Female corporate leadership has drawn increasing attention from academia and practitioners. We contribute to the literature by examining the impact of CEO succession with gender change—i.e., a male CEO succeeded by a female or vice versa. We propose that due to gender differences in executive leadership positions, CEO succession with gender change may amplify the disruption of the CEO succession process and thus adversely affect post-succession firm performance and increase the likelihood of successor early departure. Using data from 3,320 CEO successions in companies listed in China's Shanghai and Shenzhen Stock Exchanges from 1997 to 2010, we find evidence to support this argument. We also find that the negative (positive) impact of male-to-female succession on firm performance (the likelihood of successor early departure) may be weakened by positive organizational attitudes toward female leadership as indicated by the presence of other female leaders on the firm's board of directors and/or top management team, and the successor's inside origin.

Carlo Lipizzi’s Societal impacts of artificial intelligence and machine learning offers a critical and comprehensive analysis of artificial intelligence (AI) and machine learning’s effects on society. This book provides a balanced perspective, cutting through the

Improving equity in data science, edited by Colby Tofel-Grehl and Emmanuel Schanzer, is a thought-provoking exploration of how data science education can be transformed to foster equity, especially within K-16 classrooms. The editors advocate for redefining

While large language models (LLMs) like ChatGPT can assist writers with editing, they might hinder students from learning to generate ideas or write creatively. This article surveys the current state of algorithms for detecting LLM-generated content. Given that

The study shows that artificial intelligence (AI) has become highly important in contemporary computing because of its capacity to efficiently tackle intricate jobs that were typically carried out by people. The authors provide scientific literature that analyzes and

BBC Sport takes a look at the players interim boss Lee Carsley has fast-tracked into the England squad for the upcoming Nations League matches.

British Vogue's editor says skinny models are back "in", partly fuelled by weight loss drug Ozempic.

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

Hegseth, who is also a former soldier without political experience, will lead the world's most powerful military.

For now, there are several good choices for gun owners that DeWine can make, a few problematic ones, and one that’s completely unacceptable, his previous pick Dolan.

President-Elect Donald Trump reaffirmed his commitment to protecting the Second Amendment by announcing his push for national concealed carry reciprocity.

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.

THIS Hari Raya, The Gardens Mall is bringing the comfort of home and the memories of celebrations with loved ones to its mall decor. With many unable to travel back to their kampung to visit grandparents and other loved ones, the Mall decided to bring elements of grandma’s eclectic home to the mall for all to enjoy this year.

Step into the mall and be greeted by a burst of colour and patterns with traditional woven pandanus ware and hand-sewn patchwork fabric. Snap photos with friends and family at the various vignettes set-up along the Ground Floor. Much like atok’s garden, there is much greenery around
to coax nostalgia for the simple kampung life.

Not forgetting the underprivileged this season, over at the South Palm on the Ground Floor, The Gardens Mall is collecting your unwanted denim to donate to the single mothers of SURI. SURI is a social enterprise that employs single mothers from low-income communities to turn unwanted denim material into fashionable apparel and other household items. SURI also believes in protecting the environment through upcycling.

As part of the partnership during Hari Raya, The Gardens Mall has pledged RM10,000 to SURI for its efforts in helping these single mothers gain financial independence.

HEINEKEN MALAYSIA BERHAD (Heineken Malaysia) recently announced that it had achieved a significant sustainability milestone in its mission to balance more than 100% of water used in its products.

Thanks to strides made under its Every Drop water strategy, the company was able to achieve this goal last year, 10 years ahead of schedule.

Speaking at the virtual launch of the Company’s Water Balancing Report 2020, Heineken Malaysia managing director Roland Bala said: “Water is central to Heineken and indeed a precious resource that is essential to all life. Our efforts in protecting our water resources over the years have enabled us to fully balance water used to brew our beers and ciders.

“We have an ambitious target to balance 1.5 litres for every 1 litre of water used in making our products.”

He added that last year, through initiatives like river and peatland conservation, rainwater harvesting, reforestation, and other community initiatives, Heineken Malaysia exceeded its water balancing target by 267%.

Heineken Malaysia’s water balancing achievements are quantified in line with international industry-standard methodologies consistent with the Volumetric Water Benefit Accounting framework published by the World Resources Institute. The results are independently validated and verified by LimnoTech, a leading international environmental science and engineering firm based in the USA.

Also at the launch were Heineken Malaysia corporate affairs and legal director Renuka Indrarajah and mananger for the RIVER Care Programme of GEC Dr. Kalithasan Kailasam, who spoke at length about the company’s various other initiatives under the W.A.T.E.R Project, a partnership between SPARK Foundation and GEC, which started in 2007.

Among the success stories were:

● The rehabilitation of Sungai Way, an urban river in an urban industrial zone, resulting in the improvement of the river’s water quality from Class IV – V (extremely polluted, not suitable for living organisms) to Class III (suitable for living organisms);

● Construction of a 305m clay dyke at the Raja Musa Forest Reserve that stores up to 136.1 million litres of water annually, contributing to the long-term sustainability of Sungai Selangor;

● Installation of over 1,000 water thimbles for more than 500 households in the Klang Valley, which resulted in water savings of 19 litres per capita per day on average;

● Installation of 16 rainwater harvesting systems for communities in Selangor, thus providing them with an alternative water source and reduce reliance on treated water for non-potable usage as well as relieving pressure on our water resources;

● Reforestation of one hectare of degraded peatland at the Raja Musa Forest Reserve, which reduces the risk of peat fires and increases the peatland’s water table, contributing to the health of Sungai Air Hitam within the Sungai Selangor watershed.

Roland added that he was optimistic that the company, buoyed by this recent achievement, would achieve the rest of its planned sustainability targets going forward.

“It is challenging,” he said, “but we believe in Heineken’s [mission]. We can do it as an organisation, and we are committed to do what we need to get there.”

Heineken Malaysia’s Water Balancing Report 2020 is available to the public via this link.

DURING my visit in 1985, I had met the management staff at the plantation in Ghana. The one I remember most was Al Doku.

He was the chief accountant, about 45 years old, working for the managing director, Bill Morrison.

At the meeting in Morrison’s office, he could remember the figures well, and I was impressed. It was just that he was quiet for most of the time, and I could see that his eyes were sad.

At that time, there were many reasons to feel that way. The cedi was devaluing every week, and to go for dinner in town was a major decision for it would involve bringing your money in big wads to pay for it.

This is despite the income from gold that Ghana was blessed with as well as cocoa, which has a flavour that commands a premium. The country also produces shea nut, the fruit of massive trees that grow in the north. The oil is like cocoa butter.

However, that year the food shortage was bad, even potatoes were hard to find. They had to be imported.

Morrison had helped with giving breakfast to the workers, and they would line up for the palm oil, tapioca and fish cooked in large pots in front of them before they started work for the day.

Due to the shortage of hard currency, the plantation too had to make do without many things, and building of workers’ houses was one of them as no imported material was used.

At the housing project for workers, I had no time to ask about Al Doku.

I watched Bill giving instructions to the building supervisor. He was using earth to make a thick wall to build a house, and when it was dry after a few days, he added another level, until the building had a coat of cement and more walls for the rooms. I had not seen a building made in that way before. Bill was thorough.

“Saves a lot of money,” he said, as we had breakfast back in his bungalow. I had fried eggs and a lot of tapioca done very well that they looked like baked potatoes.

I knew that in London Leslie Davidson had advocated using raw materials for buildings, and even for expatriates, he said they could save by eating what is available in the local market and eat like what the locals do, but as usual Bill did not do anything by halves.

“We should be leaving soon to see the country, first to the slave castle at Cape Coast.”

It was in the car that he talked about Al Doku.

“He is going to London on a course that I had arranged for him. But the other reason is it gives him a chance to take his daughter there for treatment. She is losing her eyesight and probably it could be saved by the doctors there.”

“Let him know that I will be in London. I will take him to my house and have lunch with him. He impresses me.”

At the slave castle in Cape Coast, Bill had paid a guide to take us through the full tour. I saw the high white walls and the dark cellars made for the incarceration of human captives. The guide said they were standing in human waste until the time the ship arrived, and they were whipped and pushed through a small exit that all would call the “door of no return”.

We climbed into bright sunlight again to the chapel and the quarters of the commandant. The castle had been fought over by the Swedes, the Norwegians, the Danes and the Dutch before it fell to the English. They traded the slaves in the New World, coming home with cotton and sugar, and out again with cloth and guns to the Gold Coast, and the cycle went on for years.

I was tired after the tour. Bill said to me: “Now I will take you to Elmina castle.”

I did not expect that. It was more or less the same, tiring, as I walked on the hot open yard with rusted cannons lined over the thick stone walls facing the Atlantic below. Coconut trees leaned by the shore where lazy waves lapped away at the sand.

But where our car was parked, we were stopped by many hawkers, who made a brisk business selling handicraft, and what interested me most was the colourful cloth weaved in bright red, yellow and green that I knew was the work of skilled people. The pattern attracted me.

“Fine kente cloth, but tourist prices,” Bill said.

“Can you ask Al Doku if he can bring back a piece and I will pay him in London.”

That was how Al Doku met me again and on a weekend. I invited him for lunch with my family in Surrey and he brought the piece of cloth. It must have cost him a lot of money, and I did not mind paying him a premium for his effort, and it was very beautiful, and probably fit for a minor chief to wear in Ghana.

His daughter was getting medical treatment at a hospital.

I did not hear of Al Doku for many years after I left Unilever, but I still thought of his visit and the lunch like it was yesterday. I had always wondered how he got on after all these years. I remembered him warmly.

By chance, I met him again when he was attending an oil palm conference in Kuala Lumpur. It was just before the conference dinner. I was delighted to see him again and hugged him. I felt a glow of old friendship.

“But I don’t remember you,” he said.

I drew back and explained that he was my guest for lunch in England, and I had bought the kente cloth. I asked him how his daughter was.

But he still could not remember me. Long years had passed but surely he could not have forgotten.

I was told by then he was the managing director of the plantation business. I was upset through the courses of the dinner.

It was at the dessert stage that Al Doku walked up to my table and said with a smile.

“I am so sorry I could not remember you. I think I can remember you now.”

He tried to smile again.

“That’s all right,” I said returning to my dessert.

He tried to be nice to me but the glow of friendship was gone.

The writer has extensive experience in the management of oil palm plantations. Comments: letters@thesundaily.com

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

ZHUHAI: A hit-and-run attack at a sports centre in the southern Chinese city of Zhuhai killed 35 people and severely injured 43, local police said on Tuesday.

The incident happened at 7:48 p.m. (1148 GMT) on Monday, when a small off-road vehicle was driven into a large group of people exercising outside the sports centre.

Zhuhai police said in a statement that the suspect, a 62-year-old man surnamed Fan, was being treated at a hospital after hurting himself with a knife in his car.

A Reuters reporter at the scene on Tuesday evening said people had begun leaving wreaths, counting 18 laid in front of a sign for the Zhuhai People’s Fitness Square. Others lit candles and incense. The police presence was low.

A video, verified by Reuters, of the scene on Monday following the attack had shown at least 20 people lying on the ground. Cries of “terrorist” could be heard as ambulances arrived to take the injured to hospital.

Hundreds of rescue personnel from Zhuhai city and Guangdong province were deployed to provide emergency treatment, and more than 300 healthcare workers from five hospitals worked around the clock to save lives, state media Beijing Daily reported.

Fan was apprehended by police at the scene after attempting to flee, police said, adding that he had self-harmed using a knife, causing severe neck injuries.

Police said their preliminary investigation suggested the incident was triggered by Fan’s discontent following a divorce.

President Xi Jinping, cited by Chinese state television CCTV, ordered all-out efforts to treat the injured and demanded severe punishment for the perpetrator. The central government has dispatched a team to provide guidance on handling of the case, CCTV said.

The attack sparked thousands of angry comments on Chinese social media, many of which were quickly censored after the police reported the high death toll.

“Zhuhai is one of the most relaxed, peaceful, and liveable cities in the country, and this tragic incident has left a painful memory that will be hard to erase for many years to come,“ one user of the Weibo platform said.

Violent crime is rare in China due to tight security and strict gun laws. However, a rise in reports of knife attacks in large cities has drawn public attention to safety in public spaces.

In October, a knife attack in Beijing left five people wounded outside one of the city’s top primary schools. A month earlier, a Japanese student was fatally stabbed outside his school in Shenzhen.

Zhuhai is hosting China’s biggest annual air show this week where a new stealth jet fighter will be on display for the first time.

U.S. President-elect Donald Trump on Tuesday named Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead a newly created Department of Government Efficiency, rewarding two of Trump’s well known supporters from the private sector.

Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,“ Trump said in a statement.

Trump said the new department “will provide advice and guidance from outside of government,“ signaling the entity would operate outside the confines of government.

However, it would work with the White House and Office of Management & Budget to “drive large scale structural reform, and create an entrepreneurial approach” to government never seen before.

Trump said their work would conclude by July 4, 2026, making it a “gift” to the country on the 250th anniversary of the signing of the Declaration of Independence.

Musk, ranked by Forbes as the richest person in the world, already stood to benefit from Trump’s victory, with the billionaire entrepreneur expected to wield extraordinary influence to help his companies and secure favorable government treatment.

Musk gave millions of dollars to support Trump’s presidential campaign and made public appearances with him. Trump had said he would offer Musk a role in his administration promoting government efficiency.

He has many links to Washington, opens new tab and his lineup of companies includes electric car company Tesla (TSLA.O), opens new tab, social media platform X and rocket company SpaceX.

“This will send shockwaves through the system, and anyone involved in government waste, which is a lot of people!” Musk said, according to Trump’s statement, which called the new government initiative “potentially ‘The Manhattan Project’ of our time,“ referring to the U.S. plan to build the atomic bomb that helped end World War Two.

Ramaswamy is the founder of a pharmaceutical company who ran for the Republican presidential nomination against Trump and then threw his support behind the former president after dropping out.

“We will not go gently, @elonmusk,“ Ramaswamy said on X.

Musk reposted the announcement from Trump on his X account and added comments such as that, “The merch will be (fire),“ using three fire emojis, and, “People have no idea how much this will move the needle!”

He also posted: “Threat to democracy? Nope, threat to BUREAUCRACY!!!”

The acronym of the new department - DOGE - coincides with the name of the cryptocurrency dogecoin that Musk promotes.

ALSO READ:

Trump says he will nominate Fox News host Pete Hegseth for defense secretary

Trump hush money judge delays ruling on immunity following election win

KYIV: Russia escalated its attacks on Kyiv early Wednesday, launching waves of drones and missiles in its first combined aerial assault on the capital in more than 70 days, authorities said.

The broadside came as Washington and Seoul echoed warnings from Ukraine that North Korean troops had begun “engaging in combat operations” alongside Russian forces on the border between the warring countries.

A security source in Kyiv meanwhile told AFP that Ukraine was behind the assassination of a high-ranking Russian naval officer in a car bombing on the annexed Crimean peninsula.

Ukraine’s air force said its units had downed four missiles and 37 drones launched by Russia over eight regions of Ukraine overnight and into Wednesday morning.

“It is important that our forces have the means to defend the country from Russian terror,“ President Volodymyr Zelensky said in response to the attack.

Ukraine has for months been appealing to its Western allies to provide more air-defence systems to fend off Russian attacks on cities and critical infrastructure.

The large-scale bombardment comes at a critical moment on the battlefield. Russian forces are advancing in the east and concerns are growing over future aid for Ukraine after US Donald Trump’s victory in presidential elections.

Explosions in Kyiv, residents shelter

AFP journalists heard explosions ring out over Kyiv and saw dozens of residents seeking shelter in an underground metro station in the centre of the capital.

Kyiv officials said one man was wounded by falling debris from a downed drone in the suburb of Brovary, while emergency services distributed images of firefighters battling flames at one impact site.

A separate drone attack in the Ukrainian-controlled southern region of Kherson, which the Kremlin claims is part of Russia, killed a 52-year-old woman, the regional head said.

Multiple air raid sirens rang out early Wednesday as authorities said missiles were closing in on Kyiv, which was home to nearly three million people before Russia invaded in February 2022.

“As missiles were approaching Kyiv, the enemy simultaneously launched a ballistic missile attack on the capital. The enemy attack ended with another drone strike,“ city authorities said.

The attack is the latest in an uptick in escalating strikes on Ukrainian cities, mainly in the south of the war-battered country.

A Russian strike this week on Kryvyi Rig, Zelensky’s hometown, killed a 32-year-old mother and her three children.

The Kremlin has repeatedly denied its forces target civilians in Ukraine, a claim its spokesman repeated Wednesday in response to a question over whether Russian forces were working to minimise civilian casualties.

Crimea assassination

“Russian forces treat the civilian population with great care,“ Kremlin spokesman Dmitry Peskov told reporters, adding that Russia would continue its attacks.

Last week, Moscow and Kyiv launched record overnight drone attacks on each other.

Russian ground forces have been making rapid advances in Ukraine’s eastern Donetsk region, which the Kremlin claims is part of Russia.

On Wednesday, the Russian defence ministry said its troops had wrested control of the village of Rivnopil, where an estimated 98 people lived before the invasion.

As the Kremlin’s forces advance westwards, Kyiv has warned that Russia has amassed a force of 50,000 troops -- including North Korean soldiers -- to push out Ukrainian forces from the Russian border region of Kursk.

In Brussels, US Secretary of State Antony Blinken on Wednesday warned about the deployment of North Korean troops alongside Russian forces fighting on the Ukrainian border.

Blinken said he discussed with NATO chief Mark Rutte the fact that North Korean forces had been “injected into the battle, and now, quite literally, in combat which demands and will get a firm response.”

South Korea’s spy agency said North Korean soldiers were “engaging in combat” in Kursk, hours after US officials confirmed Pyongyang’s troops were actively fighting for Moscow against Ukraine.

Separately,a source in the Security Service of Ukraine said the agency had orchestrated a car bomb attack in the city of Sevastopol that killed a senior naval officer in the Black Sea Fleet.

The killing of Valery Trankovsky, which was confirmed by Moscow, is the latest in a string of targeted attacks on Russian military officers and pro-Kremlin public figures in occupied Ukrainian territory and within Russia.

Crimea was seized by Russia in 2014 in the wake of pro-democracy protests in Kyiv that sparked fighting in the east with Kremlin-backed separatists.

KUALA LUMPUR: The retail prices for RON97 and RON95 petrol will remain unchanged, at RM3.19 and RM2.05 per litre respectively from Nov 14 to 20.

The Ministry of Finance, in a statement today, said that the retail price of diesel in Peninsular Malaysia also remained at RM2.95 per litre, while in Sabah, Sarawak and Labuan, the price remained at RM2.15 per litre during the same period.

It said the price settings were fixed based on the weekly retail prices of petroleum products, using the Automatic Price Mechanism (APM) formula.

“The Government will continue to monitor the trends of global crude oil prices and take appropriate measures to ensure the continued welfare and well-being of the people,” said the Ministry of Finance statement.

KUALA LUMPUR: Tun Daim Zainuddin’s passing has not only drawn condolences from federal leaders but also from state leaders who expressed their heartfelt sympathies to his family.

Among those offering their condolences were the Perak Menteri Besar Datuk Seri Saarani Mohamad, Perlis Menteri Besar Mohd Shukri Ramli, Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar and Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor.

In posts shared on their respective Facebook pages, they prayed for Daim, who served as Finance Minister from 1984 to 1991 and again from 1999 to 2001, to be placed among the righteous.

Also offering condolences was Kelantan Deputy Menteri Besar Datuk Dr Mohamed Fadzli Hassan, who referred to the passing of the former minister as a significant loss due to his many contributions to the nation.

“On behalf of the state, we extend our deepest condolences to the family of Tun Daim. We have lost a figure who made remarkable contributions to the country,” he told reporters in Kota Bahru today.

PAS president Tan Sri Abdul Hadi Awang also expressed condolences on Facebook, praying that Daim’s soul will be blessed with mercy and divine grace from Allah SWT.

Daim, whose full name is Che Abdul Daim Zainuddin, 86, passed away at 8.21 am today at Assunta Hospital in Petaling Jaya, where he was receiving treatment.

KUALA LUMPUR: The PriceCatcher app will continue to be improved with data-sharing on prices through the collaboration between the Domestic Trade and Cost of Living Ministry (KPDN) and two supermarket chains, Mydin and Redtick, said Minister, Datuk Armizan Mohd Ali.

He said that this commitment is an initiative that reflects transparency in transactions and business ethics to avoid price manipulation or profiteering at the expense of consumers.

“Previously, the price data displayed in the PriceCatcher app was entirely sourced from field price monitoring officers, which limited the coverage area and the number of premises uploaded to the app.

“...the signing of this MoU (Memorandum of Understanding) marks a pioneering effort to improve the app by enabling automated data sharing from the involved supermarkets to be displayed in the ‘Supermarket Price Sharing’ section,“ he told reporters after the MoU signing ceremony on price data sharing in Subang Jaya today.

Mydin Mohamed Holdings Bhd, managing director Datuk Dr Ameer Ali Mydin, and KPDN secretary-general Datuk Seri Mohd Sayuthi Bakar were also present.

Armizan said that this collaboration will serve as a benchmark for expanding the data-sharing initiative to other supermarkets and premises.

According to Armizan, the PriceCatcher app previously displayed price information for 480 consumer goods, with daily updates for 186 items, weekly updates for 220 items, and monthly updates for 74 items.

“Up until Nov 7, 459,998 users nationwide uploaded the app, however, the active usage rate is 10,00 per week.

“We are taking an additional approach to add more information in the app without adding more price monitoring officers by adopting a self-reporting system or data sharing from retail sector players,“ he said, adding that the app serves as a reference for users and fosters the habit of checking prices of items before buying.

KUALA LUMPUR: AutoCount Dotcom Bhd (ADB), via its wholly-owned subsidiary Auto Count Sdn Bhd (ACSB), partnered with IAB LCCI Ltd, a collaboration formed following the Institute of Accountants and Bookkeepers’ (IAB) acquisition of the London Chamber of Commerce and Industry (LCCI) qualifications.

This agreement sets the stage for Asia’s first Cloud Accounting Certification Program, which will equip finance professionals with essential skills for the digital era.

The program will be launched on January 1, 2025, marking a significant step forward in modernising the region’s accounting landscape.

Under this collaboration, ADB will design the certification curriculum around its AutoCount Cloud Accounting software.

The syllabus will be submitted to IAB LCCI for accreditation.

IAB LCCI is regulated by the UK’s Office of Qualifications and Examinations Regulation (Ofqual), enhancing the certification’s credibility and alignment with global standards.

With LCCI’s extensive reach across Asia, the certification will be accessible through its network of educational centres and partner institutions, providing aspiring accountants with in-demand cloud accounting expertise.

ADB CEO Yan Tiee Choo said this collaboration with IAB LCCI allows the company to empower the next generation of accountants across Asia.

“Our goal is to provide a practical and accessible path to certification in cloud accounting, supporting not only recent SPM (Sijil Pelajaran Malaysia) graduates but also those seeking to upskill in a fast-changing industry.

“Together, we are paving the way for a more adaptable, technology-driven accounting workforce across the region,“ he said.

Bursa Malaysia-listed ADB is a leading provider of accounting and business software solutions.

IAB Group and IAB LCCI CEO Sarah Palmer said LCCI has been a leader in offering globally recognised qualifications for over 120 years.

“Our partnership with ADB reflects our shared commitment to advancing the accounting profession by equipping future finance professionals with relevant, high-quality skills.

“By collaborating with ADB, a pioneer in cloud accounting solutions, we ensure that this certification meets the industry’s evolving needs and helps individuals succeed in a digital-first finance sector,“ she said.

The certification offers a clear advantage for students and professionals looking to expand their accounting capabilities.

By learning on ADB’s cloud platform, candidates will gain hands-on experience in digital accounting practices, preparing them for careers in an increasingly automated finance landscape.

With the signing of this agreement, ADB solidifies its position as a leader in cloud accounting solutions and furthers its commitment to innovation in financial technology and education.

This partnership aligns with ADB’s vision to become Asia’s top business software provider, fostering a future-ready workforce and advancing the region’s digital transformation.

KUALA LUMPUR: Integrated palm oil milling services provider Ecoscience International Bhd (EIB), via its wholly-owned subsidiary Ecoscience Manufacturing & Engineering Sdn Bhd, has accepted a letter of award (LoA) for a RM200 million engineering, procurement, and construction (EPC) contract from renewable energy company, Wilhelmina Energy Malaysia Sdn Bhd (WEMSB).

Under the LOA, EIB will provide comprehensive EPC services for the TG2 black pellet plant in Kuantan, Pahang.

These services will include design and engineering, sourcing and quality assurance of equipment and materials, plant infrastructure construction, and testing and start-up activities to support commissioning and ensure operational standards are met.

The specific terms and conditions of the EPC works will be outlined in a binding EPC agreement, which is expected by November 30, 2024.

The LoA was built upon the collaboration agreement (CA) with WEMSB in March 2024, aimed at transforming agricultural waste into sustainable energy, thereby reducing coal consumption and carbon emissions.

EIB managing director Wong Choi Ong expressed confidence in delivering a robust waste-to-energy solution that aligns with WEMSB’s vision for sustainable energy transformation.

“This project is a strategic fit for our expansion into environmental and energy efficiency sectors, building on our core strengths in constructing palm oil mills, supporting facilities, and equipment fabrication.

“As the largest project to be undertaken in our corporate history, we see this as a valuable opportunity to broaden our customer base, enhance our project portfolio, and strengthen our market position.

“The LoA will significantly boost our order book, providing our group with healthy earnings visibility over the next two years,“ he said.

The TG2 black pellet plant will convert oil palm empty fruit bunch (EFB) waste into TG2 black pellets – a drop-in coal replacement fuel.

TG2 black pellets are an advanced type of biofuel pellet, providing benefits over traditional biomass pellets, including enhanced grindability, water resistance, and higher energy density.

As a drop-in fuel, it is renewable and can be used in existing pulverised coal power plants without requiring significant infrastructure modifications.

EIB will continue supporting WEMSB as it expands TG2 black pellet plants across the region.

“Beyond the EPC scope for the TG2 black pellet plant, the CA signed in March 2024 also outlined the possibility of WEMSB outsourcing the plant’s operation and maintenance (O&M) to EIB.

“We are currently exploring this opportunity, and both parties will decide in due course.

“This potential arrangement, if materialise, would create a new, recurring revenue stream for us, complementing our current project-based work,“ Wong added.

WEMSB is a subsidiary of the Netherlands-based renewable energy company Maatschappij Wilhelmina NV, specialising in converting agricultural waste streams into sustainable energy using TG2 black pellets.

The EPC works are expected to commence by December 2024, with an expected project completion timeline of 24 months from the commencement date.

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: As the takaful industry contends with escalating medical inflation and the rising costs of healthcare, the Malaysian Takaful Association (MTA) has called for increased government and private sector collaboration to ensure affordable, accessible protection options for all Malaysians.

MTA CEO Mohd Radzuan Mohamed envisions takaful becoming a leading option for Malaysians seeking protection.

With only 60% of the population currently insured or covered by takaful, he sees untapped potential among the remaining 40%, primarily in underserved and unserved communities.

“Our goal is to make takaful an accessible option, particularly for groups like the BM40 (top 20% of B40 and bottom 40% M40), who often do not receive enough attention from traditional agents,” he told SunBiz at the recent launch of Hijrah27.

Radzuan said the takaful sector has struggled to expand its market share, currently at about 20% after four decades.

In response, he said, they are considering how digital transformation, distribution enhancements and technology can address these challenges.

“Malaysia’s transformation plan and recent initiatives, like the financial sector blueprint, outline steps to close this gap by focusing on underserved communities, leveraging financial literacy campaigns, and engaging technology to make takaful accessible,” he added.

Additionally, he said co-payments, a shared cost model between the insurer and the insured, is seen as a potential solution to rising premiums fuelled by medical inflation.

“Collaborating with the Ministry of Health and Bank Negara Malaysia, takaful providers aim to develop cost-sharing models that help balance affordability and coverage. With co-payments, premiums could become more manageable, helping to mitigate the effects of medical inflation and making Takaful accessible for more people.”
While the adoption of co-payments is currently optional, Radzuan said, making it mandatory could have far-reaching implications on the takaful industry. “A balanced co-payment structure can be beneficial, but affordability must remain a priority to avoid defeating the purpose of protection,” he emphasised.

Looking forward, Radzuan said the association is exploring new technology-driven initiatives, such as the Hijrah27 framework, to improve customer service and operational efficiency. “Collaborations with fintech firms and the rise of AI-based solutions also show promise in elevating the industry’s standards and expanding reach,” he added.

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.

KUALA LUMPUR: Malaysia’s cross-border renewable energy auction for Singapore’s energy importer, under Energy Exchange Malaysia (ENEGEM), will begin by year-end, Deputy Prime Minister Datuk Seri Fadillah Yusof said.

He explained that, through efforts to integrate regional power grids, the country aims to strengthen energy security across ASEAN member states.

“Further to the regional integrated grid, it can also serve as an economic catalyst in fostering regional cooperation through cross-border renewable energy trade.

“By sharing excess energy, the country can reduce reliance on fossil fuels while building an integrated ASEAN energy infrastructure,” he said in his opening address at the 2nd Sustainability Environment Asia (SEA) 2024.

Fadillah, who is also the Energy Transition and Water Transformation (PETRA) Minister, confirmed that coal-fired generation will be gradually phased out, with no new coal power plants to be established.

He cited the International Energy Agency’s clear stance that reducing coal dependency is crucial to limiting global warming and stressed Malaysia’s commitment to this objective.

“We will continue to enhance grid flexibility by investing in and developing smart grids, digitising the power system, and expanding energy storage systems.

“By 2035, we aim to increase grid flexibility by 20%, enabling greater integration of renewable energy sources,” he added.

Under the National Energy Transition Roadmap, the government aims to raise renewable energy’s contribution to Malaysia’s installed power capacity to 70% by 2050, up from the current 28%.

Meanwhile, he outlined plans to restructure Malaysia’s water services over the next decade in collaboration with the National Water Services Commission (SPAN) and the Malaysian Water Association.

“As of 2023, 97.1% of urban and rural areas had access to water supply, while sewerage services covered 86.9% of major cities.

“Malaysia aims for 98% rural clean water coverage and a 31% non-revenue water rate by 2025 through Integrated Water Resource Management (IWRM),” he said.

Malaysia remains committed to fostering a healthy environment, driving economic prosperity, and improving the quality of life for its people and future generations.

As the country strives toward its net zero carbon goal by 2050, it is vital to capitalise on every opportunity to navigate a sustainable transformation and embrace a circular economy.

“I invite businesses to partner with the government and explore all options for collaboration,” he added.

Volkswagen Group is seeking significant cost reductions as it faces declining demand, rising expenses, and mounting competition. The automaker has proposed a 10 per cent wage reduction for its union employees after IG Metall, the union representing Volkswagen’s workforce, requested a seven per cent raise. This wage cut comes as part of broader measures Volkswagen is considering to address financial difficulties, which include restructuring bonuses and possibly eliminating anniversary and monthly bonuses.

Despite these proposed changes, Volkswagen’s CEO Thomas Schafer has not ruled out more drastic options, such as plant closures, if cost-cutting goals are not met through negotiations. “Successful operations are a prerequisite for job security,” said Arne Meiswinkel, VW’s lead negotiator, highlighting the necessity for lower labour costs to stabilise the company.

Volkswagen reported a steep 42 per cent drop in third-quarter operating profits, and its core brand posted only a two per cent operating margin through September. According to CFO and COO Arno Antlitz, this underscores the need for “significant cost reductions and efficiency gains” to sustain the company’s operations.

Rumours of potential plant closures in Germany have circulated as the company confronts inefficiencies across several domestic sites. Schafer remarked that the issues cannot be resolved by “simple cost-cutting measures,” indicating deeper structural challenges within the automaker’s German manufacturing operations.

Volkswagen and IG Metall will resume negotiations on November 21.

BOLT, Europe’s leading mobility company, is launching its ride-hailing service in Malaysia’s Klang Valley, aiming to provide a fast, convenient, and eco-friendly way for residents to navigate the city. The new service allows users to request rides through the Bolt app, while also offering flexible income opportunities for local drivers, who can set their schedules independently. By increasing transportation options, Bolt’s entry is expected to help alleviate public transport demand, making shared mobility more accessible and offering an alternative to existing ride-hailing services.

Bolt’s mission emphasises reducing reliance on privately owned vehicles and addressing urban challenges such as congestion, air pollution, and limited public spaces. The company envisions integrating its platform into the urban transit network, encouraging the shift to shared mobility solutions that support a more sustainable urban environment.

Afzan Lutfi, General Manager of Bolt Malaysia, highlighted the company’s goal of building cities centred around people rather than cars. “In Malaysia, we’re committed to reducing traffic congestion and transforming public spaces by shifting from private car ownership to shared mobility,” he explained. “By providing affordable and low-emission mobility options, Bolt is not only supporting Malaysia’s urban mobility goals but also enhancing the quality of life in Klang Valley and beyond.”

As the demand for ride-hailing grows in Malaysia, Bolt’s app includes safety features and robust customer support to foster trust between riders and drivers, reinforcing a safe and reliable travel experience. Bolt’s launch marks a step towards shaping a more connected, accessible, and liveable future for Malaysia’s cities.

STELLANTIS MALAYSIA is introducing the Leapmotor C10, its latest new energy SUV, through an exciting nationwide Leapmotor C10 Experience Roadshow. Attendees can get up close and personal with this innovative electric vehicle (EV), renowned for its award-winning design, advanced technology, and driving ease.

The roadshow will take place at the following locations:

Roadshow Highlights

Interactive Showroom: Experience the Leapmotor C10’s state-of-the-art features focused on comfort, intelligence, and spacious design.

Family-Friendly Area: The Publika roadshow will feature a Play Cabin for kids, while parents can explore the vehicle’s child-friendly interior.

Virtual Reality (VR): Immerse yourself in a VR experience for an in-depth look at the C10’s innovative technology.

Test Drive & Exclusive Merchandise

Visitors can test drive the Leapmotor C10 and experience its performance, powered by a Qualcomm® Snapdragon™ 8155 chip with driving optimization by Maserati for a seamless experience. Test drivers will receive exclusive Leapmotor merchandise, and all visitors can redeem a limited-edition Leapmotor tote bag and enamel pin set.

Special Booking Offer

Prospective buyers can enjoy a limited-time offer by booking the Leapmotor C10 at the roadshow before 30 November 2024 for an introductory price of RM149,000 on the road without insurance (RM10,000 off the original RM159,000 price).

MALAYSIAN carmaker Proton has taken a significant step toward international expansion with the inauguration of a new completely knocked-down (CKD) plant to assemble the Proton Saga in Cairo, Egypt. The ceremony was officiated by YAB Dato’ Seri Anwar Bin Ibrahim, Malaysia’s Prime Minister, during his official visit to the country.

Prominent figures present at the event included H.E. Lieutenant General Kamel Al-Wazir, Egypt’s Deputy Prime Minister, YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Malaysia’s Minister of Investment, Trade, and Industry, and YB Dato’ Seri Utama Haji Mohamad bin Haji Hasan, Malaysia’s Minister of Foreign Affairs. Egyptian and Malaysian officials, including H.E. Mr Ragai Tawfik Said Nasr, Ambassador of Egypt to Malaysia, also participated alongside business leaders from both nations.

Strategic Investment in Al Oula Industrial Park

The new CKD facility is located in the Al Oula Industrial Park, Giza, and is operated by Ezz Elarab Elsewedy Automotive Factories (ESAF)—a joint venture between Ezz Elarab and Elsewedy Capital Holding. The plant represents an investment of USD35 million and has a production capacity of 20,000 units per shift. Once fully operational, it is expected to employ up to 400 people.

Proton was represented at the inauguration by Tan Sri Syed Faisal Albar, Chairman, and Roslan Abdullah, Deputy CEO. From ESAF, Hisham Ezz Elarab, Chairman, and Ahmed Elsewedy, Board Member, attended the event.

A Milestone in Bilateral Cooperation

During his speech, Prime Minister Anwar Ibrahim highlighted Proton as a source of national pride and emphasised the importance of partnerships like ESAF in fostering industrial advancement. He urged Proton to leverage local facilities to strengthen its operations in the region.

The factory inauguration comes shortly after the first shipment of CKD packs was sent to Egypt on 9 September 2024. The production of left-hand drive Proton Saga models is set to begin in December 2024, with an initial production target of 1,400 units for 2024. This is projected to increase to 5,000 units in 2025, with a total of 16,000 CKD packs expected to be exported by the end of 2026.

Expanding Beyond Egypt

The vehicles assembled in Egypt will not only cater to the domestic market but also be exported to Northern and Sub-Saharan Africa and Middle Eastern markets. These efforts are part of Proton’s strategy to strengthen its presence in emerging markets where car ownership is on the rise.

The total value of exports from this initiative is estimated at RM570 million, excluding an additional RM20 million projected from parts exports.

Unlocking Global Potential

Tan Sri Syed Faisal Albar remarked that Proton, as Malaysia’s leading vehicle exporter, currently sees exports accounting for 3% of total sales volume. However, the company aims to unlock untapped potential in international markets.

“Egypt is central to our plans for the region. Moving forward, we will focus on partnerships like ESAF to maximize the sales potential for Proton vehicles in regions where car ownership is still growing,” he said.

Future Growth Prospects

The establishment of the Cairo CKD facility marks a pivotal moment in Proton’s international expansion. With plans to explore broader markets and collaborate with strategic partners, the company is poised to enhance Malaysia’s automotive footprint on the global stage.

Higher system-wide sales and contributions of recently acquired South Korean value coffee brand boosted earnings of Asian food conglomerate Jollibee Foods Corp. by nearly a quarter in the nine months ending September.

The Bangko Sentral ng Pilipinas has launched an investigation into G-Xchange Inc., the operator of GCash, following numerous complaints from users reporting unauthorized deductions on their e-wallet accounts.

Mental health problems in the country are on the rise.

Actress Lovi Poe launched her debut makeup collection under local cosmetics line Ready Set Glow.

College of St. Benilde continued to make a case for the top seeding in the Final Four as it downed San Beda, 70-62, Wednesday in NCAA Season 100 men’s basketball action at the Filoil EcoOil Arena.

Google has been omitting terms from searches for several years.  For me, the matter came to a head wayback  in November 2011 (see Dear Google, stop messing with my search).  Many of has had noticed it happening for a while but what suddenly made it more frustrating was that one could no longer prefix a term … Continue reading Google offers to include missing search terms – sometimes →

Random Photo: Caturday Henchmen

Random Photo: It's Monday Once Again

...

...

...

If you have attempted to download directly from GitHub recently, you have undoubtedly seen the dreaded Unicorn! display, letting you know that No server is currently available to service your request.

...

Move over, Dr. Evil; Russia has just hit Google with a fine that would make even him laugh maniacally. That’s right: a whopping $20 decillion! For context, that’s $20,000,000,000,000,000,000,000,000,000,000. It’s the kind of number so absurd that it stops being math and starts becoming pure science fiction. ...

If you’ve sent kids to college, you’ve probably heard of FAFSA (Free Application for Federal Student Aid). FAFSA offers federal government aid via loans, grants and work-study options. It determines how much financial aid your children will get for college based on your family’s income and assets. As a parent, that includes your income, investment […]

The post How Do I Avoid the Money in My Bank Disqualifying My Children From Financial Aid for College? appeared first on Clark Howard.

The number of drivers who let their insurance monitor their driving has more than doubled in less than a decade! While many drivers were once skeptical of the practice, the benefits are becoming more and more appealing as people make the switch to usage-based insurance. And as car insurance rates continue to climb, even more […]

The post Should You Allow Your Auto Insurance To Monitor Your Driving? appeared first on Clark Howard.