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KUALA LUMPUR: The KL Wellness City is well-positioned to be the regional wellness epicentre and to attract medical tourists globally. Apart from offering global-class medical services, KL Wellness City also aims to advocate, promote, encourage, and invite three other components of medical practices, namely alternative and integrative medicine, to set up clinics within the 26.5-acre township. KL Wellness City director for branding, sales and marketing Datuk Sri Dr Vincent Tiew said the township will host total modern and complementary medicine practices. “It’s called traditional and complementary medicine (T&CM), a big department in the Ministry of Health. “T&CM includes traditional Chinese medicine (TCM), traditional Indian medicine practices such as ayurvedics, and Malay and Balinese practices. “Apart from our international tertiary hospital in KL Wellness City, poised to be among the top three in Southeast Asia, we will also have T&CM components in the township,” he told The Exchange Asia. Tiew said the international tertiary hospital in KL Wellness City invites and encourages other components of medical and medicine practices and healthcare specialists to come and set up their clinics. “We are building the commercial component, The Nobel Healthcare Park @ KL Wellness City , right next to our hospital, which has 22 operating theatres. “Nobel Healthcare Park allows doctors, surgeons, specialists to privately own clinics. Here, they will own the clinics because, generally, 90 per cent of the doctors now in all the private hospitals can only rent the room or the clinic; they do not own the clinic,” Tiew said. Elaborating further, Tiew said KL Wellness City development completed phase one, targeted to Malaysian doctors. “Phase two also targets Malaysian doctors. In particular, our target is specialist doctors. So, with the specialist doctors, we wanted the community, the medical doctors themselves, to set up and run their clinics within our township,” he said. “At this juncture, we are not targeting foreign doctors. However, in the last year, we have had a lot of enquiries from doctors from Singapore and Australia,” he said. Tiew also said Malaysia’s healthcare tourism industry is booming, and KL Wellness City wants to be a major player. He said that with cutting-edge technology, world-class facilities, and a focus on patient care, KL Wellness City is becoming a major player in the global health and wellness tourism market. KL Wellness City, launched in June last year, is an RM11 billion gross development value project covering 26.49 acres in Bukit Jalil. The development is designed to be a one-stop township for health and well-being. It will have a 12-storey international-class hospital, specialist clinics, labs for developing new treatments, facilities for researching new medical ideas, office buildings for healthcare companies, a place for retirees to live, and much more. The world-class medical and wellness hub to cater to domestic and international healthcare and medical services will feature centres of excellence across areas, including cardiology, spine health, neuro health, sports medicine, cosmetic surgery, and fertility. The development will also include assisted living apartments and a large park in the centre for exercise and recreational activities. The township will host 55 retail suites and 50,000 sq ft of business suites, while the healthcare park houses 379 medical suites. With Internet of Things (IoT) integration, Tiew previously said that the KL Wellness City KLWC is designed to be IoT-ready and is committed to connectivity. He said the township enhances the patient-centric experience for local and international healthcare tourists and aligns with the Ministry of Health’s vision for a digitally transformed healthcare system. Construction for the KL International Hospital (KLIH) and Nobel Healthcare Park has reached a significant milestone, with all groundwork—earthwork, piling, and substructure completed. This paves the way for the exciting commencement of KLIH’s superstructure works in the second quarter of 2024. This rapid progress signifies KLWC’s commitment to propelling Malaysia’s healthcare tourism industry. The company aims to capture a significant share of the projected RM1.7 billion revenue in 2024.

KUALA LUMPUR: Habib Jewels Sdn Bhd, a name synonymous with heritage and luxury, is on a mission to put Malaysia on the stronger global stage to ensure that each jewellery creation is worthy of any international standards.   The homegrown jeweller, established 66 years ago in Malaysia, aims to instil a sense of national pride among Malaysians while appealing to a global audience. Habib Group executive chairman Datuk Sri Meer Sadik Habib said the company is also shifting the stereotype of homegrown products and promoting Malaysian identity globally. “We have a strong Malaysian element in everything we do because we are proud to be a Malaysian brand. “We want to be a brand that Malaysians will be proud of first, and then we want to put Malaysia on the map of the world with our culture and tradition weaved into our products. We are working on this,” Meer Sadik told The Exchange Asia in an exclusive interview. In differentiating its approach, Habib Jewels prioritise several key elements, namely, quality and creativity, and ensures that every aspect of its products and designs reflects the pinnacle of global standards. “One of our milestones was initiating the production of designs unique to the world. “In terms of differentiation, our focus on diamonds as an investment stands out, particularly with certified diamonds that retain substantial value, providing customers with a viable asset,” Meer Sadik said. Touching on the local perception of Malaysian-made products, Meer Sadik said the challenge is to change people’s mindsets about local products. “People think Malaysian brands are not good enough. It’s the mindset set. They believe international brands are better and local brands are below average. “What we are doing now is changing that mindset. We want to be a brand that Malaysians can be proud of and accept worldwide,” he said. Habib Jewels has achieved international acclaim, earning the trust of esteemed brands that have selected the brand as their exclusive distributor or collaborator. These notable partnerships encompass Pandora, recognised for its customisable charm jewellery from Denmark, Stephen Webster, a prominent London-based jewellery brand, and Ice-Watch, an affordable luxury watch brand from Belgium. In addition to the jewellery business, Habib Group is involved in various other businesses, such as Islamic pawn-broking Ar-Rahnu and Chantique, which provide customers with well-maintained antique and pre-owned jewellery. The group has also invested in real estate, hospitality, and food and beverage businesses. Moving on, Meer Sadik expects the gold price to be strong throughout this year. “For the last few years, most countries have created a lot of debt, which has created inflation. And the best hedge against inflation is gold, so people buy gold. “The gold price has not increased significantly in the past few years due to high interest rates in the United States; however, there are talks of impending interest rate reductions, which may prompt an increase in gold prices,” Meer Sadik said. He said Habib Group anticipates a potential increase in gold prices as rates decrease, depending primarily on the movement of interest rates in the US. “Additionally, fluctuations in the ringgit’s value, which may strengthen if US interest rates decline, could further influence the balance of gold pricing,” he said. Meer Sadik also calls on the government not to impose a luxury tax on jewellery, as many Malaysians, including those in the B40 and M40 income brackets, opt to purchase gold as a means of savings. He said a significant portion of the population also does not have bank accounts, and they buy gold and gold jewellery as a form of investment when they have surplus funds. “I sincerely hope there won’t be any tax implementations on jewellery,” Meer Sadik said He said that a few years ago, when the option to withdraw funds from the EPF was announced, there was a noticeable surge in gold purchases, particularly among the B40 and M40 groups. “While I fully endorse the government’s consideration of imposing taxes for the T20 group, ensuring minimal impact on the B40, our observations reveal a substantial number of B40 individuals, including those in the M40 category, engaging in jewellery purchases, notably gold. “So, whether or not taxes are implemented will determine what happens next. Without taxes, people will probably buy jewellery, especially gold,” Meer Sadik said. Habib Jewels will continue to be present at strategic places and are looking to open a few branches this year. Meer Sadik said an outlet in Tun Razak Exchange (TRX) was recently opened, and the company plans to open another outlet in Menara 118. “We are also assessing our expansion plans, focusing on broader international growth this year. We are venturing beyond Malaysia into various regional destinations within Southeast Asia. “We are looking at Singapore and Indonesia initially, and potentially the Philippines later on,” Meer Sadik said. He said Habib Jewels is not just about profit and loss. “That is the last thing that we look at. We want to make a significant difference in the lives of people. “We are in this business started by my late father. It is because of what he wanted—to be in the business of ‘happiness’. So that is something that we strive for,” Meer Sadik said.

KUALA LUMPUR: The ringgit opened lower against the US Dollar on Tuesday due to a lack of buying interest. Cautious sentiment continues to surround the Bank of Japan’s (BoJ) monetary policy decisions. At 9:15 am, the ringgit depreciated to 4.7225/7265 against the US Dollar from 4.7165/7195 on Monday. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said market participants will focus on the BoJ’s monetary policy decisions today. He said there are expectations that the Japanese central bank will end its negative interest rate policy and yield curve control. Furthermore, he said market participants will monitor the Federal Open Market Committee (FOMC) meeting of the United States starting today and ending tomorrow. Therefore, the ringgit is expected to remain low due to cautious trading sentiment, he told Bernama. “However, positive data from China yesterday provided hope that the world’s second-largest economy will gain traction following various economic and monetary stimuli,” he said. The ringgit traded mostly lower against a basket of major currencies. It declined against the Japanese Yen to 3.1631/1660 from 3.1608/1630 on Monday and decreased against the Pound to 6.0070/0121 from 6.0060/0098 yesterday. However, it increased against the Euro to 5.1338/1382 from 5.1400/1433 previously. The local currency remained almost unchanged against the Singapore Dollar at 3.5258/5291 from 3.5253/5278 on Monday and rose against the Philippine Peso to 8.48/8.49 from 8.49/8.50 earlier.

KUALA LUMPUR: National oil company Petroliam Nasional Bhd (Petronas) has defended the selection of Solarvest Energy, a subsidiary of Solarvest Holdings Bhd, for its nationwide solar panel project at over 300 stations. Petronas president and group chief executive officer Tengku Tan Sri Muhammad Taufik said technical standards and deadline-driven outcomes led to its selection for the turnkey contract. Assuring that the company chose a qualified installer for the project, Taufik clarified that while Petronas considered Bumiputera companies recommended by a government agency, none met the specific requirements for this project. He indicated Petronas is looking into ways to involve smaller, potentially combined firms (consortia) in future contracts. Taufik downplayed reports suggesting the contract value is in the hundreds of millions, stating it is a much smaller sum. To recap, Solarvest Energy was selected by Petronas’ unit Gentari Renewables to install solar panels at Petronas stations, with an aim to complete the project by 2027. The project starts in April this year and will equip over 300 stations with a total solar capacity of 5.4 megawatt peak (MWp). Previously, the Malay Chamber of Commerce Malaysia had questioned Petronas’ commitment to supporting Bumiputera businesses in awarding this contract.

TOKYO: Nissan Motor is considering seeking a business partnership with Honda Motor on key components for electric vehicles to cut production costs, three people familiar with the matter at Nissan said. The potential partnership with domestic rival Honda could help Nissan gain economies of scale in producing EVs, which is crucial for Japanese automakers as they face heavy competition from China’s BYD, Tesla and other electric vehicle makers. The sources, who declined to be identified as the matter is still private, said Nissan and Honda are yet to formally start discussions, with the scope of the partnership undecided. A Nissan spokesperson declined to comment. A Honda spokesperson said there was nothing the company could say. Another source said the idea of collaboration emerged between the chief executives of the companies. Nissan is considering partnering with Honda on key EV parts, as well “kei car” – boxy vehicles that are smaller and less powerful than regular cars, primarily made for the domestic market. The partnership could extend to overseas businesses, but that would affect Honda’s existing collaboration with General Motors, according to two of the sources. Nissan’s pursuit of a partnership was first reported by TV Tokyo. The Nikkei newspaper has reported specific measures could include the introduction of a common powertrain, joint procurement and development of a common platform. A source at Honda said a potential partnership with Nissan is one of many possibilities the company is considering, but there are many agenda that need to be sorted out for it to proceed with a new tie-up. Honda is aiming to increase its ratio of electric vehicles and fuel cell vehicles to 100% of all sales by 2040. Nissan already cooperates with Renault on EVs, mainly in Europe. The next Nissan electric Micra will share the same architecture as the new Renault Five and be built in the same plant in northern France. Nissan has also committed to invest up to 600 million euros ($653 million) in Renault’s new electric vehicle entity Ampere. But the two firms last year reduced the scope of a years-long alliance to allow for a more agile partnership, and Renault has since signed agreements with new partners such as China’s Geely.

KUALA LUMPUR: Malaysia’s retirement savings fund, the Employees Provident Fund (EPF), is allocating up to RM250 million to Gobi Partners to boost mid-sized domestic companies with high growth potential. The investments will target several key areas, namely healthcare for the elderly, improvements in food production, making financial services more accessible, promoting sustainable practices like clean energy, enhancing education quality, and social infrastructure development. EPF said these align with its overall strategic goals and may include additional promising sectors in the future. EPF chief executive officer Ahmad Zulqarnain Onn said the agency is committed to participating in the growth journey of high-potential companies in Malaysia as it aligns strategy with developing an inclusive social protection ecosystem. “This commitment was mandated to cater to several strategic investment themes, including healthcare, with a specific focus on aged care and the silver economy. “It reflects the EPF’s recognition of the importance of addressing the needs of an ageing population. “In the long run, we hope this effort contributes to building a resilient society that is resilient to economic and social challenges while delivering profitable returns for our members,” he said in a statement. This move also aligns with the Malaysian government’s Madani Economy Framework, where the EPF wants to work alongside other government-backed investment firms (GLICs) to help young startups get established. Gobi Partners is a well-established venture capital firm across Asia. The EPF, already the biggest investor in Malaysia with over RM702 billion in assets under management as of December 2023, is taking this step to strengthen the domestic market further. Both companies will look to fill funding gaps for these early-stage companies, which will benefit the companies’ growth and generate good returns for the EPF, considering the potential risks involved. This commitment reflects the EPF’s ongoing efforts to provide social security through strategic investments in promising Malaysian mid-sized companies. “Gobi Partners is proud to stand alongside the EPF in this significant commitment to the growth of mid-to-growth-stage companies in Malaysia. “Our strategic focus on the six key themes underscores our dedication to driving innovation and creating lasting socio-economic impact,” Gobi Partners co-founder and chairperson Thomas G Tsao said.

KUCHING: The current boycott stance by Malaysians and other global citizens to spurn American brands such as McDonald’s, Burger King, and Starbucks, as well as other brands like Nestle’s Milo and Nescafe, which are deemed to be products exported from pro-Israel countries, will certainly exact economic repercussions on such brands. However, there is a misconception among consumers who are participating in this call to boycott these popular brands in light of the current Israeli-Hamas conflict in the Middle East, according to a renowned local economist. Speaking to The Exchange Asia, Dato Dr Madeline Berma said, “Consumers boycotting these brands are not aware that while their action will cause a deficit and hurt the brands that are being given the snub, it will be Palestine as a nation, and Palestinians as a people, who will bear the heavy brunt of this boycott action, more than Israel itself.” The Senior Fellow of Institut Masa Depan Malaysia, quoting a 2015 report by the global policy think tank Rand Corporation, said: “Boycott, divestment, and sanctions (BDS) and other related financial and trade sanctions against Israel, had resulted in a cumulative reduction of around US$15 billion in Israel’s gross domestic product (GDP) over 10 years. “This represents about three per cent of Israel’s annual GDP, over US$500 billion. It was further reported that in Palestine, the BDS led to increased trade and transaction costs and a reduction in Palestinians working in Israel. “This, in turn, caused a US$2.4 billion decrease in Palestine’s GDP, with a per capita GDP decrease of 12 per cent, which is 3.5 times greater than the decrease experienced by Israel. The BDS has reduced economic opportunities in Palestine and inflicted more harm on the Palestinians than serve a good cause to the politically- and economically-challenged nation,” she added. Madeline said that at the policy level, boycotts can result in economic pressure on the targeted companies, driving them to formulate a policy commitment and modify practices in response to such coercion. According to her, boycotts can also impact on brand image. “Brands rely heavily on their image and reputation. Customers’ anger and hatred towards the brand create a lot of negative publicity against the targeted companies. They cause the most damage to relationships between customers and companies, weakening brand strength and impacting profits,” she said. On the continued corporate performance of a company whose products were given the cold shoulder by consumers, she said: “For targeted companies like Mcdonald’s and Starbucks,  such boycotts can have detrimental effects on corporate performance, particularly in terms of sales, brand image, reputation, and stakeholder relationships.” Madeline pointed out that boycotts can lead to a noticeable drop in a brand’s revenue, making it a direct and impactful way to hold companies accountable for their beliefs, political stance, and subsequent actions. She said that during a boycott, a country can suffer economic losses. “Boycotting can lead to job losses, especially for Malaysian employees who do not influence a brand’s actions. Malaysians can boycott to their ‘own disadvantage’ since such companies provide employment and are the largest tax-contributing sector to the national economy. She added, “These multinational chains also buy local, and therefore, local industries will also be affected by such boycott actions.”

KUALA LUMPUR: Long haul budget carrier AirAsia X Bhd signed a memorandum of understanding (MoU) with Kazakhstan Tourism for strategic collaboration. The MoU encompasses greater commercial collaboration and partnerships between the airline and the organisation to promote tourism between Kazakhstan and Malaysia, create new business opportunities, develop joint sales and marketing campaigns, and boost both countries’ economies through tourism. As a strategic partner, AirAsia will not only fly travellers from Malaysia and other Southeast Asian countries to Almaty but also connect travellers from Almaty to 130 destinations across the region via Kuala Lumpur. The airline is also looking to extend Malaysian and Kazakh tourism product promotion across the region through conferences, travel marts, and other exciting events. The MoU was signed by AirAsia X chief executive officer Benyamin Ismail and Kazakhstan Tourism chairman Kairat Sadvakassov and witnessed by the ambassador of Malaysia to Kazakhstan Mohd Adli Abdullah and Capital A executive chairman Datuk Kamarudin Meranun. Representatives from Almaty Airport, the Civil Aviation Authority of Kazakhstan, and other key industry players were also in attendance. “This strategic alliance is a significant leap for Malaysia and Kazakhstan. It is about enhancing travel experiences and bolstering our economies. This partnership opens up more opportunities for travellers, leading to growth for both nations. “Our competitive fares stimulate air travel wherever we fly, contributing to the tourism sector, a major engine for job creation and a driving force for economic growth,” Benyamin said in a statement. He said the high load factor on both legs of AirAsia X’s inaugural flights indicates strong demand for the route and reflects positively on its capability to penetrate new markets. “This bodes well for future growth and expansion opportunities in the region, boosting our opportunities in various sectors between Malaysia, Kazakhstan, and the Southeast Asian region. We are excited to see the positive changes it will bring to Malaysia and Kazakhstan,” he said. Sadvakassov said AirAsia’s entry into the Kazakhstan market is important for the country and the entire Central Asian region. He said Kazakhstan, like the gates and the Heart of Central Asia, provides access to numerous attractions in our region. “We hope the cooperation with AirAsia X will be fruitful and contribute to significant trade, commercial, cultural, and educational exchanges. Additionally, we believe that cooperation between our countries will create new job opportunities and play a significant role in our nation’s economic growth,” he said. Striving to promote tourism in both directions, AirAsia X has launched flights between Kuala Lumpur and Almaty, as well as Almaty and Kuala Lumpur, with a frequency of 4 times a week. The planes will operate every Tuesday, Thursday, Saturday, and Sunday.

KUALA LUMPUR: Techbase Industries Bhd’s (TIB) wholly-owned subsidiary Honsin Apparel Sdn Bhd (HASB), has filed a suit against the major shareholder of South Malaysia Industries Bhd (SMI) and Asian Pac Holdings Bhd for its management practices. In a statement, HASB expressed disappointment with the current SMI board for persistent losses since 2019. Further, given the company’s financial performance, the substantial increase in director fees for the financial year ending June 30, 2023, is disproportionate. HASB noted that this concern follows SMI’s recent announcement of filing a judicial review against the Securities Commission Malaysia (SC). HASB is also particularly troubled by SMI’s prolonged delay in convening an annual general meeting (AGM), which has persisted for 21 months without any public explanations to SMI’s shareholders. “This departure from the customary 12-month AGM timeline raises serious questions about SMI’s management’s transparency and accountability. “We are profoundly disappointed with the actions of the current SMI board. Their focus and priorities appear to be starkly misaligned with the interests of the shareholders. “Certain decisions seem to lack transparency instead of fostering the company’s advancement. “We hope no further delay of the AGM,” HASB spokesperson said in the statement. The company said the actions of SMI’s directors, which undermine shareholders’ rights and erode confidence in the company’s governance, could have profound implications on foreign investment confidence in Malaysia. Investors keenly observe corporate governance standards in public-listed companies, and any deviations from these standards can significantly impact investor sentiment, HASB noted. Moreover, there is a pressing concern that the incumbent SMI directors have failed in their fiduciary duties by persistently delaying the AGM, thereby obstructing shareholder engagement and oversight, without demonstrating any tangible efforts to address SMI’s ongoing financial losses. Note that HASB had previously won a case calling for an extraordinary general meeting (EGM). However, SMI has applied for a stay on the judgment, further delaying the EGM. Additionally, SMI has applied to the Companies Commission of Malaysia (SSM) for a delay in holding the AGM without providing any reasons to the shareholders. HASB and HIQ Media Malaysia Sdn Bhd (HMM) have filed a suit against Mah Sau Cheong and 15 others. To note, HASB and HMM collectively own a 10.01 per cent stake in the loss-making SMI. SMI’s ownership is spread among various owners, with BH Builders Sdn Bhd owning the largest portion, or 9.31 percent. This company is fully owned by Asian Pac Holdings Bhd, another property developer listed on the main market of Bursa Malaysia. “We urge all shareholders to attend and vote in the upcoming AGM to exercise their shareholder rights and express their views on the company’s management. “We must stand together to ensure transparency, accountability, and good governance in SMI,” added HASB spokesperson. HASB remains committed to advocating for the rights of shareholders and the betterment of SMI.