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KUALA LUMPUR: Supermarket chain operator Jaya Grocer has appointed as its new chief executive officer (CEO) effective Oct 1, 2024. He succeeds Adelene Foo, who will take on the role of chairperson. “Teng, currently serving as deputy CEO and a key figure in the company’s growth, will now lead Jaya Grocer as it continues to provide a variety of high-quality and fresh produce at best value prices, while ensuring the best shopping experience for customers,” the company said in a statement today. Jaya Grocer said the change is designed to reinforce its position as a leading mass premium retailer in Malaysia, supporting sustained growth and success. It also ensures continuity of the ecosystem’s shared mission, vision, and values, it added. –BERNAMA

KUALA LUMPUR: Tech-enabled coffee chain ZUS Coffee has secured RM250 million in investment from a consortium comprising KV Asia Capital, Retirement Fund Inc (KWAP) and Kapal Api Group. Ernst & Young Malaysia acted as the mergers and acquisitions adviser for the transaction. In a statement today, ZUS Coffee said the new partnership and investment herald a new chapter and serve as a springboard for the company’s growth. The brand, which operates 600 stores regionally, continues to expand its portfolio in Malaysia. “Leveraging its strong brand equity and loyal customer base, ZUS Coffee is focused on becoming an international brand. Currently, ZUS Coffee operates 50 stores in the Philippines and aims to be a market leader there within the next three years. “New markets are on the horizon-Singapore and Brunei will be the next two markets for ZUS Coffee, with launches planned between September and the end of the year,” the company stated. ZUS Coffee is also actively engaging with potential partners in other international markets and expects to reach more customers across new geographies in 2025. Its founder and chief executive officer Ian Chua expressed enthusiasm about the investment and partnership, noting that the company looks forward to bolstering its international expansion plans. “This partnership will not only grow our core coffee business but also support our entry into new verticals such as fast-moving consumer goods (FMCG),” he said. KWAP chief investment officer Hazman Hilmi Sallahuddin said the retirement fund is proud to partner with KV Asia Capital (a Southeast Asia-focused private equity firm) and Kapal Api Group to support ZUS Coffee’s next growth phase. “Locally, our focus will be on helping ZUS Coffee solidify its presence through an expanded store network and contributing to the community via job creation and local initiatives. “Internationally, we are excited to assist the brand in expanding its global footprint, further elevating ZUS Coffee and Malaysia on the world stage,” he added. –BERNAMA

NANJING: Philipp Kortum, chief financial officer of TUV Rheinland, a renowned German testing and certification services provider, is astounded by the swift completion of the second phase of its laboratory in Taicang, a county-level city in East China’s Jiangsu province. Completed six months ahead of schedule, the Yangtze River Delta operation hub in Taicang, now TUV Rheinland’s largest lab, encompassed a wide array of businesses, from photovoltaics and new energy vehicles to textiles.Neighbouring Shanghai, Taicang, spanning 800 sq km, is known as the “hometown of German enterprises” in China, with over 530 German enterprises flocking here. Beginning in the early 1990s, Taicang spent 14 years attracting its initial 100 German investors, but it only took the city a mere two years to log another 100 German enterprises, from the 400th to the 500th. In the second quarter of this year, foreign direct investment from Germany into China reached 4.8bil, nearly double the amount recorded in the first three months, bringing the total for the first half to 7.3bil. By comparison, the total investment stood at 6.5bil in 2023, as reported by the Financial Times, citing data from Germany’s central bank. In April, BMW announced an additional investment of 20 billion yuan in its Shenyang production base, following two decades of rapid expansion in the northeastern Chinese city. In 2023, the BMW Group delivered over 820,000 BMW and BMW Mini vehicles in the Chinese market. This investment will be allocated to upgrading and technologically innovating BMW Brilliance Automotive Ltd’s Dadong plant. “The planned investment not only reflects our confidence in China’s long-term economic prospects, but also in the innovation capabilities of our Chinese partners,” said Oliver Zipse, chairman of the board of management of BMW AG. “German companies approach investment decisions with a strong focus on market potential and profitability, carefully analysing global markets to identify regions with the highest opportunities and growth potential,” said Zheng Chunrong, director of the German Studies Centre at Tongji University. Michael Schumann, chairman of the board of the German Federal Association for Economic Development and Foreign Trade, emphasised that what previously had to be imported from Germany or other parts of Europe is now sourced from China. This shift has led to the creation of production models such as “In China, For China” and “In China, For the World”. “Over 90% of German leading global companies have partnerships with China. Any company aspiring to lead in the global market must collaborate with China,” said Walter Doring, chairman of the Academy of German Hidden Champions. German firms embedded in the Chinese market face bright prospects and continued growth opportunities that will enhance competitiveness worldwide, Doring added. “In our many years of working with German companies, we have found that they place great importance on the stability of China’s business environment and prefer to formulate their own development plans based on the long-term planning of the Chinese government,” said Wang Xiangyuan, Party chief of Taicang. — Xinhua

Standard Chartered Bank Vietnam announced the appointment of Nguyen Thuy Hanh, CEO and head of Banking and Coverage, effective October 1. Hanh becomes the first Vietnamese national to hold this senior leadership role at Standard Chartered Vietnam, reinforcing the bank’s approach to diversity and commitment to promoting local talent. As a seasoned banker with 30 years of experience in the industry, Hanh brings with her deep local insights and international banking experience. Since joining the bank in 1997, Hanh has been in several leadership positions including head of Financial Institutions (FI) for Vietnam, Laos, and Cambodia, head of International Corporate and FI, head of Commercial Banking. Before this appointment, under Hanh’s leadership as head of Corporate and Investment Banking (CIB) for Vietnam, the CIB business grew profitably and sustainably, with a strong focus on the bank’s cross-border strategy. Hanh will succeed Michele Wee, who has made significant contributions to the bank during her tenure. Under Michele’s leadership, Standard Chartered Bank Vietnam saw robust growth and strengthened its focus on sustainability, diversity, and inclusion. Michele also worked closely with government bodies to support Vietnam’s goal of net-zero emissions by 2050. She was also instrumental in bringing the first Standard Chartered Marathon to Hanoi in November this year. Patrick Lee, CEO of Singapore and ASEAN at Standard Chartered Bank, said, “Vietnam is a dynamic and important market for the region and plays a key role in Standard Chartered’s cross-border strategy. We remain optimistic about its long-term development. Our Vietnam franchise has delivered growth and made huge strides in advancing sustainability and our position as a top international bank over the last 120 years here. I would like to thank Michele for her excellent leadership and outstanding contributions. Together with the local management, Hanh has our fullest support and I look forward to the bank’s continued success in Vietnam under her leadership.”–VIETNAM INVESTMENT REVIEW

KUALA LUMPUR: AFFIN Group (“the Group”) unveiled AFFIN DIVENTIUM Private Banking, offering bespoke wealth management solutions and financial advisory services tailored for Ultra-High-Net-Worth Individuals (UHNWI) and their businesses. AFFIN DIVENTIUM is designed for individuals with investable assets of RM2 million or more. Key Value Propositions of AFFIN DIVENTIUM Private Banking include: Personalised Private Banking Client Services: A dedicated Private Wealth Management team providing confidential financial planning and advisory services. Solutions for Business Aspirations: Comprehensive corporate advisory services, including support for mergers and acquisitions, debt and fundraising, corporate restructuring, and facilitation of cross-border transactions. Curated Private Banking Financial Solutions: A broad range of tailored financial products, including preferential rates on various banking services. Tailored Investment Portfolio Analysis: Customised investment strategies aligned with clients’ risk tolerance, financial goals, and investment horizons, developed by a dedicated team of experts. Engage, Indulge, and Relish: Exclusive access to private events, luxury brand collaborations, and invitation-only seminars, fostering valuable connections among elite clientele. Official Photo of AFFIN DIVENTIUM Private Banking   Datuk Wan Razly Abdullah, President & Group Chief Executive Officer of Affin Bank Berhad, highlighted the strategic importance of this launch. “AFFIN DIVENTIUM Private Banking represents more than just a new segment; it is a quantum shift in how we approach private banking. We are crafting experiences that resonate with the unique aspirations of our Ultra-High-Net-Worth clients, including their businesses.” In addition, the Group introduced Luxurious Asset Financing, providing clients with access to premium options for acquiring and managing high-value assets, such as yachts, with ease and flexibility. AFFIN Group offers a comprehensive suite of financial solutions for individual, enterprise, commercial, and corporate clients, ensuring all wealth management needs are met. This holistic strategy spans from day-to-day banking and investment management to sophisticated corporate banking services and long-term financial planning.

SINGAPORE: Temasek Foundation on Thursday (Sep 5) announced the appointment of Ms Jennie Chua as its new chairman. Her appointment took effect on Sep 1. Ms Chua succeeds Mr Benny Lim, who served as the organisation’s chairman for the past four years. Temasek Foundation said Mr Lim provided oversight in guiding the organisation’s “strategic transformation” during his tenure. “Together with the board, he also steered the organisation through its COVID-19 initiatives, complementing other nationwide efforts in building resilience against the pandemic and supporting Singaporeans in staying safe.” WEALTH OF EXPERIENCE Temasek Foundation said Ms Chua brings with her a “wealth of experience”, having served at the foundation since its beginnings in 2007. “As we welcome Ms Jennie Chua into this role, we look forward to an exciting new chapter of growth for the organisation.” Ms Chua is a former CEO of Raffles Holdings and Ascott Group, and previously served as chief corporate officer for CapitaLand. She was also chairman of the Community Chest of Singapore and is now its adviser, according to her entry on the Singapore Women’s Hall of Fame website. Ms Chua has been conferred several National Day Awards, the most recent being the Distinguished Service Order this year. She also received the Public Service Medal in 2004, Public Service Star in 2008 and Meritorious Service Medal in 2014. According to the Singapore Women’s Hall of Fame, she sits on the board of several companies and organisations including the Alexandra Health System and the Singapore Film Commission.–CNA

PETALING JAYA: As anticipated, Bank Negara has kept its overnight policy rate (OPR) unchanged at 3% after its fifth Monetary Policy Committee or MPC of 2024 meeting yesterday, pointing out that its policy stance remains supportive of the economy. On top of that, the central bank emphasised that the OPR level is also consistent with the current assessment of inflation and growth prospects, as it continues to keep its eye on ongoing developments relating to domestic inflation and growth trajectories going into 2025. Looking ahead, Bank Negara commented that the latest indicators pointed towards sustained strength in economic activity, driven by resilient domestic expenditure and higher export activity. “Going forward, exports are expected to be further lifted by the global technology upcycle, given Malaysia’s position in the semiconductor supply chain, as well as continued strength in non-electrical and electronic (E&E) goods,” it said. Besides that, it said tourist spending is expected to continue to increase, and employment and wage growth as well as policy measures remain supportive of household spending. At the same time, the regulator predicted that robust expansion in investment activity would be sustained by the progress of multi-year projects in both the private and public sectors, the implementation of catalytic initiatives under the national master plans, as well as the higher realisation of approved investments. Explaining matters from a bigger picture perspective, Bank Muamalat (M) Bhd chief economist Mohd Afzanizam Abdul Rashid believes that keeping the OPR steady is the correct move at the current juncture. He mentioned that this was because the central bank’s decision was primarily driven by domestic factors, outlining inflation dynamics as a component to keep an eye on. With subsidy rationalisation of the RON95 fuel still being held back, Afzanizam said: “Since petroleum accounts for 5.5% of the total consumer price index (CPI) weight as compared to diesel’s 0.2%, the changes in RON95 is expected to have greater impact on inflation.” Given that Malaysia has continued to chart strong growth in the second quarter of 2024 (2Q24) and the trend is likely to continue into the latter half of the year, he cautioned that the impression is that the balance of risks for inflation is tilted to the upside. “For now, the domestic factors have been quite favourable and the inflows of foreign funds into our capital market suggest that market confidence would translate into an appreciation of the ringgit as well as improved sentiment among businesses and households,” said the economist. Earlier in the week, economists Julia Goh of UOB Global Economics and Markets Research and Prof Geoffrey Williams had both voiced their support for Bank Negara’s “balanced” policy, with the former believing the OPR rate would provide further support for the local currency. Williams, meanwhile, had advocated for a steady monetary policy in the present environment, saying it was unnecessary at this point in time to effect a change in rates. He said inflation was hovering within the expected range in the midst of a growing economy, while the financial sector has also remained sound, before cautioning that a lowering of the OPR may rewiden the interest rate differentials to the detriment of the ringgit’s recent strengthening. Concurrently, Bank Negara reported that the higher intermediate and capital imports will further support export and investment activity. Elaborating on inflation, it said spillover effects from the diesel price adjustment to broader prices have been contained, given effective mitigation and enforcement measures to minimise the cost impact on businesses. “For the year as a whole, average headline and core inflation are expected to remain within the earlier projected ranges and are unlikely to exceed 3%,” it added. Externally, the central bank said global growth is expected to be sustained by positive labour market conditions, moderating inflation and less restrictive monetary policy. Global trade recovery is expected to continue, supported by both E&E as well as non-E&E products, although it remains subject to downside risks, mainly from further escalation of geopolitical tensions, volatility in global financial markets, and slower growth momentum in major economies, said Bank Negara.–THE STAR