☕️ Do scammers love Malaysians?

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

September has historically been the worst month for the S&P 500, with data dating back to 1928 showing regular underperformance and negative returns. According to CME Group, the index has lost ground in 55% of Septembers over the past century and has experienced declines for the last four consecutive years, as noted by Deutsche Bank. A significant factor is an increase in trading volumes after Labor Day, with SoFi's Liz Young Thomas highlighting that average monthly trading volumes rise from 15.2 bil shares in the summer months to 17.2 bil in September, amplifying market volatility.

India’s economic ascent has not only lifted millions out of poverty but also fueled a surge in international travel. Indian travellers’ overseas spending tripled to USD33 bil by 2023, with forecasts suggesting it could reach USD45 bil next year. This rise is driven by a growing middle class and a youthful demographic, with many in the 25-34 age group, who are the most eager to travel. The number of Indian passports has also risen significantly, from 52 mil a decade ago to 93 mil today. Which countries are reaping the benefit of this sudden thirst to see the world? It is countries closer to home that are reaping the rewards — Middle Eastern and South-East Asian countries.

South Korea's iconic kimchi is under threat due to climate change, with rising temperatures impacting the quality and quantity of napa cabbage, the main ingredient for the dish. Napa cabbage thrives in cooler climates, but warmer weather is disrupting growth, especially in mountainous regions where the crop once flourished below 25°C. Government data shows that highland cabbage farming has more than halved over the past 20 years, shrinking from 8,796 hectares to just 3,995 hectares. Projections by the Rural Development Administration suggest that this farmed area could drop to just 44 hectares in 25 years, with no highland cabbage expected by 2090.

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3. IN MALAYSIA 🇲🇾

Keeping up with Sarawak
Sarawak is to raise its stake to 30% in Affin Bank Bhd by acquiring all 20% of Boustead Holdings Bhd shares and part of the interests owned by the Lembaga Tabung Angkatan Tentera (LTAT), who also owns Boustead. This enables Sarawak to overtake LTAT and become the largest shareholder in Affin Bank. Sarawak Premier’s statement to formally announce the state’s acquisition of stakes in Affin Bank led to a stock jump on Monday with an increase of 4.5% and a market capitalisation of RM7.2 bil.

Meanwhile, a joint statement by the Sarawak Government, Petronas and Petros claimed that Petronas is not thinking of any legal action against Sarawak and Petros. The discussion about gas distribution in Sarawak is still ongoing between all 3 parties involved and will be concluded by Oct 1. Sarawak Premier has also dismissed all reports claiming that the discussion is heading nowhere. As far as we know, Petronas wants no drama.

Do scammers love Malaysians?
There has been a spate of unfortunate encounters between Malaysians and scammers using various tactics to fleece money. Here are some examples that hit the news recently.

• Episode 1: A farmer in Batu Pahat lost RM290,000 to scammers claiming to be MCMC and police officers. The farmer was gaslit into believing he was involved in a bank account scam syndicate and that his assets would be frozen. The victim was asked to transfer funds to 6 different accounts as part of the “investigation”.

• Episode 2: Meanwhile, a man in Muar lost over half a million of his savings after he chased after profit he “might” have earned from an online sales job. He was asked to register as an agent on a website and use his own money as capital. If you think the farmer had it bad, this man transferred funds to 8 different accounts, causing a loss of RM542,444.

• Episode 3: A lawyer lost about RM300,000 when his law firm partner decided to forge his signature and withdraw funds from a client’s account. The partner then promised to return the stolen funds which made the lawyer take out a personal loan and sell his house to make up to the client. However, the suspect has yet to pay, prompting the lawyer to lodge a police report. Remember, if he stabs you once, he will stab you again.

• Episode 4: Finally, in a tale as old as time, a man was relieved of over RM20,000 in a scam involving promise of sex. The 49-year old who identifies as Lee was convinced that he would receive a huge payout for donating his sperm to a rich, attractive woman to help her conceive a child. The man was told the sperm collection would be done via sexual intercourse and was asked to pay processing fees. The scammers also used the names of legit local legal firms to project authenticity.

GISBH parents refuse to claim their children
Parents of 572 children rescued from welfare homes linked to GISBH refused to come forth and claim their children. It is believed they are refusing to do so to avoid exposing the modus operandi of the charity home which is presented as an orphanage to solicit donations. The rescued children are believed to be the offspring of members of the organisation.
Arrested parents have denied knowing the rescued children who stated they don’t remember the names and faces of their parents.
The children are currently placed in 11 safe houses by the Welfare Department. An education programme for these children will be initiated by the Ministry of Education starting Oct 1.
An estimate made by the police puts around 100,000 people being connected to GISBH nationwide. Followers of GISBH are said to practice deviant teachings, have associations with the banned Al-Arqam movement and worship Ashaari Muhammad. 153 bank accounts related to GISBH have been frozen with vehicles and properties have been seized.

Shorts

1. J-Kom DG Khairuddin Othman was terminated before he even reached a year of service. 
   When asked why he was terminated, he refused to elaborate and said the Communications Ministry would clarify that. Initially, Khairuddin stepped up to this position after Datuk Dr Mohammad Agus Yusoff who was claimed to be in a video clip of two men having an indecent conversation, resigned. Now all attention is on Khairuddin’s termination and the explanation is yet to be given.
   

2. RM500 from the PM and RM1,000 from the National Disaster Management Agency (Nadma)

   These sums were given to 202 families affected by the floods in Penang. The PM’s senior political secretary said he hopes this allocation will lighten the burden on these families. And this aid will be remembered in the next GE, perhaps?
   

3. Million dollar doubles

   Malaysia’s men’s doubles pair, Sze Fei-Izzuddin bagged almost RM1 mil after competing in only 4 badminton tournaments in less than a month. However, it was no easy money as the duo had to win the China Open Super 1000, the Japan Open Super 750, and advanced to the last of 16 in the Hong Kong Open Super 500. However, the duo still has a long way to go with many more events in the horizon to really prove their mettle.

4. AROUND THE WORLD 🌎

Singapore's ex-minister pleads guilty
Last year, former transport minister of Singapore, S Iswaran, was arrested and subsequently charged with 35 counts of allegedly taking favours from business people. He allegedly received more than USD 312,000(RM1.3 mil) in luxury goods, including tickets to musicals and football matches.

On Tuesday, the charges were amended and then he pleaded guilty to “lesser charges” of bribery and obstruction of justice. It was unexpected, as the former politician had vowed to defend himself against said charges.

This comes as an interesting twist to the “rare” graft trial, which also occurs at a politically sensitive time, as PM Lawrence Wong prepares to lead the ruling People’s Action Party (PAP) in a general election. Iswaran was a member of the PAP - this case could taint the party’s reputation for clean governance which has helped it win all elections since Singapore’s independence in 1965.

Iswaran is the first minister to be embroiled in a graft probe since 1986. The last time a former minister was sentenced to jail for graft in Singapore was in 1975, when Minister of State for Environment Wee Toon Boon was sentenced to 18 months in jail for accepting a two-storey house and land.

China economy:

• China’s car dealerships facing losses nearing USD20 bil amid price wars and sluggish consumption

  China’s car dealerships are struggling, with car retailer losses reaching RMB138 bil (RM81.5 bil) in the first eight months of 2024 and experiencing “extremely intense liquidity.” This still happens despite government subsidies to replace older cars with electric vehicles amid a price war, as brands such as BYD continue slashing prices in an attempt to get Chinese customers to buy their cars. The desperation stems from high wholesale inventory, leading to dealers massively discounting excess stock just to clear showrooms.
  

• China unleashes its boldest stimulus in years to boost ailing economy

  China is cutting interest rates in order to boost its flagging economy and prevent property owners from going bust. In a bold stimulus package, the People’s Bank of China announced that it would be cutting interest rates by 0.5% on existing mortgages and reduce the deposit needed to buy a second home from 25% to 15%. Other steps include easing restrictions on borrowing to invest in shares - a move that boosted the Shanghai composite index by 4% within hours of the announcement.
  However, Governor Pan Gongsheng did not specify when it would take effect. Economists still feel that “it may not be enough”, warning that a full economic recovery would “require more substantial fiscal support than the modest pick-up in government spending that’s currently in the pipeline”.

UAE designated as the US ‘major defence partner’, UN general assembly opens amid pressure for regional war de-escalation
The UAE has been recognised as a “major defence partner” to the US on Monday, a rare move that is claimed to deepen military ties and allow for “unprecedented cooperation between the military forces of the United States, the UAE, and India” all in the name of “regional stability”. UAE is the second country to receive the designation, after India.

It was announced during a meeting between President Joe Biden and UAE President Sheikh Mohamed bin Zayed al-Nahyan, parallel to the time Israel is stepping up its attacks on Lebanon. UAE has been a leading voice in the UN Security Council with its resolutions condemning Israel’s war on Gaza, often putting it at odds with the veto-carrying US.

Meanwhile, the 79th United Nations General Assembly opened on Tuesday morning amid a massive bombing campaign in southern Lebanon that has brought Israel and Hezbollah closer than ever to an all-out war, despite fevered diplomatic efforts to de-escalate the conflict. All these while Israeli shells and bombs rain down over southern Lebanon in strikes that killed at least 490 people and displaced thousands.

Shorts:

1. Grocery giants Woolworth and Coles sued by Australian Competition and Consumer Commission (ACCC) 
   Australians have had enough - the nation’s consumer watchdog has filed a lawsuit against the two supermarket giants for misleading shoppers about discounts on their products. The lawsuit came amid scrutiny from lawmakers and regulators over their high prices at a time when the cost of living has risen sharply. ACCC accuses them of holding prices steady over certain products, then hiking them only to advertise them as being on sale soon after. If found guilty, the potential fine for breaches of consumer law is AUD50 mil (RM143 mil). Woolworths has almost 1,000 stores in Australia, with a 37% market share. Coles has 833 stores with a 28% market share. Perhaps, 99 Speed Mart might consider expanding Down Under and shaking some trees there since it’s looking to expand abroad.

2. Man United stadium revival could add billions to British economy, but mayor said no public money will be funding the project

   Manchester United is considering whether to pursue a GBP 2 bil (RM11.26 bil) plan for a brand new 100,000-seater stadium or redevelop the existing 74,000-capacity Old Trafford. If either of that happens, it could potentially generate GBP 7.3 bil annually to the British economy. Despite acknowledging the benefits, the Mayor of Greater Manchester Andy Burnham said no public money would go towards the project. The project could deliver 92,000 new jobs, more than 17,000 new homes and an extra 1.8 mil visitors per year to the area and is spearheaded by United co-owner, British billionaire Jim Ratcliffe.
   

3. Sweden accuses Iran of hacking for revenge over Quran burning

   The Swedish Prosecution Authority released a statement on Tuesday accusing Iran of hacking their network and inciting an act of revenge for the Quran-burning incident last year.

   They said that Iran’s Islamic Revolutionary Guard Corps (IRGC) hacked into a local SMS operator and sent out about 15,000 text messages calling for retaliation after Islam’s holy book was burned during protests. However, while the prosecutors said they have identified the “Iranian hackers,” the investigation is now closed due to conditions for prosecution abroad or extradition to Sweden are lacking for the persons suspected of being behind the breach.

5. FOR YOUR EYES 📺

1. Happy hump day — here’s a compilation of memes to get through the day.

rudy_willingham

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2. Marvel’s Thunderbolts, premised on a group of antiheroes goes on missions for the American government, is said to be the 36th film in the Marvel Cinematic Universe(MCU). Trivia — Spot KL in the movie trailer below.