☕️ Budget 2022 summary in today's issue

Undi18 and auto registration of new voters from 1 Jan 2022. How much money Wikipedia makes every year? Meet the world's latest most valuable company - Microsoft

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

Only 3% of Malaysians can afford to retire, according to an estimate from the Employees Provident Fund (EPF). EPF chief strategy officer Nurhisham Hussein said the Covid-related withdrawals compounded the issue.

2.16 mil — the Petaling district recorded the highest population in 2020. Malaysia’s population aged 65 and above had increased to 7% in 2020, indicating the country is facing a challenge in tackling the increase in the older age population by 2030.

Tom Brady gave a fan 1 bitcoin in exchange for his 600th career touchdown ball. Some estimate the ball could be worth over USD500,000 in an open auction.


3. COVID-19 SUMMARY


In collaboration with Fantom Tigers NFT, a Malaysian homegrown project in the crypto non-fungible-token space.


4. IN MALAYSIA 🇲🇾

Politics and Local

  1. Former PM Datuk Seri Najib Razak escaped fines by being smart about his election campaign in Malacca — he claimed he was there as a tourist, following the invitation by Tangga Batu Umno chief Datuk Seri Mohamad Ali Mohamad.

  2. PM Datuk Seri Ismail Sabri Yaakob assures Undi18 and automatic registration for new voters will be implemented from Jan 1, 2022, in line with Kuching High Court’s order.

  3. Sarawak’s Deputy Chief Minister Tan Sri James Masing, 72, passed away yesterday after succumbing to Covid-19. He is believed to be fully vaccinated —condolences to his family.

  4. Kuala Lumpur Fashion Week (KLFW) will take place from Nov 1 to Nov 7, showcasing 48 Malaysian designers’ collections. 26 physical shows will be held at Pavilion KL and 14 shows will be held virtually. Good to see things slowly coming back to normal but remember to adhere to SOP! Stay safe. For more details, visit klfashionweek.com.

Budget 2022

The government allocated RM332.1 billion under Budget 2022, the country’s highest to date. RM233.5 bil was allocated for operating expenditure, while the remaining RM75.6 bil was allocated for development expenditure.

  1. No more real property gains tax (RPGT) for houses sold from the sixth year onwards.

  2. Cukai Makmur ala special tax on a one-off basis to companies generating high profits.

  3. Public-listed companies to have at least one female director on their boards.

  4. PTPTN borrowers to get 10-15% discount.

  5. Sales tax waiver on passenger vehicles to continue until June 30, 2022.

  6. 600,000 undergraduates from B40 families to get one tablet each.

  7. Electric vehicles get full exemption on import, excise duties and sales tax. Paultan.org has estimated the prices of some EVs available in Malaysia.

  8. Your online purchases will be more expensive in 2022 — sales tax and services tax on delivery services.

Business

  1. Touch ‘N Go eWallet will have a prepaid card with VISA by 2022. The Touch ‘n Go-Visa Prepaid Card will enable the e-wallet to offer additional cash-out options with last-mile withdrawals at Visa-enabled ATMs domestically and globally.

  2. KPMG thinks the one-off tax on super-profits for the Year of Assessment 2022 should not result in a significant change in mood for investors and businesses alike.

  3. Pentamaster Corp Bhd recorded a net profit of RM19.47 mil for 3QFY21 ended Sept 30, 2021, helped by revenue growth at its automated test equipment (ATE) division. However, the widely reported semiconductor shortage and supply chain constraints remain a pertinent concern to the global technology market, according to the group.


5. AROUND THE WORLD 🌎

  1. Amazon disclosed that it owns a 20% stake in Rivian, the electric automaker that filed for IPO earlier this month. This stake has a “carrying value” of USD3.8 bil, up from USD2.7 bil as of 31 Dec 2021. Amazon has invested a total of USD1.345 bil into Rivian.

    Not only an investor, but Amazon is also a significant customer for Rivian. In Sep 2019, Rivian entered into an agreement with Amazon to produce 100,000 electric delivery vans to be delivered by 2025. 

  2. PTT Oil & Retail Business Pcl, Thailand’s largest fuel retailer, is ramping up its plans to open its coffee outlets in India and Indonesia and expand its footprint in China to lower reliance on revenue from fossil fuels. The company will increase the number of its Cafe Amazon outlets by 60% to 6,000 by 2025, making it the world’s 4th largest coffee chain by the number of outlets, up from 6th currently. 

    Cafe Amazon has grown to become Southeast Asia’s largest franchise network with about 3,400 outlets in Thailand, and 350 outlets across 10 Asian markets, including China, Japan, Malaysia and Singapore. The company sees more than 3 mil daily visitors at its service stations and coffees shops. 

  3. Lawyers representing the families of 298 people who died when Malaysian Airlines MH17 was shot down over Ukraine in 2014 are being intimidated and have been offered protective measures, according to Dutch broadcaster RTL. 

    Several of these lawyers reported being followed home from the court building or seeing suspicious men checking out their home addresses. It is alleged that Russia was likely behind this intimidation. 

  4. Afghanistan’s Taliban government is pressing for the release of billions of dollars of central bank reserves held with the US Federal Reserve and other central banks in Europe, as the country faces a cash crunch, mass starvation and a new migration crisis. One top central bank official called on European countries, including Germany, to release their share of the reserves to avoid an economic collapse that could trigger mass migration towards Europe.

    A spokesman for the finance ministry said the government would respect human rights, including the education of women, in return for the funds. The country needs USD150 mil each month to “prevent imminent crisis”, and keep the local currency stable. 

  5. “Larger than expected supply constraints” have cost Apple USD6 bil in sales in its latest 4th quarter ending 25 Sep. The company posted USD83.4 bil in sales for the quarter, up almost 30% from a year ago, but falling short of the USD84.8 bil analysts have expected. 

    Meanwhile, Microsoft has overtaken Apple to be the most valuable company in the world.


6. FOR YOUR VIEWING PLEASURE 👁👁

  1. How much Wikipedia makes every year?

  2. The Samurai Monkey

  3. Parenting the right way - teach our young ones to make the world a better place, leveraging their privilege to help the less-privileged.