TheEdge 260122

COVID-19: GOVT MULLING FURTHER RELAXATION OF SOPS
ONCE BOOSTER VACCINATION IS COMPLETED — PM p2

W E D N E S DAY, JA N UA R Y 2 6 , 2 0 2 2 w w w. t h e e d g e m a r k e t s. c o m
ISSUE 321/2022
CEOMorningBrief
HOME: Shafee seeks to have hearing of Najib’s SRC criminal appeal at apex court only after June p5
RHB IB: Dual wholesale network will add another level of complexity and delay country’s 5G rollout p9
MACC finds new leads in LCS procurement case, two CEOs detained p10
Malaysia drops five spots to 62 in TI-M’s corruption index rankings p15
WORLD: IMF cuts 2022 world economic growth forecast to 4.4% on weaker US, China outlooks p18
SC: High Court increases jail sentence for former Transmile

CEO Gan Boon Aun from one day to two years
Report on Page 4.
REUTERS
NFCorp, 10 others
in settlement talks
with govt on
RM250m lawsuit
Report on Page 3.
w e d n e s d ay J a n u a ry 2 6 , 2 0 2 2 2 TheEdge CEO morning brief
h o m e
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Covid-19 cases and vaccination

Covid-19: Govt progress in Malaysia
Health DG: 162 new
mulling further On Jan 24, 2022
Daily Covid-19 deaths 10 variant of concern
relaxation of SOPs Active cases 45,208 cases detected from
once booster
Daily vaccine doses administered
Daily booster administered
202,296
197,765 Jan 23 to 25
% of adult population received 97.9
vaccination is
Bernama
two-dose vaccination
% of adult population received 46.6 KUALA LUMPUR (Jan 25): A total of
completed — PM booster shots 162 new Covid-19 cases which are cat-
egorised as variant of concern (VOC)
On Jan 25, 2022
were detected from Jan 23 to 25, said
Bernama
Number of new cases 4,066 Health director-general Tan Sri Dr Noor
Local cases 3,624 Hisham Abdullah.
PUTRAJAYA (Jan 25): The government Imported cases 442 He said the Institute for Medical Re-
is mulling further relaxation of the stand- Category 1 and 2 patients 4,016 search (IMR) had identified 89 cases,
ard operating procedures (SOPs) once the (no symptoms, mild symptoms) (98.8%) Faculty of Medicine University of Ma-
Covid-19 vaccination process in the coun- Category 3, 4 and 5 patients 50 (1.2%) laya (FOM-UM) detected 71 cases and
try, including the administration of booster (with pnemonia, pneumonia requiring Malaysia Genome and Vaccine Institute
doses, is completed, Prime Minister Datuk oxygen therapy, critical and requiring (MGI) (two cases), all of which were the
Seri Ismail Sabri Yaakob said. assisted ventilation) Omicron variant.
He added that the matter, however, Number of new recoveries 3,559 “This brings the cumulative total cas-
would depend on recommendations and Source: Ministry of Health
es infected by the SARS-CoV-2 virus,
advice of the Ministry of Health (MoH). which are categorised as VOC and var-
“When the people are fully vaccinated discussions with Indonesia and Thailand iant of interest (VOI) to 7,056.
and have received their booster doses, I had been initiated, the increasing number “Of the total detected, 7,036 cases
believe we can give a little more relaxation of Covid-19 cases overseas still caused Ma- were VOC while 20 cases were VOI,” he
of the SOPs, but this will depend on the laysia to suspend international travel. said in a statement on Tuesday (Jan 25).
MoH’s recommendations,” he said when He added that the reopening of the in- Dr Noor Hisham said overall, until
addressing the Prime Minister’s Depart- ternational tourism industry would help to date, for VOC there were 6,188 Del-
ment staff here on Tuesday (Jan 25). revive the economy and make the situation ta variant cases, 601 (Omicron variant),
Ismail Sabri noted that if the SOPs are better for everybody in the country. 233 (Beta variant) and 14 (Alpha var-
too rigid, they would definitely affect the Meanwhile, Ismail Sabri repeated that iant).
national tourism industry. the government had no plan to impose an- Dr Noor Hisham said for the VOI
Although the domestic tourism sector other movement control order (MCO) to cases, there were 13 Theta variant cas-
had been reopened, he said foreign tourists restrict the movement of the people and es, Kappa variant (four) and Eta vari-
had yet to be allowed to enter the country the business sector. ant (three).
and wage subsidies are still being given to “There have been rumours that the people On the latest Covid-19 cases, he said
tourism industry players. cannot go back to their hometown [during 4,066 cases were recorded on Tuesday
According to the prime minister, some Hari Raya] and that the business sector would with 50 cases (1.2%) in categoriesThree,
countries had also relaxed their SOPs for be closed [again]. I have announced before Four and Five while 4,016 cases (98.8%)
foreign tourists and that is something for that there will be no MCO and travel restric- comprising Categories One and Two.
Malaysia to consider. tions during Aidilfitri this year,” he stressed. “From the 4,066 cases, 442 are im-
“That’s why we feel that if the people In an event in Bera, Pahang on Sunday, ported cases and 3,624 are local cases
have received their booster doses, we can the prime minister said in the event there is with 131 cases requiring treatment at
relax the SOPs a little more,” he explained. an increase in cases in certain localities, the the Intensive Care Unit (ICU) and 65
Ismail Sabri said that right now, the enhanced MCO targeted approach would cases requiring respiratory aid,” he said.
government is still being cautious about be used but only for the localities. He also announced that 13 new clus-
reopening the country’s borders due to ters were reported on Tuesday, bring-
Covid-19 infection concerns. ing the number of active clusters to 244
He stated that even though the Ma- Read also: Khairy: No restrictions to be while the infectivity rate (Rt) of Covid-19
laysia-Singapore vaccination travel land imposed on unvaccinated children in Malaysia on Monday was 1.09.
(VTL) initiative had kicked off and VTL Click here or turn to Page 16
W E D N E S D AY J A N U A RY 2 6 , 2 0 2 2 3 THEEDGE CEO MORNING BRIEF
H O M E
NFCorp, 10 others in settlement talks

with govt on RM250m lawsuit
KUALA LUMPUR (Jan 25): Nation- BY TIMOTHY ACHARIAM & SHAZNI ONG On Tuesday (Jan 25, 2022), High Court
al Feedlot Corp Sdn Bhd (NFCorp), its theedgemarkets.com Judicial Commissioner Anand Ponnudurai
chairman Datuk Seri Dr Mohamad Salleh adjourned hearing of the case after law-
Ismail and nine others are in talks with to NFCorp by the government in Decem- yers representing the government and the
the Malaysian government to reach a set- ber 2007 to set up and operate a national accused informed Ponnudurai that both
tlement in the RM250 million lawsuit in- feedlot centre in Gemas, Negeri Sembilan. sides were in the midst of a settlement.
itiated by the government against them. The government is seeking from the ac- Hearing of the case was originally
Mohamad Salleh and the nine others cused RM253.62 million, which includes scheduled to resume on Tuesday follow-
are accused of misappropriating RM118 accrued annual interest of 2% from May ing a postponement from 2021.
million from a RM250 million loan granted 1, 2019. CO N TI N U ES O N PAGE 4
A timeline of the NFCorp scandal
2006: NFCorp to recoup its RM250 million soft

loan to the company.
2013:
• The National Feedlot Centre (NFC) was set • On March 12, Mohamad Salleh, in his
up in Gemas, Negeri Sembilan to meet the capacity as a director of NFCorp, was
• Meanwhile, the Opposition alleged that
goals and objectives of the National Meat charged with criminal breach of trust (CBT)
government funds channelled to NFCorp
Policy (Ruminant Sector) 2006. for using RM9,758,140 of the loan money to
had been misappropriated to purchase
part-finance two units of condominiums in
luxury items and properties, as well as
• These include building the centre into a Kuala Lumpur and transferring RM40 million
finance expensive trips abroad.
commercial and integrated cattle livestock into the account of National Meat and
centre, setting up a beef production system Livestock Corp Sdn Bhd in 2009.
• In November, the Malaysian Anti-
through contract farming with a sustainable
Corruption Commission (MACC) handed over
and integrated chain of product marketing
throughout Malaysia, and establishing an
investigations into the alleged multi-million 2019:
ringgit purchase of a luxury condominium in • Then Attorney-General Tan Sri Tommy
integrated supply chain for beef production
Bangsar by NFCorp to the police. Thomas filed a civil suit on May 31 against
involving downstream and upstream
activities. NFCorp, Salleh, his three children and six
• Later that month, Inspector-General of companies owned by his family to recover
Police Tan Sri Ismail Omar said Bukit Aman the soft loan.
• National Feedlot Corporation Sdn Bhd
had started a probe into NFCorp.
(NFCorp) was appointed as the NFC
integrator to mobilise the feedlot contract • Under the suit, the government sought
• In December, the police said that NFCorp's RM253.62 million, representing the sum
entrepreneurship on the centre’s land or
purchase of two RM6.9 million luxury owed by NFCorp, with a 2% interest from
farms nearby by supplying primary input like
condominiums was kosher as they were May 1, 2019.
livestock food and calves.
registered under a corporate firm and not in
the names of individuals.
2011: 2020:
• The Auditor-General's Report 2010, • On February 14, the government’s civil
which was released in October 2011, stated
2012: suit against Salleh, his three children and the
• In January, Shahrizat left her official roles seven companies commence.
that NFCorp — whose executive chairman
to make way for further investigations by
is then Women, Family and Community
the MACC. Datuk Seri Najib Abdul Razak,
Development Minister Datuk Seri Shahrizat
who was then Prime Minister, confirmed that 2021:
Abdul Jalil’s husband, Datuk Seri Dr • The government closed its case on March
that assets in NFCorp were frozen over the
Mohamad Salleh Ismail — had failed to fulfil 17 after calling seven witnesses. The trial
alleged misappropriation.
the objective of its inception. was then fixed for resumption on January 24,
• The government appointed an accounting 2022 with Salleh to take the stand to testify.
• The report also highlighted NFC’s failure
firm to carry out due diligence and a project
to achieve its target of 8,000 heads of cattle
that year. The RM74 million centre in Negri
audit on the company. 2022:
Sembilan only achieved 3,289 heads of cattle • The trial resumed on Jan 25, after a one-day
• In February, police resubmit their delay. Both parties had informed the court
or 41% of the target.
investigation papers to the Attorney- that they are in the midst of a settlement
General’s Chambers (AGC), which then orders for the RM250 million. If a settlement is not
• The report also stated that the government
the police to carry out further investigations. reached, the trial will continue on May 17.
was considering taking legal action against
H O M E
SC: High Court

SC flags FELDA
increases jail Invest, potential
sentence for clone of legitimate
former Transmile entity FELDA
CEO Gan Boon
Aun from one day BY CHONG JIN HUN & SURIN MURUGIAH
theedgemarkets.com
to two years KUALA LUMPUR (Jan 25): The Se-

curities Commission Malaysia (SC)
on Tuesday (Jan 25) flagged FEL-
BY SULHI KHALID DA Invest as a potential clone of the
theedgemarkets.com Malaysian government-backed Fed-
eral Land Development Authority
KUALA LUMPUR (Jan 25): The Kuala statement on the revenue amount com- (FELDA).
Lumpur High Court has allowed an ap- prised over RM333 million of fictitious “Potential clone entity — FELDA
peal by the Securities Commission Ma- sales. Gan’s conviction is under Section Invest,” the SC said on its website.
laysia (SC) and increased the jail sentence 122B read together with Section 122(1) The regulator did not elaborate.
for former Transmile Group Bhd’s CEO of the Securities Industry Act 1983. At the time of writing on Tuesday,
and executive director, Gan Boon Aun, “Gan remains at large and the SC is legitimate entity FELDA had not is-
from one day to two years. requesting members of the public who sued a statement in response to the
Gan remains at large. may know of his whereabouts to come SC’s statement.
In a statement on Tuesday (Jan 25), forward to assist the SC in locating Gan,” The SC in an alert in November
the capital market regulator said the it said. 2020 explained “clone firms” as per-
High Court also upheld the initial fine Transmile was caught in an account- petuated by companies that fraudu-
of RM2.5 million imposed by the Ses- ing scandal in 2007 after auditors con- lently impersonate a legitimate en-
sions Court on Aug 27, 2020. cluded that the air cargo service provid- tity, including misusing the name
“The High Court Judge, Justice Mo- er’s results for the financial years ended and logo of a public listed company
hamed Zaini Mazlan observed that, from December 2005 and 2006 were grossly (PLC) to dupe investors and solic-
the efforts made by the SC to execute overstated. it funds.
the warrant of arrest against Gan, he has Transmile suffered losses of RM126.3 It said these clone firms offer
been evading arrest, thus failing to attend million instead of making a profit of non-existent investment opportuni-
the hearing of the appeal,” the SC said. RM157.5 million in 2006. ties, including shares in the PLCs,
Gan was convicted for furnishing a In 2005, it chalked up losses totalling promising unrealistically high returns
misleading statement, with intent to de- RM369.6 million instead of the RM84.4 within a short span of time.
ceive, relating to Transmile’s revenue in million profit that was reported. In May 2020, the regulator also is-
the company’s Quarterly Report on Un- It was later categorised as a Practice sued an alert against fraudulent clone
audited Consolidated Results for the Fi- Note 17 (PN17) company in 2010, and firms posing as licensed capital mar-
nancial Year ended Dec 31, 2006. was eventually suspended and delisted ket intermediaries.
According to the SC, the misleading from the local bourse in 2011.
FROM PAGE 3 has to be completed by this year,” he said. ter Tan Sri Shahrizat Abdul Jalil’s husband.
Ponnudurai said: “This is just not purely Earlier, senior federal counsel Azliza Besides Mohamad Salleh and NFCorp,
a monetary claim. I also take into account Ali, who was representing the govern- the accused include the couple’s three chil-
that this is a national project. There is a ment, informed the court that the Attor- dren Wan Shahinur Izran, Wan Shahinur
possibility that this project may be revived. ney General’s Chambers had no objection Izmir and Wan Izzana Fatimah Zabedah
“I normally would be hard-pressed to to Mohamad Salleh’s application for post- besides six other companies owned by the
give the adjournment but seeing the facts ponement of the trial pending settlement family.
of this case, I take it there is a good chance talks with the Ministry of Finance (MoF). Mohamad Salleh is scheduled to en-
of the matter being settled. “We (the plaintiffs) have no objection ter his defence should the case continue
“Under the circumstances, I would have to the postponement (application) from in May.
to grant the adjournment to allow [the] the defendants. Any settlement of the case The government is also seeking a per-
parties to pursue a settlement,” he said. will be reverted to the MoF,” Azliza said. sonal declaration from Mohamad Salleh
Ponnudurai, however, warned that in She subsequently proposed that the trial and his three children that they are per-
the event the settlement cannot be reached, continues from May 17 to 20, 2022 should sonally liable for the RM118 million and
he will not adjourn the trial any longer. the plannned settlement between the gov- that the money will be repaid by them to
He added that in the event of any delays, ernment and accused is unsuccessful. the government.
the trial will continue remotely via Zoom. Mohamad Salleh is former women, Wan Shahinur Izran and Wan Izzana
“If they do not reach a settlement, this case family and community development minis- were also directors of NFCorp.
h o m e
Zahid Izzani Mohd Said/The Edge
Tan Sri Muhammad

Shafee Abdullah
Shafee seeks to have hearing of Najib’s SRC

criminal appeal at apex court only after June
PUTRAJAYA (Jan 25):Tan Sri Muhammad by Hafiz Yatim verse message to the appellant (Najib) and
Shafee Abdullah, the lead counsel for Datuk theedgemarkets.com the general public for a variety of reasons
Seri Najib Razak, had on Tuesday (Jan 25) including perception of justice,” he warned.
evening written to the secretary to Chief Jus- Shafee indicated that while the judg- He added that if the apex court were
tice Tun Tengku Maimun Tuan Mat and the ments of the High Court and Court of to allow them to adduce additional evi-
Federal Court deputy registrar to only have Appeal are in English, the court evidence dence, it could change the appeal of the
the hearing of the former premier’s appeal to and transcripts are not and hence, his team subject matter.
set aside his conviction and sentence at the needs time to translate in its bid to get a Citing the landmark decision made by
Federal Court after June. Queen’s counsel (QC). the apex court in theYahya Hussein Mohsen
In his six-page letter, Shafee said it is During Monday’s (Jan 24) case manage- Abdulrab vs Public Prosecutor case, where
not possible for the apex court to fix the ment, Shafee had indicated Najib’s intention Yahya Hussein was allowed to adduce further
hearing of the Pekan member of Parlia- of possibly hiring a QC to the final appeal. evidence at the Court of Appeal that ordered
ment’s appeal in March this year, slightly In the letter, he said the former premier a re-trial of the matter, and the Federal Court
less than two months after the Court of “needed the advice and expertise from an bench that comprised Tengku Maimun and
Appeal delivered its decision last Dec 8. experienced QC who have dealt with these two other judges deciding on appeal against
He added that parties have yet to re- complex issues”. the re-trial and granting a discharge and ac-
ceive the full records of appeal in relation “Many of the notes and documents are quittal of the Iranian, the senior counsel said
to this case and noted that there are already in the Malay language requiring some of it shows the necessity to have separate hear-
121 volumes of documents from the High the most critical ones to be ably translat- ings and a reasonable time gap.
Court and the Court of Appeal, indicating ed into English for Shafee and our other Thus, Shafee implored the apex court
that these may increase in the apex court. senior counsel to effectively and physically for consideration for an appropriate alloca-
“Since parties have not been provided brief the QC,” the letter stated. tion of time for the main appeal to be heard.
with the full record of appeal, the appellant “We gravely doubt any dates in April,
cannot prepare a complete Petition of Ap- Probe on Zeti and Nor Yakcop May or June can be workable. Howev-
peal as we have to go through the appeal In the letter, Shafee also touched on Na- er, the additional evidence appeal can be
records,” read the letter by Shafee’s firm jib’s application to adduce further evidence agreed on the current (March) date,” he
Messrs Shafee & Co dated Tuesday that for his case and mentioned the ongoing said in the letter.
was sighted by several media. probe on former Bank Negara Malaysia The Federal Court is the final appeal
Following this, the senior lawyer indi- governor Tan Sri Zeti Akhtar Aziz and for- stage for the former premier to set aside his
cated they would need an extension of time mer Minister in the Prime Minister’s De- conviction, jail sentence and fine which was
to file the petition of appeal. partment Tan Sri Nor Mohamed Yakcop. upheld by the Court of Appeal last Dec 8.
A petition of appeal contains the grounds He said his team has no reservations In upholding the conviction and sen-
which Najib intends to appeal at the Federal about the apex court hearing the applica- tence, the Court of Appeal described the
Court. During the Court of Appeal hearing, tion.The apex court had already fixed March case as “a national embarrassment”.
his firm had filed 307 grounds of appeal 15 and 16 as hearing dates for the matter.
against Justice Datuk Mohd Nazlan Mohd “Fixing the hearing date of the substan-
Ghazali’s decision to convict and sentence tive appeal (the main appeal over conviction) Read also: Hearing of Najib’s application
the former premier to 12 years’ jail and now without hearing the appeal to adduce for stay of SRC suit postponed as counsel
RM210 million fine. fresh evidence may deliver a wrong and ad- unwell Click here
h o m e
Senheng closes
KUALA LUMPUR (Jan 25): Consumer age its inventory, Lim noted that the effect
electrical and electronics retailer Senheng of inflation can be felt across the board
20% below IPO

New Retail Bhd faltered on its maiden trad- from electrical and electronics products to
ing day on Bursa Malaysia’s Main Market food and consumer goods.
price on Main
on Tuesday (Jan 25). “We are a bit lucky as we have good re-
It opened at 90 sen and rose to as high lationships with our business partners, and
Market debut
as RM1.01 before closing at 85.5 sen, rep- we managed to stock up on our inventory
resenting a 21.5 sen or 20.09% discount to try and offer the same prices for as long
from its initial public offering (IPO) price as we could until our inventory runs out.
of RM1.07. “It seems like the trends, such as logis-
At 85.5 sen, the retail group had a mar- by Seah Eu Hen tics and chip shortages, could not be solved
ket capitalisation of RM1.28 billion. theedgemarkets.com by anyone now, so we have to pay a pre-
Senheng was also the day’s second most mium for the products. We expect prices
actively traded stock on the local bourse, to increase in the second half of the year,”
Senheng New Retail Bhd
with 163.55 million shares changing Lim admitted.
hands. The trading volume was equiva- Vol (mil) RM However, the excess inventory held
lent to 10.9% of its issued share capital 8 1.10 by Senheng would not be a big issue and
IPO Price: RM1.07
of 1.5 billion. would not affect the group’s bottom line
The IPO, which raised RM267.5 mil- 1.05 as it is able to market and sell its products
6
lion, involved a public issue of 250 million better than its competitors despite taking
new shares and an offer for sale of 139.5 1.00 slightly longer to deliver the products to
million existing shares. 4 customers, according to him.
Senheng is the largest consumer elec- 0.95
trical and electronics chain retailer in Ma- 2 FY21 financial performance remained
RM0.855 0.90
laysia with a chain of 105 physical stores ‘respectable’ despite lockdowns
— operating under four different store con- RM0.90 The retail group on Jan 3 reported its finan-
0 0.85
cepts, namely Grand Senheng Elite, Grand 8.59am 4.59pm cial results for the cumulative nine months
Senheng, Senheng and senQ — which are Jan 25, 2022 ended Sept 30, 2021, with a 21.22% in-
located throughout Malaysia and online Source: Bursa Malaysia
crease in net profit to RM34.05 million,
platforms, while carrying around 10,000 versus RM28.09 million a year ago, on the
stock-keeping units from over 280 different back of a 12.29% improvement in revenue
brands, according to its prospectus. ing our fourth-quarter results next month to RM987.72 million from RM879.6 mil-
At a virtual press conference following and we hope that our investors will be hap- lion despite facing almost two months of
the listing ceremony on Tuesday, Senheng py. Our focus for the next two to three store closures caused by Covid-19 pan-
executive chairman Lim Kim Heng said years will remain on growing revenue, net demic-related measures.
that Senheng’s plan to grab a further 30% profit and the return on investment for our Meanwhile, TA Securities initiated cov-
market share is not too difficult to achieve investors,” Lim replied when asked if the erage of Senheng in a research note on Jan
after the IPO as it had seen double-dig- IPO timing was optimal. 6, with a target price of RM1.21, repre-
it growth before the Covid-19 pandemic. He added that Senheng does not have senting a 13.08% or 14 sen premium to
“[If] you look at the global business en- plans to expand overseas but instead plans its IPO price of RM1.07.
vironment, it seems like our timing is not to focus exclusively in Malaysia by becom- The research house added that the IPO
very right and, of course, we cannot de- ing the “territory champion” within five price of RM1.07 would value the consumer
mand a premium valuation. kilometres of its outlets. electrical and electronics retailer based on
“But the fundamentals of our business When asked by theedgemarkets.com about a trailing price-earnings ratio of 28.8 times
are on the right track. We will be announc- the impact of inflation and its plans to man- based on its calendar year 2020 earnings.
Subang Airport
SUBANG (Jan 25): Transport Minister airport, including occupying, using and
Datuk Seri Wee Ka Siong has reiterated controlling the airport until 2034 (under
still under MAHB

that the Sultan Abdul Aziz Shah Airport the operating agreement) and 2067 (lease
in Subang remains under the management agreement).
management,
and operational oversight of Malaysia Air- SKS Airways offers flights between
ports Holdings Bhd (MAHB). Subang to Pangkor Island beginning Jan
says transport
Speaking to the media on Tuesday (Jan 26, Subang to Pulau Redang from Jan 31
25), he said any business capital done by and to Pulau Tioman from Subang and Jo-
minister
MAHB is based on the operating agreement hor Bahru in the second quarter of 2022.
between the government and the company. With the commencement of the three
“Until now, MAHB is still authorised routes, there will be 12 scheduled flights per
to operate the Sultan Abdul Aziz Shah in day at a full capacity of 228 passengers with
Subang so there is no change in that. Bernama all-in fares from RM160 one way.
“Many people are of the view that the
airport needs to be upgraded as every The rights and operations of the Subang
country has a city airport,” Wee said at the Airport remain as stipulated under the lease Read also: MAHB: Pulau Pangkor STOL-
launching of new airline SKS Airways on agreement with MAHB, where MAHB port will boost island’s tourism, economy
Tuesday. would operate, manage and maintain the Click here
h o m e
Prudent risk management key to digital

bank profitability, says Maybank CEO
KUALA LUMPUR (Jan 25): Malayan by Seah Eu Hen He pointed out that Malaysia’s largest
Banking Bhd’s (Maybank) Group Presi- theedgemarkets.com banking group had made its foray into dig-
dent and Chief Executive Officer (CEO) ital banking as early as 2013 and it was a
Datuk Seri Abdul Farid Alias (pictured) said dalone basis, these digital banks will be challenging transition as the bank was in
digital banks have failed elsewhere because able to exist by only gaining market share. its comfort zone while its analytics were
they did not manage their risks well. Maybe if they are part of something else, fragmented as the data it had on its cus-
Fielding a question from the audience then you could use the data collected to tomers was organised based on product
during a panel discussion at MyFintech benefit other verticals within a bank or a lines such as personal, hire-purchase and
Week 2022 on Tuesday (Jan 25) on wheth- company. home financing.
er digital banks in Malaysia will also be “Payments processing alone costs too Hong Kong-based WeLab Ltd’s CEO,
unprofitable and eventually wound down much and is not making money for us, Simon Loong said it is an exciting time
such as the Royal Bank of Scotland’s digital hence it is available for free. We are aware for both the incumbent players and digi-
bank Bó or Australia-based Xinja, he ob- of the situation but we are not going to tal banks but is of the view that it will take
served: “A lot of digital banks operate the burn the barn; ultimately the difference is at least three to four years before the digi-
same way as a digital company, which is to in managing the risk.” tal banks are able to build something that
gain a lot of market share and scale from Abdul Farid pointed to DBS Bank’s could prove the concept and address the
there. To do so, they raise a lot of funds to physical and digital model in India and basic needs of its customers, based on the
keep going with hopes to turn a profit later. Polish digital-first mBank as successful ex- financial technology company’s experience
“Paying for promotions to entice people amples despite the overwhelming majority in Hong Kong and China.
is important but I don’t think on a stan- of similar efforts having failed. “The differentiation in the product of-
ferings could be seen in the third or fourth
the edge file photo year but digital banks should not worry
about their peers but rather well capital-
ised incumbent banks which are current
market leaders and better positioned and
equipped to face the challengers, while the
second-tier incumbent banks might con-
tinue to fall off the digital banking space,”
Loong said.
He advised those venturing into the dig-
ital banking space to plan early in their re-
spective path to profitability.
“For example, payments processing does
not give you a lot [in profits] unless you
have a lot of value-added services to cap-
italise on. A lot of players are looking for
scale but that is not as important as prof-
itability and stability for key stakeholders
such as the regulators,” he added.
Maybank CEO on metaverse, disruptive techs:

We need to stop worrying and figure out what to do
KUALA LUMPUR (Jan 25): The fi- by Seah Eu Hen better, but we need to make sure we
nancial sector should stop worrying theedgemarkets.com don’t get too excited. We need to un-
and instead start figuring out what to derstand what it is and what it isn’t,”
do about disruptions to the sector amid new technologies would evolve and con- Abdul Farid said during the discussion
the rise of cryptocurrencies, decentral- verge with the traditional finance sector. on digital banking.
ised finance (DeFi), non-fungible tokens “These will evolve into something that South Africa-based TymeBank’s
(NFTs) and the metaverse, said Malay- might cross [into the traditional finance CEO, Tauriq Keraan, who was also on
an Banking Bhd (Maybank) group pres- sector] at some point. It will. It is both the panel, echoed similar sentiments and
ident and chief executive officer (CEO) exciting and worrying at the same time. said the disruptions could coexist with
Datuk Seri Abdul Farid Alias. We need to stop worrying and figure out traditional finance and that everyone
During a panel discussion at MyFin- what to do — banks, regulators. should be working together a lot more
tech Week 2022 on Tuesday (Jan 25), he “These technologies will allow us to to address pressing issues such as ine-
said he is interested in seeing how these address issues like inequality so much quality and poverty.
h o m e
IMF:
KUALA LUMPUR (Jan 25): The share of independent exchange-rate regimes could
cryptoassets and stablecoins in relation to be harder to maintain.
Cryptoassets,
the money supply is currently small, thus “Capital-flow volatility could increase,
their impact on the monetary and finan- as could gross foreign-asset positions, po-
stablecoins share
cial system at this point is limited but their tentially triggering balance-of-payments
adoption and use could increase rapidly, problems.
currently small,
which hastens the need for them to be reg- “There is risk of fragmentation of pay-
ulated, said the International Monetary ment systems, and of global ‘digital divide’,
but could grow

Fund (IMF). stemming from differences in countries’
“Cryptoassets are increasingly becom- access to new payment technologies and
rapidly
ing an attractive investment asset, includ- their capacity to leverage and regulate it,”
ing for institutional investors, while stable- he said.
coins have the potential to become global, Adrian said to ensure that the inter-
if issued by big tech firms with large user national monetary system remains stable
bases that span countries,” said its finan- by Karina Imran and efficient, it is important that digital
cial counsellor and director, monetary Bernama money is regulated, designed, and pro-
and capital markets department, Tobias vided so that countries maintain control
Adrian. bloomberg over monetary policy, financial conditions,
There could be significant implications capital-account openness, and foreign-ex-
for the international monetary system if change regimes.
wide adoption of cryptoassets and stable- Payment systems must become more
coins does indeed occur, he said in his integrated, not fragmented, and must work
keynote speech on the second day of My- for all countries to avoid a digital divide,
Fintech Week 2022 on Tuesday (Jan 25). he added.
He said widespread “currency sub- “We need clear legal frameworks to de-
stitution” could potentially undermine termine whether these new forms of mon-
government’s control of monetary policy ey are deposits, securities or commodities.
and have an impact on domestic financial Clear regulations must be enacted so these
conditions. Adrian: Capital-flow volatility could increase, as forms of money fully address risks to finan-
Additionally, Capital Flow Measures could gross foreign-asset positions, potentially cial stability and integrity, consumer pro-
could be more easily circumvented and triggering balance-of-payments problems. tection, and market contestability,” he said.
Traditional finance and DeFi players will converge, says banker

KUALA LUMPUR (Jan 25): The financial by Ahmad Naqib Idris “Many people who are thinking about
industry will likely see different forms of fi- theedgemarkets.com it are actually more worried about business
nance, from traditional institutions like cen- process regulatory expertise, rather than
tral banks and banks, working together with forms, while other platforms that have been purely the technology,” he said.
decentralised finance (DeFi) players, said Citi developed on public blockchains like Ethere- This highlights the importance of regu-
managing director, head of Asia Pacific bank- um are Maker, Compound and Aave. latory relationships, added Metzger, as the
ing, capital markets and advisory, Jan Metzger. Bank for International Settlements (BIS) traditional institutions have built their re-
During a panel discussion on the con- Innovation Hub adviser and solution architect lationships over decades — an advantage
vergence of traditional finance and DeFi, Daniel Eidan noted that there used to be some that fintech start-ups lack.
he said that many of the incumbents are friction between the traditional finance world Therefore, he said that it is important
looking at partnering with DeFi players to and these new technologies a few years ago. for new players to partner incumbents to
bring solutions to their clients. However, he pointed out that regulators be able to deploy their solutions.
“Many of the traditional banks in the around the world have since warmed up to Asked if he sees any threats emerging from
world will be partnering with DeFi players the potential of these new technologies. DeFi, Metzger said one of which would be
to bring solutions to their clients. I think the “I work at BIS and our clients are the cen- in ensuring that the regulatory framework is
evolving landscape will be quite interesting. tral banks. I find it fascinating that a lot of in place and making sure that companies are
You will also see some of the underlying these central banks are looking at distributed learning and operating within that framework.
technologies like blockchain may be used infrastructure, blockchain and DLTs (distrib- There needs to be some level of trust,
either in a fully distributed way or internal- uted ledger technologies) and things like that he said, as a negative event such as a cy-
ly to bring some platform or service to its as a potential new system to roll out within berattack resulting in loss of assets would
clients,” said Metzger. the jurisdictions that they operate in,” he said. really hurt the development.
DeFi platforms offer financial services, Meanwhile, Metzger said Citi’s clients are Besides that, he said there are other risks
such as those offered by traditional banks, not worried about the robustness of the un- involved, as certain segments of the econo-
allowing users to earn interests on, borrow derlying technology, but rather they are con- my, especially those involving middlemen,
and lend their cryptocurrencies and digital cerned about the operational details, such as would be disrupted.
assets, without the need for any intermediary. how KYC (Know-Your-Customer) require- However, Metzger said that big econom-
Some of the big cryptocurrency ex- ments can be met, whether the platform sur- ic transitions like these in the past have typi-
changes, for instance Coinbase and Bi- vives in the long term, or what the regulatory cally created more jobs than those that have
nance, offer DeFi services on their plat- landscape would look like going forward. been lost.
h o m e
RHB IB: Dual

KUALA LUMPUR (Jan 25): Digital Na- as per DNB’s estimates,” he said.
sional Bhd (DNB) contends that a dual Tan said DNB is hopeful that the four
wholesale
wholesale network (DWN) model, while MNOs will ink 5G wholesale agreements.
not inconceivable, would invoke more chal- This follows numerous engagements
network will add

lenges, delay 5G execution, and contribute and adjustments made to commercial
to excess capacity in the long run, accord- terms within the reference access offer
another level of
ing to RHB Investment Bank on Monday. (RAO) — to be published by February.
After meeting with DNB, RHB Invest- Aside from earlier pushbacks on pricing
complexity and
ment Bank analyst Jeffrey Tan said in a and the duration of the wholesale contract
note that DWN would also negate DNB’s (10 years), he said DNB is of the view that
delay country’s
strategic supply-driven model/mandate, the “decision” ultimately boils down to
resulting in potentially higher cost to serve MNOs having to come to terms with the
5G rollout
as traffic and revenue will be shared. need to relinquish control over their net-
He also said DNB believes that a con- works, with the focus turning to innovative
sortium wholesale network would also con- products, services and solutions.
travene the current regulatory framework “MNOs now have the option to sign
as mobile network operators (MNOs) will by Tan Siew Mung on a five-year agreement with the option
also offer 5G retail services. theedgemarkets.com for another five-year renewal. With MNOs
“The government had previously stated granted the flexibility to invest in their own
that it would make a decision on the single pay-per-use (PPU) basis at a lower price, core network via MCMC’s new access list
wholesale network (SWN) this month,” he added. (published on Dec 15, 2021), we believe
Tan noted. “DNB contends that the initial cover- they can still look to roll out unique and
He also said DNB asserted that the con- age capacity (7,509 sites) would translate differentiated offerings (more so within the
sortium model proposed is not new and pre- into a steady state outlay of RM36 million enterprise segment) with the application
viously mooted under the Pakatan Harapan per month per telco (RM432 million per of network slicing (a feature within a 5G
government with MNOs unable to agree on annum or RM3.4 billion over 10 years). core network) and control their customer
the operating model and strategic objectives. “This works out to a blended price/cost journey and relationships,” he said.
Tan noted that under a cost recovery per GB of 13 sen (based on RM30,000 Tan maintained “neutral” on the sector
model, the wholesale pricing would see per Gbps per month). The outlay would with Telekom Malaysia Bhd, Axiata Group
MNOs committing to a minimum coverage be significantly lower than the cumulative Bhd and OCK Group Bhd as his top picks.
capacity (1,200Gbps) as a pre-requisite. RM7 billion to RM9 billion capex that the Key risks, according to him, are compe-
Additional capacity demand (beyond MNOs would need to invest on their own, tition, weaker-than-expected results, and
the coverage commitment) would be on a individually (without the SWN) into FY30 regulatory setbacks.
CGS-CIMB:
KUALA LUMPUR (Jan 25): CGS-CIMB believe smaller MNOs (such as Webe and
Research has downgraded the telecom- Yes) may be able to compete more effec-
Telcos may have

munications sector to “underweight” and tively versus the big four MNOs”.
said an in-depth look at Digital Nasional “Our back-of-the-envelope calculation
to pay substantial
Bhd’s (DNB) commercial offer shows that suggests that Webe may be able to offer a
mobile network operators (MNOs) may 150GB 5G plan for RM60/month and still
5G wholesale fees
have to pay substantial 5G wholesale fees earn an EBITDA (earnings before inter-
from financial year 2023 (FY23) onwards. est, taxes, depreciation and amortisation)
from FY23
In a sector update on Monday (Jan 24), margin of above 30%.
the research house estimated that each “In this scenario, incumbent MNOs
MNO may be charged substantial min- may have to raise their plan quotas to
imum wholesale fees of RM303 million/ stay competitive, resulting in an inability
RM403 million/RM432 million/RM432 by Surin Murugiah to monetise 5G traffic growth or worse
million in FY23/24/25/26 respectively theedgemarkets.com experience an ARPU (average revenue per
based on DNB’s commercial offer and user) decline/market share loss,” it said.
timeline for site roll-outs. commercialisation may be three to five The research house downgraded Maxis
“For Maxis Bhd (“reduce”; target price years away. from “hold” to “reduce”, with a revised TP
[TP]: RM3.80), we project this could fur- “While DNB pays for 5G capex (cap- of RM3.80 (with a 20% discount applied to
ther rise to RM577 million to RM1.5 bil- ital expenditure), we think MNOs’ capex its discounted cash flow-based fair value).
lion per annum in FY27 to FY31, driven will not drop much in FY22 to FY24 due “We continue to prefer the fixed segment
by traffic volume growth,” it said. to: i) JENDELA’s (National Digital Net- due to better revenue growth prospects, more
CGS-CIMB added that MNOs may work) 4G coverage/speed targets; and ii) benign competition and less regulatory risk.
not be able to generate much extra mo- still growing 4G traffic. “Telekom Malaysia Bhd (TM) remains
bile revenue from 5G in the near term to “MNOs’ capex may fall from FY25 as our top Malaysian telecommunications
midterm due to: i) a lack of unique “kill- they offload more 4G traffic onto DNB’s company (telco) pick, with an unchanged
er” use cases; and ii) still limited coverage 5G network when coverage is wider and DCF-based TP of RM7.50.
in the first few years; while iii) 5G device 5G device penetration is higher, in our “Key upside risks: lower 5G wholesale
penetration will take time to rise. view,” it said. fees, cancellation of the single wholesale
“We do see potential for new 5G en- CGS-CIMB noted that when DNB’s network or MNOs being offered equity
terprise revenue streams, but wide scale 5G coverage exceeds 90% in FY27, “we stakes in DNB,” it said.
h o m e
Court grants Boustead Naval Shipyard

a further three-month extension of
restraining order
by Shazni Ong months following a winding-up petition by
theedgemarkets.com MTU Services (Malaysia) Sdn Bhd in July
2020 over a debt of RM56.04 million.
KUALA LUMPUR (Jan 25): The Kuala On March 29, 2021, the winding-up
Lumpur High Court has granted finan- petition was struck out.
cially distressed Boustead Naval Shipyard Prior to that, BNS had in October 2020
Sdn Bhd (BNS) a further three-month obtained an ad interim restraining order to
MACC finds
extension of a restraining order pursuant restrain its scheme creditors from initiat-
to a scheme of arrangement. ing legal proceedings against the company.
new leads in LCS

The order was granted by Judicial Com- The ad interim restraining order will
missioner Liza Chan Sow Keng during a not restrain or stay the continuation of le-
procurement
BNS hearing at the High Court on Tuesday gal proceedings brought by MTU Services
(Jan 25), with Lee Shih and Nathalie Ker and Ingat Kawan (M) Sdn Bhd.
case, two CEOs

of Lim Chee Wee Partnership acting on be- Since then, it is understood that other
half of the company, which is a subsidiary creditors have intervened in the ongoing
detained
of Boustead Holdings Bhd. court proceedings over the scheme of ar-
theedgemarket.com is given to under- rangement.
stand that the court granted the extension They include Contraves Sdn Bhd, Ax-
of the restraining order for three months ima Concept SA, Contraves Advanced
Bernama effective from Dec 2, 2021 (and up to Devices Sdn Bhd, Contraves Electrody-
March 2, 2022). This is part of BNS’s namics Sdn Bhd and Tyco Fire, Security
PUTRAJAYA (Jan 25): The Malaysian ongoing scheme of arrangement. & Services Malaysia Sdn Bhd, as well as
Anti-Corruption Commission (MACC) On Oct 4, 2021, BNS was granted an iXblue SAS, iXblue Sdn Bhd and Protank
detained two chief executive officers on extension of a restraining order by the Mission Systems Sdn Bhd.
Monday (Jan 24) after finding new leads in High Court to Dec 2, 2021, in addition Financial institution creditors are Bank
its investigation into the procurement of six to permission to hold a creditors’ meeting Pembangunan Malaysia Bhd, AmBank
littoral combat ships (LCS) to be built by for a scheme of arrangement. Islamic Bhd, AmBank (M) Bhd, Affin
Boustead Naval Shipyard Sdn Bhd (BNS). Earlier on June 2, 2021, Chan had Hwang Investment Bank Bhd, Bank
According to an MACC source, the in- granted BNS a three-month restraining Muamalat Malaysia Bhd, Affin Bank
dividuals aged 49 and 79, were detained order and leave to proceed with a scheme Bhd, Bank Kerjasama Rakyat Malaysia
when they were at the MACC headquar- of arrangement with its creditors. The Bhd, Malayan Banking Bhd and Kuwait
ters here to give their statements. court had also granted an order for BNS Finance House (Malaysia) Bhd.
The source said both individuals were creditors to meet, and, if thought fit, ap- Boustead’s share price closed the day
suspected of committing malpractice and prove the scheme of arrangement. 1.83% or one sen lower to 53.5 sen, which
receiving bribes through payments to three It also granted a restraining order on pro- translates into a market capitalisation of
companies abroad. ceedings against BNS or its assets for three RM1.08 billion.
One of them is also suspected of receiv-
ing bribes from a sub-contractor appointed
to handle the project, the source added.
The source said the case investigation is
now focused on offences committed under KUALA LUMPUR (Jan 25): Diversified
Section 16 of the MACC Act 2009 for re- MUI venture arm group Malayan United Industries Bhd
ceiving bribes and also Section 409 of the (MUI), through its venture arm Pan Ma-
Penal Code for criminal breach of trust. is lead investor laysia Ventures Sdn Bhd, has emerged as
Section 409 carries an imprisonment the lead investor in designer perfume-sub-
term of not less than two years and not in perfume- scription service provider Scentses + Co’s
more than 20 years, along with whipping seed-funding round under a strategic part-
and also a fine. subscription nership that will allow Scentses + Co and
On Nov 21 last year, Royal Malaysian MUI to effectively offer a more holistic
Navy Veterans Association (PVTLDM) service provider’s retail experience that focuses on online and
president First Admiral (R) Mohamad offline purchasing experiences to better ap-
Imran Abd Hamid lodged a report with seed-funding round peal to new consumer preferences.
the MACC concerning a project to con- In a joint statement on Tuesday (Jan
struct six LCS which failed to be delivered 25), MUI and Scentses + Co however did
as scheduled. by Syafiqah Salim not specify how much money Pan Malay-
The project, worth RM9.128 billion, theedgemarkets.com sia Ventures has invested in Scentses + Co,
was awarded to BNS by the government which was launched in July 2020.
through the Ministry of Defence, with co n ti n ues o n Pag e 12
RM6 billion already paid.
PRESENTED BY | M A I N PA R T N E R | S U P P O R T I N G PA R T N E R | SUPPORTED BY |
ENDORSED BY
MINISTRY OF HOUSING AND

LOCAL GOVERNMENT
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benchmark Malaysian property management practices against the best-in-class globally, has not only
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h o m e
KUALA LUMPUR (Jan 25): Bank Negara the research house said, adding that pri-
Malaysia (BNM) has been seen to be more Analysts: BNM vate-public partnerships feature promi-
accommodative in facilitating alternative nently in FSB3, more so in the context of
financing needs and new business models seen more digitalisation.
in the Financial Sector Blueprint 2022- Public Investment Bank believes despite
2026 (FSB3) which was unveiled recently. accommodative short-term volatilities, the eventual nor-
Public Investment Bank Bhd said malisation of rates in 2022 and expected
structural changes are inevitable as busi- towards economic recoveries will bring about asset
nesses today try to survive with increased quality improvements and loan growth.
digitalisation. facilitating ‘’We do not see conditions getting sig-
“This period of resource allocation nificantly worse than 2020/2021,” the re-
could be fraught with challenges and un- alternative search house said, adding that it is main-
certainties, but will enable organisations taining a neutral view on the banking
to be more efficient,” it said in a research financing needs sector with a positive bias given its lagging
note. “The financial sector has been called valuations relative to the broader market.
upon to facilitate this transition, with BNM in Financial Meanwhile, AmInvestment Bank Bhd is
playing a pivotal supporting role.’’ maintaining an “overweight” stance on the
Finance Minister Tengku Datuk Seri Sector Blueprint sector. AmInvest Research said the interest
Zafrul Abdul Aziz launched the blueprint. rate uptrend will benefit the underlying
In his foreword, Zafrul said the launch 2022-2026 net interest margins of banks.
of the FSB3 “is timely” as Malaysia em- There will be lower provisions for loan
barks on a new level of growth post-pan- losses as new applications for financial assis-
demic, underpinned by a robust financial Bernama tance tapers off while overseas operations in
sector that is capable of navigating the on- Indonesia,Thailand, and Singapore stabilise.
coming challenges and capturing new op- Key targets to be achieved by 2026 un-
portunities. der the blueprint includes narrowing the
With a greater global focus on climate gap between Malaysia’s financial literacy
change, the FSB3 will also facilitate the scores and the average score of the Organi-
country’s transition towards a greener and sation for Economic Co-operation and De-
more climate-resilient economy. velopment (OECD) members; increasing
The research house said much has been e-payment per capita at the compound an-
achieved by Malaysia in a relatively short nual growth rate of more than 15%; achiev-
period. ing an insurance/takaful penetration rate
In terms of financial inclusion, sub-dis- of 4.8% to 5% of the GDP and achiev-
tricts with a population of at least 2,000 ing faster, cheaper and more accessible
people with access to financial services cross-border payments.
have increased to 96% (2011: 46%). making up 18.2% of total net premiums/ The central bank will work closely
Ninety-nine per cent of the population contributions (2010: 12.6%). with the government to review the taxa-
living in sub-districts now have access to fi- ‘’The rapid evolution of the global fi- tion framework to encourage the growth
nancial services versus 82% in 2011, while nancial landscape, advancements in tech- of alternative finance.
96% of customers have deposit accounts nology, coupled with potential shifts in For insurance and takaful, solutions
compared to 87% in 2011, the research global supply chain linkages suggests that like trade credit protection and special-
note said. the financial sector could possibly look very ised products to manage risks in emerg-
Globally, Malaysia now commands an different yet again by 2026. ing growth areas such as renewable energy
18.4% market share of total Islamic finan- ‘’Partnerships and collaborations have projects will be offered to mitigate the risk
cial assets as of 2020. resulted in notable progress, with growth of finance providers and firms.
At home, Islamic banking now makes seen in digital payments as a result of col- On Islamic finance, the focus will be to
up 41% of total system financing compared laboration between banks, e-commerce continue deepening Malaysia’s financial
to 22.7% in 2010 with takaful business platforms, e-wallet players, and PayNet,’’ and capital markets.
from Pag e 10 lingering impact of the Covid-19 pandemic. “The cross-brand collaboration aims
Speaking to The Edge, a MUI spokes- “The synergy between both brands has to leverage a rapidly increasing e-com-
person said Scentses + Co “is not MUI’s already borne fruits for The MUI Group’s merce market that has been buoyed by
first venture-capital investment”. retail and hotel subsidiaries, namely MJ the [Covid-19] pandemic accelerating
In the statement, MUI and Scentses + Department Stores Sdn Bhd (Metrojaya) digitalisation and normalising online
Co said the collaboration between both and Corus Hotels Sdn Bhd, with Scentses shopping. With pandemic restrictions
companies is set to be beneficial to MUI + Co’s digital approach in helping attract a easing, the partnership will allow Scent-
as it will see MUI tap into Scentses + Co’s younger demographic of customers. Con- ses + Co and The MUI Group to effec-
forte in digital marketing to complement versely, the physical presence of The MUI tively offer a more holistic retail expe-
MUI’s digitisation and online-to-offline Group’s subsidiaries has provided Scentses rience that focuses on both online and
transformation plan while MUI retools its +Co’s customers with a plethora of offline offline purchasing experiences to better
business strategies in the new normal as value-added services such as self-collection appeal to new consumer preferences,”
the global community contends with the for their convenience and promotional offers. the statement read.
h o m e
Critical to
KUALA LUMPUR (Jan 25): The Federa- FMM said the situation must be ad-
tion of Malaysian Manufacturers (FMM) dressed in order to aid business revival,
develop
opined that it is critical and expeditious for otherwise the recovery could be derailed.
Malaysia to have a foreign worker recruit- We urge the concerned authorities to
foreign worker
ment policy based on a system that sup- put their act together to resolve, facilitate,
ports sector- and company-demand-based and approve the importation of foreign
recruitment
requirements in order to accelerate busi- workers urgently, Soh said.
ness and economic recovery. “The post-pandemic business landscape
policy and system

The policy must be supported by “a cred- is very competitive,” he said, adding that
ible, consistent, and transparent system”, companies may lose customers. They also
— FMM
FMM said in a statement on Tuesday. risk possible relocation of manufacturing
While FMM is supportive of the remov- base by the principal companies.
al of the special quota for foreign workers FMM is also seeking more clarity on the
to certain parties, which could be open foreign worker recruitment process includ-
to “possible misuse and abuse” resulting Bernama ing the changes that have been introduced.
in excessive entry and the possibility of These include the standard operating proce-
foreign worker human trafficking issues, Patrick Goh/The Edge dures on foreign workers’ entry and the new
business operations have been hampered terms agreed upon in the memorandum of
by acute manpower challenges in the un- understanding with the source countries.
skilled manpower positions. It is also requesting the details be re-
The statement, signed off by president leased early including having engagements
Tan Sri Soh Thian Lai, said FMM had with stakeholders to ensure that the pro-
previously indicated that in order for in- cedures are workable and result in a win-
dustries — especially export-based com- win outcome for all.
panies — to return to pre-pandemic level, Soh said “any changes should be pro-
the general skill labour conditions this year gressive and enhance efficiency of the sys-
must have more than a 600,000-strong tem” including moving the entire process
foreign labour workforce. online, preferably involving only one min-
This is to fill the gaps that arose as a re- istry/agency for approval.
sult of the sharp drop in foreign workers in Soh also thanked the government for de-
the manufacturing sector in 2021 compared ferring the implementation of the multi-tier
with pre-Covid-19 in 2019.This came about levy mechanism to July 1 this year. He is also
because employers were unable to get re- seeking details of the multi-tier levy to give
placements for their foreign workers who industries the time to plan and adjust to the
had returned to their respective countries. Tan Sri Soh Thian Lai new system and to factor in any rise in cost.
Touch ‘n Go
KUALA LUMPUR (Jan 25): Touch
‘n Go (TnG) will be launching a new
to launch
version of its card that has the capa-
Ong says the
bilities of tapping into near-field com- new card will
new-version
munication (NFC) technology in the allow users to
next few weeks. easily top up
their balance
card with NFC
TNG Digital Sdn Bhd chief executive
using an NFC-
officer (CEO) Ignatius Ong said the new enabled port via
capability, says
card will allow users to easily top up their the TnG eWallet
balance using a NFC-enabled port via the application.
TNG Digital CEO

TnG eWallet application.
“The Touch ‘n Go card that we have
in circulation for the last 20 years does
not have the capability to directly top up
from the eWallet because you need a spe- Bernama
cific card reader to actually do the trans-
actions for security reasons,” Ong noted He said the digitisation of commerce and this does not mean that we gravitate fully
during a panel discussion on the second the payment industry had gone into over- back to cash transactions or limited digital
day of the MyFintech Week 2022 on Tues- drive in the past two years as a result of the payment systems,” he said.
day (Jan 25). Covid-19 pandemic, with customers opting Khairuan further explained that consum-
In the same panel discussion, Payments for alternative payment methods. ers’ behaviour is shifting drastically and wheth-
Network Malaysia (PayNet) retail pay- “We saw a more than 100% growth in er they will move back to cash transactions
ments director Khairuan Abdul Rahman Financial Process Exchange (FPX), one of post pandemic is unclear. He said PayNet
added that towards the fourth quarter of the platforms to facilitate e-commerce trans- needs to observe the situation “for a couple
2021, e-commerce transactions dropped actions operated by PayNet in 2020, and a of months” to come to a conclusion, and only
slightly as the economic sector reopened more than 70% growth in 2021. then will the company be able to recommend
and more businesses started to operate “As more businesses open their doors how it needs to maintain e-commerce trans-
physically. for face-to-face transactions, I hope that actions as a primary form of payments.
h o m e
Hibiscus
KUALA LUMPUR (Jan 25): Hibiscus Pe- yond,” said Hibiscus Petroleum managing
troleum Bhd said on Tuesday (Jan 25) that director Dr Kenneth Gerard Pereira.
Petroleum
its indirect wholly-owned subsidiary Pen- According to him, almost 50% of the pro-
insula Hibiscus Sdn Bhd had successfully duction comprises gas, and the addition of
completes
completed the acquisition of the entire eq- gas production is expected to present a better
uity interest in Fortuna International Pe- balance to the group’s asset portfolio in terms
acquisition of
troleum Corporation (FIPC) from Repsol. of price stability, markets and operations.
Hibiscus Petroleum noted in a state- He also said such diversification rep-
FIPC from Repsol

ment that out of the purchase price of resents a key aspect of the group’s energy
US$212.50 million (about RM890.06 mil- transition strategy as natural gas is regarded
lion), the net amount paid at completion as an important bridging fuel as the world
was US$123.65 million after taking into transits to a lower carbon energy mix.
account various adjustments, including the by Tan Siew Mung “Finally, this transaction has been made
deposit paid of US$15 million. theedgemarkets.com possible with the strong support of our share-
It said that the completion came short- holders, industry regulators both in Malaysia
ly after all conditions were fulfilled as an- sitioned to build on the successful opera- and Vietnam as well as our business partners.
nounced on Jan 20, 2022. tional track record of its other producing “Our current partnership with Petro-
According to Hibiscus Petroleum, the assets in the UK and Malaysia. liam Nasional Bhd (Petronas) and Petronas
asset portfolio comprises interests and op- “The completion of this acquisition brings Carigali Sdn Bhd will be further strength-
eratorship under five production sharing to a close the process which began when we ened, and we are excited to forge a new
contracts in Malaysia and Vietnam. first bid for these assets and opens a new working relationship with PetroVietnam as
Hibiscus Petroleum said the group’s av- chapter in the group’s next phase of growth, we expand our geographic footprint into
erage daily oil and gas production is pro- “We welcome on board the Repsol team Vietnam,” he said.
jected to increase almost threefold. into the Hibiscus family and look forward Hibiscus Petroleum's share price slipped
As the operator of the newly acquired to working together on further enhancing 2.5 sen to settle at 85.5 sen, valuing the
assets, it added that the group is well po- value from these assets in 2022 and be- group at RM1.72 billion.
news In brief
Aimflex redesignates Serba Dinamik

Affin Bank exercises call option on its RM1b bond co-founder Awang Daud as
KUALA LUMPUR (Jan 25): Affin Bank Bhd has exercised the call option to redeem its RM1 non-executive chairman
billion worth of subordinated medium term notes (MTN), based on information on Bank Negara KUALA LUMPUR (Jan 25): ACE Market-
Malaysia (BNM)’s Fully Automated System for Issuing/Tendering (FAST). Notably, the bond listed Aimflex Bhd has redesignated Datuk
has an expiry date of Feb 5, 2117. “We, the facility agent, wish to inform that the issuer, Affin Awang Daud Awang Putera from executive
Bank Bhd, had today issued Notice of Exercise of Call Option on its intention to redeem Stock chairman to non-executive chairman with
UN170018 in full on Feb 7, 2022. The letter enclosing the call notice has been distributed to the effect from Tuesday (Jan 25). Awang Daud,
noteholders by the trustee via email on Monday (Jan 24),” it said. — by Sulhi Khalid 62, currently holds 171 million direct shares,
representing a 28.98% stake in the group,
according to Aimflex’s filing with the bourse.
Axiata appoints EPF’s Nurhisham Syed Jalaludin is new Bioalpha He joined the board on Aug 19, 2020 as the
Hussein as new director chairman as Abdul Rahman steps down group’s non-independent non-executive
KUALA LUMPUR (Jan 25): Axiata Group KUALA LUMPUR (Jan 25): Bioalpha Holdings chairman, before being redesignated as
Bhd has appointed the Employees Bhd said its independent non-executive chairman executive chairman on Feb 16, 2021. Awang
Provident Fund’s Chief Strategy Officer Tan Sri Abdul Rahman Mamat has stepped down Daud is also the co-founder of Serba Dinamik
Nurhisham Hussein as a non-independent from his position, effective Tuesday (Jan 25). After Holdings Bhd, according to the filing. “He
and non-executive director, effective serving the company for nearly nine years, the was later redesignated as deputy managing
Tuesday (Jan 25). In a bourse filing, Axiata health supplement group said in a bourse filing that director in 2016. Currently he is a non-
said Nurhisham’s division will oversee Abdul Rahman resigned “to pursue other corporate independent and non-executive director,
corporate strategy, communications, interests”. Abdul Rahman, who holds 583,333 a member of investment committee and
human resources, economic research, and direct shares in Bioalpha, also sits on the boards management committee of Serba Dinamik,”
enterprise project management. “Prior of directors of several public listed companies said Aimflex, adding that Awang Daud has
to holding this position, he headed the including Hiap Teck Venture Bhd, Malaysian over 40 years of experience in the field of
economic research team at the EPF. He Industrial Development Finance Bhd, Dagang mechanical engineering. Aimflex through
joined EPF after a stint with Malaysian NeXchange Bhd, Lotte Chemical Titan Holding its subsidiary companies is principally
Rating Corp Bhd (MARC), producing Bhd and MCE Holdings Bhd. In a separate filing, involved in manufacturing and modification
country reports, developing economic Bioalpha said it has redesignated its independent of specialised automation machines. On
viewpoints and making quantitative non-executive director Tan Sri Dr Syed Jalaludin Monday (Jan 24), Luster Industries Bhd
forecasts,” said the group. Axiata shares Syed Salim as its independent non-executive announced that it was acquiring 100 million
closed at RM3.71, down 1.59% or six sen chairman. According to Bioalpha, Syed Jalaludin shares or a 8.169% stake in Aimflex for RM22
with some 2.28 million shares traded. Its was the longest chairman of Bank Rakyat Malaysia million or 22 sen per share. It entered into a
market capitalisation is RM34.04 billion. and a founding director of the Capital Market form of transfer of securities on Friday (Jan
— by Syafiqah Salim Development Fund board. — by Syafiqah Salim 21) with Awang Daud. — by Syafiqah Salim
h o m e
Malaysia drops five spots to 62 in

TI-M’s corruption index rankings
reuters
by Ahmad Naqib Idris

theedgemarkets.com
KUALA LUMPUR (Jan 25): Malaysia

dropped five spots to rank 62 in the glob-
al rankings of Transparency International
Malaysia’s (TI-M) Corruption Percep-
tions Index (CPI) 2021, marking the sec-
ond consecutive year that the country has
seen a decline in the rankings.
During a briefing on Tuesday, TI-M
president Dr Muhammad Mohan said
Malaysia’s score fell below the 50-point
mark to 48 for 2021, from 51 and 53 in
2020 and 2019 respectively.
The CPI uses a scale of zero to 100,
with lower scores indicating higher cor-
ruption.
A total of 180 countries and territories
were scored, with two-thirds of countries
scoring below 50. The global average CPI
score stood at 43.
Among the ASEAN countries, Malay- the suspension of parliament during the pending high profile cases, as well as a
sia ranked third after Singapore (score of Movement Control Order and the con- public dashboard to monitor the imple-
85) and Brunei (score of 60). Notably, tinued lack of political will from various mentation of and disclose progress of the
Singapore was the only Asian country to administrations in fighting institutional National Anti-Corruption Plan (NACP).
make it to the top 10, ranking fourth af- corruption. The MACC also has to be reformed
ter Denmark, Finland and New Zealand. Besides that, other factors included the into truly independent, reporting directly
Meanwhile, among selected Islam- appointments of politicians without expe- to parliament, recommended TI-M, while
ic countries, Malaysia ranked sixth af- rience to head government-linked compa- public officials found guilty of corruption
ter the UAE, Qatar, Brunei, Oman and nies and government-linked investment should be compelled to vacate their offi-
Saudi Arabia. companies, lack of progress on amend- cial positions, even while they are going
“We need to be very concerned about ments to the Whistleblowers Protection through the appeal process.
our declining CPI score. With reforms Act 2010, as well as the continued adverse “TI-M also urgently calls for full imple-
coming though, we can improve our scores, findings and repeated governance failures mentation of the NACP, acceleration of the
and for a start, we should be aiming for observed in the Auditor General’s annu- tabling of the Political Financing Act, the
above 50 points,” said Muhammad. al report. independence and transparency of key in-
He highlighted several reasons that On the other hand, TI-M lauded the stitutions like the MACC and the Attorney
could be the factors behind Malaysia’s positive developments so far, including General’s Chambers, an anti-hopping law to
declining score, including the stall in in- the memorandum of understanding be- stop party hopping, implementation and em-
stitutional reforms. tween the government and Pakatan Hara- powerment of Undi 18, and the enactment
“The last four governments have lacked pan which included the reduction in the of parliamentary reforms,” said Muhammad.
political will to table the Political Financ- minimum voting age to 18, automatic voter Looking ahead, he said the public must
ing Bill. As a result, money politics is still registration, Malaysia Agreement 1963, play its role in calling out corruption — not
rampant, both during elections and as a Anti-Hopping Law or recall elections, par- only by protesting but also communicating
scheme for corruption. liamentary reforms and limiting the tenure through social media — and added that there
“The proposed IPCMC (Independ- of the prime minister to 10 years. must be space for the people to speak up.
ent Police Complaints and Misconduct It also viewed positively the judicial in- “The rakyat needs to be the eyes and
Commission) Bill was revised to a wa- dependence displayed in ongoing corrup- ears. If there is wrongdoing, it should be
tered down, ineffective bill. There also tion cases. exposed. That is how it is. The public has
has been no progress on reforms to the To improve Malaysia’s CPI score, the to play a part in this.
Malaysian Anti-Corruption Commission non-profit made several suggestions in- “I am appealing to everyone. We need
(MACC), which were recommended in cluding narrowing the scope of the Offi- to say no to corruption. Our country must
2015,” he said. cial Secrets Act, so that matters of public be known for its integrity, not for its cor-
Muhammad also pointed out the ac- interest such as directly negotiated con- ruption,” said Muhammad.
quittals or discharges not amounting to tracts can be released, while only matters
acquittal to high profile personalities in related to national security are protected.
several corruption cases with no clear clari- It also mooted for a platform which Read also: MACC takes serious note of
fication from the Attorney General’s office, provides regular updates on the status of CPI 2021, will make proposals Click here
h o m e
Khairy: No aged to register their children on the My-

Sejahtera (MySJ) application in order to
restrictions to
protect their children against the Covid-19
infection.
be imposed on
“Register your children (aged five to 11)
for #PICKids on MySJ. Protect them from
unvaccinated
COVID-19,” he said in his latest tweet.
Last week, Khairy announced that the
children
appointment booking system for child vac-
cination through MySJ would be open at
the end of this month, kicking off in the
Klang Valley.
Bernama Through this initiative, the Health Min-
istry (MOH) is targeting 70% of children,
Marina: Dr
KUALA LUMPUR (Jan 25): Health from five to under 12 years of age in the
Minister Khairy Jamaluddin said the gov- education system, to be given a single dose
Mahathir’s
ernment will not impose restrictions on of the Pfizer (children) vaccine within two
children, aged five to 11, who do not get months from the programme’s launch in
health shows
inoculated with the Covid-19 vaccine. early February this year, and 80% to be
He said this group will not be penalised fully vaccinated within six months.
improvement
like those who are not vaccinated in the The MOH currently does not allow cer-
adult group because the Covid-19 Immu- tain freedoms to the anti-vaccine group
nisation Programme for Children (PICK- that are being enjoyed by fully vaccinated
ids) is not mandatory. individuals, which among others include
However, he said, parents are encour- permission to dine-in at restaurants. Bernama
KUALA LUMPUR (Jan 25): The

health of former prime minister Tun
Application
KUALA LUMPUR (Jan 25): The Associ- Dr Mahathir Mohamad (pictured), who
ation of Banks in Malaysia (ABM), Asso- is being treated at the National Heart
ciation of Islamic Banking and Financial
period for URUS
Institute (IJN), showed improvement
Institutions Malaysia (AIBIM), Associa- on Tuesday (Jan 25), according to his
tion of Development Finance Institutions
extended until
daughter Datin Paduka Marina Ma-
of Malaysia (ADFIM) and Agensi Kaun- hathir.
seling dan Pengurusan Kredit (AKPK)
March 31
She said Dr Mahathir’s appetite had
announced on Tuesday (Jan 25) that the improved and he could joke with family
closing date for the submission of applica- members who were by his side.
tions for the Financial Management and “Tun Dr Mahathir was also told of
Resilience Programme (Program Penguru- by Tan Siew Mung the well-wishes sent by so many parties
san dan Ketahanan Kewangan or URUS) theedgemarkets.com including foreign leaders and members
had now been extended until March 31, of the public.
2022 from Jan 31, 2022. To ease the application process, cus- “Tun Dr Mahathir and the family are
The entities said in a statement that tomers with loan/financing facilities from very touched and would like to thank
eligible bottom 50% income group (B50) multiple banks only need to apply with any everyone for their prayers for his speedy
customers who are in need of further fi- one of their banks where they currently recovery,” Marina, who is Dr Mahathir’s
nancial assistance may apply for URUS have performing facilities under an existing eldest child, said in a statement.
with their banks by March 31. repayment assistance programme. Marina said Dr Mahathir also told
They added that individual customers For eligible B50 customers who had the public not to be unduly worried
who are under an existing repayment assis- signed up for banks’ flood relief assistance about his health condition, adding
tance programme provided by banks as at programmes, the URUS application clos- that her father would continue to be
Sept 30, 2021 and meet all of the following ing date had been extended until July 31, treated at IJN under the watch of local
criteria may apply for URUS: 2022 or upon the expiry of the flood relief specialists.
○ B50 customers with gross monthly assistance programme, whichever is earlier. “For now, IJN does not allow visi-
household income of RM5,880 or “Customers who are still in need of fi- tors apart from close family members,”
lower; nancial assistance but do not qualify for she added.
○ Who are experiencing loss of employ- URUS are encouraged to contact their Last Saturday, Marina said in a state-
ment or income reduction of at least banks to discuss other repayment arrangement that Dr Mahathir’s condition was
50%; and ments that can be tailored to their financial stable and he was responding well to
○ Whose loan/financing facility is still circumstances,” the statement read. treatment following the elective proce-
performing (not in arrears exceeding The entities also reminded customers dure performed on Jan 8 this year.
90 days) as at the date of the URUS not to engage with any third parties claim- Dr Mahathir was discharged from
application. ing to be agents/representatives of banks in IJN on Jan 13, after being admitted on
Eligible customers who wish to apply relation to repayment assistance matters Jan 7 to undergo the elective procedure
for URUS may do so via their banks’ In- — as banks and the AKPK do not appoint which was conducted by a team of doc-
ternet banking or telephone banking chan- or authorise any third parties or agents to tors from the institute and Universiti
nels or walk-in at branches. act on their behalf for this purpose. Malaya Medical Centre on Jan 8.
h o m e
Norza confirms
KUALA LUMPUR (Jan 25): Badmin- well as the country’s professional players,
ton Association of Malaysia (BAM) pres- who are also nurtured by BAM.
Zii Jia can

ident Tan Sri Mohamad Norza Zakaria Meanwhile, Zii Jia, at a press conference
has granted national men’s singles ace Lee on Tuesday, declined to comment on news
turn pro
Zii Jia (pictured) his wish — to become a report that he rebuffed a RM1 million of-
professional player. fer made by BAM in a bid to get him to
“Confirmed,” Mohamad Norza said stay with them.
in a brief response to Bernama when he BAM deputy president Datuk Seri
was asked to clarify the statement made Bernama Jahaberdeen Mohamed Yunos said both
by Lee Zii Jia in his Facebook post on sides were satisfied with the outcome of
Tuesday (Jan 25). the meeting, which was held to discuss an
This came after Zii Jia wrote that he appeal on Monday by Zii Jia against his
had received the blessings from Moham- two-year suspension by BAM for quitting
ad Norza to become a professional player the national body.
following a private heart-to-heart meet- On Friday (Jan 21), Jahaberdeen an-
ing with Mohamad Norza together with nounced that BAM would not register Zii
his parents. Jia for any international competitions for
“I am happy that we have now resolved a two-year period effective from Jan 18.
this issue with BAM after receiving Tan Sri’s This was following the 23-year-old play-
blessings to become a professional player. er’s decision to resign from BAM on Jan
“My past and future achievements will 11 to turn professional, saying he could
always be the product of Tan Sri Norza, not take the pressure and “regimented life-
BAM and Malaysia. I am forever thankful style” in BAM.
that Tan Sri guided, nurtured and gave me However, BAM on Monday confirmed
the opportunity to serve the country that that Zii Jia had submitted an appeal letter
I love,” said Zii Jia. regarding their decision and promised to
Thus, the current world No 7 said he find the best solution immediately.
will represent Malaysia at the Badminton
Asia Team Championships (BATC) 2022 the qualifiers for the Thomas Cup and
to be held at the Setia City Convention Uber Cup Finals. Read also: BAM-Zii Jia meeting positive,
Centre in Shah Alam, Selangor from Feb In the meantime, the Kedahan urged settlement to be announced next week,
15-20. The tournament will also serve as everyone to continue to support BAM as says BAM deputy president Click here
Johor polls:
SHAH ALAM (Jan 25): Parti Pribumi Muhyiddin said PN will approach
Bersatu Malaysia (Bersatu) President Tan the Johor election based on experiences
Muhyiddin
Sri MuhyiddinYassin said on Tuesday (Jan learned when contesting the Melaka state
25) he may not defend the Gambir seat in election, while also being mindful of an
may not defend

the upcoming Johor state election. increase in the electoral roll following the
He said this is to enable him to fully automatic registration of those aged 18
Gambir seat
focus on important matters at the parlia- and above as voters.
mentary and federal levels as well as to “We will give serious attention to how
manage party affairs. we can attract the support of youths,
“I may not contest but this is up to the young voters and those who have never
(collective) leadership. I want to pave the Bernama voted but have been automatically regis-
way for many more personalities in Jo- tered by the Election Commission.
hor, especially for this seat, but it is up to On younger candidates for the Johor
them as to who gets to contest there. We election, Muhyiddin said: “We want to
will decide,” he told reporters after chair- give them a chance as I understand as
ing the Johor Bersatu Liaison Committee this the era of the young, but a combina-
meeting here on Tuesday night. tion of young and seasoned is reasonable.
Muhyiddin, who is also Johor Bersatu There is no party that sidelines its older
chairman, said all 26 party divisions in Jo- members entirely to field its young, but
hor have mobilised their election machin- these are early days and so, there is no fi-
ery for the 56 state seats to be contested. nal decision yet.”
The Perikatan Nasional (PN) chair-
man also said that Bersatu’s PN coalition
partners, PAS and Gerakan are of the view Read also:
bloomberg
that PN should contest all the 56 seats
up for grabs. Anwar: PH willing to field young candidates
“Early preparations have begun, and On suggestions that PN cooperates in Johor state election Click here
from a cooperation point of view, PAS with other parties for the state election,
has confirmed it will be with PN while he said the coalition was open to views
there are no issues from Gerakan and the and proposals as long as they are in line Syed Saddiq may contest in Johor polls
Sabah-based parties,” he said. with PN’s struggles. — State MUDA chief Click here
w o r l d
IMF cuts 2022 world economic growth forecast

to 4.4% on weaker US, China outlooks
WASHINGTON (Jan 25):The Internation- by Eric Martin IMF projections:
al Monetary Fund (IMF) has cut its world Bloomberg • The fund slashed its forecast for growth
economic growth forecast for 2022 as the in the US by 1.2 percentage points to
Covid-19 pandemic enters its third year, cit- 4%. The revision reflects removal of as-
ing weaker prospects for the US and China bloomberg sumptions for a positive impact from
along with persistent inflation. President Joe Biden’s Build Back Better
The global economy will expand 4.4% social-spending plan, which stalled in
this year, down from an estimate of 4.9% in Congress; earlier withdrawal of Federal
October, the Washington-based IMF said in Reserve support; and continued sup-
itsWorld Economic Outlook onTuesday.The ply-chain bottlenecks.
fund forecast 3.8% growth for 2023, up from • It trimmed China’s growth forecast by 0.8
the prior projection, but cumulative expan- percentage point to 4.8%, citing disrup-
sion for the two years will still be 0.3 per- at short notice,” Gopinath said. “In parallel, tions caused by the pandemic, the nation’s
centage point less than previously forecast. bold, and effective international cooperation zero-tolerance policy for Covid-19, and
The US, the world’s largest economy, saw should ensure that this is the year the world disruption in the housing sector.
its forecast cut on the outlook for President escapes the grip of the pandemic.” • The IMF cut its growth forecasts for
Joe Biden’s spending agenda and China, the While the IMF sees the Omicron variant Brazil and Mexico by 1.2 percentage
second biggest, on challenges in real estate. weighing on growth in the first quarter, it ex- points to 0.3% and 2.8%, respectively,
The world economy expanded 5.9% last pects the negative impact to fade starting in with the fight against inflation already
year, the IMF estimated, the most in four the second quarter, assuming that the global prompting tighter monetary policy that
decades of detailed data. That followed surge in infections abates and the virus does will weigh on domestic demand.
a 3.1% contraction in 2020 that was the not mutate into new variants that require • India will see the fastest growth among
worst peacetime decline in broader figures more restrictions on mobility. major economies at 9% from 8.5%, due
since the Great Depression. Supply-chain disruptions are spurring to credit-growth improvements.
Central banks that slashed interest rates more broad-based inflation than anticipated, The projections assume that bad health
to soften the economic decline caused by the IMF said, with the annual rate project- outcomes from Covid-19 recede to low
the pandemic face pressure to tighten pol- ed to average 3.9% in advanced economies levels in most countries by the end of this
icy to confront surging consumer prices, this year, up from a prior 2.3% estimate, and year, vaccination rates improve and treat-
threatening to curtail the growth rebound. 5.9% in emerging and developing nations. ments become more available. Risks are
Governments also have less fiscal space for The IMF sees the faster pace for cost- tilted to the downside, with new variants
spending to address health needs and buoy of-living increases easing gradually later threatening to extend the pandemic.
their economies after piling up record debt. this year, assuming price expectations re- Bringing the pandemic to an end depends
main well anchored, as shipping bottle- on ending vaccine inequality, the IMF said.
‘Be ready’ necks ease and major economies respond The fully vaccinated share of the population
“The last two years reaffirmed that this with interest-rate increases. is about 70% for high-income countries but
crisis and the ongoing recovery are like no Advanced economies raising interest less than 4% for low-income nations. Eighty-
other,” Gita Gopinath, who became the rates may create risks for financial stabil- six nations, accounting for 27% of the world’s
fund’s No 2 official this month after three ity and emerging-market and developing population, fell short of the 40% vaccination
years as its chief economist, wrote in a blog economies’ capital flows, currencies, and level for the end of last year that the IMF
accompanying the report. fiscal positions after debt levels increased, estimated is needed to curb the pandemic.
“Policymakers must vigilantly monitor a the IMF said. International cooperation The world also suffers from deep ine-
broad swathe of incoming economic data, will be needed to preserve nations’ access quality in Covid-19 testing, with testing
prepare for contingencies, and be ready to to cash and facilitate orderly debt restruc- rates about 80 times higher in high-income
communicate and execute policy changes turing where needed, the fund said. nations than low-income countries.
w o r l d
Powell’s legacy
(Jan 25) Jerome Powell’s (pictured) first four forecasts only once a quarter.
years as Federal Reserve chair were defined Right now, their baseline from Decem-
is at stake in Fed
by saving the U.S. economy from the his- ber doesn’t look fully credible, says Anna
toric challenge of the pandemic. His sec- Wong, chief U.S. economist for Bloomb-
pivot to beat back

ond term — and his legacy — will be about erg Economics.
saving the economy from overheating. “They have the unemployment rate fall-
inflation
Powell and his colleagues on the Federal ing to 3.5% this year, below their long-
Open Market Committee, who meet Tues- run sustainable rate, and staying there in
day (Jan 25) and Wednesday, are wrestling the next two years, and yet inflation drifts
with how to quell the highest inflation in down back down to 2.1% in 2024,” she
a generation without stalling labour mar- Bloomberg said.
ket gains. Meanwhile, they forecast their policy
The risks of error in this quest for a bloomberg rate would rise to just above 2% — not
soft landing are big: move too fast and the even reaching what they view as restric-
economy tips back into recession. Go too tive territory.
slow and inflation gets entrenched. “Despite retiring the word ‘transitory’
Powell’s emergency support of finan- that forecast still suggests that they think
cial markets in 2020 as Covid-19 spread inflation is mostly supply driven and will go
helped stage a solid recovery in 2021. The away on its own,” said Wong, who forecasts
68-year-old’s dexterity won backing from the Fed will have to raise the benchmark
both parties and ultimately his nomination policy rate five times this year.
by President Joe Biden to a second term. Some officials are starting to publicly
Now, “that legacy is being challenged” second guess their December estimates.
by inflation that’s too high and the Fed’s St Louis Fed President James Bullard
response which to some appears too slow, says that it might take four increases to
said Tim Duy, chief economist at SGH slow down prices instead of three as he
Macro Advisors. “It is going to be hard had thought. Governor Chris Waller argued
to glide path prices back to the 2% tar- three hikes was still his baseline forecast,
get” quickly without inducing a recession. but cautioned that four or even five moves
Officials are expected to signal a rate in 2022 may be needed if inflation fails to
hike in March after their meeting ends abate as expected.
Wednesday. But Powell may need to open With the committee already shifting,
the door to more increases this year than Powell has a chance at his Wednesday press
the three projected in their December fore- conference to open the door to a rate path
casts. Some urge that Powell suggest that with more than three increases this year.
every meeting is live for a potential rate
hike if warranted. near zero, in December 2015. Back then,
He will have to balance that message the Fed’s preferred inflation index rose by Click here to read the full story
with the Fed’s commitment to a new 0.2% over the prior 12 months, compared
framework that pledges to let the labour to 5.7% in the most recent reading.
market to run hot in pursuit of broad- As the Fed chair prepares for his first Read also:
based and inclusive gains. There is also press conference of the year, critics see two
the issue of financial market fragility. The pressing areas for more clarity: the pace BOE silence leaves investors seeing
S&P 500 has slid more than 7% since the of rate increases and the balance sheet. signal for action on rates Click here
end of last year, in part because of nerves One hitch in Fed communication is that
surrounding the Fed’s tightening. officials talk a lot about their baseline pro-
Plus, US central bankers are operating jection. They don’t have a good way to de- In surprise move, Singapore tightens
in a very different inflation climate than scribe their collective response to a rapidly monetary policy on inflation risks
the last time they lifted interest rates from evolving outlook, and they refresh their Click here
reuters
UK PM Johnson
LONDON (Jan 25): British Prime Min-
ister Boris Johnson (pictured) on Tuesday
says talking to US
said he was discussing banning Russia from
the Swift global payment system with the
about banning
United States.
Asked about the Swift payment sys-
Russia from Swift

tem and whether Britain would ban Rus-
sia, Johnson said: “There is no doubt
payment system
that that would be a very potent weap-
on.”
“I’m afraid it can only really be de-
ployed with the assistance of the United
States though. We are in discussions about by William James & Alistair Smout
that,” he told lawmakers. Reuters
w o r l d
Singapore’s
(Jan 25): Singapore state-owned investor UK-listed private equity firm Bridgepoint,
Temasek Holdings Pte Ltd has bought which agreed to buy the business in 2015 from
Temasek acquires
testing company Element Materials Tech- rival 3i Group plc, began exploring a sale late
nology from buyout firm Bridgepoint last year, Bloomberg News previously reported.
Bridgepoint
Group plc for an undisclosed amount. Temasek pre-empted a bidding pro-
Temasek, which was already a minor- cess that was expected to draw interest
testing business
ity owner of the business, acquired the from other buyout firms as well as strate-
London-based company that generates gic investors. Cinven Ltd and the Cana-
annual revenue of about US$1 billion da Pension Plan Investment Board were
(about RM4.19 billion) and has grown among parties reported to be interested.
at over 20% a year in the past decade, by Aaron Kirchfeld & Manuel Baigorri The sale of Element marks one of the
according to a statement on Tuesday Bloomberg largest by Bridgepoint since it went pub-
(Jan 25). The value of the deal is almost lic in a July initial public offering. The
US$7 billion, Bloomberg News reported The company, which can trace its history buyout firm currently has a market cap-
on Monday. back almost two centuries, has more than italisation of US$4.1 billion.
Element Materials tests and certifies 200 laboratories across 30 countries em- Bank of America Corp, Goldman
products and materials used in industries ploying over 7,000 scientists, engineers Sachs Group Inc and Rothschild & Co
ranging from oil and gas to aerospace. and other technical staff. advised Element on the deal.
One of biggest-
DUBAI (Jan 25): A United Arab Emir- Chimera Investment, the Abu Dhabi
ates investment firm linked to an influen- firm’s parent company, was among the
ever tech funds

tial member of Abu Dhabi’s ruling family institutional investors that contributed to
has emerged as a backer of one of the the fund’s US$5 billion first close, accord-
wins backing of
largest funds in venture capital history, ing to Fikry.
joining forces with New York-based Al-
Growth, pre-IPO
UAE royal’s firm
pha Wave to deploy US$10 billion with
a focus on India. “The focus in terms of stage of investment
Chimera Capital, part of a business is growth and pre-IPO (initial public of-
empire overseen by Sheikh Tahnoon Bin fering), yet the fund will be making earlier
Zayed, said the Alpha Wave Ventures II by Farah Elbahrawy, Ben Bartenstein bets to be able to penetrate star companies
Fund will target companies that have yet & Nicolas Parasie earlier and be able to back them along their
to go public, focusing on a range of assets Bloomberg growth trajectory,” Fikry said.
from financial technology to artificial in- The fund has already invested in com-
telligence and life sciences. panies like Revolut, Monzo Bank Ltd, and
Alpha Wave, originally named Falcon The tie-up underscores Indian electric vehicle manufacturer Ola
Edge Capital, will work with it to identify the Gulf region’s Electric Mobility Pvt Ltd.
and manage investment opportunities in growing prominence The effort builds on a relationship over
pursuit of “a global mandate with a spe- as a conduit of capital the past three years between Chimera and
cial focus on India”, Seif Fikry, Chimera’s following a year of Alpha Wave, an alternative asset manager
chief executive officer, said in an emailed founded a decade ago and led by Rick Ger-
reply to Bloomberg questions.
record tech investments son, Navroz Udwadia, and Ryan Khoury.
The fund’s second close at US$10 bil-
that reached US$621 Gerson is also a co-founder and board
lion puts the haul in the same league as in- billion globally. member of Mubadala-backed Abu Dha-
vestment vehicles by Andreessen Horowitz, bi Catalyst Partners.
Tiger Global Management, and Sequoia The partnership with Alpha Wave cov-
Capital. Chimera said the fund’s backers rich emirate has an array of vehicles, from ers a period when Chimera began manag-
include a mix of large institutional inves- Mubadala Capital to ADQ’s Abu Dhabi ing third-party money and launched five
tors, and it expects the ticket size could Growth Fund, dedicated to diversifying exchange-traded funds. Its first venture
range from “tens of millions to hundreds”, the economy beyond hydrocarbons. capital fund closed a month ago at just
according to Fikry. Sheikh Tahnoon, a brother of the UAE’s US$75 million but won the backing of
The tie-up underscores the Gulf re- de facto ruler and the country’s national se- Mubadala, Abu Dhabi’s second-biggest
gion’s growing prominence as a conduit curity adviser, presides over many of these sovereign wealth fund.
of capital for global names like SoftBank investments. His interests range from Royal Chimera’s latest foray into venture cap-
Group Corp and Silver Lake, following a Group, the parent company of Chimera ital dramatically steps up ambition, with
year of record tech investments from Latin Capital, to wealth fund ADQ, Group 42, the expectation of “playing a much more
America to China that reached US$621 and First Abu Dhabi Bank. active role with the investee companies”,
billion globally. Apart from finance, he has been on the according to Fikry.
frontlines of the UAE’s diplomatic engage- The new fund “allows large institutional
Mubadala, ADQ ments with regional heavyweights such as investors to deploy significant amounts of
It also marks the latest effort by Abu Dha- Saudi Arabia, Turkey, Iran, and Qatar. capital in growth-stage companies”, he said.
bi, a city that is among the few globally to Fikry said his company is “fully aligned
manage over US$1 trillion in sovereign with the emirate’s strategy of becoming a
wealth capital, to plow its energy wind- hub of home-grown asset managers and Read also: Big IPO winners in India take a
fall into technology investments. The oil- funds”. beating in global equity selloff Click here
w o r l d
Ericsson tops
bloomberg ior-management staff by 5%.The company
is making ice cream, beauty and personal
forecast as 5G
care independent units as it reorganises its
businesses into five groups.
demand offsets
Jope is at a crucial juncture, coming un-
der increasing pressure to chart a new course
China troubles
as the company’s share price lags rivals.
Among the departing senior managers
is Sunny Jain, a former Amazon.com Inc
executive who replaced Jope as president of
Unilever’s beauty and personal-care arm in by Supantha Mukherjee
2019.That business, which has been grow- Reuters
ing at the slowest pace of Unilever’s three
major divisions, is being broken up into two STOCKHOLM (Jan 25): Ericsson beat
Unilever to cull
under the new organisation. quarterly core earnings forecasts on Tues-
Unilever’s decision to also separate its day, sending its shares up 8% as global
15% of senior
Foods and Refreshments business into two demand for telecoms equipment for 5G
separate entities will bring more transpar- networks offset more market share losses
managers to ency to the performance of its ice-cream in mainland China.

operations, which includes brands such as The Swedish company has been losing
accelerate
Ben & Jerry’s, Klondike and Magnum and business in China since Sweden banned Chi-
has been speculated by some analysts as a na’s Huawei from its 5G roll-out. China now
revamp
potential disposal target. accounts for a low single digit proportion of
Jope is seeking to reorganise the foods group revenue, down from more than 11%
business around healthier habits, aiming to before the Swedish ban, Ericsson said.
build a portfolio of plant-based meat and However, that has been offset by robust
Bloomberg dairy alternative brands that will generate demand elsewhere.
1 billion euros (RM4.73 million) worth of “We have seen North America continue
(Jan 25): Unilever Plc plans to cut 15% revenue by 2025. He also has expanded in to grow very strongly and we grew there by
of its senior managerial positions to speed the fast-growing vitamins, minerals and sup- 16% in the quarter in constant currency,”
decision-making after activist investor plements space with the acquisition of Olly chief financial officer Carl Mellander said.
Nelson Peltz built a stake in the consum- Nutrition in 2019. While a resurgent Nokia has been in-
er-goods giant. The company employs about 150,000 creasing competition in several markets, Er-
Alan Jope (pictured) is making his big- people globally. icsson was also able to grow in Europe and
gest job cuts since becoming chief executive Latin America in its fiscal fourth quarter.
officer three years ago, eliminating about China had an early start in rolling out
1,500 positions as Unilever also reduces jun- Click here to read the full story 5G networks — which promises faster
speeds and development of technologies
such as remote surgery — but other coun-
tries are catching up. Ericsson has so far
ZURICH (Jan 25): Credit Suisse warned
Credit Suisse’s
signed 170 5G contracts.
on Tuesday that it was likely to make a net “We think we are still relatively early in
problems mount
loss in the fourth quarter (4Q) as the scan- the 5G roll-out if you look on the globe,
dal-hit lender flagged fresh legal costs and so we will continue to see good demand
as lender warns
said business in its trading and wealth man- for 5G going forward,” chief executive of-
agement divisions had slowed. ficer Börje Ekholm told a conference call.
on 4Q profit
“Profit for the fourth quarter of 2021 The company’s quarterly adjusted op-
will be negatively impacted by litigation erating earnings rose to 11.9 billion Swed-
provisions of approximately 500 million ish crowns (US$1.28 billion) from 11 bil-
Swiss francs, partly offset by gains on real lion crowns a year ago, beating analysts’
estate sales of 225 million Swiss francs,” by Brenna Hughes Neghaiwi mean forecast of 10.3 billion crowns, ac-
the embattled lender said in a statement, Reuters cording to Refinitiv data.
adding the legal hits primarily related to While Ericsson’s total quarterly revenue
settlement of legacy cases from its invest- and reform its risk management culture, an rose 2% to 71.3 billion crowns, beating esti-
ment banking business. effort set back by the abrupt departure of mates of 68.33 billion crowns, sales in main-
Combined with other charges, it said the chairman brought in just nine months land China declined by 1.8 billion crowns.
this was expected to result in a reported earlier to lead that transformation. Mainland China will likely see a drop
pre-tax income or loss of “approximately Switzerland’s second-largest lender an- in revenue for at least one more quarter,
break-even” for 4Q. nounced plans in November to rein in its Mellander said.
That would be before the deduction of a investment bankers and plough money into
previously announced impairment charge looking after the fortunes of the world’s rich
of around 1.6 billion francs (US$1.75 bil- as it tries to curb a freewheeling culture that Click here to read the full story
lion) on remaining investment banking-re- has cost it billions in a string of scandals.
lated goodwill on its books. It said on Tuesday its investment bank
Credit Suisse has been trying to turn would also be affected by a slowdown in Read also: IBM beats revenue expectations
the page on a slew of negative headlines transaction-based revenue. on cloud, consulting strength Click here
w o r l d
China warns of Shimao, which has defaulted on a trust loan

reuters
and extended asset-backed securities payments
export woes due this month, sold a commercial land in Shanghai

last week to a company owned by the Shang-
to less stimulus hai municipal government for 1.1 billion yuan.

The property management arm of state-
overseas
backed developer China Resources Land ac-
quired property services businesses ofYuzhou
Group and Jiangsu Zhongnan Construction
this month for a total of 3.3 billion yuan.
Bloomberg “For sure we will see more of these deals,
because the central government has made the
(Jan 25): A rapid withdrawal of stimulus order,” said Oscar Choi, founder and CIO of
by some countries could hurt China’s Oscar and Partners Capital Ltd. “Large state-
exports, an official with the Ministry of owned enterprises will need to respond and act.”
Chinese state-
Commerce said, as he warned of “un- Choi expects SOEs will not go beyond
precedented” difficulties ahead this year. assets and management property business
owned property
The outlook for international trade to directly acquire stakes in the distressed
this year is clouded by uncertain de- developers, as Beijing wants to stop short of
firms step
mand as global economic growth is ex- direct bailouts and keep only the “meaning-
pected to lose steam amid Covid out- ful” players in the market.
in to rescue
breaks, there are labour shortages, and “Equity investment will be a last resort ...
supply chain disruptions and inflation (Beijing’s) broad principle is save the market
cash-strapped
are rising, Li Xingqian, head of the and not individual developers.”
MOFCOM’s foreign trade department,
Distressed assets
developers
told reporters at a Tuesday briefing.
“Global systemic risks are on the With a growing list of embattled private de-
rise due to unbalanced economic re- velopers now scrambling for cash to meet
coveries,” he said in Beijing. “The debt obligations, pay suppliers and workers,
overly fast withdrawal of stimulus pol- by Clare Jim and complete construction work, more such
icies by some countries could trigger Reuters deals are in the offing.
contractions in demand, fluctuations Shimao is putting 36 of its projects worth
in prices and in turn affect the exports HONG KONG (Jan 25): Chinese state- 77 billion yuan on sale, according to local
of Chinese industry.” owned property firms are expected to acquire media The Paper on Tuesday. The firm could
China’s exports surged nearly 30% more assets from cash-strapped private de- fetch up to 23.6 billion yuan in cash after re-
last year to a record high on the back of velopers, analysts said, as Beijing steps up paying the debt pledged to the assets.
strong global demand, with the nation’s efforts to stabilise and tighten control over “Many more private developers are going
factories humming along while produc- a crisis-hit sector that accounts for a quarter to end up in the hands of state-owned ones;
tion in other countries was disrupted of its economy. Shimao is just one case of money,” said Ali-
by virus outbreaks. But the growth is The market has seen over half a dozen cia Garcia Herrero, Natixis Asia Pacific chief
widely expected to soften this year due deals in recent weeks following easing of rules economist.
to difficulty in exceeding 2021’s record to issue debt for quality property firms, and Major private developer Sunac China has
levels and a likely decline in demand for initiatives by local governments to facilitate also been disposing of its assets in recent months
work-from-home technology and health asset disposal for distressed firms. to buyers including state-owned Beijing Capital
care equipment as other nations return State-owned China Overseas Land & Invest- Group and Zhuhai-based Huafa Group, media
to more normal consumption patterns. ment (COLI) is buying stakes of Shimao Group reported, raising over 20 billion yuan.
Foreign shipments are also threat- and Agile Group in a joint venture project for
ened by developed countries’ push to a total of 3.7 billion yuan (US$585 million). Shimao and Sunac declined to comment.
bring manufacturing back home, rising Regulatory curbs on borrowing have driv- While state-supported deals would send a
material costs, clogged transportation en China’s property sector into crisis, high- positive signal to the market and ease the cash
routes and a shortage of key compo- lighted by China Evergrande Group, once crunch of the sellers for a short while, devel-
nents like semiconductors, Li said. the country’s top-selling developer but now opers said it will not be enough to solve the
“Developed economies’ pursuit of re- the world’s most indebted property company. debt crisis in the sector.
shoring of industries is dividing markets In the last two months, Beijing has taken “There are so many distressed assets in the
and reducing the efficiency of global a string of measures to restore stability in the market, how much can the SOEs buy?” said a
resource allocation,” he said. China’s sector hit by defaults on offshore debt obliga- senior official of a developer based in eastern
small exporters are squeezed by “sharply tions, credit rating downgrades and a selloff China, who declined to be named because
higher” costs and stalling profits despite in developers’ bonds and stocks. he was not authorised to speak to media.
rising revenues, he added. Those measures included urging banks to Among China’s top 30 developers, assets
Still, the government is confident provide appropriate lending to developers, owned by state-owned firms are worth 6.2 tril-
that full-year trade growth will be kept making issuance of interbank notes and as- lion yuan, just 48% of their private counterparts,
within a “reasonable” range, helped by set-backed securities easier, and not including according to ANZ, and they generally have low-
expanding new markets and a boost in M&A related loans in the debt ratio caps for er leverage ratios than their private counterparts.
credit for exporters which will strength- state-owned enterprises (SOEs). “We doubt how successful ‘nationalising’
en their ability to deal with foreign ex- The sector is seeing a spurt in dealmak- the property sector can be, if there is such a
change risks, Li said. ing as a result. plan,” ANZ said in a report last week.
w o r l d
JPMorgan AmEx raises

agrees to 49% revenue forecast
Viva Wallet stake after card spending
in fintech deal jumps to record
by Hannah Levitt by Jenny Surane
Bloomberg Bloomberg
NEW YORK (Jan 25): JPMorgan Chase prolific year for buying and taking stakes NEWYORK (Jan 25): American Express Co
& Co has agreed to take a 49% stake in in smaller firms since at least the financial (AmEx) is putting the pandemic behind it,
Greek payment firm Viva Wallet, the lat- crisis. Chief executive officer Jamie Dimon boosting forecasts for revenue and profit af-
est in the bank’s streak of acquisitions has described a landscape full of compet- ter spending on its cards surged to a record.
and investments as it seeks to stay ahead itive threats and said he will spend what- Revenue will climb as much as 20% this
of the competition. ever it takes to stay ahead.That point was year while earnings could reach US$9.25 to
The deal is subject to regulatory ap- punctuated earlier this month by the firm’s US$9.65 a share, the company said in a state-
provals, and financial terms were not higher expense guidance for this year. ment on Tuesday. AmEx has long said 2022
disclosed. Bloomberg reported in No- Athens-based Viva Wallet focuses on would be the year it reaches goals originally
vember that JPMorgan was weighing a serving small- and medium-sized busi- set two years ago, before the pandemic took
potential investment in Viva Wallet, and nesses in 23 European countries. Its ser- hold. But the new targets far surpass even
that at the time Viva Wallet was consid- vices include bill pay, virtual debit card those goals, which predicted revenue growth
ering seeking a valuation of at least €1.5 issuance, and merchant cash advance. in the range of 8%-10% and per-share profit
billion (US$1.7 billion). JPMorgan’s payment business is fo- of US$8.85-US$9.25.
“The European payment landscape cused on growing its merchant-acquir- “We are raising our aspiration to generate
is fragmented yet large in terms of op- ing capabilities in Europe. The stake in sustainable revenue and earnings growth,”
portunity, with more than 17 million Viva Wallet “will set the stage to devel- chief executive officer Steve Squeri said in
merchants ready to implement scalable op future international products and the statement. “Longer term, as the econo-
payment solutions,”Takis Georgakopou- services across European” small- and my reaches a steady state, our aspiration is to
los, JPMorgan’s global head of payments, medium-sized businesses, according achieve revenue growth in excess of 10% and
said on Tuesday in a statement. “This is to the release. earnings-per-share growth in the mid-teens.”
a big focus area for added growth.” Jefferies Financial Group advised Overall spending on AmEx’s network
The announcement marks JPMorgan’s Viva Wallet on the sale, according to soared 29% to US$368.1 billion in the final
first deal in 2022, on the heels of its most the statement. three months of last year, even as the highly
contagious Omicron variant disrupted hol-
iday plans around the world and started a
fresh round of lockdowns.The spending surge
DUBAI (Jan 25): Wynn Resorts Ltd, the helped push revenue up 30% to US$12.1
LasVegas-based hotel and casino operator, Casino operator billion in the quarter, which was higher than
plans to develop a multibillion-dollar resort analysts had predicted.
off the coast of the United Arab Emirates, Wynn plans Shares of the company rose 3.2% to
which is set to include a “gaming area”. US$164.06 at 7.06am in early New York
The project on Ras al-Khaimah’s Al resort with trading.
Marjan Island comes as the emirate’s AmEx also said it would raise its quarterly
Tourism Development Authority, known gaming facilities dividend for the first time since 2019, boosting
as RAKTDA, formed a new division to the payout 20% to 52 cents a share begin-
regulate what it called “integrated rein UAE ning this quarter, according to the statement.
sorts”, which are set to include gaming AmEx — long known for its travel and
facilities, according to an emailed state- dining perks — has been revamping some
ment from the authority. by Zainab Fattah of its most popular products and focusing
The new government authority will Bloomberg more on wellness and lifestyle benefits as the
set the rules for “licensing, taxation, pandemic drags on. When it overhauled its
operational procedures, and consumer troversial in the Muslim world. Platinum card last year, the NewYork-based
safeguards” needed to regulate gaming Wynn Resorts’ planned resort will company added statement credits for enter-
in those resorts, it said. “The foremost include a hotel with more than 1,000 tainment products, such as SiriusXM or Au-
priority of this new division is to create rooms that is also set to include a gaming dible subscriptions, as well as US$25 a month
a robust framework that will ensure re- area along with meeting and convention towards membership with the high-end fitness
sponsible gaming at all levels.” facilities and entertainment. club Equinox.
Rumours swirled for months last year It will consider the “social, cultur- The company has vowed to spend more
about plans to allow gambling within al, and environmental landscape of the on marketing in recent quarters as it seeks
the United Arab Emirates. But the gov- Emirate and cover licensing, taxation, to add new customers. Overall costs jumped
ernment denied such plans were being operational procedures, and consumer 29% to US$9.8 billion, topping the US$9.31
considered. Allowing gambling is con- safeguards”. billion average estimate.
w o r l d
A US$10.4 trillion
BRUSSELS (Jan 25): A group of investors toring those pledges will be key, and the
that includes Allianz SE and the California UN has said it plans to create a mechanism
investor group
Public Employees’ Retirement System has for policing net-zero claims.
set itself new targets for reducing green- In a speech at COP26, UN Secre-
is ratcheting up
house gas emissions, amid concerns that tary-General Antonio Guterres said
time is running out to prevent the planet GFANZ should apply stricter membership
climate targets
from overheating. criteria by adopting the tougher targets
The United Nations-convened Net Zero and transparency of the Net Zero Asset
Asset Owner Alliance, a group of 69 inves- Owners Alliance.
tors with US$10.4 trillion of assets, now re-
quires members to slash between 49% and by John Ainger Pledges:
65% off their carbon footprint by the end Bloomberg • The group’s new protocol covers 14
of the decade, according to a statement on economic sectors, twice as many as the
Tuesday. Crucially, the target includes so- bloomberg inaugural edition, including agriculture,
called Scope 3 — also known as financed chemicals, and carbon-intensive indus-
emissions — which typically make up 95% tries like concrete and aluminium.
to 97% of an investor’s emissions. • Members of the Alliance are aiming to
“Every company is challenged to follow have sector targets in place by 2025 that
the lead of Alliance members and adjust busi- cover 70% of financed emissions.
ness models, develop plans for the transition • Asset classes covered now include car-
to a low-carbon, climate-resilient future,” bon-intensive infrastructure debt and
said Guenther Thallinger, chair of the Alli- equity, in line with Partnership for Car-
ance, in a statement. “Action is needed now.” bon Accounting Financials’ carbon ac-
The finance industry has unveiled a counting framework.
flurry of commitments to reduce emissions • The recommended decarbonisation
since climate talks in Scotland last year. range for absolute emissions reduc-
In November, the Glasgow Financial tions for the period 2020 to 2025 should
Alliance for Net Zero (GFANZ) said it range between 22% and 32%.
had enlisted firms representing US$130 • To date, 30 members have already set
trillion in assets to the cause. But moni- 2025 targets.
bloomberg
Warren Buffett to
host Berkshire’s
annual meeting
in-person this
year
Bloomberg
(Jan 25): Warren Buffett’s (pictured)

“Woodstock for Capitalists” will finally
meet in person again — for the first time
in three years.
His Berkshire Hathaway Inc’s annual
meeting, which normally draws thousands
to his hometown of Omaha, Nebraska, is
currently being planned for an in-person
event on April 30, the company said Tues-
day (Jan 25) in a statement. The event will said that he hoped that meeting would be and Greg Abel, a Berkshire vice-chairman,
also still be webcast. the last time that investors couldn’t attend were the only two executives fielding ques-
“At this time, we are planning for an his “Woodstock for Capitalists” event in tions given their proximity to Omaha. The
in-person meeting,” Berkshire said. person. next year, Buffett joined Munger on stage
Berkshire, like many companies around Shareholders normally flock to Oma- closer to Munger’s home in Los Angeles.
the world, switched to a virtual meeting in ha to watch Buffett, 91, and his business Buffett’s company also disclosed that
2020 as the pandemic bore down across partner Charlie Munger, 98, sit on a stage Buffett’s much anticipated annual letter
the US and kept it in a virtual format last for hours to entertain shareholder ques- will be posted on Feb 26. That report
year as well. During his announcement that tions on topics ranging from investment should detail more about the meeting,
the 2021 meeting would be virtual, Buffett decisions to life lessons. In 2020, Buffett the company said.
w o r l d
bloomberg
Bitcoin’s price Indonesia

tumble tests regulator says
resilience of financial firms
crypto miners banned from
facilitating
crypto sales
by Olga Kharif & Josh Saul
Bloomberg
PORTLAND/NEW YORK (Jan 25): Bit- machines, mostly the Bitmain S19 Pro,
coin miners are facing a crucial test in the have less to worry about. CleanSpark, with by Gayatri Suroyo
wake of the token’s 50% plunge from an operations in Georgia and upstate New Reuters
all-time high. York, mines about 10 Bitcoins per day and
While many mining operations made a spends between US$5,000 and US$6,000 JAKARTA (Jan 25): Indonesia’s Finan-
handsome profit during Bitcoin’s run-up in operating costs to mine each coin. cial Services Authority (OJK) on Tues-
last year, the recent decline could punish “So even at US$33,000 per Bitcoin, day warned that financial firms are not al-
those with less efficient operations. we’re still tremendously profitable,” lowed to offer and facilitate sales of crypto
Mining — which uses powerful comput- Schultz said. assets amid a boom in crypto trading in
ers, or servers, to solve math problems and Such actions also put pressure on Southeast Asia’s largest economy.
order transactions on Bitcoin’s blockchain less-efficient competitors, as adding more “OJK has strictly prohibited financial
— is a costly business, fraught with regu- computers to the network makes it more service institutions from using, marketing,
latory and environmental concerns, and a difficult to earn tokens. Even if Bitcoin’s and/or facilitating crypto asset trading,”
price drop only complicates the situation. price were to stay constant, miners’ rev- the regulator said in a statement posted
Miners that are not as efficient, or enues by the end of 2022 are expected on Instagram.
signed more expensive power contracts, to fall by a third simply due to increased It warned that the value of crypto as-
could get pushed out or gobbled up, said competition, according to BitOoda. How- sets often fluctuates and that people buy-
Matt Schultz, executive chairman of miner ever, an industry shake-out could disrupt ing into the digital assets should fully un-
CleanSpark Inc. those expectations. derstand the risks.
“When oil prices drop, the less-efficient “We are all competing for the same “Please beware of allegations of Ponzi
producers in West Texas shut down. Same amount of Bitcoin every day,” said Char- scheme scams in crypto investments,” it
thing is happening here,” he said. lie Schumacher, a representative for Mara- added, without elaborating.
The sell-off comes at a vulnerable time thon, which recently ordered more mining The warning follows similar concerns
for the industry as Russia’s central bank gear. “If we find ourselves in a situation by the central banks of Thailand.
has proposed a ban on miners — meaning where it’s unprofitable for other miners to Trade in crypto assets is surging in
about 15% of all Bitcoin mining power operate because they have much higher Indonesia, with total 2021 transactions
may need to relocate, by some estimates cost, we — because of our size and scale — reaching 859 trillion rupiah ($59.83 bil-
— and while the sector was able to bounce would earn more Bitcoin in that situation.” lion), up from just 60 trillion rupiah in
back after a similar block in China, there During the crypto winter of 2018, when 2020, media reported, citing trade min-
could be more casualties this time around. many businesses shuttered and sold their istry data.
Shares of CleanSpark, Marathon Dig- machines, daily miner revenues dropped Indonesia allows sales of crypto assets
ital Holdings Inc, Bitfarms Ltd, and Hut about 85% and Bitcoin’s network hashrate in the commodities exchange and trading
8 Mining Corp are all down more than — a measure of the computing power sup- is supervised by the trade ministry and the
30% this year. However, companies that porting it — dropped by more than 80%, Commodity Futures Trading Regulatory
have used their excess cash — either from according to Blockchain.com. Agency, not by the OJK.
Bitcoin’s rally, public offerings or newly is- Already there are signs of similar pres- The ministry is currently facilitat-
sued debt — to buy more efficient mining sure. Current prices on the older mining ing the set up of a separate bourse for
equipment are likely to fare better. equipment have been sliding for months, digital assets, called the Digital Futures
With Bitcoin trading near US$36,700, per Hashrate Index. Additionally, Bit- Exchange, which officials say will be
miners with older machinery — which coin’s network hashrate has begun to fall launched in the first quarter.
makes up about 23% of computers sup- after hitting an all-time seven-day-av- However, crypto currencies cannot le-
porting the network — are dangerously erage high on Jan 19, Blockchain.com gally be used for payments in the country.
close to the threshold where they may not data showed.
make enough to cover electricity costs, let “Over time, if price declines continue pixabay
alone labour and other expenses, research — or if Bitcoin’s price stagnated at cur-
from BitOoda, a digital asset fintech firm, rent levels and hashrate increased — some
showed. of the miners would eventually have to
Meanwhile, those with newest mining shut down older-generation machines,”
servers would only be threatened with a said Sam Doctor, chief strategy officer of
shutdown if Bitcoin were to fall as low as BitOoda. “But overall network hashrate
US$20,000, BitOoda said. is high enough that even large declines in
That means companies like CleanSpark it should not threaten the integrity of the
that have recently sprung for more efficient network.”
M A R K E T S
CPO RM 5,250.00 -10.00 OIL US$ 87.07 0.80 RM/USD 4.1898 RM/SGD 3.1176 RM/AUD 2.9966 RM/GBP 5.6487 RM/EUR 4.7337
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SMTrack Bhd 61.8 -0.005 0.190 0 125.2
G3 Global Bhd 44.8 0.000 0.070 -12.5 151.5
AHB Holdings Bhd 41.8 -0.005 0.125 -3.85 39.8
Widad Group Bhd 38.8 0.005 0.375 2.74 1032.2
Dataprep Holdings BHD 32.1 0.005 0.560 -30.86 376.9
OPCOM Holdings Bhd 31.8 0.010 0.945 -1.05 255.7
Green Ocean Corp Bhd 31.5 -0.005 0.030 0 63.3 World equity indices
Hextar Industries Bhd 30.8 0.005 0.215 34.38 246.7 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
Vinvest Capital Holdings Bhd 28.9 0.010 0.450 -2.17 436.1 (%) (%)
NCT Alliance Bhd 28 -0.005 0.520 0.97 458 DOW JONES 34,364.50 99.13 0.29 INDONESIA 6,568.17 -86.99 -1.31
My EG Services Bhd 25.6 -0.015 0.935 -12.62 6,915.8 S&P 500 4,410.13 12.19 0.28 JAPAN 27,131.34 -457.03 -1.66
Kanger International Bhd 23.7 -0.005 0.020 0 119.6 NASDAQ 100 14,509.58 71.18 0.49 KOREA 2,720.39 -71.61 -2.56
Inari Amertron Bhd 22.2 -0.040 3.250 -18.75 12039.1 FTSE 100 7,343.70 46.55 0.64 PHILIPPINES 7,288.21 35.57 0.49
Parlo Bhd 21.2 -0.005 0.160 6.67 69.9 AUSTRALIA 6,961.63 -177.92 -2.49 SINGAPORE 3,239.97 -43.38 -1.32
Metronic Global Bhd 20.1 -0.005 0.015 -25.00 32.5 CHINA 3,433.06 -91.04 -2.58 TAIWAN 17,701.12 -287.92 -1.60
Ta Win Holdings BHD 19.6 0.000 0.125 0 426.7 HONG KONG 24,243.61 -412.85 -1.67 THAILAND 1,637.87 -2.67 -0.16
Impiana Hotels Bhd 19.2 0.000 0.045 -40 65 INDIA 57,824.87 333.36 0.58 VIETNAM 1,479.58 39.87 2.77
Data as compiled on Jan 25, 2022 Source: Bloomberg Data as compiled on Jan 25, 2022 Source: Bloomberg
Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
Scomi Group Bhd 0.025 25.0 4.00 25.00 27.3 Fintec Global Bhd 0.010 -33.330 696.3 0.00 58.8
Talam Transform Bhd 0.025 25.0 1088.8 25.00 107.4 Pegasus Heights Bhd 0.010 -33.330 7006.2 0.00 107.7
XOX BHD 0.030 20.0 5595.7 0.00 142.8 Nexgram Holdings Bhd 0.010 -33.330 1,673.00 0 44.2
DGB Asia Bhd 0.030 20.0 524.1 0.00 48.7 Metronic Global Bhd 0.015 -25.000 20057.5 -25.00 32.5
Ageson Bhd 0.030 20.0 13080.4 -25.00 46.8 Senheng New Retail Bhd 0.855 -20.090 163548.6 0.00 1282.5
Xidelang Holdings Ltd 0.040 14.3 1644.2 14.29 84.6 Kanger International Bhd 0.020 -20.000 23690.4 0.00 119.6
XOX Networks Bhd 0.040 14.3 10,879.50 33.33 45.4 Dolomite Corp Bhd 0.025 -16.670 110 -16.67 14.8
Marine & General Bhd 0.090 12.5 4.0 63.64 65.1 KPower BHD 0.350 -14.630 12164.9 -16.67 190.0
Aldrich Resources Bhd 0.050 11.1 10931.2 25 55.7 AE Multi Holdings Bhd 0.030 -14.290 2962.8 0.00 64.9
Sapura Energy Bhd 0.050 11.1 6812.4 0.00 799.0 Green Ocean Corp Bhd 0.030 -14.290 31540.0 0.00 63.3
Sapura Resources Bhd 0.400 9.6 0.1 1.27 55.8 Alam Maritim Resources Bhd 0.030 -14.290 255.6 20.00 45.9
Scomi Energy Services Bhd 0.060 9.1 60.2 9.09 28.1 MyTech Group BHD 0.655 -13.820 3701.0 -29.57 146.6
TWL Holdings Bhd 0.060 9.1 10389.4 20.00 154.2 Jasa Kita BHD 0.095 -13.640 30.0 -13.64 42.7
CME Group BHD 0.060 9.1 9240.0 0.00 58.1 Idimension Consolidated Bhd 0.100 -13.040 12123.8 -23.08 27.2
Chuan Huat Resources BHD 0.510 7.4 0.5 6.25 86.0 Inch Kenneth Kajang Rubber PLC 0.425 -12.370 165 -5.56 143.1
Menang Corp M Bhd 0.515 7.3 7.9 -4.63 247.6 Fibon Bhd 0.380 -11.630 80.2 -7.32 37.1
Lebtech Bhd 0.910 7.1 1.0 -2.67 124.2 Toyo Ventures Holdings Bhd 1.170 -11.360 55.7 -17.02 125.2
Ecobuilt Holdings Bhd 0.160 6.7 57.8 3.23 61.2 Malaysia Pacific Corp Bhd 0.080 -11.110 12.0 -20.00 23.0
Bonia Corp Bhd 1.490 6.4 946.8 54.40 298.6 Focus Dynamics Group Bhd 0.040 -11.110 3427.8 0.00 254.9
BTM Resources BHD 0.170 6.3 16 3.03 29.1 DFCITY Group Bhd 0.425 -10.53 5.1 -3.41 44.9
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)
Fraser & Neave Holdings Bhd 25.420 0.420 111.2 2.75 9,323.50 Nestle Malaysia Bhd 132.30 -0.70 52.0 -1.42 31024.4
Petronas Dagangan Bhd 19.380 0.260 126.2 -5.92 19,253.10 Malaysian Pacific Industries 39.12 -0.38 341.90 -20.75 7780.8
Syarikat Takaful M Keluarga 3.660 0.100 818 -1.08 3,058.40 Kesm Industries Bhd 10.20 -0.34 30.4 -16.94 438.7
Malaysia Airports Holdings Bhd 5.820 0.100 929.3 -2.68 9,656.50 Dutch Lady Milk Industries BHD 32.02 -0.32 7.2 -4.47 2049.3
Bank Islam Malaysia Bhd 3.140 0.090 2,797.80 4.67 6767.5 PPB Group Bhd 16.28 -0.32 309.2 -4.80 23159.9
Rapid Synergy Bhd 8.840 0.090 58.30 -11.16 945.00 Senheng New Retail Bhd 0.86 -0.22 163548.6 0.00 1282.5
Bonia Corp Bhd 1.490 0.090 946.80 54.40 298.60 Hartalega Holdings Bhd 5.34 -0.19 3861.3 -6.81 18249.2
Padini Holdings Bhd 2.900 0.080 66.5 3.57 1,907.90 Malaysia Smelting Corp Bhd 3.32 -0.16 761.1 2.15 1394.4
Carlsberg Brewery M Bhd 20.240 0.080 45.30 0.80 6,188.30 Panasonic Manufacturing M 28.84 -0.16 7.4 -0.21 1751.9
Genetec Technology Bhd 2.560 0.070 5,921.40 -15.66 1744 Toyo Ventures Holdings Bhd 1.17 -0.15 55.7 -17.02 125.2
TIME dotCom Bhd 4.320 0.070 261.5 -6.09 7,886.70 Petron Malaysia Refining & MKT 4.24 -0.14 54.4 -3.20 1144.8
Box-Pak Malaysia BHD 1.190 0.070 10 -6.30 142.90 IHH Healthcare Bhd 6.33 -0.14 8432.9 -13.76 55693.6
Lebtech Bhd 0.910 0.060 1 -2.67 124.20 Hong Leong Capital Bhd 7.01 -0.14 2998.6 -3.71 1730.7
Matrix Concepts Holdings Bhd 2.210 0.060 173.5 0.45 1843.7 D&O Green Technologies Bhd 4.45 -0.13 4622.9 -24.58 5505.3
Riverview Rubber Estates BHD 3.280 0.060 10 3.46 212.7 PIE Industrial BHD 3.00 -0.13 672.5 -21.05 1152.1
Seni Jaya Corp BHD 2.700 0.050 577.60 2.27 131.00 Kobay Technology BHD 4.45 -0.13 576.3 -26.2 1442.6
CB Industrial Product Holding 1.270 0.050 460.3 8.55 607.30 Thong Guan Industries Bhd 2.56 -0.12 1063.9 -8.57 984.2
Dialog Group Bhd 2.630 0.050 4,513.80 0.38 14840 DiGi.Com Bhd 3.82 -0.12 3897 -12.39 29700.5
YNH Property Bhd 2.640 0.040 64.9 -0.38 1395.2 Aurelius Technologies Bhd 2.01 -0.12 9130.8 -14.83 719.9
Timberwell BHD 0.695 0.04 194 19.83 61.9 Sime Darby Plantation Bhd 3.88 -0.12 1974.6 3.19 26833

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