Agency theory-grounded research on boards of directors and firm legitimacy has historically viewed CEO power as de-legitimating, often taking this fact for granted in theorizing about external assessors' evaluations of a firm. With few exceptions, this literature has focused exclusively on capital market participants (e.g., investors, securities analysts) as the arbiters of a firm's legitimacy and has accordingly assumed that legitimate governance arrangements are those derived from the shareholder-oriented prescriptions of agency theory. We extend this line of research in new ways by arguing that customers also externally assess firm legitimacy, and that firms potentially adjust their governance characteristics to meet customers' norms and expectations. We argue that the cultural-cognitive institutions prevalent in customers' home countries influence their judgments regarding a firm's legitimacy, such that firms competing heavily in high-power distance cultures are more likely to have powerful CEOs, with CEO power a source of legitimacy—rather than illegitimacy—among customers. We also argue that the more dependent a firm is on its customers and the more salient cultural power distance is as a demand-side institutional norm, the greater this relationship will be. Data from 151 U.S. semiconductor and pharmaceutical firms over a 10-year period generally support our predictions.

The law of requisite variety is widely employed in management theorizing, and is linked with core strategy themes such as contingency and fit. We reflect upon requisite variety as an archetypal borrowed concept. We contrast its premises with insights from institutional and commitment literatures, draw propositions that set boundaries to its applicability, and review the ramifications of what we term "complexity misalignment." In this way, we contradict foundational assumptions of the law, problematize adaptation- and survival-centric views of strategizing, and theorize the role of human agency in variously complex regimes.

Growing workforce diversity increases the likelihood that supervisors and subordinates will differ along demographic lines, a situation that has important implications for their relationship quality and individual outcomes. In a sample of 1,253 employees from 54 work-units, we investigate the effects of differences in disability status between supervisors and subordinates on leader-member-exchange (LMX) quality and subsequent performance ratings, and find that incongruence in general is related to lower LMX quality and lower performance. In addition, we propose and find an asymmetrical effect of disability incongruence, such that LMX quality is worse in dyads in which the supervisor has a disability than in dyads in which the subordinate has a disability. Furthermore, we investigate the moderating role of unit-level climate for inclusion on this relationship and find support for a buffering effect of inclusive climates on the negative incongruence-LMX relationship for scenarios in which the supervisor, but not the subordinate, has a disability. We build relevant theory for the relational demography, disability, LMX, and organizational climate literatures by predicting these effects on the basis of status mechanisms. These findings have important practical implications, as they provide companies with a feasible way to manage their diverse workforce.

George Taft, 65, and Ian Catterson, 73, drowned in February last year when MV Biter capsized while assisting a cruise ship.

The tech billionaire joins the incoming administration to "dismantle government bureaucracy" - but what's in it for both of them?

Spain's Civil Protection Agency sent a mass alert to phones warning of an "extreme risk of rainfall".

Under cross-examination on Wednesday, Urfan Sharif unexpectedly said: “She died because of me.”

As if gun rights activists have not had enough winning for one week, with the landslide Trump election win.  Now, a major victory for gun rights advocates has unfolded in Illinois...

PSA Classic 5.56 AR15 Rifle with Carry Handle at the lowest price this year. Now, just $579.99 with FREE shipping to your FFL.

Federal District Judge Stephen P. McGlynn has ordered a permanent injunction against enforcement of the Illinois "assault weapon" and magazine ban on November 8, 2024. The order will probably be appealed to the Seventh Circuit.

IN the recent announcement of the Budget 2025 , the Malaysian government unveiled a substantial enhancement to the i-Saraan programme.

This improvement entails increasing incentives from 15% to 20%, with a maximum annual contribution of RM500.

The primary objective of this initiative is to promote retirement savings among informal workers and individuals with variable incomes, particularly those engaged in the gig economy.

This strategic move is particularly significant in light of Malaysia’s rapidly ageing society and the financial challenges confronting self-employed and gig economy workers.

The gig economy in Malaysia has witnessed significant expansion over the past decade, attracting a substantial portion of the workforce, including young adults and individuals seeking alternative employment arrangements.

While offering flexibility and independence, this sector presents several challenges, particularly regarding financial security and retirement planning.

Gig workers often lack the benefits and protections associated with traditional employment, such as employer-sponsored retirement plans, health insurance and job security, leading to financial instability and hindered ability to save consistently for the future. Recent data underscores the limited participation of gig workers in Malaysia’s Social Security Organisation (Socso), highlighting the neeed for tailored solutions to support this growing segment of the workforce.

As Malaysia’s population ages, the importance of accumulating sufficient retirement savings cannot be overstated. The anticipated rise in healthcare and long-term care costs underscores the essential need for individuals to possess adequate funds to support themselves during their later years.

Many gig workers may struggle to afford necessities and healthcare in old age without proper savings. The i-Saraan programme, administered by the Employees Provident Fund, aims to address this issue by providing a platform for informal workers to save for retirement. The programme offers a government incentive to match a percentage of the contributions made by participants, thereby encouraging more people to save.

The recent increase in incentives for the i-Saraan programme represents a strategic effort to stimulate participation and savings among gig workers. By raising the matching contribution from 15% to 20%, the government aims to enhance the attractiveness and benefits of the programme.

This enhancement implies that for every RM100 contributed by a participant, the government will add RM20, up to a maximum of RM500 annually.

This increase in incentives is expected to yield several positive impacts: higher incentives are likely to attract more gig workers to join the programme, increased participation will assist more individuals in building a financial cushion for their retirement, and more significant savings will encourage participants to contribute more regularly and consistently.

By accumulating more savings, gig workers can attain heightened financial security in their retirement years, reducing their reliance on government assistance and family support.

Malaysia’s ageing population significantly challenges the country’s social and economic systems. With the anticipated increase in the proportion of elderly citizens, there will be heightened demand for healthcare services, long-term care and social support.

Ensuring that all workforce segments, including gig workers, are financially prepared for retirement is imperative.

The i-Saraan programme, with its enhanced incentives, plays a pivotal role in this context. By encouraging gig workers to save for retirement, it will help alleviate some of the pressures associated with an ageing society. This will promote a culture of financial responsibility and long-term planning among informal workers.

While enhancing the i-Saraan programme represents a positive step, additional measures can be taken to support gig workers further.

Enhancing awareness about the i-Saraan programme and its benefits is crucial, as many gig workers may not know how to participate. Targeted campaigns can help bridge this knowledge gap.

Simplifying the process of enrolling in the i-Saraan programme and making contributions will encourage more gig workers to participate.

In addition to the matching contributions, other incentives such as tax breaks or additional government grants can further motivate gig workers to save.

Developing a broader social protection framework encompassing health insurance, unemployment benefits and other safety nets for gig workers will provide a more holistic approach to their financial security.

The increase in incentives represents a commendable initiative addressing the unique challenges that gig workers face in Malaysia.

By enhancing the i-Saraan programme, the government is taking a proactive stance in supporting the financial well-being of gig workers and addressing the broader societal implications of an ageing population.

The writer is a research fellow at the Ungku Aziz Centre for Development Studies, Universiti Malaya. Comments: letters@thesundaily.com

I APPLAUD the government’s plan to introduce targeted subsidies for RON95 petrol as announced in Budget 2025. In the long run, this approach will ensure that subsidies reach those who need them most.

This targeted move means funds can be better spent on essential services such as healthcare, education and infrastructure. It also avoids wasteful spending where the wealthiest and even foreign nationals currently benefit disproportionately from subsidies meant to help the average Malaysian.

However, the communication surrounding this important change has been a complete mess.

Since the announcement, various government figures have given conflicting messages, leaving the public confused and anxious.

For instance, while the prime minister mentioned that around 85% of Malaysians would still benefit from the subsidies, other officials have added confusing layers.

We have Economy Minister Rafizi Ramli suggesting a
two-tier pricing system that differentiates prices based on income, introducing the concept of a “T15” group. Days later, he conceded that the definition of T15 is still in the works.

Transport Minister Anthony Loke further added a suggestion of using MyKad at petrol stations to restrict subsidies to Malaysians only. Treasury Secretary-General Datuk Johan Mahmood Merican then weighed in, saying the government is “considering” a tiered subsidy similar to electricity. So, which is which?

Finance Minister II Datuk Seri Amir Hamzah has asked the public to avoid speculation as the income threshold is still undecided.

With these overlapping, sometimes contradictory statements, Malaysians are left wondering: What exactly is happening? Is there even a clear plan? Or is each ministry proposing its version, leaving the people in limbo?

These confusing signals do more harm than good. They create a sense of uncertainty and give the impression that there is no cohesive approach to implementing an important policy.

A unified, single message
is essential, especially when dealing with subsidies that affect people’s daily lives.

The government must assign a clear project leader to this subsidy reform. Is it the Finance Ministry, the Economy Ministry or the Domestic Trade and Cost of Living Ministry?

Once the lead is determined, all communications should flow directly from this designated ministry to avoid confusion.

A good example of effective communication was seen in the recent diesel subsidy rationalisation.

Information was straight-forward, easy to understand and delivered consistently. People knew what to expect and who to turn to for information.

If the government does not get its act together on communicating the RON95 subsidy reforms, it will only cause anxiety, confusion and distrust.

Getting communications right is not just a matter of public relations – it is crucial for gaining public support and making this beneficial change work smoothly.

Abdul Latiff Abdul Hakim

MOSCOW: Former Russian President Dmitry Medvedev accused European leaders on Tuesday of seeking to dangerously escalate the Ukraine conflict following the re-election of former U.S. President Donald Trump.

Medvedev, a senior security official, wrote on Telegram that European politicians were aiming to “push the conflict with Russia into an irreversible phase” while they could and warned against allowing Kyiv to use Western long-range missiles to fire at targets inside Russia.

Medvedev dismissed what he called “ultimatums” issued by German opposition leader and possible next chancellor Friedrich Merz about Ukraine’s use of such weapons as “electioneering in nature”.

“It is clear that these missiles are not capable of changing anything significantly in the course of military operations”, he said.

French President Emmanuel Macron and British Prime Minister Keir Starmer reaffirmed their support for Kyiv during talks in Paris on Monday, while France’s foreign minister urged Ukraine’s allies not to prejudge how Trump will handle the conflict.

“Generally speaking, it is surprising to what extent the current generation of European politicians wants to drag the war into their territory”, Medvedev said.

Medvedev previously said that Trump’s win would likely be bad news for Ukraine. Trump, a Republican, has repeatedly criticised the scale of Western aid to Kyiv and has promised to end the conflict swiftly, without explaining how.

The Kremlin dismissed on Monday reports that Trump had spoken to Russian President Vladimir Putin in recent days as “pure fiction.”

BERLIN: German Chancellor Olaf Scholz will hold a vote of confidence in parliament on Dec. 16, a source told Reuters on Tuesday, a move that would pave the way for snap elections following the collapse of his three-way governing coalition.

More to follow

WASHINGTON: U.S. President-elect Donald Trump said on Tuesday he has picked Fox News Channel host Pete Hegseth to be secretary of defense, tapping an outsider who has railed against diversity in the military.

“Pete is tough, smart and a true believer in America First,“ Trump said in a statement. “With Pete at the helm, America’s enemies are on notice - Our Military will be Great Again, and America will Never Back Down.”

Hegseth is an Army National Guard veteran and according to his website served in Afghanistan, Iraq, and Guantanamo Bay, Cuba.

Hegseth has said he left the Army in 2021 after being deemed an extremist by an Army that didn't want him anymore.

“The feeling was mutual -- I didn’t want this Army anymore either,“ Hegseth said in his book “The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free.”

There is already anxiety in the Pentagon that Trump aims to root out military officers and career civil servants he perceives to be disloyal.

Culture war issues could be one trigger for firings. Trump was asked by Fox News in June whether he would fire generals described as “woke,“ a term for those focused on racial and social justice but which is used by conservatives to disparage progressive policies.

“At a basic level, do we really want only the woke ‘diverse’ recruits that the Biden administration is curating to be the ones with the guns and the guidons?” Hegseth wrote in “The War on Warriors,“ which was published in June.

“We want those diverse recruits -- pumped full of vaccines and even more poisonous ideologies -- to be sharing a basic training bunk with sane Americans,“ he said.

Trump's former U.S. generals and defense secretaries are among his fiercest critics, with some declaring him unfit for office. Angered, Trump has suggested that his former chairman of the Joint Chiefs of Staff, Mark Milley, could be executed for treason.

MANILA: Former Philippine President Rodrigo Duterte said the International Criminal Court (ICC) should ‘hurry up’ with its probe of his war on drugs, remaining firm in his defence of the brutal campaign as he said the investigation should start immediately.

“I’m asking the ICC to hurry up, and if possible, they can come here and start the investigation tomorrow,“ Duterte said in a congressional inquiry on his war on drugs.

“If I am found guilty, I will go to prison.”

According to police data, more than 6,200 people died in anti-drug operations under Duterte’s presidency, during which police typically said they had killed suspects in self-defence.

Human rights groups believe the real toll to be far greater, with thousands more users and small-time peddlers killed in mysterious circumstances by unknown assailants.

“I assume full responsibility for whatever happened in the actions taken by law enforcement agencies of this country to... stop the serious problem of drugs affecting our people,“ Duterte said.

The ICC last year cleared the way for an investigation to into the thousands of deaths and other suspected rights abuses.

The Philippines withdrew from the ICC in March 2019, when Duterte was president. Appeals judges at the ICC subsequently ruled prosecutors still had jurisdiction over the alleged crimes because they occurred when the Philippines was an ICC member.

TOY manufacturer Mattel have removed thousands of its ‘Wicked’-branded dolls off the shelves after discovering a x-rated printing error on the packaging.

The dolls were made in collaboration with the movie adaptation of the award-winning musical ‘Wicked’, fashioned after the characters.

CNBC reported that the website link printed on the dolls’ packaging lead to a pornographic website instead of the ‘Wicked’ movie adaptation’s official website.

Quoting Mattel’s apology statement, the company stated it was “aware” of a misprint on the doll’s packaging, mainly sold in US, intended to direct consumers to the movie’s landing page.

ALSO READ: M’sian netizens mock local uni for spelling ‘exercise’ as ‘eksesais’ in congratulatory post

“We deeply regret this unfortunate error and are taking immediate action to remedy this. Parents are advised that the misprinted, incorrect website is not appropriate for children,” Mattel was quoted as saying.

The company also advised consumers who have already purchased the dolls with the misprint to throw away the packaging or “obsure”, as quoted, the website link.

Following the misprint revelation, several online retailers across the US have pulled the dolls off their shelves as of Monday (Nov 11).

However, it is unclear if the toy manufacturing company will release the dolls with the correct print details or provide stickers to cover the mistakenly printed link.

ALSO READ: ‘Rail My Life’: KTM’s free ride campaign poster leaves netizens amused at mistaken wording

TAWAU: A total of 227 illegal Indonesian immigrants who were held at the Immigration Detention Centres in Kota Kinabalu and Papar were deported via Tawau Port to Nunukan Port, Tunon Taka Terminal, Indonesia yesterday.

Sabah Immigration Department director, Datuk Sh Sitti Saleha Habib Yussof said that the deportation process involved detainees aged between two and 82, comprising 107 men, 71 women, and 49 children, who travelled on the Purnama Express and Labuan Express ferries.

“This is the 19th series of deportation programmes for unauthorised immigrants by sea for the year 2024. They were detained for various offences under the Immigration Act 1959/1963 and Immigration Regulations 1963,” she said in a statement today.

She added that the deportation programme was carried out in collaboration with the Consulate General of Indonesia in Kota Kinabalu and the Indonesian Consulate in Tawau.

KOTA BHARU: Police have confirmed that the whistleblower who sent an open letter to the Yang di-Pertuan Agong regarding allegations of corruption in Sabah has received death threats.

Inspector-General of Police Tan Sri Razarudin Husain said the case is being investigated by the Bukit Aman Classified Crime Investigation Unit under Section 507 of the Penal Code, which addresses criminal intimidation through anonymous communication.

The 36-year-old male informant received a threatening call via WhatsApp from an unknown number.

“During the call, the suspect, believed to be a local man, threatened the informant in Mandarin, claiming to be from a hitman group and demanding the informant stay silent.

“The suspect warned that if the informant did not comply, he would be killed within 24 hours and called it a final warning,” Razarudin told Bernama today.

Razarudin said the suspect also sent two images, one of a pistol with ammunition and another showing a person shot in the street.

The informant expressed deep fear for his own safety and that of his family, he said.

“After receiving the WhatsApp message, the informant reported the incident and blocked the number. Since then, no further threats have been made,” Razarudin said, adding that the informant initially suspected that the phone number might belong to a scammer or was dialed incorrectly.

He said further checks revealed that the phone number was no longer in service and had no registered owner.

Razarudin added no other reports had been filed regarding this number, and the investigation returned no relevant records.

SIBU: An elderly man lost RM136,000 after being duped in an online business transaction scam, said Sibu District police chief ACP Zulkipli Suhaili.

He said the victim, in his 60s and unemployed, fell victim when he clicked on a link on Facebook on Oct 9 and was taken to an e-commerce platform which used the WhatsApp application.

“The victim was offered a business opportunity selling branded cosmetics items online exclusively, on the condition that he provides the capital first to enjoy the profits.

“The victim agreed and was then told to download the ‘ask-oshop’ application for confirmation of sales and to increase the capital for the stock of sales items,“ he said in a statement today.

He said that from Oct 13 till Nov 7, the victim made 32 cash transactions into 11 bank accounts on the instruction of the suspect, purportedly to increase the stock of sales items in the app.

On Sunday (Nov 10), the suspect was told that the ‘ask-oshop’ app had been frozen and was instructed to make an additional payment of RM70,000.

“Realising that he has been cheated, the victim lodged a police report at the Commercial Crime Investigation Division of the Sibu District Police Headquarters here yesterday,” he said, adding that the case is being investigated under Section 420 of the Penal Code for cheating.

KUCHING: Sarawak police seized 10.4 kilograms (kg) of syabu estimated to be worth RM332,800 in a raid conducted at an apartment in Matang on Monday.

Sarawak Police Commissioner Datuk Mancha Ata said during the raid, a 57-year-old local man who tested positive for methamphetamine and amphetamine was also arrested.

“The total amount of drugs seized could be used by 52,000 addicts and a Kawasaki Z900 motorcycle estimated to be worth RM50,000 was also seized.

“Initial investigations by the police also found that the suspect had a record of past offences under Section 12(2) of the Dangerous Drugs Act 1952,“ he said in a statement here today.

Mancha said the suspect would be remanded for seven days from today until Nov 19 to assist in investigations under Section 39B of the Dangerous Drugs Act 1952.

The Elephant Care Association of South Africa (ECASA) responds to Dr. Adam Cruise’s article, ‘Rules of Engagement: South Africa to ban captive wildlife interactions for tourists’ The Elephant Care Association of South Africa is deeply concerned by Dr Cruise’s article,...

KUCHING: Ibraco Bhd’s wholly-owned subsidiary, Ibraco Ascent Sdn Bhd, completed its first delivery of mild steel cement-lined (MSCL) pipes from its new manufacturing plant at Demak Laut Industrial Park Phase III.

The inaugural delivery of MSCL pipes will be used to develop the water infrastructure within the Kuching Urban Transportation System (KUTS) project.

MSCL pipes are usually used for water developments due to their resilience and reliability in corrosive conditions.

The completion of this first delivery marks the full operational readiness of Ibraco Ascent’s pipe manufacturing plant to cater to the expansion of water infrastructure in Sarawak.

Ibraco Ascent’s pipe manufacturing plant was set up to facilitate Sarawak’s Water Supply Master Plan.

The plan is designed to meet the state’s growing water infrastructure needs and focus on achieving 100% water supply coverage across Sarawak.

The Sarawak Water Supply Master Plan has outlined the development of Sarawak’s water supply for the periods until 2025, 2040, and 2070, incorporating three strategic cores: water demand, water treatment and distribution, and water quality and sufficiency for both raw and treated water.

In addition to helping meet Sarawak’s strategic water needs, Ibraco Ascent’s pipe manufacturing plant is also sustainability-oriented in tandem with the Ibraco Group’s commitment to embrace ESG across its operations and generate tangible value creation for all its stakeholders.

Currently employing 35 local staff, Ibraco Ascent plans to expand its workforce to over 60 employees by 2025, broadening its production to include pipe fittings such as bends, tees and reducers.

This growth reflects the company’s commitment to community development and local employment.

Ibraco Ascent’s manufacturing plant is also equipped with advanced technologies, including automated welding systems, hydrostatic pressure testing, and bitumen coating stations, ensuring each pipe is built to last.

The company adheres to rigorous quality control measures, employing ultrasonic thickness gauges, hydrostatic testing equipment, and radiographic testing to maintain high production standards.

KUALA LUMPUR: Building and infrastructure construction services provider TCS Group Holdings Bhd (TGB), as the main contractor via its wholly-owned subsidiary, TCS Construction Sdn Bhd (TCSB), for the J Satine mixed development project, has clarified the recent incident involving cracks in the building.

TGB managing director Datuk Ir Tee Chai Seng expressed concern about the incident and said the company is working closely with the developer and consultants to determine the root cause.

“Thankfully, there were no casualties as a result of the incident. We want to reiterate that health and safety have always been paramount in our projects.

“We want to assure all stakeholders that we have adhered strictly to all health and safety standards and protocols throughout the construction process,“ he said in a statement.

Tee said the group is cooperating fully with the relevant authorities to investigate the cause of the incident.

“Initial findings suggest that we do not cause the building cracks.

“For all our projects, we are committed to ensuring the safety and well-being of all involved and to deliver projects that meet the highest standards of quality and integrity,” Tee added.

He urged the cooperation from the public to stop sharing any unauthorised videos or images and speculating any unverified information related to this project development.

KUALA LUMPUR: Sabah-based infrastructure construction player Azam Jaya Bhd (AJB) aims to bid for more projects by capitalising on the state’s substantial growth in the construction industry, especially in regions where infrastructure development is much needed.

Executive director Datuk Jessica Lo Vun Che said the company plans to enhance its construction capabilities, strengthening its capacity to take on larger projects as part of its long-term strategies.

“We are committed to raising construction standards in Sabah to meet the region’s growing infrastructure demands.

“We are particularly encouraged by the federal government’s commitment to advancing development in Sabah, notably through the Budget 2025 allocations, in which Sabah received the highest development funding among the states.

“Azam Jaya welcomes the recent allocation of RM10 billion under Budget 2025 to complete the Sabah portion of the Pan-Borneo Highway, alongside the additional RM6.7 billion for development in Sabah,“ she said at the company listing on the main market of Bursa Malaysia yesterday.

This robust debut follows an IPO oversubscription of 23.00 times, reflecting strong confidence in Azam Jaya’s business operations and growth potential.

At the opening bell, Azam Jaya’s share price debuted at RM1.00, representing a premium of 28.21% over the issue price of RM0.78, with an opening volume of 5,126,000 shares.

The rose as much as 48.72% to touch its intra-day high of RM1.16 and closed at RM1.09.

“With the proceeds from our IPO totalling RM61.5 million, we are poised to accelerate our growth strategies in exciting ways.

“We are committed to enhancing our construction capabilities by expanding our fleet of machinery and equipment, ensuring we have the tools necessary to meet the demands of our expanding projects,“ Lo said.

Azam Jaya specialises in constructing large-scale road infrastructure in Sabah, including roads, highways, bridges, flyovers, and tunnels.

With over 30 years of experience in the industry, the group has a proven track record, having completed over 50 construction projects in the region.

“The listing of Azam Jaya is a testament to over 30 years of industry expertise navigating the complexities of road construction in Sabah.

“With fresh capital, we are well-positioned to accelerate our growth and seize new opportunities,“ Lo said.

On the financial front, Azam Jaya’s revenue grew from RM231.5 million in the financial year ended December 31, 2021 (FY21) to RM280.8 million in FY23, representing a 2-year compound annual growth rate (CAGR) of 10.1%.

Regarding dividend policy, Azam Jaya aims to distribute at least 30% of its net profit to shareholders.

From the proceeds raised, RM8.0 million (13.0%) will be allocated to boost construction capabilities and operational efficiencies by acquiring new machinery, equipment, and technological upgrades.

RM28.4 million (46.2%) has been set aside for working capital purposes, RM20.0 million (32.5%) is earmarked for repayment of bank borrowings, and RM5.1 million (8.2%) will be used to defray listing expenses.

Inter-Pacific Securities Sdn Bhd is the principal adviser, sole underwriter and sole placement agent for the IPO exercise.

KUALA LUMPUR: Bursa Malaysia Bhd is experiencing a resurgence in IPOs as 2024 draws to a close, reflecting renewed investor confidence in the local bourse.

With 44 initial public offerings to date, Bursa Malaysia has outpaced other markets in Southeast Asia, emerging as an attractive IPO destination amid a stable economic and political landscape.

According to Mohd Sedek Jantan, UOB Kay Hian Wealth Advisors’ head of investment research, several factors have contributed to this surge. “The risk of doing business in the fourth quarter has subsided as major economic and political uncertainties have passed, such as the US presidential election while Malaysia’s active role in international forums has bolstered the country’s global standing,” he told Bernama.

He reckons that Malaysia’s stable economic indicators, including positive trade figures, healthy employment rates and steady industrial production have fostered a predictable business environment that encourages IPO activity. “Political stability and a clear government policy framework further enhance investor confidence,” he said.

The surge in IPOs on Bursa Malaysia underscores the local bourse’s resilience compared to other regional markets.

Mohd Sedek noted that Malaysia has recorded 36 IPOs so far this year, raising about US$450 million in the first half alone, which accounts for 33% of Southeast Asia’s total IPO proceeds.

“This stands in contrast to a subdued IPO market across the Asia-Pacific, where proceeds have dropped by 63%, largely due to challenges in China and Hong Kong.

“Malaysia has outperformed both Indonesia and Singapore in IPO activity this year,” he pointed out, highlighting that Indonesia faces political uncertainty following its recent presidential election, while Singapore has seen a slowdown in activity due to high regulatory costs and weak investor demand.

In contrast, he said Malaysia’s IPO market benefits from a stable macroeconomic backdrop, business-friendly regulations, and the supportive Madani Economy Framework.

Mohd Sedek said the growth in IPOs reflects optimism in key Malaysian sectors, with recent listings from the construction, manufacturing, and healthcare industries.

He said in the construction sector, which expanded by 22.9% in the third quarter, private and public investments in residential, non-residential, and large-scale infrastructure projects are expected to drive further growth. “Key government initiatives, such as RM9 billion for private finance initiatives and RM25.5 billion from government-linked investment companies are expected to sustain this momentum,” he added.

In the manufacturing sector, Malaysia’s transformation under the New Industrial Master Plan 2030 aims to drive growth in high-value, technology-driven industries. “The government’s focus on digitalisation, green technology, and advanced manufacturing techniques is expected to attract further investments, solidifying Malaysia’s position as a competitive manufacturing hub in Asean,” he said.

Malaysia’s healthcare sector is also expanding due to demographic shifts and rising health awareness. The integration of technology, such as telemedicine and digital health solutions, is anticipated to boost the sector’s growth by improving care accessibility and efficiency. “This trend, coupled with government support for medical tourism, positions Malaysia as a key player in the healthcare industry in the region,” Mohd Sedek said.

Bursa Malaysia CEO Datuk Muhamad Umar Swift expressed satisfaction with the IPO momentum, noting that three Main Market IPOs were listed this week alone.

“This surge reflects a thriving capital market with strong regulatory support and a diverse investor pool. Malaysia has experienced a bull run, making us the Asean exchange with the highest number of IPOs to date this year,” he said.

Echoing this sentiment, the exchange regulator’s chairman Tan Sri Abdul Wahid Omar highlighted the significance of Monday’s listings, which took place on the auspicious date of 11.11. (Nov 11)

“Both companies chose that date for its auspicious nature, marking a rare occasion of two listings on the same day. The last time Bursa hosted two listings on a single day was in November 2017, following the demerger of Sime Darby Group, which saw both Sime Darby Plantation Bhd and Sime Darby Property Bhd debut together,” he said.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the strong IPO pipeline signals positive prospects for the Malaysian economy, as stable policies and a clear path towards becoming a high-income nation attract investor interest.

“Malaysia’s equities are undervalued, offering upside potential. The economic and policy stability enhances investor confidence, while companies’ growth trajectories inspire optimism for the market’s future,” he said.

Mohd Afzanizam said that as Bursa Malaysia continues to attract IPOs, he expects the exchange’s momentum to inspire small and medium enterprises to pursue similar growth opportunities. “The record-setting IPO activity underscores Malaysia’s resilience and strong capital market position in Asean, providing a positive outlook for 2025,” he added. – Bernama

KUALA LUMPUR: The shift towards subscription-based services is gaining traction in Malaysia, aligning with a broader global trend that redefines how consumers access products.

This model provides an appealing option for many Malaysians, particularly young families and newlyweds, who face rising living costs.

Offering high-quality appliances on a subscription basis eases the financial burden of ownership, allowing consumers to enjoy premium products without the pressure of a large upfront investment.

One notable brand offering subscription-based home appliance services is the South Korean brand, LG.

LG Malaysia product director of subscription business Hojin Jung said the introduction of the LG Rent Up Subscription in Malaysia is a natural progression of the company’s commitment to providing innovative and accessible solutions tailored to the evolving needs of modern consumers.

“LG Rent Up Subscription is inspired by our success with subscription models in South Korea, where we saw significant growth, driven by increasing demand for convenience and affordability.

“Recognising similar trends here, we noticed a growing interest in flexible ownership models in Malaysia, spurred by the need for more cost-effective solutions amidst rising living expenses and fuelled by shifting consumer preferences.

“Since its launch in March 2024, the market response has been encouraging. We have seen growing inquiries from customers who have signed up for our water purifier subscription model and are now exploring subscriptions for other high-demand appliances such as refrigerators, washing machines and TVs.

“This shift highlights a changing mindset in how Malaysians approach home appliance ownership – especially among younger, urban consumers who prioritise access over ownership, seeking premium products without the upfront financial commitment,” Hojin told SunBiz.

He said urbanisation and the desire for more sustainable, convenience-focused living have made subscription services an attractive option.

“By offering top-tier technology on a subscription basis, we make high-end living more accessible while emphasising affordability and environmental responsibility. LG’s Rent Up Subscription model meets Malaysians’ evolving needs, allowing them to enjoy premium technology without the burden of ownership,” he said.

Hojin said the subscription model is gaining popularity among young Malaysians, especially urban professionals and families facing high living costs and limited space.

This trend, he said, reflects a growing shift toward a ‘sharing economy,‘ where access to energy-efficient appliances without the financial strain of ownership is valued.

LG Rent Up Subscription’s launch saw a strong uptake in Kuala Lumpur and major cities, where 40% of tech-savvy millennials prefer renting to stay updated with technology affordably.

Elaborating on the model further, Hojin said that although subscription services share similarities across markets, the Malaysian context has distinct differences.

“In South Korea, for example, the rental model for water purifiers is well-established, with over 70% market penetration. Malaysia, meanwhile, is still in its early phase, but consumer awareness is rising quickly. Moreover, this trend is not isolated to Malaysia. LG is actively preparing to introduce the subscription model in other markets, including Taiwan and Thailand, by year-end.”

Touching on the vision for LG Rent Up in Malaysia, Hojin said the LG Rent Up Subscription is just the beginning of a transformative journey in how it engages with consumers in Malaysia.

“As we look ahead, we plan to expand our subscription offerings to include a wider array of smart home appliances and electronics, reflecting the growing demand for connected living solutions.

“Our vision for LG Rent Up Subscription is to enhance the customer experience by offering seamless integration with our LG ThinQ technology, which already empowers our appliances to be more intuitive and user-friendly. This will allow our customers to enjoy a smart, responsive lifestyle, further elevating the convenience and efficiency of their homes,” he explained.

Hojin said that as the subscription economy continues to evolve, particularly among tech-savvy and environmentally conscious consumers, LG Rent Up Subscription aims to play a pivotal role in making premium technology more accessible.

“Our ultimate goal is to foster a circular economy model in which subscribing to high-quality appliances reduces the financial burden on consumers and contributes to sustainability by extending product lifecycles and minimising waste.

“The more we enhance our subscription model, the more committed we are to making innovative technology more attainable. We ultimately aim to enrich the lives of our customers while promoting responsible consumption and environmental stewardship,” Hojin said.

JAGUAR LAND ROVER’S (JLR) ambitious “Reimagine” strategy, announced nearly four years ago, is fast approaching a major milestone: transforming Jaguar into an all-electric luxury brand by 2025. While the company has not yet unveiled any new electric models, the transition away from combustion engines is in full swing. As of this November, Jaguar has officially stopped selling new cars with conventional powertrains in the UK.

In a recent statement, JLR confirmed the halt: “From November 2024, new Jaguar sales will come to an end. We have now ceased allocation of our current generation of Jaguar vehicles.” This decision means that models like the E-Pace, XE, XF, and F-Type—already phased out—are now joined by the F-Pace SUV, the final model of Jaguar’s internal combustion era in the UK.

While the F-Pace and other models are still available in some markets abroad, their production days are numbered. British customers, however, can still acquire certified pre-owned Jaguars. Notably, the F-Pace was Jaguar’s best-selling model in 2023, with 21,943 units sold globally—though this figure underscores the brand’s recent struggles in today’s competitive SUV market.

Looking ahead, Jaguar’s transformation will see it target an entirely new echelon of luxury. Instead of competing with BMW, Mercedes-Benz, and Audi, the brand is positioning itself against ultra-luxury names like Bentley and Aston Martin. The first model of Jaguar’s electric lineup will be a high-performance saloon, aimed at rivaling the Porsche Taycan, followed by an SUV set to compete with the Bentley Bentayga in 2026. Both models will be built on the Jaguar Electrified Architecture, with a flagship sedan expected later in the decade.

Meanwhile, Jaguar plans to debut a concept vehicle in the United States by year-end. This ultra-luxurious four-door grand tourer will lay the groundwork for a production model starting at over £100,000 (RM565,858). According to Jaguar’s Managing Director, Rawdon Glover, the transition to an electric-only brand has been “hugely frustrating,” yet the focus remains on moving into the ultra-luxury market with fewer, more profitable sales.

With the first new electric Jaguar not set to launch until 2026, the UK will see an unusual absence of new Jaguar vehicles over the coming year.

GOODYEAR is proud to be the official tyre sponsor of the Tokyo Auto Salon Kuala Lumpur 2024, happening from 8 – 10 November 2024 at MITEC, Kuala Lumpur. Known as the world’s premier customised car show, this event promises to showcase the latest in automotive technology, design, and more, drawing car enthusiasts from across the region.

Event Details

Date: 8 – 10 November 2024

Time: 10:00 am – 10:00 pm

Venue: MITEC, Kuala Lumpur

At the Goodyear booth, attendees can explore the latest in high-performance tyre technology and see how Goodyear is driving innovation in tyre performance and quality. This event offers automotive fans the perfect chance to engage with Goodyear and witness the exceptional standards that Goodyear tyres bring to every journey.

Don’t miss this exciting opportunity to connect with industry leaders and fellow car enthusiasts!

PROTON achieved notable success in October 2024, with total sales of 12,799 units, reflecting a 13.6% increase from September. This brings the year-to-date (YTD) total to 125,557 units, reinforcing the brand’s goal of securing a sixth consecutive year of growth. With a projected market share of 18.1% for October and a YTD share of 18.9%, Proton stands firmly as Malaysia’s second most popular automotive brand.

The automotive industry as a whole rebounded in October, with estimated total industry volume (TIV) reaching 70,668 units, marking the fifth time this year that monthly sales have exceeded 70,000 units.

Key Model Highlights

Proton Saga: Delivering 6,112 units in October, this model’s YTD sales reached 60,178 units, securing its spot as the third highest-selling vehicle in Malaysia. Proton aims for the Saga to surpass 70,000 units by year-end.

Proton X50: Leading the B-segment SUV market, the X50 maintained its popularity with 2,122 units sold in October, showcasing a blend of style, performance, and advanced features.

Proton S70: Regained its position as the top C-segment sedan with 1,432 units sold, boosting its YTD tally to 16,200. The upcoming Proton S70 R3 participation in the Sepang 1000km Endurance Race is expected to further enhance its appeal.

Proton X90: Delivered 245 units in October, holding the top position in the D-segment SUV category with a YTD total of 2,969 units.

Other models also posted solid performances, with the Persona and X70 recording 1,520 and 989 units, respectively, while the Iriz sold 379 units, placing it fourth in the B-segment hatchback category.

Outlook and Strategy

Proton anticipates strong competition in Q4 2024 due to increased market offers from various brands. However, the company remains focused on long-term value by enhancing product quality and customer service through its 157 3S/4S outlets, aiming to preserve residual values amid market challenges.

SAIC MOTOR MALAYSIA recently celebrated a major milestone for the MG5 sedan at the MG5 Car Delivery Event at MG Motor Glenmarie (Mega Galeri Sdn Bhd), where over 20 new owners gathered to receive their cars. The event, attended by SAIC Motor Malaysia’s management, fostered a strong community atmosphere, uniting MG fans and showcasing the brand’s commitment to its customers.

The success of the MG5 is largely due to efficient coordination among 18 strategically placed MG Motor Authorized Dealerships, allowing prompt vehicle deliveries across Malaysia. This dealer network is key to SAIC Motor Malaysia’s mission to meet the demands of Malaysia’s style-conscious market.

Lee Wen Hsiang, Chief Operating Officer of SAIC Motor Malaysia, noted, “The MG5 has truly resonated with a segment of buyers who prioritise style and individuality. We’re thrilled to celebrate this milestone alongside our customers.” He highlighted that these events strengthen connections with customers, offering valuable feedback that helps improve service and build a vibrant MG community.

The MG5 stands out as the largest sedan in its class, with a sporty design, spacious interior, and impressive warranties. Owners enjoy a 5-year Unlimited Mileage Warranty and a best-in-segment 7-year Unlimited Mileage Powertrain Warranty. Celebrating MG’s 100th anniversary, SAIC is also offering an RM7,000 introductory rebate, bringing the price to RM86,900, making it an attractive option for new buyers.

THE tragic crash of a Tesla Model Y in Toronto in October has raised serious concerns about the accessibility and usability of the car’s electronic door handles during emergencies. The fiery accident claimed the lives of four individuals: Neelraj Gohil (25), his sister Ketaba Gohil (29), Jay Sisodiya, and Digvijay Patel, leaving a sole survivor, a woman in her 20s.

The woman’s escape was made possible by Rick Harper, a Canada Post employee, who heroically smashed the car’s window with a metal pole. Harper described the survivor as “desperate to get out,” but unable to open the car’s doors from inside. Tesla vehicles rely on an electronic button to open doors rather than traditional handles, and if the car’s power system fails in a crash, the doors may become inoperable.

Concerns About Tesla’s Safety Design

While Tesla promotes a “safety-first design” and manual override mechanisms for emergencies, these features are not widely known or intuitive. The manual override involves removing a door panel and pulling a hidden cable — a process that could be difficult or impossible in the chaos and panic of a serious accident.

Safety experts and crash investigators have raised concerns that victims may not be aware of the override feature or may lack the presence of mind to locate and use it under duress.

The Accident

The Tesla reportedly crashed into a guardrail at high speed along Lake Shore Boulevard East. The cause of the accident is still under investigation, but the crash’s aftermath has drawn attention to Tesla’s safety protocols, particularly in situations involving power failure. The National Highway Traffic Safety Administration (NHTSA) has several ongoing investigations into the Tesla Model Y, ranging from “unexpected brake activation” to “sudden unintended acceleration.”

A Heroic Rescue Effort

Harper’s quick action saved the survivor, but he was unaware that others were trapped inside due to the dense smoke. “I didn’t know there were other people in there. The smoke was so thick,” he said. It remains unclear if the other passengers also struggled to open the doors.

Broader Implications

This tragedy underscores the need for automakers to improve safety features in EVs, especially during power failures. Intuitive and easily accessible escape mechanisms are critical, and greater public awareness of emergency procedures is vital.

As investigators work to determine the exact cause of the crash, this incident highlights the balance that must be struck between advanced technology and real-world practicality in automotive safety.

THE Malaysian government has set an ambitious target for electric vehicles (EVs) to account for 20% of annual new vehicle sales by 2030, encompassing both passenger and commercial categories. As of September 2024, EV sales have reached 5.11% of the total annual volume, a notable increase from 4.12% recorded for the entirety of 2023.

The Ministry of Investment, Trade and Industry (MITI) reported that the adoption of battery electric vehicles (BEVs) has grown significantly in recent years. Total BEV sales stood at 15,876 units in 2024 and 13,513 units in 2023, a sharp rise compared to 3,146 units sold in 2020.

Efforts to Build a Strong EV Ecosystem

MITI credited the improved numbers to the collaborative efforts between government ministries, agencies, and industry players. Before 2018, the EV market in Malaysia was minimal, with limited adoption and infrastructure.

To support the sector’s growth, the government has rolled out a series of initiatives, including:

- Tax exemptions for imported completely built-up (CBU) EVs until the end of 2025.

- Full exemptions on import duty, excise, and sales tax for locally assembled EVs until December 2027.

- A commitment to establish 10,000 EV charging stations nationwide by 2025.

- Full tax relief for BEVs from 2022 to 2025.

Engaging Stakeholders for Infrastructure Expansion

To accelerate EV infrastructure development, MITI has engaged with various stakeholders, including:

- Highway concessionaires

- Hypermarket chains

- The Shopping Complex Management Association

- The Hotel Association and Hotel Owners Association of Malaysia

These sessions aim to encourage the deployment of public EV charging services at key locations such as highways, shopping malls, and hotels to meet the growing needs of EV users.

Five-Year Strategy for EV Growth

In response to a question from Wangsa Maju MP Zahir Hassan, MITI outlined its strategy for EV adoption over the next five years. This includes:

- Strengthening the EV industry ecosystem through public and private sector collaboration.

- Increasing public awareness and accessibility to EVs.

- Expanding EV charging infrastructure to meet the 2025 target of 10,000 public charging points.

MITI expressed optimism about meeting its targets, citing the combined efforts of government initiatives and industry commitment. “With continuous efforts at various levels and support from industry players, the number of public EV charging stations will increase significantly and help achieve the desired goals by 2025,” the ministry stated.

Looking Ahead

As Malaysia pushes toward its 20% EV sales target by 2030, the government’s efforts to incentivize EV adoption and develop the necessary infrastructure are expected to drive significant progress. With rising sales and increasing public acceptance, the country is steadily building a robust foundation for its EV future.

Member savings collections of the Home Development Mutual Fund, commonly known as Pag-IBIG, reached almost P100 billion as of the third quarter, allowing the agency to finance the higher demand for home loans.

Random Photo: Sweet N' Salty Caturday

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Hey geeks! Remember when Google rolled out goo.gl back in 2009? Yup, it was that long ago. Other than Bit.ly, it was the go-to tool for turning those ridiculously long URLs into neat, tiny links. Fast-forward 15 years, and Google's decided it's time to pull the plug on goo.gl. So, what does this mean for you, me, and the entire internet? Let's dive in. Why People Use URL Shorteners People use URL shorteners to create clean links because no one wants to share ugly, lengthy URLs. Shortened links also allow users to measure the performan...

Fresh on the heels of a TiKtok ban, the US Government has banned Kapsery Software in the US due to its ties to the Russian Government. Ban Implementation Details On June 20, 2024, the https://www.reuters.com/technology/biden-ban-us-sales-kaspersky-software-over-ties-russia-source-says-2024-06-20/US government announced new restrictions on inbound sales of Kaspersky software in the US will come into effect on September 29, 2024, giving businesses 100 days to transition to alternative cybersecurity solutions. The ban will also apply to software up...

In its recently released mobile device best practices guide, the National Security Agency (NSA) goes old-school geek and advises people to turn their phones off and on again....

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