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19 May 2025

Ringgit strengthens against US dollar at opening following Moody’s US credit downgrade

KUALA LUMPUR: The ringgit opened higher today against the US dollar buoyed by Moody’s Ratings recent downgrade of the US credit rating on concerns over rising debt.

At 8.03 am, the local note appreciated to 4.2850/3140 versus the greenback from last Friday’s close of 4.2900/2980.

Moody’s Ratings has downgraded the US sovereign rating by one notch to Aa1 from AAA last Friday.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the main premise for such a move was the US government debt which would likely increase and its fiscal deficits would deteriorate.

“However, the credit rating agency continued to acknowledge the special status of the US dollar as the global reserve currency.

“On that note, the US Dollar Index (DXY) could fall from a knee-jerk reaction,” he told Bernama.

Hence, he expected the local note and other emerging market currencies to appreciate against the US dollar today.

At the opening, the ringgit traded mostly lower against a basket of major currencies.

It rose vis-a-vis the euro to 4.7495/8269 from 4.8022/8112 at last Friday’s close, but slid against the British pound to 5.7020/7406 from 5.7018/7125 and edged down versus the Japanese yen to 2.9509/9711 from 2.9470/9527 previously.

However, the local note was traded mostly higher against its ASEAN peers.

It climbed versus the Singapore dollar to 3.3010/3236 from 3.3041/3105 last Friday, gained against the Philippine peso to 7.70/7.75 from 7.71/7.73 and also strengthened against the Indonesian rupiah at 260.5/262.4 from 260.8/261.5 at the previous close.

The ringgit fell against the Thai baht to 12.9024/13.0026 from 12.9003/9318 previously.

Source: The Sun Daily

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Only 25% of Malaysian online sellers have intergrated AI into business operations: Lazada

KUALA LUMPUR: Despite widespread recognition among Malaysian online sellers leveraging artificial intelligence (AI) as a catalyst for improved productivity and cost efficiency, only 25% have integrated the technology into their business operations.

Lazada Malaysia chief operating officer Ángel Ramiro said that while 69% of Malaysians show strong familiarity with AI, the e-commerce platform’s studies reveal that at least one in two Malaysian sellers remains sceptical about its usefulness.

He said key barriers to entry include cost concerns, time investment and resistance to change, with nearly 67% of employees preferring familiar manual processes.

“We understand this gap and recognise that our sellers need a strong support system beyond offering powerful tools.

“Our seller learning platform, Lazada University, and the Seller Ambassador Programme, which provides peer-to-peer mentorship, are some ways we support AI adoption.

“We have also launched a playbook to help sellers assess their AI readiness and discover how they can use AI on Lazada to drive business success,“ Ramiro told SunBiz.

He said the online e-commerce platform has launched the Online Sellers Artificial Intelligence Readiness Playbook – a strategic guide to help sellers understand where they are on their AI journey and map out clear, actionable steps for adoption at their own pace.

The playbook offers sellers insight into their AI-readiness under three archetypes – AI Agnostics, Aspirants and Adepts – while highlighting operational gaps they can bridge with AI. It also outlines key AI solutions they can leverage, with direct access to resources and tutorials for maximising Lazada’s built-in AI-powered tools and features.

“AI is a key priority for us, and we are focused on closing the adoption gap by upskilling the local seller ecosystem and equipping them with powerful yet easy-to-use tools. Our digital AI solutions are designed to be genuinely inclusive for sellers across Malaysia, operating from Kuala Lumpur or a small town in Pahang.

“With only 15% of Malaysian online sellers classified as ‘AI Adepts’, most micro-entrepreneurs and rural businesses can benefit from our infrastructural and educational support,” Ramiro said.

He also mentioned that some features Lazada has launched to support sellers include AI Smart Listing, which automates product listings by generating and prefilling attributes based on images or keywords.

Paired with Smart Product Optimisation, sellers can easily refine their visuals and content within minutes.

Another feature is Lazada IM Shop Assistant (LISA), an AI-powered chatbot that enhances customer engagement and responds automatically to queries outside business hours.

Asked how Lazada is improving its last-mile delivery and fulfilment network in Malaysia to support sellers better and enhance customer experience, especially in underserved areas, Ramiro said Lazada implements best-in-class AI technology across logistics operations to optimise delivery efficiency.

Using geolocation, AI tracks orders in real-time and dynamically plans and calculates vehicle routes to ensure the most efficient deliveries, he said. “This enables us to minimise costs, reduce transit times, and enhance overall delivery reliability – ensuring a seamless experience for both sellers and customers, especially in underserved areas.”

Commenting on Lazada’s cross-border e-commerce plans, Ramiro said the platform sees strong opportunities to expand within Asean, driven by regional efforts such as the the Regional Comprehensive Economic Partnership and Malaysia’s chairmanship of Asean this year.

“We already offer a range of tools and resources to facilitate cross-border readiness, including AI-driven features like translations that bridge language barriers, robust support programmes through Lazada University that help sellers better understand diverse customer bases and advanced logistics solutions to enable fast, accurate, and cost-efficient cross-border deliveries,” he added.

Malaysian consumers today value quality and competitive pricing, Ramiro said

“Our earlier report, Artificial Intelligence Adoption in eCommerce in Malaysia, shows that AI plays a significant role in helping buyers sift through reviews and discounts to find the best deals. Four in five Malaysians trust AI to deliver personalised recommendations aligned with their needs, often relying on chatbots, translations and visual product searches – the three most commonly used AI features when shopping.

“To help sellers meet these shifts, Lazada provides tools like Lazada Business Advisor and Lazzie Seller, which leverage AI to deliver store risk assessments, business advice, and key metrics. With actionable insights into consumer trends, inventory tips, and pricing suggestions, sellers are better equipped to build efficient and successful businesses,” Ramiro said.

18 May 2025

Global economic growth expected to slow to 3.1% this year: Labuan authority chief

KUALA LUMPUR: Global economic growth is expected to moderate to 3.1% this year from 3.2% in 2024, driven by the prolonged impact of high US tariffs which continue to disrupt international trade stability and trigger market uncertainty.

Labuan Financial Services Authority director-general Nik Mohamed Din Nik Musa said the US’s protectionist stance has raised concerns over a potential trade war that could further dampen global growth and increase volatility in key markets, including Asean.

“Despite these challenges, emerging Asian economies remain the main engine of global growth.

“Although China’s growth is projected to slow by mid-2024, several other major economies continue to display strong momentum,” he said during the launch of the 2024 Market Report for the Labuan International Business and Financial Centre here recently.

Nik Mohamed Din said the International Monetary Fund has emphasised that stable economic conditions in some countries offer opportunities to strengthen macroeconomic policies and implement long-term structural reforms.

“India remains the fastest-growing economy with a growth rate of 6.4%, while China and Indonesia continue to contribute significantly to Asia’s economic progress,” he explained.

Furthermore, Nik Mohamed Din noted that the US is projected to expand by only 2.2% in 2025.

“Malaysia retains strong economic fundamentals, but this year’s performance still hinges on tariff policy shifts and developments in an increasingly challenging global landscape,” he said.

Asean, he added, stands to benefit from the shifting of global supply chains away from China, as more manufacturers relocate operations to countries such as Vietnam, Thailand, Indonesia and Malaysia to take advantage of more competitive labour costs and to avoid high tariffs.

Nik Mohamed Din said, “68.2% of Malaysia’s exports are concentrated in Asean, China, the US, the European Union and Hong Kong, involving key products such as electrical and electronic goods, petroleum, palm oil, chemicals, as well as machinery and equipment.”

Industrial activity is also on the rise, with new factories, warehouses and service hubs being developed across the region he added.

On global oil prices, Nik Mohamed Din said the sector has seen a significant drop to its lowest levels since the Covid-19 pandemic, driven by ongoing uncertainty and expectations of increased output from Opec+ starting in April.

“While the decline affects oil-producing countries, it benefits importers like Malaysia by helping to manage production costs.”

In a related development, he noted that major stock markets in the US, Europe and Asia have recorded declines, with financial, technology and export sectors being the hardest hit. “The US dollar has also weakened, while currencies such as yen, euro and peso have strengthened in response to current trade policies,” Nik Mohamed Din said.

12 May 2025

SNS Network to capitalise on AI and digital centre boom in Malaysia

PETALING JAYA: SNS Network (M) Sdn Bhd is well-positioned to capitalise on Malaysia’s AI and data centre boom while tapping into the ICT refresh cycle in both enterprise and consumer markets this year, said managing director Ko Yun Hung.

He said the ICT solutions provider sees opportunities in supplying AI and storage servers, networking and cybersecurity solutions to support Malaysia’s expanding data centre industry.

“Once these data centres are operational, a lot of equipment is required to support them. These are areas where we play a key role, and we are definitely very excited,” Ko told SunBiz in an interview.

Malaysia wrapped up 2024 as Southeast Asia’s leading data centre destination, attracting US$23 billion (RM97 billion) in investment.

Ko said the industry’s rapid growth began during the Covid-19 pandemic (2020–2022) when a surge in digital adoption accelerated digital transformation. “During that time, many businesses and organisations started integrating digital devices into their operations, which led to a rise in virtual meetings, e-learning, and other digital applications.”

As AI adoption grows, businesses require powerful computing infrastructure to train and run AI models, which in turn fuels demand for data centres, storage solutions and networking technologies – areas where SNS Network sees strong opportunities.

The AI boom, Ko said, particularly following the 2022 announcement of ChatGPT, has fuelled demand for computing power. “When we talk about AI, it is actually huge, and the opportunity is tremendous because it is one of the most important tools that will transform productivity. It will significantly improve the way we work.”

He said AI adoption is growing rapidly, creating opportunities to sell various types of computing devices.

“AI requires machines to run all the algorithms. No matter which language model you are using or what training you need, computing power is essential. Whether it’s GPU (graphics processing unit) power or setting up an entire cluster, that is basically our job. We work closely with our clients to provide the necessary infrastructure. This is a very exciting moment because of the vast opportunities ahead.”

On the commercial side, Ko said AI use cases are increasing, leading to another wave of industry growth, possibly even on a global scale. “Various industries will evolve with AI because everyone is striving to work more efficiently.”

He pointed out that digital equipment purchased between 2020 and 2022 are now approaching their three- to five-year upgrade cycle. “It is time for many digital users to refresh their equipment. Of course, not everyone will upgrade at the same time, but the demand is already there.”

Ko explained that once someone integrates digital devices – such as laptops, smartphones or other computing devices – into their daily life or work, they are unlikely to stop using them.

“Instead, as their equipment ages, they are more likely to upgrade or refresh it rather than revert to a non-digital lifestyle,” he said.

This ongoing need for updated devices contributes to continuous demand for new technology, driving growth in the industry.

“We are seeing an organic refresh cycle that will happen over the next few years, batch by batch, across companies and organisations. This has become a key consumer buying behaviour today,” Ko said.

Even as SNS Network’s enterprise solutions are benefiting from data centre and AI-driven infrastructure growth, the company is expanding its retail footprint to serve the growing demand for consumer ICT products.

In 2024, SNS launched two multibrand concept stores – GLOO Hyperstore Queensbay Mall in Penang and NB Plaza in Selangor. This year, the company plans to open three additional brand-specific stores in Penang for Honor, MI and IT World.

“This expansion aims to strengthen the group’s customer base and retail footprint,” Ko said.

11 May 2025

Germany’s SICK breaks ground for Senai Airport City manufacturing facility

PETALING JAYA: Senai Airport City Sdn Bhd is continuing its upward trajectory as a regional industrial hub with the groundbreaking of SICK Malaysia’s state-of-the-art manufacturing facility.

This is a step forward not only for SICK but also for Johor’s growing industrial sector, further solidifying Senai Airport City as a strategic base for high-value, innovation-driven industries.

Founded in 1946, SICK AG is a provider of sensor-based applications for industrial automation. Headquartered in Waldkirch, Germany, the company operates 63 subsidiaries worldwide with more than 10,000 employees, generating a group revenue of €2.1 billion (RM10.1 billion) in 2024.

With this latest investment in Johor, SICK is poised to bring cutting-edge technology, job creation and long-term industry transformation to Malaysia.

“This new facility in Malaysia is a key milestone in our global expansion, reinforcing our supply chain and supporting rising demand for sensor-based solutions across critical industries. By integrating social and training spaces, we’re fostering a culture of safety, growth, and respect, empowered by Malaysia’s skilled talent,” said SICK executive board members Ulrike Kahle-Roth and Nicole Kurek.

SICK Malaysia managing director Suresh Sundram said the facility is designed to enhance production capabilities, improve operational efficiency and support sustainable growth in the Asia-Pacific region.

He added that with its strategic location in Senai Airport City in Johor, which is close to their key markets, the new factory will play an important role in SICK’s long-term success.

Senai Airport City CEO Gan Seng Keong said: “The decision by a global leader like SICK to establish its advanced manufacturing hub here is a strong endorsement of our infrastructure readiness, world-class connectivity, and strategic location.”

He added that the groundbreaking of SICK’s facility reflects their commitment to shaping an advanced industrial ecosystem that fosters innovation, creates high-value jobs and strengthens Johor’s position as a regional economic powerhouse.

BFood unit signs MoU with BlueMon Group to bring Krispy Kreme to Mongolia

PETALING JAYA: Berjaya Food International Sdn Bhd (BFI), a subsidiary of Berjaya Food Bhd (BFood), has taken another step forward in its global growth strategy by signing a memorandum of understanding (MoU) with Mongolia-based BlueMon Group.

Thepartnership sets the stage for the highly anticipated arrival of Krispy Kreme Doughnuts in Mongolia, marking the brand’s entry into a dynamic and fast-evolving consumer market.

Krispy Kreme has a strong presence across key regions including North America, Europe, the Middle East and Asia-Pacific, with a growing global footprint.

The collaboration brings together BFI’s expertise in building international food and beverage brands and BlueMon Group’s local market strength. With their partnership, both companies aim to introduce the globally recognised Krispy Kreme taste, known for its signature Original Glazed doughnuts and warm, welcoming store environment to Mongolian consumers.

The first Krispy Kreme outlet in Mongolia is expected to launch in the near future, with details to be disclosed soon.

As Mongolia continues to diversify its economy and invest in modern urban and retail infrastructure, this expansion is well-timed with the nation’s growth trajectory. The entry of a global brand such as Krispy Kreme aligns with rising consumer demand and supports the country’s broader vision of transforming Ulaanbaatar into a thriving metropolitan hub.

BFood group CEO Datuk Sydney Quays said, “We are pleased to join forces with BlueMon Group to expand Krispy Kreme’s presence into Mongolia. Mongolia presents a promising market with a rising appetite for quality food experiences and we believe Krispy Kreme’s iconic offerings and strong brand equity will resonate deeply with consumers there.

“Together, we are committed to delivering a world-class experience that aligns with the evolving tastes and aspirations of the Mongolian market.”

BlueMon Group chairman and president, Sanjjav Tseveen-Ochir said the MoU represents a key step in their ambition to elevate Mongolia’s consumer landscape with globally respected brands.

“As the country continues to embrace modern dining and lifestyle trends, we believe Krispy Kreme’s iconic appeal and quality offerings will strongly resonate with Mongolian consumers. Our partnership with BFI reflects a long-term commitment to shaping the future of retail and food culture in Mongolia.”

The expansion builds on BFood’s momentum in broadening its international footprint, following recent ventures across Asean, the Nordic region and the Middle East.

05 May 2025

S Ecosystem takes digital engagement, rewards experience to new level

PETALING JAYA: In today’s fast-paced digital landscape, user engagement is the key to success for any e-commerce app – traditional loyalty programmes and static incentives are no longer enough to retain users and drive meaningful interactions.

The general manager of S Ecosystem (M) Sdn Bhd, a technology enabler specialising in customer relationship management and loyalty programmes for retail brands, Lew Wai Hoong, said its digital rewards ecosystem redefines engagement by offering dynamic, personalised and seamless reward experiences that keep users coming back.

“By integrating innovative reward mechanisms, our ecosystem empowers businesses to enhance user retention and boost app activity.

“Whether through gamification, blockchain-based rewards, or artificial intelligence-driven personalisation, we provide the tools to create compelling experiences that resonate with modern users.

“These advanced solutions ensure that every interaction feels rewarding, increasing long-term customer loyalty,” he told SunBiz.

Lew said the company’s platform supports a wide range of digital assets, from in-app credits to tokenised rewards that users can redeem across multiple platforms.

“This flexibility allows businesses to tailor incentives to their audience, fostering deeper connections and higher conversion rates. The seamless integration with existing apps ensures a frictionless user experience, eliminating barriers to engagement,” he explained.

Security and transparency are at the core of S Ecosystem’s digital rewards ecosystem, Lew said.

“Leveraging cutting-edge technology, we ensure that every transaction is secure, verifiable and trustworthy. Businesses can confidently offer rewards, knowing that their users are receiving fair, traceable, and valuable incentives, strengthening the overall app experience,” he added.

Beyond rewards, Lew highlighted that the company’s ecosystem provides valuable insights into user behaviour and engagement patterns.

“Businesses can leverage data-driven analytics to refine their strategies, optimise reward structures and drive higher levels of interaction. By understanding what motivates users, companies can craft experiences that truly engage and inspire.”
As the digital landscape continues to evolve, Lew said, S Ecosystem’s digital rewards ecosystem is at the forefront of innovation, helping businesses unlock new possibilities for engagement. “By combining technology, personalisation and seamless integration, we empower brands to create next-generation experiences that captivate users and drive sustained growth.”

Furthermore, he added, AI-driven personalisation is transforming how businesses engage with users by delivering tailored experiences that adapt to individual preferences and behaviours.

“By leveraging machine learning and real-time data analytics, apps can create hyper-personalised interactions that keep users engaged.

“Whether it is recommending relevant rewards, optimising content based on user activity, or predicting future behaviors, AI ensures that every interaction feels meaningful and intuitive. This level of personalisation not only enhances user satisfaction but also drives higher retention and conversion rates,” Lew explained.

Beyond personalisation, smarter AI-driven engagements enable businesses to automate and refine their engagement strategies, he said.

“AI-powered chatbots, predictive analytics and dynamic content delivery ensure that users receive the right message at the right time. By continuously analysing user patterns and preferences, AI helps brands craft seamless and interactive experiences that evolve with each user.

“This intelligent engagement fosters stronger customer relationships, increases app usage, and ultimately drives business growth in an increasingly competitive digital landscape.”
Lew said balancing digital and physical touchpoints is crucial for creating a seamless and engaging user experience.

“While digital interactions provide convenience, speed and scalability, physical touchpoints add a layer of trust, emotional connection, and real-world engagement.

“Brands that successfully integrate both can enhance customer journeys by offering a unified experience, whether through personalised app notifications that lead to in-store rewards, QR codes linking physical products to digital content, or AI-powered customer support that bridges online and offline interactions.

“This hybrid approach ensures users stay engaged across multiple channels, fostering deeper loyalty and a more cohesive brand experience,” he added.

Abdul Wahid’s tenure as Bursa Malaysia chairman defined by reform, innovation and resilience

PETALING JAYA: Tan Sri Abdul Wahid Omar concluded his five-year tenure as chairman of Bursa Malaysia on April 30, bringing to a close a period defined by reform, innovation and resilience.

Among the milestones that were achieved during his chaimanship of the exchange operator were the launch of Malaysia’s first syariah-compliant carbon market and a digital gold trading platform, besides overseeing a record-breaking year for initial public offerings (IPO).

“I must say it has been an honour, privilege and pleasure to serve Bursa Malaysia as chairman for the past five years,” Abdul Wahid, reflecting on the impact and legacy of his time at the helm, told SunBiz in an exclusive written interview.

His departure, first announced on March 27, took effect at the close of business on April 30. He previously served on Bursa’s board as an independent director from 2004 to 2011.

Abdul Wahid guided the exchange through the Covid-19 pandemic Movement Control Order period, when Malaysia’s economy came to a near standstill.

During that period, Bursa Malaysia maintained uninterrupted market operations.

The exchange’s resilience during that time helped preserve investor confidence and ensured companies could still raise funds through the capital markets.

The pandemic led to a spike in new Central Depository System account openings, with many first-time investors entering the market.

Bursa also experienced historic high daily trading volumes during the pandemic. It reported a 62.2% increase in operating revenue in 2020 compared to 2019 driven by high retail participation and market volatility.

“The team at Bursa Malaysia (Warga Bursa) have certainly gone through a lot together navigating through the Covid-19 movement control order period and ensuring the market continues to operate in a fair and orderly manner notwithstanding the volatility and surge in trading volume,” Abdul Wahid said in the interview.

Just weeks before his departure, Abdul Wahid was honoured with the Saleh Kamel Award for Islamic Economy in Madinah, a recognition he dedicated to Bursa staff and the broader Malaysian Islamic finance community.

“I am indeed honoured to have received the Saleh Kamel Award for Islamic Economy from HRH the Governor of Madinah two weeks ago on April 16, 2025. The award is indeed a recognition for the people in various organisations I have worked with including our Warga Bursa and the Malaysian Islamic finance fraternity,” he remarked.

Other notable achievements during his tenure include the launch of the PLC Transformation Programme to boost corporate performance, the introduction of waqf-featured exchange traded funds, and the establishment of Bursa RAM Capital for debt market fundraising.

In 2024, Bursa Malaysia emerged as the most vibrant IPO market in Southeast Asia, with 55 new listings raising RM7.4 billion and contributing RM31.4 billion in market capitalisation. This followed a joint initiative with the Securities Commission Malaysia to reduce listing application processing time to under three months.

Abdul Wahid also oversaw the exchange’s transition towards a more independent regulatory structure with the formation of the Regulatory and Conflicts Committee, and initiated the payment of business zakat starting from the 2020 financial year.

Abdul Wahid signed off with a personal, light-hearted yet pointed reminder: “No cryptos please.”

“As I sign off, I urge the board and management team to continue doing their best for Bursa Malaysia, their families and the nation. And to continue fulfilling our mission of Creating Opportunities, Growing Value towards achieving our vision of becoming Asean’s leading, sustainable and globally connected marketplace,” he said.

It is worth noting that Bursa Malaysia under Abdul Wahid’s leadership has maintained a firm and cautious stance towards cryptocurrencies, a position he voiced publicly on several occasions.

At the 63rd World Federation of Exchanges general assembly and annual meeting on Nov 20, 2024, Abdul Wahid made an unscheduled intervention during a panel session on cryptocurrencies.

Abdul Wahid, who was not listed as a speaker, stood up to express his opposition to supporting crypto assets.

“At Bursa Malaysia, although we are moving to become a multi-asset exchange ... we choose which assets will be traded,” he said. “At the end of the day, we are clear about our purpose ... to serve as a marketplace where businesses come to raise capital to grow.

“For other asset classes, there is this concept of creating opportunities and growing value. But we fail to see that in cryptocurrencies.”

Abdul Wahid said cryptocurrencies lack any underlying value, and backed up his concern with internal data.

An internal analysis made earlier in 2024 showed that while gold had a one-year volatility rate of 15% and bonds 11%, cryptocurrencies recorded a staggering 72.9%.

“That’s gambling. Bursa Malaysia will not be supporting it, even if it means missing out on revenue because it causes more harm than good,” he said bluntly.

Abdul Wahid also cited a case in Malaysia where a company was targeted by a ransomware attack, with the ransom specifically demanded in Bitcoin.

“I’m just amazed that we spend so much time and effort on anti-money laundering, Amla, and all those in the real world. But yet, in cryptocurrency world, there’s that complexity that we overlooked.”

04 May 2025

Proton re-enters Singapore with its first EV vehicle, e.MAS 7

PETALING JAYA: Proton Holdings Bhd is re-entering Singapore with its first electric vehicle (EV), Proton e.MAS 7, which was showcased at The Car Expo 2025 in the island republic over the weekend.

Partnering with its newly appointed authorised distributor Vincar Group, the Malaysian carmaker is returning to an export market that is ranked number two globally for per-capita gross domestic product in terms of purchasing power parity. Looking to the future, Vincar will spearhead retail operations of Proton’s EV lineup under the e.MAS brand, offering Singaporean drivers high-quality EVs designed for urban lifestyles.

Notably, Proton’s return to Singapore is timely, aligning with the country’s accelerating transition to green mobility. The market share of EVs in Singapore has steadily increased from 12% to 18% of the total automotive industry volume between 2022 and 2023, with projections reaching 55% by 2027.

To support this shift, Singapore aims to establish at least 12,000 EV charging points in about 2,000 Housing and Development Board car parks by 2025, and 60,000 by 2030. Additionally, the government targets 100% of vehicles to run on cleaner energy by 2040, contributing to Singapore’s net-zero emissions goal by reducing land transport emissions.

Boasting an aerodynamic silhouette with a drag coefficient of 0.275, a futuristic design, and cutting-edge features, the e.MAS 7 sets a new benchmark for electric SUVs in its class.

In Malaysia, more than 6,000 bookings have been received, demonstrating an increasing number of Malaysians who are willing to make the switch to EVs with Proton, provided the overall package meets their expectations.

“The debut of the Proton e.MAS 7 in Singapore marks a significant step in our international expansion and our commitment to bringing high-quality, technologically advanced EVs to the region,” said Proton CEO, Dr Li Chunrong. “We are confident that the e.MAS 7, with its compelling features and suitability for urban environments, will resonate well with Singaporean drivers as the nation embraces electric mobility.”

Rakuten Trade revises fee structure for retail investors to make equity trading more affordable

PETALING JAYA: Rakuten Trade Sdn Bhd, Malaysia’s first fully digital broker, launched a newly revised brokerage fee structure, setting a new benchmark for affordability and accessibility for retail traders.

With the new structure, clients can enjoy the lowest brokerage fees for trades valued up to RM9,999.99 when trading in ringgit and up to US$990 (RM4,230) for US market trades when trading in US dollar.

“We believe every Malaysian should be able to participate in the stock market without worrying about high fees,” said Rakuten Trade CEO Kazumasa Mise.

“As a digital broker, our role is to remove friction for investors, especially in today’s volatile market environment, it’s crucial that traders and new investors alike can manage their portfolios without being burdened by brokerage fees. This new brokerage revision reflects our continued focus on putting our customers first and making trading stocks more accessible.”

As global markets continue to grapple with persistent volatility and shifting investor sentiment, Malaysian retail investors are seeking smarter, more cost-efficient ways to manage their portfolios.

With the local stock market showing mixed signals amid external uncertainties – from the United States’ global implementation of reciprocal tariffs to existing geopolitical tensions – retail participation has remained cautious.

However, Rakuten Trade equity sales head, Vincent Lau opines that the local stock benchmark index is not expected to see new lows, unless the tariff war between the United States and China escalates further.

“There is not much negative news for Malaysia now, so the FBM KLCI should remain stable or trade sideways. The index is unlikely to see another sharp drop unless new catalysts emerge,” Lau said.

He added that selected initial public offering (IPO) stocks that have dipped below their listing prices could present some opportunities, “As we know, the IPO market is currently quite depressed, with many recent listings trading below their IPO prices. It may be worth looking into some of these names that are now undervalued.”

The new brokerage rates, together with the recently launched amalgamated trades for the New York Stock Exchange and Nasdaq, are expected to significantly lower trading costs for Rakuten Trade clients

and solidify the company as the ideal choice for a wide variety of investors, from day-traders to new investors.

Rakuten Trade’s dedication to uplifting retail investors extends beyond lower fees, by providing services ranging from educational resources and licensed analysts’ trading calls from their equity sales team and research team to daily reports for market opportunities and webinars for exclusive insights into local companies.

Sunway REIT proposes to dispose of university campus for RM613m

PETALING JAYA: Sunway REIT Management Sdn Bhd, the manager of Sunway Real Estate Investment Trust (Sunway REIT), announced that RHB Trustees Bhd, the trustee of Sunway REIT, has entered into a conditional sale and purchase agreement with Sunway College (KL) Sdn Bhd, to dispose of the Sunway University and College campus for a consideration of RM613 million.

Acquired by Sunway REIT on April 15, 2019 for RM556 million, the REIT has spent additional capital expenditure of RM8 million over the years to refurbish and enhance the asset.

Accordingly, the campus has since appreciated in value with the latest valuation of the property as of December 2024 being RM586 million, translating to fair value gains of RM20 million for Sunway REIT over the years. The disposal price of RM613 million represents a premium of 4.6% over its latest valuation and Sunway REIT will record additional gains on disposal of RM21 million (including estimated incidental costs on disposal) in its current financial year upon the completion of the transaction, which is expected to be in the second half of 2025.

The proposed disposal forms part of Sunway REIT’s strategic asset recycling initiative aimed at optimising portfolio yield and unlocking capital for future growth. This move is expected to be positive for unitholders by enhancing financial flexibility and enabling Sunway REIT to explore new investment opportunities with higher yields. Additionally, it will help ease Sunway REIT’s gearing position to approximately 37.8%, allowing Sunway REIT to explore further portfolio acquisitions.

Sunway REIT Management Sdn Bhd CEO Clement Chen said, “The proposed disposal aligns with our proactive portfolio management strategy to unlock the underlying value of our assets and recycle capital into investments with higher yield or growth potential. Coupled with the current uncertainties in the global economy, we believe the proposed disposal is a timely and prudent step to firstly, strengthen our balance sheet and secondly, to give Sunway REIT substantial financial flexibility in pursuing acquisition opportunities should they arise in such volatile times.”

Proceeds from the disposal have been earmarked for potential acquisitions, asset enhancements, and debt repayment, reinforcing Sunway REIT’s commitment to maintaining a resilient and diversified portfolio.

Shell is studying merits of buying BP, Bloomberg News reports

SHELL PLC is working with advisers to evaluate a potential acquisition of rival BP Plc , though it is waiting for further stock and oil price declines before deciding whether to pursue a bid, Bloomberg News reported on Saturday citing people familiar with the matter.

The oil major has been more seriously discussing the feasibility and merits of a takeover with its advisers in recent weeks, the report said, adding that any final decision will likely depend on whether the rival's stock continues to slide.

For several years, BP and Shell were almost equal in size, but over the past few years Shell has grown to almost twice the size of BP, with a market value of about 149 billion pounds. On Friday, when asked about a possible takeover bid for BP, Shell's, Chief Executive Wael Sawan told the Financial Times he would rather buy back more Shell stock. A Shell spokesperson confirmed the comments.

When asked on an earnings call about Shell's capacity to launch sizable acquisitions, he said “we have to have our own house in order” and have “more work to do” despite progress over the last couple of years.

A takeover of its cross-town London rival would make Shell an even bigger force in the global energy industry, giving it scale to rival the likes of Exxon and Chevron. A merger would also likely certainly invite regulatory scrutiny, considering the size of the deal.

Shell this week reported strong first-quarter results surpassing profit expectations and launched a $3.5 billion share buyback.

Shell may also wait for BP to reach out or for another suitor to make a first move, and its current work could help it get prepared for such a scenario, some of the people told Bloomberg News.

Deliberations are in the early stages and Shell may opt to focus on share buybacks and bolt-on acquisitions rather than a megamerger, the report added. “As we have said many times before we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification,“ a Shell spokesperson said when asked about the report. BP declined to comment. Under pressure to improve profitability and cut costs, BP chief Murray Auchincloss has announced plans to sell $20 billion of assets through to 2027, reduced spending and share buybacks. It also announced the departure of its strategy chief as it tries to shore up investor confidence.

Activist investor Elliott Investment Management had wanted a change of strategy chief as it seeks higher free cash flow through deeper cuts to spending and costs, sources familiar with the matter told Reuters. It has increased its stake in BP to just over 5%, placing it between top shareholders BlackRock and Vanguard, according to a regulatory filing.

28 April 2025

Alliance Bank to continuously explore strategic partnerships to expand digital payment eco-system

KUALA LUMPUR: Alliance Bank Malaysia Bhd will continuously explore strategic partnerships to expand the digital payment eco-system as part of its Acceler8 strategy.

Group chief consumer banking officer Gan Pan Li said the bank has collaborated with fintech players, digital wallet providers and technology firms that align with its vision of delivering secure and seamless payment solutions.

“Our goal remains on increasing accessibility, strengthening security and introducing innovative features that enhance customer experience,” she told SunBiz.

Gan pointed out that in June 2024, Alliance Bank teamed up with MyTaman, a leading smart community app, to offer virtual credit cards (VCC) to more than 150,000 MyTaman users, enabling seamless payments for maintenance fees, rentals and subscriptions.

The following month, the bank collaborated with MetaFin, Malaysia’s first do-it-yourself digital platform for insurance and personal financial services, to introduce a Visa virtual credit card, providing users with a secure and convenient digital payment experience within the MetaFin Digital App.

“These initiatives demonstrate our ongoing efforts to enhance our digital offerings and drive innovation in payment solutions, always looking for a space where the VCC can help address lifestyle requirements for consumers,” said Gan.

In January this year, Alliance Bank partnered with Samsung and Google to provide Alliance Bank Visa credit card holders with greater convenience in mobile payments. This partnership allows Alliance Bank cardholders to add their Alliance Bank Visa credit cards to their Samsung Pay or Google Pay wallets.

Google Pay can be used by Alliance Bank cardholders whether they are shopping online, browsing in-store, or using public transport by simply tapping and paying through their device.

Gan said Alliance Bank set a target of onboarding over 10,000 users on Samsung Pay and Google Pay by March, but it is too early to provide comprehensive adoption statistics.

This aligns with the growing shift towards contactless payments in Malaysia, where more than nine in 10 Visa face-to-face transactions are now made using contactless methods, she added.

“We anticipate strong adoption among our digitally savvy customers, driven by the convenience and security these platforms offer. Additionally, we have observed an increasing reliance on contactless payments, particularly in retail, public transport and e-commerce transactions.

“Engagement-driven campaigns, such as limited-time offers and rewards, have further encouraged usage, reinforcing the trend toward seamless and secure digital payments,” Gan said.

While the current focus is on integrating with Samsung Pay and Google Pay, Alliance Bank recognises the importance of offering diverse payment options to meet varying customer preferences.

“We are exploring future integration with Apple Pay to ensure our customers can seamlessly transact across all major mobile platforms. Very soon, we will be integrating our VCC with an EV charging app, which enables customers to make quick and hassle-free payments for EV charging,” said Gan.

She added that Alliance Bank is always looking for ways to enhance its VCC for different segments of the market, such as e-vehicle charging apps and pickleball court bookings

“Customer trust and security remain a core priority in our digital strategy, and we will continue to develop new capabilities for the VCC that we will take to market. New features will be announced as part of our go-to-market initiatives,” she said.

Asked how Alliance Bank sees this impacting the bank’s future customer acquisition and engagement strategies, Gan said by collaborating with brands and platforms that align with these audiences, the bank aims to enhance engagement and drive adoption of its digital banking solutions.

“One such initiative is an upcoming pickleball championship in collaboration with Pickle Social Club and Courtsite, which will serve as a unique avenue to connect with our target customers and solidify our digital-first approach,” Gan said.

Elaborating on how Alliance Bank is positioning itself against competitors in Malaysia’s rapidly evolving digital banking space, Gan said the bank differentiates itself in Malaysia’s rapidly evolving digital banking landscape through a balanced approach to innovation and customer-centric banking.

“In line with the bank’s Accele8 strategy, we focus on delivering faster, better, and more personalised solutions that cater to the evolving needs of our customers.

“We continue to enhance the features of our digital products for ease of use while prioritising security features, and we continuously improve our self-service touchpoints to provide a seamless and accessible banking experience as part of our low-touch service offerings.

“Aside from just digital-based transactions, we also offer services at branches to cater to communities for those who prefer high-touch service offerings, and, by combining innovative digital solutions with meaningful customer engagement, we position ourselves as ‘The Bank For Life’, a trusted financial partner that grows with our customers and supports them at every stage of their financial journey,” she explained.

On Alliance Bank’s targets for digital payment transactions and VCC adoption in 2025, Gan said the bank has historically seen a good pickup in digital transactions where a majority of its transactions are via digital channels.

“We believe this sort of trajectory will continue to build up with increasing adoption as the VCC and digital payments become a norm for consumers.

“We feel that the pace of digital transactions will closely align with regulatory initiatives in terms of digital adoption.

“The VCC complements the efforts of regulators in bringing about awareness of scam and fraud prevention through enhanced security measures such as dynamic card numbers, tokenisation and real-time transaction monitoring.

“These features help mitigate risks associated with unauthorised transactions, phishing attempts, and identity theft, concerns that have been on the rise with the growing reliance on digital payments.

“At the same time, we continue to expand the VCC’s usability across various sectors, including e-commerce, travel, mobility, and everyday lifestyle transactions, ensuring seamless and secure payment experiences.

“Looking ahead, we remain committed to strengthening our digital ecosystem by aligning with regulatory frameworks and introducing innovative payment solutions that cater to evolving consumer needs,” Gan said.

27 April 2025

Luno Malaysia adds Algorand and NEAR Protocol to its digital asset offerings

PETALING JAYA: Luno Malaysia has expanded its list of digital assets with the launch of two new coins – Algorand and NEAR Protocol.

The launch is also the first batch of digital assets approved by the Securities Commission Malaysia this year for both Luno and the country. The two new coins bring Luno’s digital asset offerings in Malaysia to 20. The widened

offering enables investors to explore more of the crypto ecosystem and diversify their portfolios safely and securely.

Algorand is an eco-friendly blockchain enabling fast, low-cost transactions and scalable, secure decentralised applications (dApps), aiming for a sustainable, borderless digital economy while NEAR Protocol is a fast, scalable blockchain with low-cost transactions, high throughput, and user-friendly tools for dApp development, focused on decentralisation and sustainability.

Luno country manager for Malaysia, Scarlett Chai, said, “In 2024, Luno led the approval of seven digital assets with the Securities Commission Malaysia. We aim to double that this year, starting with these two digital assets. The team is actively engaging the regulator to launch new digital assets expeditiously/”

She said the addition of two new digital assets expands the platform’s total assets to 20, while the recent milestone of surpassing one million customers reinforces Luno’s position as Malaysia’s leading regulated digital asset exchange.

In addition to the launch of ALGO and NEAR, Luno is broadening its Staking feature to include NEAR in the coming weeks. NEAR Staking would allow customers to earn up to 7% per annum in passive rewards, which are earned daily.

“Our recent staking launch of Polkadot and the upcoming NEAR Protocol rearm Luno’s commitment to growing Malaysia’s digital asset landscape by not only making digital asset investments a safe and accessible option, but also being innovative by enabling our customers to grow their holdings,” said Chai.

Today, Luno is the country’s only regulated digital asset exchange, providing customers with staking services for Ethereum, Solana, Cardano, Polkadot and, soon, NEAR Protocol.

Trump Administration Policy on Student Loan Defaults Sparks Public Outcry

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21 April 2025

Malaysia Airlines eyes new Boeing jets should China reject them

SEOUL: Malaysia Airlines’ parent company, Malaysia Aviation Group, is talking to Boeing about acquiring new jets that become available if Chinese airlines stop taking deliveries, its managing director told Malaysian state news outlet Bernama.

Boeing appears to be returning some of its 737 MAX jets to the U.S. from China, where it had placed them ahead of delivery to Chinese customers.

Neither Boeing nor China has commented on why the jets are returning, and it is not clear which party made the decision.

Malaysia Airlines did not immediately respond to a Reuters request for comment.

If Boeing delivery slots become available as a result of the tariff war between the United States and China, MAG views this as a window to secure earlier-than-expected deliveries, Bernama reported MAG’s Izham Ismail as saying.

“MAG is in conversation with Boeing about whether we can take over those slots,“ Ismail told Bernama.

Airlines globally are hungry for new planes but face extended delivery times because of post-pandemic supply chain bottlenecks, and a production slowdown at Boeing due to enhanced regulatory scrutiny and a labour strike.

MAG, owned by Malaysian sovereign wealth fund Khazanah Nasional, has been steadily growing and renewing its fleet and aims to operate a narrow-body fleet of 55 new generation 737 MAX aircraft by 2030.

Last month, it said it would buy 18 737 MAX 8 and 12 737 MAX 10 aircraft, with an option to purchase a further 30 jets.

It also has a deal to lease 25 737 MAX jets from Air Lease Corp between 2023 and 2026.

Ismail said any potential arrangement to take on additional planes from vacated delivery slots would not be part of that Air Lease Corp deal, and MAG would need to go to the capital market to raise additional funds.

EcoNiLi Battery New Energy ramps up expansion plans, invests RM80m in third facility

PETALING JAYA: Malaysia-based EcoNiLi Battery New Energy Sdn Bhd, the largest lithium-ion battery recycler in Asean, is investing RM80 million in a third facility focused on remanufacturing and repurposing batteries.

CEO Datuk Jayden Goh said it is ramping up expansion plans this year amid growing electric vehicle (EV) adoption in Malaysia.

“We are seeing an increase in the number of EVs on Malaysian roads, and the government is actively pushing for greater adoption. As a result, we will soon have a large volume of batteries waiting to be recycled,” he told SunBiz in an exclusive interview.

Furthermore, Goh said,battery recycling demand is expected to surge in five to seven years as lithium-ion batteries from EVs and production scrap accumulate.

“Currently, there are three battery makers in Malaysia operating near full capacity, and we expect even more lithium-ion batteries to enter the recycling pipeline soon. The future looks bright, it’s just a matter of time,” he added.

As part of its expansion, Goh said, EcoNiLi is developing a “circular economy valley” to recover precious metals from used batteries.

“Malaysia lacks local mineral resources, so we must source them through secondary applications. In the future, having a large supply of these materials will support our goal of establishing domestic battery production.”

Despite short-term challenges, including a slowdown in EV demand and fluctuating battery metal prices, Goh remains optimistic about long-term growth particularly in battery recycling volumes.

“At the moment, battery value and metal prices are unstable due to the drop in global EV demand, which indirectly affects battery material prices. The entire battery ecosystem has faced challenges over the past two years, and this year will be no different. But as an entrepreneur, you have to stay optimistic and keep scaling the business,” he said.

Goh said the company has already broken even in terms of profitability, so scaling up is a priority. “We are currently in the process of completing our Series A fundraise and will continue to seek funding from both local and international investors.”

Ain addition to that, he said EcoNiLi plans to list on Nasdaq within three years to attract global investors and talent.

“We will raise more funding in the capital market. Whether it’s for overseas or Malaysia. To scale our next project because we have a few expansion plan. We have our upcoming phase two, which we are already securing land from Perak itself. 43-acre industrial land.”

Goh said Econili is targeting at least 20% profit growth this year, but with a successful fundraising, the company could even achieve 30% to 40% growth. Scaling a business of this size requires significant working capital.”

EcoNiLi serves global clients such as LG, Tesla and Honda, as well as battery recyclers worldwide that lack refinery capabilities.

“Setting up a refinery is highly complex, requiring significant expertise and investment. We source recycling materials from global battery collection companies and battery recyclers to process them further,” Goh said.

However, he highlighted that Malaysia lags behind China, India, and South Korea in battery recycling policies.

“Malaysia is still in its early stages, with unclear policies, ongoing R&D, and trial-and-error efforts.”

He said EcoNiLi is willing to work alongside the government to advocate for clear policies that support the industry’s growth.

“This is a new industry with no clear guidelines or regulatory framework. We are adapting to the evolving landscape while positioning ourselves as a key player in the sector. Over time, this will allow us to influence industry standards.”

Goh believes Malaysia still has time to become a major industry player, leveraging its cost advantages over countries such as South Korea, Singapore and Japan.

“Our costs are significantly lower than those in developed countries. Capital expenditure (capex) is also lower, making us a cost-effective alternative.”

Comparing Malaysia to India, Goh noted that the Indian government has introduced incentives and a policy framework that have accelerated industry growth. “Today, India has over 50 companies in battery recycling and related industries. They recognised its importance early on and acted swiftly.”

Goh pointed out that China’s battery recycling sector has also grown exponentially.

“In 2014, China had 500 battery recycling companies. Today, there are 120,000, with over 200 listed companies. This shows the industry’s rapid growth potential.”

“Korea already has four listed battery recycling companies. If we work closely with the government, we can fast-track our own listing and expand much faster,“ he added.

Goh stressed that battery recycling is a crucial industry, and discarded batteries should never end up in landfills.

“People now understand the value of used batteries. The battery ecosystem can generate national benefits, creating jobs, attracting investment, and positioning Malaysia as a global supplier of recycled materials.”

He pointed out that recycled battery materials can be sold worldwide, not just to China, but also the US and Europe.

“This is a critical raw material needed for future battery production. Without recycling, we would be overly reliant on mining,“ Goh said.

16 April 2025

Berjaya’s Azalea draws 3,000 bids for 402 units

PETALING JAYA: Berjaya Land Bhd’s latest affordable housing project Pangsapuri Azalea located in Subang Heights, has been oversubscribed with more than 3,000 applications for just 402 units, highlighting the critical shortage of affordable homes in the Klang Valley.

The freehold development priced at RM250,000 per unit features a dual-key concept that allows for multi-generational living or home-office use. Each 900 sq ft unit comes with five bedrooms and four bathrooms, making it an ideal choice for extended families and first-time homebuyers.

Berjaya Land Bhd group CEO Syed Ali Shahul Hameed said the overwhelming response underscores the urgent demand for affordable housing, particularly in prime urban areas such as Subang Jaya.

“The response has been extraordinary, proving that the need for quality, affordable homes remains a key issue. We are committed to developing more projects that prioritise accessibility and sustainable living,” he told SunBiz.

The oversubscription of Pangsapuri Azalea is part of a broader trend, as housing affordability remains a growing concern for Malaysians.

Located strategically in Subang Heights, Syed Ali said Pangsapuri Azalea offers seamless connectivity via major expressways including the Federal Highway, NKVE, Elite, LDP and NPE.

“Additionally, it is just a five-minute drive to the Batu Tiga KTM Komuter station, providing easy access for daily commuters working in Shah Alam, Petaling Jaya and Kuala Lumpur,” he said.

He noted that the project is also surrounded by key amenities including shopping malls, healthcare facilities and educational institutions.

“The project is surrounded by shopping malls such as Subang Parade, Empire Shopping Gallery and The 19 USJ City mall, providing residents with a variety of retail and dining options.

“For healthcare needs, KPJ Selangor Specialist Hospital and Subang Jaya Medical Centre are located nearby, ensuring easy access to quality medical services.

“Families with school-going kids will also benefit from proximity to reputable educational institutions like Sri KDU International School and Sri Kuala Lumpur, making Azalea an ideal choice for urban living with essential conveniences,” Syed Ali explained.

Furthermore, Berjaya Corporation Bhd founder and adviser Tan Sri Vincent Tan, who established Yayasan Rumah Ku (formerly known as Yayasan My First Home) to assist Malaysians with lower household income category in becoming homeowners, has consistently advocated for equitable housing solutions that cater to families’ real needs.

He believes homeownership is not just about having a roof over one’s head but is indirectly building equity and contributing to the nation’s economic stability.

“A home is the most valuable asset a family can have. Owning a home means building equity, securing the future, and ensuring that Malaysians are not left behind. If we help more people in the lower household income to become homeowners, we are strengthening the nation’s economy in the long run,” he said.

Tan has also been a vocal proponent of larger living spaces in affordable housing projects, emphasising that the standard three-bedroom layout does not meet the needs of many lower household income families who often have more children.

“For many families in the lower household income group, a three-bedroom home is simply not enough. With five bedrooms, at least each child can have their own space to study or, if needed, boys and girls can be segregated for better privacy.

“When children grow up in a conducive environment, they have a better chance of excelling in education, securing good jobs, and ultimately lifting their families to a better future. We must try to understand their difficulties and their daily challenges. We must not give up in wanting to help them, we must try harder,” said Tan.

14 April 2025

Pastry World aims to step up regional expansion this year, go public by 2030

SHAH ALAM: Pastry World Sdn Bhd, a supplier of cakes, bread and pastries, is stepping up its regional expansion this year and aiming for a public listing by 2030.

Pastry World managing director Clement Lim said the company already has branches in Hong Kong and Singapore, and will be expanding to Indonesia, Vietnam, the Philippines and Macau this year to meet growing demand.

“We aim to lead the frozen pastry and bakery industry in exports to other countries. During Covid, we set up branches in Hong Kong and Singapore. This year, we’re expanding to Indonesia, Vietnam, the Philippines, and Macau. Our clients want to grow in those regions and need our help. So as they grow, we grow,“ he told SunBiz in an interview.

Lim aims to take Pastry World public in 2028-2030 on the local stock exchange.

Right now, he said, the company is looking for monitoring and evaluation partners and banks to help with compliance and standards.

“We’re exploring which advisers can best support our IPO (initial public offering) journey. At first, listing the company sounded impossible. But after learning about the requirements – the terms, compliance and standards – we now believe it’s possible.”

Lim said he plans to earmark the listing proceeds for further expansion, automation and staff development.

“The IPO proceeds will support factory expansion across new markets. We’ll also use them to attract talent and improve staff benefits. Another big focus is investing in automation and high-tech manufacturing lines,” he said, adding that they are currently operating too many small facilities, and they need to be consolidated.

“By 2027, we plan to shift operations to a larger, centralised, fully automated factory that will be AI- and robot-powered.”

Lim said Pastry World’s current market share in Malaysia’s food and beverage (F&B) distribution space is about 60%. “That leaves 40% room for expansion. I believe there’s still a lot of opportunity.”

He disclosed that the company currently records RM50 million in annual revenue and has seen year-on-year growth of 30%.

“Our internal target is to grow from RM50 million to RM100 million in three years. That’s 30–50% annual growth. It’s aggressive, but we believe we can achieve it through close collaboration between our sales, marketing, and research and development teams, all aligned with customer needs.”

Pastry World operates fully on a business-to-business model with clients including many high-profile names.

“We supply over 800 different variations of frozen bakery products to cafes, restaurants, hotels and F&B chains across Malaysia. Many F&B outlets don’t have enough manpower to produce these items themselves, so they rely on us.”

Lim said the challenge for the industry now is talent as the younger generation is not entering the pastry profession.

“Fewer young people are entering the pastry and baking profession. They’re looking for easier work with better work-life balance. So we face a shortage of skilled professionals. That’s why we want to elevate this industry and make it more attractive for the younger generation. We need to rebuild the talent pipeline for F&B.”

Lim, who comes from a humble family background in Jitra, Kedah, even went overseas and worked illegally in his 20s just to gain industry experience.

“I have been in the industry for almost three decades. Earlier in my career, I worked as an apprentice.”

Lim started Pastry World in 2010 after a previous venture failed and eventually shut down in 2007.

“I lost everything. Pastry World was my restart. Now, it’s been almost 15 years. When I restarted, it was just four of us. Today, we have almost 100 staff.”

He said it has not been easy. During the Covid-19 pandemic, his second business venture nearly closed down due to cash flow issues. “But our employees were very supportive. They volunteered to take a 50% pay cut.”

Lim said everyone pitched in – they helped with sales and did everything they could.

“I was so touched. I realised business is not about one person. It’s about the whole team. That experience changed me.”

Since then, he said, he has made it his mission to do something bigger.

First, for his team, to create a better life for them.

“Second, to support Pastry World’s customers. Because when they grow, we grow. And third, to contribute to society through corporate social responsibility, by training more pastry talent and giving back,” he added.

13 April 2025

UK govt takes over British Steel after emergency law passed

LONDON: The UK government said it was taking control of Chinese-owned British Steel on Saturday after rushing an emergency law through parliament to avert the shutdown of the country’s last factory that can make steel from scratch.

The struggling plant in northern England had faced imminent closure and Prime Minister Keir Starmer said his government “stepped in to save British Steel” with legislation to prevent its blast furnaces going out.

At a rare weekend session, parliament approved the law without opposition to take over the running of the Scunthorpe site, which employs several thousand people and produces steel crucial for UK industries including construction and rail transport.

The government saw its possible closure as a risk to Britain’s long-term economic security, given the decline of the UK’s once robust steel industry.

Officials were poised to take over the site after the emergency bill passed into law on Saturday evening, according to UK media reports.

Following its approval Starmer said his administration was “turning the page on a decade of decline” and “acting to protect the jobs of thousands of workers.”

He insisted “all options are on the table to secure the future of the industry,“ after a government minister indicated nationalisation could be a likely next step.

Earlier, as MPs debated in parliament, the prime minister made a dash to the region where he told steelworkers gathered in a nearby village hall that the measure was “in the national interest”.

He said the “pretty unprecedented” move meant the government could secure “a future for steel” in Britain.

“The most important thing is we’ve got control of the site, we can make the decisions about what happens, and that means that those blast furnaces will stay on,“ he said.

It came after protests at the plant and reports that workers had stopped executives from the company’s Chinese owners Jingye accessing key areas of the steelworks on Saturday morning.

The Times newspaper said British Steel workers had seen off a “delegation of Chinese executives” trying to enter critical parts of the works.

Police said officers attended the scene “following a suspected breach of the peace”, but no arrests were made.

Facing questions about nationalisation in parliament, business and trade secretary Jonathan Reynolds said state ownership “remains on the table” and may be the “likely option”.

But he said the scope of Saturday’s legislation was more limited – it “does not transfer ownership to the government”, he explained, saying this would have to be dealt with at a later stage.

Ministers have said no private company has been willing to invest in the plant.

The Chinese owners have said it is no longer financially viable to run the two furnaces at the site, where up to 2,700 jobs have been at risk.

Jingye bought British Steel in 2020 and says it has invested more than £1.2 billion (RM6.6 billion) to maintain operations but is losing around £700,000 a day.

Reynolds said “the effective market value of this company is zero,“ and that Jingye had wanted to maintain the operation in the UK but supply it with slab steel from China to keep it going.

The Labour government came under fire from the opposition Conservative party for its handling of the negotiations and faced calls from some left-wing politicians to fully nationalise the plant, while unions also urged the government to go further.

Reynolds explained the government had sought to buy raw materials to keep the furnaces running with “no losses whatsoever for Jingye”, but met with resistance.

Instead, Jingye demanded the UK “transfer hundreds of millions of pounds to them, without any conditions to stop that money and potentially other assets being immediately transferred to China”, he said. “They also refused a condition to keep the blast furnaces maintained.”

Saturday’s legislation allowed for criminal sanctions and gave the government powers to take over assets if executives fail to comply with instructions to keep the blast furnaces open.

MPs had left for their Easter holidays on Tuesday and had not been due to return to parliament until April 22 when the rare session was called.

MPs last sat on a Saturday recall of parliament at the start of the Falklands War between Britain and Argentina in 1982.

Scunthorpe in northern England hosts Britain’s last virgin steel plant – which produces steel from raw rather than recycled materials – after Indian firm Tata’s Port Talbot site shuttered its blast furnace last year.

British Steel has said US President Donald Trump’s recent tariffs on the sector were partly to blame for the Scunthorpe plant’s difficulties.

However, fierce competition from cheaper Asian steel has heaped pressure on Europe’s beleaguered industry in recent years. – AFP

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