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ISSUE 226/2021
CEOMorningBrief
GLOVE STOCKS ON THE LAST LEG OF THEIR RALLY? p4
T U E S DAY, AU G U S T 3 , 2 0 2 1 w w w. t h e e d g e m a r k e t s. c o m
ISSUE 226/2021
CEOMorningBrief
HOME: Covid-19: Malaysia reports new record high deaths of 219, with active cases nearing 200,000 p2
July manufacturing subdued by surging Covid-19 infections p5
Maybank Singapore sues NFC chairman, children for defaulting on housing loans worth S$2.53m p6
Constitutional crisis? — A legal opinion p15
WORLD: HSBC steps up dividend plans, eyes buybacks as outlook brightens p19
h o m e
Malaysia reports
high of 219 on Monday, while Malaysia re-
Vaccine doses administered 480,122
ported another 15,764 new infections that
% of population fully vaccinated 21.24
new record high
pushed its active cases — which carry trans-
mission risks — to a new peak of 199,051. % of population with at least
one dose 43.55
deaths of 219,
The previous highest daily fatalities were
207, recorded on both July 27 and 28.
As at Aug 2, 2021:
The latest fatalities raised the country’s
Covid-19 death toll to 9,403, according to with active cases Number of new cases 15,764
nearing 200,000
Health director-generalTan Sri Dr Noor Hish- Number of individuals tested 105,785
am Abdullah in a statement.Year to date, 8,932 Positivity rate (%) 14.90
people across the country have been killed
by the coronavirus, compared with the 471 Category 1 8,783 (87.7%
fatalities recorded for the whole of last year. by syafiqah salim [no symptoms] unvaccinated)
While new daily infections fell to 15,764 theedgemarkets.com
Category 2 6,695 (64.5%
from 17,150 a day ago — after staying [mild symptoms] unvaccinated)
above the 16,000 mark for six consecu- • 64 cases from Category 4 (pneumonia
tive days — the rise in actives continued as requiring oxygen therapy); 73.4% un- Category 3 135 (63.7%
new cases surpassed new recoveries, which vaccinated [with pneumonia] unvaccinated)
came in at 11,767, for 38 straight days. • 87 cases from Category 5 (critical cases Category 4 64 (73.4%
Total recoveries nationwide now stand at requiring assisted ventilation); 97.7% [with pneumonia, requiring unvaccinated)
h o m e
Labuan to move
and make the world safe,” she said this at
a virtual media briefing today during the
of PPN this
by Universiti Kuala Lumpur Royal Col-
lege of Medicine Perak (UniKL RCMP).
Wednesday —
Lambe, who oversaw the University of
Oxford’s Covid-19 vaccine programme at
Efficacy trials of
PM Muhyiddin
The Jenner Institute, which led to the de-
Bernam a
are not comparable, half a billion people around the world.
Themed ‘Modern Research, Innovation
H O M E
h o m e
h o m e
Petronas JV
KUALA LUMPUR (Aug 2): Petroliam Meanwhile, Natural GasWorld, quoting
Nasional Bhd (Petronas) and Indian Oil the Press Trust of India, reported that Indi-
embarks on new
Corp Ltd’s equally-owned joint venture an Oil Corp owns the largest network of
(JV) company Indian Oil Petronas Pvt Ltd petrol pumps in India.
retail venture
(IPPL) is planning to launch a new fuel “It also has licences to retail CNG (com-
and gas retail venture, the latest develop- pressed natural gas) to automobiles and
in India
ment in the two-decade-old JV between the piped cooking gas to households in sever-
Malaysia and India national oil companies, al geographical areas,” Natural Gas World
according to news reports quoting Indian reported.
Oil Corp chairman SM Vaidya. Natural Gas World reported that IPPL
It was reported that IPPL will get into by justin lim is a liquefied petroleum gas importer.
retailing of transportation fuel besides nat- theedgemarkets.com According to Natural Gas World, the
ural gas in India. Press Trust of India quoted Vaidya as say-
“The entire energy pie is increasing ing the JV will “diversify into natural
so there is no question of cannibalising,” gas and transportation fuel retailing
Vaidya was quoted as saying by The Eco- business”.
nomic Times on Friday (July 30). At the time of writing today, Petronas
“We intend to get the best practices of had not issued a statement in response to
global companies into India. But it will news reports on IPPL’s plan to launch its
not be at the cost of our own (Indian Oil new fuel and gas retail venture.
Corp) market share,” he said.
It was reported that Indian Oil Corp
did not share more details on investments, Read also: Petronas Carigali confirms con-
timeframes, or the sourcing of fuel as those tractor’s staff test positive for Covid-19 in
details are still being worked out. Bintulu Click here
Maybank
KUALA LUMPUR (Aug 2): Maybank Sin- Maybank Singapore granted a loan of
gapore Ltd has filed a suit against National S$5.38 million in 2010 to the first two
Singapore sues
Feedlot Corp Sdn Bhd (NFC) chairman defendants to finance the purchase of a
Datuk Seri Dr Mohamad Salleh Ismail and luxury condominium in Marina Bay.
NFC chairman,
his two children for defaulting on two hous- Again, Mohamad Salleh and Wan
ing loan facilities for properties in Singapore. Shahinur Izran defaulted on the month-
children for
Maybank Singapore, which is the plain- ly instalment payments of S$8,700, with
tiff, filed the suit at the High Court registry S$5.06 million being the outstanding
defaulting on
here on July 19 through law firm Messrs amount due as at June 4, 2018, together
Benjamin Dawson. The suit named Mo- with all accrued interests.
housing loans
hamad Salleh as the first defendant, while Maybank Singapore also then exercised
his children Wan Shahinur Izran and Wan its rights by repossessing and selling the
worth S$2.53m
Izzana Fatimah Zabedah were named as property through a private treaty sale at the
second and third defendants respectively. price of S$4.68 million. The sale, however,
Mohamad Salleh is the husband of for- was insufficient to settle the whole out-
mer women, family and community devel- standing amount, and as at Dec 29, 2020,
opment minister Tan Sri Shahrizat Abdul by emir zainul the sum of S$1.17 million remains due.
Jalil, who is also former Wanita Umno chief. theedgemarkets.com The suit alleged that all three defend-
According to the statement of claim sight- ants have failed, ignored and/or neglected
ed by theedgemarkets.com today, Maybank Patrick Goh/The Edge to pay the sum demanded, which resulted
Singapore is seeking the court’s judgement in the bank pursuing the matter through
on a total of S$2.53 million being the out- the Malaysian courts.
standing amount under the loan facilities It is worth noting that the family is also
that the defendants still owed with the bank. embroiled in a RM250 million suit by the
For the first housing loan facility, Malaysian government. Under the suit, the
Maybank Singapore granted a loan of government is seeking RM253.62 million,
S$4.37 million in 2009 to the three de- representing the sum owed by NFC, with
fendants to finance the purchase of a lux- a 2% interest from May 1, 2019.
ury apartment in Orchard Scotts. They are accused of misappropriating
However, the three defendants default- and wrongly using RM118 million from a
ed in the monthly instalment payments of RM250 million loan granted to NFC by
S$7,225, with S$3.94 million being the Datuk Seri Dr Mohamad Salleh Ismail the government in December 2007 to set
outstanding amount due as at June 22, up and operate a national feedlot centre
2018, together with all accrued interests. price of S$3.2 million. The sale, however, in Gemas.
After the defendants failed to pay the was insufficient to settle the whole out-
sum demanded, Maybank Singapore then standing amount, and as at Dec 29, 2020,
exercised its rights by repossessing and sell- the sum of S$1.37 million remains due. Read also: Maybank Indonesia 1H profit
ing the property through an auction at the For the second housing facility, falls on Covid-19 impact Click here
T U E S D AY A U G U S T 3 , 2 0 2 1 7 THEEDGE CEO MORNING BRIEF
t u e s d ay a u g u s t 3 , 2 0 2 1 8 TheEdge CEO morning brief
h o m e
banks on RM2.6b
geographical diversity of our regional opera-
tions which span 18 countries, has enabled
cash as company
us to maintain our growth trajectory, as ev-
idenced by the 89% increase in net profit
buyback
“Additionally, as demonstrated by our
recent announcements relating to the dis-
posal of non-core assets, we have stayed true
to our focus on our core businesses,” the
spokesperson said.
BNM, Bank
by Izzul Ikram
theedgemarkets.com The spokesperson, however, did not elab-
orate on how Sime Darby plans to use its
KUALA LUMPUR (Aug 2): Sime Darby estimated bank balances, deposits and cash Indonesia include
Bhd said the diversified group’s prospects that amounted to about RM2.6 billion as at
remain strong, particularly in its core busi- March 31, 2021, compared with RM1.69 direct investment,
nesses of heavy equipment distribution, car billion as at June 30, 2020.
dealerships and hospital operations, and Sime Darby’s net profit rose to RM300 income and
that its estimated RM2.6 billion cash is a million in 3QFY21 from RM115 million a
source of confidence at a time when the glob- year earlier, as revenue climbed to RM11.02 transfer in
al economy is contending with the impact billion from RM8.43 billion. For 9MFY21,
of Covid-19-pandemic-driven movement its cumulative net profit rose to RM1.21 bil- ringgit-rupiah
restrictions. lion from RM643 million a year earlier, while
Sime Darby’s estimated RM2.6 billion revenue jumped to RM33.14 billion from settlement
cash, which the group refers to as “dry pow- RM28.11 billion.
der”, is also expected to be handy as the Sime Darby’s latest reported net assets
company prepares for its first share buyback. per share stood at RM2.30. Bernama
In an emailed statement to theedgemarkets. At Bursa Malaysia’s 5pm close today,
com, a Sime Darby spokesperson said the Sime Darby’s share price settled unchanged KUALA LUMPUR (Aug 2): Bank Ne-
group continues to see strong demand for at RM2.15 for a market value of about gara Malaysia (BNM) and Bank Indone-
luxury cars in China and that the Australian RM14.62 billion based on the company’s sia have announced that the expansion of
market holds upside potential in both the 6.8 billion issued shares. the local currency settlement framework
heavy equipment and automotive markets. Sime Darby’s share price chart since 2006 to include direct investment, income and
The group’s heavy equipment distribu- showed that its shares closed at their highest transfer, in addition to trade, as eligible
tion and car dealerships are placed under of RM3.33 on Jan 11, 2008, and was at its underlying transactions effective today.
the group’s industrial and motors segments, lowest at 35 sen on Feb 20, 2009. “It also includes expansion of eligible
while the healthcare unit runs the group’s Sime Darby, which recently appoint- users of the framework, such as individ-
hospital operations. ed CGS-CIMB Securities Sdn Bhd as the uals, and additional foreign exchange
Besides its core operations in the indus- stockbroker to facilitate the group’s share policy flexibilities, such as more simple
trial, motors, logistics, and healthcare seg- buy-back, said it believes there is value in the documentation requirement, to facilitate
ments, Sime Darby is also involved in the group’s shares and that buy-back will provide the operationalisation of the framework,”
insurance segment in Malaysia. some support to its share price. BNM said in a statement today.
“Our prospects remain strong particularly “We are preparing for the possibility of a It said this expansion is part of con-
in the areas of our core businesses namely share buy-back, as we feel that our shares are tinuous effort to facilitate wider use of
industrial and motors, as well as in growing undervalued,” the spokesperson said with- local currencies for settlement of trade
our healthcare division.The group is bullish out specifying when Sime Darby’s first share and direct investment between Malaysia
given the dry powder we have on our balance buy-back may happen. and Indonesia.
sheet in addition to the gains we are making Based on Sime Darby’s Bursa filings since Given the expansion, BNM and Bank
in the markets that we operate in,” said the Jan 3, 2000, the group has not done any share Indonesia have also appointed additional
Sime Darby spokesperson. buy-backs all this while. qualified commercial banks in both coun-
tries to support the operationalisation of
the expanded ringgit-rupiah settlement
framework.
In general, the appointed banks are ex-
perienced in facilitating trade and direct
investment between the two countries,
have a wide customer base and have estab-
lished strong business relationships with
banks in the counterpart country, it said.
The settlement framework was first
launched on Dec 11, 2017 in accordance
with the memorandum of understanding
(MoU) between BNM and Bank Indo-
nesia that was signed on Dec 23, 2016.
T U E S D AY A U G U S T 3 , 2 0 2 1 9 THEEDGE CEO MORNING BRIEF
H O M E
Pecca to buy
KUALA LUMPUR (Aug 2): Pecca Group relevant in the new business environment.
Bhd is buying a 51% stake in healthcare This dynamism and agility led us to the
controlling stake
products distributor Rentas Health Sdn diversification into the healthcare business,
Bhd for RM100 million in a cash and stock which we believe would be the business of
in MD daughter’s
deal to venture into the healthcare-relat- the future,” said Hwa Cheng in a separate
ed business, to expand its revenue stream. statement.
healthcare
The 51% stake purchase shall be sat- “We believe the demand for masks,
isfied via a combination of RM50 million PPE and other Covid-19 products will
product
cash and the issuance of 11.99 million new be here to stay as more officials describe
Pecca shares at an issue price of RM4.17 Covid-19 as an endemic, similar to the
distribution biz
apiece to Teoh Zi Yuen, the daughter of likes of HIV and Hepatitis C. To continue
Pecca’s founder and managing director maintaining our competitive edge, we will
for RM100m
(MD) Datuk Teoh Hwa Cheng. dedicate efforts to R&D (research and de-
ZiYuen holds 99.99% in Rentas Health, velopment) which has always been the in-
said the car-upholstery specialist in a Bursa gredient of success for our group for more
Malaysia filing, adding the proposed ac- than 25 years. We are optimistic to make
quisition is deemed a related party transac- BY JUSTIN LIM new R&D breakthroughs in the short to
tion. Hwa Cheng currently holds a 49.63% theedgemarkets.com medium term.With this new business add-
stake in Pecca. Post-acquisition, his stake ed into our group, we are now ready to
in Pecca will shrink to 46.58%. roll out our vision for Pecca 2.0, our new
The deal comes with a profit guarantee, growth ecosystem that will pave Pecca to
where Rentas Health guarantees it would new heights,” he added.
achieve an audited profit after tax (PAT) Pecca has appointed independent advis-
of no less than RM23 million for the fi- er FHMH Corporate Advisory Sdn Bhd to
nancial year ending June 30, 2022. Of this, advise Pecca’s non-interested sharehold-
the profit attributable to Pecca is RM11.73 ers on the acquisition, which is expected
million, calculated based on the 51% equi- to be completed in the fourth quarter of
ty interest to be acquired by Pecca. 2021. The cash portion of the price tag
Rentas Health, which started its busi- will be funded using internal funds and
ness operations on March 20, 2020, is bank borrowings.
primarily involved in the supply of medi- Pecca will also seek shareholders’ ap-
cal equipment that include Covid-19 test proval on its proposed diversification into
kits and personal protective equipment er customer outreach and to achieve busi- healthcare, as it expects the business to
(PPE). It is the distributor of two face mask ness synergy between its existing healthcare divert 25% or more of the group’s net as-
brands, namely Rentas Health and Callie, business and Rentas Health’s business. sets as well as contribute over 25% of the
as well as an appointed agent for BioSe- “We are a dynamic company that is group’s net profit in the future.
woom Real-Q 2019-nCoV Detection Kit. quick to acknowledge that business con- The trading of Pecca shares, which was
Through the proposed acquisition, the ditions have significantly changed because halted today prior to the announcement,
group said it will be able to tap into the of the Covid-19 pandemic. We saw imme- will resume tomorrow. The stock was last
existing customer base and distribution diate need to embrace new ways of doing traded at RM4.14, giving it a market cap-
networks of Rentas Health to attain a wid- business in order to ensure that we remain italisation of RM778 million.
Britain’s The
KUALA LUMPUR (Aug 2): British news-
paper The Sunday Mirror has issued a pub-
Sunday Mirror
lic apology on allegations of exploitation at
a facility managed by ATA IMS Bhd that
issues apology
manufactures for Dyson and others.
“We accept that the photograph accom-
on allegations
panying the article did not show accom-
modation for any Dyson-assigned workers
of exploitation
and we apologise for its inclusion.
“We also accept that Dyson’s third par-
at Dyson
ty suppliers are regularly and thoroughly
audited by both Dyson and independent, “We are happy to set the record straight,”
internationally recognised auditing compa-
nies, and that Dyson states that the allega- manufacturer it added.
The British newspaper added that on
ATA IMS
tions do not relate to their products man- June 20 it published an article making
ufactured by ATA Industrial,” The Sunday allegations about a facility managed by
Mirror noted in a July 25 article. ATA IMS that manufactures for Dyson
“We would like to make clear that the and others.
article was not suggesting Dyson knew or BY SULHI KHALID At the time of writing, shares in ATA
was complicit in any alleged poor treatment theedgemarkets.com IMS were up 20 sen or 8.1% to RM2.67,
of ATA’s workers and we apologise if any valuing the company at RM3 billion.Year
readers understood it in this manner. to date, the stock has risen by 13%.
T U E S D AY A U G U S T 3 , 2 0 2 1 10 THEEDGE CEO MORNING BRIEF
H O M E
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h o m e
h o m e
h o m e
KUALA LUMPUR (Aug 2): Straits Inter safe water depths of up to 30 metres.
Logistics Bhd said its unit Victoria STS Straits Inter “The development will advance the in-
(Labuan) Sdn Bhd has received approval troduction of state-of-the-art multi-func-
from the Marine Department to develop Logistics gets tional energy transhipment facilities that
an integrated offshore ship-to-ship (STS) will be able to accommodate LNG carriers
transhipment hub within the port limits of green light to up to the size of a Q-Max and Very Large
Victoria Bay, Labuan. Crude Carrier,” said Straits.
Victoria STS is a 70% owned subsid- develop Asia’s Noting thatVictoria Bay is strategically lo-
iary of Fajar Maritime and Logistics Sdn cated along international shipping and energy
Bhd, which in turn is a 60% owned sub- largest STS energy trade routes, Straits said the proposed hub
sidiary of Straits. is set to be one of the largest offshore LNG
“The company has mobilized its re- transhipment hub and LPG energy transhipment hubs in Asia.
sources and infrastructure in prepara- The hub, it added is also strategically lo-
tion to commence operation of the STS in Labuan cated within the vicinity of Labuan Liberty
Transhipment Hub in the fourth quarter Port, which is managed and operated by
of 2021,” Straits said in a statement today. Megah Port Management Sdn Bhd (MPM),
The oil trading and fuel bunkering ser- by syafiqah salim a 51%-owned subsidiary of the group.
vice provider said Victoria STS has also theedgemarkets.com Straits said since its announcement on
received approval from the Marine De- July 12 on the hub, it has received numer-
partment on the marine risk assessment. ous enquiries from both international and
The assessment, it said, was done as local entities that are interested in partner-
part of the requirements to be complied ing the group to develop the hub into Asia’s
before Jan 8, 2022 to develop the hub. largest STS Transhipment Hub.
“The company expects to commence and “We are engaged in discussion with
complete the development of the STS Energy many parties in preparation for this pro-
Transhipment Hub, which includes setting ject and Straits is gearing to kickstart this
up the key facilities and equipment such as within the next few months.The other enti-
tugboats, pneumatic fenders, LNG cryogenic ties within the Straits Group will also stand
equipment and single point mooring system to benefit from the business spin-offs of
by the fourth quarter of 2021,” it said. this project,” said Straits Group managing
Straits said the hub will be its flag- director Datuk Seri Ron Ho Kam Choy.
ship energy project which will be locat- Shares of Straits rose half a sen or 2.5%
ed within the port limits of Victoria Bay to 20.5 sen today, giving the group a market
deep water area spanning 3,309 hectares, capitalisation of RM160.06 million. The
supporting an initial six STS berths with counter saw 6.99 million shares traded.
news In brief
Cahya Mata extends CFO Sunway Malls facilitating up to RM200m in working capital to assist
suspension till Aug 31 retailers facing cash-flow crunch
KUALA LUMPUR (Aug 2): Cahya Mata KUALA LUMPUR (Aug 2): Sunway Malls announced today that it is facilitating up to RM200
Sarawak Bhd (CMS) has further extended million in working capital to assist its retailers through financing facilities provided by RHB
the suspension of its group chief financial Banking Group and Credit Guarantee Corporation Malaysia Bhd (CGC). The financing
officer (CFO) Syed Hizam Alsagoff until facilities — the Sunway Malls SME Retailers Relief Financing Programme will be made
Aug 31, to accommodate the additional available to the mall group’s retailers across seven malls, it added in a statement. Under the
time required by independent consultant scheme, qualified retailers under Sunway Malls can apply for RHB financing facilities of up
KPMG Management & Risk Consulting to RM500,000 with a loan tenure of seven years, where up to 80% of the principal financing
Sdn Bhd, whom it appointed in June amount is guaranteed by CGC. There is also an option for an overdraft facility of up to 30% of
to review the financial management the financing limit with one of the lowest interest rates in the market. — theedgemarkets.com
of certain investments and contracts,
to complete its job. In a bourse filing
today, CMS said it expects the results Dolphin International proposes second share placement in eight months
of the review to be announced by the to raise RM24m
end of August. Previously the group’s KUALA LUMPUR (Aug 2): Dolphin International Bhd plans to raise about RM24.17
board decided to extend Syed Hizam’s million through a private placement — equivalent to 35% of its market capitalisation of
suspension by 60 days to accommodate RM70 million — to fund its food and beverage business, to repay borrowings and for the
KPMB’s review. The group first group’s working capital. This is the second private placement that Dolphin International
suspended Syed Hizam for 30 days proposed this year. The previous placement was announced on Jan 16, from which it
on May 5 to facilitate investigations raised RM13.4 million by placing out 186.32 million shares at 7.19 sen apiece. In a bourse
into allegations of possible financial filing, the company said the new placement entails the issuance of up to 335.67 million
mismanagement in relation to the placement shares, representing 36% of the group’s total issued shares, at an issue price to
company’s investments and operations. — be decided to third party investors to be identified. The expected proceeds raised is based
by Syafiqah Salim/theedgemarkets.com on an indicative price of 7.2 sen per placement share. — by Justin Lim/theedgemarkets.com
t u e s d ay a u g u s t 3 , 2 0 2 1 14 TheEdge CEO morning brief
h o m e
Sarawak
bloomberg
election to be
held within
60 days after
revocation of
Emergency
Proclamation
— EC
Bernama
Roads to Calling for the resignation of Prime Proclamation for Sarawak is revoked
Minister Tan Sri Muhyiddin Yassin, the or annulled, said Election Commis-
Parliament
opposition MPs criticised the move by the sion (EC) secretary Datuk Ikmalru-
ruling government led by Muhyiddin to din Ishak.
closed, opposition
revoke the Emergency Ordinances despite He said the EC had taken note of
denial by Yang di-Pertuan Agong that he Prime Minister Tan Sri Muhyiddin
assemble at
had given his consent to the revocation. Yassin’s statement on July 31 on the
The MPs then proceeded to Dataran Emergency Proclamation by Yang
Dataran Merdeka
Merdeka. di-Pertuan Agong Al-Sultan Abdul-
Among the opposition MPs marching lah Ri’ayatuddin Al-Mustafa Billah
PM’s resignation
Sabu and Semporna MP Datuk Seri Mohd tion by Yang di-Pertuan Agong was
Shafie Apdal. Using loud hailers, the MPs made in accordance with Clause (1)
stressed that the government led by Mu- of Article 150 of the Federal Con-
hyiddin had acted in bad faith. stitution to suspend the state elec-
by Surin Murugiah Anwar said the government had diso- tion and that this proclamation
theedgemarkets.com beyed the wishes of the King as well as dis- shall extend throughout the state
regarded the public, and thus must resign. of Sarawak from Aug 2, 2021 to
KUALA LUMPUR (Aug 2): Major roads Meanwhile, Shafie said the Dewan Rak- Feb 2, 2022,” he said in a statement
leading to the Parliament building in Kuala yat Speaker had undertaken that questions today.
Lumpur have been closed, while opposi- about the Emergency Ordinances will be According to him, an ordinance
tion Members of Parliament (MPs) were answered today. was promulgated by the King under
prevented from entering Dewan Rakyat. “But Parliament is shut, using Covid-19 Clause (2B) of Article 150 of the Fed-
In separate live feeds on social media, as an excuse. eral Constitution, known as the Emer-
opposition MPs including Nurul Izzah “Legally, we have the right to be in Par- gency (Essential Powers) (Sarawak)
Anwar, Segambut MP Hannah Yeoh and liament,” he said. Ordinance 2021 P.U. (A) 324.
Kota Kinabalu MP Chan Foong Hin said Yeoh, meanwhile, tweeted that the op- He said under the provisions of
the roads to Parliament were closed de- position MPs planned to debate the emer- Clause (3) of Article 21 of the Con-
spite the postponement of today’s sitting. gency proclamation and its ordinances in stitution of the State of Sarawak, the
Dewan Rakyat was ordered shut for Dewan Rakyat but were blocked by police. State Legislative Assembly that should
two weeks from July 29 after Covid-19 “An MP with a walking stick, [another] have been dissolved after five years
cases were detected among attendees seven-month pregnant as well as those aged from its first meeting had no effect
last week. above 90 came along. This is our duty,” pursuant to Section 3 (1) of the Emer-
After being prevented from entering she said. gency Ordinance.
Parliament by police, several opposition The opposition MPs finally dispersed The Sarawak State Legislative As-
lawmakers from PKR, DAP and Aman- after a face-off with Federal Reserve Unit sembly should have stood dissolved
ah instead gathered at Dataran Merdeka. (FRU) personnel in riot gear. on June 7, five years from the date
De facto opposition leader Datuk Seri of its first meeting. However, the
Anwar Ibrahim and former prime minister provision could not take effect due
Tun Dr Mahathir Mohamad also voiced Read also: Umno to hold special Supreme to the implementation of the Emer-
their dissatisfaction over the blockade by Council meeting on Tuesday on political gency (Essential Powers) Ordinance
the police. developments Click here 2021.
t u e s d ay a u g u s t 3 , 2 0 2 1 15 TheEdge CEO morning brief
h o m e
h o m e
from Pag e 15
h o m e
from Pag e 16 17. The law on this subject has remained Shorn of the formal language and ni-
if he is satisfied of a particular matter, his unchanged since the late 1970s. There is ceties, the substance of the statements
functions are those of a constitutional no doubt that the YDPA is bound to act were:-
monarch and except on certain matters on the advice of the Government to either a) That the YDPA had not consented
that do not concern the instant appeal, he proclaim an emergency or to promulgate to the revocation of the Emergency Or-
does not exercise any of his functions under any ordinance and finally to revoke them. dinances because the YDPA wanted the
the Constitution on his own initiative but is There is no discretion in the matter. Emergency Ordinances to be debated in
required by art 40(1) to act in accordance Parliament;
with the advice of the Cabinet. So when 18. When we examine Article 150(3) with b) That the revocation of the Emergency
one finds in the Constitution itself or in the statements of the Law Minister, it is Ordinances were to circumvent (“mem-
a Federal law powers conferred upon the clear that there has been no misleading of belakangi”) the constitutional function of
Yang di-Pertuan Agong that are expressed Parliament or any constitutional violation. the YDPA;
to be exercisable if he is of the opinion or c) That the revocation was backdated
is satisfied that a particular state of affair 19. Article 150(3) envisages two ways in to 21 July 2021 notwithstanding that the
exists or that particular action is necessary, which an emergency ordinance can be application for consent of the YDPA was
the reference to his opinion or satisfaction brought to an end. It can be laid before the only received on 23 July 2021;
is in reality a reference to the collective House and the House can pass a resolution d) That the power to revoke the Emer-
opinion or satisfaction of the members of to annul it or it can be ‘sooner revoked’. gency Ordinances was a power that vests
the Cabinet, or the opinion or satisfaction In other words, the Emergency Ordinanc- in the YDPA and not exclusively in the
of a particular Minister to whom the Cab- es which the Law Minister referred to as Cabinet; and
inet have delegated their authority to give being revoked by the Government would e) That the YDPA has directed that the
advice upon the matter in question.” fall within this proviso to Article 150(3). revocation of the Emergency Ordinances
be laid before and debated by Parliament
15. The YDPA, with the deepest of respect, 20. In addition to the methods outlined before the YDPA signs the revocation.
does not have the discretion to refuse the above, the Proclamation of Emergency
advice of the Government. Chang Min Tat J in this case had a sunset provision. It was 23. The YDPA has not been properly ad-
made this clear in N Madhavan Nair v. Gov- due to naturally expire on 01.08.2021. By vised of his constitutional role. This can be
ernment of Malaysia [1975] 2 MLJ 286:- virtue of Article 150(7), any ordinances seen as follows:-
“As I have earlier shown, executive pow- promulgated under the Proclamation of a) TheYDPA’s power is to proclaim the
er is in the hands of the Yang Dipertuan Emergency would likewise lapse and cease Emergency and promulgate the Ordinanc-
Agung and his Cabinet. Though the Yang to have effect 6 months after the Procla- es under Article 150(1) and 150(2B);
DiPertuan Agung is with customary and mation ceased to have effect. b) That decision to proclaim and prom-
loyal courtesy asked to be pleased to prom- ulgate is not a personal decision of the
ulgate the Ordinance, it is clear that he as 21. Consequently, there has been no mis- YDPA or a personal power to be exercised.
the Constitutional Monarch does not re- leading of Parliament or constitutional vi- It is to be carried out on advice of the cab-
fuse. He has no discretion in the matter olation because the Government:- inet and must be followed;
but surely the events of those days were a) Called for the special sitting of Par- c) There is similarly no power of revo-
clearly sufficient and only too apparent liament under Standing Order 11; cation. Even if there is a formal require-
to show the necessity for the Ordinance b) The business of the meeting was to ment for the written assent of the YDPA,
without any agreement.” brief the House on the Covid-19 Recov- the YDPA is bound to accede and carry
ery Plan; out the advice of the Government;
16. As recently as 2001, a five man bench c) There was no business set by which d) There is certainly no power to di-
of the Federal Court restated the position any motions or bills could be debated or rect that the revocation of the Emergen-
in Abdul Ghani bin Ali v. Public Prosecutor voted upon. Standing Order 14 was not cy Ordinances to be tabled and debated
[2001] 3 MLJ 561:- in effect. There was no ordinary business before the House before the YDPA can
“In his book, Governments & Crisis of the House to be transacted; consent to it;
Powers, which is a legal study on the use d) The Law Minister did in fact inform e) The YDPA does not have the power
of emergency powers, Cyrus V Das said the House about the ‘decision of the Gov- to direct what is to be laid before and vot-
at p 237 that although a debate had pre- ernment’ not to seek a further proclama- ed on in Parliament. That is exclusively a
viously ranged on the subject, there can tion of Emergency; Government power; and
be no doubt now that the Privy Council e) The Law Minister also informed the f) The Emergency Ordinances are not
opinion on the Teh Cheng Poh case settles House that “the Government has made bills of Parliament that they have to be de-
the point firmly that the Yang di-Pertuan the decision pursuant to Article 150(3) to bated and voted on before they are signed.
Agong does not have a personal discretion revoke all the Emergency Ordinances”;
under art 150(1) but has at all times to act f) The Government did lay before the 24. The YDPA is being advised to exceed
on Cabinet advice. House the Emergency Ordinances; and his authority under the constitution. In this
It is my considered view, based on the g) There was no need to debate or move respect the Minister of Law had simply
constitutional provisions and the authori- a motion on the continued existence of the stated the facts. The Cabinet had decid-
ties cited, that the Yang di-Pertuan Agong, Emergency Ordinances given the fact that ed to revoke the Emergency Ordinances.
in acting under cl (1) of art 150 of the the Government had made the decision to There was therefore no need to debate it
Constitution in the position of a consti- ‘sooner revoke’ them under Article 150(3). in Parliament. While the YDPA may have
tutional monarch, must act on the advice suggested to the Government that it be so
of the Cabinet as provided in art 40 of the The Statement by the Palace debated, the Government was under no
Constitution.” 22. The Palace issued two statements. constitutional duty to do that.
T U E S D AY A U G U S T 3 , 2 0 2 1 18 THEEDGE CEO MORNING BRIEF
IF YOU ARE
NOT PART OF
THE SOLUTION
YOU WILL BE
PART OF
THE PROBLEM
Vaccinations reduce infections and save lives*
w o r l d
HSBC steps up
LONDON/SINGAPORE (Aug 2): HSBC first half of the year.
Holdings Plc is accelerating plans for Revenue at the investment bank was
dividend plans,
shareholder payouts, as it said the global down more than a fifth, as trading reve-
economy was starting to emerge from the nue slumped on lower market volatility.
eyes buybacks as
worst effects of the pandemic. Banking revenue at the unit also dropped
The bank said it now expects to meet on lower client activity and lower inter-
outlook brightens
its target of paying out 40% to 55% of est rates.
earnings in dividends this year, rather than
next. It is also examining the possibility of Wealth overhaul
share buybacks, the latest lender to unveil HSBC began a fresh restructuring this year
such plans after the Bank of England re- by Harry Wilson, that aims to refocus the bank on the Asian
moved restrictions imposed at the height Ambereen Choudhury & Denise Wee markets where it makes most of its money.
of the pandemic. Bloomberg The bank wants to manage more assets for
“We definitely feel more confident,” the region’s wealthiest residents – a lucra-
Chief Financial Officer Ewen Stevenson interim dividend, after adjusted sec- tive but highly competitive market. In May,
said on Bloomberg Television. “We will keep ond-quarter profit doubled from a year HSBC sold 90 branches in the US, mark-
buybacks under review” together with div- earlier to top analyst estimates, according ing a retreat from mass-market banking
idends. to a statement Monday. The jump came as in the country. Weeks later, the company
HSBC is one of the biggest dividend Europe’s biggest lender joined its British agreed a potential disposal of its unprofit-
payers in European banking, and after a peers in reversing loan provisions that it able French retail business.
year of restrictions is expected to set aside booked in the early stages of the pandemic. “We have taken firm steps to define the
more than any of its rivals this year and Costs were higher than expected, driv- future of our US and continental Europe
next, according to estimates collated by en by spending on technology and higher businesses, and further enhanced our glob-
Bloomberg Intelligence. performance-related pay, even after HSBC al wealth capabilities,” Chief Executive Of-
The bank will pay a 7 cents a share reduced headcount by around 3,500 in the ficer Noel Quinn said in the statement.
The bank said it has hired 600 wealth
bloomberg managers in Asia in the first half of the year
and is eyeing deals in the region.
“We are currently looking at a num-
ber of smaller opportunities in the wealth
space across Asia, spanning insurance, as-
set management and traditional wealth,”
CFO Stevenson said in a phone interview
Monday, adding on a call with analysts
that the lender was looking at three or four
potential deals, each about US$500 mil-
lion in size.
Japan’s biggest
TOKYO (Aug 2): Mitsubishi UFJ Finan- MUFG’s credit-related costs in the
cial Group Inc (MUFG), Japan’s largest first quarter came in at ¥5.1 billion,
bank MUFG
lender by assets, on Monday reported versus ¥145 billion in the same period
that first-quarter net profit doubled year- last year.
doubles quarterly
on-year as credit-related costs dropped The lender had estimated ¥350 billion
sharply. of credit-related costs for the current fi-
profit as credit
MUFG, which owns about 20% of Wall nancial year which runs through March.
Street investment bank Morgan Stanley, In contrast, net interest income —
costs drop
reported profit of ¥383.1 billion (US$3.49 mainly derived from its traditional lend-
billion) for the three months to June 30, ing business — came in at ¥496.9 bil-
against ¥183.5 billion a year earlier. lion for the quarter, marking a 5.9%
The bank retained its full-year profit year-on-year rise, as corporate clients
forecast of ¥850 billion. That compared by Takashi Umekawa rushed to borrow to overcome the pan-
with an average forecast of ¥859 billion Reuters demic fallout.
from nine analyst estimates compiled by Peers Sumitomo Mitsui Financial
Refinitiv. year, three major lenders including MUFG Group Inc and Mizuho Financial Group
Japanese banks have been struggling collectively booked ¥1.1 trillion in cred- Inc last week both reported their net
with years of ultra-low interest rates and it-related costs, which nearly doubled year- profits for the quarter more than dou-
a shrinking population. In the past financial on-year, amid the Covid-19 pandemic. bled as credit-related costs dropped.
t u e s d ay a u g u s t 3 , 2 0 2 1 20 TheEdge CEO morning brief
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Tesla’s India
NEW DELHI (Aug 2): India said it has no sells every other car on Indian roads, glum
plans to cut import duties on electric vehi- about the uptake of electric cars in the nation.
as minister rules
aire chief Elon Musk floated the possibility duced at a cost much higher than the con-
of a local factory once it starts selling whol- ventional cars,” Maruti’s Chairman R.C.
European
FRANKFURT (Aug 2): Euro-area facto- est level since at least 1985, according to
ries are hiring new workers at record pace a separate survey.
factories hire
to keep up with persistently strong orders. The International Monetary Fund has
Job creation was particularly pro- raised its economic forecasts for the 19-na-
workers at record
nounced in Germany and Austria last tion region, predicting momentum in the
month, according to an IHS Markit survey bloc’s four largest economies will pick up
w o r l d
Blank-cheque
(Aug 2): SPAC bosses are finding they us Tsang, is among the new listing hope-
have to speed up their deal hunt if they fuls. It aims to raise US$80 million to buy
is money with
nies that filed for US listings since the Neo Technology Acquisition Corp
start of June are giving themselves an in- and Singularity Acquisition Corp, both
speedier deal
itial period of 18 months or less to find run by little-known China dealmakers,
an acquisition target, according to data will also have just a year to find a target.
chases
compiled by SPAC Research. That’s a big Both can be extended multiple times,
change from earlier in the boom, when each time by three months, if they can’t
more than 80% set their duration at a find a deal within the initial window and
standard 24 months. their sponsors deposit more funds into a
Stock buyers are getting more selec- by Crystal Kim & Crystal Tse trust account.
tive as the market for special purpose Bloomberg
acquisition companies cools, making it Investor demands
more difficult for lesser-known issuers to The duration of blank-cheque compa-
raise capital. Hedge funds investing with bloomberg
nies is going to be a topic that investors
borrowed money are more willing to bet will push back on, according to Jennifer
on an unproven team if they can profit Deason, the chairman of Beyond Acqui-
quickly — or at least get their money sition Corp.
back soon if it doesn’t pan out. “It’s the market,” Deason, whose
“Pricing IPOs is difficult with so many blank-cheque firm started trading in
in the market,” said Nicholas Skibo, a July, said in an interview. “There are a
managing partner at Gritstone Asset lot of SPACs out there, and the pendu-
Management, which invests in SPACs. lum swings back and forth in terms of
“So you either have to be a world-class supply and demand.”
sponsor or you have to provide an in- The shorter timespans mean these new
centive.” blank-cheque companies have deadlines
closer to those of SPACs that are already
Time crunch listed, said Steven Halperin, co-head of
Seasoned dealmakers from former Face- capital solutions at investment bank Mo-
book Inc executive Chamath Palihapitiya elis & Co.
to billionaire investor Paul Singer are still The benefit for serial dealmakers,
taking their time with their latest SPACs, though, is that they may not need too
giving themselves two years to find a tar- The shorter durations are helping much time to seal a deal.
get. Newcomers are promising to deliv- these blank-cheque companies stand out “For a repeat issuer, the sponsor will
er a deal in half that time, with many of among the more than 300 SPACs wait- already have the experience and poten-
the SPACs that unveiled listing plans last ing to sell shares in New York. A SPAC I tially a shortlist of targets required to
week intending to merge with a private Acquisition Corp, led by former Franklin complete the SPAC lifecycle in a shorter
company within 12 months. Templeton Investments executive Claudi- timeframe,” Halperin said.
Grab loss
SINGAPORE (Aug 2): Singapore’s Grab Commission guidance.
Holdings Inc, set to go public in the US Grab said the change will not affect
narrows on food
through a deal with a blank-cheque com- its historical balance sheet, cash flow,
pany, reported a narrower loss for the gross merchandise value (GMV), gross
delivery ahead
first quarter as the pandemic boosted billings, adjusted net sales, or adjusted
demand for food delivery. earnings before interest, taxes, depreci-
of US SPAC
Net loss shrank to US$652 million ation and amortisation.
in the quarter ended March 31 from The company also provided an update
merger
US$771 million a year earlier, South- on its post-merger board. Grab co-found-
east Asia’s most valuable start-up said er Tan Hooi Ling and Rich Barton, chief
in a statement on Monday. Adjusted net executive officer (CEO) of Zillow Group
sales, a revenue measure that does not Inc and a director of Altimeter Growth,
comply with international accounting by Yoolim Lee will join as independent members on the
standards, rose 39% to US$507 million. Bloomberg six- person board. They will replace two
Grab reported its first-ever quarter- outgoing members, who are represent-
ly financial results in a filing connect- quarter as it works on an audit of the atives of shareholders SoftBank Group
ed to its planned merger with Altime- past three years. Corp and Toyota Motor Corp. Other in-
ter Growth Gorp, the special-purpose Quarterly revenue based on Interna- dependent directors include Uber Tech-
acquisition company (SPAC) of Brad tional Financial Reporting Standards, nologies Inc CEO Dara Khosrowshahi,
Gerstner’s Altimeter Capital Manage- or IFRS, rose to US$216 million from Ng Shin Ein, and Oliver Jay.
ment. Grab has postponed the US$40 just US$1 million a year ago, after Grab
billion deal — one of the largest-ever changed its accounting methods to com-
mergers with a SPAC — to the fourth ply with US Securities and Exchange Click here to read the full story
t u e s d ay a u g u s t 3 , 2 0 2 1 23 TheEdge CEO morning brief
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Square to buy
SAN FRANCISCO (Aug 2): Square Inc, The deal should also help boost Cash
the digital-payments platform led by Twit- App’s total user base by adding Afterpay’s
Afterpay for
ter Inc founder Jack Dorsey, agreed to buy 16 million users to Cash App’s existing user
Australian buy-now, pay-later company base of 70 million annual users, Ahuja said.
younger users
The all-stock offer values Afterpay es for Afterpay and its peers. Apple Inc is
shares at A$126.21 each, 31% higher teaming up with Goldman Sachs Group
than Friday’s closing price of A$96.66, Inc on a buy now, pay later service that
the companies said in a statement. Still, would be tied with Apple Pay, Bloomberg
that’s less than Afterpay’s February high of by Kurt Wagner, Angus Whitley News reported in July. Afterpay shares fell
A$158.47. The stock jumped as much as & Peter Elstrom 10% the day following the report.
29% to A$125 in Sydney trading Monday. Bloomberg Afterpay shareholders may reject the
Square said the buy-now, pay-later con- proposed Square offer, Bloomberg Intel-
cept represents a chance to capitalize on a Bloomberg ligence analysts Matt Ingram and Regan
shift away from traditional credit, especially Burrows wrote. They pointed out the offer
among younger consumers. The plan is for is below the stock’s peak earlier this year
Square to integrate Afterpay into both its and its growth is much faster than the US
consumer Cash App, and its Seller prod- company.
uct for small businesses, Chief Financial Under the proposed agreement, After-
Officer Amrita Ahuja said in an interview. pay co-founders and co-CEOs Anthony
“It’s very different from the tradition- Eisen and Nick Molnar would join Square
al consumer-financing business model,” and help lead Afterpay’s merchant and
Ahuja said, describing “buy now, pay lat- consumer businesses as part of Square’s
er” as an “alternative” to traditional credit. Seller and Cash App division.
“Since our founding days we have seen it as The acquisition would be easily the big-
a key priority for our customers, whether gest deal for an Australian company, eclips-
merchants or consumers, to get fast access stallments. It’s particularly popular with ing the US$16.6 billion a group of pension
to funds,” she added, but declined to say younger consumers — who may not have a funds last month bid for Sydney Airport,
whether Square would offer other tradi- credit card — to buy clothes, beauty prod- only to have the offer rejected as too low.
tional finance options, like a credit card. ucts and homewares. There are no fees or
Afterpay lets consumers purchase items interest on the loan as long as people pay
on credit and pay later with a series of in- on time, according to Afterpay’s website. Click here to read the full story
UK’s Meggitt
LONDON (Aug 2): Parker-Hannifin the best owner,” Williams said in an inter-
Corp, the US maker of industrial mo- view. “This is a company we’ve liked for
soars on US$8.8b
tion-control systems, agreed to buy Meg- a long time.”
gitt Plc for £6.3 billion (US$8.8 billion) in The deal is so big it will rule out fur-
buyout by
cash to strengthen its hand in a rebounding ther M&A by Parker-Hannifin for the
aerospace industry. next three years, Williams said, as the
Parker-Hannifin
Shares of Meggitt surged the most on company focuses on investment, divi-
record after the 170-year-old company dends and paying down debt to get lev-
said its board would recommend the 800 erage ratios down.
pence-per-share offer, 71% above Friday’s The deal is the latest example of US
closing price. The massive premium will BY Charlotte Ryan buyers eyeing UK aerospace. Cobham
make it harder for a rival to jump in and Bloomberg Ltd, the UK defence contractor that was
snatch the Coventry, England-based target, acquired by US private equity firm Ad-
after a string of buyouts of UK aerospace Bloomberg vent International Corp in early 2020, last
and defence firms by US suitors. month made a £2.6 billion buyout ap-
The deal would be the biggest ever for proach for Ultra Electronics Holding Plc.
Parker-Hannifin, which has accelerated its Senior Plc, a UK supplier of aerospace
buyout activity under Chairman and Chief parts to Boeing Co and Airbus SE, reject-
Executive Officer Tom Williams. The com- ed a buyout offer from Texas-based Lone
pany, which supplies a variety of industries, Star Funds last month.
was on a tear before the coronavirus pan- Parker-Hannifin said it would offer
demic, with the US$4.3 billion purchase of commitments to the UK, including a
filtration-products manufacturer Clarcor pledge to continue supplying the govern-
in 2017, and materials-science specialist ment, and maintain existing technology
Lord Corp for US$3.7 billion in 2019. and manufacturing in the country. A ma-
Adding Meggitt will nearly double the coming out of its biggest slump in history, jority of Meggitt’s board will continue to
size of Parker’s aerospace systems unit, it as demand for aircraft returns. be British, it said.
said in a statement. That would position “We wanted a price that would be very
the Cleveland-based company to better compelling, that would gain shareholder
compete in an aviation sector that’s just support and would be very clear that we’re Click here to read the full story
t u e s d ay a u g u s t 3 , 2 0 2 1 24 TheEdge CEO morning brief
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Bloomberg
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Pfizer, Moderna
reuters
raise Covid-19
vaccine prices
in EU — report
by Sabahatjahan Contractor
Reuters
Fund managers’
COPENHAGEN/LONDON (Aug 2): Eu- Some asset managers are already fac-
ropean fund managers are gradually having ing scrutiny as questions are raised over
credibility test as
new regulations force the industry to take GmbH, the fund management firm con-
a more measured approach. trolled by Deutsche Bank AG, has at times
gaps found
“It’s clear that the Sustainable Finance overstated the ESG content of its portfoli-
Disclosure Regulation is starting to work its os, citing its former sustainability chief and
purpose of aligning ESG definitions across internal emails. Desiree Fixler, who start-
the industry,” said Mandeep Jagpal, an eq- ed in DWS’s newly created role of group
uity analyst at RBC Capital Markets in by Tasneem Hanfi Brögger sustainability officer in September 2020,
London. “Asset managers are now rethink- & Alastair Marsh was dismissed earlier this year.
ing what can and should be classified as an Bloomberg In a statement to the newspaper, DWS
‘environmental, social or governance in- said it’s always been transparent and stands
vestment,’ although there may still be some by the annual report, audited by KPMG.
variation in interpreting the new rules.” reuters A representative confirmed the comments
Europe’s asset management industry al- when contacted by Bloomberg News.
ready had to remove the ESG label from an The second-quarter reports of some of
estimated US$2 trillion in assets between Europe’s biggest publicly traded asset man-
2018 and 2020, as tougher regulations were agers have revealed a difference between
gradually put in place. Europe’s Sustainable ESG-labeled products and what can be
Finance Disclosure Regulation, which took defined as ESG under SFDR.
effect in March, requires asset managers to Amundi SA’s results show the manager
document claims of sustainability in their had total ESG assets under management of
portfolios, as policy makers in the region €798 billion (US$948 billion), though only
set the world’s most ambitious agenda to €680 billion of that was defined under the
drive capital away from carbon emitters. SFDR framework. At DWS, the gap was
A poll conducted last year by Schroders 2025, which would be well over a third of even wider, with €459 billion carrying an
Plc revealed that 60% of 650 institutional the global total in assets under manage- ESG label at the end of last year, though
investors said “greenwashing,” where the ment, according to Bloomberg Intelligence. only €87 billion qualified under the SFDR
environmental benefits of an investment The expectation is that the rollback of framework as recently as June 30.
strategy are exaggerated or misrepresented, ESG labelling will continue across the asset For now, investors appear to be unde-
was the biggest thing standing in the way management industry, Jagpal said. “I think terred by the reporting gap. “It seem DWS
of their sustainability goals. the gap will continue to close for the next was still able to generate excellent flows
Meanwhile, demand for ESG assets 12 months or so, as asset managers make over the year so far,” RBC’s Jagpal said.
seems insatiable, providing a lucrative progress on the more onerous disclosure “Including €8 billion into ESG funds, of
source of business for fund managers. The requirements under SFDR, but it’s hard to which half were in the second quarter, after
market is set to exceed US$50 trillion by say whether it will close all the way,” he said. SFDR was implemented.”
T U E S D AY A U G U S T 3 , 2 0 2 1 27 THEEDGE CEO MORNING BRIEF
M A R K E T S
CPO RM 4,312.00-235.00 OIL US$ 74.50-0.91 RM/USD 4.2248 RM/SGD 3.1248 RM/AUD 3.1073 RM/GBP 5.8811 RM/EUR 5.0205