Impact investing on the rise: BNP survey | FinanceAsia

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Impact investing is gaining in popularity across the globe, but a lack of harmonised environmental, social and governance (ESG) data, regulations and standards pose barriers to its development in Asia, a BNP Paribas survey suggested.

“Asia Pacific (Apac) is behind Europe, which has already integrated broader ESG topics such as inequalities and biodiversity. But it is ahead of North America which is highly fragmented over this topic,” Jules Bottlaender, Apac head of sustainable finance at BNP Paribas, told FinanceAsia.

So far 41% of global investors recognise a net zero commitment as their priority, while in Apac, 43% have set a due date to achieve net zero targets, according to the survey.

The global survey, titled Institutional investors’ progress on the path to sustainability, looked into how institutional investors across the globe are integrating their ESG commitments into implementation.

It gathered data from 420 global hedge funds, private capital firms, asset owners and asset managers between April and July 2023. Among them, 120 (28.6%) are from Asia Pacific (Apac) markets including China, Hong Kong, Singapore and Australia.

Impact investing

Impact investing, a strategy investing in companies, organisations and funds generating social and environmental benefits, in addition to financial returns, is a global trend that in the next few years, is set to overtake ESG integration as the most popular ESG strategy, the report revealed.

Globally, ESG integration dominates 70% of investors’ ESG investment strategies, but the proportion is expected to drop by 18% to 52% over the next two years. In contrast, 54% of respondents reported a plan to incorporate impact investing as their primary strategy by that time.

European investors have the greatest momentum in adopting impact investing at present, with 52% employing impact investing. While in the four markets in Apac, the proportion stood at 38%.

Negative screening took a lead as a major strategy of 62% investors surveyed in Apac. In the next two years, the figure is set to shrink to 47%, overtaken by 58% estimating to commit to impact investing.

“Impact investing is a rather new concept for most people [in Asia]. It is driven by the need to have a clear and tangible positive impact,” Bottlaender said.

An analysis from Invesco in March 2023 pointed out that while impact assessment is key to a measurable outcome of such investments, clear and consistent frameworks are required to avoid greenwashing acts.

“There is no singular standard for impact assessment,” the article noted. On the regulatory side, specific labelling or disclosure requirements dedicated to impact investing have yet to come in Asia.

Private markets, including private debt, private equity and real assets, will take up more sizeable share of impact investing asset under management (AUM), it added.

Bottlaender echoed this view, saying that current regulatory pressure in Asia “is almost all about climate”. As a result, Asian investors’ ESG commitments are mostly around climate issues such as including net zero pledges and coal divestment, before stronger taxonomies and broader ESG regulations which are set to be finalised over the next few years.

Data shortage

A lack of ESG data is one of the greatest barriers to investors’ commitments, as respondents to the survey reported challenges from inconsistent and incomplete data. The concern is shared by 73% of respondents across Apac, slightly higher than a global average of 71%.

Bottlaender explained that although mandatory reporting of climate data is adopted in certain regulations, a majority of ESG data is submitted voluntarily.

This leads to a fragmentation and inconsistency of sources based on the various reporting standards they adhere to. Moreover, the absence of third-party verification results weighs on the accuracy and reliability of the data provided, he continued.

He shared that investors are either engaging directly with companies to encourage standardised reporting practices, or relying on data providers, or leveraging technology to carry out quality control to address the lack of ESG data.

But “significant gaps persist, especially concerning private companies and aspects like scope 3 emissions.”

“As a result, investors must be extremely cautious when advancing any ESG claim or commitment,” he warned.

¬ Haymarket Media Limited. All rights reserved.

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Fight breaks out in Singapore rugby match after player kicks opponent who lay motionless

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Responding to CNA’s queries on Tuesday, the Singapore Rugby Union said it was a “regrettable incident” between two players who are friends off the field. It said it could not reveal the names of the players involved.

Singapore Rugby Union’s general manager Sidney Kumar said the Oldham player did not suffer a serious injury.

Cards were issued to the Saints player who kicked the injured Oldham player, as well as those involved in the fight. Singapore Rugby Union has “engaged the club presidents and the players involved”.

“The rugby community is close knit and both sides have expressed their regret that the incident happened. Both players have apologised to each other and are awaiting the judicial outcomes,” he said.

Mr Kumar added that the Singapore Rugby Union has a “comprehensive judiciary process which is in line with how world rugby deals with these incidents”.

“Our team of trained lawyers and judicial officials will deliberate and determine the extent of action to be taken,” he said.

“There is no place in rugby for this kind of behaviour and the matter will be dealt with harshly.”

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NUS student left spy cams disguised as smoke detectors in hostel toilets to look at naked women

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SINGAPORE: A student with the National University of Singapore (NUS) gained access to a hostel using his sister’s key card and placed spy cameras disguised as smoke detectors in women’s toilets.

He was caught while checking on a spy cam and using the bathroom after a female student spotted his phone, which had been left on a ledge facing the toilet door for monitoring purposes.

A total of 23 video recordings of five female victims showering were retrieved from his MacBook after he was arrested.

Ng Yong Kuan, now 27, pleaded guilty on Tuesday (Nov 14) to one charge each of criminal trespass and possessing intimate recordings likely to cause humiliation to those depicted in the clips.

Another two charges will be considered in sentencing.

The court heard that Ng’s sister was also a student at NUS and had stayed in a hostel for NUS students for about two years. The hostel is accessible only to residents with key cards.

Ng began staying in his sister’s hostel room as there were renovations underway at his house. He would use his sister’s key card to gain access to the building.

THE SPY CAMS

In May 2019 and February 2020, Ng bought two motion-activated spy cams disguised as smoke detectors for about S$200 each.

He had chanced upon the devices on Google and purchased them to look at naked women.

In October 2019, Ng entered the women’s toilet in the hostel at about 2am to 3am. He used tape to fix a spy cam on the ceiling of the toilet.

The camera captured female victims showering in the toilet cubicle, and Ng removed the camera a week later, transferring the captured images and footage to his laptop for viewing or saving.

In February 2020, Ng placed a spy camera in another women’s toilet in the same building. He retrieved it a week later to watch the footage.

He also placed spy cams in toilets on two other occasions.

In the wee hours of Mar 7, 2020, Ng placed another device in a women’s toilet in the building – his fifth occasion doing so.

He returned to the toilet at about 5am that day to check on the device and to use the bathroom.

While Ng was in the toilet, a 21-year-old female NUS student entered the washroom and found that the main door granting access to the cubicles was locked.

She saw a handphone on a ledge facing the door. Ng had set up the phone to face the entrance of the washroom earlier, as he wanted to be alerted if someone approached.

The female student went to tell a male student what she had seen, and the pair returned to the washroom and tried to open the door.

When they could not, they sought help from campus security.

A security officer unlocked the main toilet door for the pair, and the trio entered the washroom.

All the cubicles inside were unlocked, except the one nearest the exit, which Ng was occupying.

The security officer knocked on Ng’s cubicle and asked whoever was inside to come out, but Ng did not respond.

The security officer then used a key to unlock the cubicle door, but Ng locked the door again from inside the cubicle.

After some time, the security officer managed to open the cubicle door and found Ng inside with a tote bag.

She brought Ng to a lounge room while one of her colleagues called the police, who arrested Ng.

His laptop was seized and found to contain 23 recordings of five female victims showering.

The defence sought a report assessing Ng’s suitability for mandatory treatment, which the prosecution objected to.

Deputy Public Prosecutor Selene Yap sought four to six months’ jail for Ng.

“This is not a case involving an offender whose faculties were so impaired by his psychiatric condition that rehabilitation ought to take centre-stage and displace the principle of deterrence,” said Ms Yap.

She said Ng’s offences were carefully premeditated and carefully considered. He selected toilets on female-only floors and entered them to install the “nefariously disguised spy cameras”, said Ms Yap.

His practised modus operandi of installing and removing the devices undetected spoke to the goal-directed nature of his pursuits, she said.

The judge called for a mandatory treatment order suitability report and adjourned sentencing to December.

CNA has contacted NUS for more information on Ng’s status with the school.

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Two nabbed for launching fireworks at police in Lembah Subang

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PETALING JAYA: Two men causing a disturbance by playing with fireworks have been arrested after they launched fireworks towards the police.

In a statement on Tuesday (Oct 14), Petaling Jaya OCPD Asst Comm Mohamad Fakhrudin Abdul Hamid said that a police team on Nov 13 at around 4.35am had responded to complaints by residents in a housing area in Lembah Subang.

“At the scene around 50 residents had congregated to show their displeasure and fear over the loud fireworks that had continuously been launched, to the point where it had disturbed public security.

“Fireworks were also launched at the responding police team at the scene by the suspects,” he said.

Two men in their twenties were apprehended shortly after, with both having previous criminal and drug related offences.

Both have been remanded for two days.

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RM15,000 max recruitment cost for new Indonesian domestic worker, says Human Resources Ministry

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PETALING JAYA: The maximum recruitment cost for a new Indonesian domestic worker (PDA) is RM15,000, and application can only be done via Sistem Maid Online (SMO) and SIPERMIT owned by the Indonesian Embassy, says the Human Resources Ministry.

In a statement, the ministry said that any employer who wanted to employ an Indonesian PDA must use Agensi Pekerjaan Swasta (APS) and the Indonesian Embassy.

This was due to the Memorandum of Understanding (MoU) between the Malaysian and Indonesian governments.

“The process for Indonesian PDA involves the Peninsular Malaysian Labour Department (JTKS), the embassy and the Immigration Department (JIM).

“In terms of permit renewal with JIM, no confirmation from JTKS is required unless the PDA passport is still valid.

“Employers can continue to renew work permits at JIM without going through the APS service.

“If the PDA passport has expired, the employer is required to submit a new application by using APS to liaise with the Indonesian Embassy,” the ministry said on Tuesday (Nov 14).

The ministry added that this requirement was already enclosed in the MoU, however the payment rate for renewal was not set.

It added that the issue of renewing Indonesian PDA work permits would be discussed soon during the Joint Working Group Meeting for the Memorandum of Understanding between Malaysia and Indonesia on the Employment and Protection of Indonesian Domestic Workers.

For hiring PDAs from other source countries, the ministry said that it could be done through APS or by the employers themselves.

The cost for PDAs from other countries were subject to the APS offer and the consent from the prospective employer’s agreement.

“The JKTS is also not involved in the permit renewals for other source countries, and employers are to submit renewals to JIM.

“The payment rate is subject to mutual agreement between the employer and APS (if the employer uses APS services),” the ministry said.

Any other form of payments was based on what was stipulated in the contract agreed between the APS and the employer, the ministry added.

For disputes between the APS and the employer, complaints can be made to the Consumer Tribunal or through the civil court.

Every private employment agency carrying out PDA management activities must have a valid license issued by JTKS.

Under the Private Employment Agencies Act 1981, APS can charge a placement fee not exceeding the employee’s one-month salary if the charge was imposed on them.

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Federal Court commutes death, natural life jail sentences of 11 for convicted for drug trafficking

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PUTRAJAYA: The Federal Court has commuted the death and natural life imprisonment sentence of eleven individuals who were convicted of drug trafficking under the Revision of Sentence of Death and Imprisonment for Natural Life (Temporary Jurisdiction of the Federal Court) Act.

Seven of the death row inmates, including two Thai nationals, had their death sentences commuted to life imprisonment of 30 years, while another four had their natural life imprisonment sentences commuted to life imprisonment of 30 years.

The three-member bench comprising Chief Justice Tun Tengku Maimun Tuan Mat, Chief Judge of Malaya Tan Sri Mohamad Zabidin Mohd Diah and Federal Court judge Datuk Nordin Hassan heard the reviews from the eleven individuals and allowed their applications.

They are the first batch of applications heard by the Federal Court bench on Tuesday (Nov 14). Another 14 review applications will be heard by the Federal Court on Thursday (Nov 16).

The seven prisoners whose death sentences were commuted to life imprisonment are Teh Hock Leong, 52; Mohd Salleh Yunos, 52; Wan Mazuki Wan Abdullah, 46; Wan Mohd Azman Hassan @ Wan Ali, 50; Nazarrimi Sahib, 46; and Thai nationals Ouseng-Same-Ae, 54, and Mama Sobri Useng, 52.

The other four inmates – Zulkipli Arshad, 48; Wan Yuriilhami Wan Yaacob, 60; Ghazalee Kasim, 53; and Mohamad Junaidi Hussin, 52 – were convicted and sentenced to death by the separate High Courts for similar offences.

They then filed for clemency to the Pardons Board and had their death sentences reduced to natural life imprisonment.

They filed their review applications to the Federal Court to have their natural life imprisonment sentences commuted to life imprisonment.

In Tuesday’s proceedings, Attorney General’s Chambers (appellate and trial division) head Datuk Mohd Dusuki Mokhtar and deputy head Datuk Yusaini Amer Abdul Karim appearing for the prosecution did not object to the review applications.

Justice Tengku Maimun Tuan Mat ordered all of them to begin their life imprisonment sentences from the date of their arrests.

She also ordered Wan Mazuki and Nazarrimi to be given 12 strokes of the rotan each. All eleven of them were detained in prison between 21 and 24 years.

The review applications were filed under the Revision of the Sentence of Death and Imprisonment for Natural Life (Temporary Jurisdiction of the Federal Court) Act 2023 which took effect on Sept 12, 2023, conferring the Federal Court with the discretion to review cases involving death sentence.

This follows the enforcement of another new law – the Abolition of Mandatory Death Penalty Act 2023 – which came into force on July 4 this year. Under the new law, the mandatory death sentences for offences such as drug trafficking and murder have been removed.

The law gives judges the choice to impose either a death penalty or imprisonment for not less than 30 years but not exceeding 40 years, and if not sentenced to death, shall also be punished with whipping of not less than 12 strokes for male convicts below 50 years of age.

The eleven individuals were respectively convicted for trafficking in methamphetamine and cannabis weighing between 93.7g and 50.65kg.

In Tuesday’s proceedings, lawyers Datuk Hisyam Teh Poh Teik, Guok Ngek Seong appeared for Teh, while lawyer Mohd Fazaly Ali Mohd Ghazaly represented Mohd Salleh, and Ghazali Ismail was the counsel for Wan Marzuki.

Lawyer Abdul Rashid Ismail appeared for Wan Mohd Azman and Ouseng-Same-Ae, counsel Anwar Ezzad Zainal for Nazarrimi, lawyer Cheah Poh Loon for Mama Sobri, Ameerul Aizat Noor Haslan for Zulkipli, lawyer Muhamad Izwan Ishak for Wan Yuriilhami and lawyer Mohd Hamizi Mohd Yusof represented Ghazalee and Mohamad Junaidi Hussin. – Bernama

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Sabah Parks hopeful month-long Sipadan closure will do ecosystem some good

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KOTA KINABALU: Sabah Parks hopes to see a rejuvenated marine ecosystem in the dive haven of Sipadan when it reopens at the end of this month.

Sabah Parks director Dr Maklarin Lakim said although a month might not seem enough time for the seabed to recover, it was better than taking no action at all.

“This one-month (break) is better than not taking any initiative to conserve and rest the marine ecosystem in Sipadan from scuba diving and other activities,” he said when contacted on Tuesday (Nov 14).

ALSO READ: Sipadan closed a month for recovery

He said the very presence of humans in the marine environment disrupts the ecosystem.

“Thus, we need to take measures to let the area ‘breathe’ and rest. We need to reduce the stress on the ecosystem, just like during the Covid-19 pandemic when all non-essential activities were halted,” he added.

ALSO READ: Preparing the youth to care for coral reefs

He said given time to recover, the marine ecosystem would be better able to withstand climate change and issues such as coral bleaching.

He said harm to marine ecosystems can be physical, such as coral bleaching and reef damage.

ALSO READ: Man detained after drift net found at dive site in Sipadan Island

“It could also be non-physical, such as changes in the characteristics and behaviour of fish and other marine life, including reduced populations of certain species,” Maklarin said.

On Nov 1, he announced the closure of Sipadan Island for a month to allow for its recovery following a consensus among tourism players and stakeholders in March.

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ICBC flies top executives to US in race to contain hack fallout

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Within days of a cyberattack at its US unit, members of Industrial & Commercial Bank of China Ltd’s management were on a plane.

Officials from the world’s largest lender arrived in the US over the weekend in a hastily arranged trip to limit fallout from the incident last week, people with knowledge of the situation said. As they sought to calm markets through a steady stream of discussions and calls, one question remained unanswered: When will the stricken systems start functioning again?

The bank is racing to reassure market participants it has a handle on the situation following the attack by prolific ransomware gang LockBit, which rendered it unable to clear swathes of US Treasury trades and forced many to reroute their orders. The firm has yet to restore normal operations.

On Friday, senior ICBC executives spoke with hundreds of member firms of the Securities Industry and Financial Markets Association in a bid to allay concerns, according to people familiar with the matter who asked not to be identified discussing private information. Some participants left without a clear outline of ICBC’s response, one of the people said.

ALSO READ: World’s biggest bank has to trade via USB stick after hack

And while the bank has been working to restore access to its systems, a subsequent investigation and ongoing discussions with regulators have made any resumption of normal service hard to predict, one of the people said.

The incident also prompted China’s National Administration of Financial Regulation to issue guidance last week pressing large banks with offshore units to bolster their defenses against potential cyber attacks, another person familiar with the matter said.

Representatives for ICBC didn’t immediately respond to requests for comment. A representative for Sifma declined to comment. The NAFR didn’t immediately respond to a request for comment.

ICBC confirmed in a statement on Thursday that a ransomware attack at its ICBC Financial Services unit had disrupted some of its systems and that it was conducting a thorough investigation. Its head office and other domestic and overseas units weren’t affected, it said. On Monday, LockBit said that it had received a ransom payment from ICBC, without giving further details.

The extent of the disruption caused by the attack wasn’t immediately clear, though participants in the US$26 trillion Treasury market reported liquidity was being affected. Traders were still finding it hard to settle transactions more than a day after the attack.

ICBC is working with its US banking partners to help clear transactions as it seeks to resolve the cyber issues, one of the people said. Still, some participants were concerned about connecting with the bank digitally until they had resolved the security issues, said the person. In the immediate aftermath, ICBC held discussions about hiring Google-owned cybersecurity firm Mandiant for incident response, though no agreement to work together was reached.

If recent ransomware attacks are any indication, it could take weeks for ICBC to restore its operations to normal.

LockBit, a criminal gang with ties to Russia, specialises in using malicious software known as ransomware to encrypt files on its victims’ computers, then demanding payment to unlock the files.

Earlier this year, it took credit for an attack against ION Trading UK that paralysed derivatives trading across markets for everything from commodities to bonds and forced several banks and brokers to process trades manually. – Bloomberg

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Discussing 3R issues is allowed as long as no laws are broken, Dewan Rakyat told

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KUALA LUMPUR: Matters related to race, religion and royalty (3R) can still be discussed within the limits of the law, says Deputy Home Minister Datuk Seri Shamsul Anuar Nasarah (pic).

The government has no plans to enact specific laws or guidelines on 3R issues as it can be open to exploitation by irresponsible parties, he added during Question Time in the Dewan Rakyat on Tuesday (Nov 14).

“Not everything related to 3R is prohibited, as long as it does not break any laws and regulations.

ALSO READ: No plan to change current laws related to governing 3R issues (https://www.thestar.com.my/news/nation/2023/11/08/no-plan-to-change-current-laws-related-to-governing-3r-issues)

“However, a better approach is to not discuss 3R matters openly as it could cause other parties to be uncomfortable,” he said in response to a supplementary question from Manndzri Nasib (BN-Tenggara).

Shamsul Anuar said police had issued warnings about debates and discussions on 3R matters to avoid situations that could affect public order.

“Anyone not satisfied with the action taken by the authorities can use existing channels to report … misconduct, including through the Independent Police Conduct Commission (IPCC),” he said.

ALSO READ: Home Ministry defends police probe into 3R issues (https://www.thestar.com.my/news/nation/2023/10/24/home-ministry-defends-police-probe-into-3r-issues)

To an earlier question from Datuk Seri Takiyuddin Hassan (PN-Kota Baru), Shamsul Anuar revealed that 60 out of 104 cases related to 3R issues have been completed while the remaining 44 cases were still being investigated.

“To be specific, there are 47 cases related to the royal institution, 30 cases involving religion, and 27 cases related to race.

ALSO READ: Enact new 3R law to clarify offences, says Takiyuddin (https://www.thestar.com.my/news/nation/2023/10/23/enact-new-3r-law-to-clarify-offences-says-takiyuddin)

“Actually, if we look at the figures… under the Sedition Act 1948, between 2010 and September this year, only 19 were charged out of 960 cases investigated.

“This shows that we are transparent and do not simply take action against anyone.

“Police investigations always follow standard operating procedures and regulations,” he added.

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Johor plans to build next airbase as state turns into petrochemical hub

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PASIR GUDANG: Priority will be given to Johor in building the next airbase, which is in line with the government’s plan to turn the state into a petrochemical hub.

The Fire and Rescue Department director-general Datuk Seri Abdul Wahab Mat Yasin (pic) said that currently, the department only had one airbase for the northern zone in Bertam, Penang.

The department was planning to have at least four more air bases in Johor for the southern zone, Terengganu or Pahang for the eastern zone, and one each in Sabah and Sarawak, he added.

“We hope to be able to get government land near Senai International Airport, as the facilities are already there.

“The development cost is around RM50mil for a complete airbase from the office to the helipad; we will send this request to be included in next year’s budget.

“Right now we are currently in discussion with the state government and the land and mine office so that we could send the proposal,” he said.

He said this when met by reporters after the Excellent Service Award 2022 at Tanjung Puteri Resort, here, on Tuesday (Nov 14).

Abdul Wahab added that having the airbase in Johor is important as it will give investors safety assurance to invest in the state.

“We expect Johor to be the next airbase after Subang, which will cover the middle zone. The base is currently in development and is expected to be completed within the next two years,” he added.

More to come.

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