☕️ Fashion Valet - from tech darling to struggle for survival

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

24.61 seconds — the time it took for Malaysian teenager Yap Wen Min to solve 50 Digits Multiplication (without a calculator, of course), earning her a place in the Malaysia Book of Records (MBR) for being the fastest to do so. In the last 14 years, Yap has won over 1,000 trophies in Mathematics, Science, debating and public speaking competitions, both locally and internationally. Some people probably take as long, if not longer to solve a two-digit multiplication problem.

11 districts in the country are now categorised as ageing districts where seven per cent of the population comprise those aged 65 years and over — Beluru, Telang Usan, Mukah in Sarawak, Kuala Langat, Sepang and Kuala Selangor in Selangor, Muallim (Perak), Tenom (Sabah), Seberang Perai Tengah (Penang), Tumpat (Kelantan) and Segamat (Johor). Are these good places to retire or no younger folks are moving into these districts?

The modern food industry, rooted in 19th-century innovations like pasteurisation and canning, has made food more accessible but also contributed to rising obesity rates. Processes like those used to make crisps, where potatoes are rapidly sliced, fried, seasoned, and preserved in nitrogen-sealed bags, reflect the industry’s focus on convenience. However, this has led to an increase in daily calorie intake in wealthy countries, now averaging 3,500 calories. The UN projects that nearly half of the world’s population will be obese or overweight by the decade's end.

3. IN MALAYSIA 🇲🇾

Search and rescue operations at Jalan Masjid India are called off
Federal Territories Minister Zaliha Mustafa announced that the search and rescue for the missing Indian tourist who fell down the sinkhole at Jalan Masjid India was halted, after nine days of operation. The reason for stopping the search was mainly due to the safety and health of the rescue personnel. Zaliha also added that the next steps of action will be determined by the police and the rebuilding works of Jalan Masjid India start now.

Chiming in to help is the Masjid India Business Association (MIBA) in making Jalan Masjid India a trade hotspot again. MIBA president Ameer Ali Mydin stated that the association will work closely with Kuala Lumpur City Hall (DBKL) and other parties to ensure repair works on the sinkhole are done thoroughly. Ameer Ali said restoring public confidence in visiting the place is important as the physical rebuilding works begin.

The US of A should just shut up
During a recent interview with Malaysiakini, US Ambassador to Malaysia, Edgard D. Kagan stated that the boycott against Israel is pointless, quoting him, he said,’ Does anyone think the boycott has led to any improvements in Gaza?’ Well, as expected, it was not well received by Malaysians. Let’s see some of the responses.

1. Foreign Minister Mohamad Hasan — Mohamad Hasan reminded that foreign diplomats in Malaysia must practise caution when making statements related to the Palestinian issue as it is a sensitive matter for most Malaysians. Although diplomats produce statements based on the country they represent, but be wary and not live in a bubble.

2. Former Rembau MP Khairy Jamaludin — In an Instagram Story posting via his personal account, Khairy branded Kagan as an arrogant prick and even tagged the official US Embassy Malaysia’s Instagram account in the posting.

3. Former Klang MP Charles Santiago — Santiago stated that the US has no moral standing to broker peace anywhere, especially in the Middle East as everyone knows that the US has always done Israel’s bidding so it is not shocking to see Kagan talking about ‘Israel’s security’. The Israel-Palestine war is not a recent issue but has spanned decades. As of 26 August 2024, over 41,000 people (40,435 Palestinian and 1,478 Israeli) have been reported as killed. The war has always been one-sided as since Israel's founding in 1948, it has received USD158 bil in military aid from the United States, making it the greatest recipient in history.

Fashion Valet went out of trend at the expense of taxpayers’ money
Fashion Valet (FV), which was founded by husband-and-wife team, Vivy Yusof and Fadzarudin Anuar, was reportedly sold to local investment firm NXBT Partners (owed by Afzal Abdul Rahim of TimeotCom) for a ‘cheap’ price tag of USD1.1 mil. NXBT purchased 51.25% secondary shares of FV from Khazanah Nasional Berhad, Permodalan Nasional Berhad (PNB) and a few other investors, valuing FV at a modest USD2.15 mil. The figure is abysmal compared to the valuation that FV had when it raised money from Khazanah in 2019, having a post-money valuation of USD104.5 mil. In 2019, Khazanah and PNB were part of the Series C funding that FV received, amounting to USD12.06 mil.

So, what went wrong for FV? FV started out as an e-commerce platform, selling third-party brands and at one point, even had at least 10 physical stores in Kuala Lumpur and Singapore. However, in 2022, due to fierce competition in the market, FV sunset its website and pivoted its focus on two in-house brands, dUCK and Lilit, selling modest wear.

Shorts

1. Home Minister Saifuddin Nasution Ismail confirmed that police have opened the investigation file on a former deputy minister that allegedly involved in a human trafficking syndicate operating in Myanmar. Recently, a former deputy minister, Mashitah Ibrahim filed a police report over allegations linking her to a human trafficking syndicate in Myanmar. We aren’t sure if it’s a coincidence or related - go figure.

2. Public listed companies in Malaysia will no longer enjoy the luxury of holding virtual-only general meetings beginning March 1, 2025. In a joint statement, Bursa Malaysia and the Securities Commission (SC) said that this directive applied to all companies on the Main Market and ACE Market. SC found out that more than 50% of PLCs still continue to do their AGMs virtually even though the COVID-19 pandemic has ended.

3. Bursa-listed Pansar Bhd’s joint venture with China Road & Bridge Corporation (CBRC) has been awarded the bumper deal worth RM804.7 mil to develop the Kuching Urban Transportation System (KUTS) Blue-Line Package 2. The contract will entail Pansar building the stretch from Stutong station to the Hikmah Exchange. KUTS is a public transportation project that will deploy the Autonomous Rapid Transit (ART) as the backbone of the system.

4. China-based battery maker, Zhuhai CosMX Battery Co Ltd will be investing RM1 bil to build a manufacturing plant in Kulim East Industrial Park, Kedah. According to the Malaysian Investment Development Authority (Mida), the project is set to create over 1,000 jobs.

4. AROUND THE WORLD 🌎

Gaza children to be administered with polio vaccines amid short “pauses” of war
A large-scale UN campaign to inoculate 640,000 Gaza children with the polio vaccine began on Sunday, with Israel agreeing to a “humanitarian pause” from 6am to 3pm for three days to allow it to take place.

However, these pauses are quite short considering the travel logistics of the people in war-torn Gaza where roads have been damaged, accessibility is terrible and security incidents taking place on a daily basis. It will be very challenging for people to get to the vaccination sites safely, with parents being concerned for the safety of the children as Israel is known to mercilessly attack health facilities and shelters.

More than 2,000 workers are involved in the immunisation effort, with more than 400 fixed vaccination sites including healthcare centres, hospitals, clinics, and field hospitals. There are also 230 so-called outreach sites and community gathering places where vaccines will be distributed.

These pauses are unrelated to the ceasefire negotiations though, and the offensive by Israel will still continue to take place after the pause. This is very difficult to brain.

Meanwhile in Saudi Arabia:

• Saudi’s post-oil world - games
  Saudi is now set to go big in Japanese gaming. This time not just as an investor, but also as a collaborative partner. The first move: The kingdom’s Public Investment Fund will transfer all its game-related stocks to its Savvy Games business subsidiary as early as next year. The fund already owns 8.58% of Nintendo, 6.6% of video game developer Capcom and 5.37% of film and anime studio Toei (One Piece!). It also holds stakes in U.S. and South Korean gaming companies and is thought to have some undisclosed stakes in other entertainment stocks. Savvy is in discussions with these corporations on how it can help Japanese game companies access the Saudi Arabian and MENA markets better, establish more direct lines of collaboration in games, esports and IP, and provide tangible support in localization efforts. If you missed the news, the first-ever Dragon Ball theme park will be built in — no prize for guessing — Saudi Arabia.

• Saudi receives first batch of Mandarin teachers from China
  Nihao habibis - the Saudi Arabian kingdom, welcomed its first batch of Mandarin teachers from China last Friday, in an effort to incorporate Mandarin (alongside English and Arabic) in public schools this academic year as part of a Saudi government initiative. Around 175 teachers who completed their pre-service training at Tianjin Normal University will begin teaching in primary and middle schools in Riyadh, Yanbu, the Eastern Province, Jeddah, Jazan, and Tabuk. The overall initiative was made between the two countries last year to enhance cooperation in Chinese language education and as an effort to strengthen ties between the two nations.

Tech stuff

• Google working on AI that can “hear” the onset of sickness

  AI might still be intimidating to many, but this news is quite welcoming. Google is believed to be training one of its foundation AI models with 300 million pieces of audio that included coughs, sniffles and laboured breathing, to identify variations of sickness with such symptoms. Google has also started working with Indian company Salcit Technologies, a respiratory healthcare AI startup, to embed AI into smartphones where it can potentially help high-risk populations in geographies with poor access to healthcare.

• Telegram financial statement shows a staggering USD400 mil in crypto

  The beans have spilt — popular messaging app Telegram with more than 950 mil monthly active users, who had their CEO Pavel Durov arrested last month on allegations of fraud and money laundering to name a few, is reported to hold USD 400 mil in digital assets at the end of 2023 according to the company’s 2023 financial statement. Where did all that come from? Apparently, 40% of Telegram’s revenues came from digital asset-related activities under the categories “integrated wallet” and “sale of collectables.” The “integrated wallet” is a software program that allows users to store, send, receive and trade crypto assets, while “sales of collectables” are things like usernames and virtual phone number sales. In 2023, the app generated USD342.5 mil in revenue and an operating loss of USD108 mil - read more about its financials here.

Shorts

1. Typhoon Shanshan drenches Southern Japan

   Japan was hit by typhoon Shanshan, a third major storm system that hit the island nation this month. The typhoon carrying torrential rains and gusts of wind up to 252 km per hour made landfall near Satsumasendai city on Kyushu island at about 8am on Thursday morning. Dozens were injured and 3 deaths were reported due to a landslide in central Aichi prefecture. The weather agency expected Shanshan to move through Japan’s central and eastern regions, including Tokyo. Evacuation orders have been issued, and so far the typhoon has weakened to a tropical depression while authorities are still on high alert for landslides and flooding.

2. Mpox in Africa: No signs of vaccines despite promises by the West

   Mpox continues to ravage the Africa region, but sadly, none of the African countries affected by the outbreak has received the promised vaccines. Spain has pledged as many as 500,000 doses while France and Germany have promised 100,000 each. The US said it will donate 50,000. The Democratic Republic of the Congo (DRC) has been at the centre of an outbreak of the new clade 1b variant, with 18,000 suspected cases and 629 deaths this year. Despite mpox being first identified in humans in the DRC in 1970, African nations vulnerable to its spread are still reliant on donations of vaccines from the stockpiles of richer nations and are still at the mercy of budgets, vaccine monopoly and delivery red tapes.

3. Ukraine calls on Mongolia to arrest Putin and send him to ICC

   Putin is due for a visit to Mongolia soon, but Ukraine has stepped in and urged Mongolia to arrest Putin for his war crimes ahead of his visit. Mongolia is one of the International Criminal Court (ICC) member states, however, an ICC spokesperson said that while Mongolian officials have the “obligation” to abide by ICC regulations, it doesn’t mean that an arrest should take place. The ICC has alleged Putin for war crimes in February 2022, but Moscow has denied the allegations. While the ICC is the highest court for international crime, it has no powers to arrest suspects and can only exercise jurisdiction within its member countries.

5. FOR YOUR EYES 📺

1. The main attraction during the National Day parade - ‘Cuci Rasuah’ dance, featuring 515 staff members from the National Department of Culture and Arts (no reps from MACC?). PM Anwar hailed the performance as the best. Must be awkward for some people in the VIP crowd to witness this performance. Watch the performance here - read the comments too for a good laugh.

2. Pretty cool infographic of our skyscrapers was created by @Zir80s. If you are wondering why some buildings are left out, the artist mentioned the selection was random and for comparison purposes only. May our nation’s future and development catch up and scale to similar heights to some of these buildings.

3. Keranamu Malaysia remix version, reflecting some of our current political reality. Have a good laugh and a good start to the week and September!