☕️ Your house is +15% more expensive no thanks to corruption, according to study

Grab's ESG report - 1st step to attract ESG funds? FT Minister eats Maggi whilst wearing what looks like a RM1.3 mil watch. Tesla unveiled Supercharging stations along China's Silk Road.

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Corruption adds 14.8% to the cost of your property according to an in-depth study by Institute for Democracy and Economic Affairs (Ideas) and Coalition for Business Integrity (CBI).

USD111 bil — BNM’s international reserves as at June 15 2021, sufficient to finance 8.2 months of retained imports and 1.1 times total short-term external debt.

RMB500 mil (USD77 mil) — ByteDance Ltd. founder Zhang Yiming’s donation of his personal wealth to an education fund in his hometown.


  • PM raises the allowance for 19,000 volunteers at Covid-19 vaccination centres to RM100 per day from RM50 for those who work more than 12 hours a day starting this month.

  • The Malaysian government will look at ‘various’ factors before moving to the next phase of recovery plan — again, factors with no clear parameters.


  1. Grab has unveiled its first annual environment, social and governance (ESG) reportoutlining the company's commitment to create socioeconomic empowerment and safeguard the environment while delivering strong financial performance. Grab’s report could be the first step to attract funds looking for ESG-friendly companies. Here are some highlights from the report.

    • Reducing carbon footprint — Grab’s new feature will allow consumers to purchase carbon offets at less than USD0.10 per ride.

    • Adoption of Electric Vehicles in Southeast Asia — partnership with Hyundai Motor Group to test new EV business models such as leasing and financing arrangement.

    • Increasing transparency and accountability —Grab’s report covers key material topics in accordance with the Global Reporting Initiative (GRI) standards.

  1. Berjaya Corporation Bhd (BCorp) has clarified they have no affiliations with an entity falsely bearing the name of Berjaya Investment Bhd, the latter seems to be fraudulent nature. BCorp has since reported the company to relevant authorities.

    Take note that Securities Commission Malaysia (SC) always updates its list of investor alert list and recently included Citibank International Investment Plan Worldwide, a possible clone operating a fraudulent scheme.

  2. We cannot figure out Malaysian politicians find it “humble” to share photos of themselves eating Maggi Mee on social media while wearing fancy watches. While they’re eating instant noodles in their ivory towers by choice, many Malaysians eat Maggi because they have to. Wee Ka Siong did the same, back in January 2021. In the below, Federal Territory Minister is enjoying his Maggi Mee with what looks like a RM1.27 mil Richard Mille watch.


  3. Malaysia seems to have a thriving merger and acquisition scene. Italy's largest insurer Generali, will be acquiring 70% stake in AXA Affin Life Insurance (49% from AXA and 21% from Affin Bank Bhd), a 53% stake in AXA Affin General Insurance (AAGI) and buying its joint-venture partner Multi-Purpose Capital Holdings Bhd (MPCHB) out of MPI Generali Insurance.

    Total consideration for the combined transactions is RM1.29 billion and Generali will operate in Malaysia through two companies — one in the property and casualty (P&C) segment and the other in the life segment.

  4. Trading of Sunway Bhd’s shares and structured warrants will be suspended from 9am today (June 23 2021) pending an announcement from the group. According to Bloomberg, Singapore’s sovereign wealth fund — GIC Pte Ltd, is nearing an agreement to buy a minority stake (16%) in Sunway Medical Centre for RM750 million, valuing the hospital at about RM4.7 billion.

News in brief

  1. Serba Dinamik Holdings Bhd files legal action against external auditor KPMG for alleged negligence and breach of contractual and statutory duties to the group. On another note, the appointment of Ernst & Young (EY) to conduct the independent review over the audit matters still hasn’t been finalised.

  2. Alliance Bank Malaysia Bhd has opened another channel for its customers to select their payment relief package — via WhatsApp.


  1. The largest Series A round in cybersecurity history and one of the highest valuations for a bootstrapped company, Transmit Security, a Boston-based startup has raised a massive USD543 mil in funding at a pre-money valuation of USD2.2 bil. The startup offers passwordless identity and risk management solutions, with the mission to help the world go passwordless. It counts big names such as UBS, Santander and Lowes as its clients. 

    According to the startup, weak passwords from password-based authentication account for more than 80% of all data breaches. Its solution currently handles 9,000 authentication requests per second, reduces account resets by 96% and reduces customer authentication from 1 minute to 2 seconds. 

  2. Billionaire hedge fund manager that runs Bridgewater Associates, the largest hedge fund in the world, Ray Dalio, has raised concerns on how the Federal Reserve will taper its stimulus efforts than he is about rising inflation during a Bloomberg interview at the Qatar Economic Forum.

    With real returns being negative, buyers’ portfolios already outweighed towards US bonds, and other markets offering better yields, he views this as posing bigger problems for the Fed to sell the government bonds it has amassed. He also raised concerns about the huge volume of liquidity fueled by government stimulus and near-zero rates, creating asset bubbles and threatening to lift inflation and weakening the dollar. 

  3. One of the largest semiconductor manufacturers in the world, GlobalFoundries, is committing USD4 bil investment to increase its production capacity in Singapore and is expected to create around 1,000 jobs with 95% of these jobs being high-value roles. The new fab, or manufacturing plant is expected to start production in Jan 2023. 

    GlobalFoundries came into existence when United Arab Emirates-based Mubadala purchased Advanced Micro Device's manufacturing facilities in 2009 as AMD turned to outside fabrication. It is reportedly talking to potential advisers about the possibility of a U.S. initial public offering at a roughly $20B valuation.

  4. 2 Singaporean startups have developed breath tests for Covid-19 detection that delivers results in 2 minutes. Both startups were awarded provisional licenses by Singapore’s Health Sciences Authority.

    Silver Factory Technology, founded by researchers from Singapore’s Nanyang Technological University, has begun testing its device at Singapore Changi Airport and can detect a positive case 95% of the time. Breathonix, a spinoff from the National University of Singapore, initiated its trial at the Tuas bridge checkpoint linking Singapore and Malaysia. It tests hundreds of incoming truck drivers a day with an accuracy of 85.3%.

    News in Brief:

  5. Tesla unveiled a Supercharger route with 27 charging stations stretching more than 5,000 km along China’s iconic Silk Road. This is part of Tesla’s plan to establish a charging route spanning more than 9,600 km from Shanghai to London. 

  1. UNESCO said the Great Barrier Reef in Australia should be added to a list of “in danger” World Heritage Sites recommended by its committee due to the impact of climate change. Since 2015, UNESCO noted the outlook of the reef was poor but kept the site’s status unchanged. Since then, scientists say it has suffered 3 major coral bleaching events due to severe marine heatwaves. This recommendation has triggered an angry response from Australia as they claimed to have been blindsided by this move and blamed political interference by China.


  1. Paul Walker’s ‘Fast & Furious’ Toyota Supra sold for USD550,000 at Barrett Jackson’s Las Vegas auction. Watch how the auction went down here.

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  2. The meaning of PKPS