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SINGAPORE: Great Eastern will get a new Group CEO in November, with the appointment of Mr Greg Hingston. He will assume the role on Nov 1, succeeding Mr Khor Hock Seng who retires on Oct 31. Mr Hingston has worked in Asia for over 20 years, based in Hong Kong, the company in a statement on Wednesday (Aug 28). He spent the last 18 years with HSBC. “During this time, Mr Hingston has held various senior executive management positions across retail banking, wealth management and life insurance, including managing wealth and personal banking businesses in Hong Kong and for the Asia Pacific region,” Great Eastern said. In his most recent role as CEO of HSBC’s global insurance and partnerships, he was “primarily responsible for setting the strategy, managing and growing the life insurance businesses of the HSBC Group”. Mr Hingston was selected after a wide-ranging search that looked at internal candidates as well as those within and outside Singapore. Great Eastern’s nominating committee and its board selected Mr Hingston from a final shortlist that was put together after a “rigorous and extensive” process. Mr Hingston was found to be the most suitable candidate for the role given the company’s strategy to grow and expand beyond its core markets of Singapore and Malaysia, read the statement. Helen Wong, director of Great Eastern Holdings and Group CEO of OCBC, said Mr Hingston’s experience in both wealth and insurance will be helpful in “fostering synergy and collaboration between OCBC and Great Eastern Group under OCBC’s One Group approach”. OCBC in May announced a S$1.4 billion offer to buy the remaining stake in insurer Great Eastern Holdings, intending to delist the company. The takeover offer closed on Jul 12, with the bank holding more than 93 per cent of the company. Mr Khor retires from Great Eastern after serving as Group CEO for nine years. He will be an adviser to the board to assist with the transition for a period of six months. “Under Mr Khor’s stewardship, Great Eastern Group’s total assets grew steadily from S$65.8 billion (US$50.5 billion) as at end-2015 to S$109 billion as at end-2023,” said the company. “Over the same period, significant growth was also experienced in Great Eastern Group’s financial performance such as gross premiums and total weighted new sales.”–CNA

BEIJING: Leading Chinese automaker BYD posted on Wednesday (Aug 28) a 24.4 per cent rise in net profit for the first half of 2024, boosted by continuing strong demand for electric cars in its home and overseas markets. The company posted a net profit of US$1.91 billion in the January-June period, up from US$1.54 billion in the same period last year, according to results published at the Hong Kong Stock Exchange where BYD is listed. The firm said sales during the period stood at US$42.3 billion, up 15.8 per cent year-on-year. The Shenzhen-based company – which adopts the English slogan “Build Your Dreams” – is the most prominent EV manufacturer in China, the world’s largest automotive market. Leaders in Beijing are aiming for car sales to be mainly made up of electric and hybrid models by 2035. In July, such vehicles accounted for more than half of all domestic sales, passing the threshold for the first time, according to the Chinese Association of Automobile Manufacturers. Generous government subsidies initially helped sales take off – but the policies were phased out in late 2022 and the market now appears to be reaching maturity. Local EV firms have since been locked in a cut-throat price war as they fight to remain competitive, weighing on their profitability. BYD has “effectively dealt with challenges brought by intensified industrial competition”, it said in the filing. OVERSEAS CHALLENGES BYD and other Chinese EV giants have accelerated overseas expansion in recent years, despite concerns in Western countries that local markets will become flooded with imports at prices they view as artificially low. The European Union has alleged that Beijing’s automotive subsidies have given Chinese firms an unfair leg up in foreign markets, distorting competition and harming the competitiveness of European automakers. Earlier this month, Brussels released a draft plan to impose tariffs of up to 36.3 per cent on Chinese EVs – a measure that will become permanent in October unless a deal is reached with Beijing. The United States said in May that it would significantly raise customs duties on Chinese EVs to 100 per cent. Canada also announced a 100 per cent tariff on Monday, accusing China of “not playing by the same rules as other countries” in areas such as environmental and labour standards. BYD has nonetheless been ramping up globalisation efforts, with plans to open factories in Hungary and Turkey. Originally specialising in the design and production of batteries, BYD diversified into the automotive industry in 2003.

KUALA LUMPUR: The Employees Provident Fund (EPF) has appointed Tan Sri Mohd Zuki Ali as its new chairman, effective Sept 1, 2024. Mohd Zuki, previously the 15th chief secretary to the government, will be taking over from Tan Sri Ahmad Badri Mohd Zahir, who has held the post since May 1, 2020, the EPF said in a statement today. “The EPF board extends its heartfelt appreciation to Ahmad Badri for his exemplary leadership and significant contributions. “At the same time, the board would like to welcome and congratulate Mohd Zuki, whose extensive experience in the government sector and strategic direction will continue to drive the EPF to greater heights,” it said–The Sun

KUALA LUMPUR: Bank Negara has appointed Datuk Yogeesvaran Kumaraguru as an external member of the Monetary Policy Committee (MPC). In a statement, the central bank said the appointment is for a two-year term, effective Sept 1, 2024. “An accomplished economist, Datuk Yogeesvaran Kumaraguru had 27 years of experience in the Economic Planning Unit before joining the Ministry of Plantation Industries and Commodities as Secretary General in 2017. “During his tenure at EPU, he was involved in the formulation of several Malaysia Plans and was a member of the National Economic Action Council Secretariat. Bank Negara said Yogeesvaran has also served as a consultant on economic matters to the World Bank and the United Nations. Commenting on the appointment, Bank Negara Governor Datuk Seri Abdul Rasheed Ghaffour said Yogeesvaran’s insights and experience in the field of economics and policymaking will be beneficial to the MPC’s discussions and deliberations. Under the Central Bank of Malaysia Act 2009 (CBA), the MPC is responsible for formulating monetary policy and deciding on policies for the conduct of monetary policy operations. The CBA also sets out the process for appointing members to the MPC. The MPC’s members comprise Abdul Rasheed, Deputy Governor Datuk Jessica Chew Cheng Lian, Deputy Governor Datuk Marzunisham Omar, Deputy Governor Adnan Zaylani Mohamad Zahid, Assistant Governor Dr Norhana Endut, Assistant Governor Mohd Fraziali Ismail, Assistant Governor Mohamad Ali Iqbal Abdul Khalid (effective Sept 1), external members Lim Chee Sing and Nor Zahidi Alias, as well as Yogeesvaran.–The Star

SEPANG: Capital A Bhd is open to collaborating with Malaysia Airlines (MAS) to provide in-flight meals via its food and beverage catering subsidiary Santan Food Sdn Bhd. Chief executive officer (CEO) Tan Sri Tony Fernandes said he had met MAS executive director Datuk Izham Ismail and Santan CEO Catherine Goh on the suggestion recently. “Malaysia Airlines has moved forward with other caterers – but who knows maybe it will consider our zero-sugar option one day. “We dare to dream of working with Malaysia Airlines one day,” he told a press conference at the launch of Club Zero here yesterday. Santan launched its Club Zero campaign intending to promote less sugar consumption. Health Minister Datuk Seri Dr Dzulkefly Ahmad, who launched the campaign, said the ministry is looking at more approaches towards its “War on Sugar” initiative, including the sugar-sweetened beverage (SSB) tax. In January, the Health Ministry announced an increase in SSB tax by 20% to 50 sen per litre from 40 sen per litre. The SSB tax applies to ready-to-drink packaged sweetened beverages, including drinks with more than 5g of sugar per 100 millilitres and fruit or vegetable juices with over 12g of sugar per 100 millilitres. When asked whether the tax would be expanded to other items, Dzulkefly said the ministry has yet to decide on the option. He said the ministry is considering imposing a tax on sweetened beverages prepared on-site in cafes and restaurants. “That is in our planning, but as of now, I am not able to reveal anything yet. “There will be more to come and we have some very good approaches for our ‘War on Sugar’ plans. “We will disclose and unveil this once the time is right,” he added. On a positive note, he said sugar consumption had seen a decrease following the implementation of the SSB. The Club Zero initiative represents Santan’s ongoing efforts to align with the health-conscious preference of consumers as well improving public health through innovative product offerings and strategic partnerships. “The launch of Club Zero is a significant step forward in our collective effort to reduce sugar intake and encourage healthier eating habits among Malaysians. “I hope more brands will follow suit and offer healthier options to customers,” Dzulkefly added. Meanwhile, Goh said the group is proud to lead the way by providing healthier choices to its customers considering the significant public health issue of diabetes in the country. “Our goal is really to spark positive changes in people’s lives and our core message is simple. “We strive to motivate consumers to understand that products with less sugar can still taste great, inspiring confidence, all while encouraging consumers to adopt less sugar products,” she stated. Santan had collaborated with Tealive, fully owned by Loob Holding Sdn Bhd, as well as Secret Recipe. Santan offers a zero-sugar drink series which includes several beverages. Additionally, Tealive is offering the zero original milk tea with konjac pearl and Secret Recipe is providing its zero chocolate indulgence cake, both with 50% less sugar.–The Star