☕️ GTA Setia Alam: Mall shooter, inspired by GTA, taken down in shootout

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RMB178.4 bil (USD24.3 bil) loss — Country Garden Holdings reported a massive net loss for 2023, making it the second-worst on record for a listed Chinese company, after China Evergrande’s RMB476.03 bil loss in 2021. This marks another major blow in China’s real estate crisis. On a global scale, the biggest corporate annual loss remains AOL Time Warner’s USD98.7 bil loss in 2002, following the dot-com bubble burst.

60% of Greenlanders support closer cooperation with America, according to a December 2024 survey. Pro-independence MP Kuno Fencker sees US collaboration on defense and security as a step toward Greenlandic independence, citing Denmark’s lack of investment in the island’s protection. While Greenland hosts a U.S. military base and plays a key role in Arctic security, most oppose an American takeover, though some hope to use U.S. interest to gain greater autonomy.

61,353 civilian casualties from bombing or explosive violence were recorded in 2024, the highest in over a decade, according to Action on Armed Violence (AOAV). This marks a 67% increase from 2023. Israeli military action accounted for 55% (33,910 casualties), while Russian attacks in Ukraine were the second highest cause, responsible for 19% (11,693 casualties).

3. IN MALAYSIA 🇲🇾

GTA Setia Alam: Mall shooter, inspired by GTA, taken down in shootout
The suspect, a local in his 30s who was involved in a shooting at a shopping mall in Setia Alam, was killed during a police operation on Pulau Ketam. Police also found two loaded guns on the suspect, identified by police by his nickname “Ah Boy”. After talking to witnesses, police discovered the suspect had intended to flee to Thailand by boat. Prior to the mall shooting, the suspect had a criminal record for seven robberies and a drug-related crime.

In his journey from Setia Alam to Pulau Ketam, police found that he had committed five more crimes, namely threatening e-hailing and lorry drivers to transport him, as well as stealing a motorcycle to travel to his destination. The suspect went from Klang to Melaka, where he stayed for five days, before turning back to Banting and moving on to Sabak Bernam, where he committed housebreaking, brandishing a firearm, and robbery before he fled to Pulau Ketam.

Police believe that the suspect may have been planning to rob a high-value premise such as a gold shop at the mall before the shooting forced him to abandon his plans. This fits the suspect’s modus operandi, as police noted he was wanted for several offences, including armed robbery and drug trafficking. Police also revealed his involvement in 15 cases, including gold shop robberies in Kajang, Klang, and other locations, with the suspect utilising tactics similar to those in the “Grand Theft Auto” video game series.

Of Bank and Bourse

• Maybank CFO to contest “departure”
  Khalijah Ismail will be taking legal action against Malayan Banking Bhd (Maybank) for its announcement of her “departure” following an internal inquiry. She claims that the departure was actually a termination and will be contesting the decision to protect her reputation. She pointed out that there were no specific reasons given for her termination, other than a claim that the bank has lost trust and confidence in her. She also “categorically denies” any wrongdoing.

  The sudden removal itself has raised concerns about governance standards in Maybank, according to analysts. The bank’s shares dropped to a one-week low following the announcement that was bereft of details. Other than that, Khalijah was removed due to non-compliance with internal requirements and processes. It does not help Maybank that this came at a time when the bank is under heightened scrutiny following recent fines. Still, it is predicted that Bank Negara will not be taking regulatory action following the dismissal.

• Bursa suspends short-selling of Hartalega, Kossan Rubber
  The local bourse made the move after the two rubber glove makers, among the largest in the world, saw their share prices dropping to multiple month lows, with Hartalega falling as much as 79 sen, with almost 94 million shares traded in a day compared to its four-week average of 3.5 million shares traded. Kossan Rubber dropped 38 sen, prompting Bursa to suspend the stock’s intra-day short-selling as well. It was reported that the sell-offs were triggered by a lacklustre outlook given during Hartalega’s third-quarter earnings conference call, dampening investor sentiment. Hartalega saw a 13% decline in net profit for the quarter to RM19.5 mil due to an increase in operating expenses by 65.9%, counteracting a 77.6% quarterly revenue increase. View its earnings here.

More Housing and More Jobs

• 1,229 hectares identified for affordable housing in KL
  Federal Territories Minister Dr Zaliha Mustafa said the 1,229 hectares, divided over 139 land parcels, were identified as potential locations for affordable housing after they are redeveloped in the future under the Kuala Lumpur Structure Plan 2040 and the Draft Kuala Lumpur Local Plan 2040. This was the minister’s response to a question in parliament regarding the availability of federal and Kuala Lumpur City Hall (DBKL)-owned land for affordable housing development. The question also inquired about the government’s short– and long-term plans regarding affordable housing, with the minister responding that there are plans in place. These include Residential Land 4 Use, a dedicated zone for affordable housing projects, including public housing, that covers 354.5 hectares, and plans for affordable housing on an additional 253.4 hectares of land for various categories of affordable housing.

  According to real estate giant Juwai IQI, Malaysia stands as an ASEAN leader in expanding access to affordable housing despite limited resources for the segment. Apparently, Malaysia is on track to achieve the target of 500,000 affordable homes built by 2026 under the 12th Malaysia Plan. Let’s see, shall we?

• Johor targets 10,000 high-paying jobs with the launch of a data centre technician course
  The Johor Talent Development Council launched its first structured data centre technician programme, an initiative that united over 50 leading companies with institutions of higher learning. The launch is also a key step towards creating 10,000 high-income jobs this year. The first cohort of 200 individuals is set to begin lessons on March 1, 2025, and will be guaranteed employment upon completion of the course with salaries between RM3,500 to RM4,000 per month, as long as they hold a minimum of a diploma.

4. AROUND THE WORLD 🌎

Egypt developing Gaza reconstruction plan to counter Trump’s ‘take over’
Egypt’s Minister of Foreign Affairs Badr Abdelatty said Cairo is “actively developing a comprehensive, multi-phase plan for Gaza’s early recovery and reconstruction” — without displacing Gaza’s population — a laudable attempt to provide a viable alternative to Trump’s controversial proposal to “take over” the territory and make it a holiday destination.

Egypt also said it's a way to “refute American President Trump’s logic”, as well as counter “any other visions or plans that aim to change the geographic and demographic structure of Gaza Strip”. As for the financing part, Cairo is in discussion with European diplomats, as well as Arab partners Saudi Arabia, Qatar and the UAE. Saudi Arabia will host officials from Egypt, Qatar, the United Arab Emirates and Jordan on Thursday, as part of a five-way Arab meeting in the capital Riyadh to discuss Cairo’s proposed reconstruction.

In essence, the plan is to establish “secure areas” within Gaza where Palestinians can live while Egyptian and international construction firms remove and rehabilitate the Strip’s war-torn infrastructure, amidst humanitarian aid that will have the freedom to come in.

More Trump effect:

• Trump’s tariffs are not good for India’s slowing economy
  Not long before meeting India PM Modi, US President Trump had signed a plan rolling out a “reciprocal tariff”, an increased import duty for every trading partner that taxes US imports, stating that he was doing so to bring a sense of “fairness” to commerce. India sets high tariffs on American cars and other products meant to protect Indian industry and create domestic jobs, but now the country struggles with sluggish demand and a serious economic slowdown. Despite being the world’s 5th largest economy and projected to become the 3rd largest by 2030, the country is still dealing with high unemployment rates, inequality and a vast number of people still not fully recovered from the impact of COVID lockdown. A tariff from the US would adversely impact India’s effort to fix its economy.

• Mexico threatens to sue Google over renaming Gulf of Mexico to ‘Gulf of America’

  Mexico announced on Friday that their government was considering legal action against Google for insisting on changing the Gulf of Mexico’s name to “Gulf of America” for Maps users in the United States. Trump had signed an executive order renaming the Gulf of Mexico soon after taking office in January, leading to tech companies like Google and Apple scrambling to comply with the new President’s order. Mexico argues that the order only applies to the part of the continental shelf belonging to the United States, and Google has no right to rename Mexico’s continental shelf, nor does it have any right to rename Cuba’s continental shelf, because the Gulf of Mexico is divided among the three countries.

Philippines battles cyber intrusions targeting intelligence data
The Philippines said that it has detected foreign attempts to access its intelligence data, albeit without any breaches recorded. Seems like it is not something new to them — last year, it thwarted attempts by hackers operating in China to break into websites and email systems of the Philippine president and government agencies, including one promoting maritime security. Such threats are called Advanced Persistent Threats (APT), a general term for cyber actors or groups, often state-backed, that engage in malicious cyber activities.

The repeatedly attempted but failed to infiltrate government systems, suggesting the country’s cyber-defences have held firm, but the threat is very much real. Its Minister for Information and Communications may have a solid point when he mentions that “World War III is happening and it is cyber” — he described the cyber threats as part of a global arms race, where nations and criminal organizations exploit digital vulnerabilities for financial or strategic gain.

Shorts

1. Syrian delivery driver hailed as hero in Austria

   Alaaeddin al-Halabi, a food delivery driver who left Syria in 2015 and is now living in Austria, was hailed as a hero in the country, thanks to his selfless act of taking action against an assailant in a southern Austrian city last Saturday. Al-Halabi, who noticed the commotion and panic during the knife attack, decided to ram his car into the attacker to stop him from harming people. The assailant killed a 14-year-old boy and wounded five others, all of whom were believed to have been targeted randomly.

2. Florida man shot Israeli visitors thinking they were Palestinians

   A Jewish man in Florida was arrested and charged with attempted murder, as he “accidentally” shot at a car intending to kill the passengers whom he thought were Palestinians. The funny thing is that it turned out to be two Israeli visitors who survived the shooting. More baffling is that the victims took to social media and started blaming the Arabs for the shooting, chanting “Death to the Arabs”. How much hate can they carry that they become such a ruin?

3. Delta plane flips upside down upon arrival in Canada

   80 people survived and 18 people reported injured from the Delta Air Lines jet, which horrifically turned over onto its roof as it landed at Toronto Pearson International Airport on Monday. Authorities are still investigating the crash, but the botched landing came as Toronto suffers from back-to-back winter storms, with an estimated 22 cm of snow blanketing the airport over the weekend, plus the snowfall from the week before. The crash is the fourth aviation accident to occur in North America in less than a month. Watch the plane flip incident here.

5. FOR YOUR EYES 📺

1. Uncle Roger reviews his archnemesis’ Pho recipe. Btw, tried his fried rice yesterday at his FUIYOH! It’s Uncle Roger restaurant. Pretty good. Got wok hei.

2. The end of internal combustion engine (ICE)? To reduce carbon emissions from road transport, we need to switch from petrol and diesel cars to electric vehicles and other low-carbon options. This change is already happening. Sales of traditional engine cars have peaked globally and are now decreasing.