☕️ JAKIM opens 24-hour hotline to receive complaints of people insulting Islam

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The average price for new apartments in Kuala Lumpur (KL) has surged to RM708,402, surpassing the national average by 21.5% and setting a new benchmark in the industry, according to Juwai IQI. In the first quarter of 2024, the average price of new apartments across Malaysia was RM582,887. In Johor, prices for new apartments also exceeded the national average, reaching RM656,648, ranking second after KL. Meanwhile, the average subsale price of houses across Malaysia in the same period was RM521,614. Based on the average interest rate for a new housing loan of 4.2% at the end of year 2023 (according to BNM).

The Director-General of the Health Ministry, Dr Muhammad Radzi Abu Hassan, has announced that the Ministry has issued 5,549 compounds, amounting to RM1.4 mil, for smoking offences in March 2024. The Health Ministry conducted enforcement visits to 18,178 premises under the Control of Tobacco Product Regulations 2004, which resulted in a total of 8,926 notices being issued for various offences.

Quebec, a French-speaking province in Canada, takes pride in being the largest global supplier of maple syrup — it accounts for more than 70% of the world’s supply. The industry is worth billions of dollars, and the province’s business model includes a unique maple syrup reserve — the only one of its kind in the world. The Producteurs et productrices acericoles du Quebec (PPAQ), or Quebec Maple Syrup Producers, controls the reserve. Due to the COVID-19 pandemic and various environmental factors, maple syrup production dipped at a time when global demand for the product surged, causing the reserve's supplies to plummet. Currently, the reserve’s stockpile stands at a historic low of 3.1 mil kilos (6.9 mil pounds) of maple syrup. To address this, PPAQ plans to add 14 mil more taps to the maple trees between now and April 1, 2026 — which has to potential to produce 19 mil kilos of maple syrup.

3. IN MALAYSIA 🇲🇾

Microsoft to invest USD2.2 bil in Malaysia 
Microsoft CEO Satya Nadella is in town and announced an RM10.5 bil investment over the next 4 years in the country to develop cloud systems and infrastructure and AI. This is the tech giant’s single biggest investment in its 32 years in Malaysia. The announcement was made during the National AI Leadership Forum in Putrajaya graced by the presence of human AI - PM Anwar Ibrahim. Big, absolute numbers always sound good until it’s relative. Nadella is on a Southeast Asian tour and also doled out a large amount of investments to our neighbours — USD1.7 bil for Indonesia and an undisclosed amount for Thailand. Nothing outstanding here, nothing much to celebrate here. 

Mad animal violence, animal welfare

• 20 dogs poisoned — Carcasses of 20 stray dogs, including some puppies, were found on the street at the Taman Seri Amber flats in Seremban after being allegedly poisoned. A police report has been lodged. Let’s see how the culprits can avoid the CCTV recordings in the surrounding area.

• Kitten set on fire — The Selangor Veterinary Services Department (DVS) has started investigating a case of a kitten set on fire at Flat Sri Kenari in Sungai Ramal Baru, Kajang on Apr 22. Fortunately, the kitten is in good condition under the care of the Selangor DVS veterinary officers. CCTV video footage of the incident showed three men loitering at the flats’s motorcycle parking lot before two allegedly splashed fuel on a kitten estimated to be six weeks old. 

• Wild boar preservation - Sabah State Agriculture and Food Industry Minister Dr Jeffrey Kitingan proposed a tagal system (tagal derived from the Dusun language, meaning prohibition) to protect the declining wild boar population as their sighting has been decreasing due to hunting to meet high market demand from food operators offering smoked wild boar meat, known locally as Sinalau Bakas. 
  Now watch just how fast this beast can run.

Still on violence, but of a sexual nature and on humans. A headmaster of a tahfiz centre in Kelantan has pleaded not guilty in the Sessions Court to 5 counts of sodomising 3 students aged between 12 and 15 years old over the past 3 years in his office at an orphanage in Bachok and in a bedroom at a tahfiz school in Machang.

Mother Earth extends heat wave 
The El Nino phenomenon is expected to continue for the next 2 months, defying earlier reports indicating that the transition should have started with rain expected to come, according to Natural Resources and Environment Sustainability Minister Nik Nazmi Nik Ahmad. The forecasts also indicated this year could be the country’s hottest year. States up north are having a hotter time than Selangor and KL. Keep cool - the body and the mind. 

Business

• Sime Darby Plantation proposes name change
  The world’s largest palm oil producer by acreage, Sime Darby Plantation Bhd, has proposed to change its name to SD Guthrie Bhd. It turns out that the “Sime Darby” brand is licensed by the plantation giant’s former parent, Sime Darby Bhd. Since its demerger and listing of SD Plantation 6 years ago, it has operated under brand and trademark licensing, paying an annual fee for using the “Sime Darby” brand. The name has imposed significant constraints on SD Plantation’s ability to make its own strategic decisions for the brand and business, according to group managing director Mohamad Helmy Othman Basha. 

• Now everyone can pay sustainability fee to AirAsia
  Capital A CEO Tony Fernandes said the low-cost carrier, which will soon merge with AirAsia X Bhd, will introduce a “sustainability fee soon” to its airfares to fund carbon offset projects. No details were revealed on this sustainability fee. 

• IPOs galore

  • Kucingko Bhd: The company will be the first animation studio to be listed on the Malaysian stock exchange, specifically on the ACE Market. The total proceeds raised are yet to be disclosed. The company has 260 artists, having completed 50 projects worth RM63.22 mil in its recent financial year 2020, 2021 and 2022 and H1 of 2023, with over 4,617 minutes (76.95 hours) of content created.
    View the prospectus here.

  • Smart Asia Chemical Bhd: The industrial paint and coating manufacturer seeks to raise up to RM37.4 mil from investors and will list on the ACE Market. At a listing price of 40 sen, the company is valued at 14.9x profit after tax of RM10 mil, giving it a market cap of close to RM150 mil.
    View the prospectus here.

  • Feytech Holding Bhd: The automotive cover and seat manufacturer will be listed on the Main Market and aims to raise RM201.6 mil. 43% of the proceeds or RM87.7 mil, will go to 2 existing shareholders (ka-ching!) and the remaining RM114.65 mil will go to the company for expansion. At a listing price of 80 sen, the company is valued at 15.3x its profit after tax of RM43.9 mil, giving it a market cap of RM674.56 mil.
    View the prospectus here.

Shorts

1. JAKIM sets up 24-hour complaint hotline
   The Islamic Development Department (JAKIM) launched a 24-hour hotline to receive complaints of people insulting Islam, especially on social media, according to Religious Affairs Minister Na’im Mokhtar. A technical committee will be established to validate the complaints before informing relevant state religious authorities to take action. 

2. RM300 FLYsiswa flight subsidy makes a return
   The subsidy has made a return available to public tertiary education institution students of up to RM300 for domestic flights. Students can check for their eligibility on the Transport Ministry site. Participating airlines include MAS, FireFly, AirAsia, and Batik Air. There was no mention of the total subsidy costs.

3. Reckless driving leads to 5-year jail + RM30k fine
   A man was sentenced to 5 years in jail and fines of RM30,000 in Sabah for reckless driving, which caused the death of a motorcyclist three years ago. The accused made a dangerous turn whilst driving a four-wheel drive at a U-turn junction, leading to the death of a 26-year-old motorcyclist. Remember, it’s okay to miss a turning. The sudden swerve is not worth the time and fuel saved.

4. AROUND THE WORLD 🌎

China brokering peace talks between rival Palestinian factions
The two groups, Hamas and Fatah, met in China to participate in reconciliatory talks, following up on initial talks in February which took place in Russia. The reconciliation aims to form a unified Palestinian government in the face of the Israeli occupation of Gaza. According to Chinese Foreign Ministry spokesman Lin Jian, the two groups “fully expressed their political will to achieve reconciliation through dialogue and consultation, discussed many specific issues, and made positive progress”. Notably, Fatah was expelled from Gaza by Hamas after a short war in 2007.

Big companies under the spotlight

1. Another Boeing whistleblower dies from sudden illness

   The whistleblower, Joshua Dean, who accused Spirit AeroSystems of ignoring defects in the production of the beleaguered Boeing 737 MAX, has died due to sudden illness. It was reported that his mother posted on social media that Dean was “fighting for his life” after contracting pneumonia and suffering a stroke following a methicillin-resistant Staphylococcus aureus (MRSA) infection, an infection from a strain of staph bacteria resistant to the antibiotics commonly used to treat the issue. Notably, this comes less than two months after Boeing whistleblower John Barnett was found dead from an “apparent self-inflicted gunshot wound”.

2. Uber faces USD312.2 mil legal case from UK cabbies

   The legal case against Uber by law firm Mishcon de Reya with litigation firm RGL Management is on behalf of almost 11,000 London black cab drivers, who allege that the ride-hailing app deliberately misled the local transport authority, Transport for London, about how the app works. RGL also shared the claimants allege Uber’s intention is to “unlawfully take business from existing black cab drivers”. Should the case be ruled in favour of the cab drivers, Uber stands to pay up to USD31,206 to each of the cab drivers, costing the company at least USD312.2 mil. This comes as Uber’s license to operate in London, which was successfully appealed for in 2022, is due to expire this September.

3. Johnson & Johnson proposes USD6.5 bil settlement of talc cancer lawsuits

   The settlement of USD6.5 bil is for the tens of thousands of lawsuits alleging its talcum-powder products were contaminated with asbestos and caused ovarian cancer. The deal would allow the company to resolve the lawsuits through a third bankruptcy filing of a subsidiary company and requires that 75% of the claimants who allege they were affected by the products agree to the deal. The vote will happen over three months. Should the deal pass, the company would resolve all current and future ovarian cancer claims against its products, which incidentally make up 99% of the talc-related lawsuits filed against the company.
   Learns: What is asbestos and its danger

Tech matters

1. Samsung sees 10x profit jump thanks to recovering memory chip business

   The South Korean tech giant reported an operating profit of USD4.9 bil for the first quarter of the year, a nearly 10-fold jump, attributed to strong sales of its flagship Galaxy S24 smartphone and higher prices for memory semiconductors. Revenue for the quarter came in at USD52 bil, up nearly 13%, bolstered by the weakness of the Korean won against the US dollar. The firm expects business conditions to remain positive in the second half of 2024, with demand – centred around generative AI – holding strong despite volatility in macroeconomic trends and geopolitical issues.

2. Complaints raised against iPhone as alarms not going off
   The next your iPhone alarm doesn’t wake you up, you may blame Apple. Apple is in a race against the clock to fix an issue that causes some iPhone alarms to not play a sound, leading to users complaining about the alarms not going off. However, the tech giant has not stated what the issue was or how users can circumvent the issue at this time, though it hopes to find a solution soon.

Shorts

1. Saudi women's rights activist jailed 11 years for "terrorist activities"
   Manahel al-Otaibi, 29, was convicted of charges related to her clothing choices and expression of her views online, according to Amnesty International and ALQST, two human rights groups, who condemned the conviction. However, Saudi diplomats told the UN that she was found guilty of “terrorism offences”. This marks the latest in a string of people, many of them women, who have been imprisoned in the past two years in connection with social media posts.

2. Japan town blocks view of Mt Fuji to stop crowds at photo spot
   Officials in Fuji-Kawaguchiko town, about 50km southwest of Tokyo, will be building a 2.5m barrier to block a view of Mt Fuji at a photo spot that has drawn crowds, which has become a nuisance for locals. The photo spot went viral on social media since it captured two symbols of Japan, namely Mt Fuji and the Lawson convenience store. Locals complained about littering, danger to road traffic, and illegal parking. The barrier is due for completion by the middle of May.

Weekend Read: Most yet to return to face the music
Only 3 individuals wanted by the authorities on the Interpol Red Notice list related to the 1MDB case have returned to Malaysia. 1 one of them died after returning. Read on to see who is still on the run, apart from Jho Low.

5. FOR YOUR EYES 📺

Reflection for the weekend

1. Need some inspiration to hit the gym this weekend? This 63-year-old Chinese lady seems to have entered reverse ageing since she started regularly working out 8 years ago. Exercising is just one part - alcohol, cigarettes, and vaping have to be eliminated, too.

2. You can’t take your greenbacks with you when you die, but you can still go away green.

3. Rival politicians were very friendly at KKB by-election during the nomination day.