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News

EPF Might Introduce ‘Account 3’ for Withdrawals, to be Announced on 25 April

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KUALA LUMPUR: The Employees Provident Fund (EPF) is planning to introduce a new account that would allow members to withdraw from RM50 to a maximum of 10% of their savings. Should the new account, Account 3 or ‘flexible account’ be realised, new contributions into the members’ EPF will be split where 75% will go to Account 1, 15% to Account 2 and 10% to Account 3. Currently, EPF contributions are split into 70% and 30% to Account 1 and Account 2 respectively. Dividend concerns However, talks of Account 3 have started to make experts anxious when it comes to dividend rates. While it is unlikely for the dividend rate to be severely impacted because of this, the overall net dividend returns might be affected. This is considering the new account making up 10% of a member’s total contribution. According to experts, expectations of potentially lowering dividend aligns with former finance minister Tengku Datuk Seri Zafrul Abdul Aziz, saying that the EPF dividend rate in 2021 should have been higher at 6.7%, compared to the finalised 6.1% at the time. He said this dividend would not have been impacted if there was no outflow of savings by its members, highlighting the fact that an additional dividend of RM5.4 billion could be distributed to all its members if previous withdrawals were not made. It was reported that in February 2023, a total of RM145 billion was withdrawn from the EPF by 8.1 million members. ‘A good strategy by EPF’ According to Tradeview Capital Chief Executive Officer and Founder Nd Zhu Hann, the concern is not serious and is overshadowed by the benefit that may arise. “When there was a series of withdrawals allowed by the government in 2021-2022, the outflow from EPF led to more than RM100 billion worth of withdrawals,” he said, highlighting that Account 3 only allows for 10% of the total savings to be withdrawn. “I foresee that EPF will be even better at managing the fund allocation via the strategic asset allocation means to meet flexible withdrawal demands in the long term. “It will also be helpful for them to plan or forecast when it comes to projecting returns and dividend payouts,” he added. Ng also suggested that it would be beneficial for the members if EPF could provide the option to move monies from Account 3 to either Account 1 or Account 2, allowing the members to save more if they prefer.

News

Whoscall Flags Over 1.6Mil Scam Calls in Malaysia for 2023, Second Top Country In Asian

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KUALA LUMPUR: The number of scam calls received by Malaysian Whoscall users increased by 100.92 per cent, totalling 1,632,290 in 2023 compared to 812,428 in the previous year, Whoscall’s 2023 annual report noted. Whoscall is the industry-leading digital anti-fraud app under the TrustTech service provider Gogolook. Gogolook Malaysia country marketing lead Man Yong said the report also shows that out of the 7 Asian countries, Malaysia is the second-top country seeing an increase in scam calls after Hong Kong, followed by Japan, which takes the third spot. Other Asian countries, such as Taiwan, Thailand, Korea, and the Philippines, are seeing a decrease in scam calls. She said that despite the increased risk of scam calls in Malaysia, Whoscall managed to help its users by identifying and adding the ‘scam’ tagging to 1,632,290 calls in 2023 alone. “However, 10.35 per cent, equivalent to 168,946 users, still chose to pick up the tagged scam calls. “This is a concern, and we would like to remind our users not to entertain any calls tagged as ‘scam’ and to take action to block the number immediately. “Taking these early preventive steps can save you from becoming a victim of scams,” she said in a statement. The Malaysia Royal Malaysia Police (PDRM) is a long-term strategic partner of Whoscall in Malaysia and works closely in database sharing to combat fraud cases amongst Malaysians. Commenting on the latest trends of online scams in Malaysia, PDRM Anti-Scam Ambassador ASP Rahmat Fitri Abdullah said phone scam is the leading online scam cases, with over 2,092 cases with loss amounting to RM65.8 million in just the first two months of 2024 (January – February 2024). “Another popular tactic is link or URL scams shared through messaging apps. We urge Malaysians to be alert and think twice before clicking on any links,” he said. Rahmat Fitri said that generative artificial intelligence (AI) is now used to create fake content, making it hard to differentiate the authenticity of information shared. He said Malaysia is now seeing emerging trends in AI-based scams involving manipulating news. “Scammers take real news footage and alter the audio clip to achieve a certain goal, such as producing positive news about an investment opportunity to win the victims’ trust. This trick has seen more and more Malaysians fall for it,” Rahmat Fitri said. As scam tactics evolve, Whoscall’s anti-fraud detection scope has expanded from calls and text messages to URL Scanner and ID security features. By integrating its AI-powered anti-fraud technology, Whoscall has established a leading global advantage in detecting risky links and checking unknown links from various sources under its URL Scanner feature. Recently, Whoscall’s new free feature, ID Security, is transforming user protection by swiftly detecting past leaks with just a phone number. Users gain instant insights into compromised accounts, passwords, and personal details, all at a glance. Plus, it offers vital remedial suggestions for added security. Whoscall is actively expanding its feature offerings to become an essential anti-fraud app that protects its users against constantly evolving scam tactics.

Investment & Market Trends

Topmix Posts RM2.8mil for Q4

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KUALA LUMPUR: ACE market-bound surface decorative products company Topmix Bhd posted a net profit of RM2.8 million on the back of RM21.6 million in revenue for the fourth quarter (Q4) ended December 31, 2023 (FY23). This is the first interim financial report announced in compliance with the ACE Market Listing Requirements of Bursa Malaysia. There are no comparative figures for last year’s quarter as no financial report was made. For FY23, Topmix recorded revenue of RM72.7 million, with high-pressure laminate (HPL) products accounting for 94.4 per cent of this total. The remaining revenue was contributed by the sales of other surface decorative products (5.1 per cent) and kitchen and wardrobe accessories (1 per cent). In tandem with the topline growth, gross profit (GP) was RM26.0 million, translating into a healthy GP margin of 35.8 per cent. As for the bottom line, net profit stood at RM8.4 million in FY23. Managing director Teo Quek Siang said that looking ahead, Topmix remains confident in its future prospects as it focuses on executing growth strategies and reinforcing its market position in the surface decorative products industry. “With the anticipated proceeds of RM25.6 million from our listing, we are initiating our expansion strategies to strengthen Topmix’s market reach further. “Moving forward, Topmix will expand into the assembly of melamine-faced chipboard (MFC) products, extend our footprint to the northern region of Peninsular Malaysia, increase warehouse capacity in the central region, and enhance our Topmix HPL mobile application,” he said in a statement. Teo said these initiatives are well-aligned with the recovery and growth of residential and commercial property markets, bolstering demand for surface decorative products. “The positive outlook is further supported by the growing affluence of the population and preference for personalised spaces,” he said. Topmix is slated to be listed on the ACE market on April 23, 2024. Upon listing, Topmix will have a market capitalisation of RM122.1 million, calculated based on the issue price of RM0.31 per share and the enlarged issued share capital of 393.9 million shares.

News

Special Zones to Boost Johor’s Economic Growth, Says PM

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JOHOR BAHRU: Prime Minister Anwar Ibrahim believes that special economic zones like the Johor-Singapore special economic zone (JS-SEZ) and the special financial zone (SFZ) in Forest City can propel Johor’s economic growth ahead of other states within the next one to two years. During the Johor state-level Aidilfitri celebration at Padang Begonia, Angsana Johor Bahru Mall, Anwar Ibrahim expressed optimism about the impact of these high-impact projects on Johor’s economy. He mentioned that while the details of these zones are still being finalized, they are expected to accelerate economic progress significantly. Anwar was joined by several key figures including Defence Minister Khaled Nordin, Minister of Investment, Trade, and Industry Tengku Zafrul Aziz, Johor Menteri Besar Onn Hafiz Ghazi, Deputy Works Minister Ahmad Maslan, and former Deputy Prime Minister Musa Hitam at the event. In his address, Anwar highlighted Johor’s impressive development and growth, noting that the state has made significant strides. He also emphasized the importance of addressing challenges such as flood mitigation and poverty alleviation, with a commitment to swiftly implementing flood mitigation projects to benefit the local population. Anwar emphasized the need for Johor’s leaders to ensure clean governance, free from corruption, and to prioritize the interests of the people.

News, Property

Merdeka 118 Tower Gets LEED Platinum Certification

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KUALA LUMPUR: PNB Merdeka Ventures Sdn Bhd’s (PNBMV) Merdeka 118 tower project has been awarded the Leadership in Energy and Environmental Design (LEED) Platinum certification in the LEED v2009 Core and Shell rating system. In a statement today, PNBMV – a wholly-owned subsidiary of Permodalan Nasional Bhd – said the LEED certification recognises a project’s compliance with the criteria outlined in the LEED rating system, established and upheld by the US Green Building Council (USGBC). Chief Executive Officer Datuk Ab Aziz Tengku Mahmud said the LEED Platinum certification represents the first milestone in Merdeka 118’s journey towards becoming Malaysia’s first triple-green platinum-rated mega-tall building. “Once Merdeka 118 tower receives all its platinum certifications, it will set the highest sustainability standards both locally and internationally, reinforcing its iconic status,” he said. He highlighted that the USGBC assess the project in various areas, including site sustainability, water efficiency, energy and atmosphere, materials and resources, indoor environmental quality and innovation in design. “Credits were also given to water-efficient landscaping, water use reduction, optimised energy performance and enhanced commissioning. “This recognition is proof of the team’s dedication and hard work while implementing best practises in design and construction,” he added. PNBMV said Merdeka 118 is aiming for Platinum certification from Green Real Estate (GreenRE) and Green Building Index (GBI). It is also poised to obtain certification from the International WELL Building Institute Asia Pacific, supporting the well-being of both tenants and the wider community. — BERNAMA

Vivek Sood
Energy & Technology, News

Axiata, India’s Bharti Airtel to Merge Operations in Sri Lanka

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KUALA LUMPUR: Axiata Group Bhd and India-based Bharti Airtel Ltd signed a definitive agreement to merge their operations in Sri Lanka. According to a joint statement, Axiata’s subsidiary, Dialog Axiata, will acquire 100 per cent ownership of Airtel Lanka through a share swap arrangement. Bharti Airtel will receive approximately 10.35 per cent of Dialog Axiata shares as part of the deal. While the Telecommunications Regulatory Commission of Sri Lanka has granted approval for the merger, the transaction is subject to additional regulatory approvals. The merger coincides with Axiata’s strategic move to divest some of its operations in frontier markets to improve its profit margins and reinforce its financial position. Axiata is currently divesting its tower business in Myanmar for US$150 million (RM716.78 million) and withdrawing from the country due to deteriorating macroeconomic conditions and business challenges. Additionally, in December of last year, Axiata sold its operations in Nepal at a loss after encountering prolonged regulatory hurdles and uncertainties over seven years. The integration aims to capitalise on economies of scale and streamline infrastructure, resulting in technological and capital expenditure synergies. According to the statement, this will enhance broadband connectivity, voice services, and value-added offerings while also yielding cost reductions and operational efficiencies. Axiata group chief executive officer Vivek Sood stated that Dialog’s and Airtel Lanka’s merger aligns with Axiata’s strategy of consolidating markets and building resilience. Sood highlighted that the merger will generate value for Dialog and Axiata shareholders through attainable synergies. Bharti Airtel Lanka (Pvt) Ltd chief executive officer Ashish Chandra emphasised that the merger in Sri Lanka presents new prospects for innovation and growth, which will ultimately benefit consumers.

Investment & Market Trends, News

Maxis Invests RM813 Mil To Enhance Network And IT Capabilities

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KUALA LUMPUR: Maxis Bhd has invested RM813 million in FY2023 to enhance its mobile network capacity, grow its fibre-to-premise footprint and improve digitalisation across the company. Its Chief Executive Officer Goh Seow Eng said that at the end of 2023, Maxis has more than 11,000 LTE sites in Malaysia, covering 95% of the population and connecting an additional 181,000 premises with its fibre infrastructure. “We continue to record a high touch point net promoter score of +68, thanks to the loyalty of our customers and their satisfaction with our products and services,” he said in the company’s annual report. According to Goh, Maxis has improved its Maxis and Hotlink apps to enable features such as plan upgrades, device purchases, roaming passes and credit top-ups to be completed with as few clicks as possible. It will also focus on digitalising customer interactions to ensure faster, more accessible and reliable service and is confident that Maxis will strengthen its position as Malaysia’s leading integrated telco. “Our long-term goal remains firmly set on sustainable and predictable business growth. “Despite the intensifying competition and ever-changing regulatory landscape, we are confident that our agility and fast response allow us to seize opportunities that may arise from these developments,” he added. Maxis’ net profit for the financial year ended 31 Dec 2023 (FY23) fell 16.8% to RM993 million from RM1.15 billion in FY22. However, its revenue increased to RM10.18 billion from RM9.79 billion a year ago, with the total revenue growing 4% while underlying service revenue, excluding low-margin wholesale voice service terminated in the fourth quarter of 2022 (4Q22) grew 4.2% year-on-year (YoY). Preparing For The Digital Future Moving forward, Maxis plans to further explore automation and AI capabilities for improved operational efficiency while maintaining its focus on the company’s strategic initiatives. The company also plans to incorporate sustainability elements into its supply chain in the long run. “Our long-term vision focuses on evolving into a cyber-resilient digital telecommunications company. We expect threats against mobile networks, systems and attempts to compromise data to grow more advanced and persistent. “At the same time, our interconnected supply chains create new risks. We pre-empt this through our investment into resources, capabilities, AI/ML (machine learning)-led capabilities, targeted automation and strong partnerships,” Goh added.

Google
News

Google Trims Workforce, Relocates Jobs Internationally in Cost-Cutting Push

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KUALA LUMPUR: Alphabet-owned Google spokesperson announced on Wednesday that the company is reducing its workforce. According to a news report, the number of employees affected by this decision has not been disclosed, and the specific teams involved have not been identified. The spokesperson clarified that the layoffs are not across the entire company and that those impacted can seek other positions within Google. A few of the affected roles will be relocated to key locations where the company focuses its investments, such as India, Chicago, Atlanta, and Dublin. The report further said that Google’s recent job reductions are part of a broader trend of layoffs within the tech and media sectors this year, intensifying concerns that job cuts may persist as businesses navigate economic challenges. A Google spokesperson explained, “In the latter half of 2023 and 2024, various teams have restructured to enhance efficiency, streamline operations, reduce hierarchical layers, and better allocate resources to key product areas.” According to a report by Business Insider on Wednesday, the layoffs have impacted multiple teams at Google, particularly within its real estate and finance departments. The finance areas affected include treasury, business services, and revenue cash operations. Business Insider also noted that Google’s finance head, Ruth Porat, emailed employees about organisational changes involving expanding operations to Bangalore, Mexico City, and Dublin. In January, Google dismissed hundreds of employees from various departments, including engineering, hardware, and assistant teams, as it escalated its focus on artificial intelligence development. Google chief executive officer Sundar Pichai has indicated to staff earlier this year that additional layoffs are to be expected.

News

Kedah Hopes To Build Underground Water Catchment Facility In Langkawi, Similar To Japan

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ALOR SETAR: The Kedah government will send a technical team to observe the underground water catchment facilities in Japan, following a proposal to build a similar facility in Langkawi. According to Menteri Besar Datuk Seri Muhammad Sanusi Md Nor, the proposal to build a similar facility worth over RM300 million had been approved at the Kedah Water Resources Board (LSANK) level. “Many of the islands in Japan use such facilities. If we build a similar model in Langkawi, it will be the first in Malaysia,” he said. “The Japanese consultant who proposed it said it would be suitable to be built in Langkawi as there are stretches of rocks on the side and bottom with a river above, so we just need to dam it slightly to create an underground reservoir,” Sanusi told reporters today. Previously, the state government had proposed groundwater exploration as an alternative to address the problem of disruptions in clean water supply in the state. Last month, the state’s Public Works, Natural Resources, Water Supply and Environmental Committee Chairman Mohamad Yusoff @ Munir Zakaria was reported to have said that a government agency was carrying out a study and would implement the pilot project for an underground water catchment facility in Padang Mat Sirat, Langkawi. Dams Raising Concerns This was concerning an incident involving two damns hitting a warning level, despite being ‘still manageable’ as Yusoff had said. “The Muda Dam had hit danger level reserves with only 45.2%, but we don’t foresee any serious issues to continue supplying raw water to treatment plants because the Muda Dam is connected to the Pedu Dam. “Our concern is on the Bukit Malut Damn in Langkawi, which had also reached the danger level,” he said during a press conference at the state executive council meeting on 20 March. He also advised the public to use water sparingly as the design capacity of all 35 water treatment plants in the country is 1.45 billion litres a day, but instead, he said that the plants are now treating up to 1.6 billion litres of water daily. Currently, Kedah has six main dams that supply raw water to the domestic, industrial and agricultural sectors, namely the Pedu Dam, Muda Dam, Ahning Dam, Beris Dam, Bukit Malut Dam and Padang Saga Dam.

News

Companies Offering Credit Services In Hot Water With New Law

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KUALA LUMPUR: Bank Negara Malaysia is in the process of drafting a Consumer Credit Act (CCA) that aims to impose tighter regulations on companies that provide ‘buy now, pay later’ (BNPL) services. To achieve this, the central bank will set up a special body in the initial stage to oversee entities that offer similar services. “The consumer credit oversight board task force (CCOB), led by the Ministry of Finance and two agencies, namely BNM and the Securities Commission, has been tasked with developing a comprehensive framework for this purpose,” said BNM Financial Inclusion Department Director Nor Rafidz Nazri. It is said that the task force will regulate the practices of those non-bank entities that offer credit services to consumers, while also regulating the providers of new credit products such as the BNPL service. Rafidz revealed that several other ministries are also involved in the law’s enactment, including the Ministry of Domestic Trade and Cost of Living, as well as the Ministry of Housing and Local Government. According to the CCOB, there are over 2.9 million people who use the BNPL service as of the third quarter of 2023. The top 3 main BNPL service providers are Atome, Shopee and Grab which recorded the highest number (97%) and value (96%) of transactions of the total recorded. “The use of BNPL saw double-digit growth in the third quarter of 2023, involving 52 million transactions worth RM4.3 billion,” it said. “The total outstanding balance of BNPL is relatively small, and most are paid on time with 96% of them having no outstanding payments. However, there are still about 1.3% delayed payments that were recorded within less than three months (of the transactions),” it said. Out of the 2.9 million active users of the BNPL services, a majority of 47% of users are aged between 31-45, while 44% are aged between 21 and 30.

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