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 Nov 4 till the end of the week.
This article updates throughout the week.

Australia’s Gambling Billions

Sydney, Nov 4: As Australians prepare for the Melbourne Cup, new research from Finder reveals that one in three Australians (33 per cent) – nearly 7 million people – gamble on sports, with an average annual spend of $15,269 per gambler.
This adds up to a staggering $98 billion spent on sports betting each year.
The survey found that 61 per cent of sports bettors have placed a wager on the Melbourne Cup, with an average spend of $85.
Men are twice as likely as women to gamble weekly, and Gen Z leads among age groups, with 46 per cent betting on sports compared to just 11 per cent of baby boomers.
Personal finance expert Sarah Megginson warns that sports gambling can threaten finances and relationships, urging Aussies to secure their financial well-being before gambling.
Free, confidential support is available through Gambling Help Online at 1800 858 858.

Schools Spectacular Rehearsals Begin

Sydney, Nov 4: More than 3,500 students from across NSW gathered at Sydney Olympic Park on November 4 for the Schools Spectacular’s first combined rehearsal.
With performances set for November 29 and 30, students practiced 19 mass dance routines spanning ballet, hip hop, and musical theatre, along with a show-stopping finale.
The rehearsal marked the first gathering of the 1,600-member choir, including a signing choir, symbolizing the theme, All 4 One. Regional students joined via Zoom to perfect choreography.
Executive Producer Richard Spiewak emphasized the theme’s focus on connection, creativity, and teamwork.
Tickets are available through Ticketek for this 41st showcase of talent.

Australia Post Urges Action

Sydney, Nov 4: Australia Post is urging local councils to adopt stricter measures as dog attacks on Posties rise, with more than 49 incidents per week recorded over the past six months.
A total of 1,277 dog-related incidents have occurred nationally, with one-third taking place at customers’ front doors, increasing the risk as the holiday season approaches.
Queensland has the highest number of incidents, particularly in areas like Darra, Stafford, and Toowoomba, while other hotspots include regions in NSW, WA, VIC, SA, NT, TAS, and the ACT.
Posties are equipped with hazard devices to log aggressive dog behavior, and serious cases are reported to councils.
Australia Post continues to advocate for improved animal management laws to protect delivery staff and urges dog owners to secure pets to ensure safe access.

Bintai Kinden Wins RM61.2m Contract

Kuala Lumpur, Nov 4: Bintai Kinden Corporation Berhad’s subsidiary, Kejuruteraan Bintai Kindenko Sdn. Bhd., secured a RM61.2 million contract from N&T Asset Sdn. Bhd. to construct a housing project in Jasin, Melaka.
The project includes 275 residential units, comprising bungalows, semi-detached houses, terraces, and shop lots, along with essential infrastructure.
The total project, scheduled for completion by November 2027, is expected to boost BKCB’s earnings over the next four years and support its financial recovery plan.
BKCB recently entered an Extended Interim Settlement with Universiti Islam Melaka Berhad, aimed at strengthening cash flow through structured repayments to its subsidiary.

KPHL Secures LNG Deal

Port Moresby, Nov 4: Kumul Petroleum Holdings Limited (KPHL) has finalized a forward sale agreement with Chevron USA Inc (Singapore Branch) to advance KPHL’s efforts to acquire additional equity in the PNG LNG Project.
KPHL had previously made a partial payment of US$352 million to Santos for a 2.6 per cent stake in the project, with the remaining balance due by December 2024.
Under the new agreement, Chevron will provide an advance payment to KPHL in exchange for LNG and condensate cargoes over two years, enhancing KPHL’s financial security through a term-sale approach.

Sateliot Partners with UNESCO

Brazil, Nov 5: Sateliot, the first company to operate 5G NB-IoT satellites in low Earth orbit, has formalized a collaboration with UNESCO’s Regional Office for Latin America and the Caribbean to advance digital education and skill development. Announced at the Global Education Meeting 2024, the partnership introduces the Sateliot Impact Challenge, a training program launching first in Brazil and Chile, to equip teachers and youth with STEM and entrepreneurship skills for addressing community issues. This initiative, part of Sateliot’s ESG strategy, aims to narrow educational and digital divides, expanding globally before concluding with the BCN2026 Hackathon.

Small Businesses Under Pressure

Sydney, Nov 5: As Australia’s peak sales season approaches, new YouGov research commissioned by Prospa reveals significant financial and emotional strain on small business owners.
Nearly one in five small businesses lack cash reserves, while over 77 per cent of leaders report a personal financial impact from rising costs, with 43 per cent experiencing stress or burnout.
Retail and hospitality are especially affected due to high inflation and declining consumer spending.
With the possibility of an RBA rate cut in early 2025, many are hopeful for a financial boost, and 26 per cent of business leaders plan to seek external funding in the coming year to help stabilize and grow.

Sarawak Shines at Taipei Fair

Kuching, Nov 5: The Sarawak Tourism Board (STB), collaborating with Royal Brunei Taiwan, showcased Sarawak’s travel attractions at the Taipei International Travel Fair (ITF) 2024, held from November 1-4. Highlighting Sarawak’s diverse offerings, including UNESCO sites Mulu and Niah National Parks, cultural experiences, and local culinary delights like Sarawak Laksa, STB’s booth drew significant interest from Taiwanese travelers.
Royal Brunei Taiwan introduced a dual-destination package for Kuching and Brunei, enhancing Sarawak’s appeal.
Three Taiwanese travel companies launched exclusive Sarawak packages, capturing further interest. Taiwan’s growing outbound travel trend and earlier B2B sessions have positioned Taiwan as a key market for Sarawak.

Aneka Jaringan Wins RM39m Project

Kuala Lumpur, Nov 5: Aneka Jaringan Holdings Berhad, through its subsidiary Aneka Jaringan Sdn. Bhd., has secured a RM39 million contract for a mixed-use development at Jalan Pantai Sentral in Kuala Lumpur. The project, awarded by GDP Architects Sdn. Bhd. for Murni Lapisan Sdn Bhd, includes earthworks, piling, and contiguous bored piling works.
The development, spanning three phases, features two office towers, retail spaces, parking, and high-rise serviced apartments. Work is set to start on 7 November 2024, with completion targeted by 6 March 2026.
Since January 2024, Aneka Jaringan has won contracts totaling RM189.6 million, reinforcing its presence in high-growth areas.

Elastic Boosts Knowledge Management

Sydney, Nov 6: Elastic has teamed up with LG CNS to enhance the company’s KeyLook AI, a retrieval augmented generation (RAG) system, with Elasticsearch integration.
This collaboration resulted in a 95 per cent increase in search relevance and a 50 per cent reduction in data retrieval time.
The new vector search capabilities in Elasticsearch enable multi-lingual, contextually accurate searches, improving user intent recognition for LG CNS’s global knowledge management services.
KeyLook AI now leverages GenAI models to index corporate data, delivering comprehensive answers to users efficiently while maintaining data governance.

Breaking the Rent Cycle with LMI

Sydney, Nov 7: Helia’s new video, Start Your Home Story, highlights how Lenders Mortgage Insurance (LMI) can help first-home buyers enter the market sooner. Featuring the story of Mitch and Amelia, the video shows how the couple, unable to save a full 20 per cent deposit, turned to LMI through their mortgage broker to buy their first home.
According to Helia’s Home Buyer Sentiment Report, 85 per cent of buyers struggle to save the traditional deposit. “Mortgage brokers are key in bridging this information gap,” explains Helia’s Chief Commercial Officer, Greg McAweeney, as brokers educate buyers on options like LMI.
For more information, visit helia.com.au/about-lmi.

VITAGEN-UKM Partnership on Gut Health

Kuala Lumpur, Nov 7: VITAGEN has announced a strategic partnership with Universiti Kebangsaan Malaysia (UKM), appointing Professor Dr. Norfilza Mohd Mokhtar as its Medical Advisor.
This collaboration, marked by the signing of a Memorandum of Understanding (MoU) at Hospital Canselor Tuanku Muhriz UKM, aims to advance research on gut health and public health advocacy in Malaysia.
The partnership will drive innovative research on probiotics and gut health, support public awareness initiatives, and enhance community engagement for better digestive health.
VITAGEN plans to integrate these scientific insights into its products, strengthening its leadership in gut health innovation.
For more information, visit www.vitagen.com.my.

Malaysia Sets Key Focus for COP29 in Baku

Kuala Lumpur, Nov 9: Malaysia is preparing for COP29 in Baku, Azerbaijan, from 11 to 22 November 2024, with a delegation of over 250 participants, including policymakers, GLCs, businesses, NGOs, and youth representatives.
Showcasing a ‘whole-of-nation’ approach to climate action, Malaysia’s Pavilion, themed “Shift for Sustainability – Climate Action Now!” will highlight seven key areas: finance, trade, natural resources, energy, technology, sustainable development, and youth empowerment.
As the incoming ASEAN Chair, Malaysia aims to bolster both regional and global climate efforts, advocating for inclusive sustainability.
COP29 presents an opportunity for Malaysia to attract green investments and promote the nation’s leadership in sustainable finance and green technology.
Since 2010, Malaysia’s green economy has drawn over RM10 billion in investments, creating more than 5,500 green jobs. COP29 participation aligns with Budget 2025 and Malaysia’s upcoming carbon tax set for 2026.
The Pavilion is led by the Ministry of Natural Resources and Environmental Sustainability and executed by the Malaysian Green Technology and Climate Change Corporation (MGTC), with support from partners like Tenaga Nasional, PETRONAS, MPOC, Malayan Banking, and more.
More details are available at malaysiapavilion-cop.com.