☕️ Anwar puts blame on past cronies for MAS performance

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The Malayan tiger, Malaysia’s national symbol, is critically endangered with only about 150 left in the wild, mainly across the peninsula from Johor to Perak. This is a drastic decline from a population of 500 to 1,000 in the 1980s and 1990s, which further dropped to between 250 and 340 by 2013. Efforts by organisations like WWF-Malaysia are ongoing to prevent the species' extinction. The government intends to raise the number to at least 400 by the next 10 years, through natural and advanced reproductive technologies.

US VP Kamala Harris' presidential campaign raised USD540 mil (RM2.36 bil) in just over a month, with a notable surge during the Democratic National Convention. Her campaign manager, Jen O'Malley Dillon, highlighted that USD82 mil was raised during the convention week, with nearly a third from first-time contributors. Young voters and women, key demographics for Harris, made up a significant portion of these new donors. The fundraising success signals strong enthusiasm for Harris' candidacy heading into the November election. Her opponent, Donald Trump, seems to be trailing a little — Trump’s campaign reported USD327 mil in cash on hand at the start of August.

Sick leave in the US has increased by 55% in 2023 compared to 2019, according to Dayforce, a human resources platform. While all age groups are taking more time off, younger workers are driving the trend. HR software provider Gusto reported that workers aged 25 to 34 are taking more sick leave than older employees. Specifically, Dayforce found that those 35 and under had a 29% increase in sick leave since 2019, compared to a 16% increase for those over 35. The reasons people take sick leave have grown. It's not just for a sore throat or a cold anymore. More people are taking sick days for mental health reasons. They might miss work because they feel overwhelmed, burned out, or just need a day to rest.

3. IN MALAYSIA 🇲🇾

Selangor and Kedah sign MOU to share utility databases
Selangor and Kedah have signed a Memorandum of Understanding (MOU) between their respective utility corridor agencies - Selangor Utility Corridor (Kusel) and Utiliti Infra Darul Aman (UiDA) - to share experiences and information about utility databases.

The MOU was signed at a ceremony by Kusel managing director Khairul Azmi Misran and UiDA CEO Ahmad Taufik Radzi, with Selangor MB Amirudin Shari and his Kedah counterpart, Sanusi Md Nor, playing witness.

Amirudin highlighted that both states face similar issues with utility management, leading to significantly higher infrastructure development costs due to the lack of proper mapping plans. Selangor, being a more developed state, faces additional challenges in managing utilities.

Sanusi mentioned that Kedah faces problems locating reserve land for road construction, as it often intersects with rivers or paddy fields, causing delays. He believes that a proper underground utility mapping system could help facilitate necessary measures and prevent such issues.

Kusel, established three years ago, and UiDA, established a year ago, aim to coordinate and create an underground mapping system for utilities such as water, sewage, gas pipes, electricity, and fibre optics. This initiative aims to prevent duplication during construction or damage during roadworks.

Anwar puts blame on past cronies for MAS performance
PM Anwar Ibrahim has criticized past non-transparent decisions that favored cronies over national interests, stating they have burdened Malaysia Airlines (MAS). As chairman of Khazanah Nasional Bhd, the sole shareholder of MAS, he acknowledged efforts to resurrect the airline during weekly Cabinet meetings.

"Don't erase such a historic decision to defend a few cronies while putting aside national interests," said Anwar as he emphasized the government and Khazanah's commitment to MAS' success as Malaysia's national carrier. 

MAS has faced financial difficulties due to management issues and crises like MH370 and MH17, severely impacting its reputation and share value.

Anwar (again) calls for overhaul of statutory bodies
The Malaysian government plans to establish a Secretariat for the Rationalisation of Federal Statutory Bodies (phew, that was a mouthful) to eliminate overlapping functions and reduce unnecessary expenditures. PM Anwar Ibrahim emphasized the need for civil service reforms to prevent corruption among public officers, stating that many view their positions as privileges rather than responsibilities. He highlighted the issue of financial redundancy caused by multiple statutory bodies and proposed the formation of a bilateral committee within the Ministry of Finance to streamline these entities.

Anwar noted that the rationalisation process would involve appointing capable chairpersons and board members, equipped with management and finance training, to enhance financial governance. He stressed the importance of reasonable expenditures, such as avoiding unnecessary upgrades to official vehicles and offices. Additionally, he mentioned that each statutory body and government-related company would have a Ministry of Finance officer assigned to oversee governance and financial management practices. 

To ensure accountability, Anwar warned that any compromise in governance would result in the MOF officer being barred from board positions in the future. He called for immediate execution of these reform measures to improve efficiency within the civil service, aiming for a productivity target of 95%. 

Shorts

1. Six individuals arrested in Kelantan by MACC for shielding smuggling activities

   MACC arrested six individuals, including an enforcement agency assistant director, for allegedly protecting the smuggling of livestock and subsidized goods in Tumpat, Kelantan. The suspects, in their 50s and 60s, were apprehended under Op Smug when they arrived at the Kelantan MACC office to provide statements. The enforcement official is believed to have accepted bribes ranging from RM5,000 to RM10,000 from several suspects involved in the smuggling activities to shield them from legal action.

2. New Zealand Prime Minister meets with.. Khairul Aming?
   Malaysia’s food content creator sweetheart Khairul Aming recently met with NZ PM Christopher Luxon on the second day of his three-day trip to Malaysia. The meeting, held in Hidang KL, served as a gesture of appreciation from NZ for Khairul’s recent videos shot in Aotearoa (that’s Maori talk for New Zealand!). During said meeting, Khairul took the chance to introduce traditional Malaysian cuisine to the premier.
   
   Watch his New Zealand tiktok that went viral here: 

3. A crocodile in Shah Alam?

   The Shah Alam City Council (MBSA) has warned the public to avoid the Section 7 lake after reports of a crocodile sighting. To ensure public safety, rope barriers were installed by the council around the lake, besides collaborating with the Selangor Department of Wildlife and National Parks (Perhilitan) to monitor the situation and set up warning banners. Perhilitan will also deploy traps to capture the crocodile, following viral claims of its presence on social media.
   

4. RM1 million cash for Liek Hou’s golden paralympics performance

   Malaysia Boleh! Liek Hou, national paralympics badminton player, finally won Malaysia’s first gold of the Olympics season after beating Indonesia in the finals; in spectacular fashion at that, with a score of 21-13, 21-15. As a reward, Liek is entitled to a RM1 million cash reward from the government, besides receiving a monthly stipend of RM5,000 for life. Watch highlights here.

4. AROUND THE WORLD 🌎

Pope Francis lands in Indonesia to begin historic Asia-Pacific trip
The almost 88 year-old Pope Francis has endured what he thinks as “the longest flight he has ever done” and has touched-down safely in Indonesia, the first country in his Asia-Pacific trip.

Although plagued by increasingly fragile health, he was seen disembarking on a wheelchair in Jakarta and proceeding happily with his 3-day visit, including a meeting with President Joko Widodo on Wednesday.

Indonesia is home to the largest Muslim population on Earth, but in the spirit of inter-religious ties, Francis is meeting representatives of all six officially recognised religions (Confucianism is one of them) of Indonesia at Istiqlal Mosque, the largest mosque in Southeast Asia and a symbol of religious coexistence. He will sign a joint declaration with the Grand Imam focusing on “dehumanisation” through the spread of conflict and environmental degradation as well as highlighting the global importance of interfaith dialogue. About 3% (~8 mil) of Indonesia’s 242 mil population are Catholics.

His trip to Indonesia is the third ever by a pope and the first since John Paul II in 1989. His next stop on the trip would be Papua New Guinea, Timor-Leste, and finally, Singapore.

On the business front

• Singapore-based SCI Ecommerce considering an IPO
  SCI Ecommerce Pte Ltd is believed to be considering an Initial Public Offering (IPO) in Singapore, as early as mid-2025, with backing by Singaporean buyout firm Asia Partners. The share sale and deliberations on the details are all still in the works, with a listing that potentially values the company at more than USD 1 bil (RM4.37 bil).

  SCI helps brands such as Danone, Huggies, Nestlé, Philips and Unilever set up and manage their online operations in Southeast Asia and China, according to its website. The company says it has over 6,000 online stores. Asia Partners led a SGD 50 mil (USD 38 mil or RM166.86 mil) funding round for SCI in 2021. CEO Joseph Liu also said that SCI was planning to pursue an IPO in New York and potential second listing in Singapore.

• Hewlett Packard will continue to sue late Mike Lynch for USD 4 billion

  It’s not till-death-do-us-part for HP and Mike Lynch as the American company has confirmed it will still proceed to sue the family of the late tycoon for up to USD 4 billion, despite his tragic demise recently. Lynch had been embroiled in a long-drawn legal battle with Hewlett Packard Enterprise (HPE), when it bought his company Autonomy in 2011 and then accused him of valuing it inaccurately. The indictment accused Lynch and his former VP of Finance Stephen Chamberlain of falsifying financial documents, lying to auditors and regulators, and suppressing people who criticized Autonomy's financial practices. However, both of them were acquitted of all charges by a San Francisco jury in June.

• New Zealand could become incredibly expensive to visit

  Visiting the dreamy New Zealand may now turn into just another daydream, thanks to a recent announcement by its government to raise its International Visitor Conservation and Tourism Levy (IVL) from NZD35 (RM95) to NZD 100 (RM271) beginning 1st October. That’s nearly triple the tax rise for international tourists, which translates to a more costly trip to NZ.

  Tourism Minister Matt Doocey justifies that the hike would allow tourism to grow while ensuring visitors contribute to high-value conservation areas and projects. However, the tourism industry itself is not very happy, with its peak tourism body saying the hike will result in the country being incredibly expensive and less attractive to visit.

  Along with a recent 60% increase in visitor visa fees, it would bring the cost of visiting New Zealand to as much as NZD 500 (RM1,353) per person, more than double the cost of visiting Canada and two-thirds more than visiting Australia.

Shorts

1. Cathay Pacific grounds planes after Airbus A350 engine problems

   Dozens of flights were cancelled by Hong Kong’s flagship airline Cathay Pacific yesterday, after one of its Airbus A350 planes bound for Zurich had to turn around due to engine component failure. The airline has inspected 48 of its Airbus A350s and found 15 with faulty parts that needed to be replaced. All of these plane’s Trent XWB-97 engines were made by Rolls-Royce, who declared their commitment to work closely with airlines that operate on its engines. This year, Rolls-Royce has announced plans to invest heavily to improve its range of engines, including the Trent XWB-97. However, there are concerns from the industry about its durability and prices for maintenance.

2. Former Volkswagen boss Martine Winterkorn finally faces trial over emissions scandal

   It has been 9 years since German auto giant Volkswagen admitted to cheating emissions tests, and finally the CEO involved in the scandal is facing trial. The 77-year-old was supposed to stand trial in 2021 alongside four other VW executives, but proceedings against him were split and postponed due to his poor health. About 89 hearings have been scheduled through September 2025. He is accused of giving false testimonies and market manipulation related to the scandal. The fraud has already cost VW about EUR 30 bil in fines, legal costs and compensation to car owners, mainly in the US.

3. Chinese farmers found spraying industrial sulphur on wolfberries

   After the cooking oil in an unwashed chemical tanker case, China faces yet another food scandal, this time related to its wolfberries (aka goji berries). Local news media has recently found that farmers are using banned chemical substances sodium metabisulfite and industrial sulfur to preserve the appearance as red and beautiful. Disturbingly, many of the merchants and farmers know that it is harmful but said that the practice was common. Apparently, it all boils down to profit. Xi Jinping has promised to crack down on these rampant food safety breaches in China, so what will he do now?

5. FOR YOUR EYES 📺

1. The former trio of Top Gear take their final Grand Tour.

2. Investments in generative AI have increased by 9x from 2022 to 2023 (USD22.4 bil), probably thanks to OpenAI.

3. +99 creative points for this Hari Kebangsaan Parade in Lipis, Pahang, for reenacting a Mat Rempit ‘superman’ pose + road block - watch here.