Artificial intelligence (AI), sustainability issues and deglobalisation are among the key factors that will result in 83 million job losses and transform nearly a quarter of all jobs (23%) globally over the next five years, according to the World Economic Forum (WEF).

AI, green transition to disrupt nearly 25% of all jobs by 2028

Chatbots have captured the world’s attention. Artificial intelligence (AI) large language model (LLM) tools can take seconds what it would take a human hours, if not days, to write — such as student research papers, business press releases and even computer code. And while this supports the ever-...

Vigilance: While AI can boost coding velocity, it still requires human oversight and security testing

When Digital Edge interviewed YTL Communications CEO Wing K Lee last month, he spoke passionately about the capabilities of the Yes Wireless Fibre 5G portable broadband device, so we decided to put it to the test.

The device, launched in Penang last September, is the country’s first&nbs...

Tech In Review: Combining speed with flexibility

When the Covid-19 pandemic hit in 2020, most people became accustomed to spending hours on video conferencing platforms to adhere to social distancing protocols. But it did not take long before fatigue hit, leaving many yearning for a virtual experience other than looking at a screen with people’...

Concept To Creation: Drag-and-drop metaverse builder lowers barriers to entry

Innovation-driven businesses in Malaysia are booming but they are in need of financial support from investors and government subsidies to scale regionally and internationally. Given that start-ups and new ventures have limited tangible assets to use as collateral — which consequently makes these ...

Intellectual Property: Measuring the value of intangible assets

Here’s a nerdy conversation with a scary twist. A chemical engineer and an artificial intelligence (AI) prompt engineer walk into a bar that is full of cigarette smoke. The chemical engineer orders, “Give me 250ml H2O first.” The prompt engineer smiles, “Get me a glass of water.” The bartender sm...

Econ 4.0: Can you become a prompt engineer?

Making false or exaggerated motor claims is one of the most common types of automotive insurance fraud in the country, costing insurers RM1 billion in 2021 alone.

It is both costly and time-consuming to assess the authenticity of motor claims. But with the use of artificial intelligence...

Solutions: AI a game changer in combating automotive insurance fraud

As the Premier League (PL) season draws to an end, football fans are waiting to see who will lift the coveted trophy. While the teams are fighting it out on the field, fans have taken to showcasing their strategic prowess in video games such as the Fifa football simulation series, which is played...

Cover Story: Aiming to score in fantasy football

A recent robust discussion on a LinkedIn post I created prompted me to write this article. In the post, I shared a newspaper clipping of an article I had written in 1999 where I stated that Malaysia did not have enough funding and that we were losing our talents to Singapore because Singapore inv...

The Pitch Deck: Multi-stage funding necessary for unicorn creation

NEWS

C4IR Malaysia to accelerate green transition and digital transformation

To drive advancement of the digital economy in Malaysia, the government, in collaboration with the World Economic Forum (WEF), launched the Centre for the Fourt...

Bits + Bytes: A Miscellany of Technology

Since the beginning of this year, the current Imbalance Cost Pass-Through (ICPT) surcharge imposed on non-domestic users from the commercial and industrial (C&I) sectors has led to swelling operating costs as a result of higher electricity tariffs.

GSPARX achieves solar synergy with the retail sector

Malaysia has so far committed to two climate targets. One is a nationally determined contribution target that is required of all countries that are signatories to the Paris Agreement, and the other is its net zero emissions target.

Is Malaysia achieving its climate targets?

Gentari Sdn Bhd is one of the new renewable energy (RE) players that have attracted significant attention, thanks to the profile of its owner, Malaysia’s national oil and gas company Petronas.

Petronas set up Gentari last June to deliver net-zero carbon emissions solutions through RE, h...

Q&A: Getting to know Gentari

The balcony of the Port of Tanjung Pelepas (PTP) offers a 180° view of its long berth, lined with towering cranes, stacks of containers and massive ships passing through the channel. At the corner of the visitor’s eye, however, is the sight of a formidable competitor: Singapore’s Tuas Port, which...

Logistics: Tanjung Pelepas wants to get ahead with ESG

After two years of high oil prices, the Malaysian government finally announced that the electricity tariff for non-residential (medium- and high-voltage) users will be increased from 3.7 sen to 20 sen from January 2023.

This triggered an outcry from businesses that were suddenly fa...

Cooler Conversations: Coping with higher electricity prices

A lot of protests were heard in this part of the world when the European Union’s regulation on deforestation-free products (EUDR) was first introduced in 2021.

The EUDR, which was adopted by the European parliament in April, will require suppliers to prove that their products entering t...

Cover Story: Is Malaysia ready for the EU regulation on deforestation-free products?

Soaring electricity bills due to a hike in oil, gas and coal prices globally have been a source of frustration for businesses. However, this has also led to higher demand for renewable energy (RE), especially solar panels.

Earlier this year, the Malaysian government announced a surcharg...

Energy: Riding on the increasing demand for solar energy

As a little girl, Leena Ghosh was captivated by the movie Choices of the Heart (1983), starring Melissa Ellen Gilbert of Little House on the Prairie fame. The movie tells the story of a young missionary from the US who, together with two other missionaries, was killed in El Salvador in 1980. “Sin...

Labour: Fighting for universal human rights

Margie Ong, CEO of sustainability consulting firm Thoughts In Gear, has compiled a 40-point checklist on what businesses can do to improve their sustainability reporting. Businesses can decide if they want to aim for a minimally compliant report or one that is universally understood.

A checklist for your sustainability report

Corporate venture capital (CVC) is the new buzzword in town, but it’s taken me seven years to get to this stage. What do I have to do with CVC?

Two years before his untimely death in 2018, Cradle Fund CEO Nazrin Hassan and I had coffee one day, debating why the Malaysian corporate secto...

The Pitch Deck: Corporate mindset change needed to play start-up game

The Edge Property Excellence Awards 2023

The Edge Best Managed & Sustainable Property Awards 2023

The Edge ESG Awards 2022

The Edge Billion Ringgit Club 2022

The Edge Centurion Club Corporate Awards 2022

It’s a double cover this week — EPF CEO Datuk Seri Amir Hamzah dispels the notion of the fund turning into a fund that works more for the rich following massive Covid-19 withdrawals, while MAHB’s MD Datuk Iskandar Mizal Mahmood talks about the airports operator’s efforts to step out of the shadow of regional peers.<br /><br />

EDGE WEEKLY: EPF dispels impression it’s a rich man’s club + MAHB on making KLIA great again

MIDF Research says margin pressures persist for Leong Hup International<br />

MORNING CALL: 6/6/23

In today’s edition of Evening 5 — Property developers call on Putrajaya to take over the building of affordable housing. Meanwhile, Hydroshoppe director Datuk Abdul Hamid Shaikh Abdul wants his corruption charge struck out and the EPF says it will vote against MR DIY Group (M)’s resolution to buy back its own shares at the upcoming AGM.<br />

EVENING 5: Govt told to take charge of affordable housing

KUALA LUMPUR (June 6): Construction of affordable houses or People's Housing Projects (PPR) will be made compulsory in the development of housing projects in Kuala Lumpur, said Prime Minister Datuk Seri Anwar Ibrahim.

PM: Compulsory for housing projects in KL to have affordable homes, PPR houses

The move to cut government subsidies only affects the rich or top 20% income group (T20), and that too is at a minimal rate, said Prime Minister Datuk Seri Anwar Ibrahim.

Cut in govt subsidies only affects T20, says PM

KUALA LUMPUR (June 6): Despite having set climate ambitions, not enough action has been taken by the governments across Southeast Asia (SEA) to meet nationally determined contribution targets by 2030, according to Southeast Asia’s Green Economy 2023 Report: Cracking the Code, by Bain & Company, Temasek, GenZero and Amazon Web Services (AWS).

Southeast Asia needs to expedite action to meet 2030 climate ambitions — green economy report

Bursa Malaysia stayed in the red at midday due to a lack of fresh catalysts, amid cautious sentiments following Wall Street’s downward movement overnight.

At 12.30pm on Tuesday (June 6), the FBM KLCI had fallen by 2.58 points to 1,378.68, from 1,381.26 at last Friday’s close, despite opening 0.84 point higher at 1,382.10.

Bursa stays in the red at midday

Fears of a credit default in the US were alleviated following an agreement between the House of Representatives and the Senate to lift the debt ceiling for two years.

Major benchmarks continued to advance, especially last Thursday (June 1) and Friday, after a strong jobs report from the US.

Local institutional investors net bought RM372.9m on Bursa last week, says MIDF Research

Police have started an investigation into Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Noor over his claims that Penang belongs to Kedah, which have created unease, according to Prime Minister Datuk Seri Anwar Ibrahim.

Investigation into Kedah MB over comments Penang belongs to Kedah has started — PM

Taiwanese chipmaker TSMC is feeling "good" about talks over a possible first European factory in Germany and is discussing subsidies with the host country's government, the company's chairman said on Tuesday (June 6).

TSMC feeling 'good' about possible German plant, in talks on subsidies

(June 6): JPMorgan Chase & Co chief executive officer Jamie Dimon will meet privately with a group of moderate House Democrats on Tuesday, with banking and the US economy on the agenda, according to people familiar with the plans.

Dimon to discuss banking, economy with House Democrats on Tuesday

China will likely further cut banks' reserve ratio and interest rates in the second half of this year to support the economy, the China Securities Journal reported on Tuesday (June 6), citing policy advisors and economists.

China may cut rates further in 2H, government researcher says

Higher borrowing costs and the sharp depreciation of the ringgit may be disquieting for Malaysians, but Prime Minister Datuk Seri Anwar Ibrahim on Tuesday (June 6) defended Bank Negara Malaysia's (BNM) recent raising of its key interest rate as a gradual move in adjusting monetary policy to soften the impact of the weak local currency on the economy.

Anwar defends BNM’s gradual approach to monetary policy amid weakening ringgit

LONDON/BRUSSELS (June 6): The US$2 billion market for carbon offsets is heading for a massive reset, as a growing number of sovereign governments announce their intention to tax, regulate or restrict trade in credits generated within their borders.

Global carbon markets face upheaval as nations remake the rules

KUALA LUMPUR (June 6): As at June 1, 2023, 24 public-listed companies (PLC) in Malaysia still have not appointed at least one woman director, according to Bursa Malaysia Bhd, which is not compliant with the regulator’s updated listing rules which were announced in January 2022.

24 public-listed companies still have no women directors

KUALA LUMPUR (June 6): The ringgit opened lower against the US dollar in the early session on Tuesday (June 6), as investors remain cautious on the global outlook despite a slightly weaker greenback, an analyst said. At 9am, the local note fell to 4.5950/6000 versus the greenback, compared with Friday (June 2)’s closing of 4.5745/5785.

Ringgit lower against US dollar in early session on June 6

A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange’s purportedly independent US affiliate, including an account that held American customers’ funds, bank records show.

Crypto giant Binance controlled ‘independent’ US affiliate’s bank accounts

Cryptocurrencies slumped across the board after the US Securities and Exchange Commission (SEC) accused Binance Holdings Ltd of mishandling funds and lying to regulators.    

In the lawsuit, the SEC also alleged that certain tokens — including Solana, Cardano, Polygon, Filecoin, Cosmos, Sandbox, Decentraland, Algorand, Axie Infinity, and COTI — that traded on Binance.com and Binance.US were offered and sold as securities, a move that could have wide implications for other exchanges that offer these tokens. Solana fell as much as 13%, while Cardano dropped 8%, Polygon slipped 6% and Filecoin slumped 10%.

Cryptocurrencies stumble after SEC filed charges against Binance

Post-pandemic, small and medium enterprises in Southeast Asia have fully come around to the benefits of going digital. They are expected to invest US$130 billion (RM601.9 billion) in technology over the next three years. What is the state of digitalisation of SMEs in the region, especially local ones? What areas are they are looking to digitalise?

SMEs and digitalisation — big opportunities for tech providers 

Headline inflation in most economies around the world has been coming off its peak since central banks started raising interest rates. At present, there is a strong disinflationary trend underway, according to DBS Research.

Disinflationary trend underway

Malaysia's palm oil inventories at the end of May are expected to rise as production swells to its highest so far this year while exports remain flat, a Reuters survey showed on Tuesday (June 6).

Malaysia's end-May stockpiles seen higher as output jumps to highest this year

A total of 16 work packages in Phase 1 of the Pan Borneo Highway project are being implemented and currently, the progress status is at 75%, the Dewan Rakyat was told.

Pan Borneo Highway: Sixteen work packages in Phase 1 being implemented, 75% complete, Dewan Rakyat told

Post-results season, analysts continue to see the banking sector in a positive light, in view of counters’ depressed share prices giving rise to attractive dividend yields.

Analysts maintain positive calls on banking sector in view of attractive valuations

KUALA LUMPUR (June 6): Emerging geopolitical fault lines may induce sovereigns, central banks and companies in Asia Pacific (Apac) to diversify the currencies in which they raise funds, invest their reserves or invoice merchandise trade, according to Moody’s Investors Service.

Moody’s: Apac’s geopolitical fault lines may accelerate currency diversification from US dollar

Khazanah Nasional Bhd recently led a Series B fundraising round of a Malaysian home-grown insurance technology (insurtech) company, PolicyStreet, raising a total of US$15.3 million (RM67 million) under the group's Dana Impak mandate.

Khazanah invests in PolicyStreet to enhance protection for Malaysia's underserved market

Icon Offshore Bhd has appointed Datuk Abdul Mutalib Alias as the oil and gas service provider’s non-independent non-executive chairman, effective Tuesday (June 6) after Raja Tan Sri Arshad Raja Tun Uda retired from the post on the same day.

Ex-Bintulu Port chairman Abdul Mutalib appointed Icon Offshore chairman

Malaysia External Trade Development Corporation (Matrade) helped to drive exports to Japan through high-level engagements with Japanese companies through the first trade and investment mission to Japan.

Matrade helps drive exports to Japan through high-level engagements

Yinson Holdings Bhd's offshore production unit Yinson Production (YP), via its joint-venture company PTSC South East Asia (PTSC SEA), has received a five-year extension for the bareboat charter contract for FSO PTSC Bien Dong 01.

The extended period of the contract is from June 4, 2023 to June 3, 2028, it said in a filing with Bursa Malaysia on Tuesday (June 6).

Yinson's indirect JV gets five-year extension for FSO charter contract

theedgemalaysia.com highlighted five stocks with negative momentum and two stocks with positive momentum at Bursa Malaysia’s afternoon break on Tuesday (June 6).

REDtone, Excel Force, MAG Holdings, HSS Engineers, Kumpulan Jetson, KNM Group, PNE PCB

Public Investment Bank Bhd (PublicInvest Research) has issued an “outperform” call on MGB Bhd with a target price of RM1.03, supported by higher progress billing projected for its construction business this year and the next.

MGB to benefit from construction business growth, improved IBS efficiency, says PublicInvest Research

The equity market is saying generative AI has started a new business cycle

THE government’s proposed multi-lane fast flow (MLFF) toll collection system seems to be gaining momentum, with at least two highway concessionaires  — the latest being Ekovest Bhd — participating in a pilot testing of the system.  

Ekovest, the concessionaire of the Duta-Ulu ...

Plan for MLFF toll system gains momentum, Ekovest has started pilot test

Serba Dinamik Bhd has delayed issuing its financial report for the second consecutive quarter.

Frankly Speaking: Serba delays accounts once again

The new buzzword in business nowadays is ESG — the environmental, social and governance theme. Corporate performance has now been tied to an ESG Index for supposedly responsible investing and even financial sector lending decisions. But make no mistake, it is ideology masquerading as social respo...

my Say: Malaysia must walk its own path in ESG

Notable filings

For the week of May 15 to 19, notable shareholding changes in Bursa Malaysia-listed companies included those at NCT Alliance Bhd. Chin Hin Group Property Bhd’s non-independent non-executive chairman Datuk Seri Chiau Beng Teik and his son Chiau Haw Choo...

Insider Moves: NCT Alliance Bhd, SC Estate Builder Bhd, NTPM Holdings Bhd, Time dotCom Bhd, KPJ Healthcare Bhd

THE federal government’s decision in principle to fund the development of the Bayan Lepas Light Rail Transit (LRT) project is pleasant news for Penangites awaiting public rail transport to ease traffic congestion.

In view of that, the state government has indicated its intention to scal...

Is the scale of Penang South Islands contingent on whether the federal government funds the LRT?

The month of May showed a clear trend on the performance of new listings on Bursa Malaysia.

Frankly Speaking: New listings veer towards tech

Last week, the Minister of Natural Resources, Environment and Climate Change (NRECC) Nik Nazmi Nik Ahmad said that the government was considering reviewing water tariffs.

Frankly Speaking: Grab the bull by the horns, increase water tariffs

After 26 years, United Engineers (M) Bhd’s purchase of a 32.6% block in Renong Bhd continues to intrigue, with startling new disclosures surfacing recently.

In the latest twist related to the November 1997 transaction, former Renong major shareholder and supremo, Tan Sri Halim Saad, has...

Alternative Views: UEM-Renong deal: The ball is in MoF’s court

Financial literacy, the knowledge of how to manage one’s money, is much needed among the general public. Many reports have pointed out that Malaysians in general do not have enough money saved in their bank accounts and are ill-prepared for emergencies as well as retirement.

The Ringgit...

Financial Literacy: Industry veterans lead the way in promoting financial literacy among youth

Last month, the Malaysian Anti-Corruption Commission (MACC) opened investigation papers into an event more than two decades old. It involved the acquisition of a 32.6% stake by United Engineers (M) Bhd (UEM) in Renong Bhd for RM2.3 billion in cash in November 1997. MACC summoned a couple of well-known corporate personalities, one who was also a senior minister at about that time, to its headquarters.

Frankly Speaking: UEM-Renong: Why now, after 26 years?

(June 6): The Japanese government revamped its chip strategy with a goal of tripling sales of domestically produced semiconductors to more than 15 trillion yen ($108 billion) by 2030, as the nation centers chips at the heart of its economic security policy.

The revised strategy, re...

Japan renews chip plan, confirms sales goal of $108 billion

Morgan Stanley plans to move to a new office in Singapore, seeking a bigger space in the city state’s financial district to accommodate its expansion.

The US firm is in advanced discussions for five floors at the upcoming IOI Central Boulevard Towers, which will give it certain signage rights, according to people familiar with the matter. The space, which will be able to house about 1,000 people, will cater to Morgan Stanley’s growing number of Singapore staff, the people said, asking not to be named as the information is private.

Morgan Stanley planning move to new Singapore office in growth boom — sources

MUMBAI (June 6): India's palm oil imports sank to a 27-month low in May, as buyers cancelled expensive cargoes of the edible oil and replaced them with cheaper soyoil and sunflower oil, six dealers told Reuters on Tuesday.

India's palm oil imports hit 27-month low, buyers pick cheaper soft oils, say dealers

BENGALURU (June 6): Gold prices edged lower on Tuesday, as investors sought more clarity around the US Federal Reserve's policy outlook, while a softer dollar capped further decline, keeping bullion in a narrow range.

Gold dips, softer dollar limits losses

BENGALURU (June 6): Indian education technology startup Byju’s filed a suit against investment management firm Redwood to challenge the acceleration of a US$1.2 billion term loan B facility and disqualify the lender for its “predatory tactics”, the company said on Tuesday.

Byju’s files suit challenging term loan acceleration, disqualify Redwood

SYDNEY (June 6): Australia's central bank on Tuesday raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target.

Australia central bank raises rates to 11-yr high, warns more hikes likely

BANGKOK (June 6): Thailand's exports are likely to be flat or rise up to 1% this year, as global demand has slowed but a weak baht is providing support, the Thai shippers' council said on Tuesday.

Thai exports seen rising up to 1% this year, say shippers

BANGKOK (June 6): Thailand's headline inflation rate dropped to its lowest in 21 months in May due to falling energy and food prices and a high base in 2022, the Commerce Ministry said on Tuesday.

Thai May headline inflation lowest in 21 months

A Chinese battery start-up claims to have overcome one of the key sticking points for electric car owners — the loss of power capability and range in cold climates.

Greater Bay Technology says its new Phoenix cell is made with superconducting materials and contains thermal management technology that can heat the battery back from -4F to 77F in five minutes. That allows the lithium ion battery to operate as normal and charge within six minutes in all weather conditions, according to Huang Xiangdong, Greater Bay’s co-founder and chairman.

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