☕️ 3.6 mil EPF contributors have less than RM1,000 in their accounts

New Covid-19 wave expected in Dec 2021. 72% of young Malaysians want to seek work opportunities abroad. The most popular man on TikTok with 114 mil followers.

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

Bambi Blue, an OnlyFans model, managed to make £2.2 mil (RM12 mil) without showing her face. Her parents think she is still at the same office job since she has been working from home. How the pandemic has changed the world.

3.6 mil Employees Provident Fund (EPF) contributors have less than RM1,000 in their accounts, according to the Finance Ministry. A worrying fact — 78% of bumiputra contributors have applied to withdraw their money from EPF savings. The results? 54% of bumiputra members have less than RM10,000 in savings, and 25% have less than RM1,000.

73,554 informers have come forward to provide information about corruption and abuse of power since 2011, but only 527 were given protection under the Whistleblowers Protection Act 2010. A mere 0.7%. Datuk Seri Dr Wan Junaidi Tuanku Jaafar said amendments would be made to the Act to protect whistleblowers better.

72% of young Malaysians (n = 1,004) are considering leaving the country for better employment opportunities, according to a survey run by Employment Hero. To mitigate the issue, Employment Hero co-founder and chief executive officer, Ben Thompson, suggested employers reassess their policies, working culture, and retention strategies. Brain drain is real.


3. COVID-19 SUMMARY


4. IN MALAYSIA 🇲🇾

Politics and Local

  1. Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah has conferred the Panglima Jasa Negara (PJN) award to national squash player Datuk Nicol Ann David. PJN carries the title “Datuk.” She was among the 12 PJN recipients. Congratulations!

  2. Human Resource Minister Datuk Seri M. Saravanan warned that Kedah’s populist decision of banning 4D number forecast shops or legal gambling would lead to illegal ones mushrooming. Finally, someone with some senses in the Cabinet.

  3. Transparency International (TI) gave Malaysia a “D” for its government defence integrity index (GDI) for 2020, which studies the efforts to curb graft in defence and security institutions in 77 countries. Malaysia’s TI chapter president Muhammad Mohan urged the government to seriously look at the high risks of corruption in the defence sector and mitigate the situation.

    Don’t think the two-year compulsory national service will be able to improve this score.

  4. Datuk Seri Najib Razak’s 1MDB RM2.28 bil trial updates — the witness was former 1MDB chief financial officer Azmi Tahir.

Business

  1. Grab Holdings Inc. suffered an embarrassing outage just before the startup is slated to go public in one of the largest SPAC mergers. Disruptions emerged early Tuesday morning across the Southeast Asia region. Were you affected by the outage?

  2. JF Technology Bhd’s (JFTech) reported a record quarterly net profit of RM5.04 mil for 1QFY22 ended Sept 30, 2021, supported by the sustained strong demand from its customers due to the Covid-19 pandemic. The net profit figure translated to a respectable profit margin of 44.5%!

    Remember to join Stockbit’s session with JFTech’s CEO tonight at 8 pm to learn more about the company! Links: Youtube | Facebook

  3. However, things aren’t rosy for Pos Malaysia Bhd as the logistics player reported a net loss of RM43.9 mil for its 3QFY21 ended Sept 30, 2021. The group has been loss-making since 2QFY19 said the net loss resulted from lower revenue and higher finance costs. The management is increasingly confident that its turnaround plan is starting to show improvements. We’ll need to wait until year-end to see any progress.

  4. Bank Negara Malaysia led the effort with several authorities in a joint enforcement action against “fintech company” i-Serve Online Mall Sdn Bhd and its related affiliates for suspicion of committing various offences.

    22 of its premises in Klang Valley were raided, and 45 bank accounts in seven banks were frozen. In addition, RM118.7 mil cash were seized.

  5. FGV Holdings Bhd has appointed Elevate, an independent sustainability and supply chain service provider, as the independent auditing firm to assess the plantation group’s operations against the 11 indicators of forced labour as provided by the International Labour Organization (ILO).


5. AROUND THE WORLD 🌎

  1. A consortium led by Razer Inc’s founder Tan Min-Liang and its non-executive director Lim Kaling plans to privatise the HK-listed maker of gaming hardware at up to HKD35 bil (USD4.5 bil). Both individuals own a combined stake of nearly 60%. The executives have been in talks with PE firm CVC Capital and KKR to partner in this deal. 

    The move comes after the consortium believes Razer has been undervalued in Hong Kong and aims to eventually list Razer in New York to capitalise on higher valuations for tech stocks. The company made a record profit of USD31.3 mil in the first half of 2021. 

  2. An unnamed woman in Argentina has been identified by scientists to be the second person to rid themselves of HIV without medical treatment. The woman contracted HIV in 2013, and after conducting various tests, scientists have confirmed the woman to be HIV-free. The other known patient, Loreen Willenburg - the San Francisco Patient, was the first known case of self-healing patients without medical intervention. These two patients are known as elite controllers - a small subset of HIV patients whose immune systems naturally suppress the virus. 

    In total, four people have been declared to be cured of HIV. 2 of them, however - known as the Berlin Patient and the London Patient - were cured after receiving stem-cell transplants, a risky procedure that scientists have failed to replicate successfully with other patients. 

  3. Leandro Leviste, 28, seeks to raise PHP2.7 bil (USD54 mil) through an IPO for his company, Solar Philippines Nueva Ecija, to build the largest solar power plant in Southeast Asia. The funds will go towards constructing a 500 MW plant in a province 130km north of Manila. This would increase the country’s solar capacity by almost 50% and power about 800,000 homes when completed

    Leviste, an Ivy League grad and son of prominent Philippines politicians, founded the company in 2013 after selling shares in Tesla Motors and SolarCity he bought while attending Yale University. The Philippines is ranked 42nd out of 114 nations in solar capacity at the end of 2020, according to BloombergNEF data. The country is facing challenges, including a shortage of land and transmission capabilities. 

  4. Banking giant JP Morgan is suing Tesla Inc for USD162.2 mil as it accused Elon Musk of breaching a contract related to stock warrants following Musk’s infamous 2018 tweet that he might take Tesla private. The warrants lost substantial value after the tweet was made, and JP Morgan claimed that “Tesla has flagrantly ignored its clear contractual obligation to pay JP Morgan in full”. 

    Late last month, Elon Musk challenged the UN’s World Food Programme on how it believed that USD6.6 bil in funding could prevent 42 mil people across 43 countries from starving and he would “sell Tesla stock right now and do it” if the organisation could show exactly how the money would be spent. Now, the WFP has prepared the proposal, titled “A one-time appeal to billionaires”, which includes USD3.5 bil for food and its delivery and USD2 bil for cash and food vouchers. Read the proposal here

  1. Guanyou Zhou will become Formula One’s first Chinese driver after he was signed by Alfa Romeo for the 2022 season. The 22-year old will replace Italian Antonio Giovinazzi at the team. 

    The Chinese GP was announced as returning to Formula One’s calendar in 2023 after a 3-year absence due to the pandemic. 


6. FOR YOUR VIEWING PLEASURE 👁👁

  1. When to use ‘fish’ or ‘fishes’

  2. Meet 21-year old Khaby Lame (Lah-MAY), the most popular man on TikTok with 114 mil followers. He rose to fame - without saying a word.