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Monday, December 16, 2024

Jet-set thieves give the slip

 

Caught in the act: A suspect being detained on a local commercial flight for theft recently. — Courtesy photograph


Mid-air heists see cash, jewellery stolen from unwary passengers

PETALING JAYA: Commercial airlines are becoming a hot spot for jet-setting thieves who orchestrate mid-air heists on unsuspecting passengers.

Two weeks ago, two Chinese nationals were fined a total of RM5,700 by the Balik Pulau Magistrates’ Court for stealing over RM5,500 from two Malaysians during a flight from Penang to Kuala Lumpur.

This incident is the latest in a series of thefts that have occurred onboard commercial airlines recently.

On Oct 26 this year, The Star reported the arrest of a 49-year-old man from mainland China on suspicion of stealing more than HK$4,300 (RM2,430) from two passengers during a flight from Malaysia to Hong Kong.

ALSO READ: 267 inflight missing item reports lodged at KLIA since 2022 

Recently, during a flight from Penang to Kuala Lumpur, a male suspect was caught red-handed stealing RM3,000 cash belonging to another passenger.

Apprehended on board, the perpetrator was handed over to the authorities upon landing.

Most of these thefts have gone unreported, as most victims do not realise they have been robbed until long after they have disembarked the aircraft.

On Dec 4, the Hong Kong security chief revealed that thefts on board aircraft bound for Hong Kong almost doubled this year.

According to government data, a total of 169 reports were lodged in the first 10 months of 2024 against 92 recorded in the whole of last year.

What was stolen was mostly cash in various currencies, expensive jewellery, luxury watches and credit cards totalling about HK$4.32mil (RM2.46mil).

A commercial pilot told The Star that these thefts happened quite frequently and were often orchestrated by syndicates.

“These thefts normally occur on Vietnam, Bangkok and China routes, both inbound and outbound,” he said.

“The spate or frequency of these thefts also increases during busy travel periods such as the holiday or festive seasons.”

According to the pilot, the thieves would operate as a team of several individuals, depending on the flight and size of the aircraft.

He said catching them in the act could be difficult, as they would have a game plan.

“First, they would be travelling as separate individuals,” he said.

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“They would also scout potential victims at the boarding gate prior to the flight.”

The crime would normally be perpetrated when the plane was at cruising altitude and once the cabin lights were dimmed for sleeping.

One of the individuals would attempt to retrieve their bag from the overhead compartment and in the process rummage through the belongings of the targeted victim.

Upon making off with the valuables, the person would pass the stolen items to their accomplice at drop-off points such as the aircraft lavatory.

“Because of this, it is difficult to apprehend these criminals,” said the pilot.

“If caught red-handed, they would simply admit that they had mistakenly taken the wrong bag and apologise. If they suspected that the crew had found out that a theft had taken place, they would toss the item away, making it look like the victim had misplaced it.

“In the event that a theft had been confirmed and the suspects were apprehended, the pilot would transmit a message through ACARS (Aircraft Communications Addressing and Reporting System) to the ground station for a security team to investigate and apprehend the suspects.”

For those who have fallen victim to these thefts, the airlines are not considered responsible for the missing valuables or personal belongings.

Those who had travel insurance would also have to provide a police report and a detailed account from the airline to prove and corroborate that the item(s) were indeed stolen during the flight, said an insurance expert.

“Insurers will require solid proof to accept a claim, failing which it will be construed that the loss of the items is due to negligence,” he added.

“If the claim is accepted, the settlement or quantum for the lost items will be based on the policy and coverage.”

Some airlines have already begun taking steps to limit the incidence of in-flight thefts.

This includes making frequent announcements to remind passengers to be mindful of their personal belongings and not to change seats during the flight.

On some flights, cabin lights will be dimmed instead of being turned off to reduce opportunities for theft.

If there are suspected individuals identified by the security team on the ground, a memo will be issued to the crew.

The ground staff will also be instructed to assign these individuals to window seats instead of the aisle seat to restrict their movement.

If there are suspicions that these criminals are on board, the cabin crew will also be instructed to be alert and step up patrols during the flight.

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Saturday, December 14, 2024

Heralding the Golden Age of Cryptocurrency


 ■ Presidentelect Donald Trump’s embrace of cryptocurrencies marks a pivotal moment

■ Analysts projecting Bitcoin to reach US$200,000 by end-2025

■ The outlook for Bitcoin and the broader crypto market is overwhelmingly positive, but risks remain

THE cryptocurrency world is buzzing with speculation that bitcoin could reach an unprecedented US$200,000 by 2025. While bitcoin has yet to stabilise around the US$100,000 mark, its meteoric rise in 2024 has emboldened investors and analysts to project a bullish future for the world’s leading digital asset.

Bitwise Asset Management, a prominent voice in the crypto sphere, has described the upcoming year as the Golden Age of Crypto.

According to the firm, the regulatory landscape in the United States has significantly improved following the 2024 US elections. President-elect Donald Trump’s embrace of cryptocurrencies marks a pivotal moment.

“We believe we are entering the Golden Age of Crypto,” Bitwise analysts, led by chief investment officer Matt Hougan and head of research Ryan Rasmussen, state in the group’s report.

Bitwise expects Crypto’s magnificent three – Bitcoin, Ethereum and Solanato – to hit new all-time highs in 2025, with bitcoin leading the rise to trade above US$200,000.

In addition to Bitwise, other analysts projecting bitcoin to reach US$200,000 include Geoff Kendrick, head of crypto research at Standard Chartered, and analysts at Bernstein, led by Gautam Chhugani.

Kendrick forecasts that bitcoin could hit this milestone by the end of 2025, driven by institutional investments in bitcoin exchange-traded funds (ETFS).

In a recent note, he stated that Standard Chartered’s target of US$200,000 by 2025 is “achievable”, adding: “We would become even more bullish if bitcoin experienced accelerated adoption by US retirement funds, global sovereign wealth funds, or the establishment of a potential US strategic reserve fund.

“We anticipate institutional flows to continue at or exceed the pace set in 2024. Microstrategy, for instance, is ahead of its Us$42bil threeyear plan, suggesting its purchases in 2025 will likely match or surpass those of 2024.”

Meanwhile, Bernstein’s analysts attribute their bitcoin price target of US$200,000 by end-2025 to unprecedented demand stemming from spot bitcoin ETFS managed by leading asset managers, according to media reports.

Trump effect

Essentially, crypto has emerged as a clear winner in the 2024 US elections, giving it a brighter regulatory outlook in the United States, Bitwise notes.

For one thing, Trump has announced plans to create a strategic bitcoin reserve and nominated Scott Bessent as Treasury Secretary. Bessent’s earlier comment that “crypto is about freedom and the crypto economy is here to stay” reflects the administration’s pro-crypto stance. The reshuffling of the Securities and Exchange Commission (SEC), which has historically taken a sceptical view of digital assets, adds another layer of optimism.

Similarly, Bernstein analysts attribute bitcoin’s rise to Trump’s support for cryptocurrencies. They point out that his plan to position the United States as a global leader in the crypto space and his choice of Paul Atkins, a known crypto advocate, to lead the SEC have bolstered market confidence.

Record highs

Bitcoin has since cooled to below US$95,000 at the time of writing, after reaching an alltime high of US$103,992 earlier this month.

This marks a 141.72% increase year-to-date as of Dec 6, 2024. According to Bitwise, the surge was largely driven by the US launch of spot bitcoin ETFS, which set records with Us$33.6bil in inflows within their first year.

Other crypto assets, including Ethereum and Solana, also posted substantial year-to-date gains of 75.77% and 127.71%, respectively. This performance highlights how cryptocurrencies, led by bitcoin, ethereum and solana, have outpaced all major asset classes in 2024.

Crypto equities mirrored this bullish trend. Companies like Microstrategy and Coinbase saw their shares skyrocket by 525.39% and 97.57%, respectively. In comparison, traditional assets such as the S&P 500 and gold returned 28.07% and 27.65% over the same period, highlighting crypto’s dominance.

Catalysts for next milestone

The factors driving bitcoin’s trajectory towards US$200,000 are multifaceted, Bitwise highlights. The launch of bitcoin

ETFS in 2024 shattered expectations, and Bitwise believes 2025 will see even greater inflows.

“When US spot bitcoin ETFS launched in January 2024, ETF experts forecast the group to see Us$5bil to Us$15bil of inflows in their first year. They passed the higher end of that range within the first six months.

“Since launching, the record-setting ETFS have gathered Us$33.6bil in inflows. We expect 2025’s inflows to top that,” Bitwise says.

Drawing a parallel with gold ETFS launched in 2004, Bitwise notes that ETF inflows typically accelerate in subsequent years.

“The best historical analogy we have for the bitcoin ETF launch is the launch of gold ETFS in 2004. Flows petering out would be unusual,” it explains.

At present, major financial institutions such as Morgan Stanley, Merrill Lynch, and Bank of America have yet to fully embrace bitcoin ETFS.

Bitwise anticipates this to change in 2025, unlocking a wave of institutional investments. “The trillions of dollars these firms manage will start flowing into bitcoin ETFS,” Bitwise predicts.

Risk tolerance

While bitcoin remains the focal point, other cryptocurrencies like Ethereum and Solana are also poised for substantial gains in 2025. Bitwise’s price targets for Ethereum and Solana are US$7,000 and US$750, respectively.

Ethereum, despite its impressive 2024 performance, has faced competition from fastergrowing programmable blockchains.

However, Bitwise anticipates a “narrative shift” as activity on

Layer 2 blockchains and spot Ethereum ETFS gain traction.

Solana’s resurgence, driven by memecoin mania in 2024, is also expected to continue as serious projects migrate to its network, it says.

Meanwhile, JP Morgan points out that the role of crypto in portfolio construction is mostly a function of risk tolerance.

“Cryptocurrencies are inherently unpredictable: there is little visibility into future price movements and blockchain technology, while exciting, also has few barriers to entry, meaning tokens can become obsolete (and therefore worthless) as new ones enter the market with improved functionality,” the US asset management company cautions.

“As a result, for most investors, any allocation to crypto in a portfolio should be kept both small enough to ensure that even in the event of a significant sell-off it does not derail overall portfolio objectives and well diversified,” it adds.

While the outlook for bitcoin and the broader crypto market is overwhelmingly positive, risks remain.

Regulatory clarity, though improving, is still a work in progress.

The global economic environment, including interest-rate policies and geopolitical tensions, could also impact investor sentiment.

However, the convergence of favourable regulatory developments, institutional adoption and technological advancements positions bitcoin as a strong contender to achieve new heights, potentially reshaping the global financial landscape.

By CECILIA kok cecilia_kok@thestar.com.my

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When a tenant refuses to leave

Purchasing a sub-sale property occasionally comes with a tenant included as part of the deal, according to the agent anyway. But what happens when all the documents are done and dusted, and then the tenant changes his/ her mind and refuses to leave?

Evictions happen more often than one might think, and the ensuing processes are some of the most headache-inducing, therapy-requiring tasks in the history of mankind.

how do cases like this even occur? sometimes, loopholes are present in documents like tenancy agreements.

As the legal contract between a landlord and a tenant, the papers outline every duty and obligation of each party while the tenancy is valid. It is extremely important to draft a well-written tenancy agreement. It might sound like the most obvious thing in the world, yet issues like these still prevail even today.

Understanding tenant’s rights

Before taking any measures, property owners need to grasp the rights afforded to tenants. Legal frameworks in most jurisdictions provide protections against unlawful eviction, which means that landlords must adhere to established protocols before evicting someone.

Ignoring these regulations can lead to legal repercussions, including financial penalties and potential lawsuits. Familiarising youself with the local tenantlandlord laws can help property owners avoid headache-inducing pitfalls.

The next course of action

■ Legal fees in eviction cases can reach up to RM30,000

■ Six months typical for case settlement

■ Keep detailed records of all interactions, payments and formal notices

should involve a thorough review of the tenancy agreement linked to the property.

As described by law firm Kevin Wu and Associates in their article titled “Tenancy Law in Malaysia: Evicting Tenants”, a tenancy agreement is a binding contract between a tenant and a landlord which outlines the rights and responsibilities of each party during the tenancy period. The tenancy period is usually created for a term which does not exceed three years, otherwise, it will be considered as a lease.

If the tenancy period has expired, they can issue a Notice to Quit, which formally requests the tenant to leave by a specific date, typically allowing a reasonable timeframe based on local regulations.

however, if the tenancy agreement is still active, the landlord will have to wait until its expiration or may need to explore other options, such as negotiating an early termination.

A Notice to Quit must be drafted per the specifics of the tenancy agreement and any local regulations, so consulting a real estate attorney is advisable.

This step ensures the notice is legally sound and appropriately delivered, protecting the landlord from potential disputes.

In the event the tenant does not move out of the rented property after the notice period ends or after the tenancy is terminated, and without the landlord’s consent, the tenant is liable to pay to the landlord double the rental payable under the tenancy pursuant to section 28(4) (a) of the civil Law Act 1956.

Attempting peaceful resolution

Often, proactive communication can help pave the way for a more positive and friendly resolution. Initiating a conversation with the tenant to discuss their situation and the possibility of vacating might be all it takes.

Offering flexible timelines or even financial incentives, such as a relocation bonus, or help with moving costs, can make the transition smoother for everyone involved. Establishing a cooperative dialogue mitigates stress and fosters goodwill, allowing both parties to reach an agreeable outcome.

If attempts at negotiation do not get the desired results and the tenant remains stubbornly uncooperative, seeking legal advice becomes paramount.

An experienced attorney specialising in landlord-tenant law can guide the property owner through the intricacies of the eviction process, from drafting necessary legal documentation to representing them in court if the situation takes a turn for the worse.

should legal proceedings become inevitable, initiating a lawsuit may involve filing a claim in a local court and subsequently obtaining a court order for eviction.

It is important to keep in mind that these processes can be time-consuming, sometimes stretching over several months and may lead to increased frustration and anxiety for property owners feeling trapped in their predicament.

The financial and emotional toll

The financial ramifications of an eviction can be substantial, adding to the overall stress of the situation. Legal fees can accumulate quickly, especially if the case drags on or requires multiple court appearances.

several studies have found that the fees can reach up to rm30,000 and the eviction process could drag on for half a year.

Additionally, there’s always the potential risk of property damage. In some unfortunate scenarios, tenants may do intentional harm to the property during their exit, resulting in costly repairs and delays in re-renting or selling the unit.

The emotional toll can also be significant. The anxiety, frustration and uncertainty in dealing with a non-compliant tenant can weigh heavily on property owners, making it difficult for them to focus on other aspects of their lives.

understanding that it’s normal for property owners to feel overwhelmed in these situations can be helpful, so seek out support from friends, family or even groups of fellow landlords who can provide the necessary guidance and reassurance needed.

Be proactive

To reduce the risk of facing similar challenges in the future, property owners should consider using several proactive strategies. First and foremost, thorough tenant screening is crucial.

conducting comprehensive background checks that include evaluating rental histories, credit scores and personal references can be beneficial.

A well-informed decision at the outset can minimise the likelihood of disputes later on.

Additionally, it is vital to draft a clear and comprehensive tenancy agreement that explicitly outlines all terms and conditions related to the lease.

This should cover aspects such as payment schedules, maintenance responsibilities, acceptable behaviour standards and clear procedures for termination.

A well-defined agreement can help forestall misunderstandings and promote clarity among both parties.

Maintaining open lines of communication with tenants is also essential. regular check-ins can help address any concerns they may have before they escalate into larger issues.

Moreover, keeping detailed records of all interactions, payments and formal notices can further protect property owners in any future disputes.

By SAMANTHA Wong samantha.wong@thestar.com.my

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Friday, December 13, 2024

Growth expected as ‘stars aligning’ for country

Why Malaysia is Becoming a Semiconductor Powerhouse

Malaysia has become a winner amidst the ongoing chip war between the U.S. and China, and here's why.

This video is based on publicly available data and analysis. It represents the author’s perspective and should not be taken as professional or financial advice.
Bursa Malaysia chairman Tan Sri Abdul Wahid Omar


 KUALA LUMPUR: Malaysia is in a “sweet spot” for economic growth and investment, with the “stars aligning” in its favour, according to industry leaders and market analysts.

This optimism stems from the country’s robust macroeconomic fundamentals, improving investment climate and strategic positioning in the global supply chain.

Maybank Investment Bank head of regional equity research Anand Pathmakanthan highlighted Malaysia’s acceleration in gross fixed capital formation, driven by a blend of domestic direct investment (DDI) and foreign direct investment (FDI).

“The good news is it’s not just FDI, it’s also DDI, which is far more important in terms of job creation and tax generation,” he said during his presentation at the Institute of Chartered Accountants in England and Wales Economy Insight Conference 2024 yesterday.

Anand said for the last 10 years, local companies have not been investing, which has a lot to do with political instability.

“They’ve been investing less and less in Malaysia, which is always a bad sign for any country,” he said.

But in the last two years, he said Malaysia is seeing a recovery in DDI.

“The recovery in DDI reflects the confidence that domestic businesses are feeling better about the environment. That (DDI) is going to be a key support when issues about trade crop up next year with Trump 2.0,” he said.

Meanwhile, Anand said Budget 2025 is “very well-balanced,” emphasising initiatives to crowd-in private sector investments.

He projected continued economic growth, supported by a civil service pay hike, minimum wage increases and enhanced cash handouts, which would sustain domestic consumption in 2025.

“Malaysia is in a very sweet spot, especially when it comes to attracting supply chain relocation and FDI,” he said.

Anand projected Malaysia’s gross domestic product (GDP) to conclude at 5.2% in 2024 and 4.9% in 2025, outpacing the Asean-6 regional average of 4.8% in 2024 and 4.7% in 2025.

Affin Bank Bhd president and chief executive officer Datuk Wan Razly Abdullah echoed the optimism, projecting GDP growth of 5.2% in 2025, up from the bank’s projection of 5% for this year.

He attributed this to stable oil prices, elevated crude palm oil (CPO) prices and active construction and technology sectors.

“The elevated price of oil and CPO will provide good income streams,” he said, adding that Johor and Klang Valley developments would boost the property sector.

“The stars are aligning for Malaysia thanks to our stable political environment and strong FDI flows.”

Wan Razly also expressed bullishness on the ringgit, predicting it to strengthen to RM4.10 against the US dollar by end-2025, supported by the US Federal Reserve interest rate cuts.

Adding to the optimism for Malaysia’s economic prospects, Bursa Malaysia chairman Tan Sri Abdul Wahid Omar highlighted the robust performance of the local bourse, driven by a favourable investment environment and strong macroeconomic fundamentals.

“Malaysia has been a vibrant market for initial public offerings (IPOs) this year. Up to the end of November, we had 47 listings that raised a total of US$1.5bil. By year-end, we expect to close with 54 or 55 listings,” he said.

He noted that the average daily trading value for 2024 has increased by over 50% year-to-date, reaching approximately RM3.1bil.

Abdul Wahid believes this momentum will be sustained into 2025, with 19 IPO approvals in hand for next year.

“Looking at the pipeline, I think 2025 should be another good year,” he said.

He said “the overall good macroeconomics are being translated into the real world and capital markets,” coupled with a shorter processing time for IPO listings of just three months.

Separately, Abdul Wahid said Malaysia should further tap into the Asean market and leverage its strategic advantages, as the regional bloc is well-positioned amidst global uncertainties, particularly ahead of the United States’ tariff threats on China.

Abdul Wahid urged Malaysia to continue to pursue its relationship with Asean in a pragmatic and constructive manner to further capitalise on the bloc’s 670 million consumers.

“The biggest potential that we have is in Asean. Our trade and investments (in the bloc) is relatively low compared to other trade partners and that can be enhanced further,” he said.

Abdul Wahid also emphasised that Malaysia should not be mutually exclusive to any specific trade groupings, trade talks or bilateral agreements and should focus on further strengthening trade relationships.

In the realm of inflation, both Anand and Wan Razly anticipate a rise to 3% in 2025, up from the current 1.9%, mainly due to the targeted petrol subsidy scheduled to take effect mid next year.

Despite the projected uptick, both of them said Malaysia’s inflation rate will stay within a healthy range, underpinned by strong macroeconomic fundamentals and effective policy measures.

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