- The Coffee Break
- ☕️ Rafizi Ramli's prediction - Dewan Rakyat to dissolve by August, in time for new government to table Budget 2023
☕️ Rafizi Ramli's prediction - Dewan Rakyat to dissolve by August, in time for new government to table Budget 2023
No more extension to vehicle sales tax exemption ending 30 June22. Macau entered lockdown and mass-testing, but casinos open. The definition and various types of 'recession'.
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1. MARKET SUMMARY
The Russian rouble hits a near 7-year high against the USD, touching 55.44.
Bursa Malaysia said its listed companies’ total market capitalisation fell to RM1.77 tril at the end of May 22 vs RM1.83 tril a month earlier, down 9.7%. Likely to trend downwards in the coming months. How are you hedging your investment?
2. NUMBERS AT A GLANCE
81% of supply-chain leaders surveyed by McKinsey are now sourcing raw materials from two suppliers to reduce the chances of supply chain disruption. Supply disruption = less revenue. The world’s 3,000 biggest companies have been building up their inventories — equivalent to 1% of global GDP since 2019, according to The Economist.
Switzerland’s watch industry had a stellar year, exporting USD21.5 bil (RM94.6 bil) worth of timepieces in 2021. Industry figures show this record value came from selling half as many units last year as were sold a decade ago. Two things — inflation is real and luxury watches do more than show you the time.
100 billion — the number of bricks produced by Lego annually by its 24,000-strong workforce. Remember the supply chain issue mentioned above? Well, Lego is investing in more than USD1 bil in its first factory in the US. The factory would complement six other factories Lego has globally.
3. IN MALAYSIA 🇲🇾
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said there will be no extension to the vehicle sales tax exemption ending June 30, 2022. It’s not all bad news — if you book your car before June 30, 2022, you can still enjoy the waiver and you will have until March 31, 2023, to register your vehicle with the Road Transport Department (JPJ).
Online employment platform, JobStreet, reported four industries have recovered to pre-pandemic levels or even higher based on job postings on the platform. The four industries are:
Semiconductor and wafer fabrication;
Electrical and electronics (E&E);
Computer and information technology (IT) (software) and;
Transportation and logistics.
AmBank’s SWIFT unit manager Wedani Senen, the 29th prosecution witness in Najib Razak’s trial (“Tanore Case”), told the High Court that the former prime minister Najib Razak’s two bank accounts received a total of USD731 million and £9.45 million in 12 transactions from overseas accounts from 2011 to 2014. Wedani also confirmed that Najib wrote a letter instructing AmIslamic Bank’s Jalan Raja Chulan branch manager to transfer money to Tanore’s Falcon Private Bank account in Singapore.
PKR deputy president Rafizi Ramli is preparing for the upcoming general election by seeking 30,000 volunteers to participate in his ‘Ayuh Malaysia’ campaign. The campaign aims to tackle voter fatigue as poor turnout may scuttle PKR and PH’s hopes in the next polls. Rafizi believes the Dewan Rakyat could be dissolved as early as August as it paves the way for the new government to table Budget 2023 in October.
If you’re a fan of Parisian pastries, you can thank Berjaya Food Bhd (BFood) as the company plans to open the Paris Baguette outlet in the Klang Valley by the end of 2022 in a joint venture with Paris Baguette Singapore. Paris Baguette is a French-inspired bakery brand operated by South Korea-based SPC Group and is the number one bakery chain in South Korea. BFood targets to open five outlets in Malaysia in a year. You can take a look at the menu of their Singapore outlet here. SPC Group will also invest RM130 mil to build its first Paris Baguette halal-certified bakery manufacturing and distribution centre in Johor.
Transport Minister Wee Ka Siong said marine robotics Ocean Infinity Ltd is prepared to resume the search for missing flight MH370, which has been missing for more than eight years, subject to “new credible evidence”. The cost is not disclosed but will be on a “no cure, no fee” basis.
The FTSE Bursa Malaysia Top 100 index (FBM 100) dropped below 10,000 (intra-day low of 9,998.4) for the first since May 2020 amid fears of an impending recession in the US. A hawkish US Federal Reserve to combat red-hot inflation may inadvertently trigger a US recession. What is your strategy for tackling the current investment market? If you’re unsure, you might want to check out the workshop below by Mr Money TV!
“Everyone has a plan until they get punched in the face.”
- Mike Tyson
4. AROUND THE WORLD 🌎
The US Federal Reserve (central bank) vs Inflation:This is the same Fed that earlier said inflation was “transitory”. How to define a recession? What are the various types of recession? Read more here.
In a report to Congress, the Fed rolled out strong language, describing that it will be “unconditional” in its approach against inflation.
Analysts are expecting a higher probability of recession with the Fed’s action — a 40% chance beginning next year.
The Fed said that it is not deliberately trying to cause a recession and the economy is on a strong footing. However, data on the ground is pointing towards a weakening economy.
Singapore’s favourite chicken rice supply will stabilise soon - Indonesian authorities are in talk with Singapore to export chickens after Malaysia halted chicken exports. Indonesia currently has a surplus in chicken production, producing 55-60 mil birds per week, with a surplus of around 15-20% after domestic consumption. Singapore has an estimated demand of 3.6.- 4 mil birds per month. The city-state even had a 1-star Michelin chicken rice hawker stall.
Surprisingly, former President Donald Trump expressed sympathy towards President Joe Biden after he fell off his bike, in a rare moment of goodwill. That said, he didn’t miss this opportunity to mock Biden — he posted a doctored video of Trump hitting a golf ball flying towards Biden’s head, knocking him off the bike.
The world’s biggest gambling hub, Macau, entered into a lockdown with mass Covid-19 testing ongoing after dozens of locally transmitted cases were discovered over the weekend. The testing on its 600,000 residents will end on Tuesday. The only thing open during this period? Casinos. Understandably, Macau’s government generates more than 80% of its income from casinos, with most of its population employed indirectly or directly by the casino industry. In the pre-pandemic year of 2019, Macau casinos generated USD36 bil in revenue — 6x more than casinos in Las Vegas.
Global Dream II, which was meant to be the world’s largest cruise ship by passenger capacity (9,000 passengers) owned by bankrupt Genting Hong Kong, will be making its first voyage to a scrapyard after failing to find a buyer. The unfinished ship had only a single bid from a Swedish company which wanted to build a cruise business in Asia, however, backed out after Genting HK’s owner Lim Kok Thay announced a new cruise business in Singapore. The Global Dream II was reported to cost USD1.8 bil to build.
5. FOR YOUR EYES 👁👁
See how Dubai evolve via a satellite timelapse from 1984 - 2021.
Have a break - on a KitKat bench
Adidas collaborates with Dubai’s iconic Pakistani restaurant, Superstar Ravi, founded in 1978. Kanna Curry House when?