KUALA LUMPUR (Sept 30): Bursa Malaysia Securities on Friday (Sept 30) publicly reprimanded and fined six directors of Brem Holding Bhd for failing to take reasonable care over advances totalling RM26.46 million made to a private company. The exchange imposed a fine of RM200,000 on Brem’s managing director Tan Sri Khoo Chai Kaa, and RM50,000 each on executive directors Khoo Chai Thiam and Low Yew Hwa, independent director Wong Miow Song, and non-independent directors Khoo Hui Keam and Khoo Hui Giok. Bursa noted that Brem had in November 2014 acquired a 49% shareholding in GJH Prestige Sdn Bhd (GJHP) from GJH Holdings Sdn Bhd (GJHH). Bursa noted that Brem continued to make advances, and GJHP had only repaid RM1.6 million to Brem in August 2017. The remaining advances amounting to RM24,863,650 remained unpaid, nearly eight years after Brem had first provided the advances in 2014.

KUALA LUMPUR (Oct 1): Transport Minister Datuk Seri Dr Wee Ka Siong said Malaysia’s air safety rating in the US was restored to Category 1 after all 33 issues raised by the Federal Aviation Administration (FAA) were resolved. According to Wee, a Category 1 air safety rating means Malaysia’s civil aviation authority complies with the ICAO's safety standards. “With an IASA (International Aviation Safety Assessment) Category 1 rating, a country’s air carriers can establish service to the US and carry the code of US carriers. In November 2019, Malaysia was assigned Category 2 in its air safety rating under the IASA programme by the FAA due to non-compliance with the ICAO's safety standards. Read also:Malaysia regains US FAA's Category 1 safety ratingReinstatement of Malaysia's air-safety ranking to Category 1 'truly commendable', says MAHB

Traders told StarMetro that customers would come in droves to enjoy the Kuala Lumpur skyline. A trader who sells noodle dishes, said it was worth having a stall there despite the constant threat of enforcement. “There are alternative ways to get to the residential areas of Taman Mulia Jaya and Taman Saujana Ampang instead of using Persiaran Saujana. At least 20 stalls were operating, selling everything from snacks and drinks to meals cooked on the spot. “We sometimes have to station enforcement officers at the site to deter traders from setting up their stalls,” said Mohd Fauzi.

KUALA LUMPUR (Sept 30): Ageson Bhd has proposed to sell 4,000 units of vending machines and retail fridges integrated with internet-of-things system and solutions, for RM30,000 per unit or a total of RM120 million. The proposal is in line with its initiative to explore new business opportunities, said the construction and property development group in a Bursa Malaysia filing. It said its indirect wholly owned subsidiary, Ageson Retails Sdn Bhd, has inked a memorandum of understanding (MOU) with Koperasi Belia Nasional Bhd (Kobena) for the sale. "The entry of the MOU forms a basis of commitment to the parties to create a mutual understanding and also pave a way for further discussion between the parties prior to the signing of any definitive agreement to effectuate the business proposal," said Ageson. At 3.40pm, shares in Ageson were up one sen or 3.03% at 34 sen, giving the group a market capitalisation of RM104.61 million.

KUALA LUMPUR (Sept 29): AET, the Singapore-based maritime transport operator wholly owned by MISC Bhd, has signed a memorandum of understanding (MOU) with Thailand's national energy company PTT for the construction of two Aframax oil tankers that will be powered by green ammonia. "This MOU sets another clear signal of PTT's and AET's commitment to reducing greenhouse gas (GHG) emissions from international shipping as energy efficiency improvements alone will not be sufficient." AET president and chief executive officer Capt Rajalingam Subramaniam said the company's collaboration with PTT also goes beyond these first two net-zero green ammonia powered Aframaxes. "Providing the much-needed boost to create a green ammonia corridor in Southeast Asia would be another desired outcome of this MOU. MISC's share price settled 10 sen or 1.47% higher at RM6.90 on Thursday (Sept 29), bringing a market capitalisation of RM30.8 billion.

KUALA LUMPUR (Sept 27): Glove maker Rubberex Corp (M) Bhd’s shares will be traded under the new name of Hextar Healthcare Bhd from Thursday (Sept 29). Rubberex had on Sept 14 received its shareholders’ nod for the group’s diversification into the healthcare business and change its name to Hextar Healthcare. Shareholders also approved the group’s acquisition of test kits manufacturer Reszon Diagnostics International Sdn Bhd for RM180 million. Rubberex shares finished 1.27% or half a sen higher at 40 sen on Tuesday (Sept 27), valuing the group at RM361.62 million. The counter, however, is down 21.67% year-to-date and lower by 35.48% over the past year.

(Sept 27): Netflix Inc is creating its first in-house video games studio in a push to be less reliable on third-party creators and expand its gaming offerings. The new studio will be based in Helsinki and headed by Marko Lastikka, according to a statement from Netflix on Monday (Sept 26). The new games studio will be Netflix’s fourth overall, after the company acquired another Helsinki-based studio, Next Games, and Boss Fight Entertainment earlier this year. Netflix embarked on its push into video games in 2021 as a way to diversity its streaming offerings as growth stagnates. “It’s still early days, and we have much more work to do to deliver a great games experience on Netflix,” Rahimi said.

This is because it concerns the very nature of the Federation of Malaysia, and of federalism’s role in the development of the country. The inter-ethnic balancing act behind the formation of Malaysia in 1963 is well known, where the addition of Chinese-majority Singapore was countered by indigenous peoples of Sabah and Sarawak. The Second Malaysia Plan opened the gates for policymaking to be strongly race-conscious and centralising. Looking back, it has been voters living in Kuala Lumpur who have suffered most dramatically in their loss of democratic rights. His recent books include Catharsis: A Second Chance for Democracy in Malaysia (2018, Penang Institute, SIRD and ISEAS).

IT looks certain that Tun Dr Mahathir Mohamad (pic), who now heads the Pejuang party, will defend his Langkawi parliamentary seat in the impending general election. The former prime minister, who turns 98 next year, does not have much choice as he is the only candidate from his party who has a realistic chance of winning.

THERE could be a couple of large road and highway construction contracts up for grabs following the tabling of Budget 2023 in parliament, people familiar with the matter tell The Edge. “We are expecting some announcements on these two contracts (CSR and SSLR), which could impact the construction sector positively in the budget next month,” says the managing director of a publicly traded construction company. The announcement of the contracts could generate interest in the long-suffering construction sector. A dearth of jobs, the slow economy and the ongoing pandemic, among others, have taken a toll on the construction sector. This means the road construction contracts in the state may be more hotly contested, with companies from the peninsula likely to bid.

KUALA LUMPUR (Sept 26): Bursa Malaysia ended broadly lower on Monday (Sept 26), tracking regional peers amid the weak sentiment globally, said an analyst. Total turnover swelled to 2.12 billion units worth RM1.85 billion, compared with 1.84 billion units worth RM1.57 billion last Friday. The Main Market volume stood at 1.42 billion shares worth RM1.64 billion against 1.29 billion shares worth RM1.37 billion last Friday. Warrants turnover widened to 272.54 million units valued at RM43.63 million from 197.29 million units valued at RM29.44 million previously. The ACE Market volume advanced to 422.84 million shares worth RM162.81 million from 353.22 million shares worth RM177.11 million last Friday.

The following underlines Transparency International’s mission to combat corruption: Corruption undermines good government, fundamentally distorts public policy, leads to the misallocation of resources, and particularly hurts the poor. In September 2007, former Secretary-General of the United Nations Ban Ki-Moon stated that: Corruption undermines democracy and the rule of law. Corruption results in unsustainable development, environmental pollution, wealth distribution that is unequal and inequitable, and leakages of a nation’s resources. In China, the Qing dynasty in 220 BC identified the concept of corruption and imposed heavy penalties on the perpetrators. The original trial that was encountered by the first human being created by Allah had the element of corruption.

ALOR GAJAH: Yayasan Pelajaran Mara (YPM) allocated a total of RM2 million from January to August this year, to provide assistance to 20,000 bumiputra students nationwide under the foundation’s corporate social responsibility (CSR) programme. Its chairman, Datuk Mohd Razman Yaacob, said that the assistance provided included laptops, bicycles and cash. At the event, YPM channelled assistance totalling RM14,600 to 78 recipients, in the form of RM100 cash, bicycles and laptops. Mohd Razman said it was YPM's seventh CSR programme under the Pendidikan Pesisir Pantai initiative, after Pangkor Island, Tioman Island, Tawau and Semporna, Tuba Island, Aman Island and Kerian. Donors can get a tax deduction of up to 10 per cent under subsection 44(6) of the Income Tax Act 1967.

KUALA LUMPUR (Sept 25): Malaysia will participate in the International Telecommunication Union Plenipotentiary Conference 2022 (ITU PP22) in Bucharest, Romania starting Monday (Sept 26) until Oct 14. ITU PP22, which will be participated by 181 countries, is very special and significant for the country because Malaysia will bid for a seat in ITU Council under Region E (Asia and Australasia) for 2023-2026 term, he said. Therefore, in addition to organising a reception on Sept 29, Annuar said he and the Malaysian delegation would spend their time there to meet their counterparts to garner support for Malaysia. Annuar said Malaysia's direct involvement in the ITU PP22 conference would have a major impact on local experts who would benefit from ITU's telecommunications and ICT development programmes. Others are Malaysian Ambassador to Romania, Tengku Datuk Sirajuzzaman Tengku Mohamed Ariffin; as well as representatives from telecommunications network providers such as Telekom Malaysia Bhd, Maxis Bhd, DiGi, as well as MEASAT.

Professionals such as lawyers, accountants and company secretaries, as well as various other entities, including trust companies, dealers in precious metals or precious stones, moneylenders, casinos and real estate agents, have been subject to AMLA reporting requirements for several years. RIs are required to adhere to these rules not only to counter money laundering but also terrorism financing and proliferation financing, which is the financing of weapons of mass destruction. How then should businesses implement a risk-based approach in dealing with anti-money laundering compliance? This tool can be similarly used in the context of AMLA compliance. Commonly identified risks as set out in Bank Negara’s policy documents are client risk, geographical risk and transaction risks.