AMMB, MetLife call off RM1.12 bil sale of insurance units to Great Eastern

Admin Feb 3, 2025

KUALA LUMPUR (Feb 3): AMMB Holdings Bhd (KL:AMBANK) and MetLife International Holdings LLC have mutually agreed to terminate the proposed disposal of their jointly owned insurance and takaful businesses to Great Eastern Holdings Ltd, a deal initially valued at about RM1.12 billion.

In a filing with Bursa Malaysia on Monday, AMMB said the implementation agreement dated Oct 2, 2023 has been terminated and that the parties involved — namely AMMB, MetLife, and Great Eastern — have collectively decided not to proceed with the sale of AmMetLife Insurance Bhd and AmMetLife Takaful Bhd to Great Eastern Life Assurance (Malaysia) Bhd and Great Eastern Takaful Bhd.

The reason for the termination was not disclosed. Great Eastern made a similar announcement via a bourse filing to the Singapore stock exchange on Monday.

AMMB’s wholly owned AMAB Holdings Sdn Bhd holds 50% minus one share in AmMetLife Insurance and 50% plus one share in AmMetLife Takaful. MetLife owns the remaining stakes in both entities.

The original plan stipulated that Great Eastern Life Assurance and Great Eastern Takaful would acquire 100% of the share capital in both AmMetLife entities. Following the acquisition, the two insurance and takaful businesses were intended to be merged and integrated with Great Eastern’s existing life assurance and takaful operations.

The merger also included exclusive 20-year bancassurance and bancatakaful agreements, ensuring the distribution of life insurance and family takaful products through AMMB’s network of banking subsidiaries across Malaysia.

The strategic partnership between US-headquartered MetLife and AMMB dates back to April 2014, when MetLife acquired a 50% stake in AmLife Insurance and AmFamily Takaful Bhd (later renamed AmMetLife Takaful) for RM812 million or US$249 million.

At Monday’s noon market break, AMMB shares were unchanged at RM5.64 with a market capitalisation of RM18.69 billion.

Trading of Great Eastern shares has been suspended since July 15 last year, after its parent Oversea-Chinese Banking Corporation (OCBC) acquired close to 94% of its shares following a S$1.4 billion (RM4.6 billion) bid it made in May for the remaining 11.56% it did not own in the insurance company — one of the largest in Malaysia and Singapore — to take it private. But the shareholding is not sufficient to have Great Eastern delisted from the Singapore Exchange or for OCBC to compulsorily acquire the rest of the shares it doesn’t own.

OCBC reportedly faced some holdouts, from some long-time shareholders who have a combined 3% stake in Great Eastern. Last month, the Financial Times reported that UK activist investor Palliser Capital called the deal “gravely unfair” and was looking to disrupt the takeover of the insurance company.

Malaysia’s manufacturing sector makes record price cuts amid slowdown — S&P Global

Admin Feb 3, 2025

KUALA LUMPUR (Feb 3): In a bid to invigorate sales amid a tepid demand landscape, manufacturers reduced selling prices for the first time since June 2023, according to the S&P Global Malaysia Manufacturing Purchasing Managers’ Index (PMI) released on Monday.

Data from the latest survey indicated the second strongest reduction in prices charged in the series’ history.

“The decrease was modest, yet the most pronounced since January 2015. Purchasing activity was also scaled back in January, while stock holdings were wound down further,” said S&P.

This strategic price-cutting move highlights the manufacturers’ attempt to stimulate sales and regain momentum in a stagnant market environment.

Additionally, production and new orders continued their downward trend, further moderating from prior levels. 

The S&P Global Malaysia Manufacturing PMI was little-changed in January, rising from 48.6 in December to 48.7, remained below the neutral threshold of 50.0, emphasising the ongoing softness of the manufacturing sector’s health.

This marked the eighth consecutive month of scale-back, with the latest moderation being the most pronounced since December 2023. The muted demand for new orders, driven by weak client confidence in both domestic and international markets, played a pivotal role in this decline. As export orders fell for the second successive month — at the fastest pace since October 2023 — manufacturers faced a tough external environment.

Moreover, purchasing activity witnessed a more rapid decline, reflecting a cautious approach by manufacturers, as they adjusted to subdue production needs. The reduction in purchasing levels accelerated at the start of the year, marking the fastest pace of decline in three months. Alongside this, inventory holdings for both purchases and finished goods were lowered, as firms sought to manage their resources prudently. Contributing factors to this reduction included delivery delays and higher raw material costs, further exacerbated by port congestion and raw material shortages, which extended suppliers’ delivery times.

Despite the challenges, the outlook for the sector was cautiously optimistic, underpinned by hopes for improved demand conditions during the year. However, the level of business confidence was observed as the softest in seven months.

Employment levels also saw a fractional reduction, marking the fourth consecutive month of decline. Despite lower capacity requirements, firms managed to work through existing backlogs, reflecting adaptability in challenging times. As 2025 unfolds, Malaysian manufacturers remain vigilant, balancing between the pressures of subdued demand and cost challenges, while maintaining a hopeful outlook for the future.

EPF’s voluntary savings and top-up scheme hits RM13b in 2024

Admin Feb 3, 2025

KUALA LUMPUR( Feb 3): The Employee Provident Fund’s (EPF) voluntary savings and “top-up” scheme collected RM13 billion last year, according to FMT on Monday, citing an official. 

According to the report, citing the official, more than 1.6 million members had contributed and of these, 1.2 million were regular contributors, and 400,000 participated in the i-Saraan scheme for self-employed and casual workers.

i-Saraan contributors get a 20% government incentive, capped at RM500, on their contributions.

EPF members can voluntarily add up to RM100,000 annually to their accounts. 

According to the official, 70% of members have not accessed their funds in the Flexible Account (Account 3), which permits unrestricted withdrawals.

Approximately three million members aged 55 and above, who can withdraw all their savings, choose to retain their funds in EPF, due to its superior returns and security.

Gold declines as dollar’s strength outweighs haven demand

Admin Feb 3, 2025

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Gold declines as dollar’s strength outweighs haven demand

By Sybilla Gross / Bloomberg

03 Feb 2025, 12:57 pmUpdated – 04:04 pm

(Feb 3): Gold fell after US President Donald Trump imposed tariffs on imports from Canada, Mexico and China, with a surging dollar outweighing haven demand as the world braces for trade wars.

Bullion dipped below US$2,790 (RM12,516) a dollar, although was still fairly close to a record high reached last Friday. A gauge of the US currency jumped the most in almost three months on an intraday basis. The inflationary impact of tariffs between the world’s biggest economies may keep borrowing costs elevated, a headwind for gold that doesn’t offer any interest, while a rising dollar makes it pricier for many buyers.

“Those dynamics are overwhelming haven demand for now,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp (OCBC), adding that an uptick in price pressures may impact the Federal Reserve’s easing cycle. “But if trade tensions intensify with more tit-for-tat measures, then we may start to see demand for gold pick up again.”

The US announced tariffs of 25% on goods from Canada and Mexico, and 10% on those from China, set to take effect on Tuesday. Canadian energy imports will face a 10% levy. Ottawa unveiled a 25% counter-tariff on US goods, Mexico pledged retaliatory actions, and Beijing issued a statement vowing “corresponding countermeasures”. Trump has also threatened tariffs against the European Union, which said it would respond firmly.

A global trade war would be a major headwind for growth, force a reorganisation of global supply chains, and threatens to roil financial markets. While gold would typically benefit from haven demand in such a scenario, moves in the dollar and the interest-rate outlook are offsetting those pressures. Some of the impact may already be priced in, with the metal rising almost 6% so far this year, following a 27% rally in 2024.

Trade war fears have already jolted precious metals markets, with US prices of gold and silver surging above international benchmarks in recent weeks — causing dealers and traders to rush huge volumes of the metals into the US before any tariffs are imposed. The chaos has also led to a spike in lease rates for gold and silver — the return that holders of bullion in London’s vaults can get by loaning their metal out to other buyers on a short-term basis.

Spot gold had declined 0.4% to US$2,788.50 an ounce as of 7.04am in London, after climbing 1% last week. The Bloomberg Dollar Spot Index rose 0.9%, and was up as much as 1.3 earlier. Silver, platinum and palladium all dropped.

“The strong dollar could be a near-term headwind for gold,” said Charu Chanana, a strategist at Saxo Capital Markets Pte Ltd. “However, the long-run impact of tariffs is likely to be dollar-negative, as long-term trade protectionism could erode US economic dominance.”

Exclusive Investment Opportunity for Malaysian Retail Investors: Analyst Insight on Maybank’s Infinity 9 Program

Admin Feb 1, 2025

Kuala Lumpur — In an ambitious move to further solidify its position in the Malaysian market, Maybank has partnered with Citibank Singapore to launch the Infinity 9 Program, which offers retail investors across Malaysia a unique chance to engage in trading strategies traditionally reserved for large institutional investors. This strategic collaboration between two prominent financial institutions aims to break down barriers, providing individual investors with a rare opportunity to participate in high-level financial trading and market activities. The partnership seeks to revolutionize the way retail investors approach investment, bringing them closer to cutting-edge trading methods that were once largely inaccessible to the general public.

The launch of Maybank’s Infinity 9 Program signifies a major shift in the investment landscape in Malaysia, opening new doors for individual investors to diversify their portfolios, participate in advanced financial markets, and tap into potentially more lucrative opportunities for financial growth. This program, which combines the expertise and resources of both Maybank and Citibank Singapore, offers a path for retail investors to explore investment options that were previously out of reach.

Unprecedented Access to Institutional Trading for Malaysian Investors

For years, institutional trading has been perceived as an exclusive realm reserved for large financial institutions, major investors, and high-net-worth individuals. Retail investors, especially those in Malaysia, have long faced challenges in gaining access to such sophisticated trading techniques and tools. However, the launch of Maybank’s Infinity 9 Program is changing this narrative by offering individual investors an incredible opportunity to engage in sophisticated and high-level trading strategies that were once only available to institutional investors.

This partnership with Citibank Singapore is breaking down the traditional barriers to entry, allowing everyday investors to leverage the same advanced trading systems and insights as the big players in the financial market. By participating in this program, retail investors now have the ability to better diversify their portfolios, gain exposure to more diverse asset classes, and position themselves for potentially higher returns in a more competitive and complex market. As a result, retail investors are given the chance to elevate their investment strategies and take advantage of new, emerging opportunities that were previously only accessible to the wealthy and institutionalized investors.

Market Outlook: Analyst Predicts Positive Momentum Post-CNY

According to an expert analyst, the market outlook for Maybank 1155 is positive, with expectations that the stock is likely to experience a slight upward trend following the Chinese New Year (CNY) period. This predicted positive momentum represents a significant opportunity for investors who are part of the Infinity 9 Program, offering them a chance to potentially capitalize on the anticipated market uptick. With the expert tools, market data, and guidance provided through the Infinity 9 Program, investors are well-equipped to make more informed and strategic decisions based on the latest market analysis and trends.

The expert insights, coupled with the unique resources available through the program, place retail investors in an advantageous position to make calculated moves and take advantage of potential gains during a time when market conditions could be ripe for growth. By having access to professional-level analysis and trading techniques, participants can navigate the market with greater confidence, ensuring that they are well-prepared to seize opportunities as they arise.

A Path to Success and Profit

The Infinity 9 Program provides more than just access to institutional-level trading. It also gives participants access to a wealth of expert knowledge and financial expertise from two of the most respected financial institutions in the region—Maybank and Citibank Singapore. This partnership ensures that retail investors receive the guidance and support they need to make well-informed investment decisions, helping them feel more confident in their trading activities and providing them with the necessary tools to succeed in an ever-evolving financial landscape.

With comprehensive market analysis, trading insights, and institutional-level strategies at their disposal, investors are well-positioned to achieve greater financial success. The combination of cutting-edge trading tools and the expertise of both Maybank and Citibank Singapore equips participants with a solid foundation to navigate the complexities of the market, helping them stay ahead of the curve and achieve profitable outcomes in their investments. The program is structured to guide investors every step of the way, ensuring that they have the support and resources necessary to thrive in an increasingly competitive environment.

Real Investor Experience: Ahmad from Kuala Lumpur

One of the retail investors who has already taken part in the Infinity 9 Program is Ahmad, a resident of Kuala Lumpur. Ahmad shared his thoughts about this unprecedented opportunity, expressing his excitement at being able to participate in institutional-level trading for the first time in his life. “I’ve always wanted to participate in institutional trading, but I never thought it would be accessible to retail investors like me. Now with the Infinity 9 Program, I’m able to take part in a market that was previously out of my reach,” Ahmad explained.

He went on to express his enthusiasm about the potential to make more informed decisions and to grow his investment portfolio with the help of the resources and insights offered by the Infinity 9 Program. For Ahmad, the program represents an exciting new chapter in his investment journey, where he can utilize sophisticated trading strategies and gain a deeper understanding of market dynamics that will empower him to achieve his financial goals. His story reflects the transformative impact that the Infinity 9 Program can have on retail investors by providing access to a wealth of resources and professional guidance, allowing them to make smarter, more informed choices in their investment journey.

Why You Should Act Now

The Infinity 9 Program is not just another investment service; it represents an extraordinary opportunity for retail investors to break into the world of institutional trading and reap the rewards that come with it. As the program has already proven its success in its initial phases, with the Q1 2025 batch fully reserved, now is the time to take action and secure a spot in future program sessions. Investors who are ready to embrace this rare chance to level up their trading strategies should act quickly to ensure they don’t miss out on the chance to gain access to advanced tools, expert market insights, and institutional-grade resources.

Participation in the Infinity 9 Program offers a wealth of benefits that can help retail investors achieve long-term financial growth. With access to cutting-edge technology, real-time market insights, and guidance from experts in the field, investors are well-positioned to maximize their potential returns and minimize their risks. This program offers more than just the ability to trade— it provides a structured path to financial growth and success, built on a foundation of industry-leading knowledge and expertise.

Join the Infinity 9 Program Today

For retail investors in Malaysia, the Infinity 9 Program offers a rare and invaluable opportunity to engage in institutional-level trading. With the backing of two trusted financial powerhouses—Maybank and Citibank Singapore—investors have access to a comprehensive range of resources, tools, and strategies designed to guide them toward financial success. The Infinity 9 Program is the perfect opportunity for those looking to expand their investment horizons, diversify their portfolios, and explore new avenues for financial growth. By joining the program today, investors can take advantage of this once-in-a-lifetime opportunity to participate in high-level trading activities and achieve their financial goals with the guidance and support of leading industry experts.

Sanusi urges Putrajaya to grant states authority over padi industry

Admin Feb 1, 2025

Kedah menteri besar Sanusi Nor says the supply issue will persist unless there is real commitment from the relevant agencies, particularly in tackling rice cartels.

PETALING JAYA: The power to regulate padi cultivation and the rice industry should be handed over to state governments, says Kedah menteri besar Sanusi Nor.

He said that would help resolve the issue of local rice supply shortages, Harian Metro reported.

According to Sanusi, the supply issue would persist unless there was real commitment from the relevant agencies, particularly in tackling rice cartels.

He also alleged that the practice of repackaging local rice as imported rice has led to the continued absence of local rice in the market.

“The people are asking, ‘What is the menteri besar doing about the missing rice’ because the padi is grown in Kedah. But the state government has no power over the matter.

“So, why don’t they (federal government) give me authority over rice?

“When the Muda Agricultural Development Authority was established in the 1970s, this agency took control of the padi fields,” he was quoted as saying at an event in Alor Setar last night.

Sanusi said many federal agencies under the agriculture and food security ministry are involved in the industry.

“They are tasked with issuing licences related to buying and storing padi and rice, as well as to operate mills,” he said.

He also claimed that padi farmers continue to be trapped in a cycle of hardship due to being “tied” to rice mills through the “kangchu” or “kunca” system.

“Don’t they (the government) know that there are cartels repackaging local rice as imported rice? Surely, they must know because we all know about it. Even the villagers know about this.

“There’s obviously no label on individual rice grains stating that it is either local or imported. The labelling is on the packaging. The cartels switch the packaging and charge from RM43 per (10kg) bag (for imported rice),” he said.

Probe into DBKL project involving actor to be completed next week

Admin Feb 1, 2025

Federal territories minister Dr Zaliha Mustafa says City Hall’s integrity unit will summon all relevant parties, including actor and director Afdlin Shauki.

PETALING JAYA: The investigation into allegations of misconduct surrounding a RM4 million project involving Kuala Lumpur City Hall (DBKL) linked to actor and director Afdlin Shauki is expected to be completed next week.

Federal territories minister Dr Zaliha Mustafa said DBKL’s integrity unit will summon the relevant parties, including Afdlin, who is also a member of the City Hall’s advisory board, as part of its investigation.

Trump administration explores bringing USAID under State Department, sources say

Admin Feb 1, 2025

WASHINGTON (Reuters) -The Trump administration is moving to strip a slimmed-down U.S. Agency for International Development of its independence and put it under State Department control, two sources familiar with the discussions said on Friday, in what would be a significant overhaul of how Washington allocates U.S. foreign aid.

The National Security Council hosted discussions this week on the topic, a person familiar with the matter said. A U.S. official confirmed there have been discussions about such a move but said no final decisions had been made.

The administration last week froze U.S. foreign aid, saying it is conducting a review to ensure the tens of billions of dollars worth of such assistance worldwide is aligned with President Donald Trump’s “America First” foreign policy and not a waste of taxpayer money.

One source said the White House was exploring legal authorities that Trump could use to issue an executive order to end USAID’s independence and that he could sign such a directive as soon as Friday night or Saturday.

“Watch USAID tonight,” Democratic Senator Chris Murphy, a member of the Senate Foreign Relations Committee, said in a post on X on Friday evening.

It was unclear if Trump has the legal authority to bypass Congress and order USAID’s merger into the State Department. 

Senate Minority Leader Chuck Schumer, citing a “rumor” that Trump planned to dissolve USAID as an independent agency, said in an X post that such a move would be “illegal and against our national interests.”

Philadelphia plane crash causes fiery scene with multiple homes ablaze

Admin Feb 1, 2025

PHILADELPHIA (AP): A small plane crashed in Northeast Philadelphia 30 seconds after it took off as crews respond to a fiery scene, Pennsylvania’s governor said on Friday (Jan 31).

Gov. Josh Shapiro said he is offering all “Commonwealth resources as they respond to the small private plane crash in Northeast Philly.”

The crash happened less than 3 miles (4.8km) from Northeast Philadelphia Airport, which primarily serves business jets and charter flights. Photos taken at the crash site appear to show residential homes on fire.

Michael Schiavone, 37, was sitting at his home in Mayfair on Friday when he heard a loud bang and his house shook. He said it felt like a mini earthquake, and when he checked his home security camera footage, he said it looked like a missile was coming down. “There was a large explosion, so I thought we were under attack for a second,” he said.

Flight data showed a small jet taking off from the airport at 6:06 p.m. and disappearing from radar about 30 seconds later after climbing to an altitude of 1,600 feet (487 meters).

The plane crashed in a busy intersection near Roosevelt Mall, an outdoor shopping centre where first responders were blocking traffic, and onlookers crowded onto a street corner in the residential neighbourhood of Rhawnhurst. Philadelphia’s emergency management office said that roads are closed in the area.

One cellphone video taken by a witness moments after the plane crashed showed a chaotic scene with debris scattered across the intersection. A wall of orange glowed just beyond the intersection as a plume of black smoke quickly rose into the sky, while some witnesses could be heard crying and sirens blared.

Jakartans skeptical of Pramono’s plan to address air pollution

Admin Feb 1, 2025

JAKARTA: In the last weeks of 2024, Jakarta received a bright gift of clear blue sky, an unusual sighting in a city often covered by choking smog that made the country’s capital the world’s most polluted city.

But the clear horizon may not last long, as it depends on the weather and wind that may change.

Jakartans’ hope for a sustainable less-polluted sky may rest with the city’s new leaders, governor-elect Pramono Anung and deputy governor-elect Rano Karno, who will step into office in the coming week.

But the city’s residents have little hope that the pair will realize their campaign promises to push for effective efforts to curb air pollution.

The megapolitan’s sky has been covered in haze from various sources within and beyond the city’s border, such as coal power plants and exhaust gases from motor vehicles, according to the Centre for Research on Energy and Clean Air’s (CREA) analysis.

The pollution has cost Jakartans their health, with pollutants triggering health problems – from respiratory infections to skin disorders like eczema – and increased risk for conditions such as autism.

A 2023 study revealed that air pollution was linked to over 10,000 deaths and more than 5,000 hospitalisations each year in the city, on top of hundreds of cases of infant death and adverse birth outcomes.

Such a situation prompted gubernatorial candidates running for the November election to make air pollution a part of their campaign agendas.

Ahead of the poll, Pramono and Rano listed some programs they are offering to relieve the pollution, including building more park-and-ride facilities near public transit networks, increasing green open spaces across the city to 30 percent and opening more bus routes connecting Jakarta to its satellite cities.

The pair also proposed to add more sensors and scrubbers, a tool to filter gas or polluting particles from industry exhaust, on factories’ smokestacks to monitor and control pollutants from the industrial sector.

With the pair set to take the city’s top seats in the coming weeks, Jakartans have started to question whether Pramono and Rano’s ideas will work to solve the air pollution problem.

“I’m most skeptical about their plan to add more air pollution sensors. When and if they did, what will be the follow-up then?” said Rabiana Nur Awalia, a 28-year-old private employee who commutes every day from North to South Jakarta.

Jakarta-based writer Okki Sutanto, 35, also questioned the proposed solutions, calling them “normative” and “having minimum breakthrough” in solving the problem.

He was also unsure whether it would be achievable considering that pollution mitigation efforts require cross-sector coordination, including from the central government and other stakeholders.

Low-hanging fruit 

Despite doubts from residents, Novita Natalia of Bicara Udara said that Pramono and Rano’s programmes are like the ones her group suggested in their policy recommendations to address air pollution, such as adding more air quality sensors and integrating data about pollution.

However, addressing Jakarta’s poor air quality and some of its root causes requires coordination between various sectors and regions, as the pollution’s sources, such as internal combustion engine (ICE) vehicles driven by commuters, are not just from within the city’s limits.

Implementing a higher parking fee to curb private vehicles, for example, would require Jakarta to coordinate with the Finance Ministry, said Bondan Andriyanu, climate and energy campaigner from Greenpeace Indonesia.

While waiting for other regions and ministries to work within their authorities, Pramono’s administration could start working on integrating data from various air sensors, said Bicara Udara cofounder Novita.

For now, the available data on air pollution in the city is not yet integrated after it is gathered from 25 Air Quality Monitoring Stations (AQMS) installed by authorities and more than 80 low-cost, uncalibrated sensors installed by the government and private companies.

City authorities can also require vehicles to use cleaner Euro 4 fuels or enforce a low-emission zone in some of the busiest areas in Jakarta, such as the main thoroughfares of Jl.

Thamrin and Jl. Sudirman, as recommended by Bicara Udara.

Bondan called for Jakarta’s new governor and deputy governor to work seriously in addressing the issue, which is also a matter of social justice: “The most vulnerable people such as children, elderly people and people from the low-income class will be the most impacted.”

Pramono and Rano’s campaign team members Chico Hakim and Mandira Bienna Elmir asserted that the pair would prioritise controlling pollution sources, such as vehicles and industrial activities.

Once they take office, Pramono and Rano will also start working on recommendations to tackle pollution as mandated by a citizen lawsuit against the central government and regional administrations that was accepted by the court in 2021.

“There will always be people who are skeptical,” Chico said.

“One thing for sure is that Pak Pram will give his best effort to make sure the programmes run as planned.” – The Jakarta PosANN

Billed as RM9.73 for the 1st month then RM13.90 thereafters.