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- ☕️ PMX vs Tun M & Co. heats up
☕️ PMX vs Tun M & Co. heats up
Daim's wife to be charged today. PAC to launch probe into RM3.46 bil MLFF project. Rising form of gambling amongst children - loot boxes.
The Coffee Break
January 23, 2024
1. MARKET SUMMARY 📈
Information as of 0720 UTC+8 on Jan 23, 2024.
Just how important is the opening of India’s new and controversial major Hindu temple that cost USD217 mil (RM1.03 bil) to build? Important enough that India’s USD4.3 tril and currency market was abruptly suspended on Monday to make way for the opening by PM Narendra Modi, undermining India’s efforts to adhere to global standards.
2. NUMBERS AT A GLANCE 🔢
If there’s one industry that boomed in 2023, it was the scam industry - more specifically, the investment scam. RM472.15 mil was lost last year to this scam, up 117% from RM217.5 mil in 2022, with 5,386 cases reported in 2023. This averages out to RM87.7k per victim. Taking the cake last year is a victim from Sepang losing a massive RM12 mil (USD2.54 mil), marking the highest loss recorded by a single person. The 46-year-old victim was invited to participate in a Chinese virtual currency project that promised returns as high as 50%. For any investment that ‘promises’ a return even higher than EPF’s, it is better to stay away. When something is too good to be true, it is indeed too good to be true. Btw, just merely parking that RM12 mil in a money markets fund can yield more than RM400,000 in interest a year.
Good news for Mother Earth’s lungs — deforestation in Brazil’s Amazon fell by nearly 50% in 2023, the lowest recorded deforestation rate in the last five years. 5,153 km sq of the Amazon were cleared in 2023, down from 10,278 sq km in 2022. For perspective, this is about 63.5% of the area of Selangor, with an area of 8.104 sq km. President Luiz Inacio Lula da Silva pledged to end deforestation by 2030 when he took over office a year ago from his predecessor, Jair Bolsonaro (aka Trump of the Tropics), who saw deforestation surging to a 12-year high.
Malaysians produce 1.17 kg of solid waste per capita daily, totalling about 39,0789 tonnes every day, according to the Solid Waste Management and Public Cleansing Corporation (SWCorp). Food makes up the biggest component of domestic waste at 30.6%, followed by plastic (21.9%), paper (15.3%), disposable diapers (8.2%) and hazardous household waste (4.2%). Currently, the national recycling rate is at 36.8% in 2023, with the target of hitting 40% by 2025. In Japan, their national recycling rate is approximately 50% of solid waste.