☕️ MYsians spend an average of nearly half of their daily waking hours on their screen

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The collective wealth of Malaysia's 50 Richest, as listed by Forbes in 2024, increased by 2% to USD83.4 bil (RM399.5 bil) from USD81.6 bil (RM376.2 bil) in the previous year. Robert Kuok, a prominent business figure, remains at the top of the list with a net worth of USD11.5 bil (RM55 bil), despite turning 100 years old in October. Kuok has maintained his position as Malaysia's richest individual for over 25 years, solidifying his status as a longstanding tycoon in the country. Good for him, but in some ways, ain’t good for the nation as it shows the old boys are still dominating the nation’s wealth and industries, unlike the US where new tech wealth was created,  
View: Malaysia’s 50 Richest

Malaysia’s healthcare system garners global recognition for its excellence, topping the Best Healthcare in the World category of the 2019 International Living Annual Global Retirement Index with a remarkable score of 95 out of 100. Despite this acclaim, young graduates entering the healthcare sector encounter the stark reality of low starting salaries. According to a recent report by the Khazanah Research Institute, there has been a notable increase in graduates from the health and welfare sector earning less than RM2,000, with the percentage rising from 48.5% in 2010 to 55.9% in 2021. Additionally, the report highlights a concerning trend of graduates accepting jobs they are overqualified for, with the percentage doubling from 15.7% in 2010 to 30.2% in 2021.
View report: Shifting Tides: Charting Career Progression of Malaysia’s Skilled Talents

According to a 2024 Electronics Hub study, Malaysians spend an average of 8 hours and 17 minutes daily on their screens — 8th highest globally. That’s a substantial 48.41% of our waking hours spent staring at a screen (meaning, on average Malaysians look at their screen more than they look at their partners or kids). South Africans take the top spot on the podium — with 9 hours and 24 minutes, which is 56.80% of their daily waking hours looking at screens. Malaysians spend an average of 4 hours and 37 minutes daily on their smartphones, which is the 10th highest globally. By subscribing to The Coffee Break, you’ve definitely lessened your screen time (the entertainment part) — so, don’t worry, you’re below average, in a good way. Well done.

3. IN MALAYSIA 🇲🇾

PM Anwar Ibrahim met with Hamas leader in Qatar
During the PM’s three-day official visit to Qatar, PM Anwar Ibrahim met with the Hamas delegation, led by its political leader Ismail Haniyeh. Anwar reiterated that Malaysia remains committed on the international stage to call for a cease-fire against Palestine after being briefed on the situation in Gaza and Rafah.

Addressing the Qatar Economic Forum (QEF) 2024, the PM articulated a clear stance on the country’s economic direction. He stressed that the current focus is on digital transformation, energy transition, and artificial intelligence (AI) sectors, thereby negating the need for a second casino (licence) in the country.

Additionally, Anwar added there is “not one shred of evidence” of ship-to-ship transfers of sanctioned Iranian oil off Malaysia, amid US concerns that Iran is using Malaysian service providers to move its oil. He also revealed that the country does not have the capacity to monitor these kinds of transfers in international waters.

A day in the courts

1. Halim Saad (of Renong) failed in suit against Tun M & two others
   Former Prime Minister Dr Mahathir Mohamad, former Finance Minister II Nor Mohamed Yakcop, and the government successfully struck out tycoon Halim Saad's lawsuit regarding losses he allegedly incurred from the government's acquisition of Renong Berhad and United Engineers Malaysia Berhad (UEM) shares 23 years ago. High Court Judicial Commissioner Dr. Suzana Muhamad Said granted the application by trio, citing the statute of limitations (in simpler words, he initiated action a little bit too late). Halim Saad, the former executive chairman and director of Renong, filed the suit against them on August 2 of last year. Dr. Suzana noted that Halim had previously filed a similar suit in 2013 against Khazanah Nasional Berhad, Nor Mohamed, and the government, which had been disposed of. In 2013, the High Court dismissed Halim’s lawsuit to claim RM1.8 bil in damages for selling his shares, citing that it was filed beyond the six-year time frame allowed under the Limitation Act 1953.

2. RM450K damages award in custodial death case
   Court of Appeal upholds RM450,000 damages award in custodial death case, rejecting the police and government’s appeal. The case was regarding M. Segar, who was detained by the police on April 17, 2017, for allegedly being involved in drugs. The Seremban High Court had on Sept 8, 2023, found the defendants negligent as they failed to ensure the safety of Segar while in their custody. The three-man bench of the Court of Appeal (Putrajaya), chaired by Justice Lee Swee Seng, upheld the Judicial Commissioner's findings, stating there was no valid reason to dispute the established facts. Justice Lee also determined that the evidence of injuries sustained by Vimala's husband, M. Segar, was compelling, supported by testimony from a forensic pathologist.

3. Loh finally gets to sleep peacefully
   Single mother Loh Siew Hong has won her appeal at the Federal Court, which ruled that her three minor children remain non-Muslim. This unanimous decision quashed the Perlis Islamic Religious and Malay Customs Council’s (MAIPs) attempt to challenge the Court of Appeal’s earlier verdict. The Court of Appeal had previously declared the unilateral conversion of Loh’s children unconstitutional. This ruling also confirms that Section 117(b) of the Perlis Administration of the Religion of Islam Enactment 2006, which permits the unilateral conversion of minors, is unconstitutional and invalid. Loh told MAIPs to leave her alone.

Business

1. Teo Seng Capital Bhd's net profit for the first quarter (1Q) surged by 42.11% to RM34 mil, up from RM19.68 mil the previous year. This increase was attributed to higher egg sales, improved raw material costs, and government subsidies that eased operational expenses. For the quarter ending March 31, 2024, earnings per share rose to 11.59 sen from 6.7 sen. The company reported a 3.6% increase in quarterly revenue, reaching RM190.1 mil compared to RM183.4 mil in the same period last year, driven primarily by growth in the poultry farming segment. Teo Seng also declared a first interim dividend of 2.5 sen per share, payable on June 3.
   View: Teo Seng Capital Bhd’s Q12024 financial results

2. Farm Price Holdings Bhd, a vegetable wholesaler and distributor, saw a sterling debut on the ACE Market, with a 71% gain (and without the help of Roaring Kitty). Farm Price opened at 48 sen, doubled its initial public offering (IPO) price of 24 sen. It closed at 41 sen after more than 147 mil shares exchanged hands on the stock market. Demand from investors was robust during its IPO, with the public offering oversubscribed by 91.35 times. The sale of new shares raised RM24.48 mil — of which RM7.92 mil (32.3%) were offer-for-sale of existing shares, existing shareholders cashing out. Ka-ching.

4. AROUND THE WORLD 🌎

Gaza ceasefire no-go once more
Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al-Thani revealed that the Gaza ceasefire talks have reached a stalemate, with Israel’s Rafah operations setting talks backwards. The Rafah incursion now sees Israeli tanks pushing deeper into eastern Rafah, reaching some residential districts and displacing refugees again while cutting off a major aid access point to the area. South Africa has also accused Israel of violating the genocide convention in Gaza, with the International Court of Justice to hold hearings later this week. As it stands, the Biden administration does not believe Israel will achieve “total victory” in defeating Hamas, especially Israel’s definition of a sweeping victory on the battlefield. This follows warnings issued by the US for Israel not to proceed with the Rafah operation, as the US believes a political situation is required.

Biden to up tariffs on Chinese EVs, other imports
US President Joe Biden announced a 100% tax on Chinese-made electric vehicles, in a move he says is to protect the US auto industry from a wave of cheap vehicles. This comes as part of a set of tariffs by the White House on Chinese imports, affecting up to USD18 bil of current annual imports, including semiconductors, batteries, solar cells, and critical materials. China has hit back at this decision, calling the move “political manipulation”, and urged the Biden administration to cancel the increased tariffs, which will take effect across two years from 2024 to 2026. The move to hike tariffs is also being seen as Biden looking to gain popularity with voters ahead of the elections in November.

OpenAI launches a better Siri
The AI firm launched the model, which underpins its ChatGPT chatbot, in a bid to hold on to its lead in an increasingly crowded AI market. GPT-4o is an updated version of GPT-4, and is touted to be better at handling text, audio, and images in real-time, with the firm stating it is “two times faster and significantly more efficient”. This allows the AI to provide an audio response to a verbal query, like Apple’s Siri but a lot more natural. An interesting note is that ChatGPT for Mac, which rolled out yesterday, is a fully native macOS app. What happened to the Windows variant (as well as the money Microsoft has poured into OpenAI)? In any case, here is a list of ten things to try with the new AI model.

The fake online shopping scam
Germany-based cyber security firm SR Labs posted the results of a three-year study, which found that a singular Chinese criminal organisation, called “BogusBazaar” was linked to more than 75,000 fraudulent online shops. The organisation mostly ran websites claiming to sell items like designer clothes at cheap prices but actually harvested credit card details and collected payments for the fake merchandise. SR Labs believes the crime ring has processed over USD50 mil in orders between March 2021 and April 2024. As it stands, officials in the US and UK are warning that there is a growing cyber threat from China itself, especially since anxiety has been increasing in the US and Europe about alleged Chinese cyber and espionage activity. Other countries named included Russia and Iran, but China was the “epoch-defining challenge”.

Business stuff

• Uber to buy Delivery Hero's Taiwan business for USD950 mil

  The ride-hailing giant is looking towards the USD950 mil acquisition to shore up control of a key Asian market. Uber is expecting to complete the all-cash deal by the first half of 2025. However, the deal has to be approved by regulators, which may be difficult to get due to Uber and Delivery Hero being the two dominant players in Taiwan’s food delivery arena. In February, Delivery Hero announced that negotiations to sell its foodpanda brand in Southeast Asia fell through.

• Haidilao parent seeks USD1.4 bil valuation in IPO

  Super Hi International, which operates the popular Chinese hotpot restaurant chain Haidilao, is seeking a USD1.4 bil valuation in a US IPO, looking to raise additional funds of USD57.5 mil from a wider shareholder base in addition to its Hong Kong listing. The funds raised will go towards expanding Haidilao’s restaurant network globally. The Haidilao international brand has expanded to 115 self-operated restaurants in 12 countries as of the end of 2023.

• Melinda Gates exits Gates Foundation with USD12.5 bil for own charity work

  The ex-wife of Microsoft co-founder Bill Gates, Melinda French Gates, will be resigning as co-chair of the Bill & Melinda Gates Foundation, stating it is time for the “next chapter” of her philanthropy. As part of her leaving, she will be receiving USD12.5 bil (out of Bill Gates’ own pocket instead of from the foundation), which she said will be used towards future work focused on women and families. The foundation will also be changing its name to the Gates Foundation.

5. FOR YOUR EYES 📺

1. Looking for a retirement home? Aim for about RM1.3 mil in your EPF. Take a tour of Millennia Village, a senior living resort in Seremban. Cost about RM5-7.5k per month to stay here.

zestie.my

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2. Despite all the adverse aviation news (mainly Boeing) we’ve posted lately, flying is the safest it has ever been. On average, it now takes more than 2 mil flights for a fatal accident to occur.