News In Brief

Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs. Below are snippets of all the media releases we received from Sept 11 till the end of the week.

Kenanga Launches “Grow Your Futures” Campaign

Kuala Lumpur, Sept 11: Kenanga Futures introduces the “Grow Your Futures” Campaign, aiming to foster an informed derivatives trading community.
The campaign, which began on Sept 4th, reduces the account opening fee to RM10 from RM3,000, offers chances to win prizes, including electric scooters and e-Touch n’Go credit, and provides coaching sessions and commission-free trades.
Azila Abdul Aziz, CEO of Kenanga Futures, emphasizes empowering traders through knowledge and informed decisions.
The campaign covers 12 Bursa Malaysia Derivatives products, aligning with market dynamics and growth.
Recent trends show increased interest in derivatives trading, making “Grow Your Futures” a promising opportunity for traders.

Malaysian Genomics and PPASM Partner

Kuala Lumpur, Sept 11: Malaysian Genomics Resource Centre Berhad (Malaysian Genomics) has announced a collaboration with Persatuan Pentas Anak Seni Malaysia (PPASM) that merges healthcare and culture.
This partnership, introduced at the Miss International Malaysia 2023 National Grand Final on October 1st, combines biopharmaceutical technologies with cultural outreach.
PPASM will handle organizational aspects, while Malaysian Genomics contributes expertise in immunotherapy, cell therapies, and cosmeceutical products.
The collaboration aims to raise health awareness and promote informed health decisions.
Azri Azerai, Executive Chairman of Malaysian Genomics, sees this as an opportunity to empower Malaysians in their health choices and expand market scope.
Jawed Hussain Bin Datuk Raman Wahid, President/National Director of PPASM, highlights the partnership’s potential for promoting preventive healthcare.
The collaboration will include educational events and online/offline campaigns, benefiting from PPASM’s cultural connections and Malaysian Genomics’ scientific expertise. Proceeds from the Miss International Malaysia 2023 event will support charitable initiatives.
As of September 8, 2023, Malaysian Genomics’ share price was RM0.485, with a market capitalization of RM66.55 million.

MR D.I.Y. Celebrates ‘Beli Lokal

Kuala Lumpur, Sept 11: MR D.I.Y., Malaysia’s favorite home improvement brand, is celebrating Merdeka Day and Malaysia Day with a special “Beli Lokal” initiative.
Over 100 Malaysian-made products are featured, offering discounts of up to 30 per cent, aligning with the Government’s “Kempen Beli Barangan Malaysia.”
Head of Marketing, Alex Goh, said, “As a Malaysian brand, we’re proud to support fellow homegrown brands. Our ‘Beli Lokal’ initiative offers value for our customers and fosters local brand growth.”
Participating brands include PYE, WATERTAC, TRUFLO, KILAT, WAXCO, and others for hardware, plus household names like GLO and TOP GLOVE.
Popular Malaysian products are also on sale.

Cybercriminal Contests Inspire Innovation

Kuala Lumpur, Sept 12: Sophos has uncovered how cybercriminal research contests on forums inspire new attack methods.
These contests resemble legitimate ‘Call For Papers’ events and offer winners financial rewards, recognition, and potential job opportunities. Sophos’ report reveals that cybercriminals run, participate, and sponsor these contests to advance their tactics and techniques.
The contests provide insights into their efforts to overcome security measures.
The contests have evolved from trivia quizzes to technical articles with source code, videos, and screenshots.
Participants submit entries, and forum users vote for winners, though forum owners and sponsors also influence judging.
Christopher Budd, Director of Threat Research at Sophos, notes the contests’ role in recruitment among threat actor groups.
While some entries focus on Web-3 topics like cryptocurrency, others have broader practical applications, possibly indicating that the most innovative research is reserved for real-world attacks.
Sophos examined two prominent contests: one by Exploit with an $80,000 prize pool in 2021, and another on the XSS forum with $40,000 in 2022, both sponsored by notable cybercriminals.
Entries often exploit legitimate tools like Cobalt Strike, demonstrating a pragmatic approach to cybercrime techniques.

SCIB Signs MOU with PT MRT Jakarta

Kuching, Sept 12: Sarawak Consolidated Industries Bhd has entered into a Memorandum of Understanding with PT MRT Jakarta (Perseroda).
he agreement aims to explore potential partnerships with regards to the development of the Transit Oriented Development Area.
Established in 2008, PT MRT Jakarta (Perseroda) is an Indonesian limited liability company specialising in mass rapid transit solutions.
The company is strategically located in Central Jakarta and is stepping into this agreement as an experienced player in the field.
The MOU serves as a platform to outline the guidelines for both parties to conduct discussions, correspondence, and data exchange.
The agreement abides by the regulations and laws applicable to this form of partnership.
The MOU also lays the groundwork for future cooperation between the parties on key aspects.
Among these are conducting studies related to land development in transit-oriented areas in DKI Jakarta, engaging in discussions and coordination regarding development study results and land use plans, and working together to realise investments in the project. Fee structures for the project will be determined through mutual discussion and agreed upon in good faith.

WorldRemit’s 2023 Cost of Living Study

Sydney, Sept 14: WorldRemit’s latest study reveals financial challenges for remittance senders due to rising living costs:
In the US, 73 per cent reported increased living expenses, 70 per cent in the UK, and 78 per cent in Australia. Globally, 81 per cent noticed higher utility costs. Housing, education, and transportation costs also rose.
With one billion people relying on remittances, 85 per cent still send money to family.
Pressure on senders is growing, with 73 per cent reporting increased living expenses for recipients. Many are cutting back on outings and seeking savings.
Mark Lenhard, CEO of Zepz, highlights the tough choices faced by senders.
This study gathered insights from 3,000 international remittance senders in the US, UK, and Australia, illustrating the ongoing impact of rising living costs on their financial decisions.

Krenovator’s AI Career Profile

Kuala Lumpur, Sept 14: Krenovator Technology Sdn Bhd has launched the AI Career Profile, a new feature designed for software developers seeking remote roles.
This free tool combines background summaries, mental health insights, and psychological capital assessments into one comprehensive profile, offering a holistic view of job seekers.
Using AI, it automatically generates job seeker summaries and shares them with employers whose requirements match.
Krenovator aims to streamline remote software developer recruitment, making it faster and more efficient.
CEO Mahadhir Yunus believes this innovative tool empowers employers by aligning candidates with job requirements and company culture.
Founded in 2019, Krenovator aspires to be the preferred global recruitment platform for hiring remote software developers.

Bintai Kinden: Debt Relief and Transformation

Petaling Jaya, Sept 14: Bintai Kinden Corporation Berhad (BINTAI) has struck a significant deal with Windsor Serdang Sdn. Bhd. (WSSB) to clear outstanding debts owed by Serdang Baru Properties Sdn. Bhd. (SBPSB) to KBKSB, a Bintai Kinden subsidiary. WSSB will make an initial payment of RM3,000,000, followed by RM20,500,000 and RM500,000 for legal costs in the next 8 months. This agreement marks a pivotal moment for Bintai Kinden, addressing long-standing debt issues and strengthening the company’s financial stability and growth prospects.
Additionally, Axbena Sdn. Bhd. has withdrawn a lawsuit against Bintai Kinden’s subsidiary, Johnson Medical International Sdn. Bhd. (JMI), for damages of RM27,702,000, while JMI has also withdrawn an adjudication process against Axbena for RM1,732,133 as part of an amicable settlement.
These debt settlements are strategically timed, providing Bintai Kinden with the financial freedom to pursue new opportunities and invest in existing business lines.
This move fortifies their position and ensures liquidity for future growth avenues. It’s not just a financial maneuver; it’s a transformative step paving the way for Bintai Kinden’s next phase of growth and value creation.
In conclusion, the upcoming settlement proceeds are more than immediate financial relief.
They are vital for restructuring banking facilities, a key element of the PN17 regularisation plan, enhancing immediate financial standing, and establishing a foundation for long-term financial stability and growth.

Lenzing’s Real-Time Tracker

New York, Sept 15: Lenzing Group, a global wood-based specialty fiber producer, is revolutionizing the fiber supply chain. In collaboration with project44, a digital supply chain solutions company, Lenzing introduces a real-time ocean shipment tracker. This innovation aligns with Lenzing’s sustainability goals and enhances carbon emission visibility while improving the customer experience.
To address supply chain complexities, Lenzing integrates a real-time API between its SAP systems and project44’s Movement platform. This empowers customers with real-time insights into fiber orders, including shipment status, container location, vessel routes, and estimated arrival times.
Thomas Panholzer, Lenzing’s VP Global Supply Chain, highlights the importance of transparency and sustainability. Lenzing’s tracker supports carbon reduction targets with Scope 3 emissions data accredited by GLEC.
Jett McCandless, CEO of project44, emphasizes successful collaborations for supply chain visibility. Jayaraman Sethuraman, VP of Global Sales Textiles at Lenzing, underscores carbon visibility and Lenzing’s commitment to emissions reduction.
Lenzing’s ocean shipment tracker, accessible from September, reflects their dedication to digitalization, efficiency, and transparency in the global fiber value chain. Christian Platzer, VP Global IT & Digital Innovation, reaffirms their commitment to enhancing customer satisfaction and transparency.

MSMEs Gain Insurance Access

Kuala Lumpur, Sept 15: Tune Protect Group and Credit Guarantee Corporation Malaysia (CGC) have formed a strategic collaboration to provide innovative digital insurance solutions for Micro, Small, and Medium Scale Enterprises (MSMEs).
Tune Protect is an integrated insurer offering various insurance services, while CGC is a development financial institution supporting MSMEs.
The partnership aims to enhance accessibility to insurance solutions, protecting businesses and employees within the MSME community.
The collaboration will leverage the expertise and resources of both organizations to create innovative insurance offerings tailored to the evolving needs of MSMEs. Initially, Tune Protect will offer two digital propositions, SME Business Shield and SME EZY, simplifying insurance processes to overcome barriers like affordability and complexity, making insurance more accessible for MSMEs.
Rohit Nambiar, Group CEO of Tune Protect, emphasized the importance of MSMEs to Malaysia’s economic growth and the need to better serve them. The collaboration signifies their commitment to supporting the growth and resilience of this vital community, ensuring insurance accessibility, and empowering MSMEs with knowledge to make informed decisions.
The collaboration extends beyond insurance, focusing on knowledge sharing and capacity building. Tune Protect will participate in CGC’s outreach programs, providing educational workshops, training, and informative sessions to equip business owners with vital information. This education will enable MSMEs to secure cost-effective insurance coverage, protecting their operations, workforce, and physical establishments.
Datuk Mohd Zamree Mohd Ishak, CGC President & Chief Executive Officer, highlighted the need to address the risks and uncertainties faced by MSMEs. The collaboration will allow MSMEs to purchase Tune Protect General and Life insurance plans from the imSME portal, enhancing accessibility. This three-year collaboration aims to bring positive changes to the MSME landscape and foster economic growth in Malaysia.

Gibson-Purdue Innovation

Kuala Lumpur, Sept 16: Purdue Polytechnic Institute’s School of Mechanical Engineering Technology has partnered with Gibson and its charitable foundation, Gibson Gives, to provide hands-on learning experiences for future luthiers and engineers.
This collaboration focuses on Purdue’s unique “Stringed Instrument Design and Manufacture” class, led by Professor Mark French. Gibson’s commitment to innovation aligns with Purdue’s dedication to experiential learning and creativity.
This marks Gibson’s first experiential learning partnership with a university, and they are pledging substantial support, including guitars from their collection, financial aid, essential supplies, and industry insights.
The partnership begins this semester with plans for future extensions and enhancements.