☕️ LHDN e-filling deadline extended by 15 days

To our Muslim readers and Malaysians, Selamat Hari Raya Aidilfitri!! Safe travels! We will be on lemang and rendang tours on Wednesday and Thursday and will be back on Friday.

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Bus drivers are running in short supply as there are at least 5,000 vacancies to fill, according to Pan Malaysian Bus Operators. A bus driver is paid between RM3k-RM6k per month, depending on the operator and route involved. The initial entry costs to obtain a class E license and public service vehicle license for buses aren’t low and can cost up to RM5k, which the association has called for the government to offer free training. Transport operators usually bear the training costs for potential bus drivers to obtain their bus or lorry driving licences, but many of them disappear once the license is obtained, leaving the transport operators hanging dry.

62 mil tonnes of e-waste was generated in 2022, according to UN agencies, warning in a new report (view here) that waste from electronics is piling up worldwide whilst recycling rates remain low and likely to fall even further. This waste is somewhat underestimated as it does not include waste from electric vehicles, which fall into a separate category. How much is 62 mil tonnes? Enough to fill tractor-trailers that could be lined up bumper to bumper around the world. Metals - including copper, gold, and iron — made up half of the 62 mil tonnes, worth a staggering USD91 bil (RM432.3 bil). However, e-waste is not as simple as recycling a paper bag as it also contains highly hazardous elements like mercury.

The most expensive business card ever goes to the late Apple co-founder Steve Jobs. A signed 1983 “Apple Computer” business card was sold at an auction for USD181,183 (RM860.8k) and is described as “extremely rare, perfectly graded”. Jobs was known for not giving autographs, partly explaining why items with his signature have sold at such a high price. Taking the second spot for the highest-value autographs of a deceased person is theoretical physicist Stephen Hawking. Anything related to Apple’s past fetches high astronomical prices. Auctioneer RR Auction has a range of items on sale under the title “Steve Jobs and the Apple Computer Revolution” — check it out here.

3. IN MALAYSIA 🇲🇾

TNG 👎, GX Bank 👍

• 1% conversion fee for overseas transactions with TNG e-wallet
  Starting Apr 25, the Touch ‘n Go e-wallet will impose an extra 1% conversion fee for overseas QR payments. The 1% charge is not a separate charge but will be added as a markup on the daily exchange rate of the destination currency instead. The new fee only applies to foreign QR payments in 47 different countries, such as using Alipay+ for international transactions in Mainland China, Japan, Thailand, and Singapore. For TNG Visa, no extra fee will be imposed as there is a preexisting 1% transaction fee for overseas card payments.

• GX Bank to serve the underserved market, MSMEs
  GX Bank Bhd, a subsidiary of GXS Bank Pte Limited, is focused on enhancing financial inclusivity for the underserved, expanding the retail segment, and catering to the needs of micro, small, and medium enterprises (MSMEs). Since its launch in Nov 2023, GXBank swiftly gained 100,000 users and another 100,000 signups following the introduction of the GX debit card in Feb 2024. Key initiatives in creating products suited to local needs include “Impian GIGih” for financial inclusion and literacy, focusing on gig workers and the B40 community and “Sepoket Impian” to encourage Malaysians to pursue their dreams. Additionally, a special Raya promo, starting from Apr 10 to May 9, was introduced, offering a 5% annual interest rate to promote savings during the festive season. Oh, and there’s unlimited 1% cashback using the GX debit card — check out its features here. Grab is ‘Grabbing’ all the opportunities to expand.

Meta and TikTok pledges to keep under 13s safe on social media
Social media platform owners Meta and TikTok have committed to enhancing online safety measures for children under 13, as confirmed during discussions with Communications Minister Fahmi Fadzil. The dialogue also covered monitoring content related to crimes such as online gambling, scams, and the dissemination of fake news, along with sensitive topics related to race, religion, and royalty. Additionally, the government has informed these social media giants regarding its plans to develop a more solid legal and regulatory framework for the operation of social media platforms in Malaysia. This initiative aligns with the Madani government’s goal to ensure free expression while promoting a safe and productive online environment. As long as they don’t confuse ‘ensure’ with ‘censure’.

‘Wang Ishan’ of RM230 mil allocated to T’ganu & Kelantan state govts
The federal government recently provided goodwill grants or compassionate money, labelled as ‘Wang Ihsan’, totalling RM172.3 mil to Terengganu and RM58.6 mil to Kelantan to support their state government spending. Additionally, Terengganu received RM103.1 mil for its obligations to contractors. PM Anwar Ibrahim, also Finance Minister, emphasised that any remaining funds would continue supporting projects and programs in both states aimed at poverty eradication and basic infrastructure improvements (but, but, where proper bus terminal, water?). He clarified that the ‘wang ihsan’ is not a legally mandated grant but a voluntary payment by the federal government, highlighting last year’s payments of RM786 mil to Terengganu and RM200 mil to Kelantan for petroleum. Anwar assures that the Madani government prioritises using these funds for the community’s welfare and remains open to discussions on their effective utilisation.

Shorts

1. Steady 3.3% unemployment rate since Nov as the workforce expanded
   In February, the Department of Statistics (DoSM) reported that Malaysia’s unemployment rate remained stable at 3.3%, consistent with figures since Nov 2023, despite a slight decrease in unemployed individuals from 567,300 to 657,000 in January. The employment rate saw a minor increase, with 16.51 mil employed individuals in February, up 0.2% from January’s 16.48%. The labour force slightly grew to 17.07 mil, maintaining a labour force participation rate of 70.2%.

2. LHDN extends the deadline for e-filing personal tax returns to 15 May 2024

   Here’s a gentle reminder to pay your taxes. And there’s also a piece of good news — the deadline extended by 15 days from 30 Apr 2024 to 15 May 2024. Here’s a guide to maximise your tax savings. Remember not to evade tax, but it’s ok to avoid - here’s the difference.

3. 4 Malaysians admitted into Harvard College

   Bryan Lim, Victor Ngow, Elisa See, and Thamini Vijeyasingam have been admitted into Harvard College, graduating in 2028. They are part of the 15.4% of international students that were selected across 94 countries, with an admission rate of 3.59% as only 1,937 students were admitted from 54,008 applications. We currently have less than 10 alumni from Harvard College. Malaysia truly Boleh!

4. AROUND THE WORLD 🌎

Gaza Updates — a dark festive season

• A statement from a senior Egyptian source claimed progress on peace talks between Israel and Hamas had been made in Cairo, with a deal reached between the two factions. A Hamas official shared that there has been “no change in the position of the occupation”, despite a statement from the Egyptian official.

• Meanwhile, the Israel Defense Forces is pulling out troops from southern Gaza, stating the completion of its mission in Khan Younis. However, the IDF stressed that “the war is not over”, and that there are more operations that need to be conducted. The US National Security Council believes the troop reduction is more about a “rest and refit” and may not be indicative of a new operation happening soon.

• Germany is coming under fire now, as the country is now accused of breaching the UN genocide convention. The claim came from Nicaragua (view on map), calling on the International Court of Justice to halt German weapons sales to Israel. Nicaragua also pointed to Germany ceasing funding of the UN’s aid agency to further indicate its breach of the convention. Germany rejected the claims and will present a defence to the UN’s highest court. Of note is that about 30% of Israel’s military equipment purchases in 2023 were from Germany, coming up to about USD326 mil.
  View: Who supplies the most arms to Israel?

The Three-Superpower Problem
During US Treasury Secretary Janet Yellen’s latest trip to China, where the tone was decidedly cooler than her previous trip to discuss Washington-Beijing ties, Yellen warned Chinese counterparts that Washington will not accept new industries being crushed by Chinese imports, stating that US President Joe Biden will not allow a repeat of the “China shock 1.0”. However, Yellen also took the chance to warn China against Chinese companies providing “material support” for Russia’s war against Ukraine, threatening “significant consequences”. These warnings echo earlier concerns raised by the US Secretary of State, who has been bringing up worries about China in every session of NATO foreign minister meetings.

Meanwhile, Russia’s Zaporizhzhia nuclear power station was hit by drone strikes, with Moscow accusing Ukraine of being behind the attacks and demanding the West respond. Kyiv has denied the allegations, suggesting that Russia attacked the power station on purpose. Still, regardless of who attacked the site, the International Atomic Energy Agency’s experts reported that the attack endangered nuclear safety. The primary risk involved comes from the plant losing external power, which could lead to a lack of pressurised water to cool the reactor, increasing the risk of a fire or explosion that could release radioactive isotopes into the air. Interestingly, the nuclear power station is only about 500km away from Chernobyl.

Closer to home

• Thai PM: Myanmar regime losing strength amid conflict

  As Myanmar’s military regime faces an insurgency on multiple fronts, its biggest challenge since its coup against an elected government in 2021, Thai Prime Minister Srettha Thavisin claims now is a “good time to open talks” with Myanmar. He believes that, though the current regime is starting to lose strength as it cedes ground, the regime “has the power and the weapons”. The Thai administration under Thavisin has engaged both the military regime and the junta’s opposition, paving the way for talks between the two factions. The Thai PM believes that the country that would benefit the most from a “unified, peaceful, and prosperous” Myanmar is Thailand.

• Philippines urges China to join talks over South China Sea tensions

  President Ferdinand Marcos Jr of the Philippines urged China to join the table and respond to attempts to initiate talks in the hopes of easing tensions in the South China Sea. Currently, the Philippine government is “exhausting all options” to speak to the Chinese leadership to keep tensions from escalating. Marcos hopes the recently concluded “maritime cooperative activity” with Japan, Australia, and the US will reduce incidents between the Philippines and China. The Philippines is also set to join the US and Japan in talks to bolster economic and defence ties in the face of the tensions with China and the risks of expanding conflict in Ukraine and Gaza.

Shorts

1. Boeing - non-stop problems
   Beleaguered Boeing took a new hit after airline regulators in the US began an investigation after an engine cowling on a Southwest Airlines Boeing 737-800 fell off during take-off. The plane returned safely, but the incident does not look good for Boeing, considering it is fending off concerns about its manufacturing and safety standards. Southwest Airlines also apologised profusely for the inconvenience caused. A passenger happened to be recording the incident, so head here for a close-up view.

2. Vatican opposes the criminalisation of homosexuality 
   The Vatican’s doctrine office, while opposed to sex changes, gender theory, and surrogate parenthood, drew the line at the criminalisation of homosexuality. The cardinal in charge of the doctrine office told the press that laws punishing homosexuality are “a big problem that cannot be ignored”, especially since some Catholic groups in several countries with such laws support said criminalisation.

3. Chinese property giant Shimao served winding-up petition 
   The major real estate developer saw the petition filed after it failed to repay loans worth USD201.8 mil. Shimao, like several other Chinese property developers, defaulted on offshore bonds in 2022, a blow to the Chinese property market crisis. Notably, the petition was filed by the state-owned China Construction Bank (Asia), a rarity as Chinese banks seldom take such legal action against one of the country’s developers.

5. FOR YOUR EYES 📺

1. This tank of a car will be on Malaysian shores this May 2024 — just in showroom, not for sale - yet.

2. The sensitivity of a certain group of people has gone into hyperdrive, so ridiculous that we really can’t be bothered covering about it, especially ahead of the festive season. But hey, there’s something to learn from it, at least technically. Pareidolia is the phenomenon in which people have the tendency to perceive and see faces or other patterns in ambiguous images — some examples here.