☕️ 33 apps violated regulations in collecting personal data in China
Minister to implement Undi18 within 2021. The USD50bil shadow US dollars that is bigger than thousands of US banks' deposit. Polar + grizzly bear hybrid, Pizzly or grolar bear due to climate crisis.
Sorry for giving you the wrong Covid-19 stats on April 30 2021. Said editor has been placed on leave, over the weekend.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
RM2.3 million — losses from investment scams in Negeri Sembilan with 69 reported scams. Be vigilant.
26 million people or 48.2% of Myanmar’s population could be living in poverty by 2022 according to United Nations Development Programme, compared with 24.8 percent in 2017. The culprits — coronavirus pandemic & the instability following a military coup.
USD 300,000 — the asking price of gold plated Nintendo Wii made for Queen Elizabeth II.
3. COVID-19 SUMMARY
268,800 of AstraZeneca (AZ) Covid-19 vaccination slots were taken up within 3.5 hours on Sunday. Khairy Jamaluddin said 1 mil doses of the vaccine is scheduled to arrive this month. Were you one of them who registered for AZ?
As the pandemic engulfs India, the country broke two records over the weekend — the highest number of daily cases on Saturday (401,993) and the highest number of daily deaths on Sunday (3,689).
Viral message on Selangor’s decision to implement Movement Control Order is untrue according to the Selangor Mentri Besar’s Press Secretariat.
4. IN MALAYSIA 🇲🇾
Home improvement retailer Mr DIY Group (M) Bhd posts record quarterly net profit of RM124.79 mil for quarter March 31 2021 (1QFY21) from RM58.46 mil a year earlier following substantially higher sales. The group declared a dividend of 0.8 sen per share, payable on June 17.
After pressure from multiple groups, Minister in the Prime Minister’s Department (Parliament and Law), Datuk Seri Takiyuddin Hassan has promised to implement Undi18 within 2021 — enabling Malaysians aged 18 to vote in the 15th General Election.
Berjaya Corp Bhd’s revival plan is on full steam ahead as the CEO Abdul Jalil Abdul Rasheed said to New Strait Times editor that the company is planning a reorganisation in June to streamline its businesses and plan to sell-off non-core assets.
Senior Works Minister Datuk Seri Fadillah Yusof has announced that the government has agreed to postpone the increase in toll rates for three major highways — Shah Alam Expressway (KESAS), South Klang Valley Expressway (SKVE) and East Coast Expressway 2 (LPT2). The postponement will cost it an estimated RM2.25 bil in compensation.
Malaysian student, Cheryl Chow Shu Wei (pictured below) from Beaconhouse Sri Inai International School is ‘Top in the World’ for the International General Certificate of Secondary Education (IGCSE) examinations in Chemistry. Kudos!
Local independent think tank Galen Centre for Health and Social Policy has revealed that Kelantan, Selangor and KL vaccinated zero people on a few weekends due to vaccine supply issues. In the last two weeks of April, an average of 23,609 doses were administered daily. At the current rate, it will take approximately 3 years to hit herd community. Do you think our country will be able to reach 80% target by 1Q22?
5. AROUND THE WORLD 🌎
A new breed of bears is becoming more and more common. Pizzly bear, or grolar bear is the hybrid between polar bears and grizzly bears when they mate. It is first identified in the wild in Canada when a hunter killed a bear with white fur and brown patches, which DNA testing subsequently verified that it is a hybrid. The sightings of this hybrid in the Arctic is becoming more common as a result of the climate crisis. Grizzly bears are moving further north with the warming climate and polar bears are increasingly having to search for other food sources, when hunting seals from sea ice becomes difficult with melting ice caps.
Whilst the world is still battling with Covid-19 on the ground, scientists are not losing focus on what could kill humans from above. Experts from the US and European space agencies attended a week-long exercise led by NASA in which they faced a hypothetical scenario - an asteroid 35 mil miles away was approaching Earth and could hit within 6 months.
They have to cooperate and use their technical knowledge to see if anything can be done to stop the impact. The result isn’t good for humanity - given existing technologies and a 6-month timeframe, On the bright side, no asteroids currently pose any threat to Earth at the moment. However, it is estimated at least ⅔ of asteroids 460 feet in size or bigger, which is large enough to cause substantial damage remain undiscovered, hence NASA and other agencies are attempting to prepare for such a situation.
China cyber regulator, Cyberspace Administration of China announced that 33 apps, including map navigation provided by Baidu and Tencent have violated regulations, with most collecting personal information that were not relevant to their services. These tech giants are given 10 days to rectify this issue or be subject to face penalties. The regulator also found that these apps collected personal data without users’ consent.
China has started to rein on its internet companies given their growing influence in every aspect of Chinese life. The government is also said to establish a state-backed venture with some of the country’s biggest e-commerce and payment platforms that would oversee the lucrative data they collect from hundreds of millions of consumers.
Tether, the largest crypto stablecoin, surpassed USD50 bil in circulation, which is more than the insured deposit at all but 44 of the thousands of US banks. Stablecoin is a form of crypto-backed one-for-one by fiat currencies. Tether is the equivalent of USD on crypto that runs on the blockchain, also referred to as USDT mostly being used as a fast and efficient onramp from fiat to crypto to enable the purchase of other cryptocurrencies instead of relying on traditional financial system that is slow and clunky. Tether has been mired in controversy and recently has settled with the SEC of US for USD18.5 mil over its mishandling of its financials to cover up losses.
During Berkshire Hathaway’s virtual shareholder meeting, Warren Buffett’s partner, Charlie Munger, has called Bitcoin ‘disgusting and contrary to the interest of civilisation’ that is ‘useful to kidnappers and extortionists’. Buffett and Munger both have been known to be critical of Bitcoin. If anything we can take away from Munger’s comments, he displayed gross ignorance in Bitcoin, which many of the common arguments against Bitcoin have been debunked, yet kept being recycled.
Munger and Buffett both have been beneficiaries of the rigged, inflationary monetary system where people closer to the system tend to benefit more from expansion of the monetary supply. This is known as the Cantillon Effect, named after the 18th century French banker and philosopher Richard Cantillon. We are observing this effect directly now - with central banks printing money, asset prices have inflated and this has benefited the rich more than the average as they are more plugged in to the financial system. For most people, Bitcoin is an opportunity to protect and hedge themselves against this rigged system.
Besides, for most part of the world, where more than 3 billion live in repressive economies and lacking property rights, Bitcoin serves a humanitarian purpose in such authoritarian regimes and protecting their wealth, or whatever they have left in a broken monetary system. Understanding how Bitcoin helps protect human rights in the video below.