☕️ PM eligibility: Can a non-Muslim, non-Malay become PM?

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

During the second quarter of 2023, job vacancies advertised online in Malaysia surged by 23.5%, reaching a record high of 261,231 vacancies compared to 211,509 in the first quarter, according to a report released by DOSM. The report also highlighted that 70,571 establishments offered job vacancies during Q2 2023, a significant increase from the 55,006 establishments reported in the previous quarter.Read here: Big Data Analytics Job Market Insights and My Job Profile: Job Vacancies Advertised Online in Malaysia.

While we’re on the topic of employment — let’s also talk about pay, specifically the gender pay gap. According to the Malaysian Gender Gap Index (MGGI) for 2022 released by the Department of Statistics Malaysia (DOSM), Malaysia recorded an MGGI score of 0.694, or 69.4% in 2022, playing Malaysia 93rd among 146 countries globally. The index covers four sub-indices encompassing economic participation and opportunity, educational attainment, health and survival, and political empowerment.

While about half of all women have tertiary education compared to about a third of men, women receive only RM66.67 for every RM100 in salaries and wages received by men. This highlights a persistent disparity in pay between genders in the country. It is a sharp decline from RM96.21 in 2021 and RM94.07 in 2020, but the previous methodology was also different. The new method is adapted from the UN Development Programme’s (UNDP) methodology for calculating the “estimated earned income” component for the Gender Development Index 2021-2022. Progress takes time — mean monthly salaries and wages for female employees continued to increase to RM3,140 in 2022 (2021: RM2,968).

The other side of the story is the labour force participation rate (LFPR). Women’s is far lower than men’s — 55.8% of women involved in the labour market, compared to 81.9% of men. How can a country drive a higher participation rate? Two simple words — better incentives. According to a study in 2017 from Our World in Data, women worldwide often dedicate a significant amount of time to activities that aren't traditionally considered “economic activities”. As a result, female participation in labour markets tends to rise when the time cost of unpaid care work is minimised, shared more equally with men, or made more compatible with market work. Addressing these factors can contribute to a more equitable and inclusive labour market for women.

Read DOSM’s press release here and view the infographics here.

3. IN MALAYSIA 🇲🇾

Malaysia mulls boosters for high-risk groups amidst COVID-19 surgeMalaysia witnessed a significant surge in COVID-19 cases, jumping from 6,796 to 12,757 in the 49th Epidemiological week (from Dec 3-9). Malaysia’s newly appointed health minister, Dr Dzulkefly Ahmad, is considering directing booster shots for individuals with comorbidities and the elderly amidst a COVID-19 surge, highlighting the low 54% uptake of the second booster. He emphasises the continuation of a five-day quarantine for positive cases and urges public mask-wearing in crowded areas, revealing that the majority of reported cases are mild with no hospitalisation. Meanwhile, the health director-general, Dr Muhammad Radzi Abu Hassan, shared updates on the emerging Omicron variant, confirming 26 new cases with no identified new variants. Stay vigilant during the festive season! 🎄💉

Breaking the silence: Fahmi denies censorship allegationsIn a recent incident on X, a user claimed that the Malaysian government requested the platform to remove a critical tweet targeting Communications Minister Fahmi Fadzil. The tweet labelled Fahmi as a “bloody moron” and accused him of being a lackey for Prime Minister Anwar Ibrahim. The user received a notice from X stating that the Malaysian government claimed the content violated laws, though no action had been taken at that point. Fahmi Fadzil refuted allegations of involvement in the post's removal, emphasising freedom of expression and stating that he was unaware of the post. He affirmed his focus on addressing critical issues such as illegal online gambling (which costs the Malaysian government RM5 bil in lost tax revenue each year), fake news, and matters related to royal, race, and religious concerns.

To check the validity of news, you may check out the following websites:-

1. MyCheck Malaysia 

   1. Launched by the Malaysian National News Agency (Bernama) in March 2020. 

   2. Operated in compliance with international standards such as the International Fact-Checking Network (IFCN), the platform aims to verify the validity of reports going viral on social media. 

   3. Conducted fact-checking on various issues, including health, government policies, and the cost of living, contributing to efforts to combat the spread of fake news in Malaysia.

2. Sebenarnya.my

   1. Developed by the Malaysian Communications and Multimedia Commission (MCMC) in collaboration with various government agencies

   2. Launched by the Ministry of Communications and Digital in Malaysia in March 2017 to serve as a one-stop centre for Malaysians to verify the information before sharing it.

Breaking the misconceptions about PM eligibility Prominent lawyer Haniff Khatri Abdulla emphasised that the Malaysian Federal Constitution does not impose any ethnic or religious restrictions on the eligibility of a non-Malay individual for the position of prime minister. He clarified that misconceptions regarding this matter exist and there are no constitutional provisions preventing a non-Malay person from assuming the role. Haniff pointed out that concerns about the impact on four key factors like the status of Islam, the Malay language, the special position of Malays, and the role of Malay rulers, are addressed by Article 159 of the Federal Constitution, which requires approval from the Conference of Rulers for any amendments affecting these elements. 📜

Bersatu youth chief Wan Ahmad Fayhsal Wan Ahmad Kamal urged PM Anwar Ibrahim to amend the Constitution so that only a Malay Muslim can be the prime minister as a means to restore Malay support for the government. Putting race aside, has Fayhsal forgotten about East Malaysians? He was the Deputy Minister of National Unity under former PM Ismail Sabri’s administration.

Business

1. Astro Malaysia reports first-ever quarterly loss amid restructuringAstro Malaysia Holdings Bhd records a net loss of RM47.05 mil in 3QFY2024, its first-ever loss-making quarter, attributed to a voluntary separation scheme (VSS) costing RM52 mil that reduced headcount by 20%. Quarterly revenue dropped 6% to RM828.55 mil due to lower contributions from the television segment and the exit from the home-shopping business. Astro’s CEO, Euan Smith, notes strategic plans for digital transformation are yielding results, with rising average revenue per user (ARPU) and positive growth in adjacent businesses. The group, cautious of economic conditions and geopolitical factors, emphasises cost discipline amid challenges.View the earnings report here.

2. Etiqa aims for RM1 bil pre-tax profit, eyes top three spots in Southeast Asia - Etiqa International Holdings, the insurance arm of Malayan Banking Bhd, targets a pre-tax profit of RM1 bil by the end of the financial year on December 31, 2023, and aims to be among the top three insurers in Southeast Asia. Etiqa, currently the fifth-largest insurer in the region, already surpassed its 2022 pre-tax profit in the first half of FY23, recording a 114.5% YoY surge. The company, optimistic about the local insurance industry's performance in 2024, anticipates opportunities in the infrastructure and green energy sectors. Etiqa plans to enter the takaful markets in the Philippines and Singapore in H1 2024. Its gross written premium in H1 FY2023 came in at RM5.5 bil, a 7.5% decline YoY. In FY2022, Its total gross written premium (GWP) declined 3.3% YoY to RM11.09 bil in FY22 from RM11.47 bil in FY21.

Shorts

1. 78-year-old donates land to Tamil school for expansion at a generous priceA heartwarming story of unity and generosity unfolds as Yek Dong Ping, a 78-year-old rubber trader, selflessly supports SJKT Ayer Tawar by allowing the Tamil school to operate on his land for 30 years without rent. When the school sought to buy the land for expansion, Yek not only offered it at a fraction of its value but also donated RM50,000 to the school's fundraising campaign. His kindness showcases the true spirit of Malaysian unity. ❤️🏫🤝

2. Public Bank founder's daughter donates RM143 mil to Tung Shin HospitalDiona Teh Li Shian, daughter of the late Tan Sri Dr. Teh Hong Piow, commemorates her father's first memorial anniversary with a substantial RM143 mil donation to Tung Shin Hospital. The contribution extends to Hospital Sultan Idris Shah and ten other charities. Public Bank, founded by Hong Piow, also opens the Teh Hong Piow Gallery at Menara Public Bank, celebrating his impactful legacy in the banking industry and community. 🏥💰

4. AROUND THE WORLD 🌎

Europe’s landmark deal for better gig workers’ protectionThe European Parliament and European Union (EU) have struck a landmark deal to potentially reclassify around 5.5 mil people working for ride-hailing and food-delivery apps as employees instead of self-employed, causing them to lose out on labour and social protection rights. The status of gig workers has been a point of controversy worldwide. This move is expected to cost the industry an additional EUR4.5 bil (RM23.3 bil) a year.

These platforms are required to give full status to gig workers who meet at least 2 out of 5 conditions that indicate their relationship with the platforms fits that of an employee instead of a self-employed: the platform setting upper limits on worker pay, performance monitoring, controlling the distribution of tasks and working hours and making rules about staff appearance and conduct.

Formal impeachment inquiry on US President Biden approvedThe Republican-controlled House of Representatives has voted 221-212 to launch a formal impeachment investigation into President Biden whether he improperly benefitted from his 53-year-old son Hunter Biden’s foreign business dealings whilst Senior Biden was vice-president under Barack Obama. This comes despite an ongoing investigation finding no evidence of wrongdoing by the Democrat President. This inquiry will extend into 2024, when Biden will be running for re-election and is likely to up against former President Donald Trump, who was unsuccessfully impeached twice. 

This effort will most likely fail to remove Biden from office even if the House backs the impeachment, as two-thirds of the Senate would have to vote to convict him — this is a near impossibility as Biden’s Democrats hold a 51-49 majority. Learn: What is impeachment?

Elon Musk’s new focus: EducationAfter space and automotive, Musk is channelling some of his resources towards education. The tech billionaire is planning to set up a university in Austin, Texas, according to Bloomberg based on tax filing for Musk’s charity, The Foundation. It revealed that Musk contributed USD100 mil to build STEM-focused primary and secondary schools with an initial enrolment of 50 students, before opening a university. The filing also said the school plans to be “tuition-free”, but will provide need-based scholarships if it implements a tuition. 

Musk has previously expressed interest in launching a school and even started a small private school called Ad Astra, for his kids and children of company employees in 2014 where the school focuses on aptitudes and abilities and doesn’t have any grades. Mush once joked about creating a Texas Institute for Technology, or “TITs” for short. 

Shorts

1. Chinese tech giants intensifying Southeast Asia e-commerce competitionAlibaba has invested an additional USD634 mil in its Southeast Asia e-commerce subsidiary Lazada - its third in 2023, bringing this year’s total to over USD1.8 bil. This announcement followed ByteDance’s TikTok announced its USD1.5 bil joint venture with Indonesia’s GoTo a few days back. Sea’s Shopee must be feeling the heat now. China’s Tencent is a substantial shareholder of Sea. 

2. Putting the size of Apple’s market cap into perspectiveThe tech giant’s share price hit a record high, taking its market cap to USD3.1 tril, which is slightly below the combined market value of all companies listed in Paris of about USD3.2 tril. Apple is bigger than all but the six largest stock markets in the world. This year alone Apple has soared more than 50%, adding about USD1 tril in market value. Berkshire Hathaway owns a 5.8% stake in Apple, now worth nearly USD180 bil, more than 5x its cost of USD31 bil. 

3. MrBeast’s nuts got cracked legallyThe world’s biggest YouTuber has lost a legal battle with a peanut company over the branding of one of his candy bars, Deez Nutz, which was deemed too similar by the court to the name of snack company Dee’s Nuts. The company sued MrBeast, whose real name is Jimmy Donaldson for trademark infringement, which it held since 2012. The court granted a permanent injunction against MrBeast and could no longer use “Deez Nuts” on its packaging. MrBeast’s candy business Feastables Inc was launched in Jan 2022 and made USD10 mil in its first few months. Check out Feastables’ range of products here.

Weekend Read: What happens to your health if you stop having sex?A study in the UK found that nearly 3 in 10 people are sexually inactive and over a quarter of relationships are sexless. What happens to your body if you stop having sex and does it harm your health? Something to think about and explore over the weekend.

5. FOR YOUR EYES 📺

1. Malaysian cafe guides for your weekend cafe hopping — check out cafefolome, an Instagram account compiling cafes around the nation.

2. Dragon Warrior Po is back in Kung Fu Panda 4 starring Jack Black, Jackie Chan, Angelina Jolie, Awkwafina and Seth Rogen. The earlier 3 Kung Fu Panda movies have been a huge success for DreamWorks, grossing over USD1.8 bil collectively.