Petronas’ PCG reports RM789m net loss in Q3

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Petronas’ PCG reports RM789m net loss in Q3

KUALA LUMPUR, Nov 21, 2024: Of late, there seems to be endless reports of losses made by government-linked companies (GLCs).

Malaysia Sovereign Wealth Fund (SWF), Khazanah Nasional, and Permodalan Nasional Berhad (PNB) lost RM43.9 million in the sale of their stake in Valet Fashion Sdn Bhd.

Khazanah had also reported various losses in Malaysia and Singapore.

Aerodyne is reported to be in a financial mess even after swallowing RM300 million public money from Khazanah.

The “swallowing” is said to have occurred during Perikatan Nasional (PN)’s time and Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki said he believed there are many more (skeletons).

And what about Pelaburan Hartanah Bhd (PHB) spending RM14 million on “luxury toilets”, a project yet to be completed.

Now, national oil company Petronas’ Chemicals Group Bhd (PCG) recorded a net loss of RM789 million in the third quarte (Q3) compared to a net profit of RM424 million in the same period last year, dragged down by unrealised forex losses of RM1.1 billion.

What is happening at Malaysia’s cash cow GLCs?

No News Is Bad News reproduces below a news report on PCG’s whopping loss:

Money

Petronas Chemicals records RM789m loss in 3Q, unrealised forex loss of RM1.1b a major factor

The group, in a separate statement, said it recorded loss after tax of RM762 million for the quarter, which was ‘mainly driven by unrealised forex losses on the revaluation of payables at Pengerang Petrochemical Company Sdn Bhd (PPC) and the revaluation of a shareholders loan to PPC.’ — Picture from https://www.petronas.com/pcg/ 

Wednesday, 20 Nov 2024 2:39 PM MYT

KUALA LUMPUR, Nov 20 — Petronas Chemicals Group Bhd (PCG) recorded a net loss of RM789 million in the third quarter compared to a net profit of RM424 million in the same period last year, dragged down by unrealised forex losses of RM1.1 billion.

However, revenue for the quarter jumped to RM7.986 billion against RM6.784 billion.

However, for the nine-month period, the integrated chemicals producer registered a net profit of RM656 million on the back of revenue of RM23.213 billion, according to its stock exchange filing.

The group, in a separate statement, said it recorded loss after tax of RM762 million for the quarter, which was “mainly driven by unrealised forex losses on the revaluation of payables at Pengerang Petrochemical Company Sdn Bhd (PPC) and the revaluation of a shareholders loan to PPC.”

“During the quarter, the US dollar weakened against the Malaysian ringgit to 4.107 on 30 Sept 30, 2024 from 4.721 on June 30, 2024. Excluding the impact of forex loss, the group’s profit after tax (PAT) is estimated at RM352 million,” it said.

PPC is a 50:50 joint-venture company between PCG and Saudi Aramco located within the Pengerang Integrated Complex (PIC) in Johor.

“PPC is a USD functional currency company and the recent weakening of the greenback against the local note resulted in unrealised forex loss on revaluation of payables of RM536 million, recorded in PCG,” it said.

Additionally, PCG said it provided a US dollar-denominated shareholders loan to PPC “which was also exposed to an unrealised forex loss of RM492 million due to the unfavourable forex movement.”

“Including forex losses from other operations of RM86 million, total forex loss during the third quarter is RM1.1 billion,” it added.

Cumulatively for nine months, the group said revenue improved eight per cent year-on-year to RM23.2 billion compared to 2023, largely due to higher sales volumes including contributions from PPC.

However, earnings before interest, taxation, depreciation and amortisation (Ebitda) declined 10 per cent year-on-year to RM2.8 billion, attributed to negative earnings recorded by PPC due to unrealised foreign exchange loss on revaluation of payables as well as higher operating costs, it added.

It said profit after tax (PAT) contracted 53 per cent year-on-year to RM750 million and excluding the impact of forex loss, the group PAT is estimated at RM1.7 billion.

The group said during the third quarter, the commodities chemicals market was broadly mixed, on factors such as ongoing inflation, seasonal supply-demand shift and feedstock movement.

“Supply tightness supported prices for urea and mono-ethylene glycols while weak downstream demand put downward pressure on prices of methanol and polyolefins. The industry continues to contend with the effects of China’s slower-than-anticipated economic growth and weakness in key demand drivers, keeping prices and spreads under pressure,” said PCG.

Commenting on PCG’s performance, its managing director/chief executive officer Mazuin Ismail said the group’s financial performance for the quarter was severely affected by the adverse movement of the US dollar against ringgit “primarily from our investment in PPC.”

“Operationally, the performance of our core business improved in the third quarter as we recorded higher plant utilisation at our Malaysian operations, contributing to higher sales volumes. We have completed all performance test runs at our petrochemical units in PPC and are currently gearing up for commercial operations, targeted by the end of the year,” he said.

He added this will be a significant milestone for the group in delivering part of its long-term strategy to strengthen its basic chemicals business and selectively diversify into derivatives and speciality chemicals.

Apart from that, “the molecules available from the naphtha-based chain will allow them to expand their offerings beyond the current portfolio including to go further downstream for more specialised and innovative products.”

“Nonetheless, it is foreseeable that the start-up of these large-scale capital-intensive assets will have a material impact on the group’s earnings, which includes currency translation effects that we saw during the quarter. If the US dollar continues to rebound in the fourth quarter of 2024, we will see a partial reversal of the unrealised forex loss.” — Bernama

PH must learn from the US Democrats' pitfall

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PH must learn from the US Democrats' pitfall

KUALA LUMPUR, Nov 20, 2024: Beware of the backlash of multiracial Malaysians if Pakatan Harapan (PH) wants to win a second term in the next general election (GE16) which must be held in 2027.

There is much for politicians and parties to learn in the recent loss of Kamala Harris in the US presidential election.

For one, the frustrations of peace-loving multiracial Malaysians over the failure of the so-called Madani Unity Government (UG) to effectively rope in racial and religious bigots is causing long-term loss in credibility and public confidence in the ruling coalition.

No News Is Bad News reproduces below a news article posted by The Coverage on the matter:

News

What PH Can Learn From The Democrats Defeat – Anwar Is Trying To Be More Ultra-Malays Than PAS

20 November, 2024

The recent loss by Kamala Harris from the Democratic Party in the United States presidential elections has stirred much debate on the dynamics of centrist and progressive politics. While there are stark differences between American and Malaysian politics, some parallels are worth noting as Pakatan Harapan (PH) faces similar challenges in Malaysia.

By reflecting on the Democrats’ pitfalls, PH may find valuable insights to navigate the complex balance between securing new supporters and staying true to its core values.

One of the key reasons the Democrats faced a backlash was their perceived willingness to compromise their core values in hopes of winning over conservative voters. Over the past few years, Democrats in the U.S. have tried to appease the moderate right by softening their stances on issues like healthcare reform, immigration, and economic justice. The result? They disappointed much of their progressive base, alienating voters who felt the party was abandoning its promises.

Instead of capturing new supporters from the conservative side, the Democrats weakened their relationship with existing supporters, many of whom chose to stay home or protest vote, leading to a loss of momentum that cost them the election.

PH may be treading a similar path with its attempt to woo conservative voters by aligning more closely with Malay-centric and religious issues — even to the point of adopting stances that seem closer to PAS than to PH’s original reformist ideals. In doing so, PH risks alienating its progressive supporters, particularly non-Malays and urban Malaysians who value PH for its inclusivity, reform-oriented policies, and moderate governance.

If PH focuses solely on competing with PAS in appealing to Malay-Muslim sentiments, it could risk losing the unique position it holds among moderate and progressive Malaysians who seek balance and fairness in government.

For PH, this serves as a crucial reminder that rhetoric alone does not win elections; addressing the people’s immediate economic concerns is paramount. Malaysians today are increasingly focused on issues like rising living costs, stagnating wages, and job opportunities. While social and cultural issues have their place, PH must recognize that the average voter wants assurances that their basic needs will be met and that economic stability is a priority. PH’s appeal to moderate voters should emphasize policies that can directly impact Malaysians’ lives, such as addressing inflation, improving job opportunities, and strengthening public services.

Finally, one of the key takeaways from the U.S. election is the importance of voter turnout. Democrats lost significant support among minority groups, younger voters, and the working class. These are groups that usually lean left but felt disconnected and unmotivated to vote.

For PH, mobilizing its base remains crucial — particularly among non-Malays, urban voters, and younger Malaysians who may feel increasingly disillusioned with politics. The poor turnout of the non-Malay voters during the recent Sungai Bakap and Mahkota by-elections are warning signs for PH – if it cares to heed it.

These groups may need tangible reasons to stay engaged and make their voices heard at the polls. Simply positioning themselves as the lesser of two evils will not be enough. PH must actively inspire and re-engage its supporters with clear, actionable policies that speak to their needs.

Learning from the Democrats’ recent missteps, PH has the opportunity to strengthen its appeal by refocusing on economic issues, fostering inclusivity without compromising its principles, and keeping its progressive base energized and engaged. If it can do this, PH stands a better chance of winning — not just elections, but the trust and commitment of the Malaysian people.

The Democratic party’s loss in the 2024 US presidential election should be a lesson for Pakatan Harapan against pandering to the ultra-Malays, said Pasir Gudang MP Hassan Abdul Karim.

He said the ruling party has to be realistic and focus on establishing a united Bangsa Malaysia instead of trying to upstage Malay parties like PAS, Umno and Bersatu.

Joshua Soong

Source : Malaysia Today

Mariam Mokhtar: Anwar should clean up his Cabinet first of thugs and bullies

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 The facade of Universiti Pertahanan Nasional Malaysia in Sungai Besi, Kuala Lumpur, seen in this undated photo. — Picture by UPNM.EDU.MY For image info, go to https://selangorjournal.my/2024/11/upnm-bullying-police-record-statements-from-nine-people-including-suspect/ (UPNM bullying: Police record statements from nine people, including suspect)

Mariam Mokhtar: Anwar should clean up his Cabinet first of thugs and bullies

https://www.youtube.com/watch?v=8tT7ZU5o3mA (Bullies In The Cabinet, Bullies In UPNM

Mariam Mokhtar Admrl-Gen (rebuildingmalaysia)

191K subscribers

21,806 views 20 Nov 2024

Anwar should clean up his cabinet first of thugs and bullies. His cabinet sets a bad example to the rakyat, especially our youth. Anwar warned UPNM & schools to stop thugs, bullies & gangsters from operating... What about the thugs, liars, cheats & thieves in his cabinet. Punish them. Set a good example for our youth.

KUALA LUMPUR, Nov 20, 2024: Columnist and socio-activist Mariam Mokhtar has posted a video calling for the sacking of ministers who had failed to stop bullying in institutions of learning/education.

No News Is Bad News has no comments to add as Mariam has given enough details for her video. (View the above video link).

And here is her column published by Free Malaysia Today:

The education ministry has failed students

Mariam Mokhtar

-17 Nov 2024, 07:30 AM

We only hear about high profile cases of bullying, but what happens to the other cases that go unreported?

Were anti-bullying policies put in place at the National Defence University (UPNM) after Zulfarhan Osman Zulkarnain’s murder in 2017? Were these ever enforced at the military university?

Bullying in our schools, right up to the university level, has been happening for decades. Cases of bullying have also risen. There were about 14,000 bullying cases in schools between 2012 and 2015, according to the education ministry.

In 2023, up until October, there were more than 4,500 cases of bullying. Then deputy education minister Lim Hui Ying said her ministry had received 4,994 reports of bullying, an increase from the 3,887 in 2022.

Do bullies who progress to university feel empowered to find more victims because the culture of bullying is not being properly addressed in schools?

These bullies were never taught in school, either by their parents or their teachers, that bullying is wrong.

If they were neither challenged nor investigated and subsequently punished if found to be in the wrong, then it is highly likely that they will pursue more victims at university.

On many occasions, students have been the bullies, but sometimes bullying is done by teachers.

The son of a friend, who was studying at a boarding school in Langkawi, had claimed that a teacher had been seen smoking in a school stairwell. Smoking is prohibited in school.

The two boys who found the teacher smoking were punched by him and warned not to report the matter to the headmaster. One student who did was again punched repeatedly for lodging the complaint.

We only hear about the high-profile bullying cases because they come into the public domain; but what happens to other cases of bullying that go unreported?

For those that were investigated, what sort of punishment did the bully receive? What sort of assurance did the victims and their parents receive from the establishment that showed appropriate action had been taken?

Was the bully suspended for a few days? Was he expelled?

Each time a case is reported, the ministry will inform us that there are guidelines for tackling the bullying, but what are these guidelines? Are they adequate?

“All of these cases have been investigated, and follow-up action has been taken, especially counselling. Both perpetrators and victims will be given proper guidance and counselling,” Lim had said last year.

For this, education minister Fadhlina Sidek is to be held responsible.

She is clueless in handling cases of sexual harassment; would she be any better at handling cases of bullying?

On Aug 10, Fadhlina was asked to comment about the alleged rape and sexual assault of a female student by three male students in Besut last February.

She said her ministry would not compromise on issues involving sexual offences, and that it was handling the matter by strengthening sexual misconduct management guidelines for educational institutions.

We have yet to know what these guidelines entail.

Fadhlina also warned that should her ministry find sexual misconduct occurring within its ranks, the offenders would face action and be sacked from their jobs. This was part of her “you touch, you go” disciplinary statement.

What good is “you touch, you go” when sexual harassment is a crime?

Expulsion or a sacking is not a deterrent. She is only transferring the problem elsewhere.

The views expressed are those of the writer and do not necessarily reflect those of FMT.

GE16: For Ismail “Turtle Egg” Sabri or PN if PH does not buck up?

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For image info, go to https://www.malaymail.com/news/malaysia/2015/11/04/photo-of-ismail-sabri-at-turtle-egg-dinner-rattles-sabah-conservationists/999279 (Photo of Ismail Sabri at turtle egg dinner rattles Sabah conservationists)

GE16: For Ismail “Turtle Egg” Sabri or PN if PH does not buck up?

Update1

BUT WILL THE LEADERSHIP LISTEN?

Bersih’s ‘D’ grade highlights urgent need for reforms, say PH leaders

Faiz Zainudin

-20 Nov 2024, 11:24 PM

They say the electoral watchdog’s assessment cannot be dismissed and that reforms must be expedited.

Amanah Youth chief Hasbie Muda (left) said constructive criticism should be embraced, while PKR veteran Hassan Karim said the ‘D’ grade is an improvement from the ‘F’ by Bersih earlier this year.

PETALING JAYA: Several Pakatan Harapan (PH) leaders believe that the “D” grade given by Bersih on the unity government’s performance should be taken seriously, with some calling for immediate reforms, as promised.

Amanah Youth chief Hasbie Muda said although the government might not fully agree with the assessment, he believes Prime Minister Anwar Ibrahim’s administration is open to constructive criticism.

“Bersih’s evaluation cannot be dismissed. Positive feedback should be embraced and reforms must be expedited.

“Anwar has reiterated the government’s commitment to the reform agenda but intends to implement it gradually and in phases.

“However, I feel that the process needs to be accelerated, and the timeframe for implementation must be clarified,” he told FMT.

PKR veteran Hassan Karim noted that the unity government has shown improvement, having previously been graded “F” by the election watchdog several months ago.

“In my view, this is progress. Moving from an ‘F’ to a ‘D’ grade indicates an improvement of two levels. If the Anwar-led government focusses on improving the economy, it has a bright future in the next election.

“In two or three years, it wouldn’t be surprising if the Madani government’s performance could achieve an A- or even an A+,” the Pasir Gudang MP said.

“If Anwar prioritises tackling poverty and reducing income inequality through the right economic programmes, the unity government will gain broad support from the people,” he added.

Yesterday, Bersih graded the government a “D” for its performance in the two years since its formation and ranked Ismail Sabri Yaakob as the best prime minister since 2009.

Bersih chairman Faisal Abdul Aziz said the unity government’s grade reflected its limited progress in carrying out reforms as well as the gap between its rhetoric and action.

Earlier today, economy minister Rafizi Ramli said he welcomed views from any group, after Bersih’s “D” grade, adding that the people were entitled to their opinion on the performance of the unity government.

The Pandan MP said the unity government will remain focussed on balancing programmes that deal with the cost of living and economic growth, with structural reforms in the human rights and legal sectors.

Bersih’s ‘D’ grade highlights urgent need for reforms, say PH leaders

Faiz Zainudin

-20 Nov 2024, 11:24 PM

They say the electoral watchdog’s assessment cannot be dismissed and that reforms must be expedited.

 

 

Amanah Youth chief Hasbie Muda (left) said constructive criticism should be embraced, while PKR veteran Hassan Karim said the ‘D’ grade is an improvement from the ‘F’ by Bersih earlier this year.

 

PETALING JAYA: Several Pakatan Harapan (PH) leaders believe that the “D” grade given by Bersih on the unity government’s performance should be taken seriously, with some calling for immediate reforms, as promised.

Amanah Youth chief Hasbie Muda said although the government might not fully agree with the assessment, he believes Prime Minister Anwar Ibrahim’s administration is open to constructive criticism.

“Bersih’s evaluation cannot be dismissed. Positive feedback should be embraced and reforms must be expedited.

“Anwar has reiterated the government’s commitment to the reform agenda but intends to implement it gradually and in phases.

“However, I feel that the process needs to be accelerated, and the timeframe for implementation must be clarified,” he told FMT.

PKR veteran Hassan Karim noted that the unity government has shown improvement, having previously been graded “F” by the election watchdog several months ago.

“In my view, this is progress. Moving from an ‘F’ to a ‘D’ grade indicates an improvement of two levels. If the Anwar-led government focusses on improving the economy, it has a bright future in the next election.

“In two or three years, it wouldn’t be surprising if the Madani government’s performance could achieve an A- or even an A+,” the Pasir Gudang MP said.

“If Anwar prioritises tackling poverty and reducing income inequality through the right economic programmes, the unity government will gain broad support from the people,” he added.

Yesterday, Bersih graded the government a “D” for its performance in the two years since its formation and ranked Ismail Sabri Yaakob as the best prime minister since 2009.

Bersih chairman Faisal Abdul Aziz said the unity government’s grade reflected its limited progress in carrying out reforms as well as the gap between its rhetoric and action.

Earlier today, economy minister Rafizi Ramli said he welcomed views from any group, after Bersih’s “D” grade, adding that the people were entitled to their opinion on the performance of the unity government.

The Pandan MP said the unity government will remain focussed on balancing programmes that deal with the cost of living and economic growth, with structural reforms in the human rights and legal sectors.

KUALA LUMPUR, Nov 20, 2024: Electoral watchdog Bersih has ranked Ismail “Turtle Egg” Sabri as the best prime minister since 2009.

In his short reign, he did have the courage to uphold democracy and dissolve Parliament for the 15^th General Election (GE15) in which he led Barisan Nasional (BN) to its biggest electoral defeat in history.

Perhaps, come the next GE16 which must be held in 2027, Ismail should be given the chance to lead Malaysia if the Anwar Ibrahim-led so-called Madani Unity Government (UG) continues to underperform and fails to deliver its electoral promises of reforms.

The UG has also failed miserably to stem out or keep a satisfactory effective and fair check on racial and religious bigotry.

After all, a friend retorted that Ismail did no wrong, except for eating a few turtle eggs!

This was how the conversation went:

> When I was a student in university, I was asked why so so critical towards BN. My answer is simple. Coz they are in power. DAP is just all talk. Now that we have seen PH (Pakatan Harapan) in power, I would voter for PN (Perikatan Nasional) and see what/how they behave when/if thery come to into power. PH is worse as they are doing exactly what they criticised in the past. The so called UG is just hungry for power.

> Me too. Vote for PN next and see what happens. You are right. Nothing to lose. Bersih says Ismail “Turtle Egg” Sabri is the best PM since 2009.

> Basically, he just ate a few turtle eggs. Is he eating money too???

> At least he is now trying to better himself by doing a PhD.

Coversation ends.

No News Is Bad News reproduces below two news reports on Bersih and an aide to Anwar giving lame excuses for the slow reforms even after two years in power with an overwheming majority in Parliament:

Malaysia

Bersih ranks Ismail Sabri as best PM since 2009

It ranked Tun Dr Mahathir Mohamad, when he led the PH government, in second spot, followed by Anwar, Tan Sri  Muhyiddin Yassin and Datuk Seri Najib Razak.

Updated 3 hours ago · Published on 20 Nov 2024 3:12PM

Bersih chairman Faisal Abdul Aziz said the unity government’s grade reflected its limited progress in carrying out reforms as well as the gap between its rhetoric and action.- November 20, 2024

BERSIH has given the Datuk Seri Anwar Ibrahim Madani government a grade “D” in its mid-term evaluation, attributing the poor performance to the coalition government’s failure to carry out significant institutional reforms.

The electoral watchdog also ranked Datuk Seri Ismail Sabri Yaakob as the best prime minister since 2009.

Bersih chairman Faisal Abdul Aziz said the unity government’s grade reflected its limited progress in carrying out reforms as well as the gap between its rhetoric and action.

It ranked Tun Dr Mahathir Mohamad, when he led the PH government, in second spot, followed by Anwar, Tan Sri Muhyiddin Yassin and Datuk Seri Najib Razak.

In its presentation of the 'government’s report card' Bersih said there has been no meaningful progress on key issues such as constituency malapportionment, gerrymandering, or the introduction of absentee voting for outstation voters, despite campaign promises to address these.

“The government also failed to initiate policies to ensure fair representation, leaving crucial electoral reforms unaddressed," said Faisal.

“The lack of significant reforms under Anwar is perplexing, particularly given that the unity government enjoys a strong parliamentary majority," he said.

However, Bersih recognised Anwar’s willingness to engage with civil society, saying he was the first sitting prime minister to hold an engagement with the group, which took place earlier this year.

“In our meeting with the prime minister, we urged Anwar to make efforts to deliver, with a clear timeline and adequate resources, a list of outstanding reform pledges.

“Nine months have passed since we met with the prime minister and there is still no urgency or seriousness in pursuing major electoral, institutional and civil liberty reforms.”

Bersih urged Anwar’s administration to enact several laws before the next nationwide polls, including the Parliamentary Services Act, Political Financing Act, Fixed Term Parliament Act, as well as a law on equal development funds for MPs

Meanwhile, Economy Minister Rafizi Ramli has welcomed views from all groups and stakeholders over the “D” grading from Bersih.

He said the people were entitled to their feedback on the performance of the Madani government, which has been in Putrajaya for almost two years. . - November 20, 2024

Citing PH1.0, Anwar’s aide says reforms can’t be rushed

FMT Reporters

-20 Nov 2024, 07:46 PM

Kamil Abdul Munim comes to the unity government’s defence after it received a ‘D’ grade from Bersih yesterday.

 Kamil Abdul Munim said the government’s performance should be assessed as a whole through economic and other indicators, as well as growing investor confidence in the nation. (Bernama pic)

PETALING JAYA: A political secretary to Prime Minister Anwar Ibrahim has come to the unity government’s defence after electoral watchdog Bersih gave it a “D” grade yesterday, saying reforms cannot be rushed.

Kamil Abdul Munim said it cannot be emphasised enough how much the government has to learn from its past experience, referring to when Pakatan Harapan (PH) first came into power after the 2018 general election (GE14).

“Reforms must be done intelligently and not hurriedly. They also have to be done based on priority according to the context and current situation,” he said in a post on X today.

Kamil said reforms were an ongoing process and the government’s performance should be assessed as a whole through economic and other indicators, as well as growing investor confidence in the nation.

“These achievements would not have been possible without the good foundations and governance laid down by the government in a careful and intelligent manner,” he said.

Kamil said the prime minister and the government were always open to “responsible” viewpoints and criticism.

“(However), statements and grading schemes that ignore the facts and latest rankings will be seen as rather hasty and shallow,” he said.

Yesterday, Bersih chairman Faisal Abdul Aziz said the unity government’s “D” grade reflected its limited progress in carrying out reforms as well as the gap between its rhetoric and action.

“We believe that a post-election unity government should not be used as an excuse to abandon all reform promises made in the manifestos of Pakatan Harapan and Barisan Nasional.

“This is especially so given the fact that there are four common major promises in both the BN and PH manifestos – which show they are in agreement – that have not been fully implemented,” he said.

The group had also ranked Ismail Sabri Yaakob as the best of the five prime ministers since 2009, placing Dr Mahathir Mohamad in second place followed by Anwar, Muhyiddin Yassin and Najib Razak.

Bersih’s report said reforms were pushed through by Ismail’s administration, including the allocation of equal development funds to the opposition, through a memorandum of understanding with PH.

Malaysian police list of 94 scammers?

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Malaysian police list of 94 scammers?

KUALA LUMPUR, Nov 20, 2024: Malaysians lost an estimated US$12.8 billion (RM53.34 billion) to scams over the past year, representing about 3% of the country's gross domestic product, according to the State of Scam Report 2024 as reported by TheEdge business weekly.

And according to the Global State Of Scams Report 2024, scammers stole more than US$1 trillion (RM4.47 trillion) online.

 No News Is Bad News is reproducing below a social media posting that is in circulation warning the public of scammers/fraudsters.

It is purported to be the police’s latest list of fraudsters but it has not been verified.

The Polis di-Raja Malaysia should be more proactive and make public and access to the information, if authentic.

Wonder why the police is not doing it with the thousands of victims losing RM53.34 billion to date this year.

This is what is being circulated in social media:

*Police's latest list of fraudsters. Beware!*

*List of identified investment fraud schemes.*

1. Crude Palm Oil

2. Highway Group Resources

3. Mecca Islamic Hotel

4. Federal Reserve Chicago Bond

5. RJB Empire Group

6. Venus Fx

7. Snuppee Mall

8. Ceroreng Mindef

9. Share a Meal

10. Bit Coin - Bit Kingdom

11. INTERNATIONAL GREETINGS

12. Bit Coin - Al Mubin Agarwood

13. BDIG Digital Cryptocurrency

14. Exorbitence Influence Sdn. Bhd. (Krubal)

15. XM investment

16. Royal Gold Gold Investment

17. Dato Dave (Aero Asia Holding Company)

18. FXTM investment

19. MFace / MBI

20. Zahid Hamidi Group

21. Stock - Century Dynasty

22. Forex Investment - MGCFX

23. Sunner Group Investments

24. E-Trade Investments

25. Focus Capital

26. DBI/Juta Kelulut Housing Scheme

27. Capacity FX Investment Malaysia

28. TORQUE MARKET

29. BITMEX INVESTMENT LIMITED

30. FIRST TRADE

31. NPM Platform

32. U Trade

33. BitFinex

34. Crypto Investment

35. Aura Global Trading

36. BitCoin Trade

37. i-Rakyat Trade

38. LONDON Capital Investment

39. FXPRO

40. WAHED Investment

41. ETrade

42. Octafx

43. Etoro

44. IQ option

45. XTRADE Investment

46. ​​DIANA Group

47. JJPTR

48. Royal Investment Sdn Bhd

49. Avatrade

50. Fbs

51. MITRADES

52. CITY INDEX

53. The Vanguard

54. Golden Trading

55. FIQH GLOBAL INVESTMENT CO.

56. ETX CAPITAL INVESTMENT

57. AL MAL INVESTMENT

58. PMB Investment

59. International Islamic Financial market

60. EO Trade Trading

61. Islamic Khalij

62. Aviva Takaful Investment Bhd

63. Ar-Rahman General Trading sdn bhd

64. Gold capital General trading

65. Bittrex

66. Gold Hub

67. Moon FX

68. Al-Saliha Mentari

69. Medina mining

70. Aberdeen

71. ACJ capital

72. Global Bit Investment

73. Khairul Capital

74. Arbah Capital

75. Coinmint

76. Triumph Fx

77. Iskandar Investment

78. Mustafa Investment

79. Hairul Capital

80. Islamic Najwan

81. Royal Wine Trade

82. Islamic Al-Hamd

83. IFAST CAPITAL SDN BHD

84. Forbes Capital Trading

85. Invest Selangor

86. Dinar Edaran Emas Trading

87. Asiabio Capital

88. 1ONE GOLD SDN BHD

89. ASIA TRADE

90. Sifuku Millennium

91. Al Kabir investment

92. Zero traders

93. Al Hijrah

94. Al Ansari Exchange.

*DEAR FRIENDS PLEASE VIRAL*

*hopefully we can save our friends' MONEY!*

No News Is Bad News reproduces below news reports on domestic and international losses to scammers:

Malaysians lost US$12.8b to scams over the past year, survey reveals

By Emir Zainul / theedgemalaysia.com

03 Oct 2024, 07:43 pm

 

KUALA LUMPUR (Oct 3): Malaysians lost an estimated US$12.8 billion (RM53.34 billion) to scams over the past year, representing about 3% of the country's gross domestic product, according to the State of Scam Report 2024.

The average loss per victim was US$2,726 (RM11,360.10), with only 2% managing to fully recover their funds compared to 8% in the previous year, said the report, which is based on a survey conducted by the Global Anti-Scam Alliance (GASA) in collaboration with mobile app Whoscall and website checker ScamAdviser.

The survey found that 74% of respondents encountered scams at least once a month, with 43% noting an increase in scam attempts over the past year. Common delivery methods include phone calls, instant messaging apps, and social media platforms such as WhatsApp, Telegram, and Facebook, where scammers have become increasingly active.

Notably, text and SMS scams have surged by 8% compared to 2023.  

As such, app development company Gogolook, which is a founding member of GASA, stressed the importance of proactive fraud prevention by utilising anti-fraud applications such as Whoscall to reduce the risk of falling victim to scams.

"Whoscall is actively collaborating with the local government such as the Royal Malaysian Police (PDRM) and CyberSecurity Malaysia to strengthen efforts in tackling scammers and enhancing public protection," Gogolook chief operating officer Manwoo Joo said in a statement on Thursday.  

"We are continuously exploring advancements in technology, including AI-driven features, to stay ahead of evolving scam tactics. Our goal is to leverage cutting-edge solutions to provide Malaysians with the tools they need to identify and stop scams before they cause harm," he added.

Joo noted that Whoscall is the only anti-scam app approved by PDRM and was recently appointed by CyberSecurity Malaysia and Pos Malaysia Bhd (KL:POS) as their anti-scam strategic partner.

The report surveyed 1,202 Malaysians. From those surveyed, 32% of the respondents have experienced loss of money from scams.

Alarmingly, 70% of scam victims did not report their cases to the authorities, a 5% increase from the previous year, highlighting growing scepticism regarding the effectiveness of reporting processes.  

The report also highlighted that investment scams, at 23%, are the most common type of scams in Malaysia, with identity theft closely following at 21%. Shopping scams came in a close third at 20%.

In light of the findings, Gogolook called for enhanced public education on recognising and reporting scams, improved transparency in reporting processes, and stronger law enforcement responses.

"The need for comprehensive strategies involving technology and community engagement has never been more critical as Malaysia grapples with this pervasive issue," Joo said. - TheEdge

Sam Rogers

Nov 7

International Scammers Steal Over $1 Trillion in 12 Months in Global State of Scams Report 2024

Global Anti-Scam Alliance and Feedzai Unveil 2024 Global State of Scams Report as Scams Continue to Plague Consumers

The Global Anti-Scam Alliance (GASA), in collaboration with Feedzai, has released its 2024 Global State of Scams report, uncovering staggering insights into the prevalence and impact of scams worldwide. Based on responses from 58,329 individuals across diverse regions, the report reveals the monumental economic and emotional toll scams take on consumers. The most eye-opening finding? Scammers have siphoned away over $1.03 trillion globally in just the past year—a figure that rivals the GDP of some nations. Yet amid the numbers, the report offers hope, with signs of increased scam awareness and resistance among consumers.

 

Scams on the Rise Across the Globe Exposing Regional Disparities

Despite relentless efforts to combat scam activity through awareness campaigns, scams remain a significant and growing threat, with nearly half of global consumers experiencing a scam attempt at least once a week. Certain regions are impacted more heavily, with countries like Brazil, Hong Kong, and South Korea facing near-daily scam exposure. Conversely, nations such as Vietnam, Saudi Arabia, and China reported a noticeable drop in scam encounters, suggesting progress in local preventive efforts.

 

Jorij Abraham, Managing Director of GASA, commented on these trends: "Very little has changed in the last 12 months, as the world’s consumers bear the weight of another $1.03 trillion stolen by scammers. We must do more to combat these crimes, as they continue to erode trust in our systems and cause immense harm to individuals and economies."

 

Global Confidence in Scam Detection Shows Promise

The report found that 67% of people globally feel confident in their ability to detect scams, reflecting the success of some awareness campaigns, however this could unveil complacency on the rise, too. Countries with high scam-detection confidence include China (84%) and Australia (72%), while Japan lags behind, highlighting the need for targeted educational efforts in certain regions.

 

Nuno Sebastião, Co-Founder, Chairman, and CEO of Feedzai, highlighted the role of financial institutions and technology in increasing consumer confidence: "Consumers are becoming smarter at catching scams themselves. This year, 67% of respondents expressed confidence they could spot a scam. This strong display of confidence is a testament to banks’ and others’ efforts to educate consumers on the red flags to watch for that could be a scam."

 

Financial Losses Mark Clear Division Between Developed vs. Developing Nations

The financial toll of scams is staggering, with the U.S., Denmark, and Switzerland reporting the highest losses per victim, with Americans averaging a $3,520 loss. Meanwhile, in developing countries like Pakistan, scams have a far greater impact, equivalent to 4.2% of the country’s GDP. Kenya and South Africa also reported heavy GDP impacts at 3.6% and 3.4%, respectively. The financial strain scams impose on both individuals and national economies underscores the urgent need for better safeguards and international cooperation.

 

 

AI and Social Media Driving New Scams

The rise of artificial intelligence (AI) in scam tactics is a growing concern, though awareness varies globally. In countries such as Japan, Thailand, and Malaysia, citizens remain largely unaware of the role AI may play in scam operations. Globally, 31% of respondents were uncertain if AI was involved in the scams they encountered, reflecting the evolving complexity of fraudulent activities.

 

Scammers continue to exploit popular platforms and channels. Phone calls and text messages remain the primary methods of initial contact, with WhatsApp, Instagram, and Gmail also frequently used. In the Philippines, South Korea, and Brazil, SMS scams are particularly prevalent, while WhatsApp scams are rising in various regions.

 

Emotional Impact: The Untold Cost of Scams

Beyond financial losses, scams inflict severe emotional distress on victims. Feelings of vulnerability, fear, and loss of trust are common, with Kenya, the Philippines, and South Africa reporting the highest emotional tolls. Meanwhile, Japan and South Korea show lower emotional impact, possibly reflecting cultural differences in scam reporting and victimization perceptions. The emotional burden of scams is a crucial reminder that fraud prevention goes beyond financial metrics; it’s also about protecting individuals’ mental well-being.

 

Why Some Regions Are More Affected than Others

The report sheds light on why certain regions report higher scam rates and losses. Shopping scams dominate in Kenya and Nigeria, while investment scams are rampant in Nigeria. In contrast, South Korea and Vietnam report the lowest levels of online shopping scams. Identity theft remains a significant concern in Australia and Mexico, with both countries showing a 25% victimization rate.

 

Only 4% of Victims Recover Their Losses

Perhaps the most concerning insight from the 2024 report is the dismal rate of financial recovery. Only 4% of scam victims worldwide were able to recover their losses. The U.S. and U.K. have the highest recovery rates, yet these remain low globally, leaving the majority of scam victims without recourse. This data highlights the urgent need for improved consumer protection mechanisms and more effective financial recovery processes.

 

Nuno Sebastião of Feedzai emphasized the role of banks and payment providers in the final stage of the scam lifecycle: "Banks and payment providers are at the final stage of the scam lifecycle, where illicit attempts to extract money either succeed or fail. Significant differences exist across countries, including how regulators approach scam prevention, which complicates global efforts."

 

Collaboration and Innovation Needed to Improve the Global State of Scams

The joint report by GASA and Feedzai underscores the importance of global cooperation, enhanced public awareness, and stronger financial recovery processes. With scams growing more sophisticated, banks and financial institutions are investing in advanced AI and machine learning tools to detect unusual activity and protect consumers in real time.

 

However, Nuno Sebastião warns that technology alone isn’t enough: "Protecting customers goes beyond technology—it’s about fostering industry-wide collaboration and ensuring data privacy. Together with GASA and our partners, we’re driving continuous innovation to stay ahead of evolving scam tactics, ensuring a safer financial ecosystem for everyone."

 

GASA and Feedzai urge financial institutions, social media platforms, and telecom providers to work together to safeguard consumers. The report highlights the need for standardized definitions and measurements of scams globally. Currently, regional differences in scam classification hinder collaboration, making cross-border comparisons and joint preventive measures challenging.

 

Jorij Abraham emphasizes the importance of GASA’s role in facilitating this global collaboration: "A global organization such as GASA plays a crucial role in unifying scam prevention efforts. Increasing the amount of shared, secure data across industries is essential to improving scam controls and protecting consumers worldwide."

 

The Double-Edged Sword of Generative AI

The report also raises concerns over Generative AI, which is becoming a potent tool for fraudsters. With AI able to generate realistic images, scripts, videos, and voices in seconds, scammers can deceive more victims more effectively. While AI’s ability to reproduce and scale tactics is a threat, its replication patterns also present opportunities for detection. Banks and tech companies can harness this vulnerability, using pattern recognition to identify and intercept AI-generated fraud schemes before they succeed.

 

The Road Long Ahead to Vastly Improve the Global State of Scams

The 2024 Global State of Scams report is clear: scams are costing consumers over $1 trillion globally, with dire financial, emotional, and social repercussions. While confidence in scam detection has improved, many consumers remain vulnerable, and only a small fraction recover their losses.

 

GASA and Feedzai are committed to driving a safer digital landscape through continuous collaboration and innovation. By uniting financial institutions, tech giants, telecom providers, and regulatory bodies, GASA aims to foster a world where scam tactics can no longer exploit innocent consumers. The journey to a scam-free future requires resilience, global cooperation, and an unwavering commitment to protecting the vulnerable.

 

For more information and to access the full Global State of Scams 2024 report, visit GASA's Research Page. For now, here are some key figures...