☕️ Next shortage in MY healthcare system - nurses - 16,120 to be exact

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Rising crime is becoming a key political issue in the UK ahead of the anticipated national election in 2024. According to the British Retail Consortium’s (BRC) 2023 crime survey, incidents of violence and abuse towards retail workers have nearly doubled compared to pre-pandemic levels, with a total of 867 incidents occurring every day in 2021/2022. Furthermore, the BRC revealed that retail theft had cost a staggering GBP953 mil (RM5.68 bil), despite retailers spending over GBP700 mil (RM4.17 bil) on crime prevention measures.

Across the Atlantic, losses for the US retail industry from crime, violence, and theft reached USD112.1 bil (RM537.25 bil) in 2022. National Retail Federation (NRF) reported that the average shrink rate, the measurement of losses calculated by a retailer over a specific period, increased to 1.6% in the 2022 fiscal year. Could this also be driving up the price of goods?
Read: Shrinkage in Retail: What It Is and How To Prevent It

Being one of the most advanced sports, one might think that a Formula 1 (F1) team uses high-tech software to manage its parts. Not the Williams F1 team, though — Williams team principal James Vowles and chief technical officer Pat Fry started reworking the F1 team's systems for designing and building its car and discovered that the team was using Microsoft Excel to manage 20,000 individual parts. Vowles said it was impossible to navigate and update. Workers had to manually search the factory for parts, causing delays and mistakes in prioritising orders.

Together with MGlobal

M+ Global, a groundbreaking broker application launched by no other than Malacca Securities, has a special offer for you from now till the April 21.

All you have to do is deposit RM2,000 on M+ Global, and you'll be receiving 5 FREE GRAB SHARES ($GRAB)! On top of that, in conjunction with Hari Raya, you will get a raya packet worth up to USD88.88 in cash vouchers!

If you are an existing user of M+ Global, you will also get the raya packet! Simply visit the Activity page > Open duit raya packet in the M+ Global App.

Click on this link and use code T30E to receive this reward!

3. IN MALAYSIA 🇲🇾

Public healthcare updates:

1. The continued shortage of nurses threatens our healthcare system

   More and more Malaysian nurses have fled the public healthcare system for the private sector and overseas since COVID-19. According to the Malaysian Medical Association (MMA), the nurses opted to work in places like Singapore, Australia and the Middle East for higher-paying jobs, better incentives, and less workplace pressure. For context, a new U29 Grade nurse earns a starting salary of around RM1,800, while a new graduate nurse in Singapore may earn fivefold. The vacancy has risen 40% from 2,106 in 2020 to 6,896 in 2023. MMA President Dr Azizan Abdul Aziz says that the ministry should focus on improving the welfare of all healthcare workers (including raising the nurses’ salaries) to maintain the quality of public healthcare. The private hospital sector is not out of the woods either, as it is forecasted to require an additional 9,224 nurses between 2023 and 2025.

2. HKL to receive RM200 mil in upgrades and redevelopment

   Hospital Kuala Lumpur (HKL) will receive a significant upgrade with an estimated cost of RM200 mil. This multi-phase redevelopment plan will span the next 15 to 20 years and includes the construction of new blocks and enhancements to existing facilities. Initially, the hospital will improve patient comfort by installing air conditioning and better ventilation in its wards. Further plans involve extensive upgrades to critical systems such as electrical and safety systems, medical gas, water piping, and more. The redevelopment is divided into several stages, with critical projects like adding a new ward block and updates to the Intensive Care Unit and Tunku Abdul Rahman Neurological Institute. Did you know that HKL was built in the 1870s?

All about banking

1. CIMB Group CEO Abdul Rahman to head PNB

   Datuk Abdul Rahman Ahmad, the current CEO of CIMB Group Holdings Bhd, will be returning to the RM300 bil asset firm Permodalan Nasional Bhd (PNB) as president and group chief executive effective 1st July. Abdul Rahman was formerly PNB’s president and group CEO from 2016 to 2019. His return is part of the Group’s effort to continue the implementation of PNB’s new Strategic Plan, aimed at enhancing the financial well-being of Malaysians. His leadership at CIMB has been marked by significant growth, advances in digital initiatives, and sustainability. In the meantime, CIMB has started preparing for his transition with a succession plan already in place, awaiting regulatory approval from Bank Negara Malaysia (BNM) for the new CEO – which could likely be filled by Effendy Shahul Hamid, CEO of group consumer and digital banking according to the Edge. A short profile of Abdul Rahman’s corporate history here.

2. Digital banks, intense competition incoming

   Four of the five new digital banks are to start operations soon, which is expected to intensify competition for deposits. GX Bank started operations in Nov 2023 and offers an attractive 5% interest rate per year for their raya-campaign and a 3% non-campaign rate. This is higher than the rates offered by conventional banks, which range from 2.65% to 4.10%, depending on the type of deposit. However, digital each digital bank is limited in their total assets (including deposits) of RM3 bil and a min capital of RM100 mil, making the effective total potential deposit pool amounting to only RM14.5 billion, which is less than 1% of the total deposits in the banking system. This cap should prevent excessive competition. UOB Kay Hian Research predicts a slight challenge to the profit margins of conventional banks in 2024, expecting a net interest margin (NIM) of 2.05%, slightly lower than pre-pandemic levels of 2.10%.

   Learn: What is Net Interest Margin?

EPF Account 3 to allow withdrawals anytime
The EPF’s new Account 3 will comprise 10% of monthly contributions from May onwards, which account holders can withdraw anytime. The 3rd Account is also labelled the Flexible Account, aimed at aiding contributors who need access to funds before retirement, much like a savings account. The restructuring will adjust the distribution: 75% into Account 1 (retirement savings), 15% into Account 2 (education, healthcare, housing, and a one-time withdrawal at age 50), and the new 10% into Account 3. This change follows substantial withdrawals during COVID-19 that significantly reduced the EPF's funds by a massive RM145 bil and another almost RM10 bil from reduction of employee statutory contribution rate. While Account 3 offers flexibility, it may yield lower returns than Accounts 1 and 2, potentially including a lower "token" dividend for those who choose not to withdraw from it. Further details will be announced soon. What do you think?

Muhyiddin appeals to review his reinstated charges
Former PM Muhyiddin Yassin requested a five-member(instead of the normal 3) panel from the Court of Appeal (CoA) to review the reinstated four charges of abuse of power linked to the Jana Wibawa scandal, involving RM232.5 mil. His defence team, led by Hisyam Teh Pok Teik, was instructed to contact Abang Iskandar Abang Hashim, CoA president, for his consideration. ​​A hearing date has been set for July 9, when preliminary objections and merit issues from the prosecution will also be discussed. Muhyiddin's charges, initially dismissed by the High Court, were reinstated by a three-judge panel on Feb 28.
We are all equal, but some are more equal than others, according to George Orwell.

4. AROUND THE WORLD 🌎

Trump on trial over hush money
Former US president Donald Trump is charged with 34 felony counts over alleged payments to adult film star Stormy Daniels and Playboy model Karen McDougal. Upon jury selection, he will become the first current or former US president to face a criminal trial. And yet, he will still be leading the Republicans as their presidential candidate in the upcoming US elections.

Prosecutors said that Trump planned to hide the alleged relationships in order to avoid losing the 2016 presidential election. The “catch-and-kill scheme” happened from August 2015 to December 2017, involving Trump’s then attorney, Michael Cohen (who turned against Trump) . Cohen transferred USD 130,000 (MYR 620,100) to Daniel’s then-attorney via a shell company.

The trial is taking place in the midst of the 2024 presidential election happening in November. Trump is most likely the front-runner Republican nominee against Democrat and current US president Joe Biden.
Read: From loyal Trump lawyer to his mortal enemy: Who is Michael Cohen?

Trouble at exchanges 

1. Fire breaks out at Copenhagen's historic stock exchange, spire collapses
   One of Denmark's oldest and most well-known buildings, the Old Stock Exchange, caught on fire on Tuesday. The cause is not known yet. Various people, including museum CEO Brian Mikkelsen of the Danish Chamber of Commerce, helped to evacuate historical artefacts and paintings. Renovation of the 17th-century building was underway when the fire broke out. Its iconic dragon tail-shaped spire and parts of the roof collapsed, spreading fire over several floors. Only 40% of the fire was under control and it would take over 24 hours to contain the situation. The Dutch Renaissance-style building serves as headquarters for the Danish Chamber of Commerce before the incident. NSFW content ahead.

2. Superdry to quit LSE in restructuring to turn it around
   Once an iconic brand, Superdry plc plans to leave the London Stock Exchange (LSE) as it pushes through a radical restructuring in a bid to survive (or stop drying up). The British retailer’s shares dropped nearly 34% in early trading and dropped 94% in the past year. The clothing brand’s rescue plan includes cutting rent at 39 of its UK stores and aiming to raise funds up to GBP 10 mil (MYR 59.53 mil) through an equity raise. The retailer’s market worth is less than GBP8 mil as a result of losses from declining sales. Superdry hires over 3,000 employees, managing 200 physical stores and 350 franchisees and licensees.

Controversy hits Beijing half marathon as China’s He Jie allowed to win
The Beijing half marathon became controversial as two Kenyans and one Ethiopian runner appeared to allow China’s He Jie to win on purpose. Footage of the final few hundred metres of the race shows Robert Keter and Willy Mnangat of Kenya and Ethiopia’s Dejene Hailu Bikila slow down and gesture in front of them, encouraging He to pass and cross the tape first. Mnangat said that the three African runners, as well as a fourth who didn’t finish the race, were hired as pacemakers for He’s Chinese half marathon record.

He won the race in a time of 1:03.44, although fell short of the record by one minute and 11 seconds. Mnangat, Keter and Bikila tied for second place. Officials are investigating the event.

Shorts

1. Singapore employers to consider flexi-work requests based on new rules
   All Singapore employers must consider formal requests on flexible working arrangements (FWA) under the new ruling from Dec 1, 2024. The approach aligns with labour laws elsewhere in countries such as the UK and Australia. The rules also adopt a broad definition of FWAs, not limited to flexi-place, flexi-time, and flexi-load arrangements. The guidelines apply to employees who have served probation. However, non-formal requests are encouraged to be raised upon consensus. Hint, hint, Steven Sim.

2. Dubai is new No. 2 busiest airport

   Dubai rose up to second place, ranking in the top 10 busiest airports for passenger traffic in 2023. Serving 87 mil passengers, the traffic volume jumped to 31.7% from 2022. Atlanta’s Hartsfield-Jackson International, serving around 104.7 mil passengers, still holds the No. 1 ranking for over two decades, except during the 2020 pandemic year. Although Dubai’s airport came to No. 2 for overall traffic, it ranked first worldwide for international passengers. Also, the airport now is currently flooded as Dubai was hit by a year’s rainfall in a day - watch here. Quite surreal to see a desert nation flooded. 
   View: Top 10 World’s Busiest Airports in 2023

3. Creating sexually explicit deepfakes to become an illegal offence
   The creation of sexually explicit deepfakes will be under a new law in England and Wales. Under the legislation, offenders will face a criminal record and unlimited fines regardless of whether the image is intended to be shared. The sharing of deepfakes was made illegal last year under the Online Safety Act.

5. FOR YOUR EYES 📺

1. How do people in KL travel to work? According to Cities Moving, a multidisciplinary research group that investigates mobility patterns in cities, the majority of orang KL (52%) travel by car to work — this definitely explains the jam.

2. How does Formula 1 make money? For an industry that makes USD3.3 bil in revenue, the use of Excel should be minimal.