☕️ MACC busts diesel smuggling syndicate that amassed RM400 mil profits

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Since 2019, a total of 4,400 Malaysians committed suicide, with 2021 seeing the highest number of suicides at 1,142, nearly double 2019’s of 609. The Chinese community consistently account for the highest number of suicides annually, totalling more than 3,600 (81.8%) during the same period. This is followed by non-Malaysans, Indians and Malays. Men aged between 30 and 50 are at higher risk of committing suicide due to economic challenges, unemployment, rising cost of living, and financial instability. According to Universiti Teknologi Malaysia psychology professor Dr Siti Aisyah Panatik, socio-cultural factors including stigma associated with mental health contributed to the high suicide rate amongst Chinese.

More on female oppression by the Taliban in Afghanistan. At least 1.4 mil girls are “deliberately deprived” of their rights to education since the Taliban came into power 3 years ago, up about 300,000 more since UNESCO last counted in Apr 2023. The government barred education for girls above sixth grade, arguing that it does not comply with its interpretation of Islam. This makes Afghanistan the only country in the world to stop girls and women from attending secondary school and universities, although no other major Muslim country prohibits girls from being educated.

The Home Ministry has approved nearly 14,000 citizenship applications since 2013 (an average of 1.2k a year). Of these approvals, 75% involve illegitimate children, adopted children, and foster children. The remaining cases include Malaysian women’s children born abroad but whose husbands are foreigners. Another category is foreign wives married to local husbands, who can apply for citizenship after 7 years.

3. IN MALAYSIA 🇲🇾

No insulin shortage says Health Minister. At least for now.
Health Minister Dr Dzulkefly Ahmad confirmed that there is no current shortage of insulin supplies, assuring that the available stock will last until the end of the year. He emphasised that while there is a recognised shortage due to a local supplier's inability to meet contractual obligations, there are alternative treatments available to ensure patient care continues without interruption.

Dr Dzulkefly stated that negotiations are ongoing with suppliers, including Johor-based Biocon, to secure additional insulin supplies; whether locally or from overseas. The ministry is also expediting the registration process for other potential suppliers through the National Pharmaceutical Regulatory Agency (NPRA), aiming to fast-track approvals from the usual six months to just 60 days.

Next, addressing monkeypox, Dr Dzulkefly stated that the government has heightened border controls and conducted screenings for suspected cases. As of August 25, 31 individuals were screened, with six cases still under surveillance.

Things go south in South Sudan- Petronas sues over abandoned oil fields
Petronas has initiated arbitration proceedings against South Sudan at the International Centre for Settlement of Investment Disputes (ICSID) over the seizure of its oil fields and assets worth USD1.25 billion (RM5.43 bil).

Earlier this month, South Sudan's state-run Nile Petroleum Corp. (Nilepet) took control of Petronas' operations in the country, effectively repossessing the Malaysian company's investment. Nilepet announced it would seek a new partner to ensure the continuation of operations after Petronas withdrew from South Sudan after nearly 30 years of operations due to mounting costs and a broken pipeline as part of their reasons. Petronas held talks with UK-based Savannah Energy Plc to purchase its assets, but the deal fell through. South Sudan's petroleum ministry accused Petronas of breaking the nation's laws by failing to conduct an environmental audit and pay damages. Petronas denied the allegations and described the government's actions as "arbitrary, unreasonable and unlawful".

Siblings remanded in RM400mil subsidised diesel smuggling case
Speaking of liquid gold, two Malaysian siblings who operate petrol stations have been remanded in connection with a subsidised diesel smuggling syndicate in Sibu. Sarawak. What’s noteworthy about this case is the staggering value involved. MACC reported that the siblings were arrested during "Op Liter," a joint operation with the Domestic Trade and Cost of Living Ministry at a diesel storage depot in Sungai Bidut.

The suspects, alongside two other men and a woman, are accused of selling subsidised diesel intended for fishermen to foreign buyers at inflated prices. This syndicate has reportedly been operational since 2012, amassing profits of up to RM400 million. They are also suspected of bribing enforcement officers to evade legal repercussions for storing diesel without the necessary permits. During the operation, MACC seized two barges and 30 oil storage tanks containing approximately 1.6 mil litres of diesel. Additionally, around RM3.7 mil in cash was confiscated. So many questions here. To run such operations at this scale and for this long, these two siblings are just the macais and the mastermind could probably be some dude carrying a title.

Shorts

1. EPF gets a new old chairman
   Effective Sept 1, former chief secretary to the government Mohd Zuki Ali will begin his stint as EPF chairman, replacing Ahmad Badri Mohd Zahir. Zuki Ali had just recently retired on Aug 9 after being in public service for more than 3 decades Just another episode of political musical chairs.

2. Prasarana hit by Ransomware attack
   Prasarana Malaysia Bhd has confirmed a cybersecurity incident involving unauthorised access to parts of its internal systems. Despite the breach, the public transport operator assured that daily operations remain unaffected and that Prasarana has the National Cyber Security Agency (NACSA) and CyberSecurity Malaysia helping them. The attack is believed to be linked to a ransomware group known as RansomHub which reportedly claims to have obtained 316 GB of data and threatens to publish it within a week. Fingers crossed Prasarana doesn’t have to fork out any Bitcoin any time soon. Learn more about ransomware here. Read more about ransomware here.

3. Muhyiddin meets Sedition Act today 
   Former PM Muhyiddin Yassin is set to be charged under the Sedition Act today for comments surrounding 3R (royalty, religion, race) issues that made headlines during the recent Nenggiri by-election. Muhyiddin argues that his statements were factual and not intended to insult the royal institution. If charged, this marks him as the third opposition politician to face prosecution under the Sedition Act, after Kedah Menteri Besar Sanusi Md Nor and Bersatu information chief Razali Idris. Kerana mulut badan binasa.

4. AROUND THE WORLD 🌎

Uber fined USD324 mil over EU privacy data breach
The ride-hailing giant has been fined EUR290 mil (USD324 mil) by the Netherlands’ privacy watchdog for breaching the EU’s General Data Protection Regulation (GDPR). Uber had transferred the data of drivers out of the EU to the US, where Uber is headquartered. GDPR allows for fines of up to 4% of a company’s global revenue. In 2023, Uber’s full-year revenue came in at around USD38.5  bil. Although the penalty imposed is way below the maximum, it is still a significant amount as it is amongst the largest penalties levied on a tech company since the GDPR was enforced in 2018.

The Europeans have a tough time trusting the country across the pond following the 2013 expose by National Security Agency whistleblower Edward Snowden of US national security intelligence agency surveillance programmes across the world. Courts in Europe have repeatedly found these programmes to pose a risk to the data protection and privacy of the rights of EU people. GDPR protections travel with Europeans’ data. 

More than 70 killed in violent militant attacks in Balochistan, Pakistan 
These victims were killed in 4 assaults in Balochistan province in southwestern Pakistan, which the separatist group Balochistan Liberation Army (BLA) has claimed responsibility for the attacks. Nearly 2 dozen civilians were pulled from their vehicles and shot dead by armed gunmen. In a statement, the group said it targeted military personnel travelling in civilian clothes, who were shot once identified. Pakistan’s Ministry of Interior claimed otherwise, that the dead were innocents. 

Balochistan has been facing decades-long instability, with multiple armed separatist groups frequently clashing with security forces. The region is Pakistan’s largest province and home to 15 mil of its 240 mil population in 2023. Despite being blessed with the wealth of natural resources, the province remains the nation’s most impoverished region and yet contributes substantial revenue to the federal government. People in the province accuse the Pakistani state of systematically exploiting their resources and neglecting their needs, fuelling a sense of betrayal and deepening support for separatism.
Learn: What’s behind Pakistan’s deadly Balochistan attacks? 

South Korean man laundered USD1.5 bil+ to buy gold bars
Kim Taek Hoon, 63, is facing more than 20 charges in a Singapore court for offences that include cheating and money laundering. The South Korean man in Singapore is said to have received the benefits of criminal conduct totalling at least a massive USD1.5 bil from his home country and Japan between 2014 and 2017. The proceeds were allegedly used to buy nearly 28,000 gold bars, each weighing 1 kg. He is also accused of cheating Singapore Customs and three logistic companies during the period for falsely declaring the goods that were shipped into Singapore. 

Kim was arrested in Dec 2023 after authorities received information about the case. So many questions here. What were the revenue-generating criminal activities involved? How was it possible that he pulled it off alone?
View: 12 stunning visualisations of gold in different weight

Shorts

1. Oasis teases a comeback
   Liam and Noel Gallagher (both brothers) teased a band announcement that could be made today on a comeback. The rock band broke up in 2009 after a backstage fight at a music festival in Paris. For the younger ones, the band which formed in 1991, is one of the most popular rock bands of the 1990s. Some of the biggest hits you might have heard before — Wonderwall (the all-time classic - listen here), Don’t Look Back in Anger and Stop Crying Your Heart Out.

2. Din Tai Fung closes nearly half of its stores in China
   Taiwanese dumpling chain is closing more than a dozen stores in mainland China, as Chinese consumers become increasingly frugal with its economy slowing. 14 of its 30 stores in China will be shut by Oct 31. Per capita spent in Din Tai Fung China of 150 yuan (USD21) is increasingly at odds with a growing competitive environment where high-end restaurants are rolling out buffet deals and fast-food chains throwing prices to capture more consumers. The Taiwanese chain has more than 180 stores globally since its founding in 1958. 

3. Boeing keeps messing up, SpaceX comes to its rescue
   2 American astronauts’ trip to the International Space Station in June, which was supposed to last for just a week has now been extended to an eight-month stay as their vehicle, Boeing’s Starliner craft faced issues after transporting the astronauts to the ISS. The Starliner will make an uncrewed return to Earth in September but without the astronauts. NASA has appointed Elon Musk’s SpaceX to retrieve the astronauts back, but only in February next year. Boeing’s Starliner programme has been a growing embarrassment for the company - over budget by USD1.6 bil and delayed by 7 years and now had to face this issue, whilst SpaceX routinely launches NASA crews on its Crew Dragon spacecraft.
   Watch this awesome video taken by this man on his boat, capturing the moment SpaceX landed not one, but two of its rockets — without any explosion.

5. FOR YOUR EYES 📺

1. Bruno Mars x Don Quijote (aka Don Don Donki)TV commercial.

2. Federal Reserve Chairman Jerome Powell made explicit endorsements of interest rate cuts last Friday, leading to market pumping. As market participants look forward to their portfolio value growing (in theory, lower interest rates lead to higher asset value), it’s not party immediately — not all first cuts are the same.

   

   Credit: Carson Group