Experts

Experts

Data Analytics And Malaysia’s Cities Of The Future

As Malaysia’s urban areas continue to expand, they face numerous obstacles in terms of urban planning and management. Under the smart city concept, advanced technologies are employed to tackle issues such as traffic congestion, pollution, and housing shortages, and generally create a more sustainable urban environment. In line with Malaysia’s proactive efforts to promote smart city initiatives, the country has already implemented smart city frameworks in Iskandar Malaysia and Kuala Lumpur. One example is the Iskandar Malaysia Bus Rapid Transit (BRT), a system that is projected to commence operations by 2025. This modern public transportation system is envisioned to alleviate traffic congestion, reduce reliance on private vehicles, and improve the overall mobility experience for residents and visitors alike. Another smart city initiative is the Iskandar Malaysia Urban Observatory (IMUO). As a data collection and analysis platform, the IMUO gathers various information concerning the city’s infrastructure, environment, and socio-economic aspects to derive insights that will be used for decision-making by urban planners and government bodies. The Smart City Iskandar Malaysia framework highlights the key aspects that define a smart city, encompassing the likes of an open data culture in government, a technology-proficient population, a reliable Internet infrastructure, people-centric mobility systems, and a low-carbon environment. While the scope of a smart city under this definition might seem overwhelming, at the core lies data as the essential element. City and regional governments have access to vast amounts of data, collected from various sources. While its collection and storage may present challenges, governments must recognise the potential data holds to enhance the lives of their citizens significantly. Properly utilising this data is the key to unlocking its true value and driving meaningful improvements in areas such as public services, infrastructure, and community development. With the right tools and strategies in place, governments can tap into the wealth of data available to make informed decisions and shape policies that align with the needs and aspirations of their communities. This data-driven approach allows for a more connected and empowered society, where decisions are based on evidence and insights derived from comprehensive data analysis. Jakarta, in neighbouring Indonesia, provides an example of how data is indispensable for smart cities. The city’s government developed the JAKI app as a ‘one-stop digital platform’ for multiple government services. Through the development and integration of a SAS analytics platform with the app, millions of data points were standardised and integrated into JAKI. This new system now plays a crucial role in preventing fraud by utilising a streamlined database that enables public servants to verify eligibility for social programs quickly. This ensures that resources are allocated to those who truly need them. Another significant application of analytics in the context of JAKI is the former’s capacity to build models that predict and mitigate flooding. The city government can respond to flooding incidents more swiftly, minimising the damage caused to lives, properties, and businesses. As the significance of artificial intelligence (AI) and data analytics within the smart city ecosystem increases, so too does the threat posed by cyber criminals. Governments have massive amounts of data, including classified government information and personally identifiable information (PII). Generative adversarial networks (GANs), which create synthetic data to mask real data being fed into AI models to counter such threats, are already being deployed by advanced analytics platforms. The emergence of LLMs is another development which holds great potential for smart city technologies. The ability of these models to generate conversational language can enhance the user accessibility of applications such as JAKI. At the same time, its ability to analyse massive amounts of text in a short period of time can help derive insights from data faster. To take smart city attributes to new heights, embracing the capabilities of data-driven technologies is essential. The success of JAKI and the emphasis placed by local policymakers on initiatives like the IMUO underline the significance of collecting, analysing, and utilising data to shape and enhance urban environments. While historical data enables predictive analytics and empowers governments to tackle challenges proactively, real-time data and decision-making are crucial for responding to emergencies. Therefore, having access to real-time data plays a vital role in automating smart city technologies and facilitating real-time decision-making by AI systems. Advanced data analytics tools are indispensable to fully exploit the immense value of the government’s extensive data, which originates from various sources and encompasses diverse types. Without a complete view of their data, the impact of decision-makers, automated systems, and smart city solutions cannot reach its full potential.

Experts

Fostering Gender Equality And Inclusion To Build A Thriving Workplace

Gender equality in the global workforce is a multifaceted issue with varying levels of progress across different countries and industries. However, according to PwC’s research on workplace inclusion, women with the highest levels of inclusion are more likely to advance in their careers. The study highlights the importance of workplace inclusion in promoting gender equity and women’s progression, particularly in light of the slow progress in gender representation in leadership positions worldwide. The research reveals a gender disparity in promotion and pay raise requests, but also shows that women in inclusive environments are more likely to seek advancement opportunities. Here are some key strategies for creating a thriving workplace through gender equality and inclusion. To cultivate gender equality and inclusivity in the workplace, it’s imperative to strive for balanced representation of both women and men on company boards. Designating a specific board seat for an individual committed to championing talent retention and fostering diversity, equity, and inclusion (DEI) is essential. Leadership must initiate and drive change from the highest level, embedding equity principles throughout board structure and activities. This approach emphasises the importance of diverse perspectives and inclusive practices in shaping company culture and decision-making processes. Companies need to consider not only the appointment of women onto boards but also their integration to reap the full benefits of gender diversity. Men play a vital role as allies in promoting gender equity and fostering a more inclusive society. By amplifying women’s voices, challenging stereotypes, and educating themselves about gender disparities, they can actively contribute to reshaping societal norms. Men can also provide mentorship and sponsorship to women, promoting equal representation in leadership and reflecting on their own biases and privileges. To achieve gender equality in the workplace, it is crucial to start with the recruitment process. This involves creating accurate and inclusive job descriptions, sourcing a diverse candidate pipeline, and conducting fair interviews. It is necessary to eliminate internal biases throughout  the hiring process, with a particular focus on executive positions. According to McKinsey, men currently hold approximately 60 per cent of manager positions, while women hold 40 per cent, a representation of the gender disparity in early promotions. With men outnumbering women, there are fewer women to promote to senior managers, causing a decreasing number of women at every subsequent level. Organisations must ensure that all employees receive equitable compensation for their contributions, irrespective of their gender. The gender pay gap refers to the difference in average earnings between men and women in the workforce. Despite efforts to narrow the gap, women still earn 16 per cent less than men on average. The gender pay gap varies significantly across industries, locations, ethnicities, age groups, motherhood statuses, and education levels. Some groups experience a much wider gap than others. Enforcing flexible work policies, including remote work alternatives and adaptable schedules, promotes work-life balance for every employee. During the International Women’s Day Celebration 2024, the Malaysian Prime Minister had said the government is looking into a more flexible pay scheme for the civil service to enable women employees to better care for their families. This is a move that the Congress of Union of Employees in the Public and Civil  Services Malaysia (CUEPACS) sees as a significant step towards gender equality and work-life balance in the public sector as it would assist women employees to balance work and childcare duties at home. Fostering gender equality and inclusion is essential for building a thriving workplace. We can achieve this by ensuring equal representation on company boards, equipping senior male leaders to champion DEI, focusing on diversity during recruitment, ensuring equal pay and  benefits, and implementing flexible work policies. These efforts not only advance gender equity but also contribute to increased productivity, innovation, and financial returns. By embracing gender equality and inclusion, organisations can nurture a more resilient workforce and drive positive change for all employees.

Experts

Empowering Transformation: Female Riders, Vendors Changing The Landscape Through Inclusion

In today’s economy, women are playing an increasingly pivotal role, challenging traditional norms and breaking barriers in industries once dominated by men. Over time, we have witnessed a significant shift, with more women championing roles that were previously considered exclusive to men. One notable trend is the growing presence of women in the p-hailing industry, defying stereotypes and reshaping the landscape of transportation services. As more women join the ranks of delivery partners and restaurant owners, they drive economic growth and foster greater inclusivity and diversity within the workforce. For this year’s International Women’s Day, it is important to recognise the invaluable contributions of female delivery partners and restaurant owners in the food delivery industry. Their resilience, dedication, and unwavering commitment are pivotal in shaping our platform and serving communities nationwide. The gig economy has witnessed exponential growth in recent years, with p-hailing jobs becoming an essential source of income for millions nationwide. Amidst the challenges posed by the Covid-19 pandemic, the gig economy emerged as a lifeline for individuals seeking financial stability and independence. In Malaysia, the gig economy has become a significant driver of economic growth, with over 100,000 new individuals participating and earning income via gig economy platforms as of the third quarter of 2023, compared with 266,222 individuals in 2022. This sector has provided income opportunities for a huge number of Malaysians, highlighting its substantial impact on employment and livelihoods. At foodpanda, we understand the importance of fostering an inclusive environment where everyone, regardless of gender, can thrive and succeed. Over the years, there has been a significant increase in women joining the gig economy as delivery partners. These women play a crucial role in facilitating the delivery of essential goods and services, enriching the lives of Malaysians across the country. Gig work has always been a great way for individuals to earn a supplementary income due to its flexible working hours, many female riders now view it as a viable springboard to other industries or entrepreneurship opportunities. However, to fully harness the potential of the gig economy, it is essential to prioritise upskilling and professional development initiatives. This reminds me of Puan Rahayu, a 41-year-old mother of three, who transitioned from a school bus driver to becoming Bukit Jelutong’s first female foodpanda rider during the pandemic. Inspired by local riders, she found flexibility in the job, working for a couple of hours and having the flexibility to ensure she had time to balance between her work and family. She is truly happy, especially knowing how customers value her delivery when she even got an RM100 tip from a customer, which is considered high for a foodpanda rider. Puan Rahayu is definitely not alone, we have similar stories from many wonderful women delivery partners out there. We prioritise the empowerment of our riders at foodpanda through a range of upskilling programs and benefits. For example, we recently partnered with Manipal International University (MIU) to provide our delivery partners with the opportunity to pursue tertiary education. This initiative enables and allows our riders to enhance their skills and qualifications, opening doors to new career prospects and advancement. Furthermore, we recognise the importance of language proficiency in enhancing job delivery capabilities and employability. In addition, Panda Purpose, a program designed to improve the English literacy skills of our delivery partners. By investing in their professional development, we aim to enhance the value of our workforce and ensure the highest level of service for our customers. By offering training and mentorship programs, we empower our female riders and vendors to overcome challenges and achieve their goals. Whether it’s navigating through bustling streets or managing their businesses, we provide them with the tools and resources they need to thrive in a competitive market. But our efforts extend beyond empowerment, they are about creating a more inclusive society where women are valued and respected for their contributions. By celebrating the achievements of female riders and vendors, we inspire future generations of women to pursue their dreams and break barriers. As we celebrate International Women’s Day, let us reaffirm our commitment to empowering female riders and vendors in the gig economy. By providing them with the support, resources, and opportunities they need to succeed, we can create a more inclusive and equitable future for all. Together, let us champion diversity, inclusion, and empowerment in the food delivery industry and beyond.

Experts

Unlocking Business Success By Levelling Up Data Literacy

Informed decision-making is at the core of successful business strategies, and enabling a data-literate workforce has gained increased visibility. Indeed, with the Malaysia Digital Economy Corporation (MDEC) forecasting that the big data analytics market is set to US$1.9 billion by next year, the need for people who know how to use data to gather insights is fundamental to success. The explosive expansion of big data and analytics places a significant responsibility on organisations to empower their workforce with the ability to navigate and leverage information effectively. The rise of artificial intelligence (AI) underscores the critical role of data in a flourishing business. After all, AI’s effectiveness hinges on the quality of the data it accesses. Therefore, data literacy is essential for any company aspiring to succeed across all areas of digital transformation. Although chief data officers (CDOs) and chief data analytics officers (CDAOs) are at the forefront of championing initiatives to enhance data literacy across teams, challenges remain. In the contemporary landscape, every organisation fundamentally operates based on data. Simply put, there is no escaping the heightened importance of investing in tools and methodologies that foster data literacy. These hurdles will become more acute as data volumes grow, making data-literate individuals critical to enhanced innovation, problem-solving, and overall operational efficiency. But how can businesses empower employees to comprehend, analyse, and leverage data effectively? Developing and implementing a data literacy strategy centre on three key business objectives: fostering relevant decision-making skills, establishing a training program focused on learning and development, and adopting a cognitive model. At its essence, enhanced data literacy plays a pivotal role in refining decision-making processes, underscoring its significance in shaping outcomes and guiding investments. Leaders must grasp the diverse interpretations of data literacy within their organisations to drive this initiative effectively. Moreover, acknowledging varied learning styles is hugely important, as not all individuals benefit equally from uniform training programs. By embracing these principles, organisations can guarantee the efficacy of their data-driven literacy approach. This holistic strategy ensures that decision-makers are equipped with the necessary skills, training programs are tailored to diverse needs, and a cognitive model is in place, thereby fortifying the overall success of the organisation’s data literacy endeavours. Businesses today need help making informed decisions due to the increasing data. While allocating more resources to improve information management is helpful, more is required. Organisations must also find ways to transform raw data into practical insights, which requires more than just financial investment. Building a successful business requires empowering people at all levels to make sound decisions based on data. This means giving them the skills and resources to interpret data, identify critical insights, and ask the right questions. It is not enough for just senior leaders to understand data; everyone in the organisation, from top to bottom, must be able to use data effectively. To get started on data literacy requires, firstly, a deep understanding of what it means to establish a common language for learning. Building a model that considers an individual’s skills and knowledge is essential for organisations to improve their data literacy. This model should be based on the idea of the “Circle of Competence,” which was developed by Warren Buffett. This concept suggests that people are most effective when they make decisions in areas where they have expertise. Organisations can improve their overall effectiveness by placing data experts in roles that match their skills. It is important to note that subjective skills assessments should be supported by evidence of real-world competence. Upon evaluating a challenge within the context of this circle of competence, organisations gain guidance on prioritising and investing in appropriate actions. The decision-making process involves deciding whether to abstain from engaging with unfamiliar tasks, expand expertise and competence by learning about them, or outsource the challenge by collaborating with individuals possessing the necessary knowledge within their circle of competence. Employees who can understand and use data effectively can significantly impact their roles, which helps the business be more successful. However, creating a program to teach data literacy skills has benefits beyond just the company’s bottom line. It can also make employees more loyal and develop a workforce that is better educated. By investing in professional development in this way, companies empower their employees and create a work environment where people feel valued and supported in their growth. This benefits both the employees and the business.

Experts

Small Space, Big Dreams: How Self-Storage Unlocks Extra Space Potential For SMEs

Over the past decade, e-commerce has become an indispensable part of retail. When physical stores temporarily closed during the Covid-19 pandemic, people shifted to online shopping, resulting in a massive acceleration for the e-commerce market. Malaysia has been no exception to this phenomenon. In fact, the country’s e-commerce industry is one of the largest in Southeast Asia, and it is projected to reach RM78.43 billion by 2027. While this surge of demand from online shoppers signalled the perfect business opportunity for many, quite a few entrepreneurs who jumped into running their e-commerce businesses from home started running into a problem — a distinct lack of space. Getting some shelf control – self-storage versus warehouse For many years, warehousing has been the go-to solution for business inventory, as these large buildings are commonly available for rent and are designed for industrial storage. However, self-storage spaces have since unboxed new business storage options. While warehouses are the primary choice for larger logistic needs, they demand complex management for businesses to operate them efficiently. From labour demands to substantial lease commitments, warehousing can prove to be overwhelming for small and medium-sized enterprises (SMEs) and startups. In contrast, self-storage has become more popular over the years, giving businesses a more flexible and cost-effective solution to their inventory needs. These facilities often offer feasible lease terms ranging from monthly to annual contracts depending on the business’ varying storage needs. Furthermore, self-storage facilities are also equipped with 24/7 security to ensure the safety of stored items without additional labour or security costs. How self-storage can stow away shipping woes and more Managing a growing e-commerce business is full of challenges. However, self-storage facilities like Extra Space Asia can play a vital role in alleviating said challenges and supporting SMEs to navigate the dynamic online retail landscape. Naturally, self-storage facilities provide a practical solution for e-commerce businesses grappling with inventory management. Smaller companies tend to face the dilemma of maintaining sufficient storage space, especially during peak seasons or fluctuations in demand. With self-storage facilities, businesses can select from many storage space sizes that suit their current inventory levels – adapting accordingly without needing extensive and costly commitments. In addition, one of the primary advantages of self-storage is its ability to address the cost-effective inventory needs of e-commerce businesses. This is particularly beneficial for small enterprises with budget constraints as self-storage allows them to pay only for the required space, serving as a more economical alternative to traditional warehousing. For growing businesses, self-storage facilities also allow them to expand their space in tandem with increasing operations. As an online business, traversing the ever-growing digital advancements is imperative. However, digitalising inventory and other operations involves an entire process that may come with additional costs or manpower. In regards to security concerns, it is paramount for e-commerce businesses to protect valuable inventory from unwanted losses. As previously mentioned, self-storage facilities provide robust security measures, including 24/7 surveillance cameras, access controls with unique pin codes, and secure locks. This monitored environment makes business owners confident that their products remain secure, whether for short-term needs or as part of a contingency storage strategy. There is a lot for small businesses and budding entrepreneurs to unpack in navigating the ever-changing e-commerce market. Self-storage facilities like Extra Space Asia have grown to provide practical and secure storage solutions, supporting SMEs in their quests to expand and flourish. Ultimately, it’s clear that self-storage has proven to contribute to the resilience and success of Malaysia’s online retail landscape.

Experts

Fulfilling The Promise Of a Digital Future For All

Like it or not, the world is undergoing a massive transformation, which was accelerated when Covid-19 announced its presence. Digital transformation became necessary with lockdowns and working from home, turning this into a newfound reality. Expanding the digital talent pool became necessary to reap the full benefits of the digital economy. The buzzword of the moment then and now was ‘digitalisation’ and everyone wanted to jump on the bandwagon and ensure they had a piece of the pie. Then came the realisation that there isn’t enough digital talent in the region. There is an urgent need for a talent development ecosystem to be put in place to address the shortage of digital skills and prepare the next generation of digital talent. This cannot be done in silos. Industry, government and academia must tie up for a holistic, sustainable and inclusive learning ecosystem. I.C. The Future Huawei’s vision is to ‘bring digital to every person, home and organisation for a fully connected, intelligent world.’ Therefore, we continue to push boundaries to ensure digital inclusion and walk the talk by investing in training. Huawei aims to provide students with a platform to compete healthily and exchange ideas, thus enhancing their information, communication and technology (ICT) knowledge and practical skills and increasing their ability to innovate using new technologies and platforms. We have programmes such as our global flagship corporate social responsibility (CSR) programme, Seeds for the Future, with 145 local students participating since its inception in 2014, our ICT Academies in 34 public and private institutions of higher learning in Malaysia and our Huawei ICT competitions provide students with the experience of competing on an international stage as well as the opportunity to apply knowledge, think on their feet, apply problem-solving skills and increase their confidence. We believe that training provides the foundation but that applying that knowledge and being provided the opportunity to apply it are equally important. These programmes leverage our decades of ICT experience and expertise to help tackle ICT workforce challenges. We must ensure that digital skills evolve as quickly as industry opportunities. Mismatches and a glut of talent in a particular expertise must also be avoided. That is why the needs of the industry and the cultivation of talent need to be aligned. Hence, programmes such as the Huawei ICT Academy comes into play, which assists in empowering universities to cultivate ICT talent that meets industry requirements through advanced courseware and hands-on training. Digital leadership excellence While cultivating talent is crucial, equally important is the upskilling and cross-skilling of existing talent. Hailing the call from Prime Minister Datuk Seri Anwar Ibrahim, during his closing address at the Malaysia ICT Summit organised by Huawei in September last year, Huawei Malaysia and the Malaysian Communications and Multimedia Commission (MCMC) are embarking on a training programme for the C-suites and upper management across the public and private sectors to ensure they are up-to-date with the latest advancements in the ICT arena. Named ‘Digital Leadership Excellence’, the programme aims to empower change from the top down, targeting business leaders, senior managers and future digital leaders as trainees. The initial target number of trainees for the programme, which spans over three years, is 300 with 50 trained this year, followed by 100 the following year and 150 in 2026. The training will also encompass a one-month attachment stint with Huawei, a capstone presentation and a two-week industry visit to China. With sustainability and carbon neutrality an important focus and target for the nation, nurturing, training, upskilling and reskilling green talent should also be of utmost priority. That is why green tech will also be a part of the Digital Leadership Excellence programme syllabus. Huawei Malaysia also works with the Centre of Technology Excellence Sarawak (CENTEXS) to train and develop local talents to support growth in the clean energy industry. These skills are required to build a sustainable and environmentally responsible future. Talents with a combination of these skills can address environmental concerns, decrease our environmental footprint and contribute to a more sustainable and environmentally conscious Malaysia. Huawei Malaysia, through the Huawei ASEAN Academy, has also pledged to train 50,000 ICT talents over the course of five years, beginning in 2020, with over 48,000 talents trained thus far. Inclusivity has always been a key factor for us and we also work with the Women Leadership Foundation to train the digital talent pool in the country and to help contribute towards the progress of the development of the women workforce and leadership. Interlinked Digital talents are the key enablers for digital readiness, ergo, the digital transformation of a nation. All these are interlinked. For example, ICT infrastructure is key to attracting as well as retaining digital talents. Without digital talents to develop applications, telecom infrastructure investments will be wasted. That is why the ecosystem is emphasised. The balance between the industry, government and academia are fluid and will continually be subject to change. The question will no longer be about the right talent with the right capabilities, but the right talent with the potential to learn new capabilities, be agile enough to adapt to new changes, be able to grow and be able to adapt to new scenarios continuously. What we need is a holistic digital talent system which not only caters to training, reskilling, cross-skilling and upskilling but also one that takes into account the needs of an ever-evolving industry. This can only be accomplished via a collaboration between industry-Government-academia for professional competence standards for digital talent to be drawn up that guide the development of academic and continuing education courses. Only then can we chart the paths and find the pilots to fly into our digital tomorrow.

Experts

Accelerate Construction Time Through Innovation: The Story Of The Self-Climbing Elevator

In the dynamic landscape of the Malaysian construction industry, where challenges like rising building costs persist, the need for innovation has never been more urgent. A 2022 study by The Redha Property Industry highlighted an annual increase in building costs, emphasising the importance of exploring innovative solutions to accelerate construction time and ensure long-term sustainability. The importance of the construction industry in Malaysia The construction sector has proven durable in Malaysia’s economic landscape and withstood downturns in past years. An overview of this journey was shared in the Economic Outlook 2023 by the Malaysian Ministry of Finance, highlighting the industry’s capacity to overcome obstacles and come out stronger. This industry is a dynamic force that creates jobs and increases productivity. The construction sector showcased growth, boasting a 5.8 per cent in the third quarter of 2023, according to the Department of Statistics Malaysia (DOSM). It also recorded a 6.2 per cent growth rate in the preceding quarter. These numbers signify the industry’s role in steering Malaysia’s economic momentum. Challenges faced by Malaysian main contractors Growth comes with challenges, and the construction industry in Malaysia is no exception. We need to understand some of the following challenges and look at how they can be improved through innovative technologies: Fluctuating raw material costs:  The Construction Industry Development Board (CIDB) highlights the constant flux in raw material costs. These costs, constituting a substantial portion of overall development costs up to 60 per cent of the gross development value (GDV), are a significant determinant of project viability. Land acquisition pressures:  The surge in demand for land, driven by a growing economy, poses a twofold challenge. Main contractors face increased landbank costs, and decisions on land acquisition are often based on future expectations rather than current circumstances. Accelerating construction time through innovation and technology The journey to accelerate construction time emerges as a strategy driven by the need to navigate challenges. This pursuit necessitates a shift towards adopting advanced technologies and streamlined construction practices, all aimed at amplifying productivity, cutting costs, and fortifying the overall development and growth of the industry. In an environment where construction expenses make up a substantial portion of overall development costs, completing projects at a swifter pace protects against potential cost increases during the construction phase. Looking beyond the nuts and bolts of construction, the acceleration of construction time plays a pivotal role in the broader context of efficiency improvement. This translates into a tangible advantage for developers – bringing projects to market faster. In an industry where timing can make or break success, the expeditious completion of projects equates to a competitive edge. Main contractors can capitalise on innovation. This aligns seamlessly with the ever-evolving demands of a dynamic market, where speed is synonymous with success. Despite the countless innovative solutions in the construction industry today, this article will narrow its focus to delve into the specific realm of construction elevators. The self-climbing elevator as a solution The self-climbing elevator emerges as an innovative solution. Construction projects grapple with external elevators, constantly dismantling and reinstalling as the building ascends. This not only leads to delays but disrupts the seamless flow of construction. Enter the self-climbing elevator with a temporary machine room that autonomously ascends within the building’s permanent elevator shaft as construction progresses. The innovation lies in its ability to ‘jump’ upwards, eliminating the need for constant adjustments that have long been a bottleneck in traditional construction practices. A hallmark of the self-climbing elevator is its contribution to accelerating construction timelines. With fewer external lifts required, main contractors can expedite the completion of building facades. Unlike external types, the elevator operates within the building, ensuring the safe transportation of people and materials in all weather conditions. This autonomy allows for scheduled jumps that harmonise with other construction activities, enhancing overall efficiency and expediting the construction schedule. KONE takes pride in presenting its own self-climbing elevator, known as JumpLift. With a focus on speed, smooth operation, safety, and cost-efficiency, the JumpLift stands as a beacon for a new era of construction methodologies. Instead of the standard speed of 0.5m per second, the JumpLift impresses with improved speed, reaching between 3.5m/s and 4m/s. This increased speed accelerates the vertical transportation of personnel and materials within the construction site. It also offers main contractors flexibility as it operates 24 hours a day. Its implementation aligns with local council regulations, effectively mitigating noise pollution during nighttime hours. Approved by local authorities, it is deemed efficient and safe, providing a dual assurance for project developers and stakeholders. KONE’s JumpLift has been used in key projects in Malaysia, such as the iconic Merdeka 118, where its innovative implementation facilitated a quicker handover for the main contractors, enabling them to achieve faster project handovers with efficiency and innovation. For main contractors, the elevator seamlessly complements and sometimes entirely replaces external hoisting systems, expediting the construction process. They will find that it accelerates the construction schedule, translating to faster returns on investment, lower interest payments, and various indirect cost savings. With JumpLift, less time is spent waiting, and workers no longer need to compete for space with building materials, revolutionising on-site logistics and enhancing the overall working environment. Time for a change To revolutionise the Malaysian construction industry, the time is right for main contractors to embrace smarter construction practices, exemplified by innovations like the self-climbing elevator, which leverages advanced technologies to transform traditional construction practices. Accelerating construction time requires swift adoption of advanced methods, efficient regulatory processes, and collaboration within the industry. By embracing innovation and efficiency, we can reshape how we build our homes, infrastructure, and communities. The story of the self-climbing elevator is not just about innovation but a narrative of progress, efficiency, and resilience in the face of industry challenges. As the construction industry in Malaysia evolves, adopting innovative solutions will be a defining factor in shaping a more sustainable future.

Cover Stories, Experts

Ringgit, Why The Long Face?

It’s often cited that dollar strength is driving ringgit weakness, which bears some assessment given that the dollar is currently 2.17 per cent off its peak in October 2023 while the ringgit is again revisiting last year’s weakest levels. What, then, is the reason for its underperformance? Often cited are falling exports, political stability, economic fundamentals, consumer sentiments and perhaps because Coldplay only had one concert here. The lack of compelling domestic investments and the ease of moving capital overseas have also been cited. Periods of strength are seen as an opportunity to sell the ringgit. This, amidst relatively thin market conditions, can cause a rush for the exit, resulting in a price jump in reaction to large overnight moves. Or is it something else? A farewell to cheap money Over the past 5 years, the ringgit has moved from around RM4.02 at its strongest to where it is currently. Large trend moves can be explained by the dollar’s move, especially in 2022, in anticipation and the subsequent delivery of significant fed hikes. Driving this was soaring inflation driven by supply chain disruptions and revenge spending by consumers who had not only missed out on spending for over two years but were also buoyed by government handouts. The dollar’s rise was also due to better economic conditions juxtaposed with the continued zero-Covid lockdowns in China, which had negative knock-on effects on the region. The dollar came off its peak after markets reassessed further Fed rate hikes along with a string of weaker-than-expected US data. This should have seen the ringgit return to RM4.40, but it is trading closer to RM4.75. This divergence can be attributed to where ringgit peers are trading and, more importantly, how global bond yields have moved. Misery loves company The yen and the yuan are equally weak, as are their regional peers. Their respective movements mirror the ringgit’s, with the yen again visiting its weakest levels over the past year, similar to the ringgit. The Yuan is suffering from economic fears, and should it turn into reality, it would mean significant negative consequences for the region. Perhaps reflecting this, both the baht and rupiah have also been similarly weak, with the rupiah exceeding its weakest level last year. The yen is weak due to the persistently easy monetary policy, and the Bank of Japan (BoJ) is showing no concrete signs of shifting away from it. We can expect the ringgit to gain should the BoJ dial back its stance. China, showing real signs of improvements in the property and equity market, will also be helpful. It is best to be with the one who pays The rise in global yield driven by US treasuries has also been detrimental. The US 10-year treasury yields have risen significantly from around 0.60 per cent in mid-2020 to move ahead of 5.00 per cent last year. Observations of market movements show that periods of yield increases can drive the ringgit weakness or push back against the ringgit strength. While the dollar index has turned lower from 112 and is currently in a holding pattern between 101 and 105, yields have continued to tilt upward. Looking over the past 5 years, the 10-year Malaysian yields have exceeded those of the US, and this reversed in the middle of 2023, which is now yielding 0.55 per cent lower. This negative spread is also evident across the bond yield curve, with the 2-year US treasury and fed funds rate higher than those of its Malaysian counterparts. Higher US yields and a weakening ringgit deter significant foreign fund flows into local bond markets and weaken the ringgit bid, causing an imbalance in currency demand and supply. Fret not and carry on with local holidays Putting together the weaker ringgit is rather less a reflection of domestic troubles than one that is global. A move not in isolation but in lockstep with other currencies. As such, for the ringgit to turn and become stronger, we will have to see the dollar turning lower, yields falling, BoJ shifting its policy stance, China’s economic prospects improving, weaker US data or more acts booking their shows in Malaysia. What are domestic factors? Little out there indicates a radical shift in domestic fortunes, both positive and otherwise. Keep calm and carry on comes to mind here. Malaysia has a steady economic trajectory, well-functioning financial markets with strong institutions and little prospect of significant financial market losses. What of the political front? Is it any different from the upheavals seen in the rest of the world? So, as long as the bureaucracy remains well functioning, a more dynamic political front is now a feature here and worldwide. ‘Kita jaga kita’, but the fate over the intermediate term, it seems, is left to factors outside our borders.

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