☕️ PAS Senator: K-Drama contributing to teenage suicides in Malaysia
Rosmah wants her passport back to visit her daughter in Singapore. China Reinsurance Group issued USD30 mil "Act of God" bond. Bisexual Superman caused controversy in Indonesia.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
Up to 98% of healthcare cost in Malaysia is subsidised by the public healthcare system, according to Malaysia’s Voluntary National Review (VNR) 2021 report.
USD5.3 trillion — the cost to the global economy over the next five years if the world fails to close the massive gap in vaccination rates between advanced economies and poorer nations, according to International Monetary Fund (IMF).
2020’s fertility rate of 1.7 babies was the lowest in four decades, according to Malaysia’s chief statistician Datuk Seri Mohd Uzir Mahidin. In 1970, the fertility rate was 4.9 babies!
3. COVID-19 SUMMARY
Bali welcomes visitors from 19 countries —they must be fully vaccinated, undergo a 5-day quarantine at designated hotels at their own expense, and have insurance coverage. Unfortunately, Malaysia isn’t one of those countries.
Kelantan has started administering Covid-19 Pfizer vaccine booster dose. 200,000 individuals are expected to receive the booster jab.
4. IN MALAYSIA 🇲🇾
Politics and Local
Datin Seri Rosmah Mansor wants her passport to be temporarily released to go to Singapore to be with her daughter Nooryana Najwa. The latter is expected to give birth to her second child soon. The High Court will hear the application today. Maybe she will visit Orchard Road for some shopping too, who knows.
Johor Ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar wants to know why the review application for the Pulau Batu Puteh case in the International Court of Justice (ICJ) was dropped. His Majesty said, “How would Kedahans feel if Malaysia lost Langkawi to Thailand?”
Over the weekend, Ismail Sabri said the government had decided to form a special task force headed by former attorney general Tan Sri Mohamed Apandi Ali to investigate why Tun Mahathir’s administration decided to abandon the case review. Really ‘Bapa Task Force.’ No kidding.
Transport Minister Datuk Seri Wee Ka Siong has provided a written explanation to Dewan Rakyat Speaker Datuk Azhar Azizan Harun following claims by Opposition MPs that the House has been misled over his statement on the cabotage policy.
What statement? Wee denied his decision to revoke the cabotage exemption policy caused the Apricot Subsea Cable System Project by Facebook and Google to bypass Malaysia. However, Communications and Multimedia Minister Tan Sri Annuar Musa's reply to Bukit Mertajam MP Steven Sim said Wee’s decision to revoke the cabotage exemption led to investors bypassing Malaysia.
Malaysian politicians like to finger each other, but who suffers? The rakyat.
On the Malacca state election, UMNO supreme council member Tan Sri Annuar Musa said the party would decide whether to contest the state election independently with Barisan Nasional or as part of a larger coalition, contradictory to what the party said’s president said earlier in the week. UMNO veterans met last night to decide their position on the state election in Malacca. Still undecided though.
WTF statement of the week: “A lot of Korean dramas have suicide scenes.”
PAS Senator Mohd Apandi claims Korean dramas have contributed to teenage suicides in Malaysia. Again, it’s a Malaysian politician fingering someone else.
PSA to Klang Valley folks - Check if your water is back at https://hentitugas.airselangor.com/
Finance Minister Tengku Datuk Seri Zafrul Aziz announced the public listed companies (PLC) Transformation Programme aimed at delivering high performance, corporate Malaysia. The programme will run from 2021 to 2025. The initiative aims to enhance five pillars:
For PLCs to be performance-driven;
Grow as sustainable, socially responsible and ethical organisations;
To feature strengthened corporate governance;
To be digitally enabled; and
To support the nation-building drive to advance the Malaysian economy and community.
AirAsia Group Bhd has renamed its 100%-owned subsidiary AirAsia Investment Ltd to AirAsia Aviation Ltd in a corporate reorganisation to distinguish between AirAsia Group’s airline and its “unicorn” digital businesses.
AirAsia Aviation Ltd oversees the group’s four airlines — AirAsia Malaysia, AirAsia Philippines, AirAsia Thailand and AirAsia Indonesia.
Mastercard partners up with Grab on a two-year regional partnership to advance digital and financial inclusion in Southeast Asia. The partnership aims to provide millions of informal workers and small businesses on the Grab platform access to digital upskilling opportunities to create more pathways and income opportunities for them. Where are the banks?
Digital Penang is collaborating with Finexus Group and TNG Digital to launch their first Hackathon offering US$18,000 (RM75,000) worth of prizes. Participants will compete to create a fintech digital product that will be judged based on three criteria — innovation, business viability and integration completeness.
40 MyXaaS APIs on Finexus’s MyXaaS Innovation Platform will be made available to the participants for the hackathon. Register now at https://bit.ly/dphackathon (until Nov 5, 2021).
Another player comes into the foray for Bank Negara Malaysia’s highly coveted digital Islamic bank licence — Sedania Innovator Bhd. Sedania’s unit Sedania As Salam Capital Sdn Bhd (SASC) has inked a memorandum of understanding with FCA Capital Sdn Bhd in its bid for the licence. The consortium intends to undertake digital banking operations in the region with emphasis on the waqf concept.
5. AROUND THE WORLD 🌎
Ikano Retail, the Ikea franchisee that brings Swedish home furnishings to Singapore, Malaysia, Thailand and Mexico, generated SGD1.16 billion (USD860 mil) in total revenue for the 12 months ended Aug 31, up 3.3% from the previous fiscal year. Across Southeast Asia and Mexico, the company has a total of 11 Ikea stores and five Ikea-anchored shopping centres. Ikano is one of 12 franchisees of the Swedish home goods giant around the world.
Revenue for its Malaysian operations tumbled 13.9% year on year to SGD406 million (USD301 mil); Sales in Thailand fell by 3.3% to SGD333 million (USD247 mil). Only recently, Ikea is present in Latin America with Mexico City being the first Ikea store opened by Ikano back in April. Revenue from the outlet, till the end of FY2021 in August, amounted to SGD50 million (USD37 mil).
A study by the World Wildlife Fund found that investors will face a hit of USD8.4 tril to assets and revenues over the next 15 years as the climate crisis further damages ocean health. It says many investors are more reliant on the ocean than they realise, with various industries including airlines and restaurants deriving revenues from activities centred around the sea.
The biggest chunk would be the damage to coastal real estate and infrastructure, while coastal fisheries would suffer another hit. Even keeping global temperature increases to below 2 degrees Celsius would put USD3.3 bil of assets and revenues at risk.
China Reinsurance Group issued a USD30 mil catastrophe bond in Hong Kong to pay for future claims resulting from typhoon damage in the Greater Bay Area and other parts of the country, marking the first of such bonds to be sold in HK. China Reinsurance, or China Re, is the biggest reinsurance company in the country and the sixth-largest globally.
The bond, which is also known as the “Act of God” bond, is a special type of debt issued by insurance or reinsurance companies and normally bought by hedge funds and pension companies. It is an attractive investment as it pays a higher interest compared to other fixed-income products. Insurance payouts in the wake of natural catastrophes totalled US$89 billion globally in 2020, the fifth-highest on record, according to the world’s second-largest reinsurer, Swiss Re.
Definitely, you know what is ‘insurance’. How about ‘reinsurance’? Learn more here.
In an interview with CNBC, Russian President Vladimir Putin when asked whether Bitcoin and other cryptocurrencies can be used in place of the USD, he “believes that it has value” but “think it’s too early to say about the oil trade in cryptocurrency”.
Bisexual Superman has caused controversy in Indonesia, the world’s most populous Muslim-majority country. In the latest issue of Superman which will be released on Nov 9, Joe Kent, the son of Clark Kent, comes out of the closet and kisses his male friend, the reporter Jay Nakamura.
The following image may be disturbing to viewers. Viewer discretion is advised.
6. FOR YOUR VIEWING PLEASURE 👁👁
PSA: boys and girls, in the event you are sexually harassed, here’s a Twitter user experience sharing what you should do.
How to encourage people to take the stairs. Sustainable? Maybe not. But if they change the beat from time to time, probably.
Most people have seen the iconic image of the loneliest house in the world. Now watch someone actually visiting it.