Yesterday wasn’t a slow news day for Malaysia. Enjoy today’s issue!

1. MARKET SUMMARY

*Information as of 0730 GMT+8 on Jul 20, 2022.*

2. NUMBERS AT A GLANCE

If you’ve got a Video Home System (VHS) tape laying around somewhere, don’t throw it. A Back To The Future video cassette went for USD75,000 at a sale by Heritage Auctions last month. However, not all VHS tapes are the same — the trend is mostly focused on blockbuster titles. First editions and sealed copies can fetch higher premiums.

Image credits: Jeremy Bezanger | **Unsplash**

RM10.46 bil — the loss suffered by Malaysia’s oil palm industry in the first five months of 2022 because of manpower shortage, according to the Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin (and yes, she retains her post after meeting with Ismail Sabri, a couple of weeks back).

RM5 million — the amount the government spent on its Keluarga Malaysia campaign as revealed by Minister in the Prime Minister's Department (Special Functions) Abd Latiff Ahmad in his written reply to Lembah Pantai MP Fahmi Fadzil. What can you do with RM5 million?

3. IN MALAYSIA 🇲🇾

4. AROUND THE WORLD 🌎

Russia’s state-owned natural gas company, Gazprom, has declared “force majeure” on supplies due to “unforeseeable circumstances” — it is not able to comply with gas contracts in Europe. European officials have become increasingly concerned about the possibility of a complete shutdown of gas supplies from Russia, causing an energy crisis. EU is looking at contingency planning which includes financial incentives for companies to cut gas use and encourage alternative fuel sources.
Austerity mode: ON. Big techs are slowing hiring and starting layoffs. Although generally beating Wall Street performance estimates in 2023, Apple has plans to decelerate hiring. Some teams were given lower budgets and some groups won't get increased headcounts.
Apple is not the only tech giant planning to slow down. Google CEO Sundar Pichai has said in an email to staff that the company is “consolidating where investments overlap and streamlining processes”, while Meta CEO Zuckerberg has warned that “there are probably a bunch of people at the company who shouldn't be here”.
Crypto firms and tech firms aren’t the only ones who are downsizing — giant investment bank Goldman Sachs, which went on a hiring spree last year and increased its headcount by 15% to 47,000 employees — has slowed its hiring as the investment bank prepares for tougher times ahead. Fun fact — the firm set aside USD7.78 bil for workers’ compensation and benefits through June 30 — an average of USD165.5k per worker.
E-commerce giant Amazon is fighting against fake product reviews — by suing more than 10,000 Facebook group administrators. These groups recruit people to post glowing feedback in exchange for money. Amazon has been plagued with reviews that artificially boost product ratings. Fake reviews dominated some product categories, including bluetooth headphones and health supplements.
UK’s heatwaves hit a record temperature of 40C, causing airport runways to melt. Flights at Luton airport were stopped because of bits of tarmac melting on the runway. Train services were delayed as trains across Britain were limited to a 90mph maximum, as the risk of track buckling is high as steel gets too hot, expands, and in serious cases, buckles. Explaination here why UK tracks couldn’t take the heat, unlike other countries.
BBC News (UK) @BBCNews
Why do Britons find it so hard to cope in a heatwave? 🥵 bbc.in/2GtfU1T
bbc.inDo Brits need to toughen up in a heatwave?Is it fair to judge Brits for not coping in the heat, or are there biological reasons why we struggle?
8:08 AM ∙ Jul 25, 2019
155Likes46Retweets
Australia’s environment is in a shocking state. Its new environment report shows 19 ecosystems on the brink of collapse and the country has lost more species to extinction than any other continent. Climate change is real and has caused Australia to suffer severe drought, bushfires, floods, and six mass bleaching events on the Great Barrier Reef. Read the report here.

5. FOR YOUR EYES 👁👁

Big tech firms spent close to USD70 mil in 2021 on lobbying the US government.
Image credits: chartr
Seven Singapore-registered luxury cars were caught driving dangerously on Malaysian roads.
What a smart way to use TikTok. It caught my attention, not gonna lie. SFW content — we promise.
Sonia Baschez @SoniaBaschez
Here’s to politicians using TikTok properly lmao
11:57 PM ∙ Jul 17, 2022
329,884Likes37,492Retweets

The Coffee Break

☕️ RM5 mil spent on "Keluarga Malaysia…