☕️ 99 Speed Mart to list on 9.9

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The Malaysian Communications and Multimedia Commission (MCMC) reported that from January 2022 to August 2024, 10,423 websites were blocked due to legal violations. The majority (95.7%) of these sites fell into five categories — online gambling (4,484 sites), online porn (3,271 sites), online copyright infringement (1,654 sites), online scams or illegal investments (316 sites), and online prostitution (249 sites). These actions were taken under the Communications and Multimedia Act 1998 and other relevant laws.

Sandisk owner Western Digital has unveiled the world’s first for both 8TB SD card and a 4TB microSD card, expanding on their earlier release of a 4TB SD and 2TB microSD card. Pricing and release dates for these new high-capacity cards haven't been announced yet, but they are expected to be significantly more expensive. For context, a 1TB Extreme Pro card is priced at around RM1,700, suggesting that the 8TB version will be considerably more costly. How many photos can 8TB store? 165,000 RAW format photos at 24MP — plenty for an average photographer.

In the US, around 100 mil people listen to podcasts weekly, with an average daily listening time of over an hour, reflecting a 450% increase over the past decade. Among Americans aged 18-34, podcast consumption rivals TV watching, leading to a diverse range of historical narratives and stories being explored through this medium. This American Life’s Serial (Season 1) may have been the one to revolutionise this medium. In our humble opinion, it is the best podcast (Season 1) — the storytelling and Sarah Koenig’s mesmerising voice.

3. IN MALAYSIA 🇲🇾

The royal security officer is taken care of, says IGP but really tho?
Inspector-General of Police Razarudin Husain said that an internal disciplinary action by the Department of Integrity and Standards Compliance (JIPS) at Bukit Aman has been conducted towards the security escort personnel that allegedly assaulted a disabled (PwD) e-hailing driver in May. Previously, the driver’s lawyer, N. Surendran, argued that no further action had been taken despite claims that the investigation papers were submitted to the Attorney General’s Chambers (AGC). Justice served? You be the judge. This comes after the driver revealed a dashcam footage of the incident — watch here.

Harapkan pagar, pagar makan padi

• Kuala Lumpur City Hall (DBKL) deputy director of enforcement, Muhamad Irwan Abdullah and his assistant, Zahari Muhammad pleaded not guilty to two counts of corruption. The duo are accused of jointly soliciting RM200,000 and receiving RM160,000 monthly in bribes in return for ‘shielding’ unlicensed entertainment premises allegedly involved in prostitution from any enforcement activities.

  DBKL may not be the same anymore as Dr. Maimunah Mohd Sharif, the new and first female KL Mayor pledged towards zero tolerance for corruption and an open-door policy to enhance governance. Dr. Maimunah is not a nobody as she has been the Penang Island Mayor and the executive director of the United Nations Human Settlements Programme (UN-Habitat). Hopefully, DBKL will start to preserve heritage sites instead of illegal prostitution dens.

• Zainal Abdul Manaf, a retired Royal Malaysian Air Force major-general, pleaded not guilty for allegedly receiving RM300,000 for the construction of a house, during his capacity as the chief of staff of the air force, between 2021 and 2022. If he is to be found guilty, he may serve a jail term of up to two years, a fine, or both upon conviction. Two years in jail for accepting RM300,000 bribes is quite soft isn’t it in 2024, a 43-year-old woman was jailed for 14 months for stealing two packets of MILO worth RM73.

Samalaju, are you okay?

• A fire at the bottom of a reactor tank of a plant in Samalaju Industrial Park has led to ten people injured. The fire that happened on Thursday was successfully controlled and extinguished by the factory’s Emergency Response Team (ERT). However, the cause of the fire is still unclear.

• This was not the first time incidents happened at the Samalaju Industrial Park in Bintulu as a fortnight ago, two people were killed and another one was seriously injured when an explosion erupted onboard a supply vessel named MV Supply Amara, off Samalaju. Are the safety standards at Samalaju sub-par? Samalaju is one of the key industrial sites in Sarawak as it has received RM111.73 bil in approved investments since the industrial park was launched by then PM Abdullah Ahmad Badawi in 2008.

Business

• 99 Speed Mart Retail Holdings Bhd is officially listing next month - No prizes for guessing the listing date — 9.9. This will be the biggest initial public offering (IPO) in seven years when it goes public. The convenience store chain is expected to raise up to RM2.36 bil from its Main Market listing, where its CEO Lee Thiam Wah and his wife Ng Lee Tieng will walk home with RM1.7 bil. That is a huge payday for the 99 Speed Mart owners, who own more than 2,600 stores in Malaysia and intend to break the 3,000 mark by the end of 2025.

• US-based Insulet Corp has opened a new manufacturing facility on a 13-acre site in Johor Bahru to produce its own-branded insulin. This new factory is twice the size of its highly automated manufacturing facility in Acton, Massachusetts, which is where the company is headquartered. The manufacturing facility is part of Insulet’s RM889.59 mil investment plan in the area. While the insulin is manufactured in Malaysia, the US remains the most lucrative insulin market in the world. The United States comprises only 15% of the global insulin market, yet it accounts for almost 50% of insulin-related revenue.

• IJM Corp Bhd has pulled the brakes to purchase 44.83% of Pestech International Bhd for RM124 mil due to the non-fulfilment of the conditions precedent outlined in the agreement. However, despite the two decided not to tie the knot, their joint venture for the RM175.65 mil contract related to the replacement of the automated people mover project at Kuala Lumpur International Airport (KLIA) will not be affected.

4. AROUND THE WORLD 🌎

Snickers maker to acquire Pringles maker in largest FMCG deal
Mars (owns M&M’s, Snickers, Skittles) is acquiring Kellanova (owns Pringles, Pop-Tarts) in a deal worth USD35.9 bil, making it the largest deal in the fast-moving consumer goods (FMCG) sector. Snickers-flavoured Pringles anyone? This acquisition will form a candy and snack brand powerhouse with around 8% of the US snack market, compared to 9% for PepsiCo (which owns Frito-Lay, Doritos, Cheetos). Kellanova was formed last year when the Kellogg Company split into 2 companies, with its cereal segment trading under WK Kellogg Co. and the snack and plant-based brands under Kellanova. 

Mars is one of the largest private companies in the US, generating sales of USD50 bil last year with 150,000 employees. Kellanova generated sales of USD13 bil last year and has about 23,000 employees. Mars has experience in digesting mega deals like this — in 2008, it acquired the Wrigley chewing gum business for USD23 bil.

Whilst we are on food, the F&B industry saw the passing of 2 icons:

• Wally Amos, the founder of Famous Amos Cookie passed away on Tuesday at the age of 88. 

• Hiroshi Saito, the founder of confectionary giant Chateraise passed away on Aug 10. There are more than 700 Chateraise outlets in Japan and 170+ outside Japan. Fun fact: Saito’s father was a grape farmer - the name Chateraise is a portmanteau of “chateau” and “raisin”, French for “castle” and “grape”. 

India’s independence day eve met with widespread protest over doctor’s rape and murder
Activists and doctors across India continued to protest on Wednesday, ahead of India’s independence day on 15 Aug to demand justice for a 31-year-old female trainee doctor who was raped and murdered whilst on duty in a hospital in the eastern city of Kolkata. After a gruelling 36-hour shift, she had fallen asleep in a seminar room due to the lack of a designated rest area. Her colleagues discovered her half-naked body the next morning on the podium with extensive injuries and a hospital volunteer was subsequently arrested after police found compelling evidence against him. 

Sexual violence is deeply entrenched and rampant in India — on average, 90 cases were reported daily in 2022. That’s 32,850 cases per year. Perpetrators in India usually are not held accountable. In one case, a Muslim woman was gang-raped by 11 men during the 2002 anti-Muslim in Gujarat state*. The men were sentenced to life imprisonment but in 2022, the government of PM Narendra Modi authorised the release of the men, who were greeted with applause and garlands upon their release. The Supreme Court overruled their remission and sent the rapist back to jail after public backlash. 
* Modi was the chief minister of Gujarat during this time and has faced allegations that his government facilitated the violence that saw nearly 2,000 people, mostly Muslims murdered. 

WSJ might have just solved the mystery of the destruction of Nord Stream pipeline

What’s Nord Stream? 
To the uninitiated, the Nord Stream pipeline is a critical energy infrastructure project between Russia and Germany that carries Russian gas to Europe, providing Russia billions of income and leverage. Ukraine has a solid reason to destroy it as Russia’s other main export route for natural gas is via Ukraine itself, which would change the dynamics of the war. In Sep 2022, the explosion in the Baltic Sea destroyed the pipeline and who exactly blew it up remained a mystery. The West, of course, quickly blamed Russia. On Wednesday, the Wall Street Journal published its joint investigation with Der Spiegel on this incident - full story here. 

The Mastermind - Ukraine
It turns out, Ukraine and the US knew all along who was behind it - Ukraine itself. The idea to blow up Nord Stream was hatched during a drinking session between a group of Ukrainian businessmen and senior military officers, which was financed by the businessmen with a budget of around USD300,000 and received backing from then-army chief Valeriy Zaluzhniy. WSJ’s report suggested that Ukrainian President Zelensky had knowledge of the attack and approved it but in June, when the US Central Intelligence Agency (CIA) got wind of this plan, it tried to stop it and Zelensky instructed to halt it. Zaluzhniy pressed ahead with the plan and blew up the pipeline.

The cost to Germany
The cost to Germany of seeking alternative sources is estimated to be about USD1 mil per day. Ironically, Germany is the second-biggest single country supporting Ukraine’s war effort. A senior German official familiar with the country’s police investigation told WSJ: ”Our critical infrastructure was blown up by a country that we support with massive weapons shipments and billions in cash”. On a separate note, Germany is a staunch supporter of Israel. Matter of time it’s gonna get screwed again. Germany needs to learn who their friends are.

Shorts

1. British woman jailed for Facebook comment to blow up mosque
   Julie Sweeney, 53, has been sentenced to jail for 15 months over a Facebook comment for a mosque to “be blown up with adults inside”. Her comment was posted amidst the riots that flared across England over the killings of 3 young girls in Southport last month. Although prosecutors accepted that Sweeney’s post was made out of anger, not due to racism, and was reckless rather than genuinely intended to plant fear, the judge commented wisely that “so called keyboard warriors like her, have to learn to take responsibility for their inflammatory and disgusting language”. 

2. Cuti-cuti North Korea — reopens borders after 5 years
   The hermit nation will reopen one city, the mountainous northern city of Samjiyon, to foreign tourists after nearly 5 years of border closure due to the Covid-19 pandemic. North Korean authorities are allowing tourists from any country to join visit, apart from South Korea. For Americans, the US bans its citizens from travelling to North Korea.

3. NZ charity apologises for handing out meth-laced candy 
   The Auckland City Mission apologised for the distribution of pineapple-flavoured candies that were found to be laced with potentially lethal amounts of methamphetamine, with authorities scrambling to recover the treacherous treats believed to be the byproduct of an international drug trafficking operation.

5. FOR YOUR EYES 📺

1. What Warren Buffett’s Berkshire Hathaway owns as at 30 June 2024. Berkshire added 2 new companies to its portfolio - cosmetic retailer Ulta Beauty and electronic equipment make Heico, sending the stock price up by 16% and 4% respectively upon this news.

2. Malaysiakini did an analysis on the pay of the nation’s chief ministers and mentri besars. PM Anwar is paid less than 6 of them.

3. Two days after 99 Speed Mart’s 9.9 IPO, Youtuber Uncle Roger will be opening his first ever restaurant in Pavilion KL on Sep 11. Why Sep 11? Uncle Roger himself said it’s “a date when no other important thing happened before”. He’s trying to set a Guinness world record - watch below.

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