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Carlsberg Malaysia held its second Supplier Day, in conjunction with International Human Rights Day, the event underscored Carlsberg Malaysia’s alignment with the newly launched Malaysia National Action Plan on Business & Human Rights (NAPBHR) 2025–2030, alongside the Company’s refreshed Human Rights Global Policy. The initiative emphasizes ethical labour practices, transparency, and accountability across the value chain, promoting responsible business growth. More than a single event, Supplier Day marks a significant step in realizing Carlsberg Malaysia’s sustainability ambition, “Together Towards ZERO & Beyond” — embedding human dignity, fair labour practices, and shared accountability as non-negotiable standards in every business relationship. “We are advancing from ‘what we do’ to ‘how we do it,’ placing people at the heart of our business,” said Stefano Clini, Managing Director of Carlsberg Malaysia. “Our ambition is clear: to build a value chain that is sustainable, inclusive, and people-centric — one where every individual, regardless of their role, is treated with dignity, fairness, respect, and compassion.” To turn policy into practical action, the Company introduced its Human & Labour Rights Starter Kit and Self-Assessment Framework to over 60 suppliers. These tools equip suppliers to identify, assess, and address key risks, strengthen governance, and close gaps in labour and human rights management. Designed as enablers rather than enforcement mechanisms, they foster continuous improvement through shared learning and mutual accountability. Industry insights were reinforced through thought-leadership discussions led by Carlsberg Malaysia’s senior management, alongside experts from the United Nations Development Programme (UNDP) and KPMG Malaysia. These sessions explored how businesses can go beyond compliance to embed human and labour rights into everyday decision-making — from procurement practices to value chain oversight. “Integrating human rights governance into risk management and operational processes is increasingly recognised as a global best practice. Malaysian companies should begin assessing their exposure to human rights risks to strengthen competitiveness and meet stakeholder expectations,” said Koh Ree Nie, Head of ESG Reporting and Assurance, KPMG Malaysia. The event also created a platform for open dialogue with suppliers, reinforcing the shared responsibility to uphold ethical standards. Suppliers committed to elevating labour practices, improving transparency, and aligning operations with Carlsberg’s expectations. “Events like Supplier Day create space for open dialogue and collective learning,” said Roisin Quinn, Managing Director of One Complete Solution Sdn. Bhd., a SEDEX member, upon receiving recognition at the event. “It reflects Carlsberg Malaysia’s commitment to true collaboration — working with us beyond setting expectations, strengthening trust, and giving us actionable guidance on aligning human and labour practices.” In today’s global business environment, stakeholders — from regulators to communities — increasingly demand transparency, accountability, and respect for human and labour rights throughout the value chain. Through two consecutive years of supplier engagement, Carlsberg Malaysia is reaffirming its commitment not only to brewing excellence but also to people-first, sustainable, and ethical business practices.

Sehgal brings over 20 years of leadership experience across digital banking, product strategy, retail credit, risk management, and data analytics. He has held senior roles in Singapore, Malaysia, the Philippines, Vietnam, Cambodia, and the United States, with a proven record in building digital businesses, scaling financial institutions, and developing credit and risk management ecosystems. Currently, he serves as Senior Managing Director of Digital Business at CIMB Bank Malaysia and is a board member of CIMB Bank Cambodia, overseeing the bank’s regional digital operations and strategic initiatives. He previously held the role of Chief Business & Strategy Officer at CIMB Bank Philippines, where he helped the bank become a leading digital institution through the development of end-to-end digital products, ecosystem partnerships, AI-driven credit decisioning, and fraud and collections systems. Earlier in his career, Sehgal held senior positions at AmBank Group Malaysia, OCBC Bank Singapore, United Overseas Bank Singapore, and JP Morgan Chase, leading teams in risk management, credit, collections, fraud operations, data analytics, IFRS9 compliance, and portfolio management. Notably, he also executed one of Malaysia’s largest retail debt-sale transactions and implemented regional credit infrastructure and risk-based strategies. Commenting on his appointment, Ankur Sehgal said, “I am honoured to join CTOS at this important stage of its growth. CTOS plays a crucial role in promoting financial inclusion, responsible lending, and digital trust. I look forward to collaborating with the Board and leadership team to strengthen the company’s capabilities and deliver long-term value.”

Velesto Energy Bhd, an oil and gas services provider, is set to sell its jack-up drilling rig, Naga 3, for US$63 million (RM258.4 million) as part of its fleet optimisation strategy. The sale is expected to generate a pro forma gain of RM17.1 million after factoring in estimated expenses, contingencies, and tax. The disposal will be carried out by Velesto Drilling 3 (L) Ltd, an indirect wholly owned subsidiary of Velesto, to PT Indonesia Drilling Energy, according to a Bursa Malaysia filing on Tuesday (Dec 16). The payment will be made fully in cash, with a 10% deposit due upon signing of the sale and purchase agreement and the remaining 90% payable upon completion. As of Dec 31, 2024, Naga 3 had a net book value of US$57 million (RM233.9 million), including inventories. The rig was originally built in 2010 at a cost of US$179 million, with an additional US$21.1 million invested between 2011 and 2024. Velesto plans to allocate RM251.1 million of the proceeds to shareholder distributions, general corporate purposes, and working capital, with utilisation expected by December 2026. The remaining RM7.3 million will cover disposal-related expenses, expected by June 2026. Currently undergoing its special periodic survey—a detailed five-year inspection—Naga 3 is also receiving necessary repairs, which are scheduled for completion in the first quarter of 2026. The disposal, pending required approvals, is targeted for completion by the end of the first half of 2026. Velesto president Megat Zariman Abdul Rahim said the divestment reflects the company’s focus on higher-specification rigs, aligning resources with its core strengths in the drilling sector. “Adopting a more asset-light approach boosts operational flexibility, strengthens our balance sheet, and ensures capital is deployed where it delivers the most value,” he added. Velesto shares closed down one sen, or 3.51%, at 27.5 sen on Tuesday, giving the company a market capitalisation of RM2.26 billion.

Bitcoin is on track for its fourth annual loss, marking the first time this decline hasn’t been triggered by a major scandal or market crash. The latest drop occurred on Monday, with Bitcoin plunging as much as 5.2%, leaving the cryptocurrency about 7% lower for the year. Compared with previous down years, this decline is relatively mild, but it comes in a very different environment: institutional adoption is stronger, regulations are more developed, and political backing has emerged, including support from former US President Donald Trump. Since peaking at over US$126,000 (RM514,773) in early October, Bitcoin has fallen sharply, puzzling investors. Trading volumes are low, interest in Bitcoin ETFs is declining, and derivatives markets show little appetite for betting on a rebound. Even large purchases from prominent investor Michael Saylor’s Strategy Inc haven’t halted the slide. “Most are surprised by the lack of follow-through despite so many positive catalysts,” said Pratik Kala, a portfolio manager at Apollo Crypto. Unlike in previous bear markets, Bitcoin’s price movements have now diverged from traditional stocks. While the S&P 500 has hit record highs and is up 16% this year, Bitcoin struggles to regain footing. Historically, Bitcoin’s first three annual losses were linked to market-shaking events: 2014 – The Mt. Gox hack exposed weaknesses in crypto infrastructure, sending Bitcoin down 58%. 2018 – A crash following the initial coin offering (ICO) bubble wiped out 74% of Bitcoin’s value, its largest annual drop to date. 2022 – The collapse of major firms like FTX and a regulatory crackdown under President Biden triggered a major market meltdown. Until October, Bitcoin seemed unstoppable. Supportive policies, ETFs attracting billions, and Trump’s endorsement all boosted confidence. But underlying issues, especially excessive leverage, made the market fragile. On October 10, US$19 billion in leveraged bets were liquidated, triggering a sharp correction. Large Bitcoin holders, or “whales,” began selling, maintaining downward pressure even after most leveraged positions were cleared. Market activity has since slowed: turnover dropped significantly in November, investors withdrew over US$5.2 billion from US-listed spot Bitcoin ETFs, and market depth fell about 30% from the year’s high, according to Kaiko. “Old whales selling really dampened momentum,” Kala said. “The industry got everything it asked for on the regulatory front — even ETFs with staking — but the price failed to follow.” Bitcoin now faces a cautious market, with investors hesitant to re-enter while it searches for stability and direction. News source by: Bloomberg