☕️ The irony - MACC confirms arrest of 3 of its senior officers over allegations of abuse of power and misconduct
Interstate travel to resume at 90% full vaccination rate.USD2.7 bil worth of heroin seized at an Indian port. Pfizer/BioNTech to donate another 500 mil doses of its vaccine to lower-income countries.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
87 mil of children works in Africa, more than a fifth of children in the continent. Poverty is the main driver behind child labour in Africa. The International Labour Organisation (ILO) found several studies that indicate a percentage-point rise in poverty in a country leads to at least a 0.7 percentage-point increase in child labour.
30,700 tonnes of e-waste is produced by Bitcoin miners annually, according to estimates by Alex de Vries and Christian Stoll. On a per-transaction basis, it averages 272g.
The Australian Koala Foundation claims Australia has lost about 30% of its koalas over the past three years. According to the foundation, the marsupial’s (Koala is not a bear) population dropped from 80,000 in 2018 to less than 58,000 this year.
3. COVID-19 SUMMARY
The Ministry of Finance (MoF) will propose to raise the Covid-19 Fund ceiling limit to RM110 bil from RM65 bil to cover the total payment commitment, which has now reached RM91.8 bil.
Deputy Health Minister Datuk Dr Noor Azmi Ghazali urged parents not to rush to vaccination centres (PPVs) to secure Covid-19 jabs for their children. He assured there are sufficient vaccines for all and the schools will inform them of their children’s vaccination details such as the date, time and location.
Deputy Education Minister Datuk Dr Mah Hang Soon said students wouldn’t be refused entry to school if they are not vaccinated against Covid-19. However, the ministry will counsel parents or the children themselves.
Interstate activities and tourism-related pursuits will be allowed once 90% of adults in Malaysia have been vaccinated. We’re at 80.2% as of Sep 21, 2021, but we are not too far off, with 93.2% having already received their first dose.
National Recovery Plan Updates: Effective Sep 24, 2021 (Friday), Negri Sembilan will move to Phase 4 (P4), Pahang to P3 and Johor to P2.
4. IN MALAYSIA 🇲🇾
Politics and Local
Only in Malaysia, the corrupted people work in an agency that is supposed to combat corruption. On Monday, the Malaysian Anti-Corruption Commission (MACC) has confirmed that three of its senior officers had been detained to assist in investigations into allegations of abuse of power and misconduct.
Despite calls for MACC chief commissioner Azam Baki to go on garden leave while the investigation is ongoing, Home Minister Hamzah Zainudin said more information might be required before doing so.
Transport Minister Datuk Seri Dr Wee Ka Siong said the current cabotage policies do not prohibit foreign vessels from fixing undersea cables in Malaysian waters. They only need to apply for an electronic domestic shipping license (eDSL) before entering. The EDSL would only take “three days” to be approved. Three days can feel like an eternity.
Tengku Razaleigh Hamzah (aka Ku Li) has resigned from UMNO advisory council due to the formation of Kerajaan Gagal 2.0. The UMNO veteran mentioned the disappointment among the public and party grassroots on the new government's composition.
On the citizenship issue favouring M'sian mums, Datuk Seri Hamzah Zainudin said the Home Ministry has decided to appeal the case but will apply for a stay of execution of the High Court ruling to avoid being in contempt of the order and conflict with the Constitution.
The government will take the necessary steps to amend the Federal Constitution to allow Malaysian mothers to confer automatic citizenship on their children born outside Malaysia.
The government is contemplating capital gains tax on shares and a one-off higher tax rate for businesses with windfall profits during the Covid-19 pandemic. The aim is to replenish the government funds spent on combating the pandemic.
CIMB Group Holdings Bhd will commit RM30 bil towards sustainable finance as part of its continued ambition to be an ASEAN sustainability leader by 2024.
Bursa Malaysia Derivatives Bhd has launched its first nationwide Derivatives Virtual Trading Challenge to attract millennials into the Malaysian derivatives market. The challenge will be held from Nov 15 to Dec 14, 2021, eligible for all Malaysians aged 18 and above.
Each participant will be given an account with RM100,000 virtual capital and the aim is to get the highest account balance at the end of the challenge. The top 15 participants would be rewarded prizes worth RM20,000 and the first place stands to win RM7,000 cash prize.
Register HERE if you want to test your skills!
The hot stock of yesterday, Opcom Holdings Bhd hit limit up, rose by 29.5 sen or 36.2% to close at RM1.11 as it climbs to its highest in over six years. The fibre optic cable manufacturer's share price jumped possibly after the news related to the implementation of the National Digital Network (JENDELA) plan in Perak. The project will involve the construction of 171 new telecommunication towers and the upgrading of 1,754 communication transmitters.
Yesterday, Opcom also released its 1QFY22 results (ended June 30, 2021) with a net profit of RM2.64 mil against a net loss of RM752,000 a year ago. Opcom said it is cautiously optimistic about the expected increasing demand for fibre optic cables in Malaysia.
Two primary finance regulators in the country, the Securities Commission (SC) and Bank Negara Malaysia (BNM), will work towards consolidating the licensing regime between financial planners (FPs) and financial advisers (FAs) which are regulated by the SC and Bank Negara, respectively.
5. AROUND THE WORLD 🌎
China’s central bank, People’s Bank of China (PBOC), has pumped RMB120 bil (USD18.6 bil) into the banking system through reverse purchase agreements to provide short-term liquidity to the financial system and easing the concerns of Evergrande Group that have roiled the global markets.
The property developer said it would make an interest payment on an onshore bond of RMB232 mil (USD35.9 mil) due on Thursday, averting a default. It has another USD83.5 mil interest payment due on Thursday on its USD bonds and hasn’t said if it plans to make that payment.
Two startups in the red-hot NFT market raised a combined USD930 mil this week. Both startups, Dapper Labs and Sorare, bring NFT to the world of sports.
Dapper Labs, the Vancouver-based company which makes virtual basketball trading cards, said on Wednesday it has raised USD250 mil in a round led by Coatue, with participation from Singapore sovereign wealth fund GIC as well, valuing the firm at USD7.6 bil.
Sorare, a French fantasy soccer game that incorporates NFT, announced on Tuesday that it has raised USD680 mil from SoftBank, valuing the company at USD4.3 bil. It counts French soccer star Antoine Griezmann and former English player Rio Ferdinand as investors.
In a pre-recorded address at the UN General Assembly, China President Xi Jinping said that China will pledge to stop building coal-fired power plants overseas and help developing countries build green energy production.
Beijing is the largest source of financing for coal power plants globally and its pledge could cull USD50 bil of investment, affecting 44 coal power plant expansion plans in countries like Bangladesh, Vietnam, Indonesia and South Africa and could reduce carbon emissions by 200 mil tonnes a year. Despite this pledge, the commitment doesn’t address China’s plans to expand its own coal-fired power plants, which accounts for more than half of all the coal-powered plants under construction throughout the world.
Pfizer and BioNTech will provide an additional 500 mil doses of their Covid-19 vaccine to the US government to be donated to lower-income countries, bringing the total donation to 1 bil doses. Deliveries of the initial 500 mil began in August, and the total 1 bil will be delivered by the end of next September. The US government will allocate these donations to 92 low-to-middle-income countries and the 55 member states of the African Union.
Indian anti-smuggling intelligence officials have seized nearly 3 tonnes of heroin, reportedly worth around USD2.7 bil, in a major operation at Mundra Port in Gujarat state. The shipment originated in Afghanistan, where it was declared as talc stones and was shipped to Gujarat’s Mundra port from Iran.
6. FOR YOUR VIEWING PLEASURE 👁👁
Afghanistan is the world’s largest producer of opium, responsible for more than 80% of global production.
String Quartet Plays Vivaldi on Giant Violin Floating Down Venice Canal