☕️ FT Minister: Please call me to report potholes in KL

Home Ministry and AGC to decriminalise suicide. One of the world's largest oil tanker near Yemen at risk of spilling and explosion. Why Norway isn't corrupted by oil?

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

3,805,978 — female college applicants in the US for the 2021-22 school year, compared to 2,815,810 male applicants, according to Common Application, a nonprofit that transmits applications to more than 900 schools. The number of men enrolled at two- and four-year colleges has fallen behind women by record levels.

50 EV zones and charging stations will be set up nationwide by the end of 2022 as Socar and Tenaga Nasional Berhad (TNB) partner up to boost electric vehicle (EV) adoption in Malaysia.

As many as 81 bumiputra companies have participated in the East Coast Rail Link (ERCL) project as of August 2021, according to the Transport Ministry. The ministry refutes Pasir Salak MP Datuk Seri Tajuddin Abdul Rahman's contention in Parliament, where he claimed the project did not involve any bumiputra companies.


3. COVID-19 SUMMARY

  • Malaysia will purchase 150,000 courses of Merck’s Covid-19 experimental antiviral pill, Molnupiravir, after striking a deal with the US drugmaker.

  • Khairy Jamaluddin assured the Covid-19 booster shot will not be made mandatory. It will not affect your MySejahtera status — you will be considered fully vaccinated once you have completed the vaccination, regardless of the booster shot. The booster shots will only be offered to groups deemed to be high risk.


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4. IN MALAYSIA 🇲🇾

Politics and Local

  1. The Dewan Rakyat has passed the 12th Malaysia Plan (12MP) after the motion had been debated for four days beginning Sep 28 on issues related to Covid-19, development of Sabah & Sarawak, poverty, and national water supply management.

  2. The First Lady of Malaysia (FLOM) title wasn’t self-proclaimed, according to Datin Seri Rosmah Mansor. Instead, she told lead prosecutor Datuk Seri Gopal Sri Ram the title was given for administrative purposes.

    The FLOM was upset that the prosecutor built a case to implicate her. Rosmah Mansor’s defence team insists that her former aide Datuk Rizal Mansor was the mastermind behind the bribes. The prosecutor had previously dropped its charges against Rizal Mansor.

  3. De facto Law Minister Wan Junaidi Tuanku Jaafar said the cabinet would deliberate whether a Royal Commission of Inquiry (RCI) will be established to look into allegations in former attorney-general Tommy Thomas’s memoir in response to Baling MP Abdul Azeez Abdul Rahim’s query.

  4. Electoral watchdog Bersih 2.0 calls for immediate separation of the offices of the attorney general (AG) and public prosecutor (PP). The move would remove political influence from the Malaysian criminal justice system.

  5. Home Ministry and Attorney-General’s Chambers have agreed to decriminalise suicide. The next step is to bring the matter to the cabinet for deliberation before amendments are made to the Penal Code to decriminalise suicide, according to Deputy Health Minister Aaron Ago Dagang.

  6. If you notice potholes in Kuala Lumpur, please feel free to call:

    • Federal territories minister (Shahidan Kassim) at 019-4545111;

    • Deputy minister (Jalaluddin Alias) at 019-6524444 or;

    • KL’s mayor (Mahadi Che Ngah) at 016-2068883.

    The FT Minister said they are available all day and actions will be taken within 24 hours after reporting.

Business

  1. The Communications and Multimedia Ministry has no plans to impose any new tax on e-commerce activities as the ministry wants to encourage more people to participate in such activities.

  2. European Union on Tuesday added Malaysia to its "grey list" of non-cooperative jurisdictions for tax purposes, which are meant for countries that have yet to comply with all international tax standards but have made commitments to reform tax policies.

    Malaysia has committed to amend or abolish "harmful foreign-sourced income exemption regimes" by Dec 31, 2022.

  3. Malayan Banking Bhd (Maybank) takes a step into realising its carbon neutral position by 2030 by purchasing Malaysia Renewable Energy Certificates (mRECs) from Tenaga Nasional Bhd's wholly-owned subsidiary TNBX Sdn Bhd. The banking giant has purchased an equivalent of 70% of its Malaysian operations' Scope 2 carbon emissions.

    A REC is a tradable, market-based instrument that is produced for every 1MWh of renewable energy generation delivered to the grid, together with all the associated environmental benefits of displacing 1MWh of conventional power.

  4. AirAsia Group Bhd will mobilise about 30 to 45 aircraft this month should interstate borders lift. Currently, AirAsia Group’s operating cost per month ranges between RM70 million to RM100 million. The RM500 million club facility from Danajamin Nasional Bhd should cover the airline’s operating costs for the next five to seven months without any income stream.

  5. Securities Commission Malaysia (SC) has issued a cease and desist order to unapproved decentralised exchange (DEX) RimauSwap (https://rimauswap.finance/). Operating a DEX without registration with the SC is an offence under the Malaysian securities laws. Remember to only deal with authorised and approved exchanges in Malaysia!


5. AROUND THE WORLD 🌎

  1. Just as we thought the 7-Eleven retail chain is all over the world, apparently it is not even in India — until now. Mukesh Ambani, Asia’s richest man, through his retail empire Reliance Retail has snapped up the opportunity to be 7-Eleven’s local partner after Future Retail said it has mutually agreed with 7-Eleven to call off the existing partnership. Future Retail said that it “was not able to meet the target of opening stores and payment of franchise fees”. 

    7-Eleven and Reliance didn’t appear to be wasting any time - Reliance says the first store will open in Mumbai this Saturday, just one day away. Reliance is expanding its foothold rapidly, adding 1,500 new stores last year to a total of nearly 13,000

  2. Eneos Holdings Inc, Japan’s biggest refiner, plans to buy Japan Renewable Energy for about JPY200 bil (USD1.8 bil) from Goldman Sachs and Singaporean sovereign wealth fund, GIC. This deal marks the first major purchase of a renewables company by a top Japanese oil company. 

    Founded in 2012, the company develops and builds renewable energy assets and has 419 megawatts of solar, onshore wind, and biomass capacity in operation, with a further 410 MW under construction. Given Eneos’ average annual revenue of JPY10 tril (USD90 bil), this acquisition is unlikely to make an immediate impact. Eneos controls half the market for gasoline and other fuels in Japan. 

    Petronas has announced that it will be collaborating with Eneos to explore opportunities to develop a clean hydrogen supply chain between the two countries.

  3. One of the largest oil tankers in the world stationed off of Yemen’s coast could sink or explode any day, endangering the lives of at least 8 mil Yemenis, causing an environmental catastrophe and costing the shipping industry billions. The ultra-large crude oil tanker has been “dead” since 2017 as its steam boilers have given out and currently has over a million barrels of oil on board. 

    A spill will take months to clear and cause damages to the shipping industry as the spill could reach Bab el-Manded Strait, where about 10% of the world’s trade passes each year. The former chief engineer of the vessel said that the ship “moves forward each day towards the worst”. Efforts to dislodge or drain the vessel by the UN and NGOs have been hampered by Houthi rebels who control the Marib oil fields near where the ship is stationed. 

  4. An interesting appointment by KKR, the buyout giant - it named Evan Spiegel as an independent director on its 15-member board. With USD429 bil in assets, the PE firm now has 11 independent directors. Evan Spiegel, 31, is the co-founder and CEO of Snap. He is estimated to have a net worth of USD13.6 bil. 


6. FOR YOUR VIEWING PLEASURE 👁👁

  1. Manchester City has the most valuable football squad in Europe, according to the CIES Football Observatory.

  2. Norway, the few rare countries that avoided the natural resources curse or Dutch Disease