Latest news with #ESSB
The Star
27-07-2025
- Business
- The Star
25 scholars on global track
Set to soar: The scholarship recipients with (centre row, from left) Kim Yee, Prof Zhang, Wang, Prof Sze Wei and Tee. THE opportunity to pursue tertiary education both locally and abroad is now within reach for 25 scholarship recipients. Thanks to the Malaysia-China Talent Development Programme, 10 Tunku Abdul Rahman University of Management and Technology (TAR UMT) students will pursue a Bachelor of Metallurgical Engineering micro-credential programme, spending the first two years here, followed by another two years at the University of Science and Technology Beijing (USTB). The other recipients will take up bachelor's degrees in accountancy, finance, investment, electrical and electronics engineering, mechanical engineering, and mechatronics, including four students from Universiti Tunku Abdul Rahman (UTAR). Now in its second year, the initiative is a collaboration between TAR UMT, USTB and Eastern Steel Sdn Bhd (ESSB). The cross-border integrated programme aims to bridge the gap between academia and industry at a global level. The scholarship award presentation ceremony was held recently at the TAR UMT main campus in Kuala Lumpur, attended by its president Prof Datuk Dr Lee Sze Wei, USTB International Students Centre deputy director Prof Zhang Hu, ESSB chief executive officer Wang Shenghua, ESSB executive director Datuk Tee Choon Hock, and UTAR Lee Kong Chian Faculty of Engineering and Science deputy dean Dr Lee Kim Yee. In his speech, Prof Lee said the programme offers a clear and future-focused pathway for developing talent by bridging education and career in a seamless and purposeful way. 'This helps to close the academia-industry gap and meet the growing demand for graduates who are well-educated and workforce-ready,' he said. His counterpart Prof Zhang, meanwhile, said both sides have worked diligently to improve the programme's structure, enhance coordination, and support participating students more effectively, following the pioneer initiative in July last year. 'This reflects our commitment to strengthening collaboration with industries, integrating academic learning with practical experience, and ensuring the growth of both education and the workforce,' he said. Separately, Wang said the first batch under the programme has shown results, with two of the students joining the company and contributing their expertise. 'The success is not only a concrete action towards empowering local talent and investing in the future, but also a vital step in fostering deeper integration between education and industry in both Malaysia and China.' Scholarship recipient Mei Jian Hao expressed his gratitude for the opportunity to further his studies at both TAR UMT and USTB. 'This will help deepen our technical knowledge and abilities, broaden our horizons, and lay a strong foundation for our future careers.' Another recipient Heng Jen Yi said he was selected after going through interviews, based on his academic results and active participation in extracurricular activities in school. 'The scholarship and the opportunity to study overseas will inspire us to strive harder in pursuit of our dreams,' he said.
The Sun
24-07-2025
- Business
- The Sun
TAR UMT marks second year of Malaysia-China talent programme
Tunku Abdul Rahman University of Management and Technology (TAR UMT) recently celebrated the second year of its pioneering cross-border talent development initiative, which aims to bridge the gap between academia and industry on a global scale. In collaboration with the University of Science and Technology Beijing (USTB) and Eastern Steel Sdn Bhd (ESSB), TAR UMT launched the Malaysia-China (University-Industry Collaboration) Talent Development Programme to equip students with both academic knowledge and practical skills essential for today's competitive workforce. The opening ceremony for the second batch of students took place on 17 July at TAR UMT's Kuala Lumpur campus. The event was graced by TAR UMT President Prof Dato' Indera Dr Lee Sze Wei, Prof Zhang Hu, Deputy Director of the International Student Center at USTB, ESSB CEO Wang Shenghua, and Dr Lee Kim Yee, Deputy Dean of the Lee Kong Chian Faculty of Engineering and Science at Universiti Tunku Abdul Rahman (UTAR). A key highlight of the ceremony was the awarding of the 2025 ESSB scholarships to 25 deserving students, enabling them to pursue their chosen programmes with full support. Among the recipients, 10 students enrolled in the Bachelor of Metallurgical Engineering micro-credential programme will spend two years at TAR UMT before continuing their studies at USTB in Beijing. The scholarship also supports five TAR UMT students studying accountancy, finance, and investment, alongside six students in engineering disciplines, including electrical and electronics, mechanical, and mechatronics engineering. The remaining four recipients are UTAR students, highlighting the broad reach and impact of the initiative. In his opening remarks, Prof Dato' Indera Ir Dr Lee emphasised the importance of the programme. 'Launched in July 2024, this initiative provides a clear and forward-looking pathway for talent development by seamlessly integrating education with career preparation. It effectively closes the gap between academia and industry, meeting the growing demand for graduates who are both well-educated and workforce-ready.' Prof Zhang echoed this sentiment, noting ongoing improvements to the programme. 'Since last year, we have refined the programme's structure, strengthened coordination, and enhanced support for students. This reflects our dedication to forging strong ties with industry, combining academic learning with real-world experience, and promoting growth in both education and employment sectors.' Sharing the programme's early successes, Wang Shenghua said the first cohort had already made impressive strides, with two graduates now valuable contributors to ESSB. 'This initiative not only empowers local talent and invests in the future but also fosters closer integration between education and industry in Malaysia and China.' One of the beneficiaries, Bachelor of Metallurgical Engineering student Mei Jian Hao, expressed his gratitude: 'We are deeply grateful to ESSB for their generous support, which allows us to experience student life in both Malaysia and China. This unique opportunity will expand our technical skills and global perspective, laying a strong foundation for our future careers and inspiring us to pursue our dreams with determination.' TAR UMT's Malaysia-China Talent Development Programme continues to set a benchmark for cross-border educational collaboration, nurturing a new generation of globally competitive professionals.
The Star
02-07-2025
- Business
- The Star
Hiap Teck eyes stronger recovery through ESSB gains
HLIB Research expects the group's earnings to remain under pressure in the near term. PETALING JAYA: Hiap Teck Venture Bhd is expected to post another muted quarter in the fourth quarter of financial year ending July 31, 2025 (4Q25), weighed down by persistent weak steel prices, lingering uncertainties from US tariffs and the sluggish pace of domestic infrastructure project rollouts. In 3Q25, the group posted a net profit of RM34.28mil on the back of RM344.84mil in revenue, compared with RM46.82mil and RM399.68mil, respectively, in the corresponding quarter a year earlier. For the cumulative nine months, Hiap Teck reported a net profit of RM89.41mil and revenue of RM1.09bil. Its core net profit dropped 42.9% year-on-year to RM47mil, primarily due to margin compression in its trading and downstream segments, driven by weaker selling prices and reduced sales volumes. These factors offset stronger contributions from its 27.3%-owned associate Eastern Steel Sdn Bhd (ESSB), which saw core earnings rise to RM71.1mil. The improvement came on the back of higher sales volumes that helped mitigate lower average selling prices. Looking ahead, Hong Leong Investment Bank (HLIB) Research expects the group's earnings to remain under pressure in the near term, citing macroeconomic challenges in China and the delayed rollout of local infrastructure projects as key headwinds. However, steady contributions from the scaffolding division and ESSB are expected to help cushion the impact as Hiap Teck gradually increases capacity utilisation at its hot rolled coil (HRC) plant. The research house also pointed out that ESSB's HRC plant, which began operations in December 2024, is currently running at about 50% capacity. Hence, Hiap Teck is looking to ramp up utilisation to near 100% by the end of 2025, which will further bring down its unit conversion cost. HLIB Research has revised its financial year 2025 (FY25) to FY27 core net profit forecasts lower by 3.3%, 0.9% and 3.8%, respectively, to reflect reduced sales volume assumptions. Despite the near-term earnings weakness, the research house maintained a 'buy' call on Hiap Teck with a lower target price of 34 sen, based on a revised valuation of 6.5 times FY26 core earnings per share of 5.2 sen.
New Straits Times
02-07-2025
- Business
- New Straits Times
Hiap Teck's tepid earnings may continue in Q4: HLIB
KUALA LUMPUR: Hiap Teck Venture Bhd's subdued earnings performance is expected to continue into the fourth quarter of 2025 (4Q25). This is mainly due to ongoing weak sentiment in steel prices, uncertainties surrounding US tariffs and the sluggish rollout of domestic infrastructure projects. However, Hong Leong Investment Bank Bhd (HLIB) said the impact will be partially cushioned by stable contributions from the scaffolding business and Eastern Steel Sdn Bhd, as management continues to ramp up capacity utilisation at its hot-rolled coil (HRC) plant. "We trim our core net profit forecasts for the financial years 2025 to 2027 (FY25-FY27) by 3.3 per cent, 0.9 per cent and 3.8 per cent respectively, mainly to reflect lower sales volume assumptions," the firm said in a note. Hiap Teck's core net profit declined 42.9 per cent to RM47.0 million for the nine months ended FY25 (9MFY25), as the improved contribution from its 27.3 per cent-owned ESSB was more than offset by margin compression in the trading and downstream segments, due to weaker selling prices and lower sales volumes. As for ESSB, its core earnings contribution rose 13.6 per cent to RM71.1 million in 9MFY25, supported by stronger sales volumes that more than offset the impact of lower selling prices. The improvement was driven by the continued ramp-up in capacity utilisation since early 2024. ESSB's HRC plant, which began operations in Dec 2024, is currently operating at around 50 per cent. The company aims to increase the utilisation to nearly 100 per cent by the end of 2025, which would help reduce its unit conversion cost further. Overall, HLIB maintained a "Buy" call on Hiap Teck with a lower target price of RM0.34. Despite near-term earnings headwinds, the firm said it continues to favour Hiap Teck for its healthy balance sheet and attractive valuations.
Yahoo
14-05-2025
- Politics
- Yahoo
Please sign Washington's first slavery reparations study
As a 28-year-old Black millennial, husband, minister and president of the Tacoma Branch NAACP, I'm writing you because today Washington state stands at an historic turning point. The Legislature has passed Engrossed Substitute Senate Bill (ESSB) 5167, a $78 billion biennial budget bill which includes just $300,000 to fund Washington's first study on reparations for descendants of victims of U.S. chattel slavery. Gov. Bob Ferguson, we realize you possess line-item veto power, but please preserve this funding in your budget. This funding creates the Charles Mitchell and George Washington Bush Study on Reparative Action, named in honor of two Black pioneers who faced pre- and post-civil war racism in the early Northwest. Charles Mitchell was a Black child who was enslaved in Washington territory and won his freedom by escaping to Canada in 1860, documenting slavery's early existence on Washington soil. George Washington Bush was one of the earliest permanent Black settlers in the Washington territory. This study will examine the impact of slavery on all Washington citizens and propose concrete recommendations to the governor, the legislature and the U.S. Congress. This study is not just about history. This study is about our future. I stand with a new generation of young Washingtonians who do not want to just survive in life. We want to thrive! We have witnessed the results of federal reparations for other ravaged communities. Japanese Americans received reparations in the 1980s for their World War II internment. Indigenous nations received reparations in the form of land settlements and restitution due to decades of broken treaties. Finally, the Luxembourg Agreements cemented Holocaust reparations which continue for Holocaust victims and their heirs to this day. Yet Black Americans, whose ancestors endured 246 years of slavery and centuries of lost generational wealth, have only received short-lived government programs like affirmative action and diversity, equity and inclusion, which the current White House is blowtorching nearly every day. Washington is not alone on this reparations journey. We join states like California, New York and Colorado, which are already undertaking the serious work of reparative justice. We owe the funding of Washington's historic study to courageous leaders like Sen. Bob Hasegawa, State Rep. Chipalo Street and attorney and former House Majority Whip Jesse Wineberry, who in the 80s delivered reparations checks to Japanese survivors of World War II internment camps and returned to Olympia this year to testify in the House and Senate for the reparations study. We thank community stakeholders like the NAACP, Washington Equity Now Alliance (WENA), Democrats for Diversity and Inclusion (DDI), Tacoma-Pierce County Black Collective, Seattle-King County African-American Reparations Committee (SAARC), American Renewal 1870, Community Passageways, National Council of Negro Women (NCNW), Olympia Mayor Dante Payne, Olympia City Council and others who raised their voices in Olympia to make this study possible. Now, Gov. Ferguson, we need you to finish what the legislature has begun for three critical reasons: Understanding Washington's projected $12-13 billion revenue shortfall, ESSB 5167 allows community stakeholders to raise non-state funding for this study through public, private and philanthropic partnerships. Only the federal government, not the state, is expected to provide chattel slavery reparations. The Republican controlled Congress recently reintroduced H.R. 4321 to penalize states that fund slavery reparations programs with the loss of federal funding. Should H.R. 4321 become federal law, Washington state will be prohibited from funding any future slavery reparations initiatives without jeopardizing billions of federal funding for our state. Therefore, please approve the Legislature's $300,000.00 funding now because this may be our state's last chance to fund any reparations programs. As a man of faith, I cherish the biblical year of jubilee, which signifies a time for restoration with a renewed commitment to forgiveness and reconciliation. Gov. Ferguson, in the spirit of jubilee, please sign Washington's first reparations study. Rev. Malando D. Redeemer Rev. Malando D. Redeemer is the president of the Tacoma branch of the NAACP. He is the youth and young adult pastor at Shiloh Baptist Church in Tacoma. He is also a former labor organizer and contract negotiator for SEIU Healthcare 1199NW and UFCW 3000, and a past fellow of The Martin Luther King Jr. Freedom Center and the Institute for Community Leadership.
