☕️ HSBC Survey: Affluent Malaysians say RM4 mil is needed to retire comfortably

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

260 videos on TikTok is all it takes to get young users addicted to the app, according to a leaked internal research at TikTok parent ByteDance. At an average of 8 seconds per video, a child could be addicted after just 35 minutes of using the app. In the document, TikTok employees said that the heavy use of the app “correlates with a slew of negative mental health effects like loss of analytical skills, memory formation, contextual thinking, conversational depth, empathy and increased anxiety - all the skills needed to be a decent human being. This is bad, real bad.

Another worrying trend - 12,755 cases of drug abuse and addiction among primary school students were reported in 2023, up from 10,456 in 2020, according to National Anti-Drugs Agency (AADK). The youngest known primary school student to become a drug addict was 11 years old. Similar trend is observed amongst secondary school students, involving 93,176 students. It’s not mentioned how this issue spiralled. 

RM4 mil - the amount affluent Malaysians say they need to retire comfortable, according to a HSBC survey.

3. IN MALAYSIA 🇲🇾

U Mobile 5G — More Questions
Questions are now being raised on how U Mobile was chosen by MCMC to champion the second 5g network, especially given its position as the third-largest mobile telco in terms of sites, subscribers, and revenue. The Application Information Package (AIP) released by regulators in July 2024 invited proposals but specific selection criteria were not disclosed.

MCMC has allowed U Mobile to collaborate with other mobile network operators — perhaps an indication that the telco may require assistance to compete effectively against established players. While U Mobile has expressed readiness to work with CelcomDigi and TM, no formal agreements have been announced.

Complicating matters is TM's inability to finalize its equity deal with Digital Nasional Berhad (DNB) as the government initially wanted all telcos to take part in phase 2. Should U Mobile go at it alone, how would the telco compete with CelcomDigi, YTL, Maxis, and TM who remain with DNB and have more ready-built infrastructure?

A further breakdown of U Mobile’s ownership below by Soyacincau. Spot the number of tycoons.

Maxis recently have been seeking clarification from MCMC about its U Mobile pick. Citing their homegrown status besides 77% of their shareholders being Malaysian nationals, Maxis is confident that they could match the current DNB 5G coverage in far less time as they have ample resources.

Fine imposed for police involved in previously viral deaf Grab driver assault case
Lance Corporal Taufik Ismail pleaded guilty to assaulting the deaf Grab driver, Ong Ing Keong, and was fined RM1,000 (that’s kinda light) by the Magistrate’s Court. The incident occurred on May 28 outside a hotel lobby in Brickfields, Kuala Lumpur. Magistrate Farah Nabihah Muhamad Dan imposed the fine, with a 20-day jail term as an alternative if the fine is not paid.

During the proceedings, Deputy Public Prosecutor Razali Che Ani emphasized the need for a deterrent sentence due to the involvement of a police officer and the victim's status as a person with disabilities. The defence argued for a minimal penalty as Taufik was remorseful, had a clean record, and no weapons were used for the victim did not suffer serious injuries.

Transportation

• Natural Gas Vehicles (NGV) ban starting July 1, 2025
  Transport Minister Anthony Loke has announced that all NGVs will be banned from registration and use on Malaysian roads starting July 1 next year. This decision, made by the Cabinet on October 2, aims to prioritize the safety of road users as many NGVs, which represent only 0.2% of registered vehicles, are reaching the end of their service life. PETRONAS will also phase out the sale of NGV fuel immediately, aiming to conclude by the same July 1 deadline.

  For affected NGV taxi owners transitioning to petrol vehicles, the government will provide a RM3,000 voucher on an application basis, available until December 31. Aid applications for dual-fuel taxis, however, will remain open until April 30 next year. Currently, roughly 9,509 NGV taxis and over 32,000 privately registered NGVs are operating in Malaysia.

  Gabungan Teksi Semalaysia (GTSM) president Kamarudin Hussain stated that the members have long advocated for this change and thanked Anthony Loke for the government’s directive- although, they weren’t directly involved in the decision. Kamarudin also mentioned that PETRONAS notified taxi owners back in 2020 about halting NGV sales due to notable losses.

• MAS to offer complimentary WiFi on Boeing 737-8 fleet
  Malaysia Airlines is set to expand its complimentary unlimited WiFi service to its Boeing 737-8 fleet, typically used for regional and domestic trips, by the end of 2024. This comes after MAS’ successful rollout of free WiFi on selected widebody aircraft, which began in November 2023. MAS was the first airline to offer unlimited complimentary WiFi to all passengers, regardless of cabin class or loyalty tier, on its widebody aircraft (Airbus A350 and A330 models). WiFi access was previously limited to Business Suite and Business Class passengers, as well as Enrich Platinum members, with a measly 100MB limit. That’s like streaming 15 songs on Spotify.

RM300 mil to offset travel costs for Sabahan students as part of Graduan Rindu Sabah
Speaking at the Mahasiswa GRS Convention on Sunday, Sabah CM Hajiji Noor announced that students studying in both public and private higher learning institutions within the state will be given RM300 annually for travel costs, like returning to their respective hometowns for festivities. For example, students hailing from Kota Kinabalu but are studying in Tawau are eligible. Further details, like the number of recipients, have yet to be announced, according to Hajiji. 

This initiative is not new Sabahan students studying outside of their home state have received a RM600 subsidy during Ramadan before to ease their financial burdens- those Peninsular-East Malaysia flight tickets don’t come cheap.

4. AROUND THE WORLD 🌎

Israel see children, Israel kill children, Malaysia to be part of UN draft resolution to remove Israel from UN
Israel’s genocidal war continues today. The latest, a report by UNICEF said that more than 50 children have been killed in North Gaza’s Jabalia refugee camp in the past 48 hours at the time of report. Save the Children International NGO said that children continue to be under constant bombardment from Israel, and the growing number only shows the intensity of the war on children. More than 16,700 children have been killed in Israel’s assault on Gaza since October 2023, which makes up more than a third of the overall death toll of 43,341 confirmed by health authorities. Approximately 20,000 children are missing or have become unaccompanied in the war. No children are safe in Gaza, not even in shelters and refugee camps, which Israel bombs without any mercy and regard over international laws.

In a piece of separate news, Malaysia PM Anwar Ibrahim has stated his commitment to be part of a core group that is working on a UN draft resolution related to the Israel-Palestine conflict — which among others is looking at the possibility of removing Israel’s membership from the UN. The draft resolution will seek an advisory opinion from the International Court of Justice (ICJ) on international agencies and UN agencies’ presence and activities in the Occupied Palestinian Territories (OPT). Anwar plans to propose the resolution at the upcoming Arab-Islamic summit in Riyadh, Saudi Arabia on Nov 11 and hopes to get support from Arab and Muslim nations on this initiative.

Spain’s worst flood disaster in modern history
The catastrophic flood that hit Valencia, Spain last week and killed more than 200 people has traumatised hundreds of its residents, sending them into an angry protest over what is widely perceived as tardy alerts from the authorities about the dangers of flooding, and a late response by the emergency services when disaster struck.

Spanish King Felipe, Queen Letizia, and Prime Minister Pedro Sanchez, who made a visit to the grief-stricken community were greeted with demonstrators throwing mud and insults at them - view incident here. Spanish national broadcaster RTVE reported that the barrage aimed at the royals included a few rocks and other hard objects. Two bodyguards were treated for injuries. The royal entourage then had to call-off another stop on Sunday at a second hard-hit village, Chiva, about half an hour to the east of Valencia city.

Climate experts believe that the flood was caused by a destructive weather system in which cold and warm air meet and produce powerful rain clouds, a pattern believed to be growing more frequent due to climate change. It brought with it a year’s worth of rainfall in a single day. It was Europe’s worst weather disaster in five decades, and Spain’s worst flood-related disaster in modern history.

There’s a thing called “stress bragging” and it is unhealthy for employees
How often have we come across a colleague who frequently laments about how exhausted, sleep-deprived and overwhelmed they are with work? They might be subconsciously doing some “stress bragging” - a term psychological experts said is often misunderstood as venting, but instead of seeking empathy or support, seeks validation and competition. It is also a type of coping mechanism to mask insecurity, justify potential shortcomings and create a “facade of resilience and capability” to deflect feelings of inadequacy and anxiety.

Stress braggarts and their actions do affect other employees by increasing feelings of stress and anxiety in others at the workplace. This could lead co-workers to question themselves whether they are doing enough and feeling insecure about how they are perceived, compared to those who seem to be doing “so much work” and engaging in long, overwhelming hours.

To combat this, HR experts suggest that co-workers create healthy boundaries and focus on their own work, and not equate high stress with value or importance. They also urge managers to create a balanced work environment and ensure that tasks are distributed fairly, and celebrate team wins based on efficiency and effective problem solving, not on long hours.

Shorts

1. Mount Lewotobi Laki-laki volcano on Flores Island eruption
   Mount Lewotobi Laki-laki, located on Flores Island in East Nusa Tenggara, Indonesia (view on map), erupted on Sunday, spewing explosive plumes of lava, volcanic ash and incandescent rock over the nearby villages and killing 9 people in the aftermath. Residents have been evacuated to other villages located around 20 km from the crater, with the agency handling the situation recommending a 7 km radius area to be cleared around the volcano. 3 other volcanoes erupted earlier this year, impacting thousands of lives and killing more than 60 people.

2. UN calls for compensation for Peruvian women forcibly sterilised in the 1990s

   300,000 Peruvian women were forcibly sterilised in the 1990s during the reign of then president Alberto Fujimori, causing severe and permanent consequences for their physical and mental health. The UN committee on the elimination of discrimination against women had denounced Peru’s failure to properly investigate the violations and compensate the victims, urging the country to put in place a “comprehensive reparation programme for victims”. It also said that systematic forced sterilisation could constitute a crime against humanity. Peru had argued the programme was part of a broader reproductive health policy carried out on men and women, but only 25,000 men were forcibly sterilised, compared to 300,000 women.

3. Chris Martin falls through a hole in Melbourne stage

   Another singer has fallen into a hole on a concert stage in Melbourne - this time it was Chris Martin of Coldplay.  He was talking jovially to the crowd in his final Music of the Spheres show in Marvel Stadium,  when he walked backwards into a large open hole in the thrust stage (view incident here). Thankfully, he was caught by someone standing inside and walked away unharmed, albeit quite shaken. The fall happened just three weeks after US pop star Olivia Rodrigo fell through the stage while performing at a different venue in Melbourne, the Rod Laver Arena.She was also lucky and walked away uninjured. Talk about occupational hazards.

5. FOR YOUR EYES 📺

1. A brewing debt crisis amongst Malaysian students

2. A gentle reminder to all parents

3. Why used Toyotas and Honda hold their value in the second-hand market