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KUALA LUMPUR: Nikkiso Clean Energy & Industrial Gases Group (CE&IG), part of Nikkiso Co Ltd’s Industrial division, has appointed Adrian Ridge as its Chief Executive Officer, effective 1 July. According to a statement, Ridge succeeds Peter Wagner, who remains engaged in a board role as Executive Chairman for Nikkiso CE&IG Group. “On behalf of the board, I welcome and congratulate Adrian on his promotion to CEO. He is a proven leader who is engaging at the right time to support Nikkiso CE&IG’s growth to new heights,” said Wagner. Meanwhile, Ridge said, “We have all the right ingredients to be a leader in every market we serve in every region around the world. I am honoured and grateful for this once-in-a-lifetime opportunity.” As CEO, Ridge will drive operational and financial results and prepare the group for future growth. In his role as Executive Chairman, Wagner will focus on driving the vision and long-term strategy of the group in an advisory capacity. Ridge joined Nikkiso CE&IG in 2022 as Executive Vice President of Manufacturing and Operations after working for approximately 30 years at Swedish manufacturing giant Atlas Copco in various global leadership roles. He has a mechanical engineering degree and a Master of Business Administration (MBA) from Durham University in the United Kingdom. Headed by Cryogenic Industries Inc in Southern California, United States, the Nikkiso CE&IG Group is a provider of cryogenic equipment, technologies and applications for clean energy and industrial gas market segments, employing more than 1,600 people in 22 countries. — BERNAMA

SHANGHAI: Cuts to down payment ratios and mortgage rates in Beijing, along with the policy optimisations in some of China’s largest cities, will create a better environment for homebuying sentiment in the second half of the year, help boost market confidence and stabilise the entire property market, say realty experts. After Beijing eased home buying requirements last Wednesday, Shanghai and Guangdong province’s Shenzhen and Guangzhou announced their own comparable policies the following day. The measures will likely drive market demand in accordance with the unparalleled supportive gesture from Chinese authorities on May 17, said Yan Yuejin, director of Shanghai-based E-house China Research and Development Institution. Last Wednesday, the housing, finance and provident fund management authorities of Beijing jointly announced a set of favourable policies for homebuyers. The new measures included lowering the minimum down payment ratio for first-time buyers to 20% from 30%. For buyers of second homes, the ratio is adjusted down to 30% for areas outside Beijing’s Fifth Ring Road and to 35% for areas within. The lower limits for home loan interest rates have also been decreased based on the tenor of the benchmark loan prime rate, according to the notice. “Like all supportive measures, Beijing’s version is hoped to free up potential demand from previous restrictions,” said Li Yujia, chief researcher at the Guangdong Planning Institute’s residential policy research centre. “Particularly for the young generation and people newly settling down in and around the national capital, the lower down payment requirement will greatly encourage them to purchase a home,” said Li. Prior to Beijing, the metropolis of Shanghai, and Shenzhen and Guangzhou had issued policies to boost homebuying. The three cities’ housing markets have seen evident recovery in both new and pre-owned home segments, said Chen Wenjing, director of research with the China Index Academy. Chen said Beijing’s supportive policies have created favourable conditions for potential homebuyers. “The measures have sent positive signals that local authorities are striving to shore up market expectations and create a better environment for trading in the housing market,” said Chen. — China Daily/ANN

KUALA LUMPUR: Bank Negara Malaysia (BNM) may take supervisory actions and impose penalties on violations of regulatory provisions under its supervision following the recent incidents of online banking services outage. Deputy Finance Minister Lim Hui Ying said the appropriate follow-up actions, as provided under the Financial Services Act 2013 (FSA) and the Islamic Financial Services Act 2013 (IFSA), would depend on an assessment of the root cause and impact of the disruptions from the affected institutions. “Regarding the recent incidents of online services outage, BNM has taken immediate actions to instruct the banking institutions involved to determine the root cause of the disruptions and subsequently set appropriate corrective and preventive measures to avoid a recurrence of similar issues. “In addition, the banks have been instructed to communicate with affected customers, including responding immediately to any complaints and inquiries caused by the disruptions,” she said. She was replying to a question from Datuk Seri Wee Ka Siong (BN-Ayer Hitam) about the government’s view on the issue of frequent online services outages by banking institutions and to what extent the government is prepared to impose penalties following recurring disruptions to the detriment of consumers. Furthermore, she said BNM is closely monitoring the situation to ensure that the banking institutions involved restore normal banking services as soon as possible. Under the FSA 2013 and the IFSA 2013, BNM has the authority to impose supervisory and enforcement actions against financial institutions found to be non-compliant with any provision of the relevant policy document. This includes the failure to ensure that critical systems experiencing unplanned downtime and affecting service access to customers do not exceed the maximum tolerable downtime. Meanwhile, in reply to Wee’s Supplementary question about the challenges facing e-payment transactions, Lim said that e-payment transactions are immediate, but for holidays and Sundays, they will be floated until the next business day. — BERNAMA