☕️ The Great Malaysian Flood - Whilst the Government was partying (literally), Rakyat was drowning
KL received 1 month's worth of rainfall in a day. Summary of brainless actions by government leaders. Revealed: Amazon partnered with China's propaganda arm.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
Snap announced it paid USD250 million to over 12,000 creators this year on Spotlight, its TikTok clone, for entertaining the Snapchat community. That’s an average of USD20.8k per year, not too bad for a content creator!
Amazon created 271.7 million kilograms of plastic packaging waste in 2020, according to a report by Oceana. And 10.6 million kgs of the plastic created ended up in the world’s ocean. However, Amazon disputed the figures, saying Oceana has overestimated our plastics usage by more than 300%.
30.2% of voters took part in Hong Kong's legislative council election, the first since China made sweeping changes — the lowest in Hong Kong’s election history.
3. COVID-19 SUMMARY
Sinovac’s Covid-19 booster shot is 94% effective against to Omicron variant, according to Pharmaniaga Bhd, based on early data from studies.
11 more Omicron cases have been detected in Malaysia, bringing the total to 13.
The Netherlands announced a strict lockdown until January 14 as the heavily mutated Omicron variant spreads. Non-essential shops, bars, gyms, hairdressers and other public venues will be closed.
4. IN MALAYSIA 🇲🇾
The Great Malaysian Flood
The government is allocating RM200 mil to address the impact of floods and activation of all disaster networks of government-linked investment companies (GLIC) and government-linked companies (GLC). Households affected by the flood will receive RM1,000 financial aid.
KL received an annual rainfall of 2,400 mm and the rainfall on Saturday, in a single day alone exceeded the average rainfall for a month and “only occurs once every 100 years”, according to the secretary-general of the Environment and Water Ministry, Dr Zaini Ujang.
Over 14,000 flood victims are seeking shelter at relief centres, with Pahang recording the highest number of evacuees, totalling 5,189 as of Sunday morning. If we are to consider the number of people displaced by the flood especially in Klang, the number could be multiple folds higher than this.
PM Sabri said the issue of inadequate food and stranded flood victims who could not be moved to relief centres (PPS) in Selangor yesterday is considered solved. The situation is far from the truth. At this time of writing, evacuation has just started in Taman Sri Muda, one of the worst areas to be hit.
Whilst the country was drowning in flood, UMNO and Parti Bersatu continued with their division meeting and annual general meeting, respectively, completely oblivious of what was happening. One of these parties (not naming it) even had fireworks on display on Saturday night, around the worst moment of the flood disaster. As for Parti Amanah which, is supposed to start its annual convention on Sunday has decided to postpone its convention and prioritise the welfare of rakyat.
Back in April, our Environment and Water Minister, Tuan Ibrahim Tuan Man said that Malaysia is not a “climate-vulnerable country”. Aged well.
Permatang Pauh MP Nurul Izzah has warned the government five months ago to include monsoon in the National Recovery Plan and prepare for a challenging scenario where the nation has to face flood and the pandemic.
What would PAS (Tuan Ibrahim is the deputy president of PAS) know in administering the country competently when all they care about are issues pertaining to child marriage, alcohol, aurat, but not corruption and worldly matters? If track record is of any indication, when disastrous flood in Kelantan, a state governed by PAS for decades, is an annual affair, a sane person (especially one not fighting for power and survival) wouldn’t appoint these fellows that lack merit to run and protect the welfare of the country.
There were just too many brainless actions on the part of the government during this disaster. From the PM’s son-in-law getting an evacuation through helicopter to a minister wearing heels visiting flood sites, we shall let the Twitter user @iqtodabal summarised it below.
Syam immigrant (not expatriate) 🏴 @saifulhisyamI'm patiently waiting for @Iqtodabal's "daily show" style compilation.
News in Brief:
The Inland Revenue Board (IRB/LHDN) clarified that the new Section 106A under the Income Tax Act 1967, which grants access to taxpayers’ bank account information, is limited to cases involving garnishee orders allowed by the court.
Garnishee proceedings are the process of enforcing a monetary judgment by seizing or withholding debts due to any party, such as IRB, amid the existence of unpaid tax arrears by the taxpayer.
PN will not form an alliance with PH in the 15th general election due to their differences, blaming a party within PH for being not pro-Malay, its chairman Muhyiddin Yassin said.
Former PM Najib Razak’s lawyer, Shafee Abdullah, claimed that judge Collin Lawrence Sequerah is falling under pressure from certain quarters to finish the 1MDB-Tanore trials.
Big-4 rubber glove maker Supermax Corporation Bhd is to commence construction on the first phase of its new US-based manufacturing facility in Texas, US, in Q1 2022. The first phase of 4 will involve an investment of USD350 mil out of the total capex of USD550 mil approved by its board of directors and will begin production in Q4 2022.
Located on 215 acres, each phase is expected to produce 400 mil gloves per month. Once completed, the total installed production capacity would be 1.6 bil gloves per month or 19.2 bil glovers per annum. The facility will be able to cater for 20-25% of the demand and consumption in the US over the next 4-5 years. Supermax current market cap stands at RM3.86 bil.
Duopharma Biotech Bhd has secured a RM375.17 mil contract to supply insugen-insulin recombinant human formulations to all Ministry of Health’s hospitals, district offices and clinics. The contract is for a 3-year period beginning 17 Dec 2021 until 16 Dec 2024 and was offered by MoH by way of direct negotiation.
It is estimated that there are 3.9 mil diabetics in Malaysia of which about 420,000 patients are treated using human insulin in government hospitals and clinics. At a population count of 32.4 mil people in 2020, 12% of Malaysians are diabetic. Prevention is better than cure - the government ought to address the root cause of this issue (ie. high carb, high sugar diet) instead of relying on cures.
Green Packet Bhd is placing out up ot 40% of its issued shares to raise as much as RM42.99 mil to fund its cloud computing solutions business. This is the group’s third placement in less than 1.5 years. The first 2 placements raised a total of RM72.6 mil, with the last one done just 2 months ago. Share placements, especially done in such frequency, are highly dilutive to existing shareholders. Not financial advice, but there seems to be red flags there.
5. AROUND THE WORLD 🌎
Typhoon Rai devastated the southern and central regions of the Philippines and has claimed more than 100 lives according to official figures. More than 300,000 people have fled their homes and beachfront resorts as one of the deadliest typhoons hit the country. Rai smashed into the country Thursday as a super typhoon packing wind speeds of 195km/h. The Philippines is hit by an average of 20 storms and typhoons every year.
Russia sent nuclear-capable bombers on patrol over Belarus on Saturday, to signal the close defence ties between the two countries amid tensions with the West. Belarusian President Alexander Lukashenko said last month that his country would be ready to host Russian nuclear weapons.
Russia has denied harbouring plans to invade Ukraine and pressed the United States for security guarantees that would exclude NATO from expanding into Ukraine or deploying weapons there.
Amazon.com Inc is said to have partnered with an arm of China's propaganda apparatus back in 2018 to win support in China as the company grew its Kindle electronic-book device, cloud-computing and e-commerce businesses, according to an internal Amazon document.
The document, and interviews with dozens of Amazon employees involved in its China operation, revealed how Amazon has survived and thrived in China by helping to further the ruling Communist Party's global economic and political agenda.
Case in point — Xi Jinping’s The Governance of China book has no customer reviews or any ratings, with the comments section disabled.
Former US First Lady Melania Trump is selling digital watercolour paintings of her eyes on her website in exchange for Solana tokens. Yes, she’s launching her very own non-fungible tokens (NFTs). Apparently, a portion of the proceeds go to foster children, but it is unclear what percentage — a huge red flag.
HSBC has been fined £63.9 mil (approx RM357.1 mil) by the UK's financial regulator, the Financial Conduct Authority (FCA), for "unacceptable failings" of its anti-money laundering systems. The FCA said, “HSBC's transaction monitoring systems were not effective for a prolonged period despite the issue being highlighted on numerous occasions.”
Also HSBC’s CEO — “HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers because they are too volatile and lack transparency.”
JPMorgan Chase will be paying USD125 mil and USD75 mil in fines to the Securities and Exchange Commission and the Commodity Futures Trading Commission, respectively, to settle charges that its Wall Street division allowed employees to use WhatsApp and other platforms to circumvent federal record-keeping laws. JPMorgan’s failure to preserve those offline conversations violated federal securities law.
Singapore Telecommunications (Singtel) lost its battle against the Australian Tax Office at the Federal Court of Australia on Friday as the court dismissed the company’s appeal of a tax assessment related to the acquisition financing of Singtel Optus in 2001.
The Australian Tax Commissioner contested tax deductions claimed for interest paid on the loans in the tax years ending March 31 2010, 2011, 2012, and 2013. The ruling against Singtel meant the telco is subject to A$895 million (US$640 million) in additional taxable income.
6. FOR YOUR VIEWING PLEASURE 👁👁
Sorry kid, false hopes there.
Watch this - how to create a life jacket using your pants.
What needs to be in an emergency backpack. Probably the only useful material so far by the government.