☕️ Ahmad Zahid Hamidi claims previous PH govt selectively prosecuted him.

1. MARKET SUMMARY

2. NUMBERS AT A GLANCE

4.4% — Malaysia’s inflation rate for the month of July 2022. The food index rose 6.9%, the main contributor to the increase in overall inflation. Jihad Tangani Inflasi, what’s the plan now? 

7.6% — the increase in Malaysia’s Producer Price Index (PPI) for local production in July 2022. The PPI measures the costs of goods at the factory gate.

Two out of five (40%) Malaysian youths continue to have sex despite it not being pleasurable, according to the 2022 Sexual Health and Intimate Wellness Survey. The survey is conducted online by Durex Malaysia among 1,089 young Malaysians between 18 and 30. Nearly half (48%) of Malaysian youths learn about sex from pornography, and 1 in 3 believe that what is shown in pornography is normal sex. The survey indicates the dire need for sex education in the country. And no, what is shown in pornography is not normal sex!

Aaron Chia and Soh Wooi Yik will each receive RM200,000 for winning the world title in Tokyo yesterday — RM150,000 from the Badminton Association of Malaysia (BAM) and RM 50,000 each from Yonex.

“A transparent judgment reflects a credible justice system that is not influenced by fear for anyone.”

— Sultan of Perak Sultan Nazrin Shah

3. IN MALAYSIA 🇲🇾

Ahmad Zahid Hamidi uses his religion as his defence in his 47 charges trial. 

The former deputy prime minister told the High Court that as a Muslim, he would reject donations channelled to Yayasan Akalbudi (YAB) if he knew they had come from illegal activities. However, Ahmad Zahid said the donor was from Sarawak, and Wong was a partner to that donor who is not from Malaysia. Hence, Zahid assumed the money received was not derived from illegal activities or sources.

Well — if he doesn’t question the source, how would he ever know if they came from legal sources? Working on the basis of assumption is not the best justification to clear his name.

On top of that, Zahid also cries foul saying his prosecution is politically motivated. He added the Pakatan Harapan administration selectively prosecuted him and 20 other BN leaders after winning the 14th general election.

It’s an all too familiar narrative we have heard before. Overseas donations, political prosecutions, and multiple delay tactics, where will they end up? Spoiler alert: In Kajang prison.

Meanwhile, Bersatu Youth information chief Mohd Ashraf Mustaqim Badrul Munir lodged a police report against Zahid for allegedly making seditious remarks in his speech during the UMNO’s special address over the weekend.

Partners of Zaid Ibrahim Suflan TH Liew & Partners want to save face.

Zaid Ibrahim, Liew Teck Huat and Rueben Mathiavanam want an apology from Malaysian Bar president Karen Cheah over a press statement which they claim was “a grave and serious libel” on their conduct in former prime minister Najib Razak’s SRC International criminal appeal. If Cheah fails to retract the statement and apologise by Sept 2, the three partners will initiate legal action against her. The internet is fantastic — because a piece of old news is always just an internet search away — Zaid files suit against Najib, wants PM to return USD731m and RM42m (2016).

Penang South Island (PSI) reclamation project hits a snag.

The High Court struck out the Penang government’s application for a judicial review to challenge the revocation of the first Environmental Impact Assessment (EIA) report. The EIA report led to the Department of Environment’s (DOE) appeal board preventing the implementation of the Penang South Island (PSI) reclamation project.

Same business, but different fortunes.

Public Bank Bhd saw its net profit for 2QFY22 ended June 30, 2022, rise to RM1.42 bil, from RM1.38 bil a year ago. It could have been higher, but Cukai Makmur (the one-off prosperity tax) stood in the bank’s way. The bank has declared a first interim dividend of eight sen per share — a total dividend payout of RM1.55 bil, 55.2% of the group’s net profit for the first half of the year.

On the other hand, RHB Bank Bhd saw its net profit fall 9.5% to RM634.83 mil for 2QFY22, from RM701.34 mil a year ago because of higher operating expenses and lower income from its ancillary services (brokerage, advisory, etc.). The bank’s gross impaired loan (GIL) ratio for its small and medium enterprise (SME) customers is trending upwards.

PSA

1. Major bread producer Gardenia will increase the prices of its products from Sept 1 — many of you are probably familiar with the products below.

2. The ceiling price of RM9.40 per kilogramme for local whole fresh chicken and three sen subsidy for eggs will remain. Thank you, Annuar Musa!

4. AROUND THE WORLD 🌎

Indian telco giant Jio x Alphabet, WhatsApp in budget 5G smartphone, in-app shopping

Jio Platforms, India’s largest mobile carrier, owned by Reliance Industries, is working with Google to launch a budget 5G phone as it laid out its USD25 bil plan to dominate the 5G market in the world’s second-biggest mobile market and make it the world’s largest 5G network. With more than 420 mil customers, the company snapped up airwaves worth USD11 bil in a 5G spectrum auction earlier in the month.

WhatsApp also unveiled a shopping product integrated with JioMart where users can purchase groceries and other household items without leaving the app. In early 2020, Facebook invested USD5.7 bil for a 9.99% stake in the Jio Platforms.

Brazil’s football league changing fortunes

A change in law and the fortunes of Brazilian football clubs would see better days. Football clubs in Brazil can now seek an outside investment with the change in the law, attracting hundreds of millions to the world’s largest exporters of footballers. Instead of exporting, new investments could retain their talents longer in the country.

The first deal to take advantage of this change in law involves second-division club Cruzeiro, which was bought by retired Real Madrid and Brazil striker Ronaldo. It is estimated at least 10 other Brazilian football clubs will become investor-owned companies in the next two years. Currently, Brazilian clubs get just 1% of its revenues from international transmission rights, whereas the Premier League gets 48% and Spain’s La Liga gets 44%. Growing popularity would mean a windfall from TV rights.

Elon Musk’s love-hate relationship with O&G, Honda x LG battery JV

1. Elon Musk, at a conference in Norway, said the world must continue to extract oil and gas in order to sustain civilisation in the short term; otherwise, “civilisation will crumble”. He acknowledged the challenges in transitioning to a world of sustainable energy and that it will take decades to complete.

2. Honda Motor Co and South Korean battery maker, LG Energy Solution Ltd, will invest USD4.4 bil to build a new battery plant in the US as the Japanese carmaker seeks to phase out fossil fuel vehicles completely by 2040. Honda plans to spend JPY5 tril (USD36 bil) on its push into EVs in the next decade by launching some 30 new models.

Shorts:

1. The much-anticipated launch of NASA’s Artemis 1 has been delayed at T-40 minutes over a suspicious difference in temperature in one of its three engines. The next launch opportunity is Friday, Sep 2.

2. House of The Dragon, the prequel series to the Game of Thrones, will officially be renewed for the second season. This came as a surprise to many as it was announced five days after the premiere. The 10-episode series, costing just under USD20 mil to produce per episode, has shattered HBO premiere night record with 10 mil views, making it the biggest premiere audience for a new show ever.

5. FOR YOUR EYES 👁👁

1. Remember Ummi & Tan Ming Hong from 15 years ago? Selamat Hari Merdeka. Enjoy the holiday!

2. Indian rappers rapping in Malay on the plight of the Indian community. 3. Which countries have nuclear weapons?