The Breakfast Grille

Environmentalism has a price and can be funded easily if spread around all consumers according to Dato' Carl-Bek Nielsen, Chief Executive Director of United Plantations. We look at some of the most prominent issues in the palm oil sector today including labour, biodiesel and the proposed French tax on palm oil.See omnystudio.com/listener for privacy information.

Steve Bolze, the president and CEO of GE Power discusses the impact of low commodity prices on GE’s power generation technology businesses. We also speak to Marco Annunziata the Chief Economist at GE, responsible for the global economic analysis that guides GE’s business strategy. See omnystudio.com/listener for privacy information.

The industrial building system comprises prefabricated materials that are supposed to pave the way for cheaper homes. The CIDB estimates IBS homes are one-third the normal cost of conventional construction. So why is adoption so low?See omnystudio.com/listener for privacy information.

RGB International is a company that distributes slot machines to the various casinos here in Malaysia and in Asia. Listen to their COO, Datuk Steven Lim explain how the company plans to take this business further by penetrating nascent economies in Indochina and the Philippines.See omnystudio.com/listener for privacy information.

The campaign for justice over the oil resources of the Timor Sea kicked off in earnest last week. The activist group calls itself the ‘Movement Against the Occupation of the Timor Sea’ with protests held in Dili, the capital of Timor Leste and cities in Australia and in ASEAN. These are protests against Australia's refusal to negotiate with East Timor. According to the Sydney Morning Herald over 10,000 people gathered at the Australian Embassy in Dili on Tuesday. Today, we ask what Timor Leste wants.See omnystudio.com/listener for privacy information.

1MDB’s Mr Fixit‘It’s business challenge that’s been politicized,’ insists Arul Kanda Kandasamy, President and Group Executive Director of 1MDB. His cherubic looks belies a full grasp of the facts to defend, what many stakeholders strongly believe is, the indefensible.“We can’t stop people telling lies,” he added to an over hour long interview with BFM, freely admitting that “that things could have been done better, from a communications perspective.”“I was brought in to do a job, and that job was to help the company resolve its challenges. Alhamdulillah we have achieved that.”Arul Kanda speaks to BFM’s Julian Ng and Ibrahim Sani. Interview Highlights “As you know, BNM has extensive powers, regulatory and administrative powers. We at 1MDB fully respect the authority of the Central Bank. Clearly these are matters that happen a long time ago, and we have explained in detail to the Central Bank the reasons as to why we are unable to comply with their requirements. Now, in relation to the specific comments attributed to the Governor, we have not received anything official or in writing from the Central Bank, so I can’t really add to what is already in the public domain. But I look forward to sharing that as and when we do.“As I mentioned earlier the Central Bank has the authority to demand certain actions. Now, whether certain actions can be met or not is a function of the facts of the situation … we fully respect the law and the authority of Bank Negara to impose any such action as it may deem necessary.”“Absolutely, and again there’s no dispute on that fact … But clearly, the USD1.83 billion which over time ended up as being USD2.33 billion in fact, a large proportion of that has already been spent on various requirements, and the balance has been designated for a debt for assets swap that we have in place with IPEC. We have explained this in detail to the Central Bank, they are aware of these facts, but of course we respect their right to impose whatever sanction that they may deem necessary under the law.”“I’m sure you would’ve seen the various explanations we have issued on this point starting from January or February last year. But if I could briefly summarize, 1MDB entered into a JV partnership with a company called PetroSaudi. They are specialist in the O&G industry for which 1 billion dollars of equity needed to be contributed by 1MDB for a 40% stake. 1MDB duly complied with that requirement to transmit the billion dollars and receive 40% of its shares. Now over time, a decision was made in 2010 for the JV to be terminated. 1MDB converted its equity into debt by way of Murabahah, and subsequently added an additional USD830 million of Murabahah debt for a total of USD1.83 billion. So what started of as equity was converted to debt which was to reduce the risk to the company and generate a stable and recurring income.These were matters that happened before my time, so I can’t really speculate on the detailed decision making. What I can say based on the company records and minutes of the various Board meetings, is that the Board at that time determined, given various circumstances, that it was better for the company to convert from equity into debt which provides more certainty and regular income to the company.Recent announcement of Bank Negara Malaysia’s action against 1MDBIs there room for non-compliance with Bank Negara requirements?Why did 1MDB ignore instructions from Bank Negara on repatriating the USD1.83billion dollars fund?How did USD1 billion investment in the joint venture with PetroSaudi in 2009 turn itself into an asset worth USD2.3 billion?Why take such a risk? We can’t stop people telling lies. “Well we can’t stop people making allegations and we can’t stop people telling lies. What we can do is to say should anyone have any facts or evidence then please do submit that to the relevant authorities.”“I’m glad you talked about the bottom the end of it. The reality is the USD 1.83 billion ultimately was converted and ended up as fund units which as of 31st March 2014 were worth USD 2.33 billion. From the USD 2.33 billion, USD 1.44 billion was redeemed in cash and paid out for various purposes where there’s currently a balance of USD 940 million of fund units. So, I think your line of questioning should also take into account the end result, which is whatever started as an investment of 1.83 billion was ultimately redeemed in cash of 1.44 billion and has a balance of 943 million in fund units.“So the USD 1.44 billion as we mention has already been redeemed in cash and spent. The USD 940 million fund units have been designated for this broader debt for asset swap with IPEC. So when that transaction is completed, that will represent a monetisation of those units in return for IPE

En route to Bursa Malaysia's main market, convenience store player Bison Consolidated operates the myNEWS.com outlets in Malaysia. It has aggressive expansion plans to open 115 stores using the funds raised from its IPO. Group MD, Dang Tai Luk explains the decision to list, amidst softer market sentiment and a weaker outlook for the consumer sector. See omnystudio.com/listener for privacy information.

Bukit Bintang City Centre Project is an ambitious development situated on none other than the former Pudu Jail site. The first phase of the project is already estimated to cost over RM 4 billion with multiple blocks of serviced apartments, hotels and an entertainment hub in the pipeline. Datuk Richard Ong, the CEO of BBCC Development Sdn Bhd, a joint venture between UDA Holdings and Eco World Berhad, explains the new and exciting developments currently taking place on the site. See omnystudio.com/listener for privacy information.

It's crunch time for Sona Petroleum. They must get at least 75% shareholders approval for a purchase on an oilfield in Australia, of which  failure will mean the dissolution of the company. Listen to Datuk Seri Saw Choo Boon, VP of Business Development explain how they plan to get this done.See omnystudio.com/listener for privacy information.

After 20 years in service and more than 15 million cards in circulation, Touch ‘n Go Sdn Bhd is seeking to move beyond travel and transit, by building its network of merchant partnerships. CEO Syahrunizam Samsudin thinks technological innovation will be key to achieving its goals. See omnystudio.com/listener for privacy information.

HeveaBoard Berhad, which manufactures and exports particleboard and ready-to-assemble furniture, has been a prime beneficiary of the strong US dollar and weaker Ringgit, as 95% of its revenues are USD-based, while its cost is RM-based. We ask Group Managing Director Yoong Hau Chun how long the good times will last, for the company.See omnystudio.com/listener for privacy information.

Private international Islamic schools are becoming increasingly popular in Malaysia. The Breakfast Grille brings together a panel of Islamic school principals to discuss why such schools are gaining popularity, as well as the business of private education in Malaysia. Zulfan Haidar, Principal  for International Islamic School Malaysia (Secondary) and Zaliza Alias, Director of Idrissi International School share their thoughts with BFM. See omnystudio.com/listener for privacy information.

Fujitsu is a company that has been reinventing themselves recently. Listen to Philip Soh, President of Fujitsu Malaysia as he explains their expansionary plans for Malaysia.See omnystudio.com/listener for privacy information.

The mammoth Forest City project is a JV between local partners led by the Sultan of Johor and giant Chinese property firm Country Garden. 700,000 residential units will be housed in 4 man-made islands over the next 2 decades in a project that will cost RM175b. We explore the genesis and end-results of this controversial project.See omnystudio.com/listener for privacy information.

As Australia’s first woman Governor-General, Dame Quentin crowned a career of several firsts as the country expanded access to women. Today, on Commonwealth Day - with its theme of inclusivity - we explore the role of women, the republican challenge to Australia's constitutional framework, pressures on multiculturalism and women's place in global leadership.See omnystudio.com/listener for privacy information.

SC has done a great job in ensuring a level playing field for fund raising and investment and trading. New ground will continue to be broken as seen in the areas like equity crowdfunding. We discuss whether it is time to put more focus on the transparency of financial products especially in the areas of uninformed investor protection, product costs and conflicts.See omnystudio.com/listener for privacy information.

M.K Goh, CEO of the world's largest condom maker, Karex Bhd, joins us on the Breakfast Grille to discuss the company's move into the retail business, expanding on their core activity of being suppliers to global condom brands like Durex.See omnystudio.com/listener for privacy information.

Bank Negara is in the middle of a 10-year financial blueprint to ‘modernise the payment landscape’ by 2020. They want see greater use of debit cards, displacement of cheques and more ubiquitous use of e-payments. The end result of this is disinflation: lower costs of credit/debit cards, a more fluid transaction process and generally lower costs of doing business.See omnystudio.com/listener for privacy information.

Professor Mari Elka Pangestu was Indonesia’s Minister of Trade from 2004 to 2011, before moving to a tourism post in a cabinet reshuffle. She comes on the Breakfast Grille to discuss Southeast Asia's largest economy. See omnystudio.com/listener for privacy information.

Chin Hin Group Berhad is listing this week and it's IPO oversubscribed by eight times. Listen to their Managing Director, Chiau Haw Choon explain the macro plans for the company as well as potential headwinds for the companySee omnystudio.com/listener for privacy information.

Spanning East and West - that imaginary division of the classical world - Turkey’s social and political dilemmas as well as the responses to them should be of keen interest to all of us. From the secularism of Kamal Ataturk, to dreams of European membership, the rise of the AK Party, the crackdown at Gezi Park and the brutal wars that have turned Turkey into a frontline state, each must give us pause to reflect. Today Akyol, a journalist and believer, walks us through many contentious Turkish conversations.See omnystudio.com/listener for privacy information.

Established in 1942 as a tea merchant under the popular 888 brand, Thong Guan Bhd started off with modest beginnings in the F&B sector. It subsequently diversified into the plastics industry which grew with export volumes. It is now going back full-circle to expand on its consumption business.  Tying-up with COFCO group, it now has plans to tap into the organic noodles market in China.See omnystudio.com/listener for privacy information.

Vivocom Intl Holdings Bhd, previously known as Instacom, is in the midst of diversifying their business from being a telco tower builder to now, a construction giant. We ask their Executive Director, Choo Seng Choon, how they plan to do this.See omnystudio.com/listener for privacy information.

Sarawak Cable Berhad is powering up this year, setting itself a lofty target to achieve RM1bil in sales and to further penetrate the Indonesian market. CEO Aaron Toh also discusses the company's diversification into renewable energy. See omnystudio.com/listener for privacy information.

Just a short distance from luxe KLCC and the financial/diplomatic enclave of Ampang lies Kg Bharu where much needs to be done to usher it into the 21st century. Listen to Datuk Affendi Zahari, Chairman of Kg Bharu Development Corp, or Perbadanan Kg Bharu (PKB) as he explains how PKB intends to achieve their targets.See omnystudio.com/listener for privacy information.

Crowdsourced translation platform Flitto’s entire business proposition is premised on the argument that machine translation will never as accurate as translation done by humans. Listen to the interview with founder and CEO Simon Lee, to see if you agree. See omnystudio.com/listener for privacy information.

Viewers are not necessarily switching off TV3, NTV7, 8TV and TV9 for now. Media Prima is dealing with the competitive landscape by focusing on for instance vernacular content. Their online platform Tonton, which is among the most visited websites in Malaysia, buys them some time to think about an online model.  See omnystudio.com/listener for privacy information.

Singapore Precious Metals Exchange (SGPMX) claims to be the world's first physical precious metals exchange that gives investors an online platform to buy and sell gold. Founder and CEO of SGMPX, Victor Foo, explains how the company aims to address all the problems that comes with owning physical precious metal: Where do you buy it? How do you move it? Where do you store it? And how do you trade it?See omnystudio.com/listener for privacy information.

In his third appearance on the Grille, Datuk Darrel Webber, CEO, Roundtable of Sustainable Palm Oil, discusses the RSPO's ongoing relevance, 'greenwashing' and competing certifications.See omnystudio.com/listener for privacy information.

Yesterday a Memorandum for Understanding was signed in Dhaka, between the Bangladesh’s Expatriates' Welfare and Overseas Employment Minister Nurul Islam and Malaysia's Human Resources Minister Datuk Seri Richard Riot Jaem. This agreement was called a G-2-G Plus deal. Today we ask what the Plus means, if the new recruitment system will bring an end to the problem of undocumented workers, the lack of government responsiveness to protests and also, who is going to benefit from this move.See omnystudio.com/listener for privacy information.

The RM6.3b Penang Undersea Tunnel project has courted much controversy with their high price tag, RM305m feasibility study and service bartered for land. We look more closely at the respective roles of the consortium partners, Zenith Construction Bhd and Beijing Urban Construction Group or BUCG. See omnystudio.com/listener for privacy information.

Sujatha Sekhar Naik, Chief Executive Officer of the Securities Industry Dispute Resolution Center (SIDREC), discusses her role in providing a free service for the settlement of disputes between investors and capital market intermediaries like brokers, unit trust management companies and fund managers.  She discusses the operational challenges of running SIDREC, her KPIs and the role it plays in further developing the country's capital markets. See omnystudio.com/listener for privacy information.

Victor Goon, General Manager of BonusKad Loyalty, discusses the business model and strategic plans for one of Malaysia's most-established loyalty cards.See omnystudio.com/listener for privacy information.

SAAB intends to sell their Gripen fighter jets to Malaysia as replacements to the aging Russian MiG and Sukhoi jets. Listen to Thomas Lindén as he explains how they intend to do this while making procurement processes more transparent.See omnystudio.com/listener for privacy information.

Is commission-based advisory conflicted because it opens the door to product pushing rather than aligning adviser-client interests? We discuss whether it's time to explore other models remunerating financial advisers.See omnystudio.com/listener for privacy information.

Atlas Copco is a Swedish industrial giant whose products are found everywhere but whose name is not well known to the public. Listen to their General Manager, Francis Liekens as he tells us more about this enigmatic company.See omnystudio.com/listener for privacy information.

As the once politically and socially significant community deals with changes brought about by a dwindling population, migration, shifting political allegiances, changing social priorities, we ask what the future holds for economically dynamic Chinese community. In recognising the diversity of the community itself - in terms of class, language, regional distribution - our panellists pose the question, what form will solutions to the problem take. And finally, the question of leadership emerges and who are ordinary Chinese looking to for future direction.See omnystudio.com/listener for privacy information.

The 155-year old Swiss watch brand, Tag Heuer, has seen a year of change. The company saw a leadership change; they readjusted their price positioning; and they joined the smartwatch game - partnering with Google and Intel - to combat the threat of the Apple Watch. Amelia Sillard, vice president of Tag Heuer Southeast Asia tells us more.See omnystudio.com/listener for privacy information.

Tan Sri Lin feels that Bank Negara's role in handling of the 1MDB saga is very well defined and limited to exchange controls. He also feels that Malaysia needs reform and the separation of the roles of the finance minister and prime minister. Other views; the ringgit is undervalued and small banks have as much of a role to play as big banks. Tan Sri Lin also has some advice on how to pick a governor after Tan Sri Zeti ends her term. See omnystudio.com/listener for privacy information.

Dato' CM Vignaesvaran, CEO of Human Resource Development Fund (HRDF) explains the role they play in the upskilling of the workforce in Malaysia.See omnystudio.com/listener for privacy information.

Think City is a subsidiary of Khazanah tasked to spearhead urban regeneration in Malaysia. Executive Director, Hamdan Majeed, discusses ThinkCity's experiences from its work in Georgetown and their plans for urban renewal in Kuala Lumpur.See omnystudio.com/listener for privacy information.

Ahmed Tahoun, Vice President of the Arab-Malaysian Chamber of Commerce discusses AMCC's role in fostering business opportunities between Malaysia and the Middle East. Listen to the podcast to learn more about tapping into the business potential of the Arab world.See omnystudio.com/listener for privacy information.

With the motion to sign and ratify the Trans Pacific Partnership agreement passed by the Dewan Rakyat, Malaysia's entry into the bloc is closer to becoming a reality. We look into TPP's machinations including whether it is a tool for American hegemony as well as how the agreement would potentially sit with other trade pacts like the RCEP (Regional Comphrehensive Economic Partnership) pushed by China and Asean's AEC.See omnystudio.com/listener for privacy information.

Professor Gurdial Singh Nijar from the Law Faculty of Universiti Malaya and Fifa Rahman, Policy Manager at the Malaysian AIDS Council discuss their areas of concern in the Trans Pacific Partnership agreement.    Prof Gurdial argues the Investor-State Dispute Settlement (ISDS) mechanism will make it hard for governments to protect their citizens’ best interests, while Fifa explores the impact of the Intellectual Property Rights (IPR) provisions on pharmaceuticals. See omnystudio.com/listener for privacy information.

Wan Saiful Wan Jan, CEO of the think-tank IDEAS and YB Wong Chen, Member of Parliament, Kelana Jaya, discuss the controversial TPP bill in terms of its economic and trade aspects but also geopolitics and the extent of America's and China's ongoing tussle on multiple fronts and geographies. The duo also discuss the practical and execution aspects of the Bill, once the discussions are wrapped.See omnystudio.com/listener for privacy information.

Medical tourism is big business. And Malaysia, while already a name in the market, wants to secure a bigger piece of the pie. And so the Malaysia Healthcare Travel Council (MHTC) was established to promote Malaysia as a top medical travel destination. Sherene Azli, CEO of MHTC, tells BFM what it takes to build a name as a destination for world-class healthcare. See omnystudio.com/listener for privacy information.

Five months and 21 days into his new Ministerial role following the July 2015 Cabinet reshuffle, Wan Junaidi has had to parry several tough environmental problems. Before the reshuffle the Minister was Deputy Home Minister and has also held the position of Deputy Speaker of Parliament. And as one of the more senior members of cabinet from Sarawak, we also tap him on the "devolution" agenda and the up coming state elections.See omnystudio.com/listener for privacy information.

Projections from the United Nations Global Policy Model released recently showed that the Trans Pacific Partnership Agreement will likely only bring minimal GDP growth to Malaysia’s economy, and lead to job losses and higher inequality. Economist Professor Jomo Kwame Sundaram discusses this, on the Breakfast Grille.See omnystudio.com/listener for privacy information.

Datuk Mohd Hishamudin Yunus last year retired as a Court of Appeal judge, after 23 years on the bench. Presiding over landmark cases such as the Negri Sembilan transgender case, Datuk Hishamudin is a passionate advocate of judicial integrity and independence. Listen to the Breakfast Grille for an insider's look at what works in the Malaysian judiciary, and what doesn't.See omnystudio.com/listener for privacy information.

Professor Kuan Chung-Ming, former minister of Taiwan's National Development Council discusses Taiwan's stalling economy and the potential shift in cross-straits relations with Beijing. Professor Kuan Chung-Ming was a featured speaker in a forum organised by the Jeffrey Cheah Institute on Southeast Asia (JCI), Sunway University.See omnystudio.com/listener for privacy information.