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☕️ MACC requested docs from Tun M's sons dating back to 1981, the year Tun M became PM
Win for foreign workers - RM1 mil paid by errant employers to 733 Bangladeshis. Euthanasia decriminalised in Ecuador, 2nd country in LatAm. Disney's major collab with Epic Games, Taylor Swift.
The Coffee Break
February 09, 2024
Have a great Chinese New Year celebration all of our readers! We will be off for two days and will make a return next Thursday (Feb 15). Enjoy eating, and drinking (by this, we mean water, keep yourself hydrated), invest wisely and may probabilities be in your favour! If you want to give us angpow, you can do so here!
1. MARKET SUMMARY 📈
Information as of 0720 UTC+8 on Feb 9, 2024.
2. NUMBERS AT A GLANCE 🔢
In 2023, China witnessed a concerning rise in foreclosed homes, with a 43% increase compared to the previous year, according to a survey by the China Index Academy. This trend reflects growing mortgage delinquencies amidst a prolonged property market downturn and uneven economic revival. The survey reported 389,000 foreclosed homes up for auction, with 99,000 units successfully sold, amounting to a total value of RMB150 bil (RM100.6 bil). The property market slump contributed to the sharpest decline in new home prices in nearly nine years, impacting the overall economic recovery. Despite challenges in the property sector, China's economy expanded by 5.2% in 2023, supported by redirected credit to manufacturers and investment in infrastructure.
The number of dengue cases in the country has risen by 65.6% compared to the same period last year, according to data from the Health Ministry. During the first five weeks of 2024, 18,247 cases were recorded, up from 11,127 cases during the same period in the previous year. The director-general of the ministry, Dr Muhammad Radzi Abu Hassan, reported that there are currently 180 hotspots, with the majority of them in Klang Valley — 143 of them located in Selangor and 20 in Kuala Lumpur and Putrajaya. Please dispose of stale water, use mosquito repellent and be vigilant during peak Aedes mosquito bites, between 5am and 8am, and from 5pm to 8pm.
In 2023, cat bond issuance reached an all-time high of USD16.4 bil (RM78.1 bil). These bonds transfer the risk of large losses to investors, who receive profits if a pre-defined catastrophe doesn't occur. Catastrophe bonds (cat bonds) dominate the insurance-linked securities category. Investing in insurance-linked securities was the best hedge fund strategy in 2023, yielding over 14% return. Returns were amplified due to a mild US hurricane season, leading to fewer triggers and more profits for investors.