☕️ Another month, another green lung in Selangor at risk of being developed
High-risk groups in MY to get 3rd Covid-19 jab. Convicted ex-PM Najib not ruling out to seek re-election despite guilty for corruption. The US SEC just crossed USD1 bil in whistleblower award payout.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
1,733 members of the lesbian, gay, bisexual and transgender (LGBT) community have been sent to a rehabilitation camp run by the Islamic Development Department (Jakim) as of June this year.
A widow in Johor Bahru lost RM395,200 after falling for ‘CHONGWEI14580’ on Instagram, whom she met back in April 2021. The scammer offered to send the victim USD950K (RM3.92 mil) on her husband’s demise, but she was told she needed to pay ‘release fees’ to receive the money. Subsequently, the scammer blackmailed her into transferring even more money, which she did, unfortunately.
More people need to know about how a love scam works. So share our guide with them!
Wall Street Journal exposed Facebook that it knows Instagram is bad for teens' mental health — affecting at least 1 in 3 teenage girls. Teenage boys aren’t immune to this, with 40% of teen boys experiencing negative social comparison, according to Facebook’s researchers.
While it’s easy to conclude that Instagram is bad, some argue that the choice to use Instagram belongs to the teens. What do you think?
3. COVID-19 SUMMARY
Prime Minister Datuk Seri Ismail Sabri Yaakob has announced the high-risk groups such as the frontliners and the elderly will receive Covid-19 booster shots once 80% of the adult population nationwide have been vaccinated. KJ targets early Oct for this initiative.
The Ministry of Science, Technology and Innovation (MOSTI) has allocated RM59 mil for the research and development (R&D) of the Covid-19 vaccine in Malaysia.
Good news for those of you who would enjoy a cuppa tea with scones — England has relaxed the rules for fully vaccinated individuals of 17 countries to travel into the country and Malaysians will enjoy this benefit. If you’ve gotten AZ, Pfizer, Moderna or Janssen jabs — you do not need to take a pre-departure Covid-19 test or quarantine for ten days upon arriving in England.
4. IN MALAYSIA 🇲🇾
Politics and Local
PM Datuk Seri Ismail Sabri Yaakob said the government had allocated RM471.6 mil to provide the Covid-19 Care Package (PPC) to B40 groups. Approximately 3.6 mil families will benefit from PPC. Each PPC would include four reusable face masks, four Covid-19 test kits, one pulse oximeter, one thermometer, and leaflets containing health information and user tutorials.
Former PM Najib Razak has not ruled out seeking re-election to Parliament despite being found guilty of corruption last year and sentenced to 12 years in jail over one of many cases over the misappropriation of money from 1MDB.
While speaking to Reuters, he said the disqualification due to the conviction above is subject to interpretation, but he didn’t specify how he could get around the constitutional barriers.
The freeze on bringing in foreign workers, including domestic workers, will be extended until Dec 31, 2021, says Human Resources Minister Datuk Seri M. Saravanan.
Northwest of Kuala Langat, an area known as the Shah Alam Community Forest (SACF), which spans some 174ha, has been identified by Shah Alam City Council (MBSA) for development. The council designed parts of SACF as cemetery land and for mixed-development projects, including building a road through it.
In 2002 Selangor executive council had agreed to degazette part of the Bukit Cherakah Forest Reserve (SACF is included). However, environmental expert Teckwyn Lim with the help of forestry experts and members of the Malaysian Bar Council environment and climate change committee, couldn’t find any notice on this matter.
Pakatan Harapan, what happened?
According to Industry sources, Airbus SE has agreed to cut prices or reschedule delivery for hundreds of jets ordered by AirAsia Bhd to salvage a contract worth tens of billions of dollars. AirAsia Bhd’s subsidiary, AirAsia X Bhd, has made “substantial progress” with creditors, according to CEO Benyamin Ismail in a telephone interview with Reuters. A recapitalisation plan seems to be on the cards.
Top Glove Corp Bhd’s net profit sunk by 70.14% QoQ to RM607.95 mil for 4QFY21 ended Aug 31, 2021. The glovemaker cited normalising demands and lower average selling prices (ASPs) as the main reasons for the underwhelming result. In addition, productivity was impacted as the EMCO in Selangor for ten days affected 50% of Top Gloves’s factories. The US Customs and Border Protection ban further eroded sales volume and profit.
Eco World Development Group Bhd’s net profit for 3QFY21 ended July 31, 2021, dropped by 1.9%YoY to RM35.15 mil. However, the developer surpassed its FY21 sales target of RM2.875 bil as it recorded revenue of RM2.873 bil for 9MFY21. Its president and CEO, Datuk Chang Khim Wah, said the group would proceed with its plans to launch several new phases before the end of the year.
On the other hand, Eco World International Bhd did not fare so well for 3QFY21, with its net profit falling 93.39% YoY to RM2.49 mil due to the lower number of units sold to customers being handed over in the current quarter by its Australian projects as well as a lower share of profits from its UK joint ventures. As a result, no dividend is declared for the latest quarter ended July 31, 2021.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, may see China joining the pact as early as next year.
The Ministry of International Trade and Industry (MITI), Malaysia is welcoming the move by China to formally apply for accession into the CPTPP as it would offer immense economic opportunities for both Malaysia and China.
5. AROUND THE WORLD 🌎
SpaceX’s first-ever all-civilian crew have returned safely to Earth on Saturday after completing a 3-day mission 590 km above Earth - farther from the planet than anyone has travelled since the Space Shuttle era. The mission, known as Inspiration4, was led and funded by billionaire Jared Isaacman.
The main goal of this mission was to raise USD200 mil for St Jude Children’s Research Hospital. Isaacman personally donated USD100 mil, USD60.2 mil raised through donations and Elon Musk pledging to contribute USD50 mil personally, bringing the total raised to USD210 mil.
The US Securities & Exchange Commission (SEC) just paid two multimillion-dollar awards to Wall Street whistleblowers, taking the whistle-blowing awards to a total of USD1 bil. The programme started in 2012 and a total of 207 whistleblowers have received a payout. A record-breaking payment of USD155 mil was awarded last October.
To qualify for an award, the information provided to the SEC must be “original, timely, and credible” and result in “a successful enforcement action”. The awards can be anywhere between 10-30% of the money collected from the guilty party if the sanctions exceed USD1 mil. However, not all successful whistleblowing enforcement gets awarded - a SEC rule states that the whistleblower will not be paid if the guilty party declares bankruptcy, which is a common outcome for fraudulent companies.
Truepic, a digital verification software provider, has raised USD26 mil in its Series B funding led by M12, Microsoft’s venture fund. The company’s tech helps to verify the authenticity of photos and videos, especially in such times when deep-fake technology is getting more sophisticated.
The company says its software can authenticate where photos were taken and prove that they were not manipulated. Its approach is by verifying the authenticity of content when it is captured, which is referred to as ‘provenance-based media authentication’, versus detecting anomalies or edits post-capture.
Its technology has been popular amongst financial services companies, especially with insurance companies, to verify claims remotely. As a result, its revenue grew by 300%, with clients coming across the insurance, banking, automotive, p2p commerce, project management and international development industries.
Five companies have joined the trillion-dollar club, with Facebook being the recent addition back in June. The others include Apple, Amazon, Microsoft, Alphabet and Saudi Aramco (the only non-US company). Approve.com has analysed the market caps of the 50 biggest publicly-listed companies and showed that even more tech companies are set to dominate the trillion-dollar club. Here are the 16 companies on track to reach a trillion-dollar valuation by 2026.
6. FOR YOUR VIEWING PLEASURE 👁👁
Imagine The Simpsons, in real-life
The science of ageing - how to slow it and even reverse it