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BANGKOK: Thailand is seeking cooperation with India and Vietnam to find ways to tackle falling rice prices, the Thai commerce minister said on Thursday, amid simmering protests by local farmers calling for more support from the government. Thailand is in talks with both countries to reduce competition, hoping to create a balance in rice prices in the global market and help farmers have stable income, Pichai Naripthaphan told parliament. “We have already discussed it, but we are waiting for another meeting to see how much we can do about this,” he said of talks with India and Vietnam. Paddy prices in Thailand dropped by 30% year-on-year to an average of about 8,600 baht (US$255 or RM1,128) per ton last month, according to the commerce ministry. Growers are calling for the government to help them sell rice at higher prices. Thailand, the world’s second-largest rice exporter, is likely to be hit hard by the resumption of rice exports by India, with the commerce ministry expecting a 24% year-on-year decline in rice exports to 7.5 million tonnes this year. Vietnam was the world’s third largest shipper of the grain last year.–REUTERS

KUALA LUMPUR: Bolt, Europe’s leading mobility platform, has recorded exceptional growth in Malaysia, just three months after launching its ride-hailing service in the Klang Valley. Since its debut, the platform has seen a 540% increase in driver-partners anda 280% rise inregistered passengers. This rapid adoption has significantly improved service efficiency, cutting average estimated arrival times (ETA) by half, ensuring faster, more reliable rides for passengers while reinforcing Bolt’s commitment to a driver-first, cost-effective, and seamless ride-hailing experience. Afzan Lutfi, General Manager Malaysia at Bolt “The response to Bolt in Malaysia has been incredible. In just three months, we’ve seen strong demand for a ride-hailing platform that puts drivers first, offers fairer earnings, and delivers better experiences for passengers. Our rapid growth shows that drivers are embracing the flexibility and earning potential that Bolt provides, while passengers enjoy faster, more affordable trips with toll charges included in fares for a smoother and more transparent experience. The introduction of Bolt Executive is a natural next step as we continue to expand our offerings, giving passengers more choice and creating new income opportunities for drivers. We’re just getting started, and we’re excited to grow alongside our partner drivers and passengers as we shape the future of ride-hailing in Malaysia.” Empowering Drivers with Fairer Earnings and Greater Flexibility As a platform designed with drivers in mind, Bolt launched with one of the lowest commission rates in the market at 15%—compared to the industry standard of 20%—allowing drivers to retain more of their earnings. Since launch, over MYR 22.8 million has been paid out in earnings, reinforcing Bolt’s role in supporting driver livelihoods and creating better income opportunities. Bolt also prioritises flexibility, giving partner drivers full control over the trips they accept, empowering them to optimise their schedules and earnings. Drivers have the freedom to manually select trips, ensuring they can choose the rides that best align with their preferences and availability. To further support drivers, Bolt offers an attractive activation bonus of RM200 upon completing30 rides in 60 days, which can help new e-hailing drivers offset PSV licensing costs. Additionally, Bolt’s driver engagement campaigns are structured on a daily basis, allowing drivers to earn consistently without being tied to long-hour commitments. This driver-first approach has been a keyfactor in Bolt’s rapid expansion, attracting those looking for a fairer, more rewarding ride-hailing experience. Expanding Service Offerings with Bolt Executive Building on its strong momentum, Bolt is expanding its offerings with the introduction of Bolt Executive, a new ride category designed for passengers seeking a premium, high-quality experience. Bolt Executive features a fleet of luxury MPVs, consisting exclusively of Toyota Vellfires and Toyota Alphards. This expansion reflects Bolt’s commitment to catering to diverse passenger needs while creating new earning opportunities for partner drivers. As Bolt continues to grow in Malaysia, the company remains committed to enhancing driver earnings, service quality, and ride options. With a driver-first approach and expanding offerings like Bolt Executive, Bolt is shaping the future of ride-hailing by delivering greater flexibility, opportunity, and premium experiences for both drivers and passengers.

KUALA LUMPUR: The local stock market endured a broad-based sell-off on Tuesday, with over 1,000 counters closing in the red as persistent foreign outflows and escalating global uncertainties weighed on sentiment. The FBM KLCI fell 15.73 points or 1% to a one-month low of 1,555.66, with 23 of its 30 component stocks declining. All sectoral indices ended lower, led by technology (-4.36%), property (-3.21%), and construction (-3.12%). Losers outnumbered gainers by a staggering 1,045 to 147, while 331 counters remained unchanged. Market activity was heavy, with 3.84 billion shares traded, valued at RM3.05 billion. Blue Chips and Broader Market Take a Hit Among the biggest losers in the KLCI: Nestlé Malaysia tumbled RM1 to RM79.12. PPB Group declined 34 sen to RM10.76. Petronas Dagangan lost 24 sen to RM18.46. Beyond the benchmark index: Malaysian Pacific Industries fell RM1.62 to RM17.04. Dutch Lady Milk Industries dropped 90 sen to RM27.60. Fraser & Neave Holdings slid 58 sen to RM25.04. Foreign Outflows Continue to Pressure Market Vincent Lau, head of equity sales at Rakuten Trade, noted that foreign investors have been steadily exiting the market. “Our market has been on this downtrend for some time. Foreign outflow last week alone was RM1.27 billion, and year-to-date, it has already hit RM5.4 billion—exceeding last year’s total,” he said. Lau attributed the extended sell-off to external factors, including geopolitical tensions and policy shifts in major economies. “Uncertainties such as Trump’s NATO threats, the Ukraine war, and US tariffs on China and Mexico are fueling volatility. Every other day, there’s new global news unsettling the market,” he added. Tech Stocks Hit Hardest Technology stocks bore the brunt of the sell-off, with some trading at levels last seen during the Covid-19 crash. “Some tech stocks are at Covid-era prices, even though there’s no lockdown. The Nvidia chip ban triggered a sharp decline in stocks like NationGate Holdings, which hit limit down before rebounding,” Lau explained. Despite the slump, he sees potential buying opportunities for investors with a higher risk appetite. “There are bargains, but also a lot of uncertainties. Investors are cautious, preferring to hold cash and wait for more clarity,” he said. Banking Sector Shows Resilience While most sectors struggled, banking and index-linked stocks remained relatively stable. “The banks are doing fine, and index-linked stocks are holding up,” Lau added. The Financial Services Index declined only 0.65%, making it one of the more resilient segments of the market. Sectoral Breakdown of Foreign Flows According to MIDF Amanah Investment Bank’s fund flow report, foreign investors continued their selling streak for the 19th consecutive week, with a sharp RM1.27 billion net outflow. Sectors that saw net foreign inflows: Construction: RM24.1 million Telecommunications & Media: RM14.7 million REITs: RM6.7 million Sectors with the largest foreign outflows: Financial Services: RM362.1 million Consumer Products & Services: RM314.9 million Utilities: RM255.1 million With uncertainty lingering, market sentiment remains fragile as investors weigh risks and opportunities in the coming weeks.–THE EDGE

PETALING JAYA: Sunway Construction Group Bhd (SunCon) has secured a RM1.5bil contract to undertake construction works for the Rapid Transit System Transit-Oriented Development (RTS TOD) at Bukit Chagar, Johor. In a filing with Bursa Malaysia, SunCon said the contract was awarded to its wholly-owned subsidiary, Sunway Construction Sdn Bhd (SCSB), by Sunway Integrated Properties Sdn Bhd (SIPSB), an indirect wholly-owned subsidiary of Sunway Bhd. SunCon said the award will involve the construction and completion of a multi-storey park and ride building for the RTS TOD project, drop-off and pick-up facility, immigration customs and quarantine complex connection, the perimeter ring road and retaining walls (Part A). Additionally, the contract will also entail the construction and completion of a retail mall, podium and top side at Bukit Chagar station (Part B). “The notice to proceed (NTP) shall be issued to SCSB in separate phases, each corresponding to the commencement of different parts of the works. “Following the signing of the letter of award, the first NTP has been received for Part A Works, with a commencement date of March 5, 2025 and an expected first section completion by November 2026 and an overall completion for Part A Works by November 2027.” SunCon said the commencement and completion dates for Part B shall be confirmed in the subsequent NTP, which will be issued at a later date. SunCon said the works will not have any effect on its share capital and substantial shareholders’ shareholding, as it does not involve any allotment or issuance of new shares by the company. “The works are not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of SunCon Group for the financial year ending Dec 31, 2025 (FY25). “However, barring any unforeseen circumstances, the works are expected to contribute positively to the earnings of SunCon Group for FY25 onwards.” The contract is deemed a related-party transaction as Evan Cheah Yean Shin is a director and major shareholder of SunCon, an alternate director to his father Tan Sri Jeffrey Cheah Fook Ling on the board of Sunway, as well as a director of several subsidiaries and a major shareholder of Sunway. SunCon said its total outstanding order book currently stood at RM7.6bil. “The total new projects secured by SunCon Group this year including the abovementioned works for the RTS TOD project amounted to RM1.7bil,” it said.–THE STAR

KUALA LUMPUR: PMB Investment Bhd has announced an 11.4 sen per unit income distribution for the PMB Shariah Growth Fund for the financial year ended Feb 28, 2025. PMB Investment is an Islamic fund management company under Pelaburan Mara Bhd. The fund declared a total gross distribution of RM12.36 million, according to PMB Investment in a statement on Wednesday. “The net asset value (NAV) per unit before the distribution was RM1.6638, adjusted to RM1.5498 after the distribution. “The distribution, credited based on the ex-date of Feb 28, 2025, represents a yield of 7.02% based on the closing NAV per unit,” it said. Chief investment officer Hang Tuah Amin Tajudin said the fund continues to demonstrate resilience and strength, delivering an impressive five-year return of 67.47% as of Feb 28, 2025, averaging 13.49% per year over five years. “This milestone reflects our disciplined investment strategy, prioritising shariah-compliant equities and strategic asset allocation to optimise investor returns. “We remain committed to identifying high-potential opportunities within robust sectors, ensuring long-term sustainable growth,” he said. The company added that the PMB Shariah Growth Fund adheres to a well-defined asset allocation strategy, with 80% to 99.5% of its NAV invested in shariah-compliant equities and equity-related securities. “The remaining portion is allocated across Islamic money market instruments, Islamic deposit placements, sukuk, and other permissible shariah-compliant investments. “The fund’s portfolio is continuously reviewed to adapt to evolving market conditions, considering global, regional and domestic economic landscapes,” it added.–BERNAMA

KUALA LUMPUR: AirAsia Aviation Group has confirmed 14 new aircraft deliveries in 2025 as it anticipates a surge in travel demand. The carrier’s internal guidance targets 70 million passengers in FY25, which represents an increase of 11% from the previous year. “To achieve this, the group is expanding capacity, enhancing connectivity, and optimising its network for greater efficiency. “With a sharp focus on operational excellence and cost leadership, AirAsia’s immediate priorities are to strengthen its domestic market share and improve Fly-Thru connectivity across all operating markets, while in the medium term, it will explore expanding into key global destinations to bring new destinations to guests,” it said in a statement. Four of the AirAsia’s new aircraft will come direct from Airbus and the other 10 from lessors. AirAsia Aviation Group CEO Bo Lingam said the carrier’s future growth is fully secured with the next 56 aircraft already financed. “This gives us an unmatched runway for expansion, allowing us to scale with absolute certainty whilst delivering the most affordable and reliable travel experience. “This is more than about expanding our fleet— it’s about putting more flights where our guests need them most, opening up new destinations, and making travel even more seamless and affordable,” he said. AirAsia is poised to consolidate its network by integrating the efficiency of its short haul routes with the reach of its long haul operations. It said the Airbus A321XLR and A321LR will be game-changing in resetting low-cost regional and long-haul connectivity, while the Airbus A330 fleet will be optimised for long-haul routes, supporting AirAsia’s push into new intercontinental markets. “This strategically planned fleet expansion will allow the airline to reduce costs while improving fuel efficiency, ensuring a sustainable and cost-effective growth model.”–THE STAR

SINGAPORE: Three Singaporean men, including a Huawei account director and an engineer at Singapore’s health tech agency, were charged with corruption as well as offences that include cheating on Wednesday (Jan 22). Their alleged offences revolve around giving or obtaining bribes as inducements to advance business interests. Peng Ming, the Huawei employee, was given four charges of corruptly giving gratifications, of which three are amalgamated. He also faces one count of cheating. Ng Kah Siang, an engineer at Integrated Health Systems Information (IHiS), is accused of attempting to obtain S$20,000 (US$14,700) in bribes from Peng in November 2021. He faces five counts of corruptly obtaining gratifications. This was done as an inducement to advance Huawei’s business interests with IHiS, the charge read. IHiS has since been rebranded as Synapxe. It is a subsidiary of MOH Holdings, a holding company of Singapore’s public healthcare institutions that sits under the Ministry of Health. Ng, 37, also allegedly attempted to obtain gratification of 1 per cent of a vendor’s sales revenue and at least S$20,000 from a second vendor, as inducements to advance their business interests with IHiS, said the Corrupt Practices Investigation Bureau (CPIB). Peng, 39, is accused of deceiving Huawei into believing that Ng and his wife were directors of IHiS in February 2022. This was done to intentionally induce Huawei to approve a sponsored trip to Paris for the couple, the agency added. Between Mar 11 and Mar 20, 2022, Peng and the third accused Chiang Chee Seng – a senior sales director at Nera Telecommunications – allegedly conspired to give Ng and his wife gratification in the form of the Paris trip, which was valued at about S$18,265. This was done as an inducement to advance the business interests of Huawei and Nera with IHiS, CPIB said. “On several occasions between 2020 to 2022, Peng had also allegedly corruptly given gratification of about S$300 for each occasion in the form of entertainment to an engineer employed with IHiS, as an inducement to advance the business interests of Huawei with IHiS,” the agency added. Ng is also accused of attempting to obtain gratification of 1 per cent of Nera’s sales revenue from Chiang on another occasion to further advance the business interests of the communications solutions provider with IHiS.–CNA

QBE Asia has announced the appointment of Ronak Shah as CEO of Wholesale Markets Asia, effective March 1. The newly established role highlights QBE’s commitment to enhancing its facultative reinsurance operations throughout the region, according to a news release. In his new role, Shah will spearhead the strategic growth of QBE’s wholesale reinsurance services, collaborating with internal experts and external partners to bolster the company’s footprint in both current and emerging markets. These markets include South Korea, Taiwan, Japan, Thailand, Indonesia, India, and mainland China. Shah will continue to report to Rob Kosova, CEO of QBE Asia, and will remain a member of the QBE Asia executive committee. “Under Ronak’s leadership, our wholesale markets team will work seamlessly with our Asia underwriters while tapping into QBE’s global expertise in corporate and specialty to deliver innovative and market-relevant facultative solutions,” stated Kosova. Shah joined QBE in 2017 as the regional head of financial and professional and casualty lines. He was eventually appointed CEO of QBE Singapore in September 2019. “This is an incredible opportunity to build on QBE’s strong foundation in facultative reinsurance and further enhance our ability to deliver bespoke risk solutions across Asia,” said Shah, commenting on this appointment. The establishment of the Wholesale Markets division aligns with the growing demand for facultative reinsurance in Asia, the news release highlighted. A survey from WTW indicated that 68% of property and casualty insurance companies intend to increase their facultative reinsurance purchases over the next two years, aiming to manage volatility in an increasingly complex insurance landscape. However, 56% of respondents identified limited capacity as a significant challenge. According to a report from imarc, the global reinsurance market is experiencing substantial growth, with projections estimating its value to reach approximately US$1,165.7 billion by 2033, reflecting a compound annual growth rate (CAGR) of 8.04% from 2025 to 2033. This expansion is attributed to the increasing need for risk management solutions amid a backdrop of rising natural and man-made catastrophic events.

SINGAPORE: UOB Group today announced a S$3 billion package as part of the Bank’s capital distribution strategy to reward its shareholders. The package includes special dividends and share buybacks to be delivered over the next three years. A special dividend of 50 cents per ordinary share is recommended with payment over two tranches in 2025, returning S$0.8 billion of surplus capital. This is also to mark UOB’s 90th anniversary. A new share buyback programme of S$2 billion has also been set up, where shares to be acquired from the open market, will be cancelled. The programme is in addition to the share buybacks designed for the Bank’s long-term incentive plans for employees. UOB Group’s capital position will remain strong following the capital distribution. The package is estimated to optimise UOB Group’s Common Equity Tier 1 Capital Adequacy Ratio by 1 percentage point based on its capital position as at 31 December 2024. Mr Wee Ee Cheong, UOB’s Deputy Chairman and Chief Executive Officer, said, “Our strong capital position reflects how we have strategically reshaped our business in recent years and the results achieved from our long-term investments in our regional franchise. We would like to thank our shareholders for their unwavering support with this capital distribution package. Following this, we remain confident in sustaining our growth momentum. Guided by our disciplined approach to balancing long-term growth with stability, we are poised to further enhance shareholder value in the years to come.”