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PENANG: Macro Tech Ventures Sdn Bhd (Borong), a B2B eCommerce software and platform aggregator, inaugurated Salaam Market, Malaysia’s first Business-to-Business (B2B) Halal Marketplace, with Maybank Islamic at the Penang International Halal Expo 2024 (PIHEX) on 7th December 2024, in the presence of Prime Minister, YAB Dato’ Seri Utama Anwar Bin Ibrahim. Salaam Market, solidifies the strategic partnership between Borong and Maybank Islamic constituting an integral part in advancing Malaysia’s Halal industry with estimated US$113.2 billion growth by 2030. The Prime Minister emphasized the importance of economic development, investment and trade in the Halal industry, in his opening speech during the event. Salaam Market is a comprehensive platform that empowers MSMEs to source Halal products locally with ease, security, and convenience. It’s a major step forward for local businesses looking to expand their reach both locally and regionally, positioning Malaysia as a leader in the global  Halal market. To corroborate the sentiment of the Prime Minister, Maybank Islamic’s Strategic Programme Director, Dr Muhd Ramadhan Fitri Ellias, stated Salaam Market is one of Maybank Islamic’s beyond banking propositions in supporting the needs of local MSMEs to complete the Halal ecosystem. Halal industry players can grow their businesses through seamless financing and in-house Halal Facilitation guidance.    Additionally, Aizat Rahim, co-founder of Borong, highlighted that Salaam Market addresses key challenges faced by Halal industry players including affordability and accessibility, by partnering with Maybank Islamic for financing solutions and leveraging on JAKIM’s support for Halal certification.   Dr Muhd Ramadhan Fitri Ellias and Aizat Rahim witnessed the auspicious plaque signing by the Prime Minister to officiate Salaam Market, which is targeted to on-board 10,000 MSMEs by 2025. To reward emerging businesses, the platform is now offering a limited-time discount of RM100 with a minimum spend of RM250, for all purchases made – offer ends on 1st January, 2025.  

HON HAI LURKS: The ‘Nikkei’ reported that Foxconn’s interest in Nissan accelerated the Honda-merger effort out of fears it might be taken over by the Taiwanese firm Nissan Motor Co has become the latest buyout target in Japan as it explores a merger with Honda Motor Co and faces an overture from Hon Hai Precision Industry Co , known as Foxconn Technology Group  internationally. Shares in Nissan yesterday jumped 24 percent, the most on record, to hit the daily limit, after the two Japanese automakers acknowledged that talks are ongoing to better position themselves for competitive challenges during a time of upheaval in the global auto industry. Foxconn — a Taipei-based manufacturer of iPhones, which has been investing heavily in factories to build electric vehicles — has also approached Nissan to take a controlling stake, a person with knowledge of the matter said. It was unclear if Nissan had entered talks with Foxconn or already rebuffed its overture and the position of Renault SA — Nissan’s largest shareholder with a 36 percent stake — is also uncertain. Yet the flurry of activity around Nissan reflects a charged corporate environment in which Japan’s biggest companies are vulnerable to takeover like never before. Honda is considering several options that might also involve a capital tie-up or the establishment of a holding company, Honda executive vice president Shinji Aoyama said yesterday. One option being considered is the creation of a new holding company under which the combined businesses would operate, a person familiar with the talks said. The transaction could also be expanded to include Mitsubishi Motors Corp, which already has capital ties with Nissan, the person said. An announcement by Honda and Nissan could happen as soon as on Monday, TBS reported. They plan to sign a memorandum of understanding to discuss shared equity stakes in a new holding company, the Nikkei reported earlier. Shares in Honda fell as much as 3.4 percent. A spokesperson for Nissan declined to comment. A representative for Foxconn was not immediately available for comment. The Nikkei reported that Foxconn’s interest in Nissan accelerated the Honda-merger effort out of fears that the Japanese company might be vulnerable to a takeover by the Taiwanese firm. A merger between Honda and Nissan would effectively consolidate the Japanese auto industry into two main camps: One controlled by Honda, Nissan and Mitsubishi and another consisting of the Toyota Motor Corp group of companies. Nissan and Honda are facing challenges around the world, including in China, where both automakers are suffering. The shift toward electrification, which is happening at varying speeds in different markets, is also disrupting manufacturing and business models that have been in place for decades. Honda, Nissan and Mitsubishi combined sold about 4 million vehicles globally in the first six months of this year, well shy of the 5.2 million that Toyota sold on its own. Combining forces would allow the two companies to fend off Toyota, the world’s largest automaker, at home and abroad. Toyota has taken stakes in Subaru Corp, Suzuki Motor Corp and Mazda Motor Corp, creating a powerhouse of brands backed by its top-notch credit rating. For Foxconn, taking a controlling stake in a Japanese firm would not be unprecedented. In 2016, it took a two-thirds stake in electronics maker Sharp Corp, handing it benefits including a well-known consumer electronics brand, LCD display production capacities and intellectual property. It has been reducing that interest slowly, but is still the top shareholder. For Nissan, one thing is for certain: It needs help to put it back on a stronger financial footing. Revenue growth has stalled, profit is dwindling and activist investors are adding pressure on its management. A daunting debt load has also led to speculation in the credit markets about its investment grade rating.–BLOOMBERG

KUALA LUMPUR: The Malaysia-China Summit 2024 (MCS 2024), a platform for future-focused trade, investment and collaboration commemorating the 50th anniversary of Malaysia-China bilateral relations, was officially launched yesterday.  YB Anthony Loke Siew Fook, Minister of Transport Malaysia, officiated the opening ceremony held at the Malaysia International Trade and Exhibition Centre (MITEC). MCS 2024, which takes place from 17-19 December 2024, aims to position Malaysia as a strategic bridge for ASEAN-China collaboration, particularly in anticipation of its ASEAN Chairmanship in 2025. The summit also serves as a pivotal platform to create economic growth and collaborative opportunities between governments and businesses.  Speaking at the ceremony, the Minister highlighted the significance of Malaysia-China trade relations over the past five decades. He emphasised the summit’s broader vision to drive regional development, shared prosperity, and sustainable growth through innovation and cooperation. “Over the decades, Malaysia’s partnership with China has been a vital part of our journey. Today, China is one of our largest trading partners and a key source of investment in critical sectors, from electronics to green technology. But this relationship is beyond commerce—it is about vision, trust, and shared progress. “The theme of this summit, “Prosperity Beyond 50,” is a call to action—a challenge to imagine and realise a future defined by innovation, sustainability, and unity. It is an opportunity to lay the groundwork for the next 50 years of Malaysia-China relations, rooted in trust, respect, and shared vision,” he said.  MCS 2024 is organised by Qube Integrated Malaysia Sdn Bhd (Qube) in association with the Malaysia External Trade Development Corporation (MATRADE) as the final economic pillar programme under MITI to commemorate the golden anniversary. “MCS 2024 aims to bring nations and multi-sectoral businesses across industries together, providing opportunities for fruitful engagements, collaborations and investments. It will feature MATRADE’s signature International Sourcing Programme (INSP), facilitating pre-arranged business meetings between Malaysian companies and international buyers.  “We see strong interest from Chinese importers and buyers seeking to source from Malaysia, and through our five offices in China, we managed to facilitate successful engagements between Chinese buyers and Malaysian exporters. With 49 trade offices worldwide, MATRADE continues to open new opportunities for Malaysian exporters, said MATRADE Chairman YB Dato’ Seri Reezal Merican. The five-decade long partnership has developed closeness between Malaysia and China that has withstood the test of time. This relationship has nurtured a resilient partnership rooted in cultural and economic collaboration He shared that MCS 2024 is the grand finale of the Malaysia-China 50th-anniversary celebrations, and the summit brings together participants from Malaysia, China, and ASEAN, with potential trade and investment opportunities exceeding RM2 billion. Meanwhile, Richard Teo, Executive Chairman of Qube Integrated and MCS 2024 Organising Chairman, highlighted that the summit will spotlight five thematic pillars – Future Knowledge & Experience, Future Opportunity, Future Tech, Future Growth, and Future Mobility & Connectivity.  “Our goal for MCS 2024 is to provide and foster a conducive environment beyond economic and business outcomes. We aspire to make this summit a meeting ground for an exchange of ideas, cultures and values that will inspire the next generation of business and thought leaders who will continue to shape ASEAN-China relations,” he said.   Achieving ‘Shared Prosperity’ through MCS2024 Over the next three days, MCS 2024 will feature a vibrant array of programmes designed to inspire, engage, and propel a shared vision for collaboration and growth. The International Trade and Investment Expo will feature multi-sectoral exhibitors and trade delegates from Malaysia, China and ASEAN countries.  This dynamic marketplace will be an opportunity to forge partnerships and explore investment prospects in areas like digital technology, renewable energy, sustainable manufacturing, and many more.  The expo will also feature strong representation from China industries, including popular products like hardware, home furnishing, interior fixtures, building materials, electronics, lifestyle & fashion, and arts & crafts. There will also be several side events, industry forums, pocket talks, MoU exchanges and product launches. Key events include the Malaysia-China EV Forum, co-organised with China EV100 and MAYCHAM China with supporting partners MARii and MyZEVA, which will provide insights on EV transformation and industry trends.  Additionally, the China-Malaysia Business Forum will be held in collaboration with the China Chamber of International Commerce, while other events are hosted by the Malaysian Consortium of Mid-Tier Companies, the ASIA CEO Community and Yingke Consulting Sdn Bhd. Meanwhile, the opening day also saw the Ministry of Science, Technology, and Innovation (MOSTI), together with Cradle Fund Sdn Bhd (Cradle)— Malaysia’s leading agency for the startup ecosystem— soft launching Startup ASEAN, a transformative platform that aspires to establish the ASEAN region as a thriving hub for startups and innovation. MCS 2024 is strongly supported by the Malaysia Convention & Exhibition Bureau (MyCEB), an agency under the Ministry of Tourism, Arts and Culture Malaysia, together with Gold Sponsor Huawei Technologies Malaysia; Silver Sponsors Kuok Brothers Sdn Bhd and PETRONAS; Corporate Sponsors DSR Taiko Berhad and Berjaya Food Berhad; Official Airline Partner AirAsia; Official Media Partners Bernama, Star Media Group and Sin Chew Daily; and Official Venue Partner MITEC, along with several other strategic partners.  The public are encouraged to visit the expo by registering at: https://reg.malaysia-chinasummit.com.my/profile/visitor-register/. 

HANOI: A new chapter is expected to unfold in Vietnam’s financial market, as companies across various sectors gear up for their initial public offerings (IPOs), signalling a notable shift in the country’s investment landscape. Recent developments in the Vietnamese IPO scene have set the stage for a series of high-profile offerings. Notable among these is Vinpearl, a subsidiary of the renowned Vingroup conglomerate. It is known for its extensive portfolio of hotels, resorts, spas, conference centres, culinary establishments and five-star golf courses across Vietnam. Vinpearl’s board of directors recently approved a filling for a public offering to existing shareholders, a move that brings the real estate giant one step closer to the eagerly anticipated launch of its IPO. The approved plan outlines the upcoming public offering, expected to take place either in the fourth quarter of 2024 (4Q24) or 1Q25. The company aims to issue 70 million shares at a rate of 1,000:40.673. With a price of 71,350 Vietnamese dong per share (US$2.81), its targeted fundraising goal is over five trillion dong, if all the shares are successful distributed to shareholders. The IPO landscape in Vietnam has weathered a subdued phase following the outbreak of the Covid-19 pandemic, with state-owned enterprises largely absent from the public market limelight. Instead, private enterprises have taken centre stage, with notable examples such as the recent offering by DNSE Securities Joint Stock Company, which sought to sell 30 million shares to investors. The Vietnamese market is on the brink of an IPO resurgence, with policymakers focusing on enhancing transparency and streamlining administrative procedures to encourage IPO activities that align seamlessly with listing requirements. Not long after the National Assembly officially approved revisions to nine laws, including the Securities Law, a draft mending Decree 155/2020/NĐ-CP, which details the implementation of specific provisions of that law, is currently undergoing review by the Finance Ministry and the State Securities Commission of Vietnam. — Viet Nam News/ANN

KUALA LUMPUR: Diolko, a pioneer in sustainable last-mile delivery solutions in Southeast Asia, welcomed YB Anthony Loke, Minister of Transport, and  Mohd Azharuddin Mat Sah, Prasarana’s President & Group Chief Executive Officer, at its hub for a site visit. This visit highlights Diolko’s pivotal role in advancing sustainable logistics solutions, reflecting the government’s commitment to sustainability and Malaysia’s evolving transportation landscape. During the visit, Diolkos showcased its innovative end-to-end delivery process, highlighting the use of specially designed proprietary trolleys that integrate seamlessly with urban rail systems for efficient goods transportation. As the first solution of its kind in Southeast Asia, Diolko leverages existing urban infrastructure, such as public transport, to deliver eco-friendly and efficient services while addressing traffic congestion and carbon emission concerns.  A pilot program, running from July 2024 to January 2025 in collaboration with Prasarana, further demonstrates Diolko’s commitment to revolutionalising urban logistics. This initiative integrates the rapid KL rail systems at key stations, including Putra Heights (LRT Sri Petaling Line), Ara Damansara (LRT Kelana Jaya Line) and Awan Besar (Sri Petaling Line). By leveraging public transport’s high frequency and capacity, Diolko offers a reliable delivery service that consistently exceeds customer expectations. The integration of virtual hub technology with electric vehicles enables the efficient handling of large volumes of goods, reducing customers’ carbon footprints and meeting sustainability targets. Currently, Diolko operates with a capacity of 2,500 parcels per month and plans to scale up to 75,000 parcels monthly within six months. Its station setup is designed for seamless replication, allowing the company to expand efficiently with growing demand. “Transportation is one of the highest contributors to carbon emissions, but it is also essential to daily life. Supporting solutions like Diolko’s helps make the transportation sector more sustainable, while fostering innovation through public-private partnerships,” said YB Anthony Loke, Minister of Transport. “Our journey began in Klang Valley, leveraging its robust public transport infrastructure to develop an efficient and sustainable last-mile delivery solution. We are proud of the significant progress we’ve made, helping our customers achieve a collective 70% reduction in carbon emissions while alleviating urban congestion. Looking ahead, our aspiration is to expand to other cities in Malaysia and across ASEAN, bringing this innovative model to urban areas where it can transform efficiency and sustainability” said Yoann Gueguen, CEO and Co-founder of Diolko. Strategic partnerships with e-commerce platforms, e-fulfillment providers, and major brands aligned with Environmental, Social, and Governance (ESG) goals are key to Diolko’s success. These collaborations drive the adoption of sustainable last-mile solutions, benefiting businesses, consumers, and the environment.

PETALING JAYA: Nestlé (Malaysia) Berhad is pleased to announce the appointment of Raja Nurmaria Murni Raja Nur Azmi as Executive Director, Group Corporate Affairs for Malaysia and Singapore. She takes the helm from Dato’ Adnan Pawanteh, who retired at the end of November 2024 after an illustrious 40-year career with the Company. Murni brings a wealth of experience and expertise to her new role, having been with Nestlé for over a decade. She joined the Company in 2011 as Media & Advertising Manager, overseeing media strategy and execution for all Nestlé brands in Malaysia. In 2015, she was appointed MILO Senior Brand Manager and subsequently Consumer Marketing Manager, playing a key role in strengthening MILO’s market leadership in Malaysia.   In 2021, Murni was assigned to Nestlé S.A. headquarters in Vevey, Switzerland, taking on the position of Global Brand Manager for Plant-based Beverages in the Dairy Strategic Business Unit. Her strategic acumen and innovative thinking contributed significantly to the development of this emerging category. Most recently, she served as Global Brand Lead for MILO & NESCAU, where she spearheaded global strategies, including sustainability-focused communication and innovation initiatives.   Murni’s proven track record in leadership, brand stewardship and her ability to navigate complex markets make her uniquely suited to lead the Group Corporate Affairs function.   Nestlé Malaysia extends its deepest appreciation to Dato’ Adnan for his invaluable contributions and welcomes Murni back to Malaysia, confident in her ability to lead the team in achieving new milestones.

HONG KONG: Hexa Capital Consultancy PLT (Hexa), owner of the Malaysia-U.S. (MYUS) cable based in Malaysia, and Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company®, today announced the signing of a Memorandum of Understanding (MoU) to provide businesses with direct connectivity between Asia-Pacific and the United States. Connecting the MYUS cable with the Equinix International Business ExchangeTM (IBX®) data centers in Malaysia, Indonesia and the US will allow MYUS customers to directly access a vast ecosystem of hyperscalers, network and content service providers, and enterprises, fostering digital exchanges between the two market regions. The Southeast Asia digital landscape is experiencing rapid growth and transformation, fueled by the increasing adoption of digital technologies and the rise of digital economies. With a population of over 650 million people and a thriving tech startup ecosystem, the region presents immense opportunities for business growth and innovation. However, to fully unlock the potential of this digital revolution, robust connectivity between Southeast Asia and the United States is crucial to enable the exchange of data, knowledge, and ideas, facilitating collaboration, expanding market reach, and driving economic growth.    The collaboration between Hexa and Equinix aims to allow businesses in Southeast Asia to tap into the vast resources, markets, and expertise available in the US, while also enabling US companies to access the vibrant Southeast Asian market.   The MYUS cable will connect Malaysia and the U.S. directly for the first time with high-capacity fiber optic connectivity, increasing access to reliable and affordable digital services across Southeast Asia. The cable backbone will extend between the Malaysian Peninsula near Sedili, Johor; to the U.S territory of Guam and then directly onward to Florence, Oregon. Along the path, MYUS will also connect Batam and Jakarta in Indonesia, and Davao in the Philippines. The cable is proposed to be ready for service in the second half of 2028.  Subsequent future phases would extend the network to Balikpapan, Hawaii and other locations through incremental cable builds and strategic partnerships. Equinix operates data centers in Kuala Lumpur and Johor in Malaysia; Jakarta in Indonesia, and numerous data centers in Seattle, Washington and Silicon Valley and Los Angeles, California on the West Coast of the U.S. With data centers in close proximity to the cable landing stations, MYUS customers and network service providers will be able to interconnect with the dense ecosystems of more than 10,000 companies around the world.   Hexa partners with an Indonesian Landing Party that is already developing a suitable landing site for multiple cable landings, including the landing for MYUS in Batam and the Jakarta.  The Jakarta Landing Site is located in the area known as Tanjung Pakis, to the east of Jakarta, which is close to JK1 to be located in the southern section of central Jakarta.   Hexa has recently announced its MYUS Florence, Oregon Cable Landing which provides an ideal Pacific Northwest aggregation and distribution point for fiber pairing owners’ (FPO) traffic either transiting onward north to Seattle or south to Hillsboro, Silicon Valley, Los Angeles and beyond.  Equinix’s multiple data center facilities located in Seattle (SE2, SE3, SE4) and in Silicon Valley (SV1, SV2, SV3, SV4, SV5, SV8, SV10, SV11, SV14, SV15, SV16, SV17) would be immediately accessible on third-party, redundant fiber routes to and from Florence.   This new strategic collaboration between Hexa and Equinix expands global connectivity and improves internet infrastructure in the Southeast Asia region, providing the crucial link between cloud, content and digital processing workloads housed in the region’s key data centers.  MYUS will enhance global digital infrastructure by strengthening international data exchange, decreasing latency, and providing robust connectivity across continents.    “The MYUS Cable is being designed specifically to provide trusted and reliable direct fiber connectivity for the very largest of global hyperscalers, cloud and content services providers as well as for major telecom carriers, it is likely that there will be a high degree congruency between MYUS Cable customers and Equinix’s largest data center customers,” noted Dr Abang Azhari Hadari, Founder & CEO of Hexa.   Today, Equinix boasts a global network of more than 60 subsea connected data centers across 35 metros. With the expertise in infrastructure and cable systems, Equinix plays a pivotal role in reducing cable landing system overhead costs and managing landing points.     Cheam Tat Inn, Managing Director, Malaysia, Equinix, commented, “At Equinix, we recognize the critical role that subsea cables play in today’s interconnected global economy. We are proud to leverage our extensive expertise and experience in hosting subsea cables to support the MYUS cable project. By providing reliable and efficient connectivity solutions, we enable businesses to thrive in the digital era and unlock new opportunities in the global marketplace.”   Hexa is in the process of finalizing anchor fiber pair customers, negotiating the system supply contract and closing on its full project implementation financing which is expected in 2025. 

The state recorded investment collections amounting to RM66.8 billion as of September, surpassing the RM55 billion target set for this year, said Menteri Besar Dato’ Seri Amirudin Shari. He said the report released by the Investment, Trade, and Industry Ministry positioned Selangor as attracting the most investments. “Malaysia has recorded the highest total collection in history, with RM254 billion nationwide in the first nine months.“Selangor was recorded as the state attracting the most investments, with RM66.8 billion. By the end of September, we had already exceeded the RM55 billion target,” he said. Amirudin added that his administration is currently focusing on the Second Selangor Plan (RS-2), expected to be tabled next year or in 2026, in addition to several other projects, including the Greater Klang Valley project. “This project not only involves infrastructure like roads, lighting, and drainage but will also see the redevelopment of old areas to attract new investments. We need stability and cooperation from all parties. “Two days ago, I met with the Transport Minister, and we came up with the idea to extend the Kita Selangor Rail from Sabak Bernam to Sepang so that the people can travel with ease. Stability is essential to ensure all of this proceeds without disruption,” he said. On Wednesday, the Menteri Besar announced that Selangor had recorded a revenue collection of RM2.593 billion so far, exceeding the target value of RM2.2 billion by 18 per cent this year. This achievement reflects the dedication of civil servants and the administrative team, as well as the confidence of local and international investors in the current administration.–BUSINESS TODAY

KUALA LUMPUR: Malaysia approved RM254.7bil of investments for the first nine months of 2024 (9M24), a steady 10.7% rise from the previous year, reflecting Malaysia’s sustained economic momentum, propelled by the services, manufacturing, and primary sectors, says the Malaysian Investment Development Authority (Mida). Quoting Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, a Mida statement said this underscores investors’ unwavering confidence in the country’s economic policies and direction. “This 10.7% year-on-year growth and the creation of over 159,000 jobs (involving 4,753 new projects) speak volumes of Malaysia’s strategic frameworks,” he said. Domestic investments led the way, accounting for 58.1% of the total approved investments, valued at RM148bil, while foreign investors contributed RM106.7bil, or 41.9%. Mida said domestic businesses rose and displayed commendable resilience despite current challenging times. “This healthy ratio between robust domestic participation and strong foreign interest forms a solid foundation for Malaysia’s future economic growth and resilience,” it added. — BERNAMA

HONG KONG: Hong Kong’s housing price index edged up by 0.6% month-on-month in November, narrowing the cumulative drop in the first ten months of the year to 6.8%, according to a Cushman & Wakefield report. Mid-and-small size unit price index slightly rose by 1% in the fourth quarter (Q4); whilst home prices in popular estates across segments also rose. Small-sized market prices rebounded by 13.5% quarter-on-quarter (QoQ) whereas middle-sized market prices increased by 0.7% QoQ. Prices for the luxury market also moved up by 0.5% QoQ. “The U.S. Federal Reserve has cut interest rates and Hong Kong following suit has prompted potential buyers to reassess and compare the performance of banks’ deposit rates versus residential rental yields,” Rosanna Tang, executive director for Hong Kong at Cushman & Wakefield, said. Moreover, overall residential market sentiment improved in Q4. The report forecast that residential transactions in Q4 will reach 15,800 units, up by 54% QoQ and by 108% year-on-year, bringing the full-year transaction volume to 53,800 units. “Looking ahead to 2025, if interest rates continue to stay on a downward trend, and the stock market remains stable, we expect residential transaction volume will increase by 5% to 8% to a level of 56,000–58,000 units, supporting an overall price rebound in the range of 5%,” Tang added.–HONG KONG BUSINESS