Edge Feb9

T H U R S DAY, F E B RUA R Y 9 , 2 0 2 3 w w w. t h e e d g e m a r k e t s.
c o m
ISSUE 519/2023
CEOMorningBrief
TÜRKIYE HALTS TRADING IN STOCK MARKET AFTER
US$35 BIL WIPEOUT p15
T H U R S DAY, F E B RUA R Y 9 , 2 0 2 3 w w w. t h e e d g e m a r k e t s. c o m
ISSUE 519/2023
CEOMorningBrief
HOME: White paper on improper procurement of Covid-19 vaccine to be tabled in Parliament, says Anwar p2
UOB sees Malaysia’s GDP growth at 8.5% in 2022, 4% in 2023 p4
Retailers, hoteliers urge govt for moratorium on new electricity tariff p6
TMC Life Sciences’ 2Q net profit falls 20% on depreciation and tax expenses p8
WORLD: Credit Suisse dials back Asia risk controls after bankers revolt p22
BLOOMBERG
Not the right time

to raise SRR
in near term
Report on Page 3
T H U R S D AY F E B R U A RY 9 , 2 0 2 3 2 THEEDGE CEO MORNING BRIEF
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H O M E
BLOOMBERG
on Wednesday (Feb 8), Anwar said

Health Minister Dr Zaliha Mustafa
White paper would give the details when the white
on improper paper is tabled.

“This white paper will be tabled be-
procurement of cause in the early stage, irregularities were

detected. It is believed that it did not follow
Covid-19 vaccine regulations or the required process. The
procurement of certain types of vaccine
to be tabled in was very doubtful in terms of the amount
and cost involved,” he said.
Parliament, “The main question is also not who
was the minister but the ministers involved
says Anwar should reply and give an explanation on
the matter,” Anwar said without naming
anyone.
Prime Minister Datuk Bernama The finance ministry had earlier del-
Seri Anwar Ibrahim egated powers to the health ministry
and science, technology and innova-
tion ministry to finalise the procure-
PUTRAJAYA (Feb 8): A white paper on He said the procurement was done ment of vaccines at their respective
the improper procurement of Covid-19 by the then health minister without ministry level.
vaccine by the previous government will the agreement of the Attorney-Gener- The move was part of efforts to facili-
be tabled in the coming Parliament ses- al (AG). tate and speed up the implementation of
sion, said Prime Minister Datuk Seri An- Speaking at a press conference af- the National Covid-19 Immunisation Pro-
war Ibrahim. ter chairing the Cabinet meeting here gramme (PICK).
Earthquake:
PUTRAJAYA (Feb 8): Malaysia will chan- “This is because the first team has been
nel over US$2 million (over RM8.6 mil- so effective, the Turkish government re-
Malaysia to
lion) to Türkiye and Syria to help the vic- quested for more,” the prime minister said.
tims of the strong earthquake that struck On Feb 6, the first SMART team was
channel over
the two countries early Monday (Feb 6). deployed to help in the SAR operations in
Prime Minister Datuk Seri Anwar Ibra- Türkiye, as a sign of Malaysian solidarity
US$2 mil to
him said the Cabinet has agreed to the Ma- with those affected by the disaster.
laysian government donating US$1 million Anwar said the Ministry of Defence is
Türkiye, Syria
for the purpose, while the other US$1 mil- also in the midst of putting together a team
lion would come from the Sultan of Johor of military doctors and paramedics to be
Sultan Ibrahim Almarhum Sultan Iskandar. sent to Türkiye.
At the same time, the prime minister “This team of military doctors and par-
said that the Federal Territories Islamic Bernama amedics is also prepped to set up a field
Religious Council had allocated RM1 mil- hospital in Türkiye, just awaiting confirma-
lion in humanitarian aid, mostly to also be also deploy its second Special Malaysia tion of the need from the country,” he said.
channelled to Türkiye dan Syria. Disaster Assistance and Rescue Team On the SAR operations in Syria, Anwar
The strong 7.8-magnitude earthquake hit (SMART) to Türkiye on Wednesday (Feb said the donations to the country would
southern Türkiye and northern Syria early 8) night to join in the search and rescue be made through the International Red
Monday morning, bringing down buildings (SAR) operations there. Cross Society (IRCS).
and killing thousands of people in the two The team under the National Disaster “This is because there are restrictions...
countries.The tremors were reported to have Management Agency (Nadma)’s purview Our envoy in Syria will ensure (that) the
been felt in Cyprus and Lebanon. will comprise 70 members of SMART and distribution of finds and medical purchas-
Meanwhile, Anwar said Malaysia would the Malaysian Fire and Rescue Department. es be made through the IRCS,” he added.
H O M E
Not the right time

KUALA LUMPUR (Feb 9): Raising the “For businesses, outstanding loans grew
statutory reserve requirement (SRR) ra- by 5%, as the growth in loan repayments
to tighten SRR
tio for banks may not be a good idea in outpaced that of loan disbursements. Loan
the near term, in view of a slowdown in disbursements continued to record sus-
in near term
the global economy and even a possible tained growth, particularly in the manu-
recession. facturing and wholesale trade sectors.
When contacted by The Edge, Dr Yeah “For households, outstanding loans
Kim Leng, professor of economics at Sun- grew by 6.2% amid high growth in loan
way University Business School said tight- BY JUSTIN LIM disbursements for the purchase of houses
ening the SRR will be a “contrary move” theedgemarkets.com and cars. High growth in loan repayments
to the current conditions. This is because was also observed for households, as most
higher SRR will result in higher cost of central bank to manage liquidity. Banking repayments have fully resumed during the
funds for banks and may ease their lend- institutions are required to maintain bal- quarter.”
ing activities. ances in their statutory reserve accounts The central bank has indicated that the
“We are currently at the inflection point equivalent to a certain proportion (which country’s growth in 2023 is expected to
— it is uncertain which direction we should is determined by the SRR rate) of their moderate amid a slower global economy,
go. So we need to be more vigilant and eligible liabilities. and likewise, the headline and core inflation
flexible in the sense that should the glob- Apart from the macroeconomic per- figures — though they will remain elevated
al economy take a turn for the worst, or spectives, Yeah views that current loan amid lingering demand and cost pressures.
(should the) domestic confidence wors- growth is still within a sustainable range “The global economy continues to be
en, that will result in faster-than-expected and that it is not generating overheating weighed down by elevated cost pressures,
weakening in the domestic economy.Then, concerns. He opines that “reasonable” loan higher interest rates, and Covid-19-related
tightening credit conditions will further growth should be between 4% and 6%. disruptions in China. These factors more
weaken growth (for the local economy),” “Importantly, we need to ensure that than offset the support from positive la-
he explained. credit growth is led by business lending, bour market conditions, and the full re-
The central bank relaxed the SRR to which has a greater multiplier effect on the opening of economies and international
2%, from 3%, at the onset of the Covid-19 economy, such as for high quality invest- borders,” it said.
pandemic on March 19, 2020, to ensure ment that can raise output for the country, In view of the economic headwinds,
banks had sufficient liquidity to weath- generate jobs, (and) increase income and BNM paused the key rate hike at its first
er the crisis, as well as support economic exports’ earnings,” he said. Monetary Policy Committee meeting in Jan-
growth during this period of uncertainty. In releasing the 3Q gross domestic uary this year. In 2022, the central bank
The current SRR of 2% is the lowest since product, Bank Negara Malaysia (BNM) increased the overnight policy rate by four
the Global Financial Crisis in 2009. announced that net financing expanded times for a cumulative 100 bps (basis points)
The SRR is an instrument used by the by 5.4% during the quarter. to 2.75%, from a record low of 1.75%.
Banking sector still an ‘overweight’ despite potential SRR tightening

BY JUSTIN LIM
Banks’ CY23F core net profit growth and dividend yield (existing vs.
theedgemarkets.com
assuming SRR tightening) (based on CGS-CIMB’s estimates / assumptions)
KUALA LUMPUR (Feb 8): As the risks Status quo Assuming SRR tightening
from Covid-19 have subsided, Bank Ne- For CY23 Core net profit Dividend Core net profit Dividend
growth (%) yield (%) growth (%) yield (%)
gara Malaysia (BNM) may tighten the
Maybank 16.6 5.6 13.9 5.5
statutory reserve requirement (SRR),
Public Bank 27.7 4.6 23.6 4.5
which, in turn, would drag banks’
earnings prospects, according to CGS- Hong Leong Bank 9.2 3.5 7.4 3.5
CIMB Research. RHB Bank 37.3 7.4 32.9 7.1
Notwithstanding that, the research AMMB Holdings 7.3 5.3 3.7 5.1
house has reaffirmed an “overweight” Alliance Bank 14.7 6.6 10.5 6.4
stance on banks, predicated on potential Affin Bank 49.5 4.8 36.9 4.4
rerating catalysts of a swift core net profit Bank Islam 26.2 5.5 19.9 5.2
(CNP) growth of 20.5% projected for Total 20.5 5.4 17.1 5.2
2023 and the expansion in net interest Sources: CGS-CIMB Research Estimates, Company Reports
margin amid the upcycle for the over-

night policy rate (OPR).
However, the CNP growth for banks ening of SRR would reduce banks’ aggre- Banking Bhd] at 2.3% of its net profit
would come down to 17.1%, assuming gate net profit by 3.2% (FY2024 for Hong as about 25% of its revenue is generat-
SRR is tightened. Similarly, for banks’ Leong Bank Bhd, AMMB Holdings Bhd ed from overseas markets. The impact
dividend yield, he anticipated this would and Alliance Bank Bhd; FY2023 for the would be the greatest on Affin Bank Bhd
result in a lower yield of 5.2% against rest),” its analyst Winson Ng said in a note at 8.4%, based on our estimate, due to
the previous estimate of 5.4%, based on on Wednesday (Feb 8). the low base of its existing statutory re-
simple average. “Within our coverage universe, we see serve,” he added.
“Based on our simulation, the tight- the smallest impact on Maybank [Malayan CO N TI N U ES O N PAG E 4
t h u r s d ay f e b r u a ry 9 , 2 0 2 3 4 TheEdge CEO morning brief
h o m e
UOB sees
KUALA LUMPUR (Feb 8): UOB Global The mining sector, they said, is expect-
Economics & Market Research estimates ed to hold up at a decent pace of 6.6%
Malaysia’s GDP
Malaysia’s economy to grow by 6.3% from 9.2% in 3Q2022 due to improved
year-on-year in the fourth quarter of 2022 mining output by 6.2%. Both crude oil
growth at 8.5%
(4Q2022), above its preliminary forecast and natural gas output should rise by 4.4%
of 5.5% but lower than the Bloomberg es- and 7.5% respectively in 4Q2022.
in 2022, 4% in 2023
timate of 6.8%. Goh and Loke said the agricultural sec-
The research house’s forecast for the tor is expected to expand for the second
full-year is 8.5% (from its preliminary fore- straight quarter by 3%, driven by higher
cast of 8.3% and 3.1% in 2021, Bloomberg production of crude palm oil, while the
estimate: 8.6%). by sufi muhamad construction sector is estimated to expand
Actual 4Q gross domestic product theedgemarkets.com by 8.2% based on the 15.7% increase in
(GDP) numbers will be released on Fri- total value of construction work done in
day (Feb 10). side risks to the country’s economic outlook 4Q2022.
For 3QFY2022, the country posted ahead, while being weighed down by year-ago “All four construction sub-segments
GDP growth of 14.2%. high statistical comparison base,” said UOB continued to log improvement in their
The contraction in 4Q2022, UOB said, economists Julia Goh and Loke Siew Ting. value of work done, with that of non-resi-
mainly reflects the fading effects of pent-up In 4Q2022, Goh and Loke expect the dential, civil engineering, and special trades
demand post reopening as well as subdued services sector to record an 8% growth maintaining double-digit gain,” they noted.
global demand as a result of aggressive year-on-year with the volume index of ser- They also stated that domestic demand
global monetary policy tightening and pro- vices maintained at a double digit rate of is projected to remain resilient even as
longed Covid lockdowns in China. 11.7% from 23.1% in 3Q2021. households were still hit by high living costs
“The potential quarter-on-quarter con- “This comes on the back of a further and rising interest rates, thus providing
traction would justify the surprise decision recovery in tourism-related sectors (i.e. support to the overall GDP in 3Q2022.
by Bank Negara Malaysia to hold interest food & beverages, accommodation, and “Private consumption growth is project-
rates unchanged on Jan 19, whereby the cen- transport & storage) amid improving la- ed to hold up at 10.5% (3Q2022: 15.1%)
tral bank cited a need to assess the impact bour market conditions,” they said. on the back of persistent government sup-
of cumulative four back-to-back rate hikes The manufacturing sector is likely the port and higher employment. Private in-
(between May 2022 and Nov 2022) on the second biggest contributor to overall GDP vestment is anticipated to recover further
economy,” it added in a note on Wednesday. growth in 4Q2022 despite lower gains of while government expenditure is set to be
For 2023, UOB expects Malaysia’s 3.9% from 13.2% in 3Q2022, the econ- lifted by continued cash assistance, sub-
growth momentum to moderate further omists said. sidy bills and election-related expenses,”
to 4%. The official estimate is 4% to 5%. “The projected slowdown is partly due they added.
“More restrictive global monetary poli- to year-ago high base effects and slower The economists said external demand
cy settings, potential escalation of geopolit- global growth prospects amid ongoing is anticipated to soften on account of sub-
ical tensions, weaker-than-expected global global tech down cycle, weighing across dued global demand, which is also expect-
demand, ongoing global tech downcycle, all domestic and export-oriented manu- ed to trigger stock withdrawal activities
and domestic policy changes are key down- facturing sub-sectors.” in 4Q2022.
from Pag e 3 Loan growth won’t be affected Banking stocks lose ground
Net interest margins compression Ng does not expect the SRR tightening to Amid news that SRR could be adjust-
Ng said banks have benefited from the impact the banking industry’s loan growth ed upward soon, banking stocks domi-
lower SRR since March 2020, as the stat- as the liquidity positions of all major local nated the top losers list on Wednesday
utory deposit maintained by banks with banks are at comfortable levels — even af- (Feb 8), with Hong Leong Financial
BNM is interest-free, and hence, no inter the tightening of SRR — to meet the Group Bhd being the top loser (by
come is generated for this fund. credit demand in the banking system. value) after it fell 2.1% or 38 sen to
However, he said the SRR tightening “In addition, we believe Bank Negara RM17.92.
would reduce banks’ net interest margins Malaysia would ensure that any SRR tight- This was followed by CIMB Group
by an estimated 5.9 basis points (bps), ening does not impede the banks’ ability Holdings Bhd, which dropped 18 sen or
but this should be more than offset by to lend, which is essential to support eco- 3.2% to RM5.40, Hong Leong Bank,
the positive impact from the series of nomic growth. We are projecting slower which slipped 18 sen or 0.9% to RM20,
OPR hikes (100bps in 2022 and the ex- loan growth of 4%-5% for 2023, versus and RHB Bank Bhd, which fell 15 sen
pected 50bps in 2023). 5%-6% for 2022.This is not because of any or 2.7% to RM5.51.
Should the SRR be tightened, he esti- negative impact from SRR tightening but Maybank, however, bucked the
mated that banks would have to top up their rather due to our projected weaker GDP downtrend in the banking sector,
statutory reserves by RM39.4 billion, which (gross domestic product) growth forecast as it gained one sen or 0.1% to
he thinks banks will be able to achieve given of 4.4% in 2023 versus 8.4% in 2022.” RM8.64.
their strong liquidity positions. “In addition, we think that the strong The Financial Services Index on Bur-
“In FY2021, banks’ liquidity coverage expansion of around 8% in auto loans in sa Malaysia shrank 1.12% to 15,954.56
ratios — the key barometer for liquidity — 2022 would not be sustainable and could points.
ranged between 135.6% and 180.1%, which moderate to the low single-digit rates, in CGS-CIMB’s picks for the sector are
were significantly higher than the minimum line with our expectations of lower car sales Hong Leong Bank, RHB Bank and Pub-
requirement of 100%,” he elaborated. in 2023,” he explained. lic Bank Bhd.
H O M E
Retailers,
KUALA LUMPUR (Feb 8): Retailers hampered our industries’ recovery process.
and hoteliers are urging the government Now, we also have to contend with this im-
hoteliers urge govt

to provide commercial users a moratorium mense and sudden upsurge in energy bill
till end-2023 on the newly implemented price that hits below the belt,” they said.
for moratorium
electricity surcharge — which has been The constant and increasing pressure
upped to 20 sen per kWh since the start of on their businesses, especially at a time
on new electricity
this year from 3.7 sen per kWh throughout when Malaysia is stepping up its efforts
2022 — so that their businesses can first to be the tourism destination of choice, is
tariff
recover from the pandemic’s impact. taking its toll on them, making them unable
In a joint statement on Wednesday (Feb to operate efficiently and effectively, which
8), seven associations representing retailers stands to undercut these efforts, they said.
and the owners and operators of hotels, “We hope to hear a favourable response
theme parks and shopping malls lament BY HAILEY CHUNG soon and we are always open for talks with
that their monthly energy bills have gone theedgemarkets.com the ministry for the overall betterment of
up by at least 20% to 30% compared to the the industry in Malaysia,” they added.
previous year, despite similar usage levels. only started to recover from the second The new 20 sen per kWh electricity
The associations were: Bumiputera Re- quarter of last year, when the country’s tariff rate was announced by the Minis-
tailers Organisation, Malaysian Association border reopened. try of Natural Resources, Environment
of Hotels, Malaysian Association of Hotel However, they have yet to be able to ful- and Climate Change in mid-December
Owners, Malaysia Budget and Business ly capitalise on the recovery period due to last year, and is applicable on all medium
Hotel Association, Malaysian Association “the lingering after-effects of the pandemic, voltage and high voltage users, as well as
of Themepark and Family Attractions, Ma- such as manpower shortage and the grow- multinational corporations, from Jan 1 to
laysia Retailers Association and the Ma- ing general caution for people to travel”. June 30 this year.
laysia Shopping Malls Association. “Additionally, recent legislation such as
They said their members were among the minimum wage revision and amend-
the hardest hit during the pandemic and ments to the Employment Act have further Read the full story
KUALA LUMPUR (Feb 8): Malaysia’s

overall residential overhang situation has
improved in the third quarter of 2022
(3Q2022) to 29,534 units, from 34,092
units in the previous quarter, according
National Property Information Centre
(Napic) director Aina Edayu Ahmad.
Speaking at a press conference for PEPS
Property Market Outlook for 2023, she
noted that the market activity as of 3Q2022
is more positive compared to the previ- Napic director Aina Edayu Ahmad (third from right), with (from left) PEPS president Subramaniam
ous year, but it has yet to return to the Arumugam, PEPS exco member James Wong, PEPS exco member Elvin Fernandez, 15MPS organising
chairman Keith Ooi and PEPS exco member Datuk Siders Sittampalam at the press conference.
pre-Covid level.
“The overhang has been absorbed grad-
ually.... [But] the economic sector is impor- nario poses questions on the country’s ef-
tant, and we are waiting to see the 4Q2022 Malaysia’s fort to transform into a high-income state.
report by Bank Negara [Malaysia],” she said. Meanwhile, in his opening remarks,
Aina was one of the speakers at the residential PEPS president Subramaniam Arumugam
15th Malaysian Property Summit 2023 proposed that the government re-introduce
(15MPS) event on Wednesday (Feb 8) overhang improves the Home Ownership Campaign for both the
organised by the Association of Valuers, primary and secondary markets together with
Property Managers, Estate Agents and in 3Q2022 a reduction in real property gains tax rates.
Property Consultants in the Private Sec- “It will be a boost for the buyers, giv-
tor of Malaysia (PEPS). The theme of the ing them the incentive to own properties,
summit is “A New Dawn”. BY RACHEAL LEE and sellers by allowing them to dispose of
In her session titled “Overview of the theedgemarkets.com their properties. With such an initiative, the
Malaysian Property Outlook”, she point- overall unsold stock is expected to clear
ed out that the 29,534 units are valued highest value at RM8.65 billion or about 43%. and it will stimulate the industry to move
at RM19.95 billion. Condominiums and Johor has the highest overhang number forward,” he said.
serviced apartments are the biggest con- (5,348 units), followed by Penang (5,222 Also, he urged for a relook at the new Ma-
tributor for the overhang number. units) and Selangor (4,386 units). laysia My Second Home policy framework,
The majority of the total residential Another issue she revealed is the resi- which has since affected foreigners’ sentiments
overhang units are those priced between dential transaction activities in the market. towards investing in Malaysia.The relook, he
RM500,000 and RM1 million at 31.6%. She explained that similar to the residential added, is necessary to attract quality inves-
However, while properties priced above transaction in 2012, residential transac- tors into the country without compromising
RM1 million only constitute 15.1% of the tions for 9M2022 were still dominated by its ability to compete with the neighbours, in
total overhang, the segment contributes to the properties priced RM300,000. Such a sce- order to place Malaysia in the forefront.
h o m e
UEM Sunrise’s
KUALA LUMPUR (Feb 8): UEM Sun-
IHH rise Bhd’s plan to buy a freehold land sit-
KLCC land buy

uated near the Kuala Lumpur Convention
Healthcare’s
Centre (KLCC) has fallen through after
falls through
conditions precedent under the sale and
Türkiye
purchase agreement (SPA) were not ful-
filled within the conditional period, which
operations
expired on Tuesday (Feb 7).
As the SPA had lapsed, UEM Sunrise by Hailey Chung
unaffected by
said the vendor Nipponkey Sdn Bhd will theedgemarkets.com
refund its indirect wholly owned subsidiary
earthquake
Lucky Bright Star Sdn Bhd the deposit, in- proposed acquisition on Aug 4 last year,
cluding any interest accrued, within 14 days. it said the total purchase price of RM384
Lucky Bright Star will also return the million will be satisfied in cash of RM235.8
relevant documents to Nipponkey, UEM million and in-kind of RM148.25 million.
by Priyatharisiny Vasu Sunrise said in a Bursa Malaysia filing. Shares in UEM Sunrise were down
theedgemarkets.com The parcel of land measuring 6.39 acres is 1.9% to close at 26 sen on Wednesday,
situated at Lot 228, Jalan SultanYahya Petra giving it a market value of RM1.32 billion.
KUALA LUMPUR (Feb 8): IHH (formerly known as Jalan Semarak), which is
Healthcare Bhd, which has a private approximately 2.5km northeast of KLCC.
healthcare facility in Türkiye, said When UEM Sunrise first announced the Read the full story
its operations are unaffected by the
7.8-magnitude earthquake that struck
southeastern Türkiye and northwest-
ern Syria early Monday (Feb 6). hold goods (12.6%), food, beverages and
In response to The Edge’s queries, DOSM:Wholesale, tobacco (16.0%), information and com-
IHH said on Wednesday (Feb 8) that munication equipment (9.8%), cultural
its hospital in Adana is located some retail trade hits and recreation goods (3.9%), stalls and
distance away from the epicentre of market (17.8%), and retail sales not in
the quake. all-time high of stores, stalls or market (11.4%).
“We are not directly affected and re- “For month-on-month comparison,
main operational to focus on serving the RM137.3 bil sales of this sub-sector [retail trade] went
community,” said IHH spokesperson. up 1.2%,” said Uzir.
IHH owns a 90% interest in Aci- in Dec 2022 The motor vehicle sub-sector’s growth
badem Holdings, a private health- in December 2022 was underpinned by an
care provider in Türkiye that offers expansion of motor vehicle sales by 24.8%
integrated healthcare services in by Sufi Muhamad or RM2 billion to RM10 billion, followed
Türkiye, Macedonia, Bulgaria, the theedgemarkets.com by sales of motor vehicle parts and accesso-
Netherlands and Serbia. ries and maintenance (27.3%) and repair
“All of us at IHH are deeply sad- KUALA LUMPUR (Feb 8): The Depart- of motor vehicles (30.9%).
dened by this disaster and our hearts ment of Statistics Malaysia (DOSM) an- “However, sales, maintenance and re-
go out to all who have been affected. nounced that Malaysia’s wholesale and pair of motorcycles slipped 29.8% in Dec
“Our immediate and overriding pri- retail trade as at December 2022 rose to 2022. On a monthly basis, sales of this
ority is to support our Acibadem col- a record RM137.3 billion, expanding by sub-sector increased 9.3% ... mainly con-
leagues in Turkiye, to ensure the safety 13.8% from December 2021 figures. tributed by sales of motor vehicles which
of our staff and render humanitarian This was due to the retail trade sub-sec- rose 13.8%,” Uzir stated in the statement.
and healthcare assistance. Acibadem tor reporting an increase of 22.7% or Additionally, the wholesale trade
is mobilising resources to extend med- RM11 billion to RM59.5 billion, while sub-sector recorded positive growth due to
ical care and support in the affected the wholesale trade sub-sector rose 4.7% the wholesale of household goods sub-sec-
region,” said the spokesperson. or RM2.7 billion to RM60.3 billion. tor which rose by RM900 million or 7.6%
Last Thursday, IHH announced Motor vehicles sales had also expanded by to RM12.3 billion in December 2022.
that Acibadem is buying Kent 20.3% or RM3 billion to RM17.5 billion, said “This was followed by wholesale of agri-
Health Group, which operates the DOSM in a statement onWednesday (Feb 8). cultural raw materials and live animals [at]
largest private hospital in Türkiye’s “For month-on-month comparison, 18.2% to record RM5.5 billion. Similarly,
third largest city of Izmir. sales value of wholesale and retail trade wholesale of food, beverages and tobacco
Izmir Kent Hospital will be Aci- rose 2.3%, an increase of RM3 billion, also increased 6.1% to RM12.2 billion.”
badem’s 19th hospital in Türkiye and mainly supported by motor vehicles which “On the other hand, other specialised
25th globally. grew 9.3%,” said chief statistician Datuk wholesale decreased 0.3% to settle at
Shares of IHH dipped 1.82% in the Seri Dr Mohd Uzir Mahidin. RM22.5 billion.
last two days, with the lowest recorded In terms of performance across sub-sec- “For monthly comparison, wholesale
on Tuesday (Feb 7) at RM5.86. tors, retail sales in non-specialised stores in trade grew 1.4% which was mainly contrib-
On Wedesday’s close, IHH’s share retail trade grew 24.7% or RM4.4 billion uted by other specialised wholesale which
price fell 0.7% or four sen to RM5.92, to RM22.4 billion, while sales in special- increased 1.7%,” according to Uzir.
giving the healthcare group a market ised stores rose by 30.7%. Likewise, other
capitalisation of RM52.13 billion. sub-sectors also recorded positive growth,
namely automotive fuels (44.4%), house- Read the full story
h o m e
TMC Life
Sciences’ 2Q net
profit falls 20%
on depreciation
and tax
expenses
by Syafiqah Salim
theedgemarkets.com BAT Malaysia managing director Nedal Salem
KUALA LUMPUR (Feb 8): TMC ue-for-money brands captured an addition-

Life Sciences Bhd’s net profit for the BAT Malaysia’s al 1% share of market in 2022.
second quarter ended Dec 31, 2022 “Despite the contraction of the industry’s
(2QFY2023) declined 20.49% to 4QFY2022 net overall share of the premium segment by 1%
RM5.49 million from RM6.91 million during the year, the group’s Dunhill brand had
a year earlier, due to a sharp increase profit down 14%, secured [an] additional 1.1% share in this seg-
in depreciation and tax expenses. ment, indicating the premium brand’s strong
Its depreciation and amortisation declares 21 sen foothold,” BAT Malaysia said in a statement.
expenses ballooned to RM6.3 million As the group’s focus remains on tobacco
from RM2.92 million, while finance dividend harm reduction, BAT Malaysia said it will
costs jumped 21-fold to RM2.46 mil- introduce innovative products, offering alter-
lion from RM116,000. native choices with reduced risk potential to
In contrast, quarterly revenue by Syafiqah Salim the adult Malaysian smokers.
grew 23.85% to RM73.34 million theedgemarkets.com “With the launch of our tobacco heated
compared with RM59.22 million in product, glo, that hit the market in February
2QFY2022, driven by an increase in KUALA LUMPUR (Feb 8): British Ameri- 2023, we are now able to offer an alterna-
Thomson Hospital Kota Damansara’s canTobacco (Malaysia) Bhd (BAT Malaysia), tive choice with reduced risk potential to the
(THKD) capacity and the recovery of the country’s largest tobacco company by rev- adult Malaysian smokers.This is in line with
the fertility business, according to the enue, posted its second straight quarterly net our commitment towards building A Better
group’s filing with the bourse. profit decline in the fourth quarter ended Dec TomorrowTM,” BAT Malaysia managing
For the six months ended Dec 31, 2022 (4QFY2022), reporting a net profit director Nedal Salem said.
31 (6MFY2023), the group’s net of RM61.73 million compared with RM71.46 “We are also encouraged by the new gov-
profit was up by 7% to RM11.72 million a year ago.The decline was partly due ernment’s priority to implement economic
million from RM10.95 million, to the one-off prosperity tax of 33%. reforms to stimulate growth and strengthen
partially offset by depreciation As a result, earnings per share came in the foundations of the country. This in part
and amortisation as well as high lower at 21.6 sen for 4QFY2022, compared can be achieved through reducing leakages
tax expenses. Its six-month revenue with 25 sen for 4QFY2021. stemming from the tobacco black market and
climbed 30% to RM145.21 million Quarterly revenue also fell 10.6% to creating a new revenue stream by implement-
from RM111.9 million. RM770.66 million, from RM861.89 mil- ing taxation for reduced risk products such as
“The group is monitoring the lion in 4QFY2021. vape, which remains unregulated,” he added.
global economic issues, particular- Nevertheless, the group declared a In Budget 2022, various measures were
ly inflation that might impact the fourth interim dividend of 21 sen per share, announced by the previous government to
group’s performance. Barring any amounting to RM60 million for the finan- reduce the levels of tobacco black market
unforeseen headwinds, the increased cial year ended Dec 31, 2022 (FY2022), including the introduction of a single-en-
capacity in THKD and the recov- payable on March 7. try point policy in the northern region, en-
ery of the fertility business are ex- For the full year FY2022, BAT Ma- hanced controls at landing points including
pected to contribute positively to laysia’s net profit was down 7.8% to private jetties, and a special rewards scheme
the growth of the group going for- RM262.52 million from RM284.86 mil- for enforcement to stop smuggling activities.
ward,” said the healthcare group lion in FY2021, as revenue slipped 1.54% “[Hence], we strongly encourage the new
which is 70.35%-owned by Singa- to RM2.6 billion from RM2.64 billion. government to maintain these measures in
pore billionaire Peter Lim Eng Hock Annual volume fell 2% compared with the February Budget 2023 tabling, while also
via Sasteria (M) Pte Ltd. 2021. exploring science and evidence-based regula-
TMC Life’s share price, which BAT Malaysia said it saw an overall mar- tions to legalise the vapour market,” he added.
has risen 19% in the past year, closed ket share decline of 0.8% year-on-year in BAT Malaysia shares finished up 20 sen
at 65.5 sen on Wednesday (Feb 8) — 2022, mainly attributed to the delisting of or 1.59% to RM12.80 on Wednesday (Feb
up one sen or 1.55% — for a market Kent and Pall Mall brands during the year. 8), translating into a market capitalisation of
value of RM1.14 billion. But in line with the downtrading trend RM3.65 billion.The stock has risen 13.88%
observed in the market, the group’s val- year-to-date.
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h o m e
Malaysia
KUALA LUMPUR (Feb 8): Malaysia Avi- For its loyalty & travel solutions port-
ation Group (MAG) is implementing the folio, it covers MAG’s end-to-end travel
Aviation Group
Target Operating Model (TOM) to enable solutions and loyalty programmes while
the group to deliver its Long-term Busi- complementing its established strength
rolls out new

ness Plan 2.0 (LTBP 2.0) in a cohesive and and expertise in the airline and aviation
unified manner. service businesses, which include Journify,
organisational
MAG aims to break even by 2023 un- MHholidays, Firefly Holidays and Enrich.
der the LTBP 2.0. Philip See was appointed as CEO of the
structure with
The new operating model will see the portfolio, in addition to being the group’s
group operating as a full-fledged oper- chief sustainability officer.
new senior
ating company which will oversee three Meanwhile, the aviation services port-
dedicated profit centres, namely airlines, folio covers cargo, ground handling, train-
leadership team
loyalty & travel solutions and aviation ser- ing and maintenance, repair and overhaul
vices, according to the group’s statement (MRO) which comprises MABkargo, Aer-
on Wednesday (Feb 8). oDarat Services, MAB Academy and MAB
There will be greater emphasis on trans- Engineering.The portfolio will be overseen
parency and accountability through a clear by Sufi Muhamad by Mohd Nadziruddin Mohd Basri as the
profit and loss reporting structure, with theedgemarkets.com CEO of aviation services.
the empowering of each vertical to drive Overall, Izham will continue to steer
business growth and the diversification of becoming Asia’s leading travel and aviation on the entire MAG business support
the group’s revenue stream beyond its air- services group,” said MAG group chief functions and operations as group CEO
lines business. executive officer Captain Izham Ismail. of MAG, supported by Boo Hui Yee as
“The new set-up allows MAG to have In line with the new organisational group chief financial officer, Bryan Foong
a more dynamic reporting structure under structure, MAG also announced a new as group chief strategy & transformation
each profit centre, including dedicated loy- senior leadership team. Ahmad Luqman officer, Datuk Mohd Khalis Abdul Ra-
alty & travel solutions and aviation services Mohd Azmi was appointed as CEO of him as group chief human capital officer,
functions to drive revenue growth, promot- airlines to oversee the group’s global, Lau Yin May as group chief branding &
ing better synergy as the group collectively domestic and segmented airlines, includ- customer experience officer, and newly
work towards fulfilling its Long-term Busi- ing Malaysia Airlines, Firefly, MASwings appointed Clarence Lee as the group’s
ness Plan 2.0 (LTBP 2.0) aspirations of and AMAL. chief digital & IT officer.
KUALA LUMPUR (Feb 8): Capital A posed Subang Airport Regeneration Plan,
Bhd, the parent company of low-cost car- Fernandes: or SARP, to regenerate the airport into a
rier AirAsia Aviation Group Ltd, has ap- premium city airport and aerospace hub
plied for licence to operate regional flights AirAsia has within the city centre had been approved
from the Sultan Abdul Aziz Shah Airport in by the Cabinet on Feb 2.
Subang — also known as the Subang Air- applied to operate Under the proposed plan prepared
port — following the federal government’s by Malaysia Airports Holdings Bhd
approval for the Subang Airport Regenera- flights from (MAHB), belly cargo flights with nar-
tion Plan, which will bring back scheduled row-body jets up to the size of A320/B737
passenger flights and belly cargo flights us- Subang Airport or their equivalent will be accommodated
ing narrow-body jets to the airport. at the Subang Airport.
Capital A chief executive officer Tan Sri under the airport’s SARP will focus on the development
Tony Fernandes said the the Subang Air- of the aerospace ecosystem, general avi-
port has always been an asset in the Malay- regeneration plan ation/business aviation and city airports,
sia aviation industry and that its potential Loke said.
should be fully utilised. According to him, the ecosystem that will
“In big cities like Kuala Lumpur, you by Priyatharisiny Vasu be developed at Subang Airport will involve
need to have more airports. I think it is a theedgemarkets.com seven components, namely an aerospace
very bold, [a] brave and right decision for industry centre; maintenance, repair and
the domestic aviation industry in Malaysia. for us. As such, we do not look at diverting overhaul centre; research and development
“I imagine it will be more expensive to capacity from klia2, but will target new centre; general aviation operations; business
fly from Subang Airport than the Kuala types of passengers. Someone who may aviation operations; urban air mobility; and
Lumpur International Airport (KLIA), but not have flown in AirAsia [will] fly AirAsia regional commercial flight operations.
I think it is the right decision,” Fernandes because it is convenient. So it is all about Loke further said MAHB would con-
told reporters at the launch of AirAsia’s new growth,” he added. clude a detailed redevelopment plan — in-
new AI-powered concierge that replaced In 2002, AirAsia, together with Ma- cluding the entire cost of the project — to
its AirAsia Virtual Allstar, AVA, on Wednes- laysia Airlines, was ordered to shift their be presented again to the Cabinet before
day (Feb 8). operations from the Subang Airport to the end of the first quarter of this year,
AirAsia plans to target a new group of KLIA in Sepang, to increase the connec- which is less than two months from now.
passengers for growth at the Subang Air- tivity and growth of KLIA, the country’s
port, and that routes would likely focus premier airport.
on regional destinations, Fernandes said. On Monday (Feb 6), Transport Minis- Read also: AirAsia enhances AI-powered
“Subang Airport will be a new capacity ter Anthony Loke Siew Fook said the pro- AVA chatbot four years after debut
h o m e
news In brief
Crescendo buys three plots of land Perodua sales up 23% y-o-y

in Johor for RM67.5 mil in January 2023
KUALA LUMPUR (Feb 8): Crescendo Corp Bhd KUALA LUMPUR (Feb 8): Sales of
(CCB) is buying three plots of land measuring Perusahaan Otomobil Kedua Sdn Bhd
109.855 acres in Kota Tinggi, Johor, to expand (Perodua) jumped 23% to 21,449 units in
its landbank. The group said it is buying the January 2023, compared with 17,444 units
plots, located near its existing development a year ago, while production jumped 40.2%
in Bandar Cemerlang, from Johor Land Bhd to 24,590 units from 17,538 units a year ago.
for RM67.55 million. “The plots are located in However, Perodua noted in its statement
a strategic location and they will enable the on Wednesday (Feb 8) that the flood, severe
CCB Group to further expand its landbank shortage of supply of semiconductor chips
Hektar REIT sees gain of RM41.6 mil near its existing development. “The acquisition and other parts, as well as manpower issues
from revaluation of six assets will increase the landbank of the CCB Group did hinder production and sales a year
KUALA LUMPUR (Feb 8): Hektar Real for property development and will contribute ago. “That being said, the improvements
Estate Investment Trust (Hektar REIT) positively towards the CCB Group’s long-term in volume for both production and sales
said it carried out a revaluation on six of growth in terms of cash flow and profitability,” indicate that the ecosystem is moving
its investment properties, resulting in said CCB in a bourse filing. The group said as planned,” the compact car company’s
a net fair value gain of RM41.6 million. the purchase price was calculated at the rate president and CEO Datuk Seri Zainal
The total value of the six properties — of RM14.50 per sq ft except for the Tenaga Abidin Ahmad said. Perodua’s reported
Subang Parade, Mahkota Parade, Wetex Nasional Bhd transmission line area, which was achievement in January 2023 has met 6.83%
Parade,Central Square, Kulim Central, calculated at the rate of RM7.25 per sq ft. — by of its 2023 sales target and 7.45% of its 2023
and Segamat Central — rose to RM1.206 Syafiqah Salim production target. — by Hailey Chung
billion at at Dec 31, 2022, from RM1.165
billion previously. The net asset per unit EG Industries proposes 10% private
rose to RM1.269, from RM1.188. “The placement to raise RM22 mil
purpose of the revaluation exercise was KUALA LUMPUR (Feb 8): EG Industries
to ascertain the current market values of Bhd has proposed a private placement to
the properties for accounting purposes, raise RM22.41 million to fund its business
pursuant to Malaysian Financial Reporting expansion and working capital. The
Standard (MFRS) 140: Investment placement entails the issuance of up to
Properties,” Hektar REIT said in a filing 40.93 million new shares — representing
to the stock exchange. Hektar REIT units 10% of EG Industries’ issued shares — to
closed 0.70% or half sen higher at 72 sen independent investors, the electronic
on Wednesday (Feb 8), giving it a market manufacturing services provider said
capitalisation of RM334.54 million. — by in a bourse filing. The company said the
Priyatharisiny Vasu EPF ups its stake in MyEG assumed issue price of 54.75 sen represents
KUALA LUMPUR (Feb 8): The Employees a discount of 9.95% to the five-day
ACE Market-listed Ecomate Provident Fund (EPF) has increased its volume weighted average market price
proposes transfer to Main Market direct stake in MyEG Services Bhd to of EG Industries’ shares up to the latest
KUALA LUMPUR (Feb 8): After spending 6.897%, the company said on Wednesday practicable date, of 60.80 sen. EG Industries
over a year listed on the ACE Market of (Feb 8). This came after the pension fund said it intends to increase the capacity
Bursa Malaysia, Ecomate Holdings Bhd bought 1.54 million MyEG shares on Feb of its existing manufacturing factories in
eyes a move to the Main Market. In a 2, raising its interest in the information Sungai Petani and boost the efficiency of
bourse filing on Wednesday (Feb 8), the technology services provider to 512.97 its production processes by constructing
Muar-based ready-to-assemble furniture million shares from 511.9 million shares an additional manufacturing factory at the
maker proposed a transfer to the Main (6.882%). The EPF has been accumulating Batu Kawan Industrial Park in Penang. The
Market to enhance the company’s prestige shares in MyEG since December last Batu Kawan factory — which is expected to
and reputation, as well as promote its year. So far, it has bought 12.8 million commence by the first quarter of 2024 — will
corporate image. Ecomate said it had met shares in total. In a separate filing, My EG be used for production of the 5G photonics
the requirements for the transfer of its notified that Kumpulan Wang Persaraan modular products, box-build assembly
listing to the Main Market as set out in the (Diperbadankan) has bought 17.37 million of the electrical and electronic products,
equity guidelines issued by the Securities shares of the company and also sold 8.07 production office, as well as warehouse for
Commission Malaysia (SC) and the Main million shares. Both transactions took finished goods. — by Syafiqah Salim
Market Listing Requirements of Bursa place in the open market on Feb 7. KWAP
Securities. Ecomate posted a profit after holds a direct stake of 6.107% and an
tax (PAT) of RM7.09 million in its most indirect stake of 1.187% in MyEG. MyEG’s
recent audited financial year ended Feb share price recovered on Wednesday
28, 2022 (FY2022), and an aggregate PAT after falling to a two-year low of 70 sen
of RM21.44 million over the past three on Tuesday following a report that the
audited financial years (FY2020-FY2022). Immigration Department may directly
— by Izzul Ikram handle all immigration transactions from
2025. — by Syafiqah Salim
h o m e
Court sets May 26 for Najib’s application

to set aside first Mareva injunction
Zahid Izzani/The Edge
by Hafiz Yatim
theedgemarkets.com
KUALA LUMPUR (Feb 8): The High

Court (commercial division) has resched-
uled to May 26 the hearing of Datuk Seri
Najib Razak’s application to set aside the
first ex-parte (one-sided) Mareva injunc-
tion imposed on him by 1Malaysia Devel-
opment Bhd (1MDB) last year, which pre-
vents the former premier from disposing
or causing to reduce the value of any of his
assets with a total value of US$681 million.
The court also fixed the same date for
the inter-partes hearing of the Mareva in-
junction.
The rescheduling of the hearing fol-
lows Najib and his counsel Tan Sri Mu-
hammad Shafee Abdullah being current-
ly engaged in the 1MDB-Tanore trial at
the High Court (criminal division) before
judge Datuk Collin Lawrence Sequerah.
Originally, the hearing of both appli-
cations was fixed for Tuesday (Feb 7) be-
fore judge Atan Mustaffa Yussof Ahmad,
but it was instead transformed into case Datuk Seri Najib Razak
management.
Although Atan Mustaffa had last No- ever, allowed the former prime minister to ation, resulting in the fraudulent transfer
vember dismissed Najib’s application to at- withdraw RM100,000 monthly to meet of funds and losses to them.
tend the hearing of the inter-partes Mareva his expenses. They contend that Najib should have
injunction and his application to set aside Najib had applied to set aside the foreseen the losses incurred due to such
the injunction, Tuesday (Feb 7)’s hearing ex-parte Mareva injunction last Feb 18, acts of misappropriation during each of
date was nevertheless vacated. citing that he does not have the amount the phases — losses that every Malaysian
Hence, the court rescheduled the hear- and that US$620 million had been re- now has to bear.
ing to May 26. turned to the donor. They also claim that Najib abused his
Najib is presently serving his 12-year position in causing further losses and
jail sentence after the Federal Court on Circuitous trail of money to conceal therefore, they are entitled to aggravated
Aug 23 last year affirmed his guilty verdict misappropriation of funds and exemplary damages because of his ac-
with regard to SRC International Sdn Bhd. 1MDB, along with 1MDB Energy Ltd, tions in obstructing and hindering inves-
He had also been sentenced to a RM210 1MDB Energy (Langat) Ltd, 1MDBGIL, tigations into the wrongdoing, whereby
million fine. and 1MDB Energy Holdings Ltd, had filed he obtained secret profits for himself or
A source familiar with the matter con- a US$8 billion suit, wherein besides nam- his agents.
firmed the new hearing date with The Edge. ing Najib, it had named 14 other former They further allege that Najib had taken
1MDB, along with Global Diversified directors and 1MDB former office bearers advantage of his position and power to in-
Investment Company Ltd (a subsidiary in the suit. fluence, facilitate and cause fraud, so that
previously known as 1MDB Global In- In its statement of claim filed in May the management complied with his stated
vestment Ltd or 1MDBGIL) had a year 2021, it alleged that the defendants, in- intentions that ran contrary to 1MDB’s
ago on Feb 8, 2022, obtained an ex-parte cluding Najib as the former chairman of corporate objectives, national interests, and
Mareva injunction against Najib to prevent the board of advisers, had facilitated the the interests of Minister of Finance Inc —
the dissipation of a sum of US$681 million, companies to enter into sham agreements to benefit his stepson Riza Aziz, business-
which he purportedly had received from to create a circuitous trail of money to man Low Taek Jho (Jho Low) and others.
the company and the subsidiary. ease or conceal the misappropriation of Last March, the High Court (civil di-
The Mareva injunction is a court order 1MDB funds. vision) had imposed a second Mareva in-
that effectively freezes the assets of the per- The companies further contended that junction on Najib, barring him from dis-
son when a legal action is currently being Najib disregarded his obligations under posing of, dealing with, or diminishing the
heard in court. It is to prevent the transfer Article 117 of the Memorandum of Arti- value of any of his assets inside and outside
of assets that may include money held in cles of Association and abused his powers of Malaysia, of up to RM42 million, pend-
banks or financial institutions. in exercising his public functions to ma- ing the final determination of the suit filed
The imposition of the injunction, how- liciously commit fraud and misappropri- by SRC International on him.
h o m e
Yu: Handling Najib’s accounts

‘stressful and challenging’
KUALA LUMPUR (Feb 8): Handling by Tarani Palani we were just concerned [that they would
the then prime minister Datuk Seri Najib theedgemarkets.com carry stories that said] Malaysian PM’s
Razak’s accounts was “stressful and chal- cheques bounced. It could be anything. It
lenging”, claimed former AmBank rela- Yu: [If the] cheque bounces, the branch is a reputational risk to the PM. We didn’t
tionship manager Joanna Yu Ging Ping, had protocols to close the accounts if there know. I was actually very stressed at that
who oversaw his accounts. were frequent (cases of) insufficient funds. time.
This was due to a number of factors, Ahmad Akram: Why don’t you do it
namely that the accounts were frequently here (close the account)? Why two sets of Najib is the sole signatory for the
low on funds, which then led to the pres- rules for different people? cheques; no allegations that cheques
sure to ensure that cheques issued would Yu: This was the (then) PM of Malay- were not issued by him
not bounce. sia. [For the] bank to close the account at Yu also confirmed that Najib was the sole
Yu told the High Court this on Wednes- that time, we were also concerned. signatory for the cheques issued from these
day (Feb 8) while on the stand in the ongo- accounts. She confirmed that cheques
ing 1Malaysia Development Berhad Tanore When asked later why she took it upon could not be issued by the mandate hold-
(1MDB-Tanore) trial, where the former herself to ensure that the cheques didn’t er, Nik Faisal Ariff Kamil.
prime minister faces four counts of abuse of bounce, she said that she was concerned
power and 21 counts of money laundering that the media would pick up the story Ahmad Akram: To the best of your
involving RM2.28 billion of 1MDB funds. and the potential repercussions it would knowledge, have there been any allegations
The prosecution’s 41st witness said that have on the country. that any of the cheques issued by Najib
when fugitive financier Low Taek Jho (Jho was not issued by him?
Low) had informed her that Najib would Ahmad Akram: Was this your function Yu: No.
be opening his accounts with the bank, she as a relationship manager?
“didn’t have any feeling of what to expect”; Yu: For normal corporate or individu- The witness also confirmed that she
but as time went on, it became “stressful al accounts, [if] two times we don’t have did not receive any complaints from Najib
and challenging”. enough funds...automatically we would or his mandate holder Nik Faisal over the
“As time [went] by, the account[s] close the accounts. [But] we made a bit transactions in the accounts.
[were] overdrawn and there was pressure of leeway to make sure the (then) PM’s
[not to allow the cheques to] bounce. We cheques did not bounce. Ahmad Akram: Did you receive any
were told [that we] can’t let the cheques Ahmad Akram: If you let it bounce, complaints from Najib or the mandate
bounce. I was under pressure. Even the what would happen? holder (Nik Faisal) [saying that] the ac-
branch called to say there were insufficient Yu: In hindsight, so many things [could counts were not operating in accordance
funds. It was stressful,” she said. have happened]. [With regards] the media, with the mandate?
Yu recounted that even before she was Yu: No, I did not.
the relationship manager for Najib’s ac- Ahmad Akram: Did you receive any
counts, she was already overseeing some accusation from the account holder (Na-
accounts linked to 1MDB. jib) or his mandate holder (Nik Faisal)
Yu also told the court on Wednesday that you were exceeding your authority?
that besides Najib’s five accounts, she was Yu: No.
also overseeing accounts of other corpo- Ahmad Akram: Did the account hold-
rate clients. She added that prior to Na- er (Najib) accuse you of conspiracy with
jib’s accounts, she had never handled a Jho Low while you were the relationship
sitting-PM’s account. manager for Najib’s accounts?
Responding to deputy public prosecutor Yu: No.
Ahmad Akram Gharib’s queries,Yu said that
she didn’t allow cheques to bounce as she She acknowledged that Najib had filed
was afraid of potential negative repercussions. a civil suit against her in 2019 — long
“That’s the (then) PM’s account. If after the accounts were closed — for mis-
you screw up, if you did anything managing his accounts. However, the
wrong...are you going to risk his High Court had struck out the suit
reputation?” she asked rhetorically. and the Court of Appeal had upheld
Ahmad Akram also asked what the decision.
would happen if she faced a simi- The proceeding before Judge Da-
lar situation — cheques potentially tuk Collin Lawrence Sequerah is set
bouncing, insufficient funds — with to resume on Thursday with the con-
the other accounts she was handling. tinued cross-examination of Yu.
Former AmBank relationship Read also:Yu: Protracted chat not

manager Joanna Yu Ging Ping for my, or Jho Low’s benefit
h o m e
Malaysia weighs
(Feb 8): Malaysia, the world’s second-big- The two countries — which together
gest palm oil producer, is weighing a range make up more than 80% of the world’s
trade curbs to
of trade curbs to strike back against what palm oil supply — say the rule is discrim-
it calls unfair policies from the Europe- inatory. It will cut off market access for
fight EU’s anti-

an Union that block market access for the millions of small farmers across the region,
tropical oil. Latin America and Africa who do not have
palm oil policies

The Southeast Asian country will co- the means to meet the stricter traceabili-
ordinate its response with Indonesia, the ty requirements. Palm oil is used to make
largest edible oils supplier globally. Strat- everything from chocolate to lipstick, soaps
egies being considered include slowing and detergents.
commodities trade with Europe and re- by Anuradha Raghu
viewing imports from the bloc, accord- Bloomberg Indonesian talks
ing to Malaysia’s Deputy Prime Minister “The action by the EU is trying to phase
Datuk Seri Fadillah Yusof. bloomberg out smallholders from the system,” Fadil-
The EU agreed to a historic law in De- lah said from his office in Putrajaya. The
cember that will stop products causing for- bloc keeps introducing new requirements
est destruction from being sold in Europe- despite compliance from bigger plantations
an shops and supermarkets. Products like on international sustainability standards, as
wood, rubber, beef, leather, cocoa, coffee, well as the Malaysian government’s com-
palm oil and soy won’t make it past the mitment to a greener economy and limiting
port unless proven to be deforestation-free. new plantation areas, he said.
Malaysia and Indonesia are leading inter- Fadillah will head to Jakarta on Wednes-
national criticism of the policy. day to discuss strategies with Indonesia.
“If they’re too firm on their decision, The two countries will hold a joint minis-
if they do not want to listen to us, I think terial press conference on Thursday.
one of the areas that we can be looking at On the possible trade measures, he
together with Indonesia is how we should didn’t want to go into details of what Ma-
look at Europe,” Fadillah, who is also Ma- laysia and Indonesia may do, but said it
laysia’s Minister of Plantation and Com- would be part of the discussion.
modities, said in an interview on Tuesday Deputy Prime Minister Datuk Seri Fadillah Yusof: “Together with Indonesia, we want to
(Feb 7). “If we are not fairly treated, I Together with Indonesia, we want to make the make the European Union realise their
think there should be some counterac- European Union realise their action is a one- action is a one-sided, unilateral decision,”
sided, unilateral decision.
tion by us.” he said.
Zahid Izzani/The Edge
Foreign embassies
not authorised to
issue temporary
visit pass for
citizens to remain
in Malaysia —
Immigration DG
Bernama has no right to interfere with the sover- total of 67 Indonesians between the ages of
eignty and laws of this country,” he said in two months and 72 years were arrested for
KUALA LUMPUR (Feb 8): Foreign em- a statement here on Wednesday (Feb 8). not having valid identification documents,
bassies in Malaysia do not have the author- The statement was issued in response as well as overstaying in the country and
ity to issue any form of pass or documents to a report by a migrant rights group that other immigration offences.
for their citizens to reside in the country, a settlement raided by the authorities in Khairul Dzaimee said it was part of
said Immigration director general Datuk Nilai Spring, Negeri Sembilan, last week the department’s duties to carry out the
Seri Khairul Dzaimee Daud. was not an illegal colony. operation, and should not be questioned
He said the issuance of visas and passes According to Jakarta-based Migrant by any outside quarters.
to foreign nationals to live and work here Care, the foreigners who were detained in “In fact, Malaysians are also penal-
can only be issued by the Malaysian Im- the raid had been issued temporary visit ised by authorities abroad when they vi-
migration Department. passes by the Indonesian authorities, and olate the host country’s immigration laws.
“The Immigration Department would the passes were valid for one year. Therefore, all parties must respect the rule
like to emphasise that any outside party In the operation conducted on Feb 1, a of law of a country,” he added.
W O R L D
Türkiye halts
trading in
stock market
after US$35 bil
wipeout
BY TUGCE OZSOY & TAYLAN BILGIC
Bloomberg
ISTANBUL (Feb 8): Türkiye’s stock ex-

change suspended trading for the first time
in 24 years, following a selloff that erased
US$35 billion from the value of its main
equities gauge in the wake of two devas-
tating earthquakes. this year’s worst performers globally, en- The death toll from the powerful earth-
“Our stock exchange has decided to tered a technical bear market on Tuesday quakes that hit ten Turkish cities and
halt trading in equities, futures and op- after falling more than 20% from their parts of neighbouring Syria has already
tions markets,” Borsa Istanbul said in a January high. topped 8,000, with emergency teams
statement on Wednesday morning, follow- “At times of catastrophes like this, racing against time to rescue potentially
ing two market-wide circuit breakers. It suspending trading in the stock market thousands of victims trapped in the rub-
didn’t say when trading would resume. is a better decision in order to protect ble in freezing temperatures. Turkey has
The benchmark Borsa Istanbul 100 investors,” said Haydar Acun, managing begun deploying soldiers in areas hit by
Index has lost 16% this week, erasing al- partner of Marmara Capital in Istanbul. the tremors following the announcement
most US$35 billion from the value of its Investing in equities is popular among lo- of a three-month state of emergency.
member stocks, in the aftermath of two cals as a hedge against the country’s ram-
deadly earthquakes that struck Türkiye’s pant inflation, which surged to a high of
southern region. Turkish stocks, which are around 86% in 2022. Read the full story
Turkish leader
KAHRAMANMARAS/ANTAKYA, Tür- she had not seen any rescue teams. “We
kiye (Feb 8): President Tayyip Erdogan on survived the earthquake, but we will die
acknowledges
Wednesday admitted to problems with his here due to hunger or cold here.”
government’s initial response to a devastat- The death toll rose to 8,574 in Türkiye
problems with
ing earthquake in southern Türkiye amid on Wednesday. In Syria - already devas-
anger from those left destitute and frus- tated by 11 years of war — the confirmed
earthquake
trated over the slow arrival of rescue teams. toll climbed to more than 2,500 overnight,
Erdogan, who contests an election in according to the government and a rescue
relief effort
May, said on a visit to the disaster zone service operating in the rebel-held north-
that operations were now working nor- west.
mally and promised no one would be left Turkish authorities released video of
homeless, as the combined death toll across rescued survivors, including a young girl
Turkey and neighbouring Syria climbed BY MEHMET CALISKAN, in pyjamas, and an older man covered in
above 11,000. HUSEYIN HAYATSEVER & ECE TOKSABAY dust, an unlit cigarette clamped between
But across a swathe of southern Türkiye, Reuters his fingers as he was pulled from the debris.
people sought temporary shelter and food In Syria’s Aleppo, staff at the Al-Razi
in freezing winter weather, and waited in In the Turkish city of Antakya, dozens hospital attended to a man with bruised
anguish by piles of rubble where family of bodies, some covered in blankets and eyes who said more than a dozen relatives
and friends may lie buried. Rescuers were sheets and others in body bags, were lined including his father and mother were killed
still digging out some people alive. Others up on the ground outside a hospital. when the building they were in collapsed.
were found dead. Families in southern Türkiye and in Syr- “We were 16 and 13 of us died. My
There were similar scenes and complaints ia spent a second night in the freezing cold. brother, one-and-a-half-year-old niece and
in neighbouring Syria, where the impact of Many in the disaster zone had slept in I got out. Thank God,” he said.
Monday’s huge quake extended to. their cars or in the streets under blankets, “My father, my mother, my brother,
The death toll from both countries fearful of going back into buildings shaken his wife and their four children. The wife
was expected to increase as hundreds of by the 7.8 magnitude tremor — Türkiye’s and two kids of my brother who got out
collapsed buildings in many cities have deadliest since 1999 — and by a second with me also died.”
become tombs for people who had been powerful quake hours later.
asleep in the homes when the quake hit “Where are the tents, where are food
in the early morning. trucks?” said Melek, 64, in Antakya, saying Read the full story
w o r l d
have also been trained at bases in the

UK, some on the Challenger 2 tanks that
Britain is providing, part of the £2 billion
Ukraine's (US$2.4 billion) in weapons and equip-
President ment already approved for Ukraine.
Volodymyr Zelenskiy previously addressed Britain’s
Zelensky (right)
and British Prime Parliament via video link in March 2022,
Minister Rishi two weeks after the start of the invasion. He
Sunak outside echoedWorldWar II Prime MinisterWinston
Number 10 Churchill, vowing that Ukrainians “will fight
Downing Street
in London.
till the end at sea, in the air.We will continue
fighting for our land, whatever the cost.” It
drew him a standing ovation from lawmakers.
Zelenskiy’s arrival will boost Sunak,
who has faced domestic criticism over a
rocky start to his premiership and a lack-
luster cabinet reshuffle on Tuesday. It also
Zelenskiy visits
(Feb 8): Ukrainian President Volodymyr shows that Sunak’s decision not to send
Zelenskiy arrived in the UK on Wednes- fighter jets to Ukraine has not affected the
London ahead of
day, only his second confirmed trip outside relationship with Kyiv. Former Prime Min-
the country since the war began, as Prime ister Boris Johnson had urged Sunak to
expected Russian
Minister Rishi Sunak offered more training increase support by sending planes.
for Ukrainian troops and fighter jet pilots. “President Zelenskiy’s visit to the UK is
Zelenskiy arrived at Stansted Airport out-
offensive
a testament to his country’s courage, deter-
side of London in a Royal Air Force plane, mination and fight, and a testament to the
before heading into London to meet Sunak in unbreakable friendship between our two
Downing Street and address UK lawmakers in countries,” Sunak said in a statement. “Since
Parliament. He will also meet King Charles III by Kitty Donaldson 2014, the UK has provided vital training to
during his visit, the Press Association reported. Bloomberg Ukrainian forces, allowing them to defend
The leaders will discuss a “two-pronged” their country, protect their sovereignty and
approach to UK support for Ukraine, be- to the US in December, when Zelenskiy fight for their territory.”
ginning with an increase in military equip- met President Joe Biden and addressed “It also underlines our commitment to
ment to help Ukraine counter Russia’s Congress. It will likely be seen as a vote not just provide military equipment for
expected new offensive, backed up by long- of gratitude to the UK for being one of the short term, but a long-term pledge to
term support, Downing Street said. Sunak Ukraine’s primary suppliers of military aid. stand shoulder-to-shoulder with Ukraine
will also offer to bolster the UK’s training He is expected to use his address to the for years to come,” Sunak added.
offer for Ukrainian troops, including ex- British Parliament to seek to bolster sup-
panding it to marines and fighter jet pilots. port ahead of any new Russian offensive.
The trip to the UK comes after a visit More than 10,000 Ukrainian troops Read the full story
Investigators end MH17 downing probe despite ‘indications’

Putin was involved
men in November, the Dutch court ruled
THE HAGUE (Feb 8): International by Stephanie van den Berg, that Russia had in fact had “overall con-
prosecutors said on Wednesday that they Toby Sterling & Bart H Meijer trol” of separatist forces in Donetsk start-
had found “strong indications” that Rus- Reuters ing from May 2014.
sian PresidentVladimir Putin approved the Prosecutors said on Wednesday that
use in Ukraine of a Russian missile system for the prosecution of new suspects.” they could not identify the specific sol-
that shot down Malaysia Airlines Flight 17 In November, a Dutch court convicted diers responsible for firing the missile sys-
(MH17) over eastern Ukraine in 2014. two former Russian intelligence agents and tem that downed the plane, which came
However, they said evidence of Putin’s a Ukrainian separatist leader of murder for from Russia’s 53rd brigade in Kursk.
and other Russian officials’ involvement helping arrange the Russian BUK missile They cited a 2014 phone intercept be-
was not concrete enough to lead to a crim- system that was used to shoot the plane tween Russian officials as evidence that
inal conviction, and that they would end down. The three men, who were tried in Putin’s approval had been necessary be-
their probe without further prosecutions. absentia, remain at large. At the time the fore a request for equipment made by
Russia has denied any involvement plane was shot down, Ukrainian forces the separatists could be granted.
with the downing of the civilian airliner, were fighting Russian-backed separatists In addition, they played a 2017 con-
which killed 298 passengers and crew. in eastern Ukraine’s Donetsk province. versation between Putin himself and the
“The investigation has now reached While Russia had annexed Crimea from Russian-appointed chief administrator of
its limit,” prosecutor Digna van Boet- Ukraine in March 2014, it denied military in- Ukraine’s Luhansk province, in which they
zelaer told a news conference in The volvement in fighting in Donetsk at that time. discussed the military situation and a pris-
Hague. “The findings are insufficient But as part of the conviction of the three oner exchange.
W O R L D
(Feb 8): Japanese Prime Minister Fumio
Kishida indicates
Kishida said that he will carefully consider
the market impact while choosing a new
not wanting to
Bank of Japan (BOJ) governor, indicating
little intention to signal an immediate shift
surprise market
at the bank with a surprise decision.
“I’m considering the selection by paying
with BOJ choice

close attention to the potential impact on
financial markets,” Kishida said in response
to questions in Parliament on Wednesday
(Feb 8). “This is related to the fundamen-
tal direction of economic policy, and it’s BY TORU FUJIOKA
getting a lot of attention from the financial Bloomberg
and business worlds.” Japanese
The remarks are likely to boost market Prime Minister
Fumio Kishida
speculation that he is leaning towards ei-
ther deputy governor Masayoshi Amam-
iya or his predecessor Hiroshi Nakaso for
BLOOMBERG
his final choice. The two have consistently
been at the top of polls for who may re-
place Haruhiko Kuroda. Kishida said. “I will make my choice while by government officials as they said the
Kishida is reportedly planning to reveal considering these points.” selection wasn’t over yet.
his pick next week, nominating someone Kishida’s approval ratings have been Amamiya has been a favourite to suc-
new to the top of the BOJ for the first time hovering around a record low, likely giv- ceed Kuroda, with polls showing him as
in a decade. ing him little appetite to risk shocking and the lead candidate for months.
“Since the financial crisis, close coordi- jolting global financial markets. As the second favourite, Nakaso is
nation with other major central banks, and A local media outlet reported earlier this known for his international flair, strong
a high ability to understand and communi- week that Amamiya has been approached network among central bankers abroad,
cate with market participants at home and by the government for the job. But that and his key role in responding to financial
abroad has become critically important,” report was followed by a series of denials crises in the past.
COLOMBO (Feb 8): Sri Lanka’s economy to finalise an IMF programme, Wickrem-
Sri Lanka seen

is expected to grow again from the end of esinghe added.
this year and the government hopes to ex- “We are in direct discussions with Chi-
returning to
tricate the country from its economic crisis na. We have received positive responses
by 2026, President Ranil Wickremesinghe from all parties. We are now working to-
growth by
told parliament on Wednesday (Feb 8). wards unifying the approaches of other
The Indian Ocean island of 22 million countries and that of China.”
year-end,
people has been struggling with its worst India and Japan, Sri Lanka’s other key
economic turmoil since independence lenders have already expressed support.
president says
from Britain in 1948, which has forced Wickremesinghe said the government
it to default on loans and seek a US$2.9 could turn around the economy if the pub-
billion bailout from the International Mon- lic tolerated high direct taxes for another
etary Fund (IMF). six months. He said last month that the
“We are now moving from a negative BY UDITHA JAYASINGHE economy for the full year could contract
economy towards a positive one. By the Reuters by 3.5% or 4.0% after shrinking 11% last
end of 2023, we can achieve economic year.
growth,” President Wickremesinghe said “If we continue according to this plan,
in a special policy statement to parliament. REUTERS we can rise out of bankruptcy by 2026.
“We have now been able to increase the As I have been continuously appealing, if
foreign reserves which had fallen to zero all the parties in this Parliament join the
up to US$500 million.” process to build the country, we would
Sri Lanka’s official reserves reached be able to extricate from this crisis even
US$2.1 billion at the end of January, which earlier.”
is the highest it has been in about a year, Recent increases in income tax have
latest central bank data showed. hit salaried workers hard, with trade un-
The reserves include a US$1.5 billion ions and private sector professionals stag-
swap from China People’s Bank, which Sri ing protests.
Lanka has been unable to tap as it requires Wickremesinghe said the aim was to
the island to have three months worth of reduce inflation to single digits by the
reserves. end of the year. Sri Lanka’s key inflation
Sri Lanka is also working its largest bi- rate, the Colombo Consumer Price Index,
lateral lender, China, to obtain financing eased to 54.2% in January from 57.2%
assurances supporting a debt restructuring Sri Lanka's President Ranil Wickremesinghe in December.
w o r l d
bloomberg
Adani Ports Adani Group has repeatedly denied the

charges.
mulls repaying “To uphold the principles of good corpo-

rate governance, the management of Adani
US$605 mil debt

Group entities are considering the appoint-
ment of independent firms/agencies” to look
to calm investors
into the issues of regulatory compliance around
related party transactions and internal controls,
among others, according to filings from the
firms, Ambuja Cements Ltd and Adani Green
by Divya Patil Energy Ltd. “The management will assess the
necessary actions required, if any.”
India’s central
Bloomberg
‘Ease concerns’
bank hikes
bloomberg
The Adani Ports guidance “could ease con-

cerns around the firm’s liquidity and debt,
though governance and regulatory risks are rates by 25 bps
likely to linger,” Bloomberg Intelligence ana-
lyst Sharon Chen wrote. “This could also as expected,
offer assurance that it might not materially
increase related-party loans to support the hints at more
rest of the group, as free cash flows have been
earmarked for debt repayment.” to come
Listed firms of the Adani conglomerate,
(Feb 8): Gautam Adani’s ports unit is con- which was forced to shelve a US$2.5 billion
sidering to repay about 50 billion rupees share sale by its flagship Adani Enterprises by Swati Bhat & Sudipto Ganguly
(US$604.6 million or RM2.59 billion) of Ltd last week as the short-seller’s allegations Reuters
loans, as the beleaguered Indian tycoon triggered a massive stock rout, have begun
seeks to trim debt after a short-seller at- reporting December quarter earnings this MUMBAI (Feb 8): The Reserve
tack put his empire’s financial health and week as investors look for cues on the robust- Bank of India (RBI) hiked its key
corporate governance under scrutiny. ness of the companies’ operations. repo rate by 25 basis points (bps)
Adani Ports & Special Economic Zone Ltd Adani Ports reported a 16% drop in profit on Wednesday (Feb 8) as expected,
is mulling total loan repayment and prepay- to 13.2 billion rupees for the latest quarter, but surprised markets by leaving the
ment of that amount in the year starting in missing analysts’ estimate of about 15 billion door open to more tightening, saying
April, which would improve net debt to earn- rupees. Revenue rose 18% from the year-ago core inflation remained high.
ings before interest, taxes, depreciation, and period to 47.9 billion rupees but also fell The central bank said that its pol-
amortisation ratio to about 2.5 times, it said in short of the estimates. Capital spending for icy stance remains focused on the
an earnings statement on Tuesday (Feb 7).The the year starting April is pegged between 40 withdrawal of accommodation, with
ratio stands at just over three times currently. billion rupees and 45 billion rupees. four out of six members voting in
India’s largest private-sector ports opera- Profit at Adani Green Energy, one of the favour of that position.
tor, which reported an earnings miss in the most levered companies in the conglomerate, Most analysts had expected a hike
latest quarterly earnings, also said it would more than doubled to 1.03 billion rupees, onWednesday to be the final increase
roughly halve its capital expenditure next up from 490 million rupees for the same in the RBI’s current tightening cycle,
financial year, compared to the current year. quarter last year. Total income surged 54% which has seen it raise rates by 250
These developments come just a day after to 22.6 billion rupees, while total costs rose bps since May last year.
a group statement saying the billionaire and 45%, the company said in an exchange filing. The monetary policy commit-
his family prepaid US$1.11 billion worth of The renewables firm is on track to complete tee, comprising three members from
borrowings backed by shares in three group 8,300 megawatts of capacity by March, it the central bank and three external
companies, including Adani Ports, to allay said, adding that bond covenants are within members, raised the key lending rate
investor fears.Two other firms of the ports-to- stipulated limits. or the repo rate to 6.50% in a split
power conglomerate that reported earnings Ambuja Cements, the larger of the two local decision.
on Tuesday showed strong growth in prof- cement makers that Adani Group acquired last Four of the six members voted in
its, also potentially soothing nervous traders. year from Holcim Ltd, posted a larger-than-ex- favour of the move.
In another potential sign of encourage- pected quarterly profit at 3.69 billion rupees, “The stickiness of core or under-
ment, people familiar with the matter said up 46% from the year-ago period. Revenue lying inflation is a matter of concern.
Oaktree Capital Management, one of the rose 10% and matched estimates at 41.3 billion We need to see a decisive modera-
world’s largest opportunistic debt firms, and rupees, according to a separate filing. tion in inflation. We have to remain
Davidson Kempner Capital Management The cement maker remains debt-free and unwavering in our commitment to
were among those scooping up bonds re- expects “cement demand to further grow in bringing down CPI (consumer price
lated to the Adani empire in recent weeks. coming quarters on the back of increased index) headline inflation,” RBI gov-
The conglomerate’s finances have come infrastructure activities”, its chief executive ernor Shaktikanta Das said, while an-
under scrutiny after US short-seller Hinden- officer Ajay Kapur said in the filing. nouncing the committee’s decision.
burg Research levied accusations of account- Adani Transmission Ltd posted an earn-
ing fraud and market manipulation at Adani ings beat on Monday as net income surged
Group, wiping more than US$100 billion 78% — the only other group firm that has Read the full story
from its market capitalisation. announced its results so far.
W O R L D
Microsoft unveils
(Feb 8): Microsoft Corp showed off plans Super Bowl.The new Bing returned informa-
to use new tools from startup OpenAI to tion about a Super Bowl week party, a culi-
Bing search engine

improve its little-used internet search and nary event and other related happenings.The
browsing services, seeking to gain ground souped-up service can also estimate whether
using OpenAI
against market leader Google by being first an Ikea love seat will fit in a 2019 Honda Od-
to offer conversational responses powered yssey — Bing told Mehdi it wasn’t sure, and
technology
by artificial intelligence. it depends on whether the second and third
The company unveiled a new version of row of the vehicle are folded down.
its Bing search engine and Edge browser Asked for an egg substitute in recipes,
that incorporate technology from OpenAI, Bing offered several choices and the meas-
maker of the viral chatbot ChatGPT, a re- BY DINA BASS urements of each that equals one egg. It also
vamp designed to make it easier for users to Bloomberg discussed the properties of each substitute,
create content and find answers on the web. like which will make the recipe fluffier.
“This technology is going to reshape from digital troves of text, photos and art. Microsoft said the new version of Bing
pretty much every software category,” Mi- Last week Microsoft unveiled a custom- is available now as a preview, which means
crosoft chief executive officer Satya Nadella er-management programme that uses Ope- users can try a limited number of queries.
said at an event on Tuesday (Feb 7) at the nAI text-generation tools to compose emails People can also join a waitlist for full ac-
company’s Redmond, Washington, head- for salespeople, and jazzed up the premium cess, which the company hopes to expand
quarters. It’s “high time” innovation was tier of its Teams chat and meeting software to millions in the coming weeks, Mehdi
restored to internet search, he said. with AI-written post-meeting notes. said. It also intends to bring the AI search
The new Bing, which runs on an OpenAI Microsoft recently announced a multibil- features to rival web browsers.
language model that is more advanced than lion-dollar investment in OpenAI, solidifying OpenAI CEO Sam Altman appeared at
the one behind ChatGPT, can be switched in ties with the startup to get the inside track on the event to tout the company’s partnership
and out of chat mode, and users can tap the its artificial intelligence models like ChatGPT with Microsoft. “We’re so grateful to have
bot to compose emails.The new Edge browser and Dall-E, which have attracted millions of a partner to share our vision and values of
adds the AI-based Bing for chat and writing users in just months. Beyond search, Microsoft building advanced AI that is safe and will have
text, and it can summarise web pages and re- executives have said they want to add Ope- a very positive impact on society,” he said.
spond conversationally to queries.The answers nAI’s technology into Office productivity soft-
come with citations to their sources, so users ware, security programs and video-game tools.
can see where the information is coming from. The new Bing search query box can ac- Read the full story
A flurry of product announcements cept up to 1,000 characters. In a demonstra-
from Microsoft and Google in recent weeks tion, Microsoft vice-president Yusuf Mehdi
comes amid a sudden intense focus on gen- asked the chat-based engine about events in Read also: Alibaba tests ChatGPT-style
erative AI, which can generate new content Scottsdale, Arizona, during this weekend’s tool as AI buzz intensifies
Tencent plans
(Feb 8):Tencent Holdings Ltd is planning to Brokerages including Morgan Stanley have
launch a Valorant e-sports league when the raised their price targets on Tencent in
‘Valorant’ league
hit shooter title debuts in China this year, one recent weeks, anticipating a recovery in
of the strongest signs yet that the country’s growth as restrictions ease and efforts to
as gaming
internet giants are getting back to business sell video ads gain momentum.
after a two-year industry crackdown. “These are positive signs that China
crackdown eases
Tencent unit TJ Sports has held discus- tech companies are back to business with
sions with top Chinese e-sports players in regulatory headwinds largely behind,” said
recent days about setting up the competi- Marvin Chen, an analyst at Bloomberg In-
tion, people familiar with the matter said. telligence. “It is also in line with recent com-
It could kick off a tournament over the BY PEI LI & ZHEPING HUANG ments from policymakers that innovation
summer at the earliest as Tencent rolls out Bloomberg is still in a prominent position for national
the game domestically, one of the people development.”
said, asking to not be identified discussing BLOOMBERG A Tencent representative said in a mes-
private information. sage the company was making prepara-
Talks are in their initial stages and Ten- tions related to Valorant and hadn’t con-
cent could push back its timeline, the people firmed a launch date for the game.
said. But a Valorant league will help reboot A Valorant extravaganza would add to
competitive online gaming in China after a Tencent’s roster of Chinese competitive
two-year lull, when pandemic restrictions leagues, spanning genres from battle are-
and Beijing’s clampdown on youth addic- nas to racing and first-person shooters.Ten-
tion chilled the world’s largest gaming arena. cent set up TJ Sports with US subsidiary
Launched globally in 2020, Valorant has Riot Games Inc in 2019 to helm League of
grown to become one of the most popular Legends contests. Another unit runs tourna-
e-sports titles, vying for a multibillion-dollar ments based on Honor of Kings, Tencent’s
market along with rival shooters like Bliz- was preparing to relax its grip on the sector. long-running mobile cash-cow.
zard’s Overwatch. Tencent won approval to Tencent’s shares extended gains in late
roll out the title only in December, in what Hong Kong trading to climb as much as
investors took as a sign that the government 1.8% before ending largely unchanged. Read the full story
w o r l d
news In brief
reuters
US briefed 40 nations on China spy
balloon incident, diplomats and
official say
WASHINGTON/BEIJING (Feb 8):
The United States held briefings in
Washington and Beijing with foreign
diplomats from 40 nations about the
Chinese spy balloon that Washington
shot down on Saturday for spying over
US territory, a senior administration
official and diplomats said on Tuesday.
US Deputy Secretary of State Wendy
Sherman on Monday briefed nearly 150
foreign diplomats across 40 embassies,
the official said, while in Beijing the US
embassy gathered foreign diplomats
on Monday and Tuesday to present US Hundreds of tractors enter Paris in protest against pesticide bans
findings about the balloon. “We want to PARIS (Feb 8): French farmers drove hundreds of tractors into Paris early on
make sure that we are sharing as much Wednesday to protest against pesticide restrictions and other environmental
as we can with countries around the regulations they say are threatening farm production in the European Union’s
world who may also be susceptible to largest agricultural power. The action follows an EU court ruling last month that
these types of operations,” the senior overturned a French policy allowing sugar beet growers to use a banned insecticide,
administration official said. Sherman’s raising concern from sugar beet growers of a further decline in plantings and
briefing was first reported by the sugar factory closures. “These repeated bans and the inaction of the government
Washington Post. The appearance of the to support many sectors (cherries, apples, chicory, potato starch, etc.) condemn
Chinese balloon over the United States agricultural production,” France’s largest farm union FNSEA, sugar beet union CGB
last week caused political outrage in and young farmers group JA said in a statement. — Reuters
Washington and prompted US Secretary
of State Antony Blinken to cancel a trip
to Beijing that both countries had hoped Japan to end blanket Covid-19 Fitch raises China’s growth forecast
would patch their frayed relations. testing for Chinese travellers, to 5% for 2023
Blinken would have arrived in Beijing on says Japanese broadcaster BENGALURU/BEIJING (Feb 8): Rating
Sunday. A US Air Force fighter jet shot TOKYO (Feb 8): Japan is arranging to relax agency Fitch has revised its forecast
down the balloon off the South Carolina border control measures for visitors from for China’s economic growth in 2023
coast on Saturday, a week after it first China as early as this month, Japanese to 5.0% from 4.1% previously, as
entered US airspace. China’s foreign broadcaster FNN reported on Wednesday consumption and broader activity
ministry has said it was a weather balloon (Feb 8). Japan plans to end blanket testing are recovering faster than initially
that had blown off course and accused the of Covid-19 for all travellers from China anticipated, after the end of the “zero-
United States of overreacting. — Reuters upon arrival, the broadcaster said. It will Covid” regime. Fitch said the recovery
continue requiring negative Covid tests will be primarily led by consumption,
before departure, it said. China last month noting that many high-frequency
suspended issuing short-term visas for indicators have recently rebounded,
South Korea and Japan after announcing though still remain below pre-pandemic
it would retaliate against countries norms. Despite the forecast upgrade,
that required negative Covid tests for the rating agency expects the economic
travellers from China. South Korea’s rebound this year to be less vigorous
prime minister later last month suggested than that in 2021, when the economy
its Covid curbs on travellers from China posted gross domestic product (GDP)
could be lifted earlier than scheduled if growth of 8.4%. Fitch was the first major
infections eased in the latter, the Yonhap rating agency to upgrade China’s 2023
news agency reported. — Reuters economic growth forecast. — Reuters
Indonesia approves Malaysia’s estimates, the energy ministry said in will be utilised by a fertiliser plant in
Genting Oil & Gas’s revised a statement on Wednesday. Under the Papua and for a liquefied natural gas
development plan for Kasuri gas revised plan, the estimated gas in place plant,” Arifin said. Genting Oil & Gas
project — ministry for Asap, Kido and Merah structures also signed an initial agreement with an
JAKARTA (Feb 8): Indonesia has in West Papua’s Kasuri block rose to Indonesian state-controlled fertiliser
approved a revised development plan 2,673.7 billion standard cubic feet producer, Pupuk Kaltim, to supply 102
by Malaysia’s Genting Oil & Gas for the (BSCFD) from 1,735 BSCFD previously, billion British thermal units of gas per
first phase of its gas project in West Energy Minister Arifin Tasrif said in the day to its US$1.5 billion fertiliser plant,
Papua, following changes in production statement. “Production from this field the statement said. — Reuters
w o r l d
Major shipping
(Feb 8): Increasing volatility in global sup- Containers typically face numerous de-
ply chains means shipping lines must un- lays while heading to their destination dur-
line seeks supply-

dergo a radical restructuring to survive, ac- ing black swan events, said Blicher. But a
cording to AP Moller-Maersk A/S. better strategy would be to have warehouses
chain overhaul
“The way that supply chains have operated scattered across different ports, he said.That
over the last number of decades is no longer fit would allow Maersk to consolidate shipments
as chaos roils
for purpose,” Ditlev Blicher, the president of originating from different parts of Asia at
Asia-Pacific for the shipping line, told reporters a convenient hub, giving more flexibility to
global trade
in Singapore on Monday (Feb 6). “We believe send them to where demand is the greatest.
this environment of increased volatility is here “We are building a structure where we
to stay, and it will likely accelerate.” can take a container from China, one from
Global trade has been buffeted by major Vietnam, and another from Cambodia to a
disruptions in recent years, as the pandem- by Ann Koh port like Singapore, and open them up,” said
ic and the war in Ukraine brought chaos to Bloomberg Blicher. “Then we put them together and
shipping routes. But even before the Covid-19 the customer can send them where they are
pandemic, it was obvious supply chains needed air.The company last year embarked on a strat- needed at that moment.”
to change, according to Blicher. egy to expand its airfreight services. To be sure, shipping lines made easy prof-
Shipping lines have repeatedly tried to Maersk and MSC Mediterranean Ship- its during the pandemic. Spot container rates
streamline their operations, but they haven’t ping Co last month agreed to discontinue surged to a record as shipyards ground to a
been able to overcome the bottlenecks arising their partnership that allowed the two com- halt, resulting in a scarcity of vessels to meet
from thousands of players acting in individual panies to share vessels on some of the most a spike in demand for e-commerce goods.
slices all along the supply chain. It’s become lucrative routes worldwide. Blicher said the Now, with weaker global demand as major
more pressing to invest in smarter technolo- tie-up, which will end in 2025, wasn’t the economies struggle with inflation, companies
gy and logistics networks that extend beyond direction Maersk wanted to go. have been canceling voyages to align capacity.
adding shipping capacity, said Blicher. While MSC has the world’s biggest fleet, it is “It wasn’t hard over the last 12 months to
Maersk, which boasts the world’s sec- still actively adding shipping capacity to remain make money — if you had something that
ond-biggest container fleet according to Al- in the top spot. Maersk on the other hand is could float and could carry your contain-
phaliner, is seeking to become an integrated cutting back, and wants to build a system that er, that was not hard,” Blicher said. “Now,
logistics provider that connects land, sea and would allow it to better control cargo flows. skills matter.”
(Feb 8): Masayoshi Son is now personally on lic holdings. Chief financial officer Yoshimit-
the hook for about US$5.1 billion on side deals Masayoshi Son su Goto said they applied “extremely strict”
he set up at SoftBank Group Corp to boost standards in writing down investment loss-
his compensation, as losses mounted at its core now owes SoftBank es. SoftBank had invested in 472 companies
Vision Fund venture capital arm. through its venture capital arm by December.
Son, whose stake in SoftBank grew in re- US$5.1 bil Portfolio losses ratcheted up Son’s defi-
cent months, also owns portions of the compa- cit to about US$2.9 billion from his Vision
ny’s key investment vehicles.While these hold- on side deals Fund 2 interest, and US$344 million at the
ings have sparked controversy due to corporate Latin America fund, according to disclosures
governance concerns, the Japanese billionaire for the December quarter. His remaining
has denied any conflict of interest. by Min Jeong Lee, Pei Yi Mak deficit at SB Northstar was ¥246.1 billion
His unrealised losses widened roughly & Takahiko Hyuga (US$1.85 billion).The debt totalled US$5.1
US$400 million from three months before. Bloomberg billion according to Bloomberg calculations
The founder and chief executive of SoftBank based on company disclosures.
was down US$4.7 billion on the same side reuters The 65-year-old billionaire holds 17.25% of
deals through the September quarter. a vehicle set up under SoftBank’s Vision Fund
Compensation has long been a con- 2 for its unlisted holdings, as well as 17.25%
tentious issue at SoftBank. Japanese com- of a unit within the company’s Latin America
panies pay some of the lowest executive fund, which also invests in startups. He has a
salaries in the world, reflecting a culture 33% stake in SB Northstar, a vehicle set up at
where job-hopping by managers is still in- the company to trade stocks and derivatives.
frequent. Son himself has kept his pay at There is no immediate deadline for repay-
¥100 million, now roughly US$760,000 ment and the value of Son’s positions could
— a rounding error in the US where CEOs improve in the future, and for SB Northstar,
routinely make more than US$100 million. Son has already deposited some cash and
As SoftBank grew into a global investor, other assets.The founder would pay his share
Son argued the company couldn’t keep talent of any “unfunded repayment obligations” at
unless executives were allowed to cut side in their biggest drop in almost three months. the end of the fund’s life, which runs 12 years
deals that tied compensation to the compa- Son owns more than a third of the company, with a two-year extension.
ny’s performance.That’s exposed him further according to Bloomberg calculations based on Son’s net worth stood at US$12.3 billion af-
to the current market downturn. company filings. ter Tuesday’s close, after adjusting for his defi-
The Vision Fund unit posted a US$5 bil- The global tech investor was hit by contin- cit from his interests in SB Northstar, Vision
lion loss in its fourth straight quarter in the ued mark downs in its investments in unlisted Fund 2 and the Latin America fund, according
red, sinking SoftBank’s shares on Wednesday startups, which outweighed gains in its pub- to calculations by Bloomberg Billionaires Index.
W O R L D
Credit Suisse dials back Asia risk controls

after bankers revolt
(Feb 8): Credit Suisse Group AG, fight- BY CHANYAPORN CHANJAROEN While wealth managers in Asia have
ing to stem a wave of investor outflows, is & DENISE WEE been beefing up internal controls as part
dialing back some stringent anti money Bloomberg of the broad know-your-customer require-
laundering controls in Asia, after they drew ments, Credit Suisse’s measures in Sin-
protests from clients and bankers and con- REUTERS gapore went further than at many peers.
tributed to staff departures. Employees and clients told the bank
A requirement that private bankers ver- that the heightened scrutiny wasn’t practi-
ify most of their clients’ sources of wealth cal and was counter-productive.The meas-
was eased near the end of last year, while ures even prompted some customers to
third-party transactions are no longer sub- demand new accounts be opened in Swit-
ject to executive approvals, according to zerland, where rules aren’t as stringent,
people familiar with the matter. one of the people said.
The backtracking highlights the delicate More than a dozen senior bankers ex-
balance facing the bank as it tries to tighten ited, including some top performers in
operations following a series of scandals, the so-called Chairman’s Club, who are
while hanging on to clients in one of the awarded big bonuses and other privileges.
fastest growing regions for money manage- To be sure, these bankers, who declined
ment. The measures, more stringent than to be identified, were already frustrated
at many peers, threatened to stall efforts end-to-end operating model,” a Credit Su- by Credit Suisse’s tarred reputation, and
to recover from massive outflows that con- isse spokesperson said in a statement to had good offers from other firms. They
tributed to another quarterly loss for the Bloomberg News. didn’t leave solely because of the beefed
embattled bank. up measures, they said.
Credit Suisse took steps in 2021 to Closer Scrutiny
tighten controls by commissioning Ernst To counter lapses highlighted by EY, senior Culture Champions
& Young (EY) to assess its wealth units’ managers in Asia demanded closer scruti- Even a few “Culture Champions” — ap-
anti money laundering procedures in Sin- ny on the sources of wealth for new clients pointed to lead by example — departed.
gapore and Hong Kong, in a revamp it and tightened rules for fund transfers to Young Jin Yee, deputy CEO of Asia-Pacif-
later internally dubbed “Project Starlight”. third parties, which sometimes included ic wealth management, resigned to join
The bank had drawn scrutiny after it clients’ children, said people familiar with Deutsche Bank AG. Katryna Murtagh,
was among firms fined in 2017 by the the matter. managing director on the compliance side,
Monetary Authority of Singapore for Shortly after the report publication, the decided to leave near the end of last year.
lapses linked to the bribery scandal at the firm demanded that bankers corroborate APAC compliance head Pete Monaci quit
1MDB (1Malaysia Development Bhd) the sources for up to 90% of high-risk cli- in June to join Citadel Securities in Hong
fund in Malaysia. Elsewhere, the lender ents’ wealth, up from 70% previously. For Kong.
sought to spruce up its image following a low-risk customers, the degree of corrob- In response to the steady backlash,
series of missteps by some of its clients, oration was raised to 70% from 50%. Credit Suisse has relaxed some of the con-
including collapses at Archegos Capital In addition, private bankers were asked trols. As of early December, bankers are
Management and Greensill Capital, and to sit with compliance colleagues to im- required to match clients’ information as
an accounting scandal at Luckin Coffee prove co-operation, while senior manag- much as possible, rather than hitting firm
Inc in China. ers on the wealth and compliance teams percentage levels, according to one of the
Credit Suisse said it initiated the in- were appointed “Culture Champions” to people. Another measure requiring senior
dependent review by EY to “provide ad- demonstrate model behaviour. managers to approve client fund transfers
ditional assurance of the quality of our The tighter controls didn’t sit well to third parties was also eased at the end of
internal process and controls”. with many clients, or with bankers who last year, the people said. Private bankers
The EY report, published in October were already struggling with the repu- can now lift the restrictions on accounts
2021, found several problems that needed tational hit from the scandals. The firm that have been blocked by compliance,
to be addressed. It noted a high attrition warned in November that client outflows they said.
rate among compliance officers, sparked will contribute to a fourth-quarter loss The bank is also addressing attrition.
by deteriorating relationships with private of up to 1.5 billion Swiss francs (US$1.6 It hired Rashmi Dubier, MUFG Bank’s
bankers, according to people who have billion) when the company reports re- former Asia-Pacific head of anti money
seen the report. Other issues identified in- sults on Feb 9. laundering, for a financial crime compli-
cluded lapses in the anti money launder- Many bankers who resigned in recent ance role. Other measures to strength-
ing framework, culture and conduct, risk months said the changes made it harder en the bank’s controls and monitor risks
management and organisational capability. for relationship managers to bring in new continue to be implemented and assessed,
“Based on the findings, which were in clients, and delayed account openings by given that “Project Starlight” may last for
line with our own initial assessment, the as much as eight months. Attracting new three to five years, the people said.
firm established a robust ‘belt and braces’ clients and their money is a key perfor-
approach” to anti money laundering, and mance metric for bankers and determines
enhancements were made to “improve our bonuses. Read the full story
M A R K E T S
CPO RM 3,998.0059.00 OIL US$ 84.480.79 RM/USD 4.2983 RM/SGD 3.249 RM/AUD 3.0021 RM/GBP 5.2024 RM/EUR 4.6230
Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
SAPURA ENERGY BHD 316.31 0.005 0.050 42.86 799.00
MY EG SERVICES BHD 237.70 0.015 0.715 -17.82 5316.70
VELESTO ENERGY BHD 163.60 -0.010 0.235 56.67 1930.70
ATA IMS BHD 117.60 -0.095 0.355 57.78 427.00
SERBA DINAMIK HOLDINGS BHD 112.90 0.000 0.020 100.00 74.20
TA WIN HOLDINGS BHD 79.50 0.000 0.080 45.45 273.90
BUMI ARMADA BHD 74.10 -0.005 0.610 27.08 3610.00
IRIS CORP BHD 69.90 -0.020 0.145 11.54 473.10
ZEN TECH INTERNATIONAL BHD 67.5 -0.005 0.060 200.00 80.80
PERDANA PETROLEUM BHD 64.30 0.000 0.180 44.00 399.10 World equity indices
NYLEX MALAYSIA BHD 60.50 0.030 0.620 100.00 111.20 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
LEFORM BHD 53.10 0.000 0.235 13.86 348.00 (%) (%)
VINVEST CAPITAL HOLDINGS BHD 53.10 0.005 0.240 26.32 232.60 DOW JONES 34,156.69 265.67 0.78 INDONESIA 6,940.12 4.82 0.07
HONG SENG CONSOLIDATED BHD 52.3 0.005 0.200 -9.09 1021.70 S&P 500 4,164.00 52.92 1.29 JAPAN 27,606.46 -79.01 -0.29
CYPARK RESOURCES BHD 51.8 0.130 1.160 146.81 888.00 NASDAQ 100 12,728.27 263.76 2.12 KOREA 2,483.64 31.93 1.30
KNM GROUP BHD 42.70 0 0.065 30.00 239.00 FTSE 100 7,926.77 62.06 0.79 PHILIPPINES 6,923.08 41.82 0.61
AEMULUS HOLDINGS BHD 37.70 -0.065 0.390 -17.89 260.70 AUSTRALIA 7,530.07 25.93 0.35 SINGAPORE 3,388.52 7.68 0.23
SNS NETWORK TECHNOLOGY BHD 28.5 -0.010 0.250 -1.96 403.20 CHINA 3,232.11 -15.99 -0.49 TAIWAN 15,618.17 217.26 1.41
CIMB GROUP HOLDINGS BHD 27.00 -0.180 5.400 -6.90 57591.50 HONG KONG 21,283.52 -15.18 -0.07 THAILAND 1,670.34 -10.15 -0.60
NATIONGATE HOLDINGS BHD 26.5 0.030 1.24 0.00 2571.70 INDIA 60,663.79 377.75 0.63 VIETNAM 1,072.22 6.38 0.60
Data as compiled on Feb 8, 2023 Source: Bloomberg Data as compiled on Feb 8, 2023 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)
DGB ASIA BHD 0.020 33.33 429.4 33.33 35.7 PEGASUS HEIGHTS BHD 0.005 -50.00 11,643.3 -50.00 54.1
PASUKHAS GROUP BHD 0.025 25.00 2,982.5 66.67 47.6 DOLPHIN INTERNATIONAL BHD 0.010 -33.33 477.6 -60.00 13.4
AE MULTI HOLDINGS BHD 0.025 25.00 0.1 0.00 54.1 AT SYSTEMATIZATION BHD 0.010 -33.33 1,861.1 -33.33 60.0
METRONIC GLOBAL BHD 0.025 25.00 1,678.0 25.00 38.3 EDUSPEC HOLDINGS BHD 0.015 -25.00 1,275.0 -25.00 45.7
JERASIA CAPITAL BHD 0.050 25.00 4,605.2 42.86 4.1 ATA IMS BHD 0.355 -21.11 117,587.9 57.78 427.0
XIDELANG HOLDINGS LTD 0.030 20.00 210.0 20.00 63.5 BCM ALLIANCE BHD 0.020 -20.00 235.0 -20.00 40.7
MERIDIAN BHD 0.035 16.67 1,165.0 16.67 31.6 KIA LIM BHD 0.325 -14.47 23.9 0.00 20.1
ALAM MARITIM RESOURCES BHD 0.035 16.67 2,630.1 40.00 53.6 AEMULUS HOLDINGS BHD 0.390 -14.29 37,716.6 -17.89 260.7
MINDA GLOBAL BHD 0.075 15.38 9,440.1 7.14 125.9 ECOSCIENCE INTERNATIONAL BHD 0.450 -12.62 10,310.0 -10.00 153.0
SARAWAK CABLE BHD 0.115 15.00 3,013.8 76.92 45.9 IRIS CORP BHD 0.145 -12.12 69,926.9 11.54 473.1
CORAZA INTEGRATED TECHNOLOGY 1.100 14.58 21,576.1 43.79 472.2 AVILLION BHD 0.080 -11.11 21,827.0 0.00 91
CYPARK RESOURCES BHD 1.160 12.62 51,832.8 146.81 888.0 NEXGRAM HOLDINGS BHD 0.045 -10.00 6,717.8 -35.71 19.9
HUBLINE BHD 0.045 12.50 994.0 12.50 193.0 SC ESTATE BUILDER BHD 0.045 -10.00 310.0 0.00 48.3
APPASIA BHD 0.140 12.00 18,951.3 33.33 150.8 ATTA GLOBAL GROUP BHD 0.350 -9.09 67.9 18.64 127.3
CENSOF HOLDINGS BHD 0.290 11.54 5,587.8 9.43 160.2 PERMAJU INDUSTRIES BHD 0.050 -9.09 4,805.3 11.11 96.8
SMTRACK BHD 0.050 11.11 2460.2 0.00 58.5 MUHIBBAH ENGINEERING M BHD 0.700 -9.09 7,793.8 40.00 508.9
SAPURA ENERGY BHD 0.050 11.11 316,310.2 42.86 799.0 ZEN TECH INTERNATIONAL BHD 0.060 -7.69 67492.0 200.00 80.8
TWL HOLDINGS BHD 0.055 10.00 951.1 57.14 219.1 VIZIONE HOLDINGS BHD 0.060 -7.69 2,639.1 9.09 122.8
FSBM HOLDINGS BHD 0.275 10.00 1,567.7 1.85 48.9 DFCITY GROUP BHD 0.370 -7.50 22.2 -3.90 39.1
ILB GROUP BHD 0.460 9.52 31.0 0.00 86.9 SCOMI ENERGY SERVICES BHD 0.065 -7.14 1579.54 18.18 30.4
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 26.460 0.460 204.8 22.61 9,705.0 HONG LEONG FINANCIAL GROUP 17.920 -0.380 393.00 -3.66 20,522.8
HEXTARTECHNOLOGIES SOLUTIONS 28.580 0.380 92.3 67.53 3,676.8 RAPID SYNERGY BHD 16.100 -0.360 12.50 0.88 1,721.0
CARLSBERG BREWERY MALAYSIA 24.600 0.300 189.4 7.52 7,521.4 HONG LEONG BANK BHD 20.000 -0.180 2,999.20 -2.72 43,354.4
KESM INDUSTRIES BHD 7.900 0.210 44.4 12.54 339.8 CIMB GROUP HOLDINGS BHD 5.400 -0.180 27,004.00 -6.90 57,591.5
BRITISH AMERICAN TOBACCO 12.800 0.200 330.5 14.08 3,654.8 HONG LEONG CAPITAL BHD 6.180 -0.170 957.80 -1.59 1,525.8
HEINEKEN MALAYSIA BHD 29.460 0.160 387.3 16.90 8,899.8 RHB BANK BHD 5.510 -0.150 10,602.50 -4.84 23,403.0
CORAZA INTEGRATED TECHNOLOGY 1.100 0.140 21,576.1 43.79 472.2 KOBAY TECHNOLOGY BHD 3.070 -0.120 1,433.40 12.87 995.2
PETRONAS DAGANGAN BHD 22.200 0.140 134.0 -3.48 22,054.7 GENTING PLANTATIONS BHD 6.030 -0.120 246.30 -5.78 5,410.1
KEIN HING INTERNATIONAL BHD 2.540 0.140 1,402.5 19.81 276.6 RHONG KHEN INTERNATIONAL 1.450 -0.110 59.30 6.62 281.7
CYPARK RESOURCES BHD 1.160 0.130 51,832.8 146.81 888.0 TEXCHEM RESOURCES BHD 1.990 -0.110 499.20 -5.24 236.2
MISC BHD 7.370 0.130 1,940.7 -1.73 32,897.8 ALLIANZ MALAYSIA BHD 13.700 -0.100 8.20 -3.25 2,438.2
UNISEM M BHD 3.250 0.130 1,687.6 17.75 5,242.5 CHIN TECK PLANTATIONS BHD 8.300 -0.100 10.20 -2.80 758.3
TENAGA NASIONAL BHD 9.510 0.120 1,807.4 -1.25 54,711.8 ATA IMS BHD 0.355 -0.095 117,587.90 57.78 427.0
SFP TECH HOLDINGS BHD 2.870 0.120 4,525.4 59.44 2,296.0 PRESS METAL ALUMINIUM 5.250 -0.090 9,321.10 7.58 43,258.0
BINTULU PORT HOLDINGS BHD 5.350 0.100 24.8 11.46 2,461.0 LYSAGHT GALVANIZED STEEL BHD 1.900 -0.090 2.2 0 79
YNH PROPERTY BHD 4.490 0.100 7.4 6.15 2,372.9 SIME DARBY PLANTATION BHD 4.360 -0.090 889.90 -6.24 30,152.5
PETRONAS CHEMICALS GROUP 8.250 0.100 2,812.2 -4.07 66,000.0 SUPERCOMNET TECHNOLOGIES 1.450 -0.080 4,149.80 -7.64 1,106.0
VITROX CORP BHD 8.330 0.100 485.9 8.89 7869.3 MUHIBBAH ENGINEERING M BHD 0.700 -0.070 7,793.80 40 508.9
SOLARVEST HOLDINGS BHD 1.160 0.100 6634.3 35.67 774.4 HONG LEONG INDUSTRIES BHD 8.900 -0.070 21.20 -3.26 2,843.3
BONIA CORP BHD 2.790 0.090 598.7 22.91 559.2 DUOPHARMA BIOTECH BHD 1.480 -0.070 1307.5 -8.07 1409.3

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T H U R S DAY, F E B RUA R Y 9 , 2 0 2 3 w w w. t h e e d g e m a r k e t s.

Not the right time

the edge ceo morning brief published by publisher + . Ho Kay Tat

Read from desktop or mobile device. editor - in - chief

on Wednesday (Feb 8), Anwar said

on improper paper is tabled.

procurement of cause in the early stage, irregularities were

Not the right time

Banking sector still an ‘overweight’ despite potential SRR tightening

margin amid the upcycle for the over-

hoteliers urge govt

KUALA LUMPUR (Feb 8): Malaysia’s

IHH rise Bhd’s plan to buy a freehold land sit-

KLCC land buy

KUALA LUMPUR (Feb 8): TMC ue-for-money brands captured an addition-

Public Symposium 2023

Date: 18 February 2023 (Saturday)

Doreen Choo Tan Ming Han Ooi Boon Peng

Panel Speakers : Sustainability at home

Clara Wan Nik Suzila Justin Cheah

Wong Shou Ning

rolls out new

Crescendo buys three plots of land Perodua sales up 23% y-o-y

Court sets May 26 for Najib’s application

KUALA LUMPUR (Feb 8): The High

Yu: Handling Najib’s accounts

Former AmBank relationship Read also:Yu: Protracted chat not

fight EU’s anti-

palm oil policies

Zahid Izzani/The Edge

ISTANBUL (Feb 8): Türkiye’s stock ex-

have also been trained at bases in the

Investigators end MH17 downing probe despite ‘indications’

(Feb 8): Japanese Prime Minister Fumio

with BOJ choice

Sri Lanka seen

Adani Ports Adani Group has repeatedly denied the

mulls repaying “To uphold the principles of good corpo-

US$605 mil debt

The Adani Ports guidance “could ease con-

Bing search engine

line seeks supply-

Credit Suisse dials back Asia risk controls

Top 20 active stocks

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

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

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