgemalaysia.com
tic growth prospects and expects inflation
to be manageable.
The research firm concurred with
BNM’s view that Malaysia’s econom-
ic growth in 2024 will improve driven by
household spending, tourism and broad-
based investment activities.
But it pointed out that the inflation out-
look remains less certain, as the main un-
known is domestic policy changes.
“To that end, we believe that the timing
and mechanism with regards to the imple-
mentation of targeted fuel subsidies will be
crucial to watch going forward,” OCBC said.
Covid-19
pandemic
Jan 2024
3.25
3.00
1.75
“global trade remains soft” amid a shift in
spending from goods to services, ongoing
trade restrictions, and modest recovery in
China.
Inflation outlook to be influenced by
price controls, subsidy reviews
While inflation is seen to be modest in 2024,
after averaging 2.5% in 2023, BNM said the
outlook is subject to “changes to domestic
policy on subsidies and price controls, as
well as global commodity prices and finan-
cial market developments”.
“The government’s intention to review
price controls and subsidies in 2024 will
affect the outlook for inflation and demand
conditions,” the central bank said.
Read also: DOSM: Leading index contrac-
tion in Nov 2023 reflects modest economic
growth in near future
Inflation to be a key concern for BNM
Similarly, London-based economic research
firm Capital Economics pointed out that in-
flation will be a key concern for the central
bank in the coming months.
While core inflation remains subdued, it
sees headline inflation likely to rise sharply
this year to a peak of 3.7%, on the back
of cuts to food and energy subsidies and
a hike in the sales and services tax from
6% to 8%.
“With inflation likely to jump, there is a
case for the central bank to tighten policy...
but the rise in inflation will also hit real in-
comes and further weaken demand at a time
when the economy is already under pres-
sure. The advance estimate for 4Q GDP,
released last week, showed that the econo-
my contracted by 1.7% quarter-on-quarter.
“We think the central bank will look
past the jump in headline inflation and
hold fire if, as we expect, the economy re-
mains weak and core inflation subdued,”
Capital Economics said.
Read the full story
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
KUALA LUMPUR (Jan 24): Cost of liv-
ing issues will continue vexing Malaysians
in 2024, despite softening headline inflation
and expectations of higher economic growth
this year, according to OCBC chief econo-
mist Selena Ling.
“Inflation is a bugbear” especially for
lower- and middle-class groups, said Ling,
who pointed to instances where nominal
wages are not keeping pace with inflation.
“I know the headline inflation looks quite
mild, but I think food inflation is a lot higher
than what the headline would suggest. So
there is that part of the cost of living issues
that is here to stay,” she told reporters here
after a presentation on 2024 outlook.
Ling said although the global supply
chain is adopting the China+1 strategy —
which would count the Southeast Asian
region amongst the top beneficiaries —
business costs will still rise under such cir-
cumstances.
This will eventually lead to higher in-
flation as these costs are passed down to
consumers, she said.
“It all comes at a cost, and it means high-
er business costs in general, [and] to a cer-
tain extent, will be passed on to the end con-
sumers. The price is increasing at a slower
pace, but generally, it is still increasing. So
I think inflation will continue to be a little
bit of a bugbear, especially to the low-level
markets,” she added.
While private consumption is still healthy,
the bank expects it to grow at a slower pace
than pre-pandemic levels, despite its head-
line inflation forecast of 2.5% in 2024, which
was unchanged from official levels in 2023.
In addition, Ling made clear that her
headline inflation forecast for 2024 has yet
KUALA LUMPUR (Jan 24): Fixed in-
come assets are starting to pique inves-
tors’ interest again as the market expects
this type of longer duration asset class to
benefit from global interest rates pivot-
ing lower this year, according to OCBC
chief economist Selena Ling.
While many are still keen on equi-
ties, more sophisticated investors are
beginning to look back at fixed income
assets, which just recently underwent
a price shock in 2022-2023 due to
the sharp rise in global interest rates
at the time.
“Our client polls do suggest that peo-
ple are feeling a little bit more optimistic,
at least on the investment climate side of
things. Despite their main concern be-
ing geopolitical issues, people are quite
keen on equities,” she told reporters at
a press briefing on Wednesday.
7 THEEDGE CEO MORNING BRIEF
H O M E
Cost of living
issues here to stay
despite slower
inflation, says
OCBC Bank
BY CHESTER TAY & HEE EN QI
theedgemalaysia.com
to take into account the upcoming fuel sub-
sidy rationalisation, since the government
has not provided sufficient clarity on the
timeline of implementation.
Nevertheless, OCBC Bank forecasted
Malaysia’s GDP growth to remain resilient
at 4.2% in 2024, increasing from the esti-
mated 3.8% in 2023, as the US economy
is seen escaping a hard landing while the
Chinese economy is expected to stabilise.
“We expect that China’s growth will sta-
bilise this year. It probably bottomed [out]
last year. It may not pick up very sharply,
but we think that the policy direction is
quite clear. They do want to be support-
ive for any downside growth risk, so both
fiscal and monetary policy should be sup-
portive,” said Ling.
Growth, she added, will be further sup-
ported by improvement in the global sem-
iconductor industry.
“We think that the global semiconductor
cycle went through quite a tough period of
time when there was a lot of de-stocking
and people were worried about US and
Fixed income
assets back in
vogue as prospect
of monetary
easing looms
BY CHESTER TAY & HEE EN QI
theedgemalaysia.com
“For myself, it’s a lot clearer. If we are
moving from a global monetary policy tight-
ening cycle to a global monetary policy eas-
ing cycle, then you should be in fixed income
at once. It’s kind of like a no-brainer.
CO N TI N UES O N PAG E 8
China decoupling. The structural factors
are still there, but at least in terms of the
cycle turnaround, we also think that it has
bottomed [out].
“In fact, if you look at some of the trade,
the export numbers and the PMI (Pur-
chasing Managers’ Index) numbers, they
are searching for a base. Not a very strong
pick-up yet, but there are some tentative
signs that it might [have] hit bottom [al-
ready],” she added.
MYR to regain ground against USD,
trade range-bound against SGD
Touching on currencies, OCBC Bank
sees room for the ringgit to regain some
ground against the US dollar at the 4.54-
4.58 range as the US Federal Reserve piv-
ots to a rate cut this year, while staying
range bound against the Singapore dollar
at 3.4683 by end-2024.
“We expect MAS (Monetary Authori-
ty of Singapore) to be on hold this year.
There may be a chance that they may start
to ease monetary policy, maybe in the sec-
ond half of the year, if core inflation comes
off. However, we also expect Bank Negara
to be on hold. The net-net is going to be
fairly range-bound this year,” said Ling, add-
ing that Bank Negara Malaysia is expected
to hold the overnight policy rate at 3.0%
throughout 2024.
The ringgit has been on a new bout of
weakening since early 2023, and despite a
temporary respite in 4Q2023, it remains
depressed at 4.73 against the greenback.
It has also continued its downtrend
against the Singapore dollar, which has per-
sisted since 2Q2022 to a new record low of
3.533 against the neighbouring currency.
SUHAIMI YUSUF/THE EDGE
OCBC chief economist Selena Ling: I think
people are very convinced that this is the turn
of the cycle, and the interest rate easing will
benefit fixed income at once. Of course, you
should have a diversified portfolio.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
KUALA LUMPUR (Jan 24): Government
spokesperson Fahmi Fadzil has refuted a
viral infographic claiming that the govern-
ment would abolish subsidies for diesel and
RON95 petrol in the second half of the year.
He emphasised that the Cabinet has
not discussed the withdrawal of subsidies
for diesel or RON95 petrol.
“The infographic that went viral on
social media did not provide accurate
information and has resulted in public
confusion,” he told a press conference
on Wednesday.
Fahmi added that he would request the
finance ministry to publish a Frequently
Asked Questions (FAQ) section on the
diesel and RON95 petrol subsidies, as well
as the new taxes the government will im-
plement this year, to provide the public
with accurate information.
Separately, Fahmi said the Cabinet
deems the establishment of the Royal Com-
mission of Inquiry (RCI) to investigate the
handling of cases involving three disputed
islets in the Singapore Strait as very impor-
FROM PAG E 7
“We are starting to see a lot of
the more sophisticated investors,
institutional clients, and some of
the sovereign wealth
funds and central banks start-
ing to lengthen duration because
they think that when rates come
off, you are going to get a pay-
back from being long duration
or being overweight in bonds,”
she added.
Ling noted that there is a ris-
ing trend that investors are fa-
vouring perpetual debt papers,
which were hit hardest when the
US Federal Reserve raised inter-
est rates steeply over the past two
years.
“We start to see issuances
like perpetuals. Perpetuals have
been out of favour for so long,
because when rates were rising,
[they] took the biggest hit, [but]
we have seen a few perpetuals
come back [and] the reception
has been quite strong.
“Those that are now trading in
the secondary market are actual-
ly trading higher. I think people
are very convinced that this is the
turn of the cycle, and the inter-
est rate easing will benefit fixed
income at once. Of course, you
should have a diversified portfo-
lio,” she said.
8 THEEDGE CEO MORNING BRIEF
H O M E
Fahmi dismisses
claims that diesel,
RON95 subsidies
to be abolished
in second half
of 2024
BY CHOY NYEN YIAU
theedgemalaysia.com
tant, as it is related to borders linked to the
sovereignty of the Malay rulers.
Names of the RCI members would
be first presented to the Yang di-Pertuan
Agong for his consent before a public an-
nouncement is made, he said.
Earlier, Chief Secretary to the Govern-
ment Tan Sri Mohd Zuki Ali announced
Civil servants’
recruitment through
contract appointments
only temporary,
says Fahmi
BY CHOY NYEN YIAU
theedgemalaysia.com
KUALA LUMPUR (Jan 24): Government
spokesman Fahmi Fadzil on Wednesday
clarified that the contract appointment
system for new recruits in the civil service
is temporary, pending the completion of
a study on the remuneration system for
public officers.
Speaking to the media here on Wednes-
day, Fahmi, who is also the communica-
tions minister, said the Public Service De-
partment (PSD) would issue a statement
regarding the matter soon.
“This is important to avoid concern
and misunderstanding about what the
system means,” Fahmi said.
Prime Minister cum Finance Minister
Datuk Seri Anwar Ibrahim, when tabling
Budget 2024 in Parliament on Oct 13 last
year, announced that the full implementa-
tion of the Public Service Remuneration
System (SSPA) would begin in 2025.
The study on SSPA will be carried out
comprehensively, Anwar had said, stressing
the focus would be on increasing the pro-
that the Cabinet had decided to form the
RCI to look into cases involving the sov-
ereignty of Batu Puteh, Batuan Tengah,
and Tubir Selatan.
The ownership of the three islets located
between Johor and Singapore have long been
an issue of dispute between Malaysia and
Singapore. In a 2008 ruling, the ICJ award-
ed the Middle Rocks formation to Malaysia
while the nearby Batu Puteh or Pedra Bran-
ca was given to Singapore. Malaysia sought
to have the Pedra Branca part of the ruling
overturned in 2017 but dropped its claim a
year later after Tun Dr Mahathir Mohamad
became prime minister in 2018.
Read also:
Only 1.6 mil individuals have updated
info on Padu as of Tuesday
i-Saraan incentive limit raised to RM500
a year, says EPF
ductivity and efficiency of public services.
Public Service Director General Wan
Ahmad Dahlan Abdul Aziz, in a circular
dated Jan 15, 2024, announced that new
appointments of public servants would be
made on a contract basis from Feb 1, as
the government aims to control its pen-
sion expenditures.
According to the circular, the gov-
ernment, through a Cabinet meeting on
July 12, 2023, decided to introduce a new
method for the permanent appointment
of civil servants to strengthen the public
service retirement system in Malaysia, si-
multaneously reducing the country’s fiscal
commitment in the longer term.
“This new initiative for the new ap-
pointment method is undergoing amend-
ments to relevant laws and enhancements
to the preparedness of the related system.
“The Cabinet has approved that, dur-
ing this transitional period preceding the
implementation of the new method, the
hiring of civil servants for permanent po-
sitions will be conducted through a con-
tract of service (COS) system,” he said.
Wan Ahmad added that the contractu-
al appointment system would adhere to
existing regulations, service circulars, and
current procedures, specifically Human
Resources Service Circular’s (MyPPSM),
which is separated under the UP.1.1.1
Contract Appointment Procedures and
Policies (Contract of Service).
Read also: Govt to let court decide if
‘Man on The Run’ should be taken down
T H U R S D AY J A N U A RY 2 5 , 2 0 2 4 9 THEEDGE CEO MORNING BRIEF

The Best Time to Invest

in Landed Homes
with Fortune Rewards up to
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
MACC detains
quartet, including
former minister’s
aide and ‘Datuk
Seri’, over alleged
bribery
Bernama
PUTRAJAYA (Jan 24):The Malaysian An-
ti-Corruption Commission (MACC) has
arrested four businessmen, including a for-
mer political secretary to a former minister
and an individual holding the title Datuk
Seri, on suspicion of receiving bribes from
several companies and contractors who
obtained tenders in a ministry.
Three suspects have been remanded for
four days until Saturday, while the other has
KUALA LUMPUR (Jan 24): Thir-
teen member banks under the ambit
of The Association of Banks in Malay-
sia (ABM) and Association of Islamic
Banking and Financial Institutions Ma-
laysia (AIBIM) successfully prevented
fraudulent transactions worth RM351
million and protected customers from
scams during the January-October 2023
period.
In a statement on Wednesday, ABM
said this underscored the banks’ com-
mitment to robust fraud prevention
measures, as they remain steadfastly
vigilant and proactive in their anti-scam
endeavours, most recently highlighted
by the launch of the banking indus-
try’s #JanganKenaScam awareness
campaign.
ABM chairman Datuk Khairus-
saleh Ramli said the united effort in
creating an environment that is more
alert to, and able to avoid scams by
ABM and AIBIM reflect the associa-
tions’ and member banks’ collective
dedication to creating a secure bank-
ing environment, where customers can
have trust in the safety of their finan-
cial transactions.
“With collaboration and adherence
to industry best practices, we aim to
fortify the foundations of our banking
ecosystem, offering our customers the
peace of mind they rightfully deserve,”
he said.
10 THEEDGE CEO MORNING BRIEF
H O M E
been remanded for three days until Friday.
According to sources, the arrest of all the
male suspects took place after the main sus-
pect, who previously worked as the political
secretary, allegedly requested and received
bribes to ensure that the supply tender at
a ministry was secured by the contractors.
“All four male suspects are believed to
have received bribes from several compa-
nies, including contractors who obtained
work tenders at a ministry around 2020
to 2021 worth millions of ringgit.
“The suspects were arrested around
7pm to 8.30pm yesterday, with three at
the MACC headquarters when they had
their statements recorded while another
was arrested in Shah Alam,” he said.
Meanwhile, MACC Special Opera-
tions Division senior director Datuk Azmi
Kamaruzaman, when contacted, con-
firmed the arrests, adding that the case
is being investigated under Section 16 of
the MACC Act 2009.
He said the MACC could also sum-
mon several other individuals to provide
information to assist in the investigation.
Banks say over
RM350 mil
in fraudulent
transactions blocked
during first ten
months of 2023
BY SURIN MURUGIAH
theedgemalaysia.com
Meanwhile, AIBIM president Datuk
Mohd Muazzam Mohamed said through
the collective initiatives, customers have
also proven to be positively impacted by
the banks’ efforts through enhanced secu-
rity measures in financial fraud prevention
-ultimately helping them save significant
amounts from being lost to scammers.
ABM, AIBIM and their member
banks said they will continue to work
closely with law enforcement agencies
and financial regulators including Bank
Negara Malaysia and the police, as well
as the Malaysian Communications and
Multimedia Commission (MCMC),
and stakeholders such as CyberSecu-
rity Malaysia to help spread the message
that customers should remain vigilant
and exercise caution while conducting
financial transactions.
SC charges
ex-bank analyst over
unlicensed capital
market activities
BY SURIN MURUGIAH
theedgemalaysia.com
KUALA LUMPUR (Jan 24):The Securi-
ties Commission Malaysia (SC) on Tues-
day charged a former bank analyst and
business owner with two offences relating
to unlicensed capital market activities and
misuse of the title ‘unit trust consultant’.
In a statement on Wednesday, the SC
said Mohd Arif Fadzlee bin Mohd Ari-
fin was charged under Section 59(1) of
the Capital Markets and Services Act
2007 (CMSA) for holding himself out
as a representative of CIMB Wealth Ad-
visors Berhad in dealing in securities
without a licence.
The regulator said that if convicted,
this offence carries a maximum fine of
RM5 million or imprisonment for up
to five years, or both.
It said Arif was also charged under Sec-
tion 362(3) of the CMSA for using the
title ‘unit trust consultant’, which created
the belief that he was licensed to deal in
securities when he in fact was not.
This offence carries a maximum fine
of RM1 million or imprisonment not ex-
ceeding five years, or both, if convicted.
The alleged offences took place in
2011 in Petaling Jaya and Nilai.
SC said Arif claimed trial to both
charges in separate courts. Kuala Lum-
pur Sessions Court judge Datin Sabari-
ah Othman granted bail at RM30,000
with one surety for the charge under
Section 59(1) CMSA.
In addition, he was also ordered to
surrender his passport to the court and
to report to the SC on a monthly basis
until the completion of the trial.
As for the charge under Section
362(3) CMSA, Kuala Lumpur Sessions
Court judge Tuan Azrul bin Darus sim-
ilarly imposed bail of RM30,000 but
with two sureties.
Arif was also ordered to surrender
his passport to the court and report to
the SC on a monthly basis.
Dealing in securities is a regulated
activity as set out in Schedule 2 of the
CMSA and any person carrying out
this activity is required to be licensed
by the SC.
The SC advised investors to be cau-
tious when considering investment op-
portunities.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
Kumpulan Jetson plans RM90 mil share
capital reduction; cash call to part-fund
majority stake buy in property developer
KUALA LUMPUR (Jan 24): Loss-mak-
ing Kumpulan Jetson Bhd has proposed to
undertake a share capital reduction (SCR)
as well as a private placement exercise to
partially fund the acquisition of majority
ownership in Melaka property developer
Magical Era (M) Sdn Bhd (MESB).
The SCR will entail the reduction and
cancellation of RM90 million issued share
capital which will be used to eliminate the
group’s accumulated losses.
Based on its unaudited financial state-
ments for the nine-month period ended
Sept 30, 2023, the credit arising from the
SCR will eliminate its accumulated losses
of RM72.5 million, resulting in retained
earnings of RM16.74 million.
Kumpulan Jetson said the balance credit
will be used in a manner its board deems
fit and in the best interest of the company.
As a result of the SCR, its issued share
capital will be slashed to RM33.32 million
from RM123.32 million currently.
According to Kumpulan Jetson, the pro-
posed SCR is to enhance the group’s cred-
ibility with bankers, customers, suppliers
and investors due to an improved financial
standing, as well as facilitate the declara-
tion of dividends in the event the company
has retained earnings in the future.
RM21 mil private placement to
partially fund 51% stake buy in
property developer
Meanwhile, Kumpulan Jetson also plans
to undertake a private placement exercise
of up to 107.19 million shares — 40% of
its 267.97 million share base — to partially
fund the acquisition of a majority stake in
MESB, to fund infrastructure works for
land development, as well as for working
capital.
Based on an illustrative price of 19.59
sen — 19.89% discount to Kumpulan Jet-
son shares’ five-day volume-weighted av-
erage price of 24.48 sen — the cash call
is expected to raise RM20.998 million.
The bulk of the proceeds, amounting to
RM10.2 million, will go towards partially
funding a RM25.5 million acquisition of
the 51% stake in MESB. Kumpulan Jet-
son entered into a conditional share sale
agreement with MESB’s sole director and
shareholder Datuk Seri Baljinder Singh
Surinder Singh on Wednesday for the ac-
quisition.
11 THEEDGE CEO MORNING BRIEF
H O M E
BY IZZUL IKRAM
theedgemalaysia.com
The RM25.5 million purchase consid-
eration is to be satisfied via RM15.3 mil-
lion cash and issuance of 41.67 million
new Kumpulan Jetson shares at an issue
price of 24.48 sen apiece — amounting to
RM10.2 million.
According to Kumpulan Jetson, the
RM25.5 million purchase consideration
for the 51% stake in MESB was reached
based on MESB’s RM53.07 million net
assets as at end-November 2023 and a mu-
tually agreed discount of RM1.56 million.
In acquiring the 51% stake in MESB,
Kumpulan Jetson plans to conduct infra-
structure works — earthworks, excavation,
roadworks construction, water supply, sew-
erage systems, and electrical and telecom-
munication supply — on a 256,742 sq m
land in Alor Gajah, Melaka, owned by the
property developer.
Kumpulan Jetson has earmarked
RM7.62 million of the private placement
proceeds for the infrastructure work costs,
while Baljinder will fund the other 49% of
the total budgeted infrastructure works.
In the future, Kumpulan Jetson plans
to sell the land as a whole or by plots at a
premium to prospective buyers.
“The Alor Gajah Land is strategically
located within the Vendor City (a 337.50-
acre developable area with plans for light
and medium industrial lots, commercial
shop offices, institution and public facili-
ties) and surrounded by a mixture of res-
idential, commercial and industrial devel-
opment,” the group said.
“With matured industrial support and
operations of large- and medium-scale in-
dustries operating in the Alor Gajah in-
dustrial area located nearby, the board is
optimistic that Vendor City will be sought
after as the next industrial hub in Alor Ga-
jah, Melaka,” it added.
Touching on the remainder of private
placement proceeds, Kumpulan Jetson said
RM2.42 million will be used for working
capital, while another RM767,000 will be
used for the proposals’ estimated expenses.
Acquisition will see emergence of new
substantial shareholder, potentially
the largest
Post-SCR, private placement, and share is-
suance to satisfy the acquisition’s purchase
consideration, Kumpulan Jetson’s enlarged
share base will stand at 416.82 million
(from 267.97 million currently), while its
enlarged issue share capital will stand at
RM64.52 million (from RM123.32 mil-
lion currently).
Based on back-of-the-envelope calcula-
tions, the MESB acquisition will see Bal-
jinder emerge as a substantial sharehold-
er of Kumpulan Jetson with a 10% stake
based on the aforementioned enlarged
share base.
Currently, Kumpulan Jetson’s sole
substantial shareholder and largest
shareholder is former executive chair-
man Datuk Teh Kian An with a 10.26%
stake — which will be diluted to 6.6%
post-proposals.
Kumpulan Jetson said the proposed
SCR, private placement, and acquisition
are expected to be completed in the sec-
ond quarter of 2024 (2Q2024).
The group has also proposed an em-
ployees’ share option scheme (ESOS) of
up to 15% of its share base during the
scheme’s five-year enforcement period,
which is also expected to be implement-
ed in 2Q2024.
The ESOS will entail another 62.52
million new Kumpulan Jetson shares to
be issued and RM13.78 million added to
its share capital — assuming full exercise
of ESOS options and an option price of
22.04 sen.
Shares in Kumpulan Jetson closed
half a sen or 2% higher at 25.5 sen, giv-
ing the company a market capitalisation
of RM67.02 million.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4
Don’t dump
foreign workers
meant for other
sectors into
plantation, says
association
BY HEE EN QI
theedgemalaysia.com
KUALA LUMPUR (Jan 24): The planta-
tion industry must not bear the burden of
absorbing excess workers from unrelated
fields in light of the economic slowdown in
other sectors, the Malaysian Estate Own-
ers Associations (MEOA) has cautioned.
Recently, the Minister of Plantation and
Commodities Datuk Seri Johari Abdul Ghani
had said that Putrajaya would allow the hiring
of foreign workers in the plantation sector.
In applauding the decision, MEOA sug-
gested that foreign workers should be recruit-
ed from countries that specialise in plantation
work to uplift the industry and boost income
levels for the industry and the nation.
“The distinct skill sets required in the
plantation sector, characterised by its de-
manding and rigorous environment, differ
significantly from those in sectors such as
semi-conductors, furniture and manufactur-
ing. It is crucial to acknowledge that these
skills may not be directly transferable to the
challenges posed by the plantation industry.
“This targeted approach ensures that the
industry benefits from individuals possessing
the necessary robust skills and experience,
consequently contributing to increased effi-
ciency and productivity of the oil palm sec-
KUALA LUMPUR (Jan 24): EVD Bhd
has received a written requisition from a
suspended director, Mah Seong Huak, to
convene an extraordinary general meeting
to remove four other company directors, its
Bursa Malaysia filing showed onWednesday.
Mah is the largest shareholder of the
group, holding 113.5 million shares or a
27.06% stake in the company.
The EGM seeks, among others, to re-
move the four directors, namely Datuk Dr
Syed Muhammad Syed Abdul Kadir, Gan
Wee Peng, Hon Hin See and Lee Chi Hoe.
The EGM also proposes that three in-
dividuals who have consented to act as di-
rectors be apppointed as directors, namely
Kvin Lim Chun Keat, Ibrahim Maidin and
Tee Chun Yeh.
12 THEEDGE CEO MORNING BRIEF
H O M E
This targeted approach
ensures that the
industry benefits from
individuals possessing
the necessary robust
skills and experience,
consequently
contributing to
increased efficiency and
productivity of the oil
palm sector.”
— Malaysian Estate Owners
Associations (MEOA)
tor,” it said in a statement on Wednesday.
Foreign worker relaxation could boost
industry revenue by RM4 billion — MPOA
Meanwhile, the Malaysian Palm Oil As-
sociation (MPOA) said Johari’s announce-
ment was a relief to the palm oil industry
as it has been grappling with a substantial
shortage of 40,000 workers, noting the
move could translate into a RM4 billion
boost to revenue.
EVD’s suspended
director seeks EGM to
remove four directors
and appoint three
others
BY SULHI KHALID
theedgemalaysia.com
Earlier on Jan 11, the group, which
provides information and communica-
tions technology system solutions for
transportation systems, announced the
THE EDGE FILE PHOTO
The Malaysian Estate
Owners Associations
suggested that foreign
workers should be
recruited from countries
that specialise in
plantation work instead of
absorbing excess workers
from unrelated fields
in light of the economic
slowdown in other sectors.
According to MPOA, the labour short-
age had led to crop losses and deteriorat-
ed field conditions, causing an estimated
revenue loss of RM20 billion in 2022. The
deficit, which persisted into 2023, further
resulted in negligible improvement in the
fresh fruit bunches (FFB) or crude palm
oil (CPO) production post-pandemic.
“Assuming half of the [40,000] work-
ers are allocated to harvesting duties, con-
stituting a workforce of 20,000 dedicated
harvesters, there is an opportunity for sub-
stantial economic impact.
“Considering the efficiency of each har-
vester cutting one tonne of FFB per day
over 260 working days per year, and with
the current FFB price at RM750 per tonne,
the potential recovered FFB amounts to a
substantial 5.2 million tonnes, translating
into a staggering revenue of close to RM4
billion,” said the association in a statement
on Wednesday.
April CPO futures were trading at
RM3,992 per tonne.
Since Jan 15, the Ministry of Plantation and
Commodities has allowed applications from
plantation companies to hire foreign workers.
The ministry said companies that intend to
hire foreign workers must ensure that their
employment requirement is specifically in the
plantation sector and not in other sectors.
suspension of its executive director of
operations Mah with immediate effect
but did not disclose the reason for the
suspension.
In a separate filing, EVD said its whol-
ly-owned subsidiary, EVD Engineering
Bhd Sdn Bhd (EVDE), has been served
with three winding-up petitions by sub-
contractors arising from claims under
the Construction Industry Payment and
Adjudication Act 2012 (CIPPA) totalling
RM1.59 million.
The group said the winding-up peti-
tions would come up for hearing on Feb
5 and Feb 26.
Shares in EVD closed unchanged at
12 sen, giving it a market capitalisation
of RM50.42 million.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4 13 THEEDGE CEO MORNING BRIEF

H O M E

NEWS IN BRIEF

Wentel Engineering IPO

oversubscribed by 17.72 times
KUALA LUMPUR (Jan 24): The public
portion of metal fabricator Wentel
Engineering Holdings Bhd’s initial public
offering (IPO) was oversubscribed
by 17.72 times against the proposed
57,500,000 issue shares. A statement
by the placement agent, Tricor Investor
& Issuing House Services Sdn Bhd on
Wednesday stated that a total of 10,430
applications for 1,076,196,900 issue
shares with a value of RM279,811,194.00
were received from the Malaysian public.
Jade Marvel aborts plan to issue RCPS to raise RM80 mil
KUALA LUMPUR (Jan 24): Jade Marvel Group Bhd has withdrawn its plans to raise up to
RM80 million through the issuance of redeemable convertible preference shares (RCPS)
to fund its money-lending business and working capital. In a filing with Bursa Malaysia,
Jade Marvel said its board of directors and Sycamore Capital SPC, the subscriber for the
proposed RCPS issuance, have mutually agreed to terminate the subscription agreement
and supplemental subscription agreement. It did not, however, disclose the reason for
the termination. The plan to issue up to 80 million new RCPS at RM1 each to Sycamore
Capital, a company incorporated in the Cayman Islands and acting on behalf of Sycamore
Equity Fund SP, was announced in June last year. — by Emir Zainul
SARAWAKCABLE.COM

Also, the 33,000,000 issue shares made Fajarbaru appointed to develop

available for application by the eligible
directors, employees and other persons
who have contributed to the success of
the group have also been fully subscribed.
The 38,950,000 issue shares and
46,000,000 offer shares made available
by way of private placement to selected
investors, as well as the 143,750,000 issue
shares made available by way of private
placement to Bumiputera investors
approved by the Ministry of Investment,
Trade and Industry, have all been fully
placed out, it added. — by Lee Ming Hui
High Court sets March 27 as
auction date for Serba Dinamik’s
five plots of land in Shah Alam
KUALA LUMPUR (Jan 24): The Shah
Alam High Court has set March 27 as
the auction date for five plots of land in
Shah Alam belonging to Serba Dinamik
Holdings Bhd. In a filing to Bursa
Malaysia on Wednesday, the troubled
oil and gas services company said the
auction sale of its Johor property on
Jan 2 was unsuccessful, but did not
elaborate. Earlier this month, the group
put out an advertisement seeking white
knights to participate in its restructuring
exercise, which could include assuming
the listing status of the company or
facilitating a reverse takeover of the
company. — by Sulhi Khalid
THE EDGE
RM192 mil affordable housing
project in Putrajaya
KUALA LUMPUR (Jan 24): Fajarbaru
Builder Group Bhd has been appointed
as the developer of a RM192 million
affordable housing project in Putrajaya
by the federal territory’s local authority.
In a bourse filing on Wednesday,
Fajarbaru said it accepted a letter of
offer from Perbandanan Putrajaya
to be appointed as developer for the
integrated development of Residensi
Cemara — a township comprising 480
units of Residensi Madani and 320 units
of Residensi Wilayah — in Precinct
11, Putrajaya. The construction and
property development outfit added that
the project has a gross development
value (GDV) of RM192 million with a
development period of three years.
— by Izzul Ikram
Pavilion REIT’s 4Q net property
income up 39%, pays 4.6 sen DPU
KUALA LUMPUR (Jan 24): Pavilion Real
Estate Investment Trust (Pavilion REIT)
said its net property income (NPI) rose
38.97% to RM134.64 million for the fourth
quarter ended Dec 31, 2023 (4QFY2023),
from RM96.89 million a year earlier,
due to increased revenue from its malls,
including newly acquired Pavilion Bukit
Jalil. Quarterly revenue increased 47.54%
to RM208.22 million from RM141.13
million in 4QFY2022, on the back of the
revenue contribution by Pavilion Bukit
Jalil that was acquired in June 2023,
higher property occupancies that led to
increase in rental income, as well as higher
revenue rent from existing retail malls and
advertising income. The REIT declared a
final income distribution per unit (DPU) of
4.6 sen, payable on Feb 29. This brings its
total income DPU for FY2023 to 9.01 sen,
compared with 8.37 sen for FY2022. — by
Justin Lim
Sarawak Cable posts seventh
quarterly loss
KUALA LUMPUR (Jan 24): Sarawak Cable
Bhd reported its seventh straight quarterly
loss on Wednesday as all its business
segments saw reduced production amid a
standstill in credit and financing lines. The
group saw a net loss of RM35.82 million for
the second quarter ended Nov 30, 2023
(2QFY2024), three times higher than the
RM11.74 million net loss reported a year
earlier. Loss per share swelled to 8.98 sen,
from 2.94 sen in 2QFY2023, the Practice
Note 17 (PN 17) group’s bourse filing
showed. Quarterly revenue shrank 26.46%
to RM107.46 million, from RM146.12
million previously. For the first half of
FY2024, net loss ballooned to RM48.54
million, from RM12.28 million for the same
period of FY2023, as revenue dropped
38.68% to RM199.52 million from RM352.4
million. — by Justin Lim
Former KWAP CEO Wan
Kamaruzzaman appointed
MBSB chairman
KUALA LUMPUR (Jan 24): Malaysia
Building Society Bhd (MBSB) has
appointed former Kumpulan Wang
Persaraan (Diperbadankan) (KWAP) CEO
Datuk Wan Kamaruzzaman Wan Ahmad
as its chairman with immediate effect. His
appointment confirms an earlier report
by The Edge Weekly. MBSB’s previous
chairman Tan Sri Azlan Zainol passed
away in January last year. In a filing to
Bursa Malaysia on Wednesday, MBSB
said that Wan Kamaruzzaman, 64, also
holds several directorships including in
Malaysian Resources Corp Bhd (MRCB)
and Bermaz Auto Bhd. — by Sulhi Khalid
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
MACC officer
claims Leissner
suggested 1MDB
issue US$3 bil bonds
with govt support
letter to Najib in
2013 meeting
by Timothy Achariam & Tarani Palani
theedgemalaysia.com
KUALA LUMPUR (Jan 24): The idea
of having 1Malaysia Development Bhd
(1MDB) issue US$3 billion worth of bonds
backed by a letter of support (LOS) from
the Malaysian government was proposed
by Tim Leissner to then prime minister Da-
tuk Seri Najib Razak at a meeting in Davos,
Switzerland in early 2013, a witness told the
High Court here on Wednesday.
Malaysian Anti-Corruption Commis-
sion investigating officer Nur Aida Arifin,
who was reading out her witness statement
during the 1MDB-Tanore trial on Wednes-
day, said the meeting in Davos was also
attended by Michael Evans. At the time,
both Evans and Leissner were with Gold-
man Sachs, which was later appointed to
arrange the bond issuance for 1MDB.
This testimony, however, was objected
to by Najib’s counsel Tania Scivetti, who
slammed it as merely hearsay as there is
no evidence to suggest that such a meet-
ing took place.
Deputy public prosecutor Ahmad
Akram Gharib, however, informed the
bench that the prosecution will be call-
ing witnesses to testify about this Davos
meeting.
Earlier, Nur Aida told the court that
Najib had used his official capacity to get
an LOS for 1MDB’s US$3 billion (about
RM13.26 billion) bond issuance approved.
The debt is now being borne by the Ma-
laysian government as 1MDB had failed
to repay the debt.
She said her investigations into 1MDB
found that Najib:
i. acting as finance minister, had approved
an LOS to 1MDB for the US$3 billion
bond issuance on March 14, 2013.
ii. as then finance minister had approved an
agreement between 1MDB and Aabar
Investment PJS through 1MDB Minutes
by Representatives of Holding Company
Relating to Proceedings of Subsidiary
Company and Special Rights Redeema-
ble Preference Shareholders Resolution
14 TheEdge CEO morning brief
h o m e
in Writing dated Feb 25, 2013
iii. as then finance minister had approved
the bond issuance via 1MDB Global In-
vestments Ltd (1MDB GIL) amounting
to US$3 billion, which was supported
by the LOS Najib had approved on be-
half of the government through 1MDB’s
Minutes by Representatives of Holding
Company Relating to Proceedings of
Subsidiary Company and Special Rights
Redeemable Preference Shareholders
Resolution in Writing dated March 12,
2013.
These steps that Najib took, according
to Nur Aida, are linked to the third phase of
the 1MDB case, which involves a purported
joint venture between 1MDB and Aabar
in equal shares. The 50:50 joint venture
company was called Abu Dhabi Malaysia
Investment Company Ltd (Admic).
The purpose of this joint venture was to
develop TRX, or the Tun Razak Exchange,
in Kuala Lumpur. International Petroleum
Investment Company (IPIC) was to guar-
antee Aabar’s investment.
To raise money for this development, the
US$3 billion bond, arranged by Goldman
Sachs, was issued, according to Nur Aida.
Nur Aida went on to say that Najib then
gave the mandate to the then treasury secre-
tary general and the management of 1MDB
to commence the Admic joint venture.
She said Najib had also hastened the
issuance of the LOS for the bond issuance
without taking into consideration views put
forth by the Ministry of Finance (MOF),
repeating what ex-MOF deputy secretary
general Datuk Siti Zauyah Md Desa had
previously told the High Court on June
15, 2022.
She also said Najib had instructed for-
mer 1MDB chief executive officer Mohd
Hazem Abdul Rahman not to touch the
US$3 billion although it was for the use of
the TRX project, but to allow the money
to be transferred to an investment account
at BSI Bank in Switzerland.
However, Scivetti objected to these
claims by Nur Aida, saying they were mere-
ly hearsay, which judge Datuk Collin Law-
rence Sequerah took note of.
According to the prosecution’s opening
statement for this trial, a sum of US$2.721
billion was disbursed into the account of
1MBD GIL with BSI Bank at Lugano in
Switzerland on March 19, 2013. The bal-
ance went to pay Goldman Sachs’ fees.
The prosecution alleged that US$681
million out of the funds raised was then
transferred to Najib’s bank accounts be-
tween March 21, 2013 and April 10, 2013.
Najib is facing 25 charges — four for
abuse of power and 21 for money launder-
ing — over these 1MDB funds he alleged-
ly received in his personal bank accounts.
Judge in
1MDB trial
cautions media
over proper
perspective in
reporting
by Hafiz Yatim &
Timothy Achariam
theedgemalaysia.com
KUALA LUMPUR (Jan 24): The
trial judge in the 1Malaysia Devel-
opment Bhd case involving former
prime minister Datuk Seri Najib
Razak has cautioned media to en-
sure proper perspective in their re-
porting of MACC investigating of-
ficer Nur Aida Arifin’s testimony,
after Najib’s lead counsel Tan Sri
Muhammad Shafee Abdullah again
objected to a portal’s report of her
testimony.
Shafee said opinions or conclu-
sions on the veracity of the evidence
should be made by the trial judge,
Datuk Collin Lawrence Sequerah.
Shafee said that his colleague
Tania Scivetti had made an objec-
tion to Nur Aida’s testimony that
the former prime minister had not
allowed 1MDB’s CEO at the time
to access US$3 billion (RM14.2 bil-
lion) of funds raised by 1MDB to
develop the Tun Razak Exchange
(TRX).
However, the senior lawyer com-
plained that the portal’s report did
not note the objection made, and
this may give the impression that
the statement made by Nur Aida
was true.
“This is unfair and jaundiced re-
porting that is unbecoming of the
writer as the writer merely quot-
ed the witness (Nur Aida) on what
she said,” Shafee said, pointing out
that he had complained about this
from the first day of her testimony
beginning this month.
He said that he may take action
for contempt or for a gag order
against reporters in a separate room
where they are following the trial.
Read the full story
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4 15 TheEdge CEO morning brief

h o m e

PUTRAJAYA (Jan 24): Two non-govern-
mental organisations (NGOs) failed in their
attempt to obtain leave to commence a judi-
cial review process challenging the Selangor
state government’s decision to degazette a
part of Bukit Cherakah from its permanent
forest reserve status.
The three-member Court of Appeal bench
led by Justice Datuk Azizah Nawawi dismissed
the appeals by Pertubuhan Pelindung Khaz-
anah Alam Malaysia (Peka) and Shah Alam
Community Forest Society (SACF).
In their unanimous decision delivered
online, Justice Azizah said the High Court
judge did not err in dismissing the NGOs’
leave application for a certiorari order to
quash the Selangor State Executive Coun-
cil’s decision to degazette part of the Bukit
Cherakah forest reserve.
She highlighted that the NGOs’ appli-
cation was submitted late, not complying
with the Rules of Court 2012, which man-
dates filing within three months from the
date the decision is initially communicated
to the appellants.
Justice Azizah said the State Executive
Council made the decision to degazette part
of the Bukit Cherakah forest reserve and
alienate it to nine companies on Nov 20,
2000, but the NGOs’ application was filed
more than 20 years later.
Justice Azizah also held that the deci-
sion to degazette part of the forest reserve
is a policy decision by the state government
that is not within the purview of the courts.
She said the decision by the State Ex-
ecutive Council to degazette part of Bukit
Peka and SACF’s application to seek
NGOs fail judicial leave to commence the judicial review was
dismissed by the Shah Alam High Court
review attempt on Nov 17, 2022.
They had sought leave to commence a ju-
to challenge dicial review to challenge the decision by the
Selangor government, State Executive Coun-
Bukit Cherakah cil, State Forestry Department director, and
the Petaling Land and Mines Department on
degazettement May 5, 2022, to degazette 406.22 hectares of
the Bukit Cherakah forest reserve.
The NGOs claimed it was illegal for the
Bernama Selangor government to backdate the noti-
fication of the degazettement decision on
Shah Alam Community Forest Nov 20, 2000.
They claimed the gazette was published
on May 5, 2022, some 22 years after the
decision to degazette Bukit Cherakah was
made in 2000.
They named the Selangor government,
State Executive Council, State Forestry De-
partment director and the Petaling Land
and Mines Department,YCH Development
Sdn Bhd, Perbadanan Kemajuan Negeri
Selangor (PKNS) and Restu Mantap Sdn
Bhd as respondents in the judicial review.
In Wednesday’s proceedings, lawyer Pavi-
ta Loganathan appeared for the NGOs,
View from the SACF trail, which is part of the while assistant state legal adviser Khairul
Bukit Cherakah forest reserve Nizam Abu Bakar appeared for the Selangor
State government, State Executive Council,
Cherakah was made on Nov 20, 2000, and State Forestry Department director, and
not on May 5, 2022, which was the noti- the Petaling Land and Mines Department.
fication date. Lawyers Ng Ka Choon, R Ganapathi,
The other members of the bench were and John Wong Yok Hon represented YCH
Justices Datuk Azimah Omar and Datuk Development Sdn Bhd, PKNS, and Restu
Wong Kian Kheong. Mantap, respectively.

PUTRAJAYA (Jan 24): The Federal
Court on Wednesday has allowed lawyers
representing the late Datuk Seri Salahud-
din Ayub and Dewan Rakyat Speaker Tan
Sri Johari Abdul Ghani to withdraw their
challenges with regards to the emergency
proclamation made during Tan Sri Mu-
hyiddin Yassin’s time as prime minister.
This follows Salahuddin’s passing in
July last year, with lawyers representing
him having discharged his appeal while
Johari filed the withdrawal on Friday.
As a result, the three-member bench
led by Federal Court judges Datuk Zaba-
riah MohdYusof, Datuk Seri Hasnah Mo-
hammed Hashim and Datuk Harmindar
Singh Dhaliwal allowed Salahuddin and
Johari’s appeal to be struck out.
The bench fixed May 15, 2024 to
hear the continuing appeals filed by Per-
ak assemblyman Abdul Aziz Bari and
Pasir Gudang Member of Parliament
Hassan Karim.
Two questions of law would be deter-
Dewan Rakyat
Speaker, late Pulai
MP drop appeal
challenging emergency
proclamation; May 15
fixed for next hearing
by Hafiz Yatim
theedgemalaysia.com
mined by the Federal Court, namely:
Whether Article 150(8) of the Federal
Constitution and the interpretation of the
said provision by the Federal Court in the
decision of Datuk Seri Anwar Ibrahim vs
the public prosecutor absolutely prevents
the judiciary at the leave stage of judicial
review from considering the validity of the
decisions made under Article 150 in light
of the decisions sighted in the above cas-
es (ie SIS forum, Semenyih Jaya etc), and
Whether Article 150(6) and (8) of
the Federal Constitution absolutely pre-
vents the judiciary from constitutionally
and statutorily reviewing the questions
of whether the executive has exceeded its
jurisdiction and ambit of power under Ar-
ticle 150 itself, when it enacted and ad-
vised theYang di-Pertuan Agong to prom-
ulgate Sections 11(a) (b), 14 and 15 of the
Emergency (Essential Powers) Ordinance
following decision in other court cases
involving Maria Chin Abdullah.
On May 23, 2022, a three-member
apex court bench had in majority allowed
leave to several parties to continue to chal-
lenge the emergency proclamation.
At that time, the politicians involved
included Datuk Seri Anwar Ibrahim as
opposition leader, Salehuddin, Johari,
Abdul Aziz and Hassan.
However, Anwar, who is now prime
minister, withdrew his appeal in November.
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4 16 THEEDGE CEO MORNING BRIEF

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 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
MOSCOW (Jan 24): Russia accused Ukraine
on Wednesday of deliberately shooting down
a Russian military transport plane carrying
65 captured Ukrainian soldiers to a prison-
er exchange, and a local official said all 74
people on board had been killed.
Russian state media said six Russian crew
members and three guards were on the Il-
yushin Il-76 military transport plane which
was shot down near the Russian city of Bel-
gorod near the Ukrainian border.
“It was absolutely deliberate.They knew
very well that the plane was en route, where
it was going and the operators of [Ukrainian]
surface-to-air missile systems cannot mis-
take transport planes for military planes or
helicopters as targets,” Andrei Kartapolov,
a lawmaker in Russia’s parliament and a re-
tired general, said in a TV interview with the
SHOT outlet.
“It was done deliberately to sabotage the
prisoner exchange.”
Kartapolov, who still has close links to the
defence ministry, said the plane had been
shot down by three missiles of either US or
German manufacture.
If the details are confirmed, it would be
the deadliest incident of the almost two-year-
old war inside Russia’s internationally rec-
ognised borders.
Ukraine’s defence ministry did not im-
mediately reply to a Reuters request for com-
ment. It was cited by the Interfax-Ukraine
news agency as saying it did not have any
reliable information for now but would share
it when it did.
Mykhailo Podolyak, a Ukrainian presi-
dential adviser, told Reuters: “Comments will
come a little later. Time is needed to clarify
all the data.”
Ukrainian media outlet Ukrainska Pravda
initially cited military sources as saying Kyiv
had shot down the plane because it was car-
rying S-300 missiles, but later corrected the
story saying that information had not been
(Jan 24): Alaska Air Group Inc found loose
bolts on “many” of its Boeing Co 737 Max
9 aircraft following the midair blowout of
a panel on one of its planes earlier this
month, the carrier’s chief executive officer
said in an interview with NBC.
The accident has prompted some “very
tough, candid conversations” with Boeing
about the plane-maker’s operations, Alas-
ka chief executive officer Ben Minicucci
told NBC in the interview, which aired
late on Tuesday.
“I am angry. I’m more than frustrat-
ed and disappointed,” he said. “My de-
mand to Boeing is what are they going to
do to improve their quality programmes
in-house?”
US safety regulators ordered all Max 9
17 TheEdge CEO morning brief
w o r l d
the ground near the village of Yablonovo in
Russia accuses the Belgorod region and exploding in a vast
fireball.
Ukraine of killing Reuters could not immediately verify de-
tails of who was on board, but Moscow and
65 of its own Kyiv have regularly swapped prisoners since
Russia began what it calls its “special military
POWs by shooting operation” in Ukraine in February 2022.
down plane Governor says no survivors
Vyacheslav Gladkov, governor of Belgorod
region, said everyone on board the plane
by Andrew Osborn & Felix Light had been killed and that the plane had come
Reuters down in the region’s Korochansky district,
northeast of the city of Belgorod.
He said investigators and emergency
workers were already on the scene.
The Belgorod region, which borders
Ukraine, has come under frequent attack
from Ukraine in recent months, including
a December missile strike which killed 25
It was done deliberately people.
to sabotage the VyacheslavVolodin, chairman of the State
prisoner exchange.” Duma, the lower house of Russian parlia-
— Russian lawmaker ment, said the chamber would prepare an
appeal to the US Congress and the German
Bundestag “so their lawmakers at last can
see clearly who they are financing, who they
are helping.”
“They [Ukraine] shot down their own
soldiers in mid-air.Their mothers, wives and
children were waiting for them. They took
a decision and shot down our defenceless
reuters pilots on a military transport plane, who
were carrying out a humanitarian mission,
A Russian military transport plane crashes near with American and German rockets,” said
Yablonovo, Belgorod region of Russia in this Volodin.
screen grab on Jan 24 from a social media video The Il-76 is a military transport aircraft
obtained by Reuters.
designed to airlift troops, cargo, military
equipment and weapons. It usually has a
confirmed by other sources. crew of five, and can carry up to 90 pas-
Video posted on the Telegram messag- sengers.
ing app by Baza, a channel linked to Rus- The Kremlin said in response to a re-
sian security services, and verified by Reu- porter’s question that it was looking into the
ters, showed a large aircraft falling towards situation.
Manufacturing quality at Boeing is
Alaska Air CEO facing deep scrutiny from regulators,
customers and the plane-maker itself in
says loose bolts the wake of the blowout. While Alaska
and United Airlines Holdings Inc, an-
found in ‘many’ other large operator of the Max model,
have performed inspections on some of
Boeing jets the aircraft, they are awaiting final spec-
ifications from the Federal Aviation Ad-
ministration and Boeing before the planes
by Mary Schlangenstein can fly again.
Bloomberg “Boeing is better than this,” Minicuc-
ci said. “Flight 1282 should never have
planes grounded following the Jan 5 inci- happened.”
dent, which left a gaping hole in the side of
a jet and forced an emergency landing. No
one was seriously injured. Minicucci said Read also: FAA may expand Boeing
there was a “guardian angel” on the flight. probe beyond Max 9, agency chief says
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
Investors temper US rate cut bets
as Fed meeting looms
NEWYORK (Jan 24): A strong US economy
and pushback from central bank officials is
leading some investors to rethink their bets
on how quickly the Federal Reserve (Fed)
will cut rates this year, a shift that is rippling
through Treasury and foreign exchange mar-
kets even as stocks sit near record highs.
Expectations that the Fed would ease
monetary policy in 2024 after its most ag-
gressive tightening cycle in decades fuelled
an explosive rally in stocks and bonds in the
final months of last year, boosting the S&P
500 to an annual gain of more than 24%.
Investors still believe rate cuts are coming,
but some have started to question when the
Fed will begin lowering borrowing costs and
how quickly it will move.While the S&P 500
has notched a fresh record high this month,
Treasuries have pared some of their gains
and the dollar has perked back up as a result.
Comments following the Fed’s Jan 30-31
policy meeting next week could shed more
light on how the central bank views the re-
cent strength in the economy and its timing
for rate cuts.
“Markets seemed to be seeing the Fed
through rose-colored glasses to end 2023,”
said Helen Given, a foreign exchange trader
at Monex USA inWashington. “With the new
year, price expectations have begun to shift.”
A dovish pivot at the Fed’s monetary pol-
icy meeting in December bolstered investor
hopes that the central bank’s tightening cycle
was over and rate cuts were approaching.
More recently, several officials have
pushed back against the perception that mon-
etary policy easing is imminent, saying they
need more evidence that inflation will return
to the central bank’s 2% target and stay at
that level before they commit to interest rate
cuts. Evidence that areas of the economy re-
main robust has supported that view.
18 TheEdge CEO morning brief
w o r l d
by Saqib Iqbal Ahmed
Reuters
Investors now expect
the Fed to deliver its first
interest rate cut in May,
instead of March. Fed
Funds futures implied
a 41% probability for at
least one rate cut at the
March Fed meeting, down
from 88% a month ago.
As a result, investors now expect the
Fed to deliver its first interest rate cut in
May, instead of March. Fed Funds futures
on Tuesday implied a 41% probability for
at least one rate cut at the March Fed
meeting, down from 88% a month ago.
Among the data showing the economy’s
resilience are December’s retail sales and
consumer prices, which rose more than
expected in December.
Investors are awaiting another key in-
flation gauge, December’s personal con-
sumption expenditures reading, on Jan 26.
“Given the strength of both economic
growth and wage growth, the Fed still has
to worry about the medium-term inflation
outlook,” wrote Brian Rose, a senior econ-
omist at UBS Global Wealth Management.
Financial conditions — a measure of
the availability of funding in the econo-
my — eased sharply in late 2023 as stocks
soared and bond yields plunged.
Some investors have argued that fi-
nancial conditions could become too
loose for the Fed’s comfort if yields keep
falling, forcing the central bank to keep
reuters
rates elevated to prevent inflation from
rebounding.
The Goldman Sachs Financial Condi-
tions Index stands at 99.39, not far from
the 16-month low of 99.21, touched in
late December.
“Current economic conditions are far
from those that have historically precipi-
tated rate cuts,” said John Lynch, the chief
investment officer of Comerica Wealth
Management, in a Tuesday report.
The stronger-than-expected economic
data have buoyed Treasury yields, which
move inversely to bond prices. Yields on
the benchmark 10-year US Treasury are
up some 35 basis points from their De-
cember lows and recently stood at 4.1397.
An expected flood of Treasury issuance
— seen nearly doubling to US$2 trillion
(RM9.4 trillion) this year — has also
weighed on government bond prices.
The rise in yields has helped pull the
dollar up against a basket of currencies.
The dollar index is up 2.3% this year, at
a one-month high after touching a five-
month low in December.
Stocks, meanwhile, have kept climbing,
though their ascent has slowed in January.
Following a 4.4% gain in December the
S&P 500 is up 1.7% this month, thanks
to a rally in big technology and growth
stocks fuelled in part by excitement over
the prospects for artificial intelligence.
However, “with the good news being
priced in, and financial conditions now
at accommodative levels, it may be diffi-
cult to maintain this optimism for long”,
Deutsche Bank analysts wrote.
Read also: Rate cut hopes fuel bets real
estate crisis is easing
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
BEIJING (Jan 24): China’s central bank
will cut the amount of cash that banks must
hold as reserves from Feb 5, the first such
cut for the year as policymakers extend ef-
forts to shore up a fragile economic recov-
ery amid plunging stock markets.
The world’s second-largest economy
struggled to mount a strong post-Covid
recovery last year as distress in the housing
market, local government debt risks and
weakening global demand slowed momen-
tum, weighing on investors’ sentiment at
the beginning of 2024.
People’s Bank of China (PBOC) Gov-
ernor Pan Gongsheng said on Wednes-
day at a press conference in Beijing that
the bank would cut the reserve require-
ment ratio (RRR) for all banks by 50 basis
points (bps), adding the move would free
up one trillion yuan (RM659.1 billion)
to the market.
It is the biggest such cut since Decem-
ber 2021, exceeding most analysts’ expec-
tations.
“The RRR cut is a sign that PBOC will
stick to a loose monetary stance through-
out this year, despite having missed mar-
ket expectation of a medium-term lending
facility (MLF) rate cut earlier,” said Xu
Tianchen, senior economist at the Econ-
omist Intelligence Unit.
“It’s also a sign that policymakers across
the government want to ensure a good start
for the economy by frontloading policy sup-
port. This is needed to achieve their ambi-
SHANGHAI/BEIJING (Jan 24): China’s
securities regulators have asked some
hedge fund managers to restrict short sell-
ing in its stock index futures market, two
sources said, as authorities seek to stabilise
sinking stocks.
The blue chip CSI300 Index plunged
to near five-year lows this week, prompting
fresh vows by the government to steady
capital markets.
A hedge fund manager said he re-
ceived calls from China’s financial fu-
tures exchange, cautioning against reck-
less short selling, especially “naked”
short selling that is not conducted for
hedging purposes.
Another hedge fund source said the
exchange had informally asked his firm
recently not to short sell for speculative
purposes.
“Shorting is profitable in a falling mar-
ket,” the source said. “But if you get calls
from the exchange, you get the message
that you should no longer short sell to
make a profit.”
The sources spoke on condition of
anonymity.
The China Financial Futures Exchange
19 TheEdge CEO morning brief
w o r l d
China announces
tious growth target in a challenging year.”
The announcement of an RRR cut at a
biggest bank
press briefing was unusual for the PBOC,
which tends to signal such moves with
reserve ratio cut
statements posted on its website, often
outside normal business hours.
since December
The reduction follows earlier cuts of
25 bps for all banks in March and Sep-
2021
tember last year.
Hong Kong’s Hang Seng Index extend-
ed gains after the RRR cut was announced,
ending the session up 3.6% to clock its big-
by Kevin Yao, Ellen Zhang, gest one-day gain in two months. Mainland
Liangping Gao & Samuel Shen stocks had closed before the announcement.
Reuters China’s stock market tumbled 13% in
2023 and had extended its slide in the new
Reuters year amid relentless foreign selling. The
blue chip CSI300 Index plunged to near
five-year lows earlier this week.
China’s onshore yuan hit 7.1601, the
strongest level since Jan 12, after the an-
nouncement.
“But the challenges are still there and
the banking system is still in trouble,” said
Tim Graf, head of EMEA macro strategy
at State Street.
“This is not entirely unexpected and
this is not the panacea that will change the
narrative too much. More targeted stimu-
lus would be a more powerful lever to push
and they seem to reluctant to do that.”
The PBOC will also cut re-lending and
re-discount interest rates by 25 basis points
for the rural sector and small firms from
Pan Gongsheng Jan. 25, Pan said.
‘China regulators
tive measures to support market confidence.
The sources said regulators did not
ask funds to curb
spell out specific curbs in their informal
guidance, but hinted that shorting ac-
short selling
tivities using stock index futures would
be curbed.
of stock index
Some investors were nudged to unwind
their heavy short positions as soon as pos-
futures’
sible, the sources added.
The window guidance — unwritten in-
structions from regulators — came amid
signs of a spike in shorting interest.
Reuters Futures contracts on the small-cap
CSI1000 Index due in Sept 2024 tumbled
(CFFEX) did not reply to a Reuters request on Monday by the daily maximum limit
for comment. Nor did the China Securities of 10%, to trade 8% below the underlying
Regulatory Commission (CSRC), which index. Turnover of the futures contracts
oversees the exchange. also spiked.
China’s stock market tumbled 13% in Heavy stock index futures selling was
2023 and has extended its slide in the new partly due to risk management activities
year amid relentless foreign selling, a deep- as losses on billions of dollars worth of de-
ening property crisis and shaky economic rivatives linked to China’s equity indexes
recovery. forced a vicious cycle of selling in stocks
On Tuesday, CSRC chairman Yi Hu- and futures contracts.
iman vowed to safeguard stable op-
eration of the capital markets with
full force. China’s State Council, or cabi- Read also: Hedge fund stars who got
net, also pledged more forceful and effec- China wrong are paying a big price
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
(Jan 24): China’s ambassador to the Euro-
pean Union (EU) called the bloc’s probe
into Chinese electric vehicle (EV) manu-
facturers over state subsidies “unfair”, de-
livering a veiled warning that more Europe-
an products could face trade investigations.
In an interview with Bloomberg, Fu
Cong noted that the EU subsidises many
of its own companies and said that if Chi-
na took the same approach as the bloc has
done, “there are many things that could
be subject to investigation”.
China is cooperating with the EU’s probe
“because we do want to avoid a situation
that the two sides will have to resort to trade
measures against each other”, he added.
Trade tensions have been rising since
the EU opened its EV investigation and
China this month announced an an-
ti-dumping probe into brandy sales. Eu-
ropean Commission president Ursula von
der Leyen last year laid out a strategy of
“de-risking” but not “de-coupling” from
China, a formulation that other countries,
including the US, quickly echoed.
On Wednesday, the EU will unveil a set of
proposals aimed at defending itself against
coercive economic steps by countries like
China and Russia, including rules that would
allow it to screen and potentially block for-
eign investment in sensitive industries.
Those measures are “mostly targeted at
China”, Fu said. China “fully understands”
the desire of European countries to enhance
economic security, but the EU’s recent steps
amounted to overreaching, he added.
“Everything seems to be harming
the EU’s security,” Fu said. “But the
question is, where do you draw the line
and where are the boundaries and how
do you strike a proper balance between
economy and the security?” he said.
SAN FRANCISCO/DETROIT (Jan 24):
Tesla has told suppliers it wants to start
production of a new mass market electric
vehicle codenamed “Redwood” in mid-
2025, according to four people familiar
with the matter, with two of them describ-
ing the model as a compact crossover.
Tesla CEO Elon Musk has long whetted
fans’ and investors’ appetites for affordable
electric vehicles and self-driving robotaxis
that are expected to be made on next-gen-
eration, cheaper electric car platforms.
Those models, including an entry-lev-
el US$25,000 (RM118,212) car, would
allow it to compete with cheaper gaso-
line-powered cars and a growing number
of inexpensive EVs, such as those made
by China’s BYD.
BYD overtook Tesla as the world’s top
EV maker in the final quarter of 2023.
Musk had first promised to build a
20 TheEdge CEO morning brief
w o r l d
China says
EU’s ‘unfair’
EV subsidies
probe risks
damaging ties
by Tom Hancock & Kevin Whitelaw
Bloomberg
Chinese President Xi Jinping has re-
peatedly called for such a “balance”, but
many economists and business executives
say a greater security emphasis has crimped
economic growth.
Since taking up his latest role in Brus-
sels in December 2022, Fu has published
near-daily English language posts on social
media platform X.
He hasn’t typically been associated with
a more assertive style of diplomacy linked
to China’s so-called Wolf Warriors.
Tesla plans
to build new
electric vehicles
in mid-2025
by Hyunjoo Jin & Joseph White
Reuters
US$25,000 car in 2020, a plan he later shelved
and then revived.Tesla’s cheapest offering, the
Model 3 sedan, currently has a starting price
of US$38,990 in the United States.
Musk said last year he was concerned
about the impact of high interest rates on con-
sumer demand for big-ticket items like cars.
Tesla sent “requests for quotes,” or invi-
Bloomberg
Taiwan warning
However, in the interview, he issued a stern
warning against the EU pursuing any kind
of trade or investment deal with Taiwan.
Taiwanese officials have floated proposals
to sign some kind of investment deal with Eu-
rope as the Democratic Progressive Party tries
to build on momentum from its victory in
the island’s presidential elections this month.
The EU parliament last week passed a
resolution reaffirming support for an invest-
ment treaty with the self-ruled island, a large-
ly symbolic move because any such treaty
would need approval from member states.
Such steps would violate the EU’s
one-China policy, which recognises Bei-
jing as the sole legal government of Chi-
na, Fu said.
“We are firmly opposed to that and it’ll
seriously harm our relations with you if
that happens,” he added. “This is only an
idea but I want to make our position clear
upfront and that there should be no misun-
derstanding concerning China’s position.”
Read the full story
tation for bids for the “Redwood” model,
to suppliers last year, and forecast weekly
production volume of 10,000 vehicles, two
of the sources said.
Production would begin in June 2025,
three of the sources said. All spoke on con-
dition of anonymity because the matter is
confidential.
Tesla did not respond to a request for
comment.
Timing of next-generation compact ve-
hicles was one of the most voted questions
by investors to Tesla ahead of its quarter-
ly results report on Wednesday afternoon,
where it is expected to forecast a 21% rise
in 2024 deliveries, well below the long-
term annual target of 50% that Musk set
about three years ago.
Read the full story
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
BANGKOK (Jan 24):Thai Prime Minister
Srettha Thavisin on Wednesday stuck to his
belief that the country’s economy was in
crisis and said he would roll out stimulus
measures on top of handouts, despite the
central bank governor’s disagreement with
his approach.
The comments come after Sethaput
Suthiwartnarueput, the bank’s governor,
told Reuters the previous day that the gov-
ernment’s quick stimulus measures would
not fix structural issues plaguing Southeast
Asia’s second-biggest economy.
“I confirm that the economy is not do-
ing well and is in crisis,” Srettha told re-
porters, adding it was fine if the central
bank chief disagreed with him.
This week the government slashed 2024
growth projections to 2.8% from an ear-
lier forecast of 3.2% on weaker exports
and lower foreign tourist numbers. It also
lowered the 2023 growth estimate to 1.8%
from 2.7%. Growth in 2022 was 2.6%.
In the interview, Sethaput, the Bank of
Thailand (BOT) governor, said growth had
been slower than expected but the economy
was not in crisis, as the government portrayed.
The BOT chief has drawn fire from
the prime minister for not cutting inter-
est rates, despite low inflation.
(Jan 24): A top court in Thailand cleared
former prime minister hopeful Pita Lim-
jaroenrat of allegations of violating election
rules by owning shares in a media firm and
lifted his six-month long suspension as a
lawmaker.
The Constitutional Court said Pita’s
shareholding in ITV Pcl didn’t violate rules
as the company wasn’t considered a media
company since 2007. Pita, who was sus-
pended as a member of the House of Rep-
resentative in July until the court decided
on a petition by the Election Commission,
will have his lawmaker status restored.
The poll agency had brought the case
against Pita after his reformist Move For-
ward party won the most seats in general
election held in May and he was chosen
as the prime ministerial candidate of a
pro-democracy coalition.
Thai constitution bars politicians seek-
ing political office from owning shares in
media firms to prevent them from abus-
ing the platforms for personal gains and
to protect media freedom.
Pita had denied violating election rules,
saying he only managed shares in ITV Pcl
as part of an estate left behind by his fa-
ther, who passed away in 2006. After his
opponents raised an uproar following the
election, he transferred all 42,000 shares,
or 0.003% of ITV’s total shareholding, to
his younger brother.
21 TheEdge CEO morning brief
w o r l d
reuters
Thai PM asserts
economy is in
‘crisis’, pledges
more stimulus
by Orathai Sriring &
Chayut Setboonsarng
Reuters
Court clears
former PM
hopeful Pita in
media share case
by Patpicha Tanakasempipat
Bloomberg
Pita’s bid for premiership was blocked
by the military-appointed Senate that vot-
ed against him alongside the conservative
members of the House even though he was
backed by parties including Pheu Thai,
linked to former premier Thaksin Shina-
watra. That paved the way for a new coali-
tion headed by Pheu Thai, which eventual-
ly joined hands with a string of conservative
and pro-military groups to install Srettha
Thavisin as the prime minister.
The Constitutional Court is scheduled
separately to rule on Jan 31 whether Move
Forward violated the charter with its elec-
tion campaign to amend the lese majeste
law that protects the monarchy from defa-
mation. A decision against Move Forward
may eventually lead to its dissolution and a
A political newcomer who is also fi-
nance minister, Srettha has told the gov-
ernor that high rates were hurting busi-
nesses and has urged the BOT to lower
rates, which are at a decade-high of 2.5%.
His government has promised a slew of
stimulus measures to revive the economy,
including a US$14 billion (RM66.2 bil-
lion) handout programme targeting 50 mil-
lion Thais, to be spent within six months.
“Reducing interest rates is a central
bank matter ... but there will be more
policies in addition to the digital wallet,”
Srettha said.
Separately on Wednesday, a finance
ministry official said Thailand’s baht cur-
rency was expected to average 34.4 a dollar
this year, driven by dollar weakness. The
baht was traded at about 35.8 a dollar on
Wednesday.
The baht is expected to strengthen in
line with currencies of other countries see-
ing economic recovery, while higher foreign
tourist numbers are also supporting it,Waro-
tai Kosolpisitkul, an adviser to the ministry’s
Fiscal Policy Office, told a briefing.
Thailand’s economy is expected to con-
tinue growing while the country should
record a bigger current account surplus,
he said.
Bloomberg
ban on its leaders from active politics, sim-
ilar to a verdict almost four years ago that
quashed its predecessor, Future Forward.
Pro-democracy factions in Thailand
have a history of dominating elections only
to be routinely booted out of office either
through military coups or court rulings.
Future Forward’s leader Thanathorn Juan-
groongruangkit, a one-time prime minis-
ter candidate of the opposition bloc, was
disqualified in 2019 after the same court
found him guilty of holding media shares
on the date he registered his candidacy.
Read also: Thai billionaire plans 250
more hotels within three years as tourism
rebounds
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
Bloomberg
Netflix posts
best customer
gain since surge
during pandemic
by Lucas Shaw
Bloomberg
(Jan 24): Netflix Inc signed up 13.1 mil-
lion customers in the final three months of
2023, the streaming giant’s best quarter of
growth since viewers were stuck at home
in the early days of the pandemic.
The strong tally exceeded Wall Street’s
estimate of 8.91 million and beat projec-
tions in every region of the world, with
Netflix adding more than five million cus-
tomers in Europe, the Middle East and
Africa alone. Sales rose to US$8.83 bil-
lion (RM41.7 billion), the company said
Tuesday, also topping forecasts.
Shares of Netflix climbed as much as
8.9% to US$535.91 in extended trading
after the earnings announcement. They
are up 38% in the past year through the
close in New York.
Netflix rebounded from a rocky 2022
by posting one of its strongest years of
(Jan 24): eBay Inc will cut about 1,000
roles, or an estimated 9% of its current
workforce, the e-commerce retailer said
on Tuesday.
“While we are making progress against
our strategy, our overall headcount and
expenses have outpaced the growth of our
business,” eBay CEO Jamie Iannone said
in a letter shared with employees.
“To address this, we’re implement-
ing organizational changes that align and
consolidate certain teams to improve the
end-to-end experience, and better meet the
needs of our customers around the world.”
The job cuts follow a wave of US tech
layoffs after the industry hired heavily dur-
ing the pandemic, including among behe-
moths such as Amazon and Google.
22 TheEdge CEO morning brief
w o r l d
customer growth, buoyed by a crackdown
on password sharing, the introduction of a
cheaper advertising-supported option and
a strong slate of programs. Hit shows of
the latest quarter included the post-apoca-
lyptic thriller Leave the World Behind and
a documentary about soccer great David
Beckham.
Netflix’s strong performance stands in
sharp contrast to many of its competitors
in Hollywood, which operate shrinking ca-
ble networks and unprofitable streaming
services. Those companies are now merg-
ing and cutting jobs to try and keep up.
Just a couple of years ago, it seemed as
though Netflix had hit a ceiling on growth
after the company lost customers in the
first half of 2022. But the steps taken since
then have paid off.
“We believe we’ve successfully ad-
dressed account sharing, ensuring that
when people enjoy Netflix they pay for
the service too,” the company said in a
letter to shareholders.
While the ad-supported tier got off to
a slow start, it has begun to gather mo-
mentum. The company said earlier this
month it now has more than 23 million
people using the tier. Netflix still has a lot
of work to do in order to improve its adver-
tising business, co-chief executive officer
Greg Peters said Tuesday. The company
needs to add more customers, introduce
new products and improve its technology.
Management believes Netflix can capture
billions of dollars from linear TV networks.
“We got hundreds of millions of quali-
fied households out there that are still yet
to sign up for Netflix,” Peters said on a
conference call with investors. “I can’t be-
lieve it, but they are there and we’ve got
to win them over.”
Read the full story
eBay to slash
1,000 jobs, scale
back contracts
by Jyoti Narayan
Reuters
In addition to the job cuts, the company
will also scale back the number of contracts
within its alternative workforce over the com-
ing months, Iannone added in the note.
Last February, eBay announced plans
to lay off 500 employees globally, repre-
senting 4% of its total workforce.
TikTok cuts
60 jobs in sales
and ads as tech
layoffs continue
by Zheping Huang
Bloomberg
(Jan 24): ByteDance Ltd’s TikTok
joined a spate of layoffs among tech-
nology companies by cutting about
60 jobs, mostly in its sales and ad-
vertising division.
The positions affected were based
in Los Angeles, New York, Austin
and overseas, a company spokesper-
son said.The number is less than 1%
of the company’s roughly 7,000 staff
in the US as of March, and is one
of the smaller cuts made recently by
major tech firms.
Alphabet Inc is laying off doz-
ens of employees at its X moonshot
division, shortly after eliminating
hundreds of jobs at teams includ-
ing hardware and Google Assistant
recently. eBay Inc is also cutting
about 1,000 jobs, or 9% of full-time
employees, while Tencent Holdings
Ltd’s Riot Games Inc is slashing 530
jobs, describing the move as “a ne-
cessity.”
Bloomberg
The TikTok layoffs were first re-
ported by NPR. For ByteDance, US
lawmakers’ questioning over Tik-
Tok’s ties to its Chinese parent and
alleged links to Beijing have done
little to deter the company’s growth.
The app continues to attract an
audience of millions and counts the
US as its most lucrative market, with
its twin app Douyin serving the Chi-
nese domestic audience. The app
had 150 million American users as
of March last year, and became the
first non-game mobile app to gener-
ate US$10 billion (RM47.3 billion)
in consumer spending, according to
app tracker data.ai.
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
(Jan 24): Red Sea shipping disruptions are
spawning supply-chain headwinds in Eu-
rope’s three largest economies, from rising
price pressures in the UK to longer deliv-
ery times in Germany and France, data
showed on Wednesday.
S&P Global’s Composite Purchasing Man-
agers’ Index for Britain indicated “widespread
reports of higher freight costs” that helped
push inflation in manufacturing to the highest
level since March, while supplier delivery times
lengthened for the first time in 12 months.
Other PMI reports showed varying de-
grees of fallout from the geopolitical unrest
in the Middle East. In Germany, where
the private sector contracted for a seventh
straight month, the rate of decline in fac-
tory input costs was the weakest in nine
months. Delivery times in France reached
the poorest reading in a year.
Europe’s industrial sector, already strug-
gling to gain momentum amid soft consumer
demand, is absorbing the fallout of a sup-
ply shock began in mid-December. That’s
when the world’s biggest cargo ships began
detouring around the southern tip of Afri-
ca to avoid rocket fire by Houthi militants
aiming to disrupt trade through the Red Sea.
(Jan 24): ASML Holding NV orders more
than tripled last quarter from the previous
three months, in a sign that the semicon-
ductor industry is resurgent.
Order bookings rose to a record €9.19
billion (RM47.26 billion) in the fourth
quarter (4Q) from €2.6 billion in July to
September, driven by demand for its most
sophisticated machines, Europe’s most val-
uable technology company said in a state-
ment on Wednesday.
ASML is the only company that produces
equipment needed to make the most sophis-
ticated semiconductors, and demand for its
products is a bellwether for the industry’s
health. Record orders for its top-of-the-line
extreme ultraviolet (EUV) lithography ma-
chines show optimism among the biggest cus-
tomers for the technology, including Intel
Corp, Samsung Electronics Co and Taiwan
Semiconductor Manufacturing Co (TSMC).
Artificial intelligence (AI), which re-
quires massive amounts of computing
power, is going to be a “big driver for our
business and the business of our custom-
ers,” chief executive officer Peter Wennink
said in an interview on Bloomberg TV.
Shares rose as much as 7.5% in Am-
sterdam, the biggest increase since No-
vember 2022.
Chipmakers are increasingly optimistic
the sector’s outlook following a slump that
dates back to the Covid-19 pandemic, with
TSMC last week projecting strong revenue
growth in 2024.
23 TheEdge CEO morning brief
w o r l d
The longer journeys are throwing off de-
Trade turmoil
livery schedules and rattling inventory flows,
as well as quadrupling the spot rates for ship-
sparks supply
ping goods from Asia to northern Europe.
“The persistent attacks by Houthi re-
snarls in
bels on commercial vessels navigating the
Red Sea are exerting discernible impacts
Europe’s biggest
on supply chains,” Cyrus de la Rubia, chief
economist at Hamburg Commercial Bank,
economies
said in a statement accompanying the lat-
est PMI report for the euro area.
Those figures showed private-sector ac-
tivity contracted for an eighth month in
by Tom Rees & Alexander Weber January, with both Germany and France
Bloomberg having a difficult start to the year.
reuters For the UK, the budding supply snarls
were a blot on an otherwise favourable
report for January that strengthened the
case for the economy to avoid a recession.
But the disruptions, combined with
still-elevation inflation in services industries,
may give the Bank of England pause when
considering whether to cut interest rates,
said Chris Williamson, chief business Econ-
omist at S&P Global Market Intelligence.
“Inflation is therefore indicated to re-
main stubbornly higher in the 3%-4%
range in the near future,” he said.
“The inventory levels in the end markets
ASML’s 4Q orders are improving and are definitely at a better
level than they were a couple of quarters ago,”
triple in sign of chief financial officer Roger Dassen said in a
statement accompanying the earnings result.
semiconductor ASML’s results are the latest sign that
a recovery for the chipmaking sector is
industry revival underway. The Semiconductor Industry
Association said this month estimated chip
sales increased in November after more
by Cagan Koc than a year of declines.
Bloomberg
ASML’s bookings last quarter were far Read the full story
more than an average estimate of €3.6 bil-
lion by analysts surveyed by Bloomberg. Or-
ders of its most advanced EUV lithography Read also: ASML expects US, Dutch
machines in the period were €5.6 billion. export rules to hit China sales by 10-15%
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
Australian PM
set to water down
proposed tax cuts
for wealthy, stoking
inflation fears
by Alasdair Pal & Stella Qiu
Reuters
SYDNEY (Jan 24): Australia Prime Min-
ister Anthony Albanese said on Wednes-
day he would consult lawmakers to mod-
ify proposed tax cuts for higher earners,
potentially breaking an election pledge in
a decision some economists worry could
stoke inflation.
The already-legislated tax cuts were due
to abolish a 37% tax band for those earning
A$120,000 (RM373,362) to A$180,000, as
well as applying a 30% tax rate to income
between A$45,000 and A$200,000 which
currently begins at 32.5%.
Local media reported the 37% band
would be retained under the new propos-
al, with the saving redirected to those on
middle and low incomes.
Albanese told a news conference he
would be taking a revised proposal to La-
bour parliamentarians later on Wednesday,
without elaborating further.
“We understand that Australians are
under pressure. And we’re providing sup-
port through the plan that I’ll take to the
Party room this afternoon,” focusing on
JAKARTA (Jan 24): Indonesia recorded
a total of 744 trillion rupiah (RM223.6
billion) of foreign direct investment last
year, up 13.7% on an annual basis, the
investment ministry said on Wednesday.
However, growth in the fourth quarter
slowed sharply to 5.3% from the same
period a year earlier, compared with the
third quarter’s growth of 16.2%.Total FDI
in the October-December period stood at
184.4 trillion rupiah.
The ministry’s data exclude investment
in financial and oil and gas sectors and are
reported in rupiah terms.
Southeast Asia’s largest economy has
seen strong FDI growth after the pandem-
ic, particularly as investment in its nickel
processing industry booms.
The base metal industry received the
biggest FDI last year at US$11.8 billion,
while mining was in fourth place with
US$4.7 billion.
Other sectors that benefited from FDI
24 TheEdge CEO morning brief
w o r l d
middle Australians, he said.
The Australian Financial Review report-
ed the country’s finance ministry has ad-
vised the modifications would be budget
and inflation neutral, without citing its
sources.
Shane Oliver, chief economist at AMP,
said the proposed changes benefit low- and
middle-income earners, who tend to spend
rather than save, risk adding to inflation in
the second half of the year and potentially
delaying interest rate cuts.
“The (central) bank will be a bit nerv-
ous about it, and we’re thinking the first
cut could come as early as June, and the
risk is this could delay that,” he said.
Markets are wagering Australia’s inter-
est rates have peaked but do not expect the
Reserve Bank of Australia to start cutting
until November.
Political risk
Albanese has faced criticism over his re-
peated promise to retain the tax cuts, as
many in the country suffer surging liv-
ing costs where outgoings including rents
and food prices have far outstripped wage
growth.
But reneging on his election promise
also comes with political risk, with Al-
banese’s approval ratings close to their low-
est levels since taking power in May 2022.
Albanese’s Labor Party has a majori-
ty in the country’s lower house of parlia-
ment, but will need support of the minority
Greens to pass any changes to the tax cuts
through the upper house.
The opposition coalition strongly sup-
ports the tax cuts, which it first proposed
while in government.
Indonesia saw FDI
worth US$47 bil in
2023 — investment
ministry
by Bernadette Christina
& Gayatri Suroyo
Reuters
included warehousing and telecommu-
nications, and pharmaceutical and pulp
and paper.
Singapore, China and Hong Kong were
the biggest FDI sources in 2023.
Read also: Indonesian builder inks
US$1.3 bil debt restructuring deal
Japan exports soar to
record in Dec;
China shipments make
long-awaited rebound
by Satoshi Sugiyama
Reuters
TOKYO (Jan 24): Japan’s exports
surged to record highs in December,
with shipments to the US soaring to
their strongest-ever level while those to
China were also robust, logging their
first rise in more than a year.
The better-than-expected data comes
at a time of heightened concern about
a faltering economic recovery in China
and its potential to drag on the global
economy.
Exports from the world’s third-largest
economy climbed 9.8% to ¥9.65 trillion
(RM307.8 billion) last month from the
same period a year earlier, finance min-
istry data showed on Wednesday.
That beat a consensus estimate of
9.1% from economists in a Reuters poll
and followed a 0.2% contraction in No-
vember.
Economists said, however, that it was
unclear whether Japan’s lacklustre econ-
omy - which has seen factory activity
shrink for eight straight months - could
bank on a sustainable boost from a re-
covery in exports.
“Exports were strong but it might
only be a bounceback after the fall
in November. The pace of economic
growth in the US and Europe seems to
be slowing a bit and China has only just
bottomed out so any recovery in exports
is likely to be a weak one,” said Takeshi
Minami, chief economist at Norinchukin
Research Institute.
Exports to China — Japan’s big-
gest trading partner — climbed 9.6%
to ¥1.77 trillion in December, the sec-
ond-largest amount on record. Ship-
ments of semiconductor manufacturing
equipment and cars led the expansion
but exports of chip and other electronic
components tumbled 22%.
Exports to the US surged 20.4%,
marking 27 consecutive months of
growth. Shipments of cars and auto
parts as well as construction and min-
ing equipment propelled the increase.
Japan’s imports fell 6.8% in Decem-
ber, more than the median estimate for
a 5.3% decrease. That helped the trade
balance come to a surplus of ¥62.1 bil-
lion, trumping the median estimate for
a ¥122.1 billion deficit.
 t h u r s d ay j a n u a ry 2 5 , 2 0 2 4
Trump furious as he fails to knock out Haley
before South Carolina primary
MANCHESTER, New Hampshire (Jan
24): Donald Trump didn’t just want to win
in New Hampshire, he wanted to beat Nik-
ki Haley so badly that his sole rival for the
Republican presidential nomination would
drop out before the next competitive con-
test in South Carolina a month away.
The former president easily bested the
former South Carolina governor on Tues-
day, but his carefully crafted strategy to
drive Haley out of the race fell short, de-
nying Trump the chance, for now, to focus
all his attention on Democratic US Presi-
dent Joe Biden and the November general
election.
Trump, 77, was full of fury after Haley,
52, vowed in a Tuesday night speech to fight
on, just two days after the other leading
Republican contender, Florida governor
Ron DeSantis, ended his campaign.
“Who the hell was the imposter who
went up on the stage before, and like,
claimed a victory?” Trump asked a crowd
of supporters in New Hampshire, adding,
“I don’t get too angry. I get even.”
As he campaigned in snow-covered New
Hampshire over the past week, Trump
kept his eye on South Carolina, 700 miles
(1,100km) to the south, which will hold the
next large contested primary on Feb 24.
The Trump campaign spent weeks plan-
ning a show of support aimed at knocking
Haley out of the race before the South Car-
olina contest, said Jason Miller, a senior
Trump campaign adviser.
On Friday, Trump locked in the en-
dorsement of former rival US Senator Tim
Scott of South Carolina, who campaigned
with him alongside the state’s governor,
Henry McMaster, and other state officials.
At a Monday Trump rally, Scott told
Reuters he had been torn between endorsing
his former rival and staying out of the race
altogether. Back-to-back calls from Trump
on Jan 14 and 15 persuaded him to act.
“Staying on the sidelines was not the
right thing to do,” said Scott, who was first
appointed to the Senate by Haley in 2013.
On Tuesday night, he stood behind Trump
during his victory speech and urged Haley
to drop out.
The timing of that endorsement, just
days before the New Hampshire vote, took
Haley’s team aback, according to two peo-
ple familiar with the matter who spoke on
the condition of anonymity. One of them,
who talks regularly with Haley, said Scott’s
announcement “seemed designed for max-
imum impact.”
25 TheEdge CEO morning brief
w o r l d
by Gram Slattery, Nathan Layne
& James Oliphant
Reuters
reuters
Ending the primary
campaign so early
would be a historic
feat for a candidate not
currently occupying
the Oval Office.
“It really sends a signal that the party
is unified behind President Trump,” Mill-
er told Reuters. “There’s nowhere else for
Nikki Haley to go. It’s time for her to get
out of the race.”
Ending the primary campaign so ear-
ly would be a historic feat for a candidate
not currently occupying the Oval Office.
‘Far from over’
Haley argues she would have the best
chance of beating Biden in the Nov 5
election.
“This race is far from over. There are
dozens of states left to go. And the next
one is my sweet state of South Carolina,”
she said on Tuesday. “I’m a fighter and I’m
scrappy and now we’re the last one stand-
ing next to Donald Trump.”
She planned a Wednesday evening rally
in Charleston, South Carolina, and cam-
paign manager Betsy Ankney told report-
ers this weekend the campaign had locked
in a US$4 million (RM18.89 million) TV
ad buy in the state with the first ads airing
on Wednesday.
DeSantis had also vowed to persist af-
ter finishing behind Trump in the Jan 15
Iowa caucuses, but ended his campaign
and endorsed Trump less than a week later.
In a memo released earlier on Tuesday,
Haley’s campaign manager argued that Su-
per Tuesday — March 5, when 15 states
and one US territory hold simultaneous
primaries — could be a turning point, as
many are likely open to a Trump alterna-
tive given their “favourable demographics”.
Across New Hampshire, Haley talked up
her experience as United Nations ambassa-
dor under Trump and warned of what she
called the “chaos” that follows him — an
allusion to the 91 criminal counts he faces
in four trials, including two related to his
attempt to overturn his 2020 election loss.
The fact that Haley stitched together
a coalition of Republicans and independ-
ents to finish about 11 percentage points
behind Trump in New Hampshire reflects
his possible general election challenges with
voters outside his base. In a University of
New Hampshire poll released two days be-
fore the primary, 28% of likely Republican
voters said Trump hurt the country during
his four-year term.
But polls show Trump with a far broad-
er lead over Haley in South Carolina than
in New Hampshire, 37 percentage points
ahead, according to the FiveThirtyEight.
com polling average.
Trump remains popular among Repub-
licans primarily because he delivered on
policies they like, including lower taxes and
a tough stance on China, said Dean Lacy,
a political science professor at Dartmouth
College.
‘Backup plan’
Lacy said he could see Haley continuing
her campaign if she has the backing of an-
ti-Trump donors and given the prospect
that Trump’s legal troubles could eventu-
ally hobble him.
“I don’t see her winning,” Lacy said.
“But she could stay in the race as a back-
up plan.”
Eric Levine, a New York-based Haley
donor and fundraiser, said he was con-
tinuing to support her and raise money.
“I expect that the donor base will remain
loyal,” he said.
Scott’s endorsement was one of a series
by South Carolina officials that illustrated
how completely the Republican establish-
ment in South Carolina — and indeed,
across much of the US — has closed ranks
around Trump.
Read the full story
 T H U R S D AY J A N U A RY 2 5 , 2 0 2 4 26 THEEDGE CEO MORNING BRIEF

M A R K E T S

CPO RM 3,994.0046.00 OIL US$ 79.50-0.05 RM/USD 4.7315 RM/SGD 3.5366 RM/AUD 3.1235 RM/GBP 6.0396 RM/EUR 5.1594

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
WIDAD GROUP BHD 363.24 -0.005 0.180 -62.89 557.4
MALAYSIAN RESOURCES CORP BHD 180.52 0.045 0.580 30.34 2,591.2
YNH PROPERTY BHD 110.40 0.045 0.655 -84.59 346.2
HANDAL ENERGY BHD 92.61 -0.010 0.100 -16.67 33.6
LEFORM BHD 83.95 -0.005 0.190 -56.82 281.4
EKOVEST BHD 79.10 0.015 0.580 18.37 1,719.9
SARAWAK CONSOLIDATED 63.37 0.010 0.445 -52.41 284.9
ISKANDAR WATERFRONT CITY BHD 58.84 0.030 0.895 22.60 824.4
MINETECH RESOURCES BHD 55.13 0.000 0.155 6.90 275.3
MY EG SERVICES BHD 54.52 0.000 0.780 -4.29 5,818.4 World equity indices
EASTERN & ORIENTAL BHD 53.10 0.010 0.930 61.74 1,710.8 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
YTL CORP BHD 51.22 0.050 2.370 25.40 25,985.6 (%) (%)
SIME DARBY PROPERTY BHD 51.01 0.035 0.750 20.00 5,100.6 DJIA * 37,905.45 -96.36 -0.25 INDONESIA 7,227.82 -28.41 -0.39
YTL POWER INTERNATIONAL BHD 50.58 0.160 3.910 53.94 31,679.4 S&P 500 * 4,864.60 14.17 0.29 JAPAN 36,226.48 -291.09 -0.80
UEM SUNRISE BHD 49.11 0.020 1.070 31.29 5,412.6 NASDAQ 100 * 17,404.21 73.83 0.43 KOREA 2,469.69 -8.92 -0.36
SP SETIA BHD GROUP 45.25 0.000 0.910 13.75 3,970.0 FTSE 100 * 7,485.73 32.50 0.43 PHILIPPINES 6,679.96 58.08 0.88
D’NONCE TECHNOLOGY BHD 39.73 0.000 0.160 14.29 69.5 AUSTRALIA 7,519.19 4.25 0.06 SINGAPORE 3,153.33 18.08 0.58
PANDA ECO SYSTEM BHD 37.18 0.035 0.245 22.50 164.4 CHINA 2,820.77 49.80 1.80 TAIWAN 17,875.83 1.24 0.01
DAGANG NEXCHANGE BHD 33.69 0.015 0.360 -10.00 1,136.3 HONG KONG 15,899.87 545.89 3.56 THAILAND 1,381.19 24.65 1.82
BUMI ARMADA BHD 32.41 0.015 0.555 12.12 3,287.1 INDIA 71,060.31 689.76 0.98 VIETNAM 1,172.97 -4.53 -0.38
Data as compiled on Jan 24, 2024 Source: Bloomberg Data as compiled on Jan 24, 2024 * Based on previous day’s closing Source: Bloomberg

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

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
KEY ALLIANCE GROUP BHD 0.010 100.00 700.1 0.00 36.8 MLABS SYSTEMS BHD 0.010 -33.33 101.6 -33.33 14.5
EA HOLDINGS BHD 0.010 100.00 325.0 0.00 64.5 ALAM MARITIM RESOURCES BHD 0.025 -16.67 329.1 -16.67 38.3
NEXGRAM HOLDINGS BHD 0.035 40.00 10,073.9 -22.22 23.2 SAUDEE GROUP BHD 0.025 -16.67 1,011.7 0.00 39.0
HONG SENG CONSOLIDATED BHD 0.020 33.33 8,098.3 -20.00 102.2 LAMBO GROUP BHD 0.025 -16.67 30.7 25.00 38.5
PASUKHAS GROUP BHD 0.160 18.52 5,767.6 3.23 30.5 HUBLINE BHD 0.035 -12.50 621.0 -12.50 150.1
MSM MALAYSIA HOLDINGS BHD 2.290 18.04 21,633.0 42.24 1,609.8 SAPURA RESOURCES BHD 0.390 -11.36 1.5 4.00 54.4
PANDA ECO SYSTEM BHD 0.245 16.67 37,179.3 22.50 164.4 JENTAYU SUSTAINABLES BHD 0.745 -10.78 14,139.9 -42.25 327.0
TA WIN HOLDINGS BHD 0.040 14.29 440.2 0.00 137.4 RAPID SYNERGY BHD 1.740 -10.77 25,024.2 -93.89 186.0
BARAKAH OFFSHORE PETROLEUM 0.040 14.29 3,135.3 14.29 40.1 MAGNA PRIMA BHD 0.525 -10.26 256.3 28.05 209.6
BETAMEK BHD 0.410 13.89 7,412.1 2.50 184.5 TFP SOLUTIONS BHD 0.050 -9.09 330.0 -9.09 29.2
UCREST BHD 0.135 12.50 23,432.3 -15.63 100.2 HANDAL ENERGY BHD 0.100 -9.09 92,605.8 -16.67 33.6
PERTAMA DIGITAL BHD 2.900 11.97 10,302.9 11.11 1,270.8 PARLO BHD 0.105 -8.70 1,755.0 -8.70 63.1
SAPURA ENERGY BHD 0.050 11.11 3,937.3 11.11 799.0 EUROSPAN HOLDINGS BHD 1.170 -8.59 4.0 -13.33 52.0
PERMAJU INDUSTRIES BHD 0.050 11.11 185.1 0.00 97.3 AVILLION BHD 0.055 -8.33 400.7 10.00 62.3
IDEAL CAPITAL BHD 3.470 10.86 6.8 15.67 1,735.0 KEY ASIC BHD 0.055 -8.33 12,293.9 -8.33 76.9
ROHAS TECNIC BHD 0.365 10.61 7,921.0 37.74 172.5 XOX TECHNOLOGY BHD 0.060 -7.69 110.4 -14.29 53.6
SMTRACK BHD 0.055 10.00 19,376.6 10.00 67.3 SILVER RIDGE HOLDINGS BHD 0.405 -6.90 12,133.0 -64.78 90.2
VINVEST CAPITAL HOLDINGS BHD 0.055 10.00 3,058.2 -8.33 53.3 ASIA POLY HOLDINGS BHD 0.075 -6.25 903.3 -6.25 71.9
PDZ HOLDINGS BHD 0.055 10.00 11,617.7 10.00 32.4 DIGISTAR CORP BHD 0.075 -6.25 447.3 25.00 34.9
MALAYAN UNITED INDUSTRIES BHD 0.060 9.09 10,100.0 0.00 193.5 BINA PURI HOLDINGS BHD 0.080 -5.88 11,942.0 -5.88 269.9
Data as compiled on Jan 24, 2024 Source: Bloomberg Data as compiled on Jan 24, 2024 Source: Bloomberg

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

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
MALAYSIAN PACIFIC INDUSTRIES 29.700 0.400 58.9 5.32 5,907.2 ALLIANZ MALAYSIA BHD 19.380 -0.400 59.1 5.10 3,449.0
MSM MALAYSIA HOLDINGS BHD 2.290 0.350 21,633.0 42.24 1,609.8 RAPID SYNERGY BHD 1.740 -0.210 25,024.2 -93.89 186.0
IDEAL CAPITAL BHD 3.470 0.340 6.8 15.67 1,735.0 HONG LEONG FINANCIAL GROUP 16.260 -0.120 275.0 -1.09 18,621.7
PERTAMA DIGITAL BHD 2.900 0.310 10,302.9 11.11 1,270.8 EUROSPAN HOLDINGS BHD 1.170 -0.110 4.0 -13.33 52.0
KECK SENG MALAYSIA BHD 5.840 0.200 316.7 22.18 2,098.3 HONG LEONG CAPITAL BHD 4.270 -0.110 1,478.3 -6.15 1,006.9
NESTLE MALAYSIA BHD 119.500 0.200 30.4 1.62 28,022.8 DUTCH LADY MILK INDUSTRIES 23.880 -0.100 6.4 3.11 1,528.3
PETRONAS DAGANGAN BHD 21.380 0.180 223.5 -2.11 21,240.0 JENTAYU SUSTAINABLES BHD 0.745 -0.090 14,139.9 -42.25 327.0
YTL POWER INTERNATIONAL BHD 3.910 0.160 50,584.0 53.94 31,679.4 VITROX CORP BHD 7.080 -0.080 39.6 -2.88 6,693.6
KUALA LUMPUR KEPONG BHD 22.700 0.160 601.4 4.03 24,480.5 FAR EAST HOLDINGS BHD 3.600 -0.080 4.2 0.00 2,137.8
PARAGON UNION BHD 3.250 0.140 161.1 16.49 272.4 RCE CAPITAL BHD 3.290 -0.070 566.5 7.52 2,411.1
UNITED PLANTATIONS BHD 19.640 0.140 378.5 10.34 8,146.4 FRONTKEN CORP BHD 3.500 -0.060 3,324.5 8.02 5,505.2
SUNWAY BHD 2.600 0.140 29,468.5 26.21 14,242.7 MAGNA PRIMA BHD 0.525 -0.060 256.3 28.05 209.6
PETRONAS GAS BHD 17.640 0.140 2,107.8 1.38 34,904.8 AYER HOLDINGS BHD 7.000 -0.060 10.0 3.70 524.0
LYSAGHT GALVANIZED STEEL BHD 2.390 0.130 2.9 7.66 99.4 GREATECH TECHNOLOGY BHD 4.790 -0.060 295.1 -0.21 6,007.6
PPB GROUP BHD 14.720 0.120 255.6 1.66 20,940.7 SAPURA RESOURCES BHD 0.390 -0.050 1.5 4.00 54.4
AJINOMOTO MALAYSIA BHD 16.320 0.120 13.4 2.64 992.2 SAM ENGINEERING & EQUIPMENT 3.630 -0.050 2,543.1 -9.06 1,975.4
LAGENDA PROPERTIES BHD 1.480 0.110 2,390.8 19.35 1,239.2 SCIENTEX PACKAGING AYER KEROH 2.070 -0.050 20.7 -7.17 725.8
KHIND HOLDINGS BHD 2.680 0.100 0.1 4.69 112.7 DKSH HOLDINGS MALAYSIA BHD 4.550 -0.040 55.3 -0.66 717.3
HARBOUR-LINK GROUP BHD 1.330 0.100 4,548.5 17.70 530.1 PJBUMI BHD 0.840 -0.040 126.1 -8.20 68.9
AMWAY MALAYSIA HOLDINGS BHD 6.500 0.100 73.0 10.54 1,068.5 PETRONAS CHEMICALS GROUP BHD 6.750 -0.040 2,123.0 -5.73 54000
Data as compiled on Jan 24, 2024 Source: Bloomberg Data as compiled on Jan 24, 2024 Source: Bloomberg
 THURSDAY
i-Saraan annual
JAN 25, 2024
RM1 incentive limit
raised to RM500
EPF says Malaysians in
informal sector with no fixed
income who contribute to
Malaysian Paper SCAN ME
voluntary scheme will receive
matching incentive of 15%
www.thesun.my RM1.00 PER COPY No. 8444 PP 2644/12/2012 (031195) of amount, subject to yearly

Caught
cap of RM500.
Report on hpage 3

Empowering
deaf with

red-handed
business skills
Bakery set up to create working
opportunities for hearing
impaired and prepare
community for societal
challenges, says founder.
Report on hpage 4
Enforcement officers identified 332 foreign vehicles and arrested 191 individuals at
Thai and Singapore borders last year for filling up with subsidised fuel. Action has
also been taken against 21 petrol stations involved. ‘Hire only
Report on hpage 2 competent HR
candidates’
Untrained individuals clueless
about Employment Act and
many do not know what job
entails, giving profession a bad
name, say human resource
professionals.
Report on hpage 5

CLEANSING RITUAL ... Hindu devotees breaking coconuts

during the Thaipusam chariot procession from the Sri Maha Mariamman
Temple on Jalan Tun H.S. Lee in Kuala Lumpur to the Sri Subramaniar
Temple in Batu Caves, Selangor yesterday. – AMIRUL SYAFIQ/THESUN
 THURSDAY | JAN 25, 2024
2
Royal diplomacy a hallmark of Al-Sultan Abdullah’s reign
KUALA LUMPUR: In the realm of
international relations, Malaysia has
witnessed a noteworthy period of
royal diplomacy under the steadfast
reign of the Yang di-Pertuan Agong
Al-Sultan Abdullah Ri’ayatuddin
Al-Mustafa Billah Shah.
Since assuming office on Jan 31,
2019, the King has played a pivotal
role in elevating Malaysia’s global
presence.
According to Istana Negara, the
King made 24 diplomatic visits abroad
during the five years he held the
country’s highest office, including to
Saudi Arabia, Brunei, the United Arab
M’sia wants full
UN membership
for Palestine
KUALA LUMPUR: Malaysia’s wish for
Palestine to be accepted as a full member
of the United Nations (UN) and a ceasefire
in Gaza were conveyed by Foreign
Minister Datuk Seri Mohamad Hasan to
UN Secretary-General Antonio Gutteres
on Tuesday.
Prime Minister Datuk Seri Anwar
Ibrahim said the call is in line with
Gutteres’ statement at the Non-Aligned
Movement Summit in Kampala, Uganda
that the right of the Palestinian people to
build an independent state cannot be
denied.
“Peace can only be achieved and
maintained if real rights are returned to
those who deserve them.
“If oppression, violence, deprivation of
rights and apartheid policies are allowed
to spread, there will be no safe end in life.
Surely one day, those who are oppressed
and denied all rights will rise up against
this kind of injustice,” he said in a post on
his Facebook page.
Anwar added that Malaysia reaffirmed
its principled position that Palestinians
deserve their own independent and
sovereign state, based on the pre-1967
borders, with East Jerusalem as its capital.
Mohamad, in his speech at the United
Nations security council open debate on
the situation in the Middle East on
Tuesday (Wednesday in Malaysia), said
Malaysia demanded accountability for
Israel’s clear violations of international
law in Gaza. – Bernama
No M’sians
affected by
Xinjiang quake
PUTRAJAYA: No Malaysians were
affected by the earthquake that struck
northwest China’s Xinjiang Uygur
Autonomous Region on Tuesday.
The Malaysian Foreign Ministry said in
a statement yesterday that it was
monitoring developments following the
earthquake that occurred at 2.09am
(local time), Bernama reported.
“Malaysia extends its deepest
sympathies and condolences to the
victims and families affected by the
earthquake, as well as to the people and
government of the People’s Republic of
China.”
Malaysians are advised to remain
vigilant and follow updates issued by
local authorities. Those requiring
consular assistance can contact the
Malaysian embassy in Beijing at 00-8610-
6532-2531 or 00-8613718942581 or via
email at mwbeijing@kln.gov.my.
Emirates, Indonesia, Jordan, Qatar,
Singapore and the United Kingdom.
Al-Sultan Abdullah said he is of the
view that the Yang di-Pertuan Agong
could assume an enhanced role in
representing the country on the
global stage.
He added that the Yang di-Pertuan
Agong could be allowed to represent
the nation at the international level
occasionally.
“I say this because it could help
elevate the Yang di-Pertuan Agong’s
stature at the international stage, to
be more respected,“ said the King in
an interview with the media in
Steps taken to curb
subsidised fuel leakage
█ BY QALIF ZUHAIR
newsdesk@thesundaily.com
KUALA LUMPUR: The Domestic
Trade and Cost of Living Ministry
identified 332 foreign vehicles
whose tanks were filled with
subsidised fuel at the Thai and
Singapore borders last year and
arrested 191 individuals in
connection with the offence, said its
director-general Datuk Azman
Adam.
He told theSun the number was
an increase from 2021, when 116
such cases were identified and 44
foreigners arrested, while in 2022,
220 similar cases were identified
and 88 held.
Azman added that last year,
3,599 inspections were carried out
at petrol stations at Thai and
Singapore borders to ensure they
complied with the regulations
governing subsidised fuel.
“During these inspections, we
acted against 21 petrol stations that
allowed foreigners to illegally fill
their vehicle tanks. This is an
increase from the eight cases we
acted against in 2022.”
Azman said in addition to
conjunction with the conclusion of his
reign as the 16th Yang di-Pertuan
Agong on Jan 30.
Al-Sultan Abdullah highlighted
specific areas in which the Yang
di-Pertuan Agong could play a role,
particularly in discussions on climate
change and humanitarian issues.
He said matters of administration,
such as those about the economy and
security, could continue to be
represented by the prime minister or
Cabinet ministers.
The King added that this
perspective underscores his belief in
the potential for the monarch to
oMinistry acted against 332 foreign vehicles
at Thai, Singapore borders, arrested 191
individuals last year
enforcement action, the ministry
holds regular engagement sessions
with oil companies and petrol
station operators.
He said the discussions were
held to provide them with
guidelines on how to curb the
misuse of subsidised fuel.
“We also conduct advocacy
sessions that serve to explain the
related laws and regulations under
the Supply Control Act 1961.”
Azman said the ministry is
planning to develop a centralised
monitoring network through
closed-circuit televisions installed
at each petrol station.
“This will help to immediately
detect foreign vehicles that fill up
with subsidised fuel. We are also
developing another mechanism
for petrol station operators to
immediately inform the ministry
when such malpractices
actively contribute to diplomatic
engagements on crucial global issues.
“It will portray a good (image) for
the nation, other than just
representing the country for
ceremonial events like funerals and
coronations. These are very formal
events. I think the group of Rulers that
we have today are quite educated,
very educated.”
The active participation of
Al-Sultan Abdullah and the Raja
Permaisuri Agong Tunku Azizah
Aminah Maimunah Iskandariah at the
28th Conference of Parties to the
United Nations Framework
are detected.”
He said in addition to these
measures, the ministry is using
social media platforms to actively
engage with the public and keep
them informed of its actions.
Azman added that the ministry
is looking at updating the Control of
Supplies Act 1961, which provides
for the control and rationing of
supplies, to address current
malpractices and prevent the illegal
filling of subsidised fuel.
He said for now, anyone found
committing an offence under the
Act may be fined up to RM1 million
for the first offence while for
subsequent offences, the penalty
may be raised to RM3 million or
imprisonment not exceeding three
years, or both.
“The stiff fine is designed to be a
deterrent for the public not to get
caught up in such activities. The
Convention on Climate Change in
Dubai from Nov 30 to Dec 4, 2023,
reflects their dedication to addressing
global challenges.
Al-Sultan Abdullah has played a
significant role in elevating Malaysia’s
international presence during his
term as King, all while fulfilling his
constitutional duties.
His successor in this esteemed role
will be the Sultan of Johor, Sultan
Ibrahim Almarhum Sultan Iskandar.
Al-Sultan Abdullah’s role as the
Yang di-Pertuan Agong ends on Jan
30 and Sultan Ibrahim will take over
on Jan 31 for five years. – Bernama
highest fine meted out on an
individual by the court so far was
RM600,000.
“Similarly, upon conviction, oil
and gas companies may face fines
not exceeding RM2 million for the
first offence, while subsequent ones
could result in fines of up to RM5
million each.”
Azman said investigations on
such companies are conducted
under the Anti-Money Laundering,
Anti-Terrorism Financing and
Proceeds of Unlawful Activities Act
2001 (Act 613).
“This Act involves addressing
offences related to money
laundering to detect, freeze,
confiscate and, where necessary,
disenfranchise any income or
property derived from illegal
activities related to malpractices
involving diesel, petrol or controlled
goods.
“Those found guilty under Act
613 face a maximum imprisonment
of 15 years and a fine of not less than
five times the amount or value of
the proceeds of the illegal activity or
the equipment used in the offence
at the time it was committed, or
RM5 million, whichever is higher.”
COMMON GROUND
... Housing and Local
Government Minister
Nga Kor Ming (third
from left) at the launch
of the International Fire
Conference and
Exhibition Malaysia in
Putrajaya yesterday. With
him are (from left)
Institution of Fire
Engineers Malaysian
branch deputy
president Tay Hao Giang,
Fire and Rescue
Department training
division director Datuk
Norazam Khamis, the
ministry’s secretary-
general Datuk M Noor
Azman Taib, Malaysian
Fire Protection
Association president
Tee Siew Choong and
Fire Protection Engineers
Society president Steven
Ooi Eng Kooi.
– BERNAMAPIC

i-Saraan incentive annual
limit raised to RM500
oMove by EPF in line with efforts to encourage voluntary
contributions from members in informal sector
KUALA LUMPUR: The government’s
maximum matching incentive limit for the
i-Saraan programme has been raised from
RM300 to RM500 per year effective Jan 1,
according to the Employees Provident
Fund (EPF).
It said Malaysians in the informal sector,
including those who are self-employed with
no fixed income, under the age of 60 and
voluntarily contributing to i-Saraan, would
receive a matching incentive of 15% of the
voluntary contribution, subject to a
maximum incentive limit of RM500 per year.
“The government will also continue to
give incentives to every i-Saraan participant
who contributes, subject to a maximum
lifetime incentive of RM5,000, to encourage
them to continue saving for retirement and
allow more members to benefit from this
incentive,” it said in a statement.
For the first half of 2023, government
While the Rahmah package has
been lauded, p-hailing workers
say its broadband capacity
should be of high quality.
– ADIB RAWI YAHYA/THESUN
Positive feedback on Rahmah internet package
KOTA KINABALU: The Rahmah p-hailing
internet package will help reduce operating
cost in the gig economy, but there is a need
for broadband quality, especially for those in
Sabah.
Delivery rider Awang Naseeb Awang Basir,
21, said p-hailing and various other activities in
the gig economy highly depend on the
internet.
“Unlike in Peninsular Malaysia, broadband in
Sabah is widely known to be of poor quality.
Therefore, the p-hailing package must come
with a commitment to quality, like specifying
minimum or maximum speeds, to ensure that
telecommunications companies are committed
to helping us in this sector,” he said.
The public university student from Tuaran
said he spends about RM50 to RM60 a month
incentives amounting to RM28 million were
credited to 211,361 members under the i-
Saraan programme, Bernama reported.
EPF said the matching contribution
incentives for the i-Saraan programme
were among its series of product and
policy enhancements, strategically designed
to fortify the retirement future and
income security of its members and
potential members.
The same initiative was introduced at the
same time for the i-Suri programme, in which
the government would provide a matching
incentive of 50% on every RM1 voluntary
contribution by housewives under the age of
55 and registered under the e-Kasih
database, subject to a maximum incentive
limit of RM300 per year.
It said the government would also
continue to provide incentives to every i-Suri
participant who contributes, subject to a
on broadband services, so the p-hailing
package priced at RM33 per month could save
him up to RM27.
Driver Mohd Fardaus Asman, 24, said the gig
economy has experienced rapid growth in
major cities like Kota Kinabalu, Sandakan and
Tawau, but it was not the case in rural areas with
less internet coverage.
“This is why a commitment from telcos to
provided good broadband services in the
package is necessary, to ensure the quality in
Sabah is not concentrated only in certain areas,
while other areas are left out.”
Darren Z.H. Tan, 28, said he was willing to
spend more than RM150 a month for the best
internet package because he uses the it for
various p-hailing tasks.
“It is difficult when connectivity is bad and
maximum lifetime incentive of RM3,000.
“For 2023, government incentives
amounting to RM19 million have been
credited to 42,532 members under the i-Suri
programme.”
Starting this year, EPF has also
strategically separated its Simpanan
Konvensional and Simpanan Shariah
portfolios concerning their shariah-
compliant investments, to allow the returns
on each portfolio returns to be optimised in
the long run, with each having its
independent strategic asset allocation.
The fund also enhanced its i-invest
platform to enable transactions for private
mandate portfolios.
“These initiatives, aligned with the
government’s Budget 2023 and 2024
announcements by Prime Minister Datuk
Seri Anwar Ibrahim on Feb 24, 2023 and Oct
13, 2023 respectively, signify a proactive
response to the evolving needs of EPF
members, ensuring financial resilience and
well-being during their retirement years.”
Additional information may be obtained
at www.kwsp.gov.my or via the EPF Contact
Management Centre at 03-8922 6000.
cuts off, and we don’t know where to go to pick
up or drop off passengers, especially in areas we
are unfamiliar with. A cheap package is good,
but poor broadband quality is also a problem,”
he said.
Sabah West Cost Wise Consumer Association
president David Chan said it is hard to see the
positive effects of cheap internet packages in
Sabah as the quality has yet to reach a
satisfactory level.
“Unsatisfactory internet service will certainly
become a major constraint in this effort,
so we hope more infrastructure like
telecommunication towers will be built in rural
areas to improve communication and
broadband quality in Sabah.”
On Tuesday, Communications Minister
Fahmi Fadzil launched the Rahmah p-hailing
THURSDAY | JAN 25, 2024
3
Foreign minister
meets counterparts
at UN debate
KUALA LUMPUR: Foreign Minister Datuk Seri
Mohamad Hasan held several bilateral
meetings with his counterparts on the sideline
of the United Nations Security Council (UNSC)
open debate in New York on Tuesday.
According to Wisma Putra Facebook posts,
Mohamad held meetings with Minister of
Foreign Affairs and Expatriates of the State of
Palestine Riad Malki, and Algeria’s Minister of
Foreign Affairs and National Community
Abroad Ahmad Attaf.
Mohamad also met with Iran’s Foreign
Minister Hossein Amir Abdollahian and
Jordan’s Deputy Prime Minister and Foreign
Minister Ayman Safadi.
In a post on his Facebook page, Mohamad
said he discussed the need to strengthen
bilateral relations with his counterparts.
He added that in the meeting with Malki, he
also conveyed the empathy of the Malaysian
people on the plight affecting Palestinians.
“Also sharing on the effort to send a special
postcard to the Secretary-General of the United
Nations Antonio Guterres, signed by the prime
minister and all Cabinet members, to voice
support for Palestine’s acceptance as a full
member of the United Nations,” he said.
Earlier, Mohamad took part in the UNSC
open debate on the situation in the Middle East
and expressed Malaysia’s stance in demanding
accountability for Israel’s clear violations of
international law in Gaza.
He said the lack of accountability for Israel’s
war crimes in Gaza undermines the legitimacy
of international law, and efforts towards ending
the illegal occupation of Palestine. – Bernama
Slow response to
database info update
KUALA LUMPUR: Of the 30.08 million
individuals who are registered on the Central
Database Hub (CDH) system as of Jan 23, only
1,613,454 have updated their details.
Based on information shared on the CDH
Facebook page, Selangor recorded the highest
number of individuals who updated their
particulars (292,534), followed by Sarawak
(201,399), Johor (164,235), Perak (133,369) and
Sabah (124,375).
A separate Facebook post also stated that all
civil servants are required to register and
update their information by Feb 15.
Prime Minister Datuk Seri Anwar Ibrahim,
when launching the system, said it was aimed
at increasing effective management to
facilitate the collection, storage and
management of data from various sources,
among other things.
It also aims to provide a better and more
efficient government service delivery to the
people.
Personal information on the system can be
updated via www.padu.gov.my. – Bernama
broadband package, offering internet service at
RM33 per month with a 40GB data plan.
Meanwhile, the Malaysian Communications
and Multimedia Commission said p-hailing
workers who are still tied to a device bundle
contract with a telecommunications company
(telco) can still subscribe to the Rahmah
p-hailing package by signing up for a new SIM
plan.
“The Rahmah p-hailing package is open to
all Malaysian p-hailing workers registered under
the participating p-hailing platform providers,
subject to the telco’s terms and conditions.
“This package also does not have a binding
contract, and users can cancel it at any time
with a minimum penalty for the SIM plan only,
and it is offered starting today until April 23,” it
said. – Bernama
 THURSDAY | JAN 25, 2024
4 Malaysian Paper
Empowering hearing impaired
individuals with business skills
oBakery set up to
create working
opportunities, prepare
community for
societal challenges,
says founder
█ BY ALLEN WONG
newsdesk@thesundaily.com
KUALA LUMPUR: Inspired by her
late mother’s affection and
selflessness for the hearing
impaired, Cindy Leong founded
Silent Teddies Bakery in 2004, which
is staffed entirely by such
individuals.
“While there are several deaf
people who have obtained a good
education, they are often left out of
the job market due to being
differently abled,” said Leong.
The objective of setting up Silent
Teddies Bakery is to empower
the deaf community with
entrepreneurial skills so that they
can look forward to a better future,
she said.
“We impart skill sets that prepare
them for societal challenges and
broaden their employment
opportunities.”
Apart from creating working
opportunities for them, the bakery
also provides classes on sign
language, sign language
interpretation, and counselling
through the Community Service
Centre for the Deaf (CSCD), which is
a school that provides free education
to the deaf community.
Penang records increase in cruise tourism
GEORGE TOWN: Penang recorded a
rise in cruise tourism last year with
the arrival of a total of 573,178
international tourists at the
Swettenham Pier Cruise Terminal
(SPCT) post Covid-19 pandemic.
State Tourism and Creative
Economy Committee chairman
Wong Hon Wai said the figure
represented a significant increase of
30.56% compared with 439,012
international tourists in 2022.
He said the statistics of tourism
profiles from docking of cruise ships
in Penang last year showed the
Villagers still in the dark due to land ownership issue
GUA MUSANG: Some residents in
Kampung Sungai Bayu Dalam here
are still not enjoying electricity
supply due to issues of land
ownership and status of the houses
they have been occupying for
14 years.
In a statement, Tenaga Nasional
Leong showing the cookies packed in containers. About 30 to 50 boxes are
exported to Hong Kong each week. – ADIB RAWI YAHYA/ THESUN
The bakery raises funds for the
CSCD revitalisation project, which is
to refurbish the currently unused
building, said Leong, who has been
involved with the deaf community as
a sign language interpreter for over
40 years.
“The building used to house the
CSCD since it was founded in 1995.
But since then, certain parts of it are
in a dilapidated and unsafe
condition. With the income from
Silent Teddies Bakery, we aim to
refurbish the centre and start a
bakery cafe.
diversity of tourists from all over the
world, with tourists from Singapore
topping the list in numbers, followed
by India and Indonesia.
“If compared with international
tourist arrivals of 409,943 in 2019, the
figure for 2023 shows an increase of
39.82%.
“This significant recovery shows
that the Penang cruise tourism has
achieved a better performance
compared with the year before the
pandemic.
“This has directly contributed to
the economic growth for the state
Berhad (TNB) said based on a visit to
the site, it was found that the land
and houses of the residents were still
government-owned.
“The conditions and procedures
to apply for electricity supply require
obtaining permission from local
authorities first, apart from meeting
“We also plan to have a gallery
that will showcase the history of Tan
Yap, who is regarded as the ‘Father of
the Deaf’ in Malaysia.”
Despite the bakery’s success,
Leong said its journey was not easy.
“We were a small company and
lacked funds. The banks refused to
give us a loan to purchase
equipment.
“Some people also discouraged
us by saying that the bakery was a
waste of time and would fail. But the
Federation of Christian Mission
Schools Malaysia came to our aid
and the country.”
Wong added that in 2022, SPCT
received 84 international cruise ships
and the number increased
significantly to 156 ships last year,
which is an increase of 85.71%
He said the increase in
international cruise ships and
international tourists arriving via
cruise ships also highlights the
attractiveness of Penang as a major
destination for cruise ships.
The expansion for SPCT was
specially designed to accommodate
larger cruise ships and up to 12,000
the requirements for the electric pole
to reach the users’ premises.
“The existing (original) poles are
electricity supply poles to Kampung
Sungai Bayu Dalam residents, who
have received supply and met the
application requirements.”
TNB said it is planning to hold a
READ OUR HERE
/thesun
with RM30,000 in funding,” she said,
adding that they managed to repay it
after just two months.
Leong’s efforts were not in vain.
Today, about 30 to 50 boxes of Silent
Teddies Bakery cookies and
confectionary are exported to Hong
Kong each week.
Its success even caught the
attention of Starbucks Malaysia,
which collaborated with the bakery
to open “signing stores” across
Malaysia.
The “signing store” is a CSR
(corporate social responsibility)
project by Starbucks Malaysia that
features only sign language as a
means of communication.
The project, which offers
employment and development
opportunities to the deaf
community, has successfully
empowered many deaf individuals
in the country.
One participant, Muhammad
Aizad Ariffin, works as a shift
manager for Malaysia’s first signing
store located in Bangsar.
“When I first heard of Starbucks’
signing store initiative, I was happy
because I could work as a barista
and learn new skills such as coffee
tasting,” Aizad said.
“I am grateful to Starbucks for
providing me the opportunity to
grow in my career.
“Normally, deaf people are given
simple tasks in companies, such as
restocking and cleaning. But
Starbucks allowed me to build a
career and integrate into society like
able-bodied people.”
Aizad expressed hope that other
restaurants would follow Starbucks’
example.
To date, there are some 40,000
registered deaf or hearing impaired
individuals in the country.
passengers at a time.
“This terminal has successfully
achieved a milestone with the
simultaneous berthing of two large
ships, each with a length of 700m.
“This strategic expansion not only
increases terminal capacity but also
positions Penang as an ideal and
friendly stop for international cruise
ships,” he said.
He added that this reflects
Penang’s commitment to provide a
smooth and enjoyable experience for
cruise ship operators and passengers.
– Bernama
discussion with local authorities to
resolve the issues.
On Jan 19, it was reported that
eight families in the village were still
relying on solar power and
generators as their source of power
for daily activities for the past 14
years. – Bernama
Kuala Krai folk
set to face fourth
wave of floods
KUALA KRAI: As relentless rain
persisted in the past few days,
residents in low-lying areas of Kuala
Krai, especially those near rivers, are
gearing up for an anticipated fourth
wave of floods in the state.
Siti Zulaika Awang, 25, a resident of
Kampung
Chenulang,
Kebun Pisang
highlighted
in
the
vulnerability of her house to flooding
due to its proximity to the river, saying
she has taken proactive measures by
relocating equipment and household
items to higher ground.
“People here are prepared to face
the next wave of floods because our
houses are close to the river.
“If the river starts to overflow, we
will immediately move to a nearby
temporary relief centre at Sekolah
Kebangsaan Chenulang,” she said
yesterday.
Ain Syafiqah Mohd Zuki, 25, said
she had to take a boat to work
because the ferry was not in service
due to the rising levels at Sungai
Kelantan in Kampung Pasir Kelang.
“I was late for work because the
boat gives priority to school students.
“During heavy rains, the ferry does
not operate because the river crossing
becomes dangerous. We are afraid of
accidents,” she said.
A check showed that residents
have moved their vehicles to higher
and safer ground.
The Meteorological Department
yesterday issued a “severe level”
warning of continuous heavy rains in
Terengganu and nine localities in
Kelantan today.
The areas in Kelantan are Tumpat,
Pasir Mas, Kota Bharu, Jeli, Tanah
Merah, Bachok, Machang, Pasir Puteh
and Kuala Krai. – Bernama
Trainee pilot
unhurt in light
aircraft mishap
MALACCA: The front tyre of a Piper
PA-28-181 training aircraft come off
at the Malacca International Airport
on Tuesday afternoon, believed to be
due to landing gear failure.
Civil Aviation Authority of
Malaysia CEO Capt Datuk Norazman
Mahmud said no injuries were
reported in the incident, that
occurred at 3.07pm.
“The training aircraft with
registration number 9M-ITX, operated
by the International Aero Training
Academy, is believed to have failed to
land properly, resulting in the
detachment of the front tyre.
The trainee pilot did not sustain
any injury, he said.
Norazman added that the light
aircraft was redirected from the
runway at 3.35pm and taken to a
nearby hangar for inspection.
“Further investigations will be
carried out by the Air Accident
Investigation Bureau under the
Transport Ministry in accordance with
Part XXVI of the Civil Aviation
Regulations 2016.”
Meanwhile, Central Malacca police
chief ACP Christopher Patit said there
will be no police investigation, and the
case has been referred to the relevant
agency. – Bernama

‘Untrained individuals give
HR profession a bad name’
o Incompetent incumbents
will spark conflicts with poor
decisions and will not be able
to support staff: Expert
█ BY SIVANISVARRY MORHAN
newsdesk@thesundaily.com
PETALING JAYA: Human resources (HR)
professionals have called for a halt on hiring
incompetent HR candidates, claiming
untrained individuals are giving the
profession a bad name.
Software company HR manager and talent
recruiter Kavinthiran Shanmugam said
untrained individuals are unfamiliar with
the Employment Act 1955 and its contents.
“Many of them do not know what the job
entails. HR managers are service providers
and the company employees are the clients.
This is a concept that untrained HR
candidates fail to understand.
“Too many of them believe their job is to
issue circulars to staff, watch their movements
and lord over them. Very few of them want to
do any real work and this is a major problem
for employees.”
Kavinthiran said a company and its
staff depend on HR for fair practices
and when unqualified individuals make
Bid to challenge forest degazettement axed
PUTRAJAYA: Two NGOs failed in their attempt
to obtain leave to commence a judicial
review process challenging the Selangor
government’s decision to degazette a part
of Bukit Cherakah from permanent forest
reserve status.
A three-member Court of Appeal bench led
by Justice Datuk Azizah Nawawi dismissed the
appeals by Pertubuhan Pelindung Khazanah
Alam Malaysia (Peka) and Shah Alam
Community Forest Society (SACF).
Azizah said the High Court judge did not
err in dismissing the NGOs’ leave application
for a certiorari order to quash the Selangor
State Executive Council’s decision to degazette
part of the Bukit Cherakah forest reserve.
She said the NGOs’ application
Fleeing foreigner
jumps off building
SEREMBAN: A foreign woman jumped
from the second floor of a shophouse in
a bid to escape being arrested by the
Immigration Department in an integrated
operation, which started at midnight
in Seremban 2.
Negeri Sembilan Immigration
Department director Kennith Tan Ai Kiang
said the 35-year-old Myanmar national,
who was believed to be drunk,
suffered injuries to her head.
He said the woman was among
110 illegal immigrants detained in
the operation for not having valid
travel documents and overstaying.
Tan said 628 foreigners, aged between
two weeks and 51 from Bangladesh,
Indonesia, Myanmar, Nepal, India,
Pakistan and Sri Lanka were screened
in the operation. – Bernama
poor decisions, conflicts with employees
would crop up. As a result, recognition and
reward programmes lose their impact.
Private university HR, administration and
registrar senior director Dr Teh Choon Jin said
hiring unqualified HR candidates will
cause serious consequences for a company.
“While the HR department is
responsible for hiring, firing, training
and addressing employee grievances,
incompetent incumbents will not be able
to support and nurture new staff, including
fresh graduates entering the workforce.
“Currently, about 44 public and private
universities in Malaysia offer degrees
in human resources. Business owners must
hire qualified HR candidates with diverse
skill sets who are capable of managing
the full spectrum of HR portfolios,” he said,
adding that qualified HR candidates
can guide and mentor newcomers,
and create tailored development plans.
“But the unqualified individuals will
struggle to do this due to their lack of training.
This will ultimately hinder the integration of
fresh graduates into the workforce and
limit exposure to best practices.”
Human resource consultancy managing
consultant Usha Devi Arumugam said some
companies take a chance on individuals
who are willing to learn, even if they lack
proper HR qualifications.
“In most cases, companies will hire
unqualified HR candidates only as a
temporary solution, while actively searching
was submitted late, thus not complying with
the Rules of Court 2012, which mandates filing
within three months from the date the
decision is initially communicated to
the appellants.
Azizah said the State Executive Council
made the decision to degazette part of the
Bukit Cherakah forest reserve and alienate it
to nine companies on Nov 20, 2000, but
the NGOs’ application was filed more than
20 years later.
She also said the decision to degazette part
of the forest reserve is a policy decision by
the state government, which is not within the
purview of the courts.
The other members of the bench
were Justice Datuk Azimah Omar and
NABBED ... A Road Transport D epartment undercover officer watching over a detained foreigner
who was selling bread in Jalan Genting Klang, Kuala Lumpur yesterday. – BERNAMAPIC
for a qualified candidate. This is usually
done to fill an immediate need and avoid
a prolonged vacancy.”
Usha Devi also said budget constraints
can limit a company’s ability to attract
experienced and highly qualified candidates.
“In some situations, smaller companies
may fill the HR role with someone who
fits their budget salary-wise, even if they lack
experience. Some companies may even prefer
to promote existing employees to HR roles,
although they are unqualified to hold such
positions.
“This is possibly one of the biggest
mistakes a company can make as the
employee that becomes the HR personnel will
believe she got the job due to her good work,
when this may not necessarily be true at all.”
She stressed unqualified HR candidates
usually cause a high turnover of employees,
who quit due to poor talent management,
while the company itself will suffer from poor
employee relations.
“This might look like a minor issue.
However, it can directly affect the company’s
public reputation due to word of mouth.
It will discourage potential employees from
applying for positions or joining such
a company.
“Hence, it is important to identify
unqualified HR hires through various
strategies, including regular performance
evaluations, feedback mechanisms and
collaboration with other departments
to gather insights on the effectiveness of HR.”
Justice Datuk Wong Kian Kheong.
Peka and SACF’s application to seek leave to
commence the judicial review was dismissed
by the Shah Alam High Court on Nov 17, 2022.
They had sought leave to commence
a judicial review to challenge the decision of
the Selangor government, State Executive
Council, State Forestry Department director
and the Petaling Land and Mines Department
on May 5, 2022, to degazette 406.22ha
of the Bukit Cherakah forest reserve.
The NGOs claimed it was illegal for
the Selangor government to backdate the
notification of the degazettement decision on
Nov 20, 2000, adding that the gazette was
published on May 5, 2022, 22 years after the
decision to degazette the forest. – Bernama
THURSDAY | JAN 25, 2024
5
RM4m contraband
cigarettes seized
SEREMBAN: The Negeri Sembilan Customs
Department seized 5.5 million sticks of
cigarettes, worth about RM4.16 million, near
the Gombak rest and service area in Selangor
on Jan 14.
Its director Mohammad Hafiz Ishak said in the
3.30pm raid, a team from the state
Customs Department enforcement division
stopped a 10-tonne lorry driven by a man in his
20s.
He said an inspection of the lorry revealed
275,000 packets of cigarettes with fake tax labels
and believed to be classified as prohibited
import items under Item 1, Schedule Three/Part
II of the Customs (Prohibition on Imports)
Order 2023.
“All the exhibits and lorry were confiscated
under Section 114 of the Customs Act 1967
and taken to the state Customs
enforcement division office for further
investigation. The driver was also detained.
“We believe the syndicate has been active
since last year and the cigarettes were
meant (to be sent to) the Klang Valley, which has
a high population density. The value of the
untaxed cigarettes is RM400,000,” he said, adding
that Delivery Order documents and fake tax
labels were used to dupe the authorities.
He added that the case is being investigated
under Section 135(1)(e) of the Customs Act
1967 and Section 74 (1)(a) of the Excise Act 1976.
Mohammad Hafiz also urged the public
to share any information regarding smuggling
activities via RMCD toll-free line at 1-800-88-88,
its website or the nearest office. – Bernama
Retiree loses RM1.4m
to scammers
KUANTAN: A private sector retiree claimed he
lost more than RM1.4 million after joining a
share investment scheme which he discovered
via Facebook in October.
Pahang police chief Datuk Seri Yahaya
Othman said the 70-year-old victim
joined the scheme because it promised him
excellent returns, adding that he was given
online classes for eight months before making
his first investment worth of RM20,000.
“The investment gave RM4,000 returns,
causing him to be bold and withdrew his savings
to raise his capital.”
Yahaya said the victim made 19 transfers
into eight accounts, involving a total of RM1.4
million. The victim filed a report at the Raub
police station yesterday after failing to contact
the suspect to withdraw the profits.
The public is advised to check suspicious
account and phone numbers at Semak Mule
to reduce the risk of being deceived. – Bernama
Old wounds found
on disabled woman
KUALA LUMPUR: An autopsy report on
a woman with an intellectual disability,
who is suspected to have been murdered,
revealed numerous traces of both
recent and old injuries.
Serdang police chief ACP A. A. Anbalagan
said the injuries sustained by the 20-year-old
victim are intricate and a comprehensive
analysis is awaiting the conclusion of
laboratory assessments.
“There are various possible causes, including
a fall or abuse, and we are investigating to
determine the specific circumstances that led
to the injuries.”
Seven individuals from a family were
arrested in connection with the investigation
into the murder of the victim in a house at Jalan
Serdang Raya 1 in Seri Kembangan on Sunday.
The victim reportedly suffered repeated
beatings with a long stick, resulting
in fatal injuries. – Bernama
 THURSDAY | JAN 25, 2024
6
Nasi lemak appeal
transcends to new form
oCraving and curiosity leads duo to
create granola version of Malaysian
breakfast favourite
KUALA LUMPUR: One day in April last year,
Theresa Lam woke up and wanted nasi
lemak, the de facto national dish of Malaysia,
for breakfast.
The only problem was that the 52-year-old
public relations consultant was on a diet,
specifically a low-carb regime in which one
consumes fewer carbohydrates than
recommended. It is a popular form of dieting
to manage weight and control blood sugar.
“I was craving nasi lemak but I didn’t want
the nasi (rice),” she said in an interview at her
apartment in Sri Damansara.
Originally from Hong Kong, the Malaysian
permanent resident has grown fond of nasi
lemak as the breakfast of choice like any
Malaysian. But the amount of fat and carbs in
the dish is high – the rice is full of saturated fat,
thanks to its coconut milk base, and it is
served with a spicy and sweet sambal,
cucumber slices, fried anchovies, peanuts
and a hard-boiled egg.
Nasi lemak is very popular despite its
reputation as one of the richest and
unhealthiest breakfast options in Malaysia. As
such, it is not surprising that the country has
one of the highest rates of obesity and
diabetes in Southeast Asia.
Compromising her diet was not an option.
So, Lam resigned herself to eating her usual
healthy and fibre-rich breakfast of granola,
which consists of rolled oats, nuts, seeds and
honey or a sweetener, with Greek yogurt. But
the craving for nasi lemak became an itch that
just would not go away.
Finally, she asked her friend and cooking
enthusiast Vivien Chin if she could make
granola that tasted like nasi lemak.
“I said: ‘Crazy, man. Cannot la’,” said Chin
with a laugh. But then the 60-year-old
thought about it and decided to try adapting
her family nasi lemak sambal recipe to make
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Lam packing
her signature
nasi lemak
granola for
sale as
Chinese New
Year gifts. –
BERNAMAPIC
the granola suggested by Lam.
The result was nasi lemak granola.
The granola includes crispy fried
anchovies and peanuts and smells like
coconut and pandan.
In July, Lam and Chin launched a
company called Gila Goodness to make and
sell the granola bars and brought on Lam’s
husband and three others as partners.
They introduced other flavours along the
way – tom yum (a sour and spicy Thai soup)
and ondeh-ondeh (a local dessert).
To their small circle of friends and family,
Lam and Chin have shown that it may be
possible to “have your nasi lemak and eat it
too”. By the new year (2024), they had
widened that circle of customers to
thousands via word of mouth, direct sales at
holiday bazaars and online platforms.
Now, they hope to widen their customer
base, targeting the curious, health-conscious
as well as Malaysians living overseas, by
introducing a new flavour – pineapple tart, for
advertise@thesundaily.com
the Chinese New Year and Hari Raya
celebrations.
Both Lam and Chin said it was their first
challenge when trying to introduce their
product to the masses.
“A lot of people still don’t know what is
granola,” said Chin when describing their
experience selling it to the public during a
holiday bazaar in Cheras.
Lam said among those who knew what
granola was, many did not know how to eat it
as they were used to eating sweet granola
with milk or yogurt. As nasi lemak and tom
yum granola are more savoury, pairing these
flavours with milk or yogurt would not have
been a good match.
She would suggest various ways to eat
granola and encourage her customers to
experiment, either eating it on its own or
using it as a topping or a side.
“Some people put in nasi lemak or tom
yum granola to spice up fried or scrambled
eggs,” she said.
Craftsman
recounts
creation of iconic
wau costume
KOTA BHARU: The journey of Mohd Azeimi
Muhd Noor from local craftsman to international
designer is nothing short of inspiring.
A village artisan from Kampung Sering, his
passion for traditional wau crafts began at the
tender age of four.
Little did he know then that at the age of 45,
he would be selected to craft the stunning
“Puteri Wau Bulan” costume for Mrs Malaysia
World 2023 in Las Vegas, United States.
Popularly known as Mie Sering, Mohd Azeimi
said his first venture into crafting a costume for a
global pageant was absolutely worthwhile,
despite encountering a few challenges while
creating it.
“In August last year, Saran Lagong, a fashion
designer from Sarawak, approached me to make
a wau costume for Malaysia’s representative in
Mrs World 2023, P. Vanishaantini.
“It took me nearly three months to complete
the 3.8m by 4.8m wau weighing about 10kg. I
wanted to ensure the participant could carry it
comfortably and safely during the pageant,” he
said, adding that transporting it abroad in one
piece was his biggest challenge.
As a solution, he opted for the ready-made
technique, allowing the costume to be easily
folded and swiftly reassembled.
“Since I was not a part of the Malaysian
pageant team, I needed to ensure everything
was in good shape and safe. I made a tutorial
video to help the team assemble and fit the
costume on the participant,” he said.
Mohd Azeimi, who won the top prize in the
2018 International Kite Festival in Turkiye and is a
16-time winner of the National Traditional Wau
Workshop since 2007, said the wau is a distinct
symbol of Malaysian culture and renowned
globally due to its unique carvings and fine
handwork.
This possibly gave Vanishaantini an
advantage, he added.
It was previously reported that Vanishaantini
made Malaysia proud by clinching the Most
Original Costume award and securing the sixth
position overall at the pageant, while
showcasing Malaysian culture on the
international stage with the costume named
“Puteri Wau Bulan”. – Bernama
 THURSDAY | JAN 25, 2024
7

Philippine army
to ensure safe
exploration at EEZ
MANILA: The Philippines armed forces
will guarantee the “unimpeded and
peaceful” exploration and exploitation
of natural resources within the
country’s exclusive economic zone
(EEZ) as it shifts its focus to external
defence, Manila’s defence secretary
said.
“We are evolving into a defence
concept which projects our power
into areas where we must, by
constitutional fiat and duty, protect
and preserve our resources,” Defence
Secretary Gilberto Teodoro told the
Manila Overseas Press Club on
Tuesday night.
Teodoro also said the Philippines
will “increase the tempo” of activities
with allies and major partners in the
West Philippines Sea and other parts of
the country and “exercise these
partnerships to the full”.
Manila calls the portion of the
South China Sea that is within its EEZ
as the West Philippine Sea, where it
has had a series of confrontations with
China with both trading accusations of
provoking conflict.
In addition to the Philippines,
Vietnam, Indonesia, Malaysia and
Brunei also claim part of the South
China Sea, with China claiming almost
the entire area, a route for more than
US$3 trillion (RM14.2 trillion) of annual
ship-borne commerce traffic.
The Permanent Court of Arbitration
in 2016 said China’s claims had no legal
basis, a ruling Beijing rejects.
Plans by a Philippine firm to drill for
oil and natural gas on the Reed Bank in
the South China Sea have been
hampered for years by the territorial
dispute. – Reuters
China, Nauru
resume diplomatic
Thwarted Thai PM
candidate faces court ruling
BANGKOK: Foiled Thai prime
minister candidate Pita
Limjaroenrat whose party won the
most seats in the last election faced a
court ruling yesterday that could see
the popular reformist disqualified as
an MP.
The 43-year-old led the
progressive Move Forward Party
(MFP) to win the most votes in last
year’s election, but was blocked from
becoming prime minister after he
was suspended as an MP in July.
His party was excluded from the
governing coalition after the
powerful establishment was spooked
by the MFP’s calls to reform the
kingdom’s strict royal insult laws, the
military and business monopolies.
oCurrently barred from participating in
legislature, entering chamber, outcome could
see popular reformist disqualified as MP
The Constitutional Court met
yesterday to consider whether Pita
broke rules banning members of
parliament from owning shares in
media companies.
He is currently barred from
participating in the legislature and
entering the parliamentary chamber.
The media-savvy politician has
insisted he will run for office again
but if the court rules against him, he
faces disqualification from
parliament altogether.
Submitting evidence for the case
in December, Pita told reporters
outside court he was “confident” he
would receive justice.
He reiterated in an interview with
AFP late last year that he would take
another tilt at the premiership,
saying he was “not giving up”.
The Constitutional Court case
revolves around shares in the long-
defunct ITV television station, which
Pita says he inherited from his father
when he died. He has denied any
wrongdoing.
Following the verdict, the
Election Commission could refer
Pita to the Supreme Court under a
new charge where he could face a jail
term of up to 10 years, as well as a
political ban.
Pita’s case bears similarities to a
2019 case, when popular progressive
Thai politician Thanathorn
Juangroongruangkit was
disqualified as an MP for holding
media shares.
Thanathorn’s Future Forward
party, the predecessor of the MFP,
was later dissolved by the courts in a
separate case which led to massive
pro-democracy demonstrations.
During the 2023 election
campaign, Pita re-energised young
and urban Thais exhausted after the
dwindling protest movement and
weary of a near-decade of military
rule.
Mostly written off by
commentators, MFP surprised the
establishment when they beat the
Pheu Thai party of veteran political
playmaker and former premier
Thaksin Shinawatra into second
place in May.
MFP’s pledges to reform
Thailand’s strict royal insult laws, as
well as plans to break up business
monopolies and take on the
military’s influence in politics,
spurred the kingdom’s elites into
action behind the scenes.
Pita was blocked by senators –
appointed by the last junta – from
becoming prime minister and Pheu

relations
BEIJING: China and Nauru formally re-
established diplomatic relations
yesterday, after the tiny South Pacific
nation cut ties with Taiwan.
Officials from the two countries
held a signing ceremony in
Beijing, state news agency Xinhua said.
In a post-election blow to Taiwan,
Nauru unexpectedly announced last
Monday that it would no longer
recognise Taiwan “as a separate
country” but “rather as an inalienable
part of China’s territory”.
The decision was seen as major
coup for Beijing.
Nauru was one of the few nations to
officially recognise Taiwan on a
diplomatic basis.
Only 12 states, including the Holy
See, now fully recognise Taiwan.
Nauru – with a population of 12,500
– is one of the world’s smallest
countries and lies about 4,000km
northeast of Sydney. – AFP
Pita reacts to the verdict on his media shareholding case. – REUTERSPIC
Vietnamese, German presidents hold bilateral discussions
HANOI: Vietnamese President Vo Van
Thuong held talks with visiting
German President Frank-Walter
Steinmeier in Hanoi on Jan 23
following a welcome ceremony
featuring a resounding 21-gun salute.
President Thuong conveyed his
belief that the visit would significantly
contribute to fortifying the friendship
and political trust shared between the
two nations, creating a driving force
for the bilateral strategic partnership
and the benefit of their people.
He affirmed that in its foreign
policy of independence, self-reliance,
multilateralisation and diversification
of external relations, Vietnam
always values and prioritises
the development of relations
with Germany.
President Steinmeier expressed a
desire to elevate all-around
cooperation with Vietnam, especially
in trade and investment, energy
transition, labour and vocational
training, and development
cooperation while working closely
together to contribute to peace and
global and regional cooperation issues.
Both leaders expressed satisfaction
with the robust development of the
Vietnam-Germany relationship over
the past nearly five decades,
particularly after they established a
strategic partnership.
Mutual political trust has been
enhanced through the exchange of
all-level delegations and coordination
at multilateral forums.
Germany has been the leading
economic partner of Vietnam in
Europe and Vietnam is one of
Germany’s major trade partners in
Southeast Asia.
Bilateral trade has tripled in the
past decade to reach about US$12
billion (RM56.8 billion)in 2023, and
Germany is the fourth largest EU
investor in Vietnam.
The two sides agreed to further
strengthen political trust through the
exchange of delegations at various
levels and the effective
implementation of bilateral
cooperation mechanisms, including
the strategic dialogue, the Joint
Committee on Economic
Thai formed a coalition that
included pro-military parties but
shut MFP out of government.
Cooperation, the Government
Consultation on Development
Cooperation; as well as the Vietnam-
Germany strategic action plan for the
2023-2025 period.
The leaders rejoiced at the positive
results in education-training
coordination, particularly the effective
operation of the Vietnam-Germany
University (VGU).
The German President wished for
continued collaboration to ensure the
further success of the VGU, particularly
in attracting more Vietnamese
students, while President Thuong
asked Germany to continue helping
Vietnam in the training of high-quality
human resources and the expansion
of the VGU’s activities. – Bernama

Tropical cyclone forecast to lash Australia

SYDNEY: Some tourist towns along
Australia’s Great Barrier Reef and other
places in northeastern Queensland
state are bracing for a potential
tropical cyclone which is expected to
make landfall on Thursday, the
day before the Australia Day
long weekend.
Authorities advised residents to
stock enough emergency supplies to
last for at least three days and avoid
unnecessary travel as a tropical low in
the Coral Sea, about 700km off the
Queensland coast, is expected to
develop into a cyclone on Wednesday
night, the weather bureau said.
“We have already started to see
those stronger winds and we expect
them to start impacting the
Queensland coast tonight,” Laura
Boekel, forecaster at the Bureau of
Meteorology, told a media briefing.
Destructive wind gusts of up to
120km/h are forecast for some tourist
towns along the Great Barrier Reef
with storm warnings stretching for
around 900km.
The weather system has been
downgraded to a category 2 cyclone,
three rungs below the most
dangerous wind-speed level, from
category 3 but would still pack
enough strength to bring heavy rain
and life-threatening flash flooding.
– Reuters
 THURSDAY | JAN 25, 2024
8 FOLLOW
Biden wins easily
in New Hampshire
MANCHESTER: US President Joe Biden won an
unusual Democratic write-in vote in New
Hampshire’s primary election on Tuesday, an
important display of political strength, despite
his name not being on the ballot.
Edison Research projected Biden the winner
over two Democrats whose names were actually
on the ballot, US Representative Dean Phillips of
Minnesota and self-help author Marianne
Williamson.
The victory for the incumbent president was
the end product of a fervent write-in campaign
orchestrated by New Hampshire Democrats,
who were troubled by the national party’s
decision to send the state’s first-in-the-nation
primary election to more diverse South Carolina.
At a watch party by organisers of the write-in
campaign, some in the audience booed when
the speakers noted that New Hampshire’s proud
tradition of vetting Democratic candidates had
been ended by the Democratic National
Committee.
But the crowd cheered when it appeared
Biden was going to do well.
Matt Wilhelm, a Democratic state
representative, said the write-in campaign was
“certainly unconventional,“ but effective.
“Together we sent a clear message that we
are going to fight for our democracy, we are
going to fight for our fundamental freedoms and
we are going to fight to re-elect Biden in
November,” he said.
Biden had about 68% of the vote with 40% of
the write-in counted, while Phillips had about
20%.
The 55-year Democrat had said in the days
leading up to Election Day that he would
continue his campaign.
He has argued that Biden is weak and
unelectable and vulnerable to defeat by the
likely Republican nominee, Donald Trump. –
Reuters
WORKERS PERISH IN
BRIEFS
COMMUTER PLANE CRASH
OTTAWA: Six people died when a small
commuter plane carrying workers to a Rio
Tinto mine in Canada’s icy far north crashed
Tuesday shortly after taking off. The
Australian mining giant said a plane bound
for its Diavik mine and “carrying a number of
our people” crashed “resulting in fatalities”.
According to an aviation source, who asked
not to be named as they were not authorised
to speak to the media, one person survived.
The Joint Rescue Coordination Centre in
Trenton, Ontario said contact with the plane
was lost shortly after it took off at about
8:50am local time from Fort Smith, which is
320km southwest of the regional capital
Yellowknife. Canadian Rangers on
snowmobiles located the wreckage of the
craft, while search and rescue technicians
parachuted into the scene. Canada’s
Transportation Safety Board deployed a
team to investigate the accident. – AFP
SIX KILLED, 14 INJURED
IN GAS EXPLOSION
ULAANBAATAR: Six people were killed and
14 injured in a gas explosion caused by a
vehicle crash in Mongolia’s capital on
Wednesday, authorities said. A vehicle
carrying 60 tonnes of liquified natural gas
collided with a car and exploded early
yesterday, the Mongolian National
Emergency Management Agency (Nema)
said on its website. “According to
preliminary results, three people died in the
fire,” Nema said on its website, adding three
firefighters had also been killed while 14
people had been sent for medical
treatment. Ten of those were taken for
treatment for burns, while one child was
being treated for poisoning and three other
infants were being cared for. Rescue teams
were dispatched to the scene and the fire
had been extinguished, it added. Images
shared by Nema showed emergency
services at the scene of the fire, with huge
flames engulfing the street. – AFP
Turkiye ratifies Sweden’s
Nato membership
oNordic country one step
closer to becoming full
member pending final vote
from Hungary
ANKARA: Turkiye’s parliament on Tuesday
ratified Sweden’s Nato membership after more
than a year of delays that upset Western efforts to
show resolve in the face of Russia’s war on
Ukraine.
Lawmakers voted 287-55 in favour of the
Nordic nation’s bid to become the 32nd
member of the alliance after it won the public
backing of President Recep Tayyip Erdogan.
The Turkish leader is expected to sign
Sweden’s ratification document and conclude
Ankara’s role in the protracted saga in the
coming days.
“Today we are one step closer to becoming a
full member of Nato,” Swedish Prime Minister
Ulf Kristersson said on social media after the
vote.
Nato chief Jens Stoltenberg welcomed
N. Korea fires cruise missiles towards Yellow Sea
SEOUL: North Korea fired several cruise
missiles towards the Yellow Sea yesterday,
Seoul’s military said, the latest in a series of
tension-raising moves by the nuclear-armed
state.
Pyongyang has accelerated weapons testing
in the new year, including tests of what it called
an “underwater nuclear weapon system” and a
solid-fuelled hypersonic ballistic missile.
“Our military detected several cruise
missiles launched by North Korea towards the
Yellow Sea at around 7am today,” the joint
chiefs of staff said in a statement.
“The detailed specifications are being
closely analysed by South Korean and US
intelligence authorities,” it added.
Unlike their ballistic counterparts, the
testing of cruise missiles is not banned under
current UN sanctions against Pyongyang.
Malaysian Paper
ON FACEBOOK
/thesundaily
Turkiye’s move and called on Hungary to do the
same, urging Budapest to “complete its national
ratification as soon as possible”.
The US also applauded the Turkish
parliament’s vote, with National Security
Advisor Jake Sullivan saying on social media that
Sweden’s addition to Nato will make the alliance
“safer and stronger”.
Turkiye’s green light leaves Budapest as the
last holdout in an accession process that
Sweden and Finland began in response to
Russia’s invasion of Ukraine nearly two years
ago.
Ankara forced the northern neighbours to
split up their applications after finding fault with
Sweden and approving Finland after a few
rounds of talks.
Finland’s membership last April doubled the
length of Nato’s border with Russia and boosted
the defences of three tiny Baltic nations that
joined the bloc following the collapse of the
former Soviet Union.
Sweden and Finland pursued a policy of
military non-alignment during the Cold War era
between the Soviet Union and the West.
But the Ukraine war upturned geopolitical
calculations and forced the two to seek the
nuclear protection afforded by the world’s most
Cruise missiles tend to be jet-propelled and
fly at a lower altitude than more sophisticated
ballistic missiles, making them harder to detect
and intercept.
The latest launch comes as South Korea is
conducting a 10-day special forces infiltration
drill off its east coast, “in light of serious security
situations” with the North, that runs until today,
according to the South’s navy.
“We will achieve our mission to infiltrate
deep into the enemy’s territory and neutralise
them completely under any circumstances,” the
drill’s commander said in a statement.
Recent months have seen a sharp
deterioration in ties between the two Koreas,
with both sides jettisoning key tension-
reducing agreements, ramping up frontier
security and conducting live-fire drills along the
border.
powerful defence bloc.
Hungarian Prime Minister Viktor Orban on
Tuesday invited his Swedish counterpart to
Budapest to discuss the bid, although hints
emerged of strains between Stockholm and
Budapest.
Orban and Erdogan have maintained good
rapport with Russian President Vladimir Putin
throughout the Ukraine war.
Nato leaders had feared that the Kremlin was
trying to use the two mercurial leaders – both
regular visitors to Moscow – to seed divisions in
the West.
The bloc’s commanders have cast the latest
round of expansion as a show of Western resolve
in the face of Russia’s aggression.
Erdogan’s objections to Sweden’s bid initially
focused on Stockholm’s perceived acceptance of
Kurdish groups that Ankara views as “terrorist”.
Sweden responded by tightening its anti-
terrorism legislation and taking other security
steps demanded by Erdogan.
But Erdogan then turned his gaze on an
unmet US pledge to deliver a batch of F-16
fighter jets that has met resistance in Congress
because of Turkiye’s perceived backsliding on
human rights and standoffs with fellow Nato
member Greece. – AFP
STAYING PUT
... French farmers
blocking a
highway with
tractors near
Beauvais, France
to express
grievances
shared by their
counterparts.
– REUTERSPIC
Last week, North Korean leader Kim Jong Un
declared the South his country’s “principal
enemy”, jettisoned agencies dedicated to
reunification and outreach, and threatened war
over “even 0.001 mm” of territorial
infringement.
The North Korean leader also said
Pyongyang would not recognise the two
countries’ de facto maritime border, the
Northern Limit Line, and called for
constitutional changes allowing the North to
“occupy” Seoul in war, the Korean Central News
Agency said.
In Seoul, President Yoon Suk Yeol told his
cabinet that should the nuclear-armed North
carry out a provocation, South Korea would hit
back with a response “multiple times stronger”,
pointing to his military’s “overwhelming
response capabilities”. – AFP
 THURSDAY | JAN 25, 2024
9
US destroys two
missiles in Yemen
WASHINGTON: American forces destroyed
two Huthi anti-ship missiles in Yemen that
posed an imminent threat to ships in the area,
the US military said Tuesday.
The US and Britain have carried out two
rounds of joint strikes aimed at reducing the
Houthis’ ability to target shipping, while
Washington has also launched a series of
unilateral air raids on the Iran-backed rebels’
missiles.
The latest strikes, which took place early
yesterday morning Yemen time, targeted “two
Huthi anti-ship missiles that were aimed into the
Southern Red Sea and were prepared to launch”,
US Central Command (Centcom) said in a
statement.
“US forces identified the missiles in Huthi-
controlled areas of Yemen and determined that
they presented an imminent threat to merchant
vessels and the US Navy ships in the region,”
Centcom said.
The Huthis began striking Red Sea shipping
in November, saying they were hitting Israeli-
linked vessels in a show of force to support
Palestinians in Gaza, which has been ravaged by
the Hamas-Israel war.
The Yemeni rebels have since declared US
and British interests to be legitimate targets as
well.
In addition to military action, Washington is
seeking to put diplomatic and financial pressure
on the Huthis, redesignating them as a terrorist
organisation last week after previously having
Protesters taking part in a Palestine Solidarity Campaign demonstration outside Twickenham Stadium in London, the UK. – AFPPIC dropped that label soon after President Joe
Biden took office. – AFP

One-month Gaza truce TWO DEAD IN U.S. STRIKES

BRIEFS
AGAINST ARMED GROUPS
BAGHDAD: US forces targeted sites
used by Iran-backed militants in Iraq

focus of intensive talks

oFramework plan being held up by
differences of both sides over how to
permanently end Gaza war, say sources
DOHA: Israel and Hamas broadly
agree in principle that an exchange of
Israeli hostages for Palestinian
prisoners could take place during a
month-long ceasefire, but the
framework plan is being held up by
the two sides’ differences over how to
bring a permanent end to the Gaza
war, three sources said.
Intense mediation efforts led by
Qatar, Washington and Egypt in
recent weeks have focused on a
phased approach to release different
categories of Israeli hostages, starting
with civilians and ending with
soldiers, in return for a break in
hostilities, the release of Palestinian
prisoners and more aid to Gaza.
The latest round of shuttle
diplomacy started on Dec 28 and has
narrowed disagreements about the
length of an initial ceasefire to about
30 days, after Hamas had first
proposed a pause of several months,
said one of the sources, an official
briefed on the negotiations.
However, Hamas has since
refused to move forward with the
plans until the future conditions of a
permanent ceasefire are agreed,
according to six sources.
Most of the sources consulted for
this story requested anonymity in
order to speak freely about sensitive
matters.
While Israel has sought to
negotiate one stage at a time, Hamas
is seeking “a package deal” that agrees
a permanent ceasefire before
hostages are released during the
initial phase, said one of the sources, a
Palestinian official close to the
mediation efforts.
Israel and Hamas are speaking
through the mediators, not talking
directly.
A White House spokesman said
on Tuesday US Middle East envoy
Brett McGurk was in the region – for
the second time in a week – for
discussions about releasing hostages
and that Washington would support a
longer “humanitarian pause”.
Two Egyptian security sources
said there was work underway to
convince Hamas to accept a one-
month truce to be followed by a
permanent ceasefire.
However, Hamas is requesting
guarantees that the second phase of
the deal would be carried out, in order
to agree to the initial truce, the
sources said.
The sources did not provide
details of what such guarantees might
consist of.
Asked about the negotiations,
senior Hamas official Sami Abu Zuhri
told Reuters on Monday the
organisation was open to discussing
ideas but that no deal was yet in place.
“We are open to all initiatives and
proposals, but any agreement must
be based on ending the aggression
and the occupation’s complete
pullout from Gaza Strip,” said Abu
Zuhri.
One offer by Israel is to end the war
if Hamas removes six senior leaders
from Gaza, said a seventh source, a
senior Hamas official. However,
Hamas “absolutely” rejected the
proposal.
Israel’s offensive in Gaza has yet to
eliminate Hamas’ senior leadership
or its capacity to fight, despite razing
much of the enclave and killing more
than 25,000 Palestinians. – Reuters
early yesterday, US Defense Secretary
Lloyd Austin announced, carrying out
strikes that Iraqi sources said left two
people dead. The strikes came just
days after US troops in western Iraq
were targeted with ballistic missiles
and rockets in an attack the Pentagon
blamed on militants supported by
Tehran. According to Iraqi sources, the
US strikes targeted Ketaeb Hezbollah,
a militant faction affiliated with the
former Hashed al-Shaabi
paramilitaries, in the Jurf al-Sakhr area
south of the capital Baghdad, as well
as in the Al-Qaim region on the border
with Syria. Two people were killed and
two wounded in the bombardments
in the al-Qaim sector, according to an
official at the Iraqi Interior Ministry
and a former member of the Hashed
al-Shaabi, whose fighters have been
integrated into the regular army.
– AFP
NIGER ‘GATEWAY TO
DESERT’ OPEN AGAIN
AGADEZ: Their faces wrapped up
against the sun and sand, they pile
into the back of waiting pickup
trucks in northern Niger ahead of a
gruelling journey across the Sahara.
Hawkers of protective turbans,
cigarettes and water sachets do the
rounds in the hope of one last sale

Iran president expected in Turkiye for delayed talks
ANKARA: Iranian President
Ebrahim Raisi was expected to fly to
Turkiye yesterday for twice-delayed
talks aimed at ironing out past
differences and trying to halt the
spread of the Israel-Hamas war.
Raisi’s visit to Turkish President
Recep Tayyip Erdogan comes with
the war in Gaza starting to enflame
tensions and escalate fighting
across the Middle East.
Israel has repeatedly targeted
Tehran-linked figures in Syria and
appears to be on the brink of
launching a full-scale war against
Iran-backed Hezbollah militants in
Lebanon.
Iran and Pakistan last week
exchanged strikes against “militant”
and “terrorist” targets and Turkiye
itself has stepped up attacks against
Kurdish groups in Syria and Iran.
The rapid pace of the Middle
East escalation forced Raisi to delay
his visit to Ankara twice.
His planned talks in Ankara in
early January were called off when
twin blasts claimed by Islamic State
group jihadists killed 89 people at
the shrine of assassinated Islamic
Revolutionary Guard Corps general
Qasem Soleimani.
A trip he had planned for
November was cancelled because
of conflicting schedules of
diplomats involved in consultations
over the Gaza war.
The turmoil engulfing the
Middle East since Israel went to war
has added a new layer of
complexity to Turkiye’s close but
uneasy relationship with Iran.
Erdogan depicts Iran-backed
Hamas as legitimately elected
“liberators” and not the “terrorist”
organisation it has been proscribed
as across the Western world.
He has compared Israeli Prime
Minister Benjamin Netanyahu to
Adolf Hitler for pursuing an
offensive that has killed more than
25,000 people – mostly women and
children – in Gaza, according to the
enclave’s Hamas-run health
ministry.
Analysts note widespread anger
in Iran’s official and semi-official
media about Turkiye’s continuing
trade and diplomatic relations with
Israel. – AFP
before the vehicles pull out of the
main bus station headed for Libya.
Known as the gateway to the desert,
the historic town of Agadez is again
bustling as a key transit hub for
migration. Niger’s military leaders
who seized power in a July coup lost
no time in repealing a law which
criminalised the trafficking of
migrants through the nation. The
November quashing of the 2015
legislation, which was unpopular and
controversial for endangering the
lives of migrants by pushing their
transporters to illegal and unsafe
roads, aims to make it easier for
people to reach North Africa and
eventually Europe. – AFP
 THURSDAY | JAN 25, 2024
10
COMMENT by Mohamad Nazrain Nordin
Strike right balance for Padu’s success
M
ALAYSIA spent RM70.3
billion on subsidies in
2022. The introduction of
the Central Database Hub
(Padu) at the start of the year was a
timely response by the government to
address the urgent need to reduce the
significant subsidies expenditure.
Padu will serve as the foundation
for all targeted subsidies initiated by
the government to assist the hardcore
poor, B40 households and some
segments of M40 households. The goal
is to have Padu in place by the second
half of 2024, to assist the government
in determining targeted recipients.
For decades, subsidies have played
a crucial role in Malaysian economic
policies, aiming to reduce living costs
and promote social welfare. However,
with rising global commodity prices
and a burgeoning government budget,
the issue of subsidies has intensified
concerns about its sustainability.
While well-intended, the present
blanket subsidy approach has several
limitations. Firstly, it suffers from
inefficiency. Subsidies frequently
benefit all income levels, including the
rich, leading to misallocation of
resources. As a result, targeting the
most vulnerable becomes a costly
endeavour.
Secondly, there is a risk of market
distortion. Artificially low pricing can
disrupt market signals, preventing
efficient production and deterring
investments in key industries, such as
renewable energy.
Lastly, there is the fiscal burden.
The rising cost of subsidies places a
strain on the government budget,
reducing resources for important areas
such as education and healthcare.
Subsidy rationalisation, although
a complicated and frequently
contentious concept, has the ability
to influence Malaysia’s economic
trajectory.
Subsidy rationalisation poses
significant challenges, including
public resistance, concerns about
price hikes and the potential for
political backlash, all of which are
legitimate concerns. However, the
ENJOY A SEAMLESS READING EXPERIENCE.
long-term advantages outweigh the
short-term drawbacks.
An efficient economy draws
investments and encourages
innovation, resulting in higher living
standards for all. Decreasing
government spending will enable
increased investments in vital sectors
while simultaneously reducing
dependence on debt.
Justifying subsidies does not imply
abolishing them completely. Instead,
it involves re-evaluating the criteria
and beneficiaries to ensure they are
directed appropriately.
0 Targeted assistance: By
transitioning to targeted subsidies
based on income or specific
requirements, we can ensure that
those who need help receive it.
0 Price changes: Gradual price
adjustments can reduce the total cost
of subsidies while softening the
impact on vulnerable groups.
0 Investing in alternatives: Savings
from rationalisation may be used to
fund public services, infrastructure
and long-term solutions that can Padu will serve as the foundation for all targeted subsidies initiated by the government to assist the hardcore poor, B40
benefit the entire population. households and some segments of M40 households. – BERNAMAPIC
One notable aspect of Padu is that
its development was solely throughout the country must engage T20 salary at the age of 55 today may
undertaken jointly by civil servants
from the Economy Ministry, Statistics “Subsidy to help vulnerable groups, especially
in rural and peri-urban areas, register
require assistance or support when
their income drops once they retire.
Department and Malaysian
Administrative Modernisation and
rationalisation is a or update their information on Padu.
The government’s oversight is
Furthermore, adopting such an
approach not only facilitates more
Management Planning Unit.
This team of civil servants has been
critical step towards a necessary to guarantee data security
and confidence, notwithstanding its
precise subsidy delivery but can also
help boost income levels by aligning
working tirelessly behind the scenes to more sustainable and significance. employment opportunities with
gather relevant data from more than
400 government databases around the equitable Malaysia. It Despite early failures and
challenges, initial defects in the
improved compensation.
Subsidy rationalisation is a critical
nation. Among the notable agencies
are the National Registry Department, necessitates careful system must be addressed promptly
for the database to accomplish its
step towards a more sustainable and
equitable Malaysia. It necessitates
Social Welfare Department, Inland
Revenue Board, Employees Provident
preparation, open intended purposes effectively and
efficiently.
careful preparation, open
communication with the public and a
Fund and
Organisation.
Social Security communication with The government must also
guarantee information transparency
commitment to providing targeted
assistance to the most vulnerable.
Now is the time to revisit the the public and a to generate public trust and The government should ensure
“whole-of-government” approach.
The collaboration of various commitment to confidence in the system.
In the long run, initiatives such as
that its subsidies accomplish their
intended goals, fostering a strong
government ministries and agencies
in sharing and streamlining their providing targeted Padu must be dynamic, constantly
examined and modified.
economy that benefits all citizens.
current databases at the federal and
state levels will determine Padu’s
assistance to the Padu will provide the groundwork
for a universal protection system to
The writer is a senior training
consultant at the National Institute of
success.
Furthermore, government officials
most vulnerable. prepare for an ageing society.
For example, someone earning a
Public Administration.
Comments: letters@thesundaily.com
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 THURSDAY | JAN 25, 2024
11

Devaki, trailblazing feminist

T
AN SRI DEVAKI KRISHNAN
comes from an era of
confident, strong and
determined women who
participated in fighting for
political independence from
the British in 1957. The
women’s leadership, their
record of accomplishment
and nationalist spirit
would resonate for
decades as a reminder
that women do make a
difference.
It was this experience that
kept Devaki poignantly poised
throughout the tenancy of the 10 prime
ministers of various manifestos.
She worked with all of them while
playing a significant role in social, legal
and welfare issues of mainly women
and children.
Devaki’s biography can only be
written from a perspective of Malayan
history during colonialism and pre-
independence of Malaya as well as in
the context of various visionary leaders
of that time.
In May 1946, Datuk Onn Jaffar
founded the United Malays National
Organisation (Umno). After a few years
of being the president, Onn proposed
Umno be redefined as a multiracial
and inclusive party, and renamed
it United Malayans National
Organisation.
However, this move was rejected by
the majority of party members, leading
Onn to voluntarily step down as
president of Umno in 1951. After his
resignation, Onn formed a multiracial
party, the Independence of Malaya
Party (IMP).
Meanwhile, Tunku Abdul Rahman
replaced Onn as the president of Umno
and subsequently formed an alliance
with the Malayan Chinese Association
and the Malaysian Indian Congress.
When the first-ever Kuala Lumpur
municipal election approached in
1952, Onn needed to find sufficient
winnable non-Malay candidates, and
that was when he nominated Devaki
who fitted the bill as an intelligent
candidate with great oratorical skills.
The IMP lost heavily in the
municipal elections, while Tunku’s
alliance won nine of 12 seats.
Devaki was the only person to
survive Onn Jaafar’s multiracial
experiment and became the first
woman to hold public office in the
Bangsar Municipal Council in 1952,
making a big breakthrough for women
in a male-dominated field.
In 1955, Devaki stood for a second
term on the municipal council in
Bangsar, Kuala Lumpur and won. After
her victory, she was paraded in an
open-top car, accompanied by over 50
cars along Jalan Tuanku Abdul
Rahman, where she stood and waved
on an unhooded motorcade.
Devaki continued to be
relevant all her life for various
reasons. In 1969, during the
the May 13 riots, Devaki
took charge of about 3,500
riot victims at the medical
clinic at Merdeka Stadium.
Among others, she
played a pivotal role in
pushing for amendments to
the Guardianship of Infants Act
in 1999 to allow single mothers to
care for their children.
The formative years of Malaya saw
the emergence of prominent radical
and brazen women who laid the
foundation for the pursuit of women’s
rights for generations to come.
Nonetheless, these pioneer reformers’
ingenuity, hard work and sacrifices
were a tough act to follow for future
generations.
Che Khadijah Mohd Sidik was a
liberation fighter during colonial
Malaya and the elected leader of the
Kaum Ibu from 1954 to 1956.
Khatijah was a gifted public speaker
who drew droves of crowds with her
emotive and progressive approach.
Lim Beng Hong was the first female
lawyer to be called to the Malayan Bar
in 1927. At that time in British Malaya,
women were prohibited from joining
the Bar, so the law was changed in 1927 Devaki was intelligent, with great oratorical skills. – FILEPIC/SOCIAL MEDIA
for Lim to be admitted. She was
appointed as a member of the Federal would not have to worry about the human rights discourse that pressured
Legislative Council in 1948.
Another living legend is Datuk
“Women like fulfilment of the 30% women in
executive positions today.
legal reform as a separate entity and
as part of a larger male-dominated
Rasammah Bhupalan, who joined the
women’s wing of the Indian National
Devaki may Despite the
accomplishments of the women’s
dramatic politics.
Political appointments also
Army against the British and served in
Burma.
have endured movement, the current women’s
political participation in Malaysia is
increasingly became eligible depending
on the loyalty towards party leadership
Later she mobilised other women to quotas, glass incredibly low. The World Economic instead of the merit-worthiness of the
fight for the independence of Malaya. Forum’s Global Gender Gap Index 2022 candidates. In this process, many
She fought for gender equality, ceilings and ranked Malaysia 103rd out of 146 eligible talents remain unidentified and
campaigned for pension packages and
for the minimum wage to be raised various countries. Singapore ranked 49th,
Thailand 79th and Indonesia 92nd.
untapped.
To overcome that, Devaki recruited
while speaking up against domestic
violence and rape. restrictions, but The excuse is that the “low
percentage of women as elected
talented women throughout the nation.
“Wherever they opened MIC branches,
These
independent
women
and
were feisty,
challenged despite such representatives stems from the fact that
there were not enough female
I would open a women’s branch, where
I spotted talented women and
unacceptable social norms and
systems imposed by male leadership.
hurdles, Devaki candidates to emerge as a viable force
in the contest for seats”.
empowered them,” she said in her
interviews.
They understood what problems were
and had clear, concrete independent
lived a fulfilling On the contrary, political space for
women began to be restricted due to
There are no shortcuts to becoming
leaders. Neither are there quick returns.
agendas for resolving them.
They did not accept handouts,
life of up to 100 socio-cultural barriers and patriarchal
dominance within political institutions,
Women like Devaki may have endured
quotas, glass ceilings and various
unmeritable appointments
undeserved positions. Instead, they
or years and left a which impeded the rise of women in
leadership careers.
restrictions, but despite such hurdles,
Devaki lived a fulfilling life of up to 100
made sure their opinions and voices legacy that With these barriers, the 1980s and years and left a legacy that very few can
were heard. 1990s saw a gradual live up to.
Perhaps, if the momentum of these very few can “intellectualisation” of women’s
women’s journey was continued and movements in Malaysia with female The writer is an author, and brand
their progress catalysed with the right live up to. academics, lawyers, writers, artists and strategist, and runs Helping Hands.
education, training and recognition, we journalists. There began a radical Comments: letters@thesundaily.com

KTMB apologises for inconvenience caused

LETTERS
letters@thesundaily.com
DEAR Samuel Yesuiah,
WE appreciate you bringing your concerns to
our attention through your letter titled “Too
much inconvenience for tomorrow’s comfort”
published in theSun on Jan 17.
We apologise for the inconvenience you have
experienced during this period.
With regards to the train delays during your
journey via the Seremban-KL Sentral and KL
Sentral-Seremban routes, we understand your
expectations of our services.
We wish to inform you that currently KTMB
is undergoing upgrading works to the main
line track, signalling systems, overhead
electrification systems and stations at the Klang
Valley Double Track sector.
This project has led our trains to be
conducted fully on a single track only, as
deemed necessary. Because of this, we have
implemented schedules for KTM Komuter trains
at 30 to 45-minute intervals per sector or station
from end to end.
During the period of upgrading processes,
the signalling systems, control panels and
overhead electrification may be affected to
accommodate adjustments and other works by
the contractor.
There may be occasions where it is
unavoidable for the scheduling of these works to
be conducted during train service hours, hence,
causing a minimal delay.
However, we continuously strive to ensure
that these works and the ensuing delays are
kept to a minimum for our passengers’ comfort
and ease.
To enhance our users’ commuting
experience, we recommend that passengers
download MyRailTime available on the KTMB
KITS mobile application, which can be
downloaded from the Google Play Store and
Apple Store. This tool enables commuters to
plan their journeys more effectively.
Regarding your suggestion to provide
provisions by way of KTM bus services between
Seremban and KL Sentral during this upgrading
exercise, for your information KTMB only
extends bus services to passengers during times
of unforeseen crises to ensure dedicated and
efficient support for our customers in
challenging situations.
Our customers remain our utmost
importance, and we hope for your kind
understanding in this matter. If you have any
further concerns or if any specific issues require
our immediate attention, you can contact our
customer service team at 03-2267 1200 or visit
our Facebook page KTM Berhad.
Thank you.
Noor Haniza Noordin
Head
Strategic Communications
 THURSDAY | JAN 25, 2024
12 PROPERTY
Tuju Setia wins RM209m
serviced apartments job
PETALING JAYA: Construction
services company Tuju Setia Bhd
won a RM209 million contract to
undertake main contractor works
for a high-rise development in
Subang Jaya, Selangor.
Tuju Setia’s wholly owned
subsidiary Pembinaan Tuju Setia
Sdn Bhd received the Letter of
Award (LoA) from USJ Citypoint Sdn
Bhd, a subsidiary of Avaland Bhd
(Avaland).
The scope of work in the
contract includes the construction
of two blocks of serviced
apartments, a podium carpark and
a facilities floor. The development
project named Alora Residences is
slated to be completed in 33
months, with work tentatively
scheduled to commence in the
second quarter of 2024.
Alora Residences is the first
phase of 2Fifth Avenue, a 13-acre
integrated development in USJ,
Subang Jaya worth RM3 billion in
gross development value.
Tuju Setia Bhd managing
director Wee Eng Kong said, “We
look forward to contributing to the
early-stage development of the
2Fifth Avenue masterplan and to
meeting Avaland’s green building
objectives. The construction of
Alora Residences will open doors
for Tuju Setia, allowing us the
opportunity to take on more
“green” development projects from
both new and existing clients in
addition to being able to
participate in future Avaland
developments.”
He added that this new win in
the beginning of 2024 is a good
start for Tuju Setia.
“With stable building material
prices recently, property
developers have been more
inclined to advance bidding
discussions for their upcoming
projects. Hence, this positive
outlook bodes well for us to secure
new projects and improve our
earnings,” he said.
Alora Residences offers a nature-
SkyWorld’s SkyBlox achieves record-high QLASSIC rating of 86%
KUALA LUMPUR: City developer
SkyWorld Development Bhd has
achieved another significant milestone
with its pioneer co-living project,
SkyBlox @ SkySanctuary in Setapak,
Kuala Lumpur, attaining a record-high
QLASSIC rating of 86%. This marks the
highest rating ever attained by the
company and underscores the
exemplary workmanship quality of the
building construction, adhering to the
Construction Industry Standard (CIS
7:2006) set by the Construction
Industry Development Board.
SkyBlox is an innovative co-living
concept that stands as a first-of-its-
kind in Setapak, Kuala Lumpur. The
project’s prefabricated design with a
modular system allows for easy
removal and relocation of units,
providing flexibility for future
developments. Comprising 320
rooms with single beds, queen beds,
or bunk bed options, SkyBlox offers
living spaces ranging from 106 sq ft to
160 sq ft. Rooms come fully equipped
with essential amenities including
study tables, chairs, air-conditioning,
attached bathrooms with water
heaters, and selected room feature
inspired green living with
thoughtfully designed amenities
and functional layouts, certified as
GreenRE Gold by Real Estate and
Housing Association Malaysia.
The high-rise development is
situated on freehold land in a well-
established and mature
neighbourhood in Subang Jaya,
with plenty of nearby amenities
such as shopping complexes
including One City, and Sunway
Pyramid, as well as medical centres
and hospitals. The area also has
educational centres including local
and international schools, and well-
known universities namely Sunway
University and Taylor’s University.
In addition, Alora Residences
has easy access to Puchong, Shah
Alam, and the wider Klang Valley
area via major highways, and to the
Kelana Jaya LRT Line via the USJ 21
LRT Station.
Tuju Setia’s ongoing projects are
mainly high-rise buildings such as
Emerald 9 (Cheras), Jernih Residence
(Kajang), Sunway d’hill Residences
(Kota Damansara), and One Equine
(Seri Kembangan), as well as the
design and build of the Kajang
Women and Children Hospital.
Meanwhile, Pembinaan Tuju Setia
Sdn Bhd (PTS), is involved in the
provision of construction services as
a main contractor, with experience in
commercial, residential, and
institutional buildings mainly in
Klang Valley. PTS has core expertise
in the construction of high-rise
buildings and design & construction
of hospitals.
Notable completed non-
residential projects include Setia
Walk, Setia Sky Residences (Celeste
& Divina Tower), TWY Mont Kiara,
Geo Bukit Rimau, Top Glove
Corporate Office Tower, Menara
TCM, and St. Joseph’s Institution
International School Malaysia
(previously Tropicana International
School). Completed residential
projects include Mentari Court,
Grand Medini Residence, and
Idaman Residence.
electrical hobs and refrigerators.
SkyWorld Development Bhd CEO
Lee Chee Seng recognises the
growing trend of co-living among
millennials and positions SkyBlox as
an innovative response to this
demand. “Coupled with exceptional
facilities and SkyWorld’s unwavering
commitment to quality, SkyBlox is
poised to become the preferred
choice for youth, students and young
professionals seeking a unique and
contemporary living experience.”
To foster community connections
and promote healthy living, SkyBlox is
strategically positioned adjacent to
the 2.92-acre SkySanctuary Central
Park, an exclusive resident-only green
lung that features a serene lake and a
host of leisure and active facilities. The
development also boasts shared
amenities including a games room,
communal kitchen, common lounge,
laundry, alfresco dining space and
parcel lockers. Its proximity to SAMA
Square, SkyWorld’s newest
commercial hub in the SkySanctuary
master development, further
enhances convenience and lifestyle
experiences for residents.
Steel price index
rises in December
oHigher between 0.2% and 1.8% in almost
all areas, with Perak recording the biggest
increase
PUTRAJAYA: The unit price
index of steel recorded an
increase between 0.2% and
1.8% for almost all areas in
December 2023 as compared to
the previous month, according
to Chief Statistician Malaysia
Datuk Seri Dr Mohd Uzir
Mahidin.
The highest increase in the
unit price of steel was in Perak
(1.8%), followed by Johor (1.1%)
and Selangor, Kuala Lumpur,
Malacca and Negeri Sembilan
(0.2%).
A month-on-month comparison
of selected construction materials
and areas showed the unit price
index remained unchanged for
selected materials such as
aggregates, sand and plywood for
most areas of Peninsular Malaysia,
Sabah and Sarawak.
The unit price index for steel
and metal sections also
remained unchanged for most
areas in Peninsular Malaysia,
Sabah and Sarawak. There was
a slight decrease in the price
index of this material for
Selangor, Kuala Lumpur,
Malacca and Negeri Sembilan (-
0.1%), Kota Kinabalu (-0.2%)
and Miri (-2.0%). There was a
slight increase in the price
index of this material in Perak
and Kuching, which was 0.1%
respectively.
The monthly comparison in
December 2023 also recorded
that the unit price index for
SkyBlox provides exclusive access to a tranquil 2.92-acre SkySanctuary in Central Park, offering residents a peaceful retreat for
work, study, or leisure in the heart of the bustling city.
In addition to its remarkable
QLASSIC rating, SkyBlox has proudly
earned the Silver Award at the
Malaysian Institute of Interior Designers
Reka Awards 2023 for Design
Excellence, further solidifying its
position as a landmark development in
cement remained unchanged
for almost all areas in
Peninsular Malaysia, Sabah and
Sarawak. There was a slight
increase in the unit price index
for this material for a few areas,
namely in Johor (1.6%),
followed by Penang, Kedah &
Perlis and Terengganu &
Kelantan, which was 0.6%
respectively.
An annual comparison for
the period of December 2022
and December 2023 showed
that the unit price index of
cement recorded an increase
between 2.8% to 18.9% for all
areas in Peninsular Malaysia,
Sabah, and Sarawak. The
highest increase in the price
index per unit of cement was
observed in Terengganu &
Kelantan (18.9%), followed by
Penang, Kedah and Perlis
(17.4%).
The price index per unit of
steel increased between 0.5%
and 4.6% in December 2023 as
compared to the corresponding
month of the previous year.
Nevertheless, the decrease in
the unit price index of steel was
recorded in Selangor, Kuala
Lumpur, Malacca and Negri
Sembilan (-2.4%), Tawau (-
3.1%) dan Miri (-3%).
Mohd Uzir said the average
price per unit of steel consisting
of mild steel round bars and
Mycon 60 high tensile
deformed bars was RM3,629.77
Setapak, Kuala Lumpur.
The fully furnished units at SkyBlox
are competitively priced from RM780
per month, providing affordable
luxury living for city residents.
Boasting direct access to the 2.92-
acre resident-only SkySanctuary
PROPERTY
per metric tonne, recording a
slight increase of 0.2% as
compared to the previous month
(November 2023: RM3,621.24 per
tonne).
The average price of cement
(Ordinary Portland) also
recorded a slight increase of 0.2%
with an average price of RM23 per
50 kg bag as compared to
November 2023 (RM22.94 per 50
kg bag).
Apart from that, the month on
month of the Building Cost
Material Index (BCI) (with steel
bars) for all building categories in
December 2023 increased
between 0.2% to 2.4% for almost
all areas in Peninsular Malaysia.
However, a slight decrease for BCI
(with steel bars) between
negative 0.1% to negative 0.5%
was posted for Penang, Kedah &
Perlis and Selangor, Kuala
Lumpur, Malacca and Negeri
Sembilan.
The BCI (with steel bars) for
Sabah recorded an increase
between 0.1% to 1.7% for almost
all building categories in
Sandakan and Tawau in December
2023 as compared to the previous
month. However, the index for
almost all building categories in
Kota Kinabalu recorded a
decrease of negative 0.1%.
A monthly comparison of BCI
(with steel bars) in Sarawak for
December 2023 showed a slight
increase in the index of 0.1% for
almost all categories of buildings
in Kuching.
Meanwhile, the index for all
building categories in Miri
recorded a decrease in the index
between negative 0.2% to
negative 0.7% for all building
categories in December 2023 as
compared to November 2023.
Central Park, SkyBlox offers a serene
escape where residents can find
respite amidst nature. This exclusive
green space serves as an oasis within
the bustling city, fostering a
conducive environment for work,
study, or leisure.

SCAN ME
Bank Negara’s benchmark
interest rate remains at 3%
o At current level, monetary policy stance
stays supportive of economy, says BNM
PETALING JAYA: The Monetary
Policy Committee (MPC) of Bank
Negara Malaysia (BNM) yesterday
decided to maintain the Overnight
Policy Rate (OPR) at 3%.
In its monetary policy
statement, BNM said at the current
OPR level, the monetary policy
stance remains supportive of the
economy and is consistent with
the current assessment of inflation
and growth prospects.
“The MPC remains vigilant to
ongoing developments to inform
the assessment on the outlook of
domestic inflation and growth. The
MPC will ensure that the monetary
policy stance remains conducive
to sustainable economic growth
amid price stability,” it said.
For the Malaysian economy, it
stated that the fourth quarter
advance estimates for gross
domestic product (GDP) affirmed
that the overall growth for 2023
expanded within expectations.
So far, the global technology company has invested just over €1 billion in its AT&S Campus at Kulim HighTech Park, which will generate more than 6,000
high-skilled job opportunities.
AT&S inaugurates SE Asia’s first IC substrates factory in Kulim
PETALING JAYA: AT&S Austria
Technologie & Systemtechnik
(Malaysia) Sdn Bhd has opened its
integrated circuit (IC) substrates
manufacturing facility in Kulim Hi-
Technology Park in Kedah – marking
an inaugural plant in Southeast Asia.
So far, the global technology
company has invested just over €1
billion (RM5.1 billion) in its AT&S
Campus at Kulim HighTech Park,
which will generate more than 6,000
high-skilled job opportunities.
Deputy Investment, Trade and
Industry Minister Liew Chin Tong
“Moving forward, growth is
expected to improve in 2024,
supported by the recovery in exports
and resilient domestic expenditure.
Continued employment and wage
growth remain supportive of
household spending. Tourist
arrivals and spending are expected
to improve further. Investment
activity would be supported by
continued progress of multi-year
projects in both the private and
public sectors, and implementation
of catalytic initiatives under the
national master plans,” BNM said.
It added that the growth
outlook remains subject to
downside risks stemming from
weaker-than-expected external
demand and larger declines in
commodity production.
Meanwhile, upside risks to
growth mainly emanate from
greater spillover from the tech
upcycle, stronger-than-expected
tourism activity and faster
who officiated at the event, said,
“The semiconductor industry is of
tremendous economic and
strategic importance to Malaysia,
especially in the current geopolitical
environment. Holding 7% of global
market share in the industry,
Malaysia is the world’s sixth largest
semiconductor exporter.”
As a strategic industry, he
added, the semiconductor industry
deserves to be at the forefront of
Miti’s policy-making priorities.
“The New Industrial Master Plan
2030 (NIMP 2030) is a start. Its first
THURSDAY | JAN 25, 2024
implementation of existing and
new projects, it said.
The central bank said as
expected, both headline and core
inflation continued to moderate in
the fourth quarter, mainly due to
lower cost pressures amid
stabilising demand conditions.
“Overall, both headline and
core inflation for 2023 are within
expectations, averaging for the year
at 2.5% and 3.0%, respectively. In
2024, inflation is expected to remain
modest, broadly reflecting stable
cost and demand conditions,” it
said.
It added that risks to the
inflation outlook remain highly
subject to changes to domestic
policy on subsidies and price
controls, as well as global
commodity prices and financial
market developments.
“Of note, the government’s
intention to review price controls
and subsidies in 2024 will affect the
outlook for inflation and demand
conditions,” it said.
Meanwhile, it stated that the
recent ringgit movements are
primarily driven by external
factors, and not reflective of the
mission on advancing economic
complexity by moving up the value
chain to revitalise our manufacturing
sector, is exactly what the
semiconductor industry needs.
Additionally, by integrating the value
chains of semiconductor and other
high value-added industries such as
automotive and medical, Malaysia
will be able to create a more holistic
supply chain locally,” Liew said,
To make NIMP 2030’s goals for
the semiconductor industry a reality,
he said, the government through the
Ministry of Investment, Trade and
current domestic economic
performance and prospects.
“As the risk of heightened
volatility in the global financial and
foreign exchange markets remains,
BNM will continue to ensure
sufficient liquidity to support the
orderly functioning of the domestic
foreign exchange market.
“Financial institutions continue
to operate with strong capital and
liquidity buffers, with domestic
financial conditions remaining
conducive to sustain credit
growth,” it said
Meanwhile, the central bank
said the global economy continues
to expand, driven by domestic
demand amid strong labour
market conditions.
It said there are further signs of
recovery in the electrical and
electronics (E&E) sector, but global
trade remains soft partly due to the
continued shift in spending from
goods to services, and ongoing
trade restrictions.
On the global front, while the
monetary policy stance is likely to
remain tight in the near term, the
tightening cycle has peaked for
most central banks, BNM said.
Industry (Miti) will take the lead by
providing suitable incentives to
strengthen the manufacturing and
design capabilities of semiconductor
companies.
Thus, he added, the recent
National Investment Council
meeting has decided to establish the
National Semiconductor Strategic
Task Force to ensure a whole-of-
government approach to enhancing
the growth of the industry.
The Kulim facility is set to start
production by the fourth quarter of
this year.
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OCBC Bank:
Malaysia’s
GDP to grow
4.2% in 2024
PETALING JAYA: OCBC Bank is cautiously
optimistic about Malaysia’s growth
outlook for 2024, foreseeing gross
domestic product (GDP) expansion at
4.2% year-on-year (y-o-y) despite
challenges in export demand.
OCBC Bank chief economist Selena Ling
said that export demand will be buffeted by
numerous factors including slower global
growth, fading commodity tailwinds, and
persistent geopolitical tensions.
“The bottoming of the electronics export
downcycle may provide much-needed
support to export growth and to that end, we
forecast goods export growth to remain
negative at -1.0% y-o-y in 2024, although this
is still better than in 2023. Resilient tourism
inflows in 2024 will also provide some
support for overall services,” she said in OCBC
Bank 1H24 Economic Outlook media
statement yesterday.
Despite the weak external backdrop, the
bank forecast 2024 GDP growth to be
resilient at 4.2% y-o-y versus the advance
estimates of 3.8% in 2023 for Malaysia.
The support to growth will come mainly
from domestic demand factors, namely a
stabilisation in private consumption growth
and higher investment spending supported
by a strong medium-term reform agenda.
Ling stated private consumption growth
has been volatile since the onset of the
pandemic after period of relatively stable
growth of 7% (2010-19).
“Anecdotal evidence suggests that
household balance sheets were significantly
impacted by the pandemic and that savings
were drawn out.
“As the scars of the pandemic fade into
2024, we expect private consumption
growth to normalise, albeit settling at a lower
rate versus pre-pandemic levels,” she said.
Meanwhile, reform momentum has
started to gain traction since H2’23 and this,
the bank expects, will be supportive of
investment spending.
IHH Healthcare signs
MoU with PHB
for new medical block
PETALING JAYA: IHH Healthcare Malaysia
Bhd’s Pantai Medical Centre Sdn Bhd has
signed a memorandum of understanding
(MoU) with Pelaburan Hartanah Bhd (PHB)
for the development of a medical block
adjacent to Gleneagles Hospital Kuala
Lumpur’s complex, to be leased from PHB
for an initial period of 20 years.
Post-expansion, Gleneagles Hospital
Kuala Lumpur will enter a new phase of
growth and is on track to become one of the
largest private hospitals in Malaysia by 2027,
with over 700 beds.
IHH Healthcare CEO Jean-François Naa
said that in line with their organic growth
strategy to expand the availability of quality
healthcare across their network, they are
strengthening Gleneagles Hospital Kuala
Lumpur’s position as one of the leading
private healthcare providers in Malaysia.
The new medical block for Gleneagles
Hospital Kuala Lumpur is to be completed by
2027
 THURSDAY | JAN 25, 2024
14 BIZ & FINANCE FOLLOW Malaysian Paper
ON TELEGRAM
/thesuntelegram
BIZ & FINANCE

Equalbase invests RM300m in Penang

oSingapore-headquartered group to build
carbon-neutral logistics facility in Seberang Perai
PETALING JAYA: Equalbase, a real
estate group specialising in sustainable
commercial and industrial logistics
developments in Asia, has invested
RM300 million for its first carbon-
neutral logistics facility in Valdor,
Seberang Perai, Penang.
Spread over some 4.6 hectares,
with a total gross floor area exceeding
600,000 square feet, Valdor 1 will
achieve energy efficiency levels
exceeding those of the average
Malaysian warehouse by more than
50% due to the building materials
Equalbase uses, such as carbon-cured
concrete – a technology that injects
waste carbon dioxide (CO2) into
concrete to increase its compressed
strength – which will achieve a 30%
reduction in CO2 emissions.
The goal is to neutralise embodied
carbon emissions over a span of 40
years, with the potential to generate
4,620 MWh of solar energy annually.
Equalbase executive director and
Northmod managing partner Paul
Lee said, “The groundbreaking for
construction of Valdor I marks a
significant milestone for Equalbase as
we look to strengthen our footprint in
the region. This development stands
out for its commitment to
sustainability, aligning with our
aspirations to achieve carbon
neutrality across all our developments
by 2040, surpassing the standard
benchmark by a decade.”
He added that their focus on
Penang is strategic as the state has a
thriving and investor friendly
economy with a diverse array of
companies in an established global
business services environment.
Slated to be completed in the
second quarter of 2025, Valdor I is
situated about 6km to Batu Kawan
Industrial Park and just over 30km to
Penang International Airport, and is
well-connected to the North South Lee (fifth from left) and other dignitaries at the groundbreaking ceremony for Valdor 1.
Expressway and Penang’s Second
Bridge. expanding its footprint in Malaysia, development fund Amberock Malaysia has completed over 4 million square
Founded in 2009 and Singapore, South Korea, Germany, Pte Ltd, they are confident of increasing feet of warehouse space in Malaysia.
headquartered in Singapore, Equalbase Indonesia and Vietnam, together with their investments, not just within In November, Equalbase and
is known for its expertise in developing its integrated fund manager Northmod. Penang but across Malaysia. Sunway Group broke ground for a
high-quality commercial and industrial Through Equalbase and Northmod’s To date, the company has invested carbon-neutral free commercial zone
logistics properties in Asia. It is strategic investments via the real estate US$400 million (RM1.9 billion) and in Sunway City Iskandar Puteri, Johor.

Malaysia Airlines to offer private terminal Spectrum Materials

transfer service with BMWi7 starting Feb 1
PETALING JAYA: Malaysia Airlines will introduce
an exclusive private terminal transfer service for
passengers to travel in comfort between the
Main Terminal Building and the Satellite Building
of KLIA Terminal 1 in collaboration with BMW
Group Malaysia through their dealer partner,
Ingress Auto Sdn Bhd
Beginning Feb 1, Enrich Platinum, Business
Suite and Business Class passengers flying with
Malaysia Airlines will get to experience a
heightened level of luxury as they will be
chauffeured in style in the all-electric BMW i7.
The 24-hour service offers a sustainable and
premium travel option exclusively for Malaysia
Airlines’ passengers, in addition to the premium
bus transfer currently provided by the airport
operator following the suspension of the
aerotrain service.
During the initial phase, a fleet of BMW i7
vehicles will be deployed to serve departing
passengers, with the pick-up point located at
Gate G1 of the Main Terminal Building. The
airline will also deploy additional units to serve
arriving passengers in the near future, following
the completion of the arrival lounge at the
airport’s Satellite Building.
November’s Leading Index signals modest near-term economic growth
PETALING JAYA: Malaysia witnessed a decrease
in the Leading Index (LI) by 0.2% to 109.8 points
in November 2023 compared with 110.0 points
in the same month of the previous year, said
Chief Statistician Malaysia, Datuk Seri Dr Mohd
Uzir Mahidin
This decline is due to the unfavourable
performance in the number of housing units
approved (-25.8%) and real imports of
semiconductors (-18.3%).
The LI is a tool utilised for predicting
economic trends for an average of four to six
months ahead.
Malaysia Airlines’ exclusive service provides luxury transport with a fleet of BMWi7s allocated for solo
travellers, couples and families up to four passengers per car.
The exclusive service has vehicles allocated
for solo travellers, couples and families up to four
passengers per car.
Malaysia Aviation Group CEO of Airlines
Ahmad Luqman Mohd Azmi said “With this
exclusive service, we aim to enhance the travel
experience for our top-tier customers, ensuring
However, Mohd Uzir said the Bursa Malaysia
Industrial Index showed growth of 17.1% and
had remained positive since May 2023.
“The monthly performance of the LI
rebounded by 0.5% as compared to negative
0.1% in the previous month, driven by a
significant increase in real imports of semi
conductors (1.0%),” he added.
Looking at the smoothed long-term trend in
November 2023, he said the LI remained below
the 100-point trend. Accordingly, Malaysia’s
economy is foreseen to maintain its moderate
growth supported by the resilient performance
that they can enjoy premium comfort as part of
their end-to-end journey with us.”
Ingress Auto Sdn Bhd managing director
Rabian Ab Rahman said the BMW i7, with its fully
electric capabilities, represents the epitome of
innovation and sustainability in the automotive
industry.
of domestic-oriented industries despite
continuing to face the uncertainty of the
international market.
As for the current economic position, Mohd
Uzir said the Coincident Index (CI) recorded
123.7 points, an increase of 2.6% compared with
120.3 points in the same month of the
preceding year.
In contrast to the annual performance, the
monthly CI shrank by 0.3%, influenced by
lacklustre performances in all components
except for real salaries and wages in
manufacturing (0.1%).
launches first
factory in Malaysia
PETALING JAYA: Spectrum Materials
Malaysia Sdn Bhd launched its first
manufacturing facility in the country at
Sendayan Techvalley in Negeri Sembilan,
with an initial investment of US$7 million
(RM33 million) for the first phase
development which includes construction,
equipment and start-up operations.
Malaysian Investment Development
Authority CEO Datuk Wira Arham Abdul
Rahman said the company’s presence in
Malaysia plays a pivotal role in enhancing
the overall ecosystem, particularly for the
electrical and electronics (E&E) and
semiconductor industries and they look
forward to seeing Spectrum Materials
setting new trends and breaking new
ground for the chemical industry.
InvestKL CEO Datuk Muhammad Azmi
Zulkifli said, “The choice Spectrum Materials’
made underscores the unparalleled we’ve
built in providing a conducive business
environment. Our collaborative approach at
InvestKL has not only instilled confidence
but has also paved the way for the
establishment of their first overseas
manufacturing facility and Southeast Asia
headquarters. Together with Invest Negeri
Sembilan, we chart a path to success – a
relationship nurtured built on trust,
innovation, and mutual growth.”
Spectrum Materials president and CEO
Guofu Chen, remarked, “We are pleased to
announce the opening of our latest
manufacturing facility and our inaugural
overseas facility in Malaysia. This expansion
marks the establishment of a world-class
facility for the production of
semiconductor-grade specialty chemicals
– the first-of-its-kind in Malaysia.”
Spectrum Materials, based in Fujian
province, China, specialises in the
development and production of high-
purity electronic materials.
 BIZ & FINANCE

THURSDAY | JAN 25, 2024

BIZ & FINANCE 15

KAF Investment Bank to Maxis deploys

e-vehicles for
underwrite SBH Marine’s IPO sustainability and quality of its shrimp
field operations
KUALA LUMPUR: Maxis has begun to integrate
electric vehicles (EV) in its field operations, leading
the way for Malaysian telcos to lower their carbon
oFunds from listing will be used for Selinsing Farm, seafood products. footprint and adopt clean energy solutions. The
SBH Group managing director Tan Boo move underscores the company’s dedication to
plant, machinery, working capital, and listing expenses Nam said, “With over two decades of sustainable practices, minimising its carbon
experience, our company, established since footprint, and promoting an eco-friendlier future.
2000, has positioned itself as a leading The first set of EVs comprises six BYD Dolphin
KUALA LUMPUR: SBH Marine Holdings Selinsing, Perak cultivating black tiger frozen seafood processing group with solid extended range vehicles utilised by Maxis’
Bhd (SBH), a vertically integrated frozen prawns and whiteleg shrimps. foundation in aquaculture shrimp farming. mobile and fibre operations teams in the Central
seafood specialist had entered into an The group’s seafood products are mainly Our extensive involvement across the and Northern regions.
underwriting agreement with KAF exported overseas to countries in the supply chain ensures the sustainable “Our commitment to innovation goes beyond
Investment Bank Bhd (KAF IB) for the European, Middle Eastern and Asian production of high-quality seafood telecommunications technology, driving us
company’s initial public offering (IPO) on the regions. products, meeting the expectations of our towards a more sustainable future. We believe
ACE Market of Bursa Malaysia Securities Bhd The proceeds from the IPO will be predominantly international customer base. this initiative not only reduces our operational
(Bursa Securities). allocated for the development of Selinsing We are extremely happy to have KAF costs and enhances efficiency but also reflects
The IPO entails a public issue of Farm, the construction of a new seafood Investment Bank as our sole underwriter our dedication to fostering positive change
180,000,000 new ordinary shares (public processing factory, acquisition of and sole placement agent for our IPO. This within our industry. Adopting EVs also aligns with
issue shares) and an offer for sale of machinery/equipment and motor vehicles, underwriting agreement marks a significant Maxis’ broader efforts to contribute to global
50,000,000 existing ordinary shares. meeting working capital requirements, and milestone in our corporate journey. It will initiatives that address climate change to create a
Pursuant to the underwriting agreement, covering listing expenses. enable us to enhance our capabilities in more lasting positive impact on the planet,” said
KAF IB will underwrite a total of 81,000,000 One of the moves outlined in the seafood processing, expand our aquaculture Maxis chief network officer Abdul Karim Fakir Ali.
of public issue shares made available to the expansion plan is the development of the shrimp farming operations, and reinforce In alignment with the company’s fleet refresh
Malaysian public and the eligible directors, remaining ponds at the Selinsing Farm, our commitment to delivering top-quality strategy, Maxis aims to replace all its two-wheel
employees and persons who have which are expected to be fully completed by frozen seafood products to our customers drive vehicles in metro and urban sites with EVs
contributed to the success of the SBH the middle of 2027. The further worldwide.” in phases over the next five years. The company
Group. development of the Selinsing farm is KAF IB CEO Rohaizad Ismail said “We has 40 such vehicles in service.
The SBH Group, primarily engaged in expected to increase the total annual shrimp are proud to support SBH Group with over Prior to integrating EVs in its field operations
various stages of the frozen seafood supply carrying capacity of both farms to 1,800 two decades of proven excellence in frozen this year, Maxis did a proof-of-concept trial by
chain is headquartered in Kuala Kurau, tonnes by 2027. seafood processing and aquaculture shrimp leasing two EVs for operations support last year.
Perak with a processing plant equipped with The company also has plans to venture farming. This signing marks our bank’s That pilot programme enabled its network and
annual capacity of 4,800 tonnes. SBH further upstream by operating its own confidence on the success of the IPO of sustainability teams to advance the company’s
processes frozen seafood, especially shrimps shrimp hatchery and nursery centre this SBH, allowing them to further solidify its EV initiative this year.
and cephalopods, which are available in year. This initiative aims to further commitment to delivering top-quality The company has also established solar-
block frozen, semi-individual quick freezing strengthen the group’s vertical integration, frozen seafood products globally. We are powered EV charging infrastructure at its Subang
(IQF), and IQF farms at its Kuala Kurau producing and supplying shrimp post excited to contribute to the continued hi-tech, Sungai Besi, Kepong, Rawang, Nilai,
plant. It also operates two aquaculture larvae directly to its aquaculture shrimp success and growth of SBH Holdings in the Seberang Prai and Johor Baru technical operation
shrimp farms located in Kuala Kurau and farms which will further ensure self- international market.” centres to better serve its growing EV fleet.

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16 BIZ & FINANCE
China to cut banks’ reserve
ratio from next month
oPolicymakers extend
efforts to shore up
fragile economic recovery
BEIJING: China’s central bank will cut the
amount of cash that banks must hold as
reserves from Feb 5, governor Pan Gongsheng
said yesterday, the first such cut for the year as
policymakers extend efforts to shore up a fragile
economic recovery.
Pan said the People’s Bank of China (PBOC)
would cut the reserve requirement ratio for all
banks by 50 basis points.
The move will free up one trillion yuan
India bank liquidity deficit hits record high
MUMBAI: India’s banking system liquidity deficit
hit a record high, data showed yesterday, amid
outflows towards tax payments and limited
government spending, with traders anticipating
that the central bank will infuse more cash to
address the shortfall.
The deficit widened to 3.34 trillion rupees
(RM190 billion) as on Jan 23, nearly tripling from
the start of the month, data from the Reserve
Bank of India (RBI) showed.
“The widening in deficit is a combination of
rise in tax collections and a slowdown in
government spending, which has been seen in
the last few months,” said ICICI Securities Primary
Taiwan president-elect signals desire to join US-led trade framework
TAIPEI: Taiwan president-elect Lai Ching-te
signalled yesterday his desire for Taipei to join
the United States-led Indo-Pacific Economic
Framework, considering the island’s key role in
the global economy.
America excluded chip powerhouse Taiwan
from the framework, part of the US effort to
counter what it says is Beijing’s increasing
economic and military coercion in the region,
when it was set up in 2022.
But America then set up the US-Taiwan
Initiative on 21st Century Trade, which joins the
US-Taiwan Economic Prosperity Partnership
Dialogue and Technology Trade and Investment
(RM660 billion) to the market, the central bank
chief said at a press conference in Beijing.
The PBOC will also cut re-lending and
re-discount interest rates by 25 basis points for
the rural sector and small firms from Jan 25.
The reduction follows earlier cuts of 25 basis
points for all banks in September and March
last year.
The world’s second-largest economy has
struggled to mount a strong post-Covid
recovery as distress in the housing market, local
government debt risks and weakening global
demand slowed momentum.
A slew of policy measures have proven only
modestly beneficial, raising pressure on
authorities to roll out more stimulus.
Last month, top Chinese leaders at a key
meeting to chart the economic course for 2024
Dealership head of research A. Prasanna.
Indian lenders have urged the RBI to ease
liquidity conditions as overnight cash rates have
stayed above the policy rate.
The call rate was at 6.85% and the TREPS rate
was at 6.78% yesterday, both well above the repo
rate of 6.50%.
So far, the central bank has conducted
shorter-term repo auctions to infuse cash into the
banking system but refrained from infusing
longer term money.
“We think the RBI will keep liquidity in deficit
mode in the near term, but keep reducing the size
of deficit steadily going forward,” said Standard
Collaboration Framework the two sides have.
Taiwan plays a key role in the global economy
and the three existing structures “echo the issues
valued by the Indo-Pacific Economic
Framework”, Lai told the US-Taiwan Business
Council at a meeting in Taipei.
“I very much hope that this can become an
important basis for Taiwan to join the Indo-Pacific
Economic Framework in the future,” a statement
from the presidential office cited Lai as saying.
Lai, who takes over as Taiwan’s new president
on May 20, is now its vice-president.
Taiwan is a major producer of chips used in
everything from microwaves to iPhones and
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pledged to take more steps to support the
recovery.
Analysts said more stimulus is needed this
year as the government aims to spur growth to
fend off deflationary risks and keep a lid on
unemployment as businesses remained wary of
adding workers.
But the central bank faces a dilemma as more
credit is flowing to productive forces than into
consumption, which could add to deflationary
pressures and reduce the effectiveness of its
monetary policy tools, analysts said.
The economy grew 5.2% last year, meeting
the official target, but the recovery has been
more shakier than investors had expected.
Analysts polled by Reuters expected
economic growth to slow to 4.6% this year.
– Reuters
Chartered Bank head of financial markets (India)
Parul Mittal Sinha.
“We believe that easing liquidity conditions
towards neutral would be interpreted as a
precursor to rate cuts.”
Earlier this month, RBI governor Shaktikanta Das
said it would be too premature to talk of a monetary
policy pivot when inflation is still elevated.
Traders expect another short-term repo
auction to be announced soon as three trillion
rupees of outstanding repos will mature today.
“RBI will need to persist with variable rate repos
to ensure liquidity demands are met,” said IDFC
First Bank economist Gaura Sen Gupta. – Reuters
fighter jets, and is home to TSMC , the world’s
largest contract chipmaker.
In a separate statement, the Foreign Ministry
said two visiting American lawmakers, Mario
Diaz-Balart and Ami Bera of the Congressional
Taiwan Caucus, would be in Taiwan until
tomorrow, meeting both Lai and President Tsai
Ing-wen.
Taiwan has previously sought to join the
Indo-Pacific Economic Framework.
In November, American negotiators pressed
hard to complete trade talks on the Indo-Pacific
Economic Framework initiative, but failed to
reach a deal in time for a summit of the Asia
BIZ & FINANCE
Japan’s Nidec
slashes profit
forecast amid
tough competition
TOKYO: Japanese electric motor
maker Nidec Corp slashed its full-year
operating profit forecast by nearly a
fifth yesterday, warning of
uncertainty in demand and
intensifying price competition in
China’s electric vehicle (EV) market.
The sobering outlook for the
company’s signature e-axle traction
motor business highlights the
challenges parts makers face in the
world’s biggest auto market, where a
price war and fewer subsidies for EV
buyers has increased pressures to cut
costs.
The Kyoto-based manufacturer
cut its operating profit forecast for
the financial year to March 31 by 18%
to ¥180 billion (RM5.8 billion), versus
an average forecast of ¥219.7 billion
by 18 analysts surveyed by LSEG.
Iwai Cosmo Securities senior
analyst Kazuyoshi Saito said the
filings suggested it may take longer
than expected for Nidec to revitalise
the e-axle traction motor business,
adding the company is known for its
heavy dependence on China.
The company has invested heavily
in developing and producing the
motor, which combines an EV’s gear,
motor and power-control electronics,
and is keen to expand the business.
“It feels like it won’t be able to
survive unless they implement a
major change in strategy,” Saito said,
commenting on the traction motor
business in China.
“I’m concerned it will be a
negative surprise for the stock price.”
Third-quarter operating profit
nearly doubled to ¥53.6 billion,
compared to ¥28 billion a year earlier.
That was slightly lower than a
¥55.6 billion average profit in a
survey of eight analysts by LSEG.
Nidec said in presentation
materials it expected to book
expenses for structural reforms of its
EV-traction business before
improving the segment’s profitability,
without adding exact details of the
measures it plans to take.
Nidec billionaire founder
Shigenobu Nagamori will address
journalists and analysts when the
company holds a briefing about the
results later this week.
The company aims to improve its
EV-traction business in China
through limiting unprofitable
orders and localising product
development and procurement, it
said in the presentation materials.
– Reuters
Pacific Economic Co-operation, at which
US President Joe Biden had hoped to showcase
it as an alternative to deeper trade ties with
China.
China, which claims Taiwan as its own
territory despite the objections of the
government in Taipei, has condemned the US
Indo-Pacific push, saying Washington is creating
“exclusive clubs”.
Any Taiwan participation in the Indo-Pacific
Economic Framework would probably further
strain Sino-US ties, with Beijing angered by any
show of support from Washington for the island.
– Reuters
 BIZ & FINANCE
Thai premier asserts
economy is in crisis
oSrettha pledges stimulus
measures despite central
bank chief’s disagreement
BANGKOK: Thai Prime Minister Srettha
Thavisin yesterday stuck to his belief that the
the economy is in crisis and said he would roll
out stimulus measures on top of handouts,
despite the central bank governor’s
disagreement with his approach.
The comments came after Bank of Thailand
(BOT) governor Sethaput Suthiwartnarueput
told Reuters the previous day that the
government’s quick stimulus measures would
not fix structural issues plaguing Southeast
Asia’s second-biggest economy.
“I confirm that the economy is not doing
well and is in crisis,” Srettha told reporters,
EU flags flying outside the European Commission headquarters in Brussels. – REUTERSPIC
EU to ramp up efforts to shield sensitive assets
BRUSSELS: The European Union (EU) will
unveil a raft of measures later this week to
better coordinate action on protecting
sensitive technology and stopping critical
infrastructure from falling into the hands of
geopolitical rivals like China.
Brussels has bolstered its trade armoury to
tackle what it deems to be risks to European
economic security, following Moscow’s
invasion of Ukraine and global trade tensions.
The EU has already proposed new rules
that it says are necessary to keep the bloc
competitive during the global transition to
clean technology and to bring more
production to Europe.
The fallout from the war in Ukraine hit
Europe particularly hard, forcing the bloc to
find alternative energy sources.
Now, it wants to avoid a similar
over-reliance on China, which dominates in
green technology production and critical raw
materials.
“The change in EU-China relations has
adding it was fine if the central bank chief
disagreed with him.
This week the government slashed 2024
growth projections to 2.8% from an earlier
forecast of 3.2% on weaker exports and lower
foreign tourist numbers.
It also lowered the 2023 growth estimate to
1.8% from 2.7%.
Growth in 2022 was 2.6%.
In the interview with Reuters, Sethaput
said growth had been slower than expected
but the economy was not in crisis, as the
government portrayed.
The central bank chief has drawn fire from
the premier for not cutting interest rates,
despite low inflation.
A political newcomer who is also finance
minister, Srettha has told the governor that
high rates were hurting businesses and has
urged the BOT to lower rates, which are at a
decade-high of 2.5%.
His government has promised a slew of
been the driving force of this embrace of
economic security, which is something
extremely new for the union,” said Mathieu
Duchatel, director of international studies at
the Institut Montaigne think tank.
The package is part of the EU’s focus on
de-risking but not decoupling from China,
pushed strongly by European Commission
President Ursula von der Leyen.
It is about addressing “risks to EU
economic security, while ensuring that the EU
remains a most attractive destination for
business and investment”, according to a draft
text seen by AFP.
“Geopolitical tensions and the pace of
technological change mean there is a need
for more coordinated action at EU level,” the
document said.
When the European Commission
publishes the package this week, there will be
five initiatives including toughening rules on
the screening of foreign direct investment
(FDI).
stimulus measures to revive the economy,
including a US$14 billion handout
programme targeting 50 million Thais, to be
spent within six months.
“Reducing interest rates is a central bank
matter ... but there will be more policies in
addition to the digital wallet,” Srettha said.
Separately yesterday, a Finance Ministry
official said Thailand’s baht currency was
expected to average 34.4 a US dollar this year,
driven by dollar weakness.
The baht was traded at about 35.8 a US
dollar on Wednesday.
The baht is expected to strengthen in line
with currencies of other countries seeing
economic recovery, while higher foreign
tourist numbers are also supporting it,
Warotai Kosolpisitkul, an adviser to the
ministry’s Fiscal Policy Office, told a briefing.
He said the economy is expected to continue
growing while the country should record a
bigger current account surplus. – Reuters
The others include improved coordination
of export controls, ways to promote research
and development of dual-use technologies,
and measures to strengthen research security.
Another draft text seen by AFP said member
states must establish screening mechanisms.
“A significant share of FDIs in the EU still
goes to member states that do not have a
screening mechanism and this leaves
vulnerabilities because potentially critical
FDIs remain undetected,” the document said.
The commission will also propose looking
at the risks that could result from investments
in certain sensitive technologies from the EU
to third countries, and whether mitigating
measures are needed.
In October, the EU unveiled a list of four
critical technologies – advanced
semiconductors, artificial intelligence,
quantum computing and biotechnology –
that present the most sensitive and
immediate risks related to technology
security and leakage. – AFP
THURSDAY | JAN 25, 2024
BIZ & FINANCE 17
Profit margins of On
sneakers cause stir
ZURICH: The profit margins of On’s running
shoes are causing a stir in their homeland over
the difference between their sales price in
Switzerland and the production cost in Vietnam.
The Swiss consumer magazine K-Tipp
published a study last week which looked at
customs data for 30 On products, comparing the
figures seen there with the price in Switzerland.
For the model called “The Roger Advantage”,
co-created with the Swiss tennis star Roger
Federer, On pays 17.86 Swiss francs (RM97) to the
manufacturers in Vietnam, and sells them online
for 190 francs (RM1,031), the magazine said.
K-Tipp said that while high markups are
common for sports shoes, On’s profit margin was
much higher than that of rivals like Adidas and
Puma.
Popular with athletes, On was listed on the
New York Stock Exchange in 2021 and counts
Federer among shareholders.
The company – which had a turnover of
1.2 billion Swiss francs in 2022 – produces high-
performance sports shoes with “run on clouds”
soles, according to the brand slogan.
“We do not disclose or comment on
commercially sensitive or confidential
information,” On told AFP in an e-mail.
“However, we would like to point out that the
figures published in the media last week
contained inaccurate information.”
K-Tipp’s investigation sparked numerous
reactions in Switzerland, where Federer is
comfortably the biggest sports star.
“Sustainable management consists of
equitably sharing the fruits of value creation,”
Oliver Cassen, spokesman for the NGO Public
Eye, told AFP.
“If the profit margin of a brand company is so
much larger than the margin of shoe factories,”
he added, “then the balance is not good”.
Public Eye regularly publishes reports on
working conditions in the fashion and clothing
industry.
The On brand was created in 2010 by Swiss
ironman champion Olivier Bernhard, who
developed a shock absorption system with an
engineer from the Swiss Federal Institute of
Technology in Zurich. – AFP
Vietnam internet firm
VNG withdraws US IPO
HANOI: Vietnamese internet company VNG Ltd
has withdrawn its initial public offering (IPO)
registration in the United States, a statement
filed to the US Securities and Exchange
Commission dated Jan 19 shows.
Ho Chi Minh City-headquartered VNG said in
the statement it “has determined not to conduct
a registered offering at this time and intends to
file a new registration statement in the future”.
VNG did not disclose its reason for
withdrawing not any timeframe for a future
registration.
A source familiar with the matter said the
company could not meet some certain
deadlines for the registration and hence
withdrew, but would continue to explore the
listing opportunity.
The company declined to comment.
VNG in September had delayed its plan to list
in the US, in an IPO that could have raised
US$150 million (RM710 million), due to volatile
market conditions, Reuters reported at that time
citing a person with direct knowledge of the
matter.
Founded in 2004, VNG was Vietnam’s first
unicorn – a startup valued at US$1 billion or
more.
Its businesses include online games,
payments, cloud services and Vietnam’s most
popular messaging app Zalo.
It counts Chinese internet giant Tencent and
Singapore state investor Temasek among its
shareholders.
An IPO would have made it the first
Vietnamese technology company to list in the
US. – Agencies
 THURSDAY | JAN 25, 2024
18 BIZ & FINANCE
‘Positive signs’ for chip world
oDutch tech firm ASML says
profit and sales soar in 2023
THE HAGUE: Dutch tech giant ASML, which
supplies chipmaking machines to the
semiconductor industry, reported on
Wednesday a rise in annual net profit despite a
high-tech trade spat between China and the
West.
Net profit came in at €7.8 billion (RM40
billion) for 2023, the firm said in its annual
results, compared to €5.6 billion the previous
year.
“The semiconductor industry continues to
work through the bottom of the cycle,” CEO
Peter Wennink said in a statement.
“Although our customers are still not
certain about the shape of the semiconductor
market recovery this year, there are some
positive signs.”
ASML is one of the world’s leading
manufacturers of equipment to make
state-of-the-art semiconductor chips,
which power everything from mobile phones
to cars.
But the semiconductor industry has
become a geopolitical battleground, as the
West seeks to restrict China’s access over fears
the chips could be used for advanced
weaponry.
ASML announced earlier this month that it
had been blocked from exporting “a small
number” of its advanced machines to China,
amid reports of US pressure on the Dutch
government.
At the time, Beijing lashed out at what it
called “bullying behaviour” by Washington,
adding that it “seriously violates international
trade rules”.
Netflix subscriber numbers jump despite price hikes
SAN FRANCISCO: Netflix added 13 million
subscribers in the final three months of last
year, the company said on Tuesday, despite
price hikes at the leading streaming service.
Netflix finished 2023 with slightly more
than 260 million subscribers worldwide, with a
profit of US$938 million (RM4.4 billion) in the
final quarter versus just US$55 million in the
same period a year earlier.
“We believe there is plenty of room for
growth ahead as streaming expands,” the US
company said in an earnings letter.
Netflix shares were up more than 8% to
US$532.75 in after-market trades that followed
the release of the earnings figures.
“Netflix sticks out as the clear front runner
in the streaming wars,” said Insider Intelligence
principal analyst Ross Benes.
The streaming pioneer said that despite
last year’s strikes by Hollywood actors and
writers, the company has a “big, bold” slate of
content for release this year.
The company touted coming content
including a sequel to the hit Squid Game series
out of South Korea and a brand new 3 Body
Problem show based on a bestselling novel by
the same name.
“Choice and control are the price of entry in
modern entertainment, and that is streaming,”
Netflix said in the letter.
“It’s what consumers want, and we believe
it’s the best way for our industry to stay
relevant and growing.”
The earnings news came the same day that
Netflix sealed a long-term broadcast deal with
the WWE professional wrestling juggernaut, as
it pushes further into sporting events.
Beginning in the United States in 2025,
Netflix will become the exclusive new home of
Raw, the WWE’s flagship programme that has
been broadcasting on television since 1993.
China has described the restrictions placed
on exports as “technological terrorism”.
Amid the trade tensions with China, there
are also concerns Beijing may introduce its
own export controls on gallium and
germanium – two rare earth metals critical for
the manufacture of semiconductors.
ASML has shrugged off the financial impact
of the geopolitical headwinds, with top
officials saying the firm is well placed to
weather the storm.
The company has said it expects flat sales
this year, which it has called a “transition year”,
before registering “significant growth” in 2025.
Overall net sales for 2023 came in at €27.6
billion, up from €21.1 billion in 2022.
The numbers for the fourth quarter were
also slightly better than the firm had expected,
with profits of €2 billion on sales of €7.2 billion.
ASML said its pipeline was also robust, with
The agreement will also see WWE shows
and live events streamed across the globe as
their rights become available.
With an initial 10-year term for US$5 billion,
the deal has an option for Netflix to extend the
deal for an additional 10 years or opt out after
the initial five years.
“We expect our industry to remain highly
competitive,” Netflix said, citing heavy
investment by rivals such as Amazon, Apple
and YouTube.
“It’s why continuing to improve our
entertainment offering is so important.”
Netflix late last year increased the price of
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net bookings nearly tripling to €9.2 billion in
the fourth quarter compared to €2.6 billion
euros in the third.
“Our strong order intake in the fourth
quarter clearly supports future demand,”
Wennink said.
However, net bookings were down for the
year as a whole, at €20 billion compared to
€30.6 billion in 2022.
The firm said sales in the first quarter of this
year were expected to slow compared to the
pace set in the fourth quarter of last year, with
a forecast of €5 billion to €5.5 billion.
“In spite of the positive signs as described
above, we maintain our conservative view for
the total year and expect 2024 revenue to be
similar to 2023,” Wennink said.
“We also expect 2024 to be an important
year to prepare for significant growth that we
expect for 2025.” – AFP
The Netflix logo is displayed at the
entrance to the company’s
Albuquerque Studios in the
US state of New Mexico. – AFPPIC
its basic plan in the United States to US$11.99
monthly and its premium plan to US$22.99,
with similar price increases seen in Britain and
France.
Netflix co-chief executive Greg Peters said
during an earnings call that the company is
continuing to expand its lineup of more than
80 mobile games that subscribers can play,
having recently added the blockbuster Grand
Theft Auto.
“We’re stoked by the performance of Grand
Theft Auto,” said Peters, noting that the Netflix
mobile game exceeded even the company’s
high hopes for it. – AFP
BIZ & FINANCE
Alaska Airlines finds
many loose bolts
on its MAX 9 planes
NEW YORK: Boeing came under renewed
pressure on Tuesday as the head of Alaska
Airlines said inspections carried out after a
dangerous incident had found many loose
bolts on its 737 MAX 9 aircraft.
The Federal Aviation Administration
grounded 171 Boeing 737 MAX 9 aircraft
following the incident on Jan 5, when a panel
blew off the Alaska Airlines plane mid-flight,
leaving a hole in the fuselage and forcing an
emergency landing.
Alaska Airlines chief executive Ben
Minicucci told NBC News on Tuesday that an
in-house inspection of its Boeing 737 Max 9
fleet carried out after the incident had found
that “many” of these aircraft had loose bolts.
“I’m more than frustrated and disappointed.
I am angry.
“This happened to Alaska Airlines. It
happened to our guests and happened to our
people,” he added, calling on Boeing to
“improve their quality programmes in-house”.
Earlier on Tuesday, United Airlines cast
doubt on future orders and deliveries of
Boeing 737s in the wake of the near-disaster.
In a conference call, its chief financial officer
Michael Leskinen said 31 out of the 107 aircraft
United expects to take delivery of this year are
Boeing 737 Max 9 aircraft.
“It is unrealistic at this time to believe all of
those aircraft will deliver as currently planned.”
Alongside its MAX 9 orders, United also has
277 as-yet-uncertified Boeing 737 MAX 10
aircraft on order through the rest of the 2020s,
and options to purchase 200 further aircraft,
Leskinen told the conference call.
“We also expect a reduction in orders and
deliveries from Boeing in 2025,” he said, noting
that orders of 737 MAX 10s would also likely be
affected. – AFP
abrdn to axe 500 jobs
amid fund outflows
LONDON: British asset manager abrdn
confirmed plans to cut costs yesterday after
suffering worse than expected outflows of
client cash in the second half of last year.
Abrdn and other active asset managers
have been grappling with turbulent markets
and growing competition from low-cost
passive investors.
The Edinburgh-based company reported
net outflows of £12.4 billion (RM75 billion) for
the period, more than double the £5.2 billion
withdrawn in the first six months of 2023, in a
pre-close trading update ahead of its full-year
results next month.
It also confirmed media reports on Tuesday
that it would shed 500 roles, or about 10% of its
total workforce.
Abdrn said yesterday it aimed to cut £150
million of costs by 2025.
Abdrn shares fell 3.5% by 0836 GMT
(2.36pm in Malaysia), having fallen 3.2% the
previous day on the reports of its cost-cutting.
Analysts at JPMorgan said in a note the
outflows were worse than forecast, but that
investors would welcome the cost-cutting.
Abrdn CEO Stephen Bird said the cuts
sought to restore the company’s investments
business to an “acceptable level of profitability”
and would be focused on the company’s group
functions and support services.
They will be largely implemented this year
and completed in 2025, he added.
The fund manager said its assets under
management and administration dipped over
the period to £494.9 billion, down from £495.7
billion at the end of June.
Abdrn was formed from the 2017 merger of
Standard Life and Aberdeen Asset Management.
– Reuters
 THURSDAY | JAN 25, 2024
20 BIZ & FINANCE

MARKETS/FROM THE BROKERS BIZ & FINANCE

SUNBIZ presents extracts of a selection of commentaries and research reports received from DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports
stockbrokers on counters that could be of interest to investors. and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation,
recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shalll not be
[ Compiled by SunBiz Team liable or responsible for any consequences resulting from usage of the information.

MISC expands fleet with Ringgit slips against US dollar Exchange Rates
one FPSO and one VLCC in line with regional currencies FOREIGN CURRENCY SELLING TT/OD BUYING TT BUYING OD

KUALA LUMPUR: The MISC Group has strengthened its KUALA LUMPUR: The ringgit eased against the US dollar at the 1 US Dollar 4.8005 4.6675 4.6575
position as a progressive maritime conglomerate with the close of trading yesterday in line with regional currencies amid 1 Australian Dollar 3.1750 3.0490 3.0330
addition of two more assets to its current fleet, FPSO Marechal uncertainty over a US interest rate cut. 1 Brunei Dollar 3.5760 3.4720 3.4640
Duque de Caxias, and Eagle Veracruz, its latest LNG dual-fuel At 6pm, the ringgit slipped to 4.7280/7350 against the 1 Canadian Dollar 3.5600 3.4640 3.4520
Very Large Crude Carrier (VLCC) via the group’s petroleum greenback compared to Tuesday’s closing of 4.7265/7290. 1 Euro 5.2160 5.0460 5.0260
arm. Bank Muamalat Malaysia Bhd chief economist Dr Mohd 1 New Zealand Dollar 2.9370 2.8280 2.8120
MISC president and group CEO Captain Rajalingam Afzanizam Abdul Rashid said Bank Negara Malaysia’s (BNM) decision 1 Singapore Dollar 3.5760 3.4720 3.4640
Subramaniam said, “I am proud that we have been able to yesterday to keep the Overnight Policy Rate (OPR) unchanged at 3% 1 Sterling Pound 6.1000 5.9130 5.8930
open 2024 with two significant additions to MISC Group’s was much in line with most economists’ expectations. 1 Swiss Franc 5.5070 5.3820 5.3670
fleet – our FPSO Marechal Duque de Caxias and Eagle Veracruz, He said judging from the central bank’s statement, the OPR is 100 UAE Dirham 132.1500 125.2800 125.0800
symbolising our focused and continuous commitment to likely to remain steady in the near future. 100 Bangladesh Taka 4.4540 4.1620 3.9620
supporting energy security and transition initiatives “On that note, views on the timing of the US interest rate cut 100 Chinese Renminbi 67.3400 64.4700 N/A
responsibly and sustainably globally. matters. It seems that the timing for the first cut has been pushed 100 Danish Krone 71.7100 65.9800 65.7800
Currently, he added, 15% of AET’s global petroleum fleet is back, allowing the wide interest rate differential with the US rate to 100 Hongkong Dollar 61.9800 58.8900 58.6900
powered by LNG dual-fuel technology, and growing. be persistent. 100 Indian Rupee 5.8600 5.5000 5.3000
“Whilst we continue to transition to the next generation of “This would mean investing in US assets would give a better 100 Indonesian Rupiah 0.0316 0.0286 0.0236
cleaner and near-zero-emission fuel technology, we continue yield compared to investing in emerging economies’ assets. This 100 Japanese Yen 3.2460 3.1450 3.1350
to believe that LNG would still play a key role in the essentially would keep the US dollar strong,” Mohd Afzanizam told 100 New Taiwan Dollar 16.4000 N/A N/A
responsible transition,” he said. Bernama. 100 Norwegian Krone 46.8900 43.1300 42.9300
Simultaneously the group’s entry into the Brazilian energy Meanwhile, the ringgit was traded lower against a basket of 100 Pakistan Rupee 1.7500 1.6400 1.4400
market with an HISEP-ready vessel – FPSO Marechal Duque de major currencies. 100 Philippine Peso 8.6500 8.1500 7.9500
Caxias, not only marks a strategic move into ultra-deepwater It depreciated vis-a-vis the Japanese yen to 3.2043/2093 from 100 Qatar Riyal 133.0600 126.3200 126.1200
operations but also emphasises their commitment to CO2 3.1994/2013 at Tuesday’s close, slid against the British pound to 100 Saudi Riyal 129.3300 122.7700 122.5700
processing capabilities. 6.0343/0433 from 6.0159/0191 yesterday and eased versus the 100 South Africa Rand 26.1200 23.5900 23.3900
“As we embark on this purposeful journey into 2024, our euro to 5.1540/1616 from 5.1457/1485. 100 Sri Lanka Rupee 1.5400 1.4200 1.2200
teams at sea and shore are the driving energy behind our However, the local note was traded mixed against Asean 100 Swedish Krona 47.2000 42.9800 42.7800
progress. We will continue to stay true to our aspirations of currencies. 100 Thai Baht 14.0400 12.4500 12.0500
being a valued partner in a just and responsible global energy It was lower against the Singapore dollar at 3.5331/5386
transition,” said Subramaniam. compared with 3.5283/5304 at Tuesday’s close. Source: Malayan Banking Bhd/Bernama

Bursa Malaysia Bhd Mah Sing Group Bhd Spritzer Bhd

Buy. Target price: RM8.10 Outperform. Target price: RM1.00 Neutral. Target price: RM2.08

Jan 24, 2024: RM2.15

Jan 24, 2024: RM0.93

Jan 24, 2024: RM7.30

Source: Bloomberg, TA Securities

TO RECAP, Bursa reported a 20.5% YoY increase in Q3’23 net

profit. 9M23 net profit grew from RM177.6 million to RM192.8
million, representing 75% of our full-year estimates. Looking
ahead to the fourth quarter results, we anticipate Bursa to deliver
a predominantly stable sequential performance. However, there is
a potential downside risk to our full-year forecast, stemming from
the absence of a notable acceleration in trading activities during
the Q4 and the possibility of softer-than-expected contributions
from the non-trading revenue segment.
We anticipate that the overall trading revenue should remain
stable QoQ. This expectation is anchored in the assumption that
total Average Daily Volume and trading velocity would stay
relatively steady. That said, we predict that trading velocity will
remain unchanged at around 30% in the Q4.
We foresee a more vibrant 2024 as Bursa Malaysia strategically
unveils several innovative investment assets and tools to broaden
investor engagement and mitigate the decline in operating
income. The launch of the Bursa Gold Dinar app, focusing on gold
as an investment asset, holds promise for generating new revenue
streams and diversifying Bursa’s offerings.
Our optimism is further buoyed by the Bursa Carbon Exchange,
introduced in September 2023, which has initiated trading in
carbon credits. The forthcoming inclusion of Renewable Energy
Certificates (RECs) by Q3’24 adds another layer of potential
growth.
We are maintaining our current FY23 earnings estimates while
awaiting the impending release of Bursa’s Q4’23 results. The 9M23
performance indicates that Bursa is progressing in line with its PBT
target range of RM295 million to RM326 million.
Updating beta assumptions based on the latest data from
Bloomberg, we raise Bursa’s target price to RM8.10 from RM7.30,
based on an implied FY24 PER of around 24.7x. We reiterate our
BUY recommendation on Bursa.
Source: Kenanga Research
MAHSING has announced a joint venture agreement with its
long-time Indonesian plastics distribution partner. The group is
setting up a joint venture with PT Gaya Sukses Mandiri Kaseindo
(PT Gaya) to jointly engage in the manufacturing and trading of
plastic pallets, containers, and related material handling and
storing products in Indonesia. The JV will be operated with a 70%
ownership by MASHING and the remaining 30% by PT Gaya.
This is intended to enable the group to dedicate its efforts in
expanding its production capacities in Indonesia while relying on
PT Gaya’s expertise in tapping into its wide existing distribution
network there. We gathered that PT Gaya does not have an existing
plastics manufacturing facility to support the abovementioned JV.
We are positive on the deal as it allows Mah Sing to tap into a
growing market opportunity, especially with Indonesia expected
to see strong economic prospects in the near term. That said, we
do not expect meaningful contributions from the segment in the
near-term as it is perpetuated by losses, dragged by the group’s
glove division.
We like Mah Sing for: (i) its efforts to keep its net gearing ratio in
check, with a Q3’23 reading of 0.13x being the lowest, compared to
0.34x in Q2’22, (ii) lifestyle-focused products providing ease of entry
for first-time house buyers, and (iii) sound land bank management
turnaround which minimises carrying costs. That said, Mah Sing is
still relatively heavily exposed to high-rise residential properties
which will continue to be in a state of overhang in certain regions.
Risks to our call include: (i) the overhang in the high-rise
segment persists, (ii) widening losses at its glove division due to
persistent oversupply, and (iii) sustained elevated inflation and
rising interest rates, hurting affordability.
Maintain OUTPERFORM and TP of RM1.00.
Source: Public Investment Bank
ALTHOUGH revenue is expected to grow on the back of robust
demand for bottled water, Spritzer is likely to chalk lower earnings
growth ahead due to weaker margin. This is mainly due to higher
raw material cost as a result of a weaker ringgit as well as higher
logistic costs. We believe the recent run up in its share price has
already priced in the positive outlook of stronger demand for
bottled water. We are of the view that its stock is currently trading
at a premium, at +1SD of its average 5-year forward PE.
Spritzer’s Q3 FY23 revenue grew by 10.8% YoY due to an increase
in bottled water sales and higher ASP. The group reported its
strongest quarterly profit yet at RM17 million (+49% YoY), on better
product mix, economies of scale as well as lower raw material costs.
According to data from Statista, Malaysia’s bottled water industry
is expected to grow at a 4-year CAGR of 5.9% to US$289.4 million
(RM1.4 billion) by 2027. As such, we believe that Spritzer will continue
to benefit from the growing trend, given its position as the market
leader in Malaysia’s bottled water industry as it accounts for 45% of
the market share. Furthermore, the recovery in economic and tourism
activities should lead to higher consumption of bottled water.
The group has earmarked RM36 million as capex to install two
new lines in Taiping and Yong Peng to boost its annual capacity to
1.2 billion litres from 1 billion litres. We understand that the new
mineral water line in Taiping has started commissioning while the
new line in Yong Peng will commission by Q1 CY24 which should
help reduce logistic costs to Singapore. The group is looking to grow
its market share in Singapore.
NEUTRAL from Outperform with an unchanged TP of RM2.08
based on 13x FY24F EPS.
 THURSDAY | JAN 25, 2024
22 LYFE
Daniall earned a degree in Theatre Scenography from UiTM.
Plant whisperer
oDaniall’s pursuit of joy through nature and beauty
█ BY YASMIN ZULRAEZ
D
ANIALL Azizi, a content
creator affiliated with Alpha
Neyaga, specialises in social
media content planning.
Leveraging his background as a
make-up artist, he excels at designing
visually captivating graphics for
Instagram. Collaborating with
marketing departments, Daniall
creates strategic campaigns.
While recognised for his content
creation and make-up expertise,
Daniall has garnered a following on
social media for his passion for indoor
plants.
Describing himself as a “monstera
enthusiast” on TikTok
(@daniallazizi17), he combines his
love for botany and makeup to
showcase his eye for beauty.
This unique blend allows him to
highlight meticulous attention to
detail in both cosmetic artistry and
nature, creating a vibrant and
aesthetically pleasing online
presence.
Daniall’s transition from a
renowned makeup artist to a nature
content creator is a story of passion
and personal growth.
“My journey in makeup,
collaborating with major companies
and working on projects like Ola Bola
The Musical 2, exposed me to the
transformative power of art and
creativity,” said the soft-spoken
Daniall.
His background in theatre
scenography further fuelled his
appreciation for artistic expression,
laying the foundation for his
newfound love for nature.
Reflecting on his favourite indoor
plants, Daniall highlights Pothos and
Monstera. “Choosing a favourite
indoor plant is like picking a favourite
piece of art – it’s a tough decision
because each plant holds a special
place in my heart,” he explained.
Pothos holds sentimental value as
his first collected plant, symbolising
his entry into the world of indoor
Sustainability is a key theme in Daniall’s content.
plants. Monstera, with its graceful
growth and captivating leaves,
fascinates him as a living art form.
“It’s not just a plant for me – it’s a
reminder of my journey into the
world of indoor plants and a
connection to nature that I carry with
me. Watching a Monstera’s leaf unfold
is like witnessing a dance – it exudes a
sense of calm and tranquilly,” he
further explained.
Daniall immaculately integrates
elements of beauty and aesthetics
from the makeup world into his
nature content. Drawing parallels
between makeup and plants, he views
each plant as a living canvas.
The transition from fantasy
makeup to capturing the essence of
indoor nature allows him to connect
people with beauty and inspiration in
various forms.
“Similar to creating a makeup look
that enhances natural beauty, I strive
to curate indoor spaces with plants
that complement and enhance the
aesthetics of the surroundings. “It is
an opportunity to bring nature’s
beauty indoors,” said the Alor Setar
native.
Combining beauty influencer
experiences with nature content
creation presents unique challenges.
Despite challenges, this fusion brings
forth opportunities for innovation
and creativity.
“One of the key challenges is
finding the right balance between the
meticulous and glamourous world of
beauty and the organic,
unpredictable nature of plants,”
explained the 27-year-old.
Daniall’s primary aim with his
nature content is to inspire and
empower his audience. He fosters a
sense of community by engaging with
followers through direct messages,
interactive videos and various social
media platforms.
The goal is to create content that
not only captivates visually but also
leaves a lasting impact by
encouraging a community that finds
joy in nature.
LYFE
Daniall firmly believes that creating the right scenery helps content
gain more traction.
“My journey into the world of
indoor plants is not just about
creating visually appealing content –
it’s a personal pursuit of joy and
contentment. I aim to create a space
where plant enthusiasts and curious
beginners alike can connect, learn
and share their own experiences,”
said the theatre scenography degree
holder.
While not exploring deeply into
personal stories, Daniall’s transition
represents a quest for inner peace and
a deeper connection with the natural
world. His approach to nature content
creation is influenced by this desire
for inner harmony.
“I strive to convey the therapeutic
and calming aspects of plants through
my content. Plants became a source
of comfort, teaching me valuable
lessons about growth, resilience and
the beauty of simplicity,” explained
the young man, who also holds a
Masters degree in Performance
Studies.
Balancing the artistic aspects of
makeup with the natural beauty of
indoor plants is an exciting endeavour
for Daniall. Treating each plant as a
living canvas, he curates his collection
with a keen eye for complementary
colours, textures and arrangements.
“The juxtaposition of makeup and
plants allows for a dynamic narrative
in my content. It’s about telling a Daniall aims to create a synergy between make up artistry and botany. - PICS
visual story that captivates and COURTESY OF DANIALL AZIZI
inspires, merging the precision of
makeup artistry with the organic nature. envisions a continued evolution of his
elegance of nature,” said Daniall. Daniall uses his platform to platform, exploring innovative ways
While primarily focusing on educate his audience about indoor to merge makeup artistry with the
indoor plants, Daniall has plant care, sustainability and enchanting realm of indoor plants.
collaborated with brands like Lavojoy environmental consciousness. Education remains a cornerstone,
and Medicube, aligning with his Sustainability is a recurring theme, as with plans to expand efforts to
commitment to authenticity and he encourages mindful choices and empower the audience with practical
natural beauty. fosters a community that values both knowledge of plant care and
“These collaborations allow me to beauty and nature. sustainability. Multimedia avenues
explore and celebrate the holistic “Whether it’s discussing the are on the horizon, creating a more
concept of beauty, from skincare to benefits of re-purposing containers immersive experience beyond the
the vibrant greenery of indoor plants,” for plant pots or showcasing eco- visual.
he stated. Looking ahead, he friendly plant care products, I strive to “One of my primary aspirations is
envisions future collaborations that inspire my audience to make mindful to burrow deeper into the synergy
explicitly merge his makeup artistry choices.” between beauty and plants,”
background with his passion for Looking forward, Daniall concluded Daniall.
 LYFE
█ BY HAZIQUE ZAIRILL
I
N the vibrant tapestry of
Malaysian culture, one unifying
thread stands out — the
profound and unapologetic love
for food. It is not merely sustenance
— it is the glue that binds this melting
pot of society.
Regardless of cultural
background, the common
denominator among Malaysians is an
unwavering passion for exceptional
grub that tantalises the taste buds and
leaves an indelible mark on the soul.
Unsurprisingly, in a nation where
every conversation seems to revolve
around the next delectable bite,
“food” reigns supreme as one of the
top categories for online searches.
An insatiable appetite drives
Malaysians to scour the digital
landscape for recommendations on
dining hot spots or new recipes to
recreate the magic at home.
Enter the world of social media,
where the impact is as palpable as the
aromas wafting from a bustling
hawker stall. Long queues materialise
seemingly overnight after a glowing
review by a well-known influencer
or a revered foodie website.
These influencers are the
heralds of gastronomic
trends, with the power to
make or break a food business.
Let us dive into the profiles of
some culinary maestros who
have become the heartbeats
of Malaysia’s foodie scene.
KA is known for the iconic
intro, “Hey whatsup guys?”
– INSTAGRAM /
@KHAIRULAMING
Fhazila’s reviews stand out for being simple yet thorough.
– INSTAGRAM / @JIELANASIR
Beyond the queue
oHow social media influencers drive
Malaysia’s food frenzy
Khairul (@Khairulaming)
“Hey, what’s up, guys?” the familiar
catchphrase of Khairul Amin
Kamarulzaman or KA as he is known.
Picture this — engaging one-minute
cooking videos on Instagram,
Facebook and TikTok, each a
masterpiece showcasing his
exceptional culinary skills.
With a staggering 3.8 million
Instagram followers, KA is not just a
culinary influencer — he is a
trailblazer. His renowned Sambal
Nyet achieved over one million sales
in less than four months, a testament
to the magnetic appeal of his simple
yet delicious recipes.
KA has carved a niche for
himself in both the culinary
world and the expansive
social media
landscape.
Ash and Wife
(@ashdanwife)
For Ash and Wife,
food is their love
language and they
have transformed it
into a spousal tag team
Fine dining food blogger Chan provides insights into upscale
restaurants. –INSTAGRAM / @ANNELUXURYEATS
THURSDAY | JAN 25, 2024
LYFE 23
adventure.
Documenting their culinary
exploits, they focus on must-visit
restaurants in Malaysia, providing
detailed reviews covering everything
from location and pricing to
discounts and promotions.
But they do not stop there — their
content extends beyond reviews,
offering followers a virtual restaurant
tour to bask in the ambience.
When not dining out, Ash and
Wife generously share home recipes,
infusing a personal touch into their
culinary journey. With a broad
appeal, their content is a feast for
those seeking food
recommendations and individuals
eager to enhance their culinary
prowess.
Fhazila Nasir (@jielanasir)
Enter Fhazila Nasir, a sensation in the
realm of authenticity and engaging
food reviews through entertaining
mukbang videos.
Complete with eating sound
effects, Fhazila captivates her
audience with simple yet thorough Ash and wife are the beloved foodie couple on social media.
reviews of an array of dishes. What – X / @ASHSUKAMAKAN
sets her apart is her diverse content
that goes beyond the usual fare, by profession, foodie by passion”— seeking delicious and creative plant-
featuring snacks, ice creams, desserts, your unmistakable sign to hit that based recipes.
fruits and kuih-muih. follow button if you are all about Her presence highlights the
This unique approach adds an exploring the swankier side of dining. increasing popularity and allure of
extra layer of engagement, resonating Chan has got all the pertinent vegan cuisine among local foodies. If
particularly well with local audiences. details on those classy eateries you you are involved in or interested in
With Fhazila, it is not just about the have been itching to try. plant-based and meatless meals,
main course — she is your guide to a following this foodie influencer is a
complete and delightful culinary Chia Woon Heng (@woon.heng) must — she is your go-to guide for all
adventure. For those venturing into the plant- things deliciously vegan.
based culinary realm, Chia is the In a nation where food is not just a
Anne Luxury Eats beacon guiding you through a necessity but a celebration, these
(@anneluxuryeats) flavourful journey. influencers have elevated the
Meet Anne Chan, a dedicated food This Kuala Lumpur-based food culinary experience to an art form.
blogger with a specialisation in the blogger’s passion for vegan food is They are the storytellers, the taste
fine dining scene, offering insights evident in her favourite recipes, architects and the trendsetters
into upscale establishments. showcasing not only her wok shaping Malaysia’s gastronomic
Boasting an impressive following dexterity but also her culinary landscape. So buckle up, fellow
of over 34.600 on Instagram, Chan expertise. foodies, as we embark on a
spills the beans on local restaurants With over 613,000 Instagram tantalising journey through the
through captivating photos and followers, Chia has become a well- diverse and delectable world of
videos. known food influencer, turning her Malaysian cuisine, guided by these
Her bio reads, “Financial advisor platform into a haven for those culinary maestros.
Chia shares easy-to-make Asian plant-based dishes. – WOONHENG’S
KITCHEN
 THURSDAY | JAN 25, 2024
24 LYFE
50 and fabulous
█ BY S. TAMARAI CHELVI
BOLLYWOOD heartthrob Hrithik Roshan is set to
captivate audiences once again with his upcoming film
Fighter, co-starring Deepika Padukone, scheduled for a
theatrical release on Jan 24.
While fans eagerly await the cinematic experience,
the film’s soundtrack and music video have already
become sensations.
Hrithik, renowned for his distinctive dance style,
showcases his impeccable moves in the
choreographed steps of the Sher Khul Gaye song,
creating a buzz and anticipation among his vast
fanbase.
The song’s infectious beats and Hrithik’s stylish
dance routine suggest the potential for it to become a
chart-topping hit.
The actor who skyrocketed to stardom with his
debut film Kaho Naa Pyaar Hai in 2000 recently
celebrated his 50th birthday.
Despite reaching this milestone, his boundless
energy and youthful appearance defy his age.
Adding a personal touch to the narrative, it is
noteworthy that Hrithik is currently romantically
involved with musician Saba Azad, bringing an
element of real-life charm to the reel-life charisma that
continues to make him a beloved figure in the Indian
film industry.
(From left) Saba and Hrithik are currently dating.
– INSTAGRAM
Exorcist sequel loses its
director
█ BY MARK MATHEN VICTOR
FOLLOWING the widespread condemnation over the
quality of last year’s The Exorcist: Believer, the film’s
sequel, The Exorcist: Deceiver, has lost its director, David
Gordon Green.
Despite recouping its production budget of US$30
million (RM139 million) by raking in US$137 million
(RM636 million) at the global box office, Believer failed
to provide proof that the trilogy Universal Pictures had
planned to produce would be able to post a profit.
This is after it spent US$400 million (RM1.8 billion)
getting the rights to the franchise.
Right after Believer’s release and the volley of
scathing criticisms shot at it, The Hollywood Reporter
revealed that its sources at Universal Pictures have
allegedly claimed that there would be “some degree of
creative rethink for the next two films”.
Prior to Believer, Green had written and directed the
three Halloween films from 2018 to 2022, which were
blockbuster hits at the worldwide box office that
grossed nearly US$500 million in total.
Additionally, Deceiver was also removed from its
2025 release window and it was replaced with Antoine
Fuqua’s Michael Jackson biopic Michael.
Universal Pictures and Blumhouse Productions are
currently looking for a new director to helm the project.
(From left) Green left the project to focus on a Ben Stiller
comedy-drama. - UNIVERSAL PICTURES
FOLLOW Malaysian Paper
ON INSTAGRAM
@thesundaily
LYFE
Top Gun 3 is set to hit
theatres in the near
future. – PARAMOUNT
PICTURE
In need of speed
oCruise set to reprise his development, there are definitive plans for
a sequel to follow the 2022 release of Top
earning nearly US$1.5 billion (RM7 billion)
globally and receiving six Oscar
role as Capt Pete Gun: Maverick and the original Top Gun
from 1986.
nominations.
However, Cruise is currently occupied
‘Maverick’ Mitchell. While no agreements are finalised, the
intention is to bring back the original film’s
with shooting Mission: Impossible 8 for
Paramount, the next instalment in the
producers – Cruise, Jerry Bruckheimer and long-running franchise.
director Joseph Kosinski. Acting as a direct sequel to Mission:
█ BY HAZIQUE ZAIRILL Considering the sequel’s connection to Impossible: Dead Reckoning Part One,
A
Maverick, it is conceivable that Cruise’s released in 2023, Mission: Impossible 8 is
MERICAN actor Tom Cruise, younger co-stars, Miles Teller and Glen set to hit screens in May 2025.
known for his outstanding
performances in action films, is
Powell, may also return.
While the script is still in progress,
According to reports, shooting for Top
Gun 3 would not commence until Cruise
preparing for his return in a third
installment of the iconic Top Gun series.
An insider close to the project revealed
writer Ehren Kruger, who co-wrote Top
Gun: Maverick, is actively working on the
first draft.
completes his work on Mission: Impossible
8.
In addition to his film commitments,
to CNN that Paramount is currently in the The decision to develop another sequel Cruise is collaborating with NASA on a film
initial stages of developing the script for is not surprising, given the immense set in outer space, showcasing the actor’s
this new high-octane aviation movie. success of Top Gun: Maverick, which diverse and ambitious cinematic
Although the film is in its early stages of became Cruise’s highest-grossing film, endeavours.
28 Days Later re-booted
LOOKING at an outcome similar to Mad
Max: Fury Road, The Hollywood Reporter
broke the news that Danny Boyle and Alex
Garland are once again teaming up for 28
Years Later, the follow-up to 2002’s 28 Days
Later, an iconic zombie film that changed
horror cinema.
Boyle directed the first film based on
Garland’s script and William Morris
Endeavour, the agency that represents both
filmmakers, will be selling the film to
studios, streamers and other potential
buyers.
Though the original film had a follow-up
in 28 Weeks Later back in 2007, Boyle and
Garland had nothing to do with that film
and the new 28 Years Later will be a direct
sequel to the first film that starred Cillian
Murphy, with the filmmakers hoping to
launch a new trilogy.
While it is not clear if Murphy will return
in the future film, the actor has been public Murphy plays a character that wakes up from a coma in the original film. - FOX
about teaming up with Boyle and Garland SEARCHLIGHT PICTURES
once more to make a follow-up to the 20-
year-old 28 Days Later. After nearly half a century of slow- The film, for the first time, also displayed
The film’s cultural impact was walking zombies, the film threw a complete societal breakdown in scenarios
undeniable. Arriving at the turn of the Murphy’s character into a desolate where nations collapse. Every piece of
millennium, 28 Days Later revitalised the London ravaged by zombies that were media involving zombies since then has
zombie horror subgenre, which had not slow in lurching forward but all-out followed the template set by Boyle and
remained stagnant since the days of sprinting zombies with an endless Garland’s iconic film. - BY MARK MATHEN
George Romero’s zombie films. amount of stamina. VICTOR
 THURSDAY | JAN 25, 2024
26 LYFE
█ BY S. TAMARAI CHELVI
I
N the heart of Southeast Asia,
where traditions intertwine with
celestial energies, the vibrant
celebration of Thaipusam
emerges as a spectacle of
unparalleled devotion and spiritual
commitment.
While this Tamil festival echoes
across Singapore, Sri Lanka, Tamil
Nadu and India, it is the Malaysian
rendition that captivates global
admiration, even earning nods from
its cultural roots in India.
The essence of Thaipusam
Step into the enchanting month of
Thai under the luminous Poosam
Natchiram star, where Thaipusam’s
resonance transcends the ordinary.
Aligned meticulously with the
lunar calendar, this celebration
becomes a celestial symphony,
harmonising energies and creating
an ethereal ambience that stretches
beyond geographical confines.
Malaysia’s global recognition
Malaysia’s rendition takes centre
stage, not merely as a local
celebration but as a global
phenomenon. This universal tribute
not only venerates religious fervour
but also stands testament to the
cultural richness of the Tamil
community.
In Malaysia, Thaipusam is not just
a festival – it is a living heritage, a
vibrant dedication to preserving
traditions that unfurl through
dynamic rituals and devoted acts.
Devotion embodied
At the very core of Thaipusam are the
devotees, embarking on a journey of
profound faith and fulfilling vows
through the poignant act of carrying
the kavadi.
Originating from the sacred town
of Palani in South India, the kavadi
serves as a sacred conduit between
the devotee and the divine,
symbolising a spiritual odyssey
blessed by Lord Muruga.
Draped in vivid yellow traditional
Thaipusam celebrations in Penang features two chariots - one golden and
another silver. - PENANG THAIPUSAM FACEBOOK
Ornately-decorated kavadis are a sight to behold during the celebrations.
Thaipusam’s mystique
oSacred traditions
and spiritual
resonance
attire, devotees carry paal kodam
(milk pots) and participate in unique
rituals.
The ritualistic act of shaving heads
bald is not just a symbolic gesture – it
is a tangible commitment to spiritual
purity and humility, a visual
testimony to their unwavering
dedication to the divine.
The puzzling prowess
Adding a layer of mystique to
Thaipusam is the intriguing practice
of devotees piercing their bodies as
an act of penance and devotion. This
awe-inspiring act, known as “kavadi
piercing,” involves devotees affixing
various ornate structures, called vel,
Paal Kodam carried by both men and
women devotees during the festival.
to their bodies.
These vel, often resembling small
spears, hooks or skewers, pierce
through the devotee’s flesh,
showcasing their dedication and
readiness to endure physical
hardship for the sake of spiritual
devotion.
This piercing ritual is rooted in the
belief that it serves as a purification
process, cleansing the devotee of sins
and bringing them closer to Lord
Muruga.
Witnessing this act during
Thaipusam is not only a testament to
the incredible strength of devotion
but also a vivid reminder of the
lengths people will go to express their
spirituality.
A spiritual odyssey
The devotees embark on a
pilgrimage, weaving through various
temples across Malaysia, symbolising
a profound journey towards spiritual
enlightenment.
In the iconic Batu Caves, the
festivities kick off with the grand
inauguration featuring a flower-
decked silver chariot and the raising
of the seval (rooster) flag, infusing a
majestic touch into the celebrations.
Meanwhile, in Penang, devotees
ascend 511 steps to the Waterfall
Hilltop temple during Thaipusam.
Lord Murugan statue stands magnificantly at the foot of the steps of the Sri
Subramaniar Swamy Temple Batu Caves. - PICS BY ADIB RAWI/THESUN
Other popular pilgrimage sites
include the Sri Subramaniar Temple
in Kedah’s Gunung Cheroh, which
expects up to 300,000 visitors for this
year’s celebrations. The recently
announced holiday in Kedah is a
testament to a commitment to
preserving a sacred legacy, weaving
together the threads of tradition,
spirituality and joyous celebration.
Melting pot Malaysia
What makes Thaipusam in Malaysia
truly extraordinary is how it unfolds
against the backdrop of a
multicultural, multi-racial tapestry.
Malaysia, known for its diversity,
Worshippers also traditionally break
coconuts as a symbol of thanksgiving
during Thaipusam. - 123RF
LYFE
Devotees will attach hooks and spears
to their bodies as an act of devotion to
Lord Muruga during Thaipusam.
- THAIPUSAM KEDAH FACEBOOK
transforms Thaipusam into a
powerful symbol of unity,
showcasing the kaleidoscope of
Malaysians from different
backgrounds coming together to
celebrate a festival deeply rooted in
Tamil tradition.
Thaipusam beyond festivity
In essence, Thaipusam is not just a
festival – it is a profound celebration
where devotees express their
unwavering devotion through
symbolic acts, creating a deep and
enduring connection with the divine.
The tapestry of tradition, devotion
and vibrant spirit comes alive in the
shared celebration of Thaipusam,
where the cultural richness and
unwavering dedication of the Tamil
community radiate brightly, leaving
an indelible mark on observers
worldwide.
 THURSDAY | JAN 25, 2024
28 SPORTS

Ukraine’s
Yastremska hails
fighters at home
DAYANA YASTREMSKA
extended her dream run at the
Australian Open yesterday
to become first women’s
qualifier to reach the
last four at the
season-opening
Grand Slam since
Australia’s
Christine Matison
in 1978.
“It’s nice to
make history,
because at that
time I wasn’t
even born,”
she said.
Getting to the
pointy end of the
year’s first Grand
Slam was not a
specific goal for the
23-year-old, but
instead she has
focused on keeping her
emotions in check after
battling personal
challenges, which she did not
want to talk about.
“I was just trying to enjoy
playing here,” Yastremska told
reporters after beating Czech teen
Linda Noskova 6-3, 6-4.
Fresh attacks on Ukraine add to
the weight on the shoulders of the
world No. 93, who revealed at an
Australian Open lead-up tournament
in Brisbane that just before one of her
matches her grandmother’s house
had been hit by a rocket.
At Melbourne Park, she has been
undaunted by higher ranked players
across the net, beating former
Australian Open champion Victoria
Azarenka and reigning Wimbledon
champion Marketa Vondrousova
along the way.
“The girls, you know, at any
ranking can show amazing game,”
she said. “I was doing just my thing
and focusing on myself, the way I
play. I think that’s working.”
On her way off the court,
Yastremska, dressed in blue and
yellow matching her country’s flag,
scribbled on the camera: “I’m proud
of our fighting people from Ukraine.”
She later said the fighters deserve
huge respect. “I think it’s my mission
here,” she told reporters. “If I do well, I
can get – (it’s) tough to express. I’m
just trying to give the signal to
Ukraine that I’m really proud of it.” –
Reuters/AFP
T Gutsy Russian
HIRD seed Daniil Medvedev was forced to
dig deep into his reserves to outlast
SPORTS
Hubert Hurkacz 7-6(4), 2-6, 6-3, 5-7, 6-4 in
an epic quarterfinal yesterday and reach
the last four of the Australian Open for third time.
The Russian, twice a losing finalist at
Melbourne Park, went toe-to-toe with the big Pole Medvedev outlasts Hurkacz to reach Melbourne semis
for almost four energy-sapping hours on Rod
(pix) Laver Arena before finally setting up a
clash with Carlos Alcaraz or over the contest, grizzled and moaned his way It was a back-and-forth contest throughout
Alexander Zverev. around the court but finally secured a place in his between the two big servers, who both move
Ninth seed Hurkacz, eighth Grand Slam semifinal with the most tremendously well for such tall men.
who was playing in only delicate of drop shots. Medvedev edged the first set on a tie-break and
his second Grand “I’m so destroyed right now,” said Medvedev, looked to be in full control when, having dropped
Slam quarterfinal but who played a five-set marathon into the early the second, he took the third and moved a break
had a winning career hours of the morning in the second round. ahead in the fourth.
record against “I honestly was feeling it physically at the end of But Hurkacz, who had won his last two
Medvedev, twice the second set already and I said to stay tough. matches against the Russian and their only
came from a set “In the fourth set… I’m like ‘I just have to try my previous grand slam meeting at Wimbledon in
down and made the best to do whatever I can and let’s see, if I lose, I 2021, did not allow his head to drop and levelled at
Russian work hard for lose and go home’. I’m happy that I managed to 4-4.
every single point. win like this. I really liked the match point,” he It was now Medvedev under real pressure on
Former US added. serve, and Hurkacz clinched his opportunity to
Open champion “He (Hurkacz) played good, I won’t be tough force a decider when his opponent sent a forehand
Medvedev, who on myself. I just had to try and do whatever I could. long.
saved 10 of the 15 If I lose, I lose, it’s OK.” Medvedev had survived a five-setter in the
break points he “I knew how ‘Hubi’ can play and he played second round, coming from two sets down to
faced quite well. I felt like the games, almost all of them, defeat Emil Ruusuvuori.
probably except 2-0 in the first set, I had a small And the third seed was not to be denied, a
chance,” Medvedev said. break in the seventh game proving the difference.
“I managed to take it. So really happy and He will play the winner of the match between
proud about that. Because with him you don’t Carlos Alcaraz or Alexander Zverev in the
get many chances.” semifinals. – Reuters/Agencies
Zheng finds groove to down Kalinskaya
ZHENG QINWEN shook Kalinskaya two
off a sluggish start to opportunities to take
outclass Russian the opening set and the
Anna Kalinskaya 6- Russian calmly finished
7(4), 6-3, 6-1 it with a backhand
yesterday and winner.
reach the “She played really
semifinals of good today, especially
t h e good with baseline
Australian strokes,” said Zheng, who
Open for the first time can emulate her idol Li Na by winning the trophy at
where the Chinese 12th Melbourne Park.
seed will take on “In the first set, we had a big good competition,
Ukrainian qualifier the match was very tough for me. I just told myself,
Dayana Yastremska. ‘stay focused, don’t think about the first. I’m so happy
K a l i n s k a y a right now, really excited.”
appeared nervous in Zheng broke her 25-year-old opponent for a 5-3
her first Grand Slam lead in the next before levelling the contest at one set
quarterfinal as she apiece playing top quality tennis and pounced again
gifted the opening without losing a point in the third game of the
break of the match decider.
with a double fault Kalinskaya needed a medical timeout for a right
but Zheng returned leg problem after going a double break down but
the favour threatened a late fightback at deuce while down 4-1,
immediately and the but the 21-year-old Zheng maintained focus to pull
duo were locked away further and secure the victory.
until the tiebreak “It’s the first time (in the semifinals) for me,” Zheng
after more shaky said. “I’m really happy to be in the semis, especially
displays on serve. with such a good performance like this.”
US Open Victory also meant the WTA’s most improved
quarterfinalist player of 2023 will break into the top 10 after the
Zheng came under year’s first major.
pressure when she “That’s good news for me, another motivation for
hit a forehand me,” Zheng added. “Last year at the Australian Open I
wide to hand said I wanted to be top 10 and now I am.” – Reuters

SHORTS
Donald retains Molinari
as vice-captain
EUROPEAN Ryder Cup captain Luke Donald is
retaining Edoardo Molinari as a vice-captain for
the 2025 competition.
Team Europe will try to defend its
championship that September at Bethpage
Black in Farmingdale, New York.
Donald’s squad defeated the United States
and captain Zach Johnson 16 1/2 to 11 1/2 in
Rome, Italy, in 2023.
“Edoardo is someone I have got to know very
well over the last couple of years and he’s going
to be a great addition again for the 2025 Ryder
Cup,” Donald said yesterday.
“He plays a very significant role. He’s playing
full-time out here on the DP World Tour, he’s a
good player, a Ryder Cupper and he knows what
it’s all about. He’s around the players a lot and he
works with a lot of players on their statistics as
well.
“I’ll lean heavily on him with the qualification
criteria and then when we get close to the
matches, how the team is forming, how their
skillsets match to the golf course at Bethpage
and whether they’re more foursomes-related
pairings, fourballs-related players, and putting
those pairings together,” Donald added.
Thompson, Zhang part
of ‘The Match’
LPGA standout Lexi Thompson and rising star
Rose Zhang will join PGA heavyweights Rory
McIlroy and Max Homa in next month’s rendition
of “The Match”, it was announced yesterday.
Thompson and Zhang are the first women to
play in the made-for-television event.
McIlroy will make his second appearance in
the exhibition, having done so with teammate
Tiger Woods in a 3 and 2 loss to Justin Thomas
and Jordan Spieth in December 2022. Homa will
be competing in his first such event.
“I’m so excited to play in The Match,” Zhang
told Sports Illustrated. “I’ve enjoyed watching this
franchise over the years.
“They’ve had so many great celebrities and
golfers and it’s always entertaining with Charles
Barkley on the mic.
“I’m honored to tee it up alongside Rory, Max
and Lexi and know we’ll have a blast raising
money to help make the game more accessible
for all.”
Netflix takes RM23b wrestling punt
NETFLIX yesterday sealed a long-term
broadcast deal with the WWE professional
wrestling juggernaut, as the streaming giant
pushes further into sporting events.
Beginning in the United States in 2025,
Netflix will become the exclusive new home of
Raw, the WWE’s flagship programme that has
been broadcasting on television since 1993.
The agreement will also see WWE shows and
live events streamed across the globe as their
rights become available.
With an initial 10-year term for US$5 billion
(RM23b), the deal has an option for Netflix to
extend for an additional 10 years or opt out after
the initial five years.
“This deal is transformative,” said Mark
Shapiro, president of TKO, the parent company
of the WWE.
“It marries the can’t-miss WWE product with
Netflix’s extraordinary global reach and locks in
significant and predictable economics for many
years,” he added.
The three-hour show has helped launch the
careers of Dwayne “The Rock” Johnson, “Stone
Cold” Steve Austin and John Cena, among other
stars.
It is currently the most watched show on the
NBCUniversal-owned USA network in the
United States.
 SPORTS
SHORTS
Black Stars fire Hughton
CHRIS HUGHTON was fired yesterday as
coach of Ghana after their elimination
from the Africa Cup of Nations was
confirmed, the country’s football
association said in a statement.
Ghana finished third in Group B at the
tournament in the Ivory Coast after a 2-2
draw with Mozambique on Monday and
any outside hope they had of a place in
the last 16 as one of the four best third-
placed finishers ended yesterday with
results in Groups C and D.
“The Ghana Football Association
wishes to announce that Chris Hughton
has been relieved of his duties as head
coach of the senior national team with
immediate effect. The Executive Council
has also taken a decision to dissolve the
technical team of the Black Stars,” said a
statement.
“The Ghana Football Association will
in the coming days provide a roadmap
on the future direction of the Black Stars,”
it added.
Hughton, whose father hailed from
Ghana, had taken over as coach in
March, having earlier served as technical
advisor to the team at the World Cup in
Qatar.
… as Gambia coach Saintfiet
quits
GAMBIA coach Tom Saintfiet quit
minutes after his side’s elimination from
the Africa Cup of Nations yesterday
despite a sterling effort to try and secure
a place in the last-16 at the expense of
five-time winners Cameroon.
The 50-year-old Belgian said his
contract was running out in August but
he would be leaving immediately.
Gambia was his 10th job as a national
team coach and by far his most
successful. He qualified the small west
African country for their first Cup of
Nations in Cameroon two years ago and
then took them on a giant-killing run to
the quarterfinals.
They qualified again for the
tournament in the Ivory Coast but lost all
three Group C matches.
His first national team job was with
Namibia in 2008, and he was then coach
of Zimbabwe, Ethiopia, Yemen, Malawi,
Togo, Bangladesh, Trinidad & Tobago
and Malta before Gambia.
Spanish FA files complaint
over Real audio leak
SPAIN’S Football Association (RFEF) has
lodged a complaint to Spanish Police after
VAR audio conversations from Sunday’s
match between Real Madrid and Almeria,
which included several controversial
refereeing decisions, were leaked to local
media, the RFEF announced yesterday.
The audio includes an interaction
between on-pitch referee Francisco Jose
Hernandez Maeso and VAR official
Alejandro Hernandez Hernandez about a
possible red card for Vinicius Jr for hitting an
opponent in the face.
There was no infringement called on the
field and the play was not reviewed, so the
VAR conversations between the officials
should have remained private. Only official
reviews are released to the general public.
“The RFEF, which is conducting an
internal investigation into the incident,
considers that it is extremely serious that
this audiovisual material has been
extracted and hopes that a response will be
found as soon as possible in order to
determine who is responsible,” the RFEF
said in a statement.
The audio leaks fanned the flames of
what was already a highly controversial
match in which Real snatched a come-
from-behind 3-2 win over bottom side
Almeria.
Kane curse to blame
German media points finger at striker for Bayern’s poor season
T
HE German media are starting to point
the finger at Harry Kane for Bayern
Munich’s shortcomings this season,
despite his impressive strike rate in
front of goal.
The England international joined the
Bundesliga outfit over the summer to finally get
his hands on some silverware, though he could
be forced to wait at least another season to lift a
trophy.
Kane asserted himself as one of the very best
strikers to grace the Premier League during his
time with Tottenham, leaving the club with 213
league goals to his name – the second-most in
history.
However, the lure of lifting the Bundesliga
title proved decisive and he decided to join
Bayern in a deal worth £82 million (RM475m)
over the summer.
The 30-year-old has hit the ground running
in Germany, scoring 22 league goals in 17
appearances to put himself on course
for a record-breaking campaign.
Mauritania boot Algeria out of Afcon
FORMER champions Algeria crashed out of the
Africa Cup of Nations yesterday after losing 1-0 to
Mauritania, who are 75 places lower in the world
rankings.
Captain Mohamed Delllah Yaly scored after 37
minutes in Bouake for the Group D outsiders,
who will fill one of four places reserved for third-
placed finishers in the mini-league stage.
Angola defeated Burkina Faso 2-0 in the same
section and topped the final standings with
seven points. Burkina Faso (four) and Mauritania
(three) also advanced to the knockout stage.
Champions in 1990 and 2019, Algeria came to
the Ivory Coast among the favourites to win the
African football showpiece only to depart
without winning a match.
After draws with Angola and Burkina Faso,
Late drama as Cameroon advance to last 16 out
CAMEROON scored twice with time ticking
away yesterday to snatch a dramatic 3-2 win over
Gambia, secure an Africa Cup of Nations last-16
place, and eliminate Ghana from the
tournament.
In an amazing finish in Bouake, Ebrima Colley
scored on 85 minutes to put Gambia 2-1 up only
for Joseph Gomez to concede an own goal
before an added-time Christopher Wooh goal
won a thriller.
Defending champions Senegal beat Guinea
2-0 in the other Group C match to finish with nine
points and Cameroon edged Guinea for second
place on goals scored after both collected four.
Guinea also qualified for the knockout stage
as one of the best four third-placed teams while
pointless Gambia head home.
Kane has led the line superbly for Thomas
Tuchel’s side, but his efforts do not look likely to
be rewarded.
Bayern are currently in second place in the
Bundesliga and seven points behind Bayern
Leverkusen, who are yet to taste defeat this
season.
Xabi Alonso’s team are showing no signs of
slowing, recently coming from behind twice to
secure a 3-2 win over RB Leipzig.
Tuchel’s side were also knocked out of the
German Cup by third-division side
Saarbrucken, with the incredibly competitive
Champions League now appearing to be
Bayern’s most likely route to a trophy this
season.
As a result, the “curse of Kane”
has become a key talking point
in the German media.
BILD recently published
a piece titled Bayern and the
sinister curse of Harry Kane
which addressed the unlucky aura
they were stunned by Mauritania, who had never
won a Cup of Nations match in eight previous
attempts spanning three editions.
The winners were constantly on the back foot,
especially in the closing stages, but showed
defensive resilience to pull off a famous victory.
Former Manchester City winger Riyad Mahrez
arrived in west Africa as the standout Algerian,
but poor performances in his first two matches
saw him relegated to the bench for this match.
“It’s a fact that these have not been his best
matches with Algeria, but don’t kill him too
soon,” pleaded coach Djamel Belmadi before
facing Mauritania.
The absence of Mahrez did not affect the
Desert Foxes unduly for much of first half as they
camped in Mauritanian territory seeking to break
Victory for five-time champions Cameroon
meant four-time winners Ghana were eliminated
after finishing third in Group B on Monday with
only two points.
Karl Toko Ekambi was restored to the starting
lineup by coach Rigobert Song after playing in a
draw with Guinea and being an unused
substitute in a loss to Senegal.
Although Cameroon are 80 places above
Gambia in the world rankings, they came under
considerable first-half pressure and were lucky to
be level at 0-0 by halftime.
Cameroon were barely recognisable from the
team that struggled in the opening half and they
broke the deadlock on 56 minutes through Toko
Ekambi.
The Saudi Pro League star soared between
THURSDAY | JAN 25, 2024
SPORTS 29
that has followed the striker throughout his
career so far.
They claim it is “hard to believe” that a
player worth €100m (RM 515m) “has never won
a title in his life” and “never held a trophy or a
bowl, nothing shiny, nothing for the trophy
cabinet”.
The defeats that Bayern have tasted in
crucial matches were then mentioned –
including their 1-0 loss to Werder Bremen over
the weekend – before Kane was eventually
defended.
The ex-Spurs star’s impressive scoring tally
has put Robert Lewandowski’s record of 41 at
risk, and that alone highlights that “it’s not
Kane’s fault”.
However, the piece concluded “if Bayern
endure their first titleless season since 2012,
Kane’s title curse will become increasingly
sinister” in a cutting remark that highlights how
the striker will not be immune from blame,
regardless of how many times he manages to
find the back of the net. – Express Newspapers
Mauritania’s
Souleymane
Anne (front) falls
while fighting
for the ball
during his team’s
Africa Cup of
Nations (CAN)
match against
Algeria. – AFPPIX
the deadlock.
Against the run of play, Mauritania took the
lead on 37 minutes after Algeria failed to clear a
corner and Iraq-based captain Dellah Yaly struck
the ball into the net off a post.
It was not the cleanest of strikes, but that did
not matter as wild celebrations erupted after the
underdogs took the lead in a Cup of Nations
match for the first time.
Belmadi turned to Mahrez, now playing in the
lucrative Saudi Pro League, at halftime but
Algeria held firm for a famous win.
“Nobody was thinking about Mauritania, but
football is like that, full of surprises, and we have
been rewarded for all the hard work we have put
in,” Mauritania coach Amir Abdou told
broadcaster Canal Plus Afrique. – AFP
two Gambian defenders and stayed just onside
to powerfully head winger Georges-Kevin
Nkoudou’s cross past goalkeeper Baboucarr
Gaye.
Gambia refused to panic, however, pushed
forward and levelled on 72 minutes when Ablie
Jallow stroked a cross wide of Fabrice Ondoa,
recalled in place of Manchester United shot-
stopper Andre Onana, and into the net.
The match was being fought at a frenetic
pace and Toko Ekambi burst into the area and
watched in despair as his shot rebounded off the
crossbar.
Then came the sensational climax with three
goals in six minutes before Cameroon set up a
last-16 showdown with Nigeria on Sunday (4am
Malaysian time). – AFP
 THURSDAY | JAN 25, 2024
30 SPORTS

J OSE MOURINHO’S proposed move to Newcastle

is reportedly gaining momentum as the pressure
continues to build on Eddie Howe.
The Magpies sit 10th in the Premier League table
and after the former Chelsea and Manchester United
boss was sacked by Roma earlier this month, an
opportunity has arisen for a return in England.
French outlet Le10 Sport claim that Newcastle is
Mourinho’s favourite next move in England and the
club are ready to speed up their efforts should they
opt to sack Howe and replace him with the
Portuguese icon.
Newcastle’s owners, the Saudi Arabian Public
Investment Fund, are not happy with their standing
in the table and having already exited the
Champions League and Carabao Cup, face the
prospect of not qualifying for any European
5750/2024 24/01/2024 (WED)
Return of the Special One?
Mourinho to Newcastle ‘gaining momentum’ as pressure mounts on Howe
competition next season.
That would be a hammer blow for the
Magpies, having already admitted that big
sales are necessary in order to comply with
the Premier League’s financial regulations.
Pillars of Howe’s team Kieran Trippier and
Miguel Almiron are heavily linked with exits
to Bayern Munich and Al-Shabab
respectively.
Howe’s future could be quickly resolved,
according to the report, if Newcastle do
decide on pursuing Mourinho, but he also has
interest from Saudi Arabia who are said to be
pushing hard to bring him to the Middle East.
He could link up with Almiron, after Al-
Shabab drew up a huge offer to tempt him
into the move. However, Mourinho is not fully
convinced about joining several other big
names in Saudi and is still considering
options in Europe.
Whether the door will open for him to
coach at St. James’ Park remains to be seen,
though he does have an affinity for Newcastle
after working as a translator for Sir Bobby
Robson during their time together in Portugal
and Spain.
“On Newcastle, I don’t have anything to
say. Absolutely nothing to say,” said Mourinho
SPORTS
in 2021.
“The only thing I can say is that for many, many
years, I worked with one of the most important
figures in the history of Newcastle, Sir Bobby Robson,
and so because of that I have always had a bit of an
emotional connection with that city and that
fanbase. But it’s nothing more than that.”
Newcastle travel to Fulham in the fourth round of
the FA Cup on Sunday (3am) and then will face
another trip to high-flying Aston Villa three days
later, in what could be a vital double-header for
Howe as he looks to fight off Mourinho and prove he
is the man to take Newcastle forward. – Express
Newspapers/The Independent

John Arne Riise (left)

and Teddy Sheringham
0739 during the Battle of the
Reds KL press
3893 conference.
9727 Draw Date: 24/01/24 (Wed) Draw No: 5697/24 Venue: PERAK TURF CLUB

6960 7325 2751 3945

7983 0681 8999 8636 5567
6140 0979 3504 7337
7028 4695 8228 7428 5447
5288 1185 3155 9657 5966

7548 + 5508 1207 + 6386

12,501,323.22 6434 + 2136 2878 + 6854
0739 3893
0739 9727
3893
9727
0739
0739
Inaugural ‘Battle of the Reds’ in KL 0858 +
7092 +
7515
1296
3592 +
6916 +
7480
5281
3893 9727 9727 3893 6230 + 4378 6811 + 8010
200,274.80 KUALA LUMPUR is poised to turn red with the field, evoking cherished memories of
excitement as the historic “Battle of the these all-time greats.
Reds” legends unfolds for the first time in “The last time Liverpool was here in RM8,165,969.80
Malaysia on April 27 at the Bukit Jalil Kuala Lumpur was in 2015 during a
National Stadium. friendly match against Malaysian XI 5567 + 5447 5447 + 5567
0739 Presented by AllStar Sports, the event while Manchester United last came in 5567 + 5966 5966 + 5567
promises an epic football spectacle, 2009,” said Raf. 5447 + 5966 5966 + 5447
3893 showcasing legendary players from Tickets will be available for purchase
9727 RAT Manchester United and Liverpool in in the coming week, with prices ranging RM339,771.10
Malaysia for an unforgettable experience from RM78 to RM1,888 for VIP seats and
for fans. exclusive event merchandise will be
Teddy Sheringham of Manchester available for purchase online.
United and John Arne Riise of Liverpool AllStar Sports has joined hands with
have expressed their enthusiasm for the Persatuan WeCareJourney to launch
upcoming match, sharing their excitement “Art For Rare”, a CSR initiative that 495 567 + DRAGON RM230,000.00
about meeting fans in Kuala Lumpur. promote six artworks featuring the
6 8 5 9 9 Raf Yaakob, Project Director of AllStar autographs of both Sheringham and
205 447 + HORSE RM2,276,817.00
8 5 9 9 Sports, underscored the uniqueness of the Riise, to be sold to raise funds for the
7 6 0 7 6 5 9 9 event, anticipating an overwhelming NGO.
response from Malaysian football The tournament’s organisers have 405 966 + BOAR RM394,861.00
2 9 4 8 0 9 9 enthusiasts. pledged to contribute 100% of the
“This match between the legends of proceeds from the sale of 376 tickets,
9 2 6 8 8 3 Manchester United and Liverpool will be each valued at RM108, to support 797 548 675 508 281 207 896 386
the first of its kind. Persatuan WeCareJourney. 686 434 652 136 782 878 026 854
9 2 6 8 8 2 6 8 8 3 “Fans will delight in witnessing their For more information about the 310 858 117 515 123 592 127 480
9 2 6 8 6 8 8 3 once-favourite players back in action on event, visit https://rb.gy/0wliq0.
097 092 831 296 066 916 115 281
9 2 6 8 8 3
United welcome back duo
636 230 874 378 816 811 638 010
9 2 8 3

1 6 19 30 35 55
HARRY MAGUIRE and Luke Shaw have
23,362,427.22 returned to Manchester United training
ahead of the FA Cup fourth-round trip to
1 8 13 16 45 52 Newport.
Erik ten Hag’s side have endured a
5,615,161.91 poor campaign punctuated by key
absentees, but the Red Devils’ injury
3 6 25 28 35 50 40 issues are finally beginning to ease.
3,087,818.55 Casemiro and Lisandro Martinez
returned to the squad as United drew 2-2
373,883.82 with Tottenham last time out, with the
latter coming on as a 63rd minute
Toto 6D substitute in the Jan 14 Premier League
RM2,500,000 fixture.
Toto 4D Jackpot 2 United play their first match since then
in Monday’s (12.30am Malaysian time) FA
RM198,532 Cup trip to League Two outfit Newport,
Toto 4D Jackpot 2 (i-System) where Maguire and Shaw look to set to
R M 3 , 7 1 1 won on 21/01/2024 ! feature having returned to training.
Maguire has missed the last six
matches in all competitions since
sustaining a groin complaint against
Bayern Munich in the Champions League
567 447 966
on Dec 12.
The rejuvenated former United
skipper was pictured in training at the RM806,024.50
club’s Carrington training base yesterday,
as was leftback Shaw. 567 + 447 + 966 447 + 966 + 567
The England fullback has only 567 + 966 + 447 966 + 567 + 447
managed 10 appearances in what has 447 + 567 + 966 966 + 447 + 567
been an injury-interrupted campaign,
with his most recent outing coming in the
Dec 23 defeat at West Ham. Sign­up as member on dmcGO app
Amad Diallo, who has been absent now!
from the previous two squads, was also
pictured with Ten Hag’s group.
But there was no sign of Anthony
Martial, Tyrell Malacia, Victor Lindelof or
Mason Mount in the images. Andre
Onana and Sofyan Amrabat remain at
the Africa Cup of Nations. – The
Independent
 SPORTS
THURSDAY | JAN 25, 2024

SPORTS 31

T ‘Son is only human’

HE Harimau Malaya squad are
undeterred by the reputation of
superstar Son Heung-min and
the tactical acumen of high-
profile coach Jurgen Klinsmann when
they meet South Korea in their final
Group E match of the Asian Cup 2023
today (7.30pm Malaysian time).
Harimau Malaya undeterred by Taeguk Warriors, says Muhammad Safawi
Harimau Malaya winger Muhammad
Safawi Rasid said Malaysia would not possible (to contain him). and from there we will seize the the running for the next stage after
be under pressure as they are already “He (Son) is only human. I think we opportunity to attack,” he added. losing their first two matches.
out of contention for the round of 16 have the advantage as we will be Muhammad Safawi scored two goals This will be the second encounter
and would be aiming to dent the defending and he will be attacking. I when helping the national U-23 squad between Malaysia and South Korea in
reputation of the Taeguk Warriors. believe in my teammates and coach to a 2-1 win over South Korea, who then the group stage of the Asian Cup, with
Muhammad Safawi, who has fond (Kim Pan Gon). We will see how it goes paraded Son, in a group match of the the two teams drawing 1-1 in the 1980
memories of playing a South Korean tomorrow,” he said when met at the 2018 Jakarta-Palembang Asian Games. edition in Kuwait.
side that included Son, said the team hotel in Qatar yesterday. Despite the defeat to Malaysia, South Former striker Zulkifli Hamzah
Tottenham Hotspur forward is a good The 26-year-old Johor Darul Ta’zim Korea went on to win the Asian Games scored the equaliser for Malaysia then.
player but he could be shackled. (JDT) player said the team would be gold then. The last time the two countries met
“Everyone knows Son is a great adopting their usual approach of trying In today’s match at Al Janoub in a competitive match was in a World
player… I know his ability. In one-on- to pressure South Korea into making Stadium, South Korea need only one Cup qualifying round, which saw
one situations, he may get through but if mistakes. point to confirm their place in the round Malaysia losing 0-3 in 1989. –
two against one or three against one, it’s “We will pile the pressure on them of 16 while Malaysia are already out of Bernama

RESULTS & STANDINGS

AFC ASIAN CUP QATAR 2023

GROUP STAGE 986/24 24/01/2024

GROUP B TIME SCORE

JAN 13 Australia vs India 7.30pm 2 0
JAN 14 Uzbekistan vs Syria 1.30am 0 0 6097
JAN 18 Syria vs Australia 7.30pm 0 1
JAN 18 India vs Uzbekistan 10.30pm 0 3 4487
JAN 23 Australia vs Uzbekistan 7.30pm 1 1
JAN 23 Syria vs India 7.30pm 1 0 0269
P W D L F A PTS
Australia 3 2 1 0 4 1 7
Uzbekistan 3 1 2 0 4 1 5
7617 2453 3750 6516
Syria 3 1 1 1 1 1 4 4520 2534 7312 6727
India 3 0 0 3 0 6 0 9403 4950 4013 4889
Note: All in Malaysian time 6449 6505 5291 0127
6458 8632 8364 7585
CARABAO CUP (Semifinal, 2nd leg): Chelsea 6
Middlesbrough 1 (Chelsea win 6-2 on agg).
COPA DEL REY (Quarterfinals): Celta Vigo 1 (de la
RM9,306,521.12
Torre 90+2) Real Sociedad 2 (Oyarzabal 2, Becker
66). Palestine’s Oday 6097 + 4487 6097 + 0269
Dabbagh (right) in action
AFRICA CUP OF NATIONS 4487 + 6097 4487 + 0269
Group C: Guinea 0 Senegal 2, Gambia 2 Camer- with Hong Kong’s Wu
Chun Ming during the 0269 + 6097 0269 + 4487
oon 3.
Asian Cup Group C
P W D L F A Pts match yesterday. – RM462,679.73
Senegal 3 3 0 0 8 1 9 REUTERSPIX
Cameroon 3 1 1 1 5 6 4
Guinea 3 1 1 1 2 3 4
Gambia 3 0 0 3 2 7 0
Group D: Mauritania 1 Algeria 0, Angola 2 Burk-

Palestine, Syria seal historic

ina Faso 0.
P W D L F A Pts
Angola 3 2 1 0 6 3 7 2 8 13 15 16 17 23 31
Burkina Faso 3 1 1 1 3 4
Mauritania 3 1 0 2 3 4
Algeria 3 0 2 1 3 4
4
3
2
Asian Cup last 16 spots 5 24
Qualified
PALESTINE and Syria qualified for the Uzbekistan finished second with five
knockout stages of the Asian Cup for the points.

KUFC to settle salary first time on Tuesday with victories in their

last group matches.
Palestine wrapped up their Group C
arrears by next week campaign in style with a 3-0 win over
Hong Kong after Oday Dabbagh grabbed
KELANTAN UNITED FC (KUFC) will fully settle a double, securing their spot in the last-16
the salary arrears of the team’s officials, coaches as one of the four best third-placed teams.
and players by next week. Iran won the group after beating the
Its president, Rozi Muhamad said the issue of United Arab Emirates 2-1 to finish with
salary arrears, which went viral previously, is nine points.
almost resolved as the club had been making Palestine were on course to finish
staggered payments since January last year. second when Iran led UAE 2-0. But an
“Alhamdulillah, this issue will be resolved injury-time goal from UAE’s Yahya Al-
soon. We made payments in August, September, Ghassani pushed Palestine back to third
October and November. We will settle on goal difference after both teams
December’s payment by the end of this month. finished with four points.
“We are always committed and are striving to Earlier, Uzbekistan joined Australia in
settle the salary arrears because we understand the last 16 after the two teams played out
our obligations as employers,” he said in a a 1-1 draw in their final group game while
statement yesterday. Syria beat India in the other encounter in
“On behalf of the club, I apologise to the Group B to qualify as one of the best third-
officials, coaches, players and all parties, placed teams.
including the fans, for all the issues that cropped Australia had already qualified for the
up in the 2023 season that affected the team’s knockout stage and guaranteed a top-two
performance in the Malaysia League (M- finish, with the result moving the 2015
League).” – Bernama champions to seven points while
“We came here at the start of the
tournament to top the group and we’ve
got the job done,” Australia coach Graham
Arnold told reporters.
“It’s the most important thing and we
move forward now one game at a time RM4,644,976.57
and see who our next opponent is.”
Australia had an early goal ruled out for RM149,710.33
offside but they took the lead on the
stroke of halftime when they were
awarded a controversial penalty following
a VAR check for a handball from Odiljon 9 7 8 7 6 9
Hamrobekov.
“The Australian coach was honest and 97876 78769
said it was never a penalty,” Uzbekistan 9787 8769
coach Srecko Katanec said.
“If this is the penalty rules, then 978 769
nobody knows the rules. There’s no
intention and still it’s a yellow card.” 97 69
In the other group game, Syria beat 87
India 1-0 and finished with four points.
AFC later clarified that they are also 10
through to the last 16 as one of the four
best third-placed teams across all groups All jackpot amounts stated above are for this Draw. Subject to
“regardless of final results from other T&Cs of the Scheme. Please visit to www.magnum4d.my for more info.
THE BIGGER PLAY IS TO PLAY RESPONSIBLY
groups”. – Reuters
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Malaysian Paper

Quest for
Middlesbrough’s
Anfernee Dijksteel
(front) fights for the
ball with Chelsea’s
Levi Colwill during
their Carabao Cup
semifinal second leg

silverware
match at Stamford
Bridge. – AFPPIX

India
ready
for
‘tough’
series -Story
Pochettino ‘desperate’ for first
trophy in England as Chelsea
overturn first-leg deficit to
on page 27
2

beat Middlesbrough

M
AURICIO POCHETTINO says club, important for us and in this process
he is “desperate” to win his to build a new team.”
first trophy in English football Pochettino said after the semifinal
after building a Chelsea team victory that reaching the final will help to
from “nearly zero” and leading them to build the “mentality” of his “young team”,
the Carabao Cup final. many of whom have yet to play in a final of
The Blues emphatically overturned a a major competition.
1-0 first-leg deficit with a 6-1 victory “It would be huge for him and set a
against Championship side precedent, in his first full year at the club,
Middlesbrough at Stamford Bridge to win a trophy,” said former Brighton
yesterday, winning 6-2 on aggregate. and Crystal Palace striker Glenn
They will play either Liverpool or Murray on BBC Radio 5 Live.
Fulham at Wembley on Feb 25 – the first “It is still a major trophy and he will
cup final Chelsea have reached since see that as, he hopes, the start of a lot of
Return of the losing both the EFL Cup and FA Cup on
penalties to Liverpool in 2022.
silverware for the football club.
“The fans want to be top of the

Special One? Pochettino, who is yet to lift a trophy in

England, lost in the final of this
competition to Chelsea in 2015 and the
league and challenging for the
Champions League, but if they
can win some silverware, then

-
Champions League final to Liverpool in that would be seen as a huge
2019 when manager of Tottenham. success and progression of
“I’m desperate to win a title here,” said this project at Chelsea.
Pochettino, who won the first trophies of “They understood
Story his managerial career at Paris St-Germain what was at stake and
on page 29
2 after being sacked by Spurs. that was saving their
“In one year and a half in Paris, we won season. This can be a
three trophies, and we want to win one kick-start; this can be
here. I’m desperate to win, of course.” a confidence
The Argentine has had mixed fortunes booster.
at Chelsea. With a number of young “It takes time to
players signed, and a large number of d e v e l o p
injuries to the squad, their League form relationships and
has been inconsistent. understand how
However, the Blues have now put your manager
together a run of form, winning five of wants you to play
their past six games in all competitions, and how fit he
with the one defeat in that period being wants you to be. I
the semifinal first-leg loss to think this could be
Middlesbrough. a turning point.
“In some point, it’s an amazing Things are starting to
achievement,” he added. “I think it was look up at Stamford Bridge.”
the objective when we started: With no One sore point for Pochettino was
Champions League, no Europa League, his side’s failure to keep a clean sheet. The
no Conference League, to build a team Blues were coasting to Wembley before
Son is only from nearly zero. Of course, that was the
objective, to be at Wembley in February.
conceding a late consolation goal.
“I was really upset,” he told Sky Sports.

human “The job is done but now it is about

winning the final. From another side it is
“I was really upset because we need to
learn from that. We need to play seriously

-
like it is not important as Chelsea is about until the end.
winning the Champions League and “We are disappointed because we
Premier League. conceded a goal and this is not good.
“We need to start to realise and give Because we are a team that we need to use
Story credit to the team – as this is a team where every single second to prove, we cannot
on page 30
2 a massive percentage didn’t maybe play at miss this type of action.” – Express
Wembley (before). It’s important for the Newspapers/Agencies
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