☕️ A weekend of fireworks, gun shooting and knife stabbing

We ran a poll last week, asking our readers to choose their primary criteria for the nation’s leaders between competency and integrity vs race and religion. No surprise with the results — an overwhelming majority (>95%, n=142) chose the former, with some reasoning in their comments. As for the latter, a small minority chose the 2Rs, but without providing any reason. Curious to hear your thoughts if you have chosen the latter — just hit reply to this newsletter.

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Last year, there were 912 sexual crime cases (2022: 1,003 cases) recorded involving suspects under the age of 18. These cases included 601 rape cases (65.9%), 17 cases of outraging modesty, 18 cases of unnatural sex, 23 cases of sexual harassment, and 3 cases of distribution or possession of obscene materials. Bukit Aman Senior Assistant Commissioner Siti Kamsiah Hassan has warned that the early exposure of children to social media and digital platforms could be one of the driving factors of sexual crimes.

According to a report by the Chinese government, several natural disasters that occurred in China in the first quarter of 2024, such as floods, earthquakes, landslides, cold spells, droughts, and freezing conditions, resulted in direct economic losses of RMB23.76 bil (USD3.28 bil). These disasters killed 79 people, affected 10.4 mil people across 26 regions and provinces, and caused 110,000 people to be relocated and resettled.

A JPY10 mil (~RM310,000) golden tea cup was stolen from a Tokyo outlet of the major department store chain Takashimaya, where an event displaying an array of gold items for sale is being held. The stolen teacup, which was made of pure 24-carat gold, was one of the most expensive pieces among more than 1,000 shining teaware, tableware, and artefacts on display. At the time of the theft, the cup was kept in an unlocked transparent box, so that customers could easily take a closer look at it. Surprisingly, iPhones in Apple stores aren’t tied!

3. IN MALAYSIA 🇲🇾

KLIA1 shooting
Before we dive down to the ricocheting news, is it that easy to get a hold of a gun in Malaysia? Is owning a gun legal in this country akin to the United States of America (USA)? In the last few weeks, we found out an Israeli mob can easily purchase guns and this week — someone was shot in KLIA. During the wee hours on Sunday, at about 1.30 am, a shooting occurred at Kuala Lumpur International Airport Terminal 1 (KLIA 1) when the 38-year-old male suspect, Hafizul Harawi, attempted to murder his wife, Farah Cie, who runs a travel agency and was at the airport to receive Muslim pilgrims returning from Mecca. The suspect fired two shots, none hit the wife, but one bullet did hit the wife’s bodyguard, who was severely injured. Based on the information from the Selangor Police Chief Commissioner Hussein Omar Khan, the suspect and the wife are currently in the midst of a divorce and the police ruled out any linkage between the incident with any terrorist activities or groups.
Learn: Here’s how to legally own a firearm in Malaysia

Siti Noraida, the wife of the bodyguard, informed the press that her husband is in critical condition and currently being treated at the Cyberjaya Hospital. As for the suspect, he is still at large and believed to have fled to the north. Police are conducting a nationwide manhunt, so if you have any information about the suspect’s whereabouts, please contact the police.

Sabah’s health and safety issues

1. Public littering — Kota Kinabalu City Hall (DBKK) has had enough of the public throwing away their rubbish in public spaces and is determined to hold these litterbugs accountable. A joint operation with the police, dubbed Ops Payung, will be initiated to fully enforce the Anti-Littering Bylaw 1984 (Amendment 2005). Previously, from January to April, DBKK issued 64 compounds to those caught littering in Likas Bay Park and another 214 compounds to those nabbed littering in Segama Waterfront and adjacent areas within the city centre. The littering issue in Kota Kinabalu was so severe that more than 200kg of rubbish was picked up at Segama Waterfront alone from the aftermath of the long Raya holiday weekend.

2. Deadly bacteria — The Sabah Health Department confirmed that a deadly bacteria, Burkholderia pseudomallei, was found at a rugby field in Tanjung Aru. The inspection by the health department was conducted after a rugby player suffering a leg injury came in sick after playing on the field. The deadly bacteria can cause melioidosis, an infectious disease that can infect humans or animals and could lead to death if not treated early. Year to date, Sabah has recorded 44 melioidosis cases, an increase of 12.8% compared to the same period last year.

3. No clean water — The district of Papar, which has a population of 150,000 people, was suffering a shortage of 14 mil litres per day (MLD) of clean water after the Sabah Water Department was forced to suspend the operations of the Limbahau water treatment plan due to high salinity levels in the water. The maximum salinity level for treatable water is 120mg per litre (MGL), but it hit 6,000MGL at the Limbahau plant after the drought-induced drying rivers forced seawater to flow upstream to the treatment intakes.

Shorts

1. Chemical storage facility in Seremban caught fire
   The Department of Environment (DoE) and the waste management centre Cenviro Sdn Bhd (Pusat Kualiti Alam) are monitoring the air and water conditions after the latter’s chemical storage facility in Seremban was caught on fire last Friday. The fire destroyed 6,500 square metres of Shed A storage facility for scheduled chemical waste. It took the authorities two hours to extinguish the fire.

2. An honest mistake — seized floor mats are actually prayer mats
   Aeon Big Sdn Bhd confirmed that the floor mats seized by Johor religious authorities for depicting the Kaaba were actually mini prayer mats. Aeon Big acknowledged a mistake in the product management system that resulted in the mini prayer being inaccurately described as floor mats.

3. RM50 mil allocated for Indian women micro-entrepreneurs
   Amanah Iktiar Malaysia (AIM) has allocated a special fund of RM50 mil for Indian women micro-entrepreneurs to expand their businesses and elevate their economic status. Micro-entrepreneurs can apply for up to RM30,000 per person and must start repaying the loans when their businesses start reaping profits. AIM is Malaysia's largest microcredit organisation. Since its inception in 1987, it has disbursed more than RM2.3 billion in loans to 262,000 borrowers.

4. AROUND THE WORLD 🌎

The worsening of the Gaza conflict
Iran’s Islamic Revolutionary Guard Corps (IRGC) confirmed that it has launched hundreds of drones and missiles at Israel as part of the punishment for “Israeli crimes”. The strikes are in response to an Israeli attack on the Iranian consulate in Syria that killed seven IRGC members nearly two weeks ago. On Saturday, Israeli Prime Minister Benjamin Netanyahu said the country was prepared for a “direct attack from Iran”. The Israeli military said dozens of the drones and missiles were intercepted, with assistance from its Western allies — France, the United Kingdom and the United States. While some missiles had hit inside Israel, no casualties were reported. Iraq, Jordan, Lebanon and Israel announced they had temporarily closed their airspace.

Iran’s President Ebrahim Raisi warned Israel of a larger attack on its territory should it retaliate against Tehran’s overnight drone and missile attacks. Despite the minimal damage from the attacks, Iran said the operation achieved its goal and concluded without further intention to continue.

IRGC has also seized a container ship near the Strait of Hormuz. The ship in question is called MSC Aries, and it bears the Portuguese flag. According to reports, the vessel began its journey from a port in the United Arab Emirates and was on its way to India. It is associated with Zodiac Maritime, a company based in London and owned by the Ofer family, who are Israeli billionaires.

Six people stabbed to death in a shopping mall in Sydney
Five women and one man were killed in a bustling shopping centre in Sydney’s Bondi Junction following a stabbing rampage by a 40-year-old man named Joel Cauchi. New South Wales Police Assistant Commissioner Anthony Cooke stated on Sunday that the man had arrived from Queensland and was known to law enforcement. Cooke said the preliminary investigations showed that this person acted alone and there is no continiung threat. The intentions of Cauchi are still being investigated, but it is believed that he suffered from schizophrenia.

Cauchi was shot dead by a policewoman at the scene on Saturday. In a brave act, Insp Amy Scott tracked down and killed attacker Joel Cauchi after he raised his knife towards her in the mall. PM Anthony Albanese hailed her as a hero for stopping the man.

It is rare for such attacks to occur in Australia, which has some of the world's strictest gun and knife laws.

BlackRock CEO expects up to two interest rate cuts in 2024
BlackRock Inc., which is the largest asset management firm in the world, recently announced its first-quarter earnings (1QFY2024). The net income rose by 36% from the previous year to USD1.57 bil, which amounts to earnings of USD10.48 a share or USD9.81 excluding one-time items. This exceeded the FactSet consensus analyst estimate of USD9.40 a share.

Additionally, the revenue increased by 11% from the previous year to USD4.73 bil, beating Wall Street's expected USD4.66 bil. Assets under BlackRock's management reached a record USD10.47 trillion in the first quarter, marking a 15% increase from the previous year. This was further boosted by USD57 bil of total net inflows to its investment products. Furthermore, BlackRock's Bitcoin Exchange-Traded Fund alone has garnered almost USD19 bil in net assets as of last Thursday since its launch in January.
Read: BlackRock Q1 2024 Quarterly Results

After announcing stellar first-quarter results, BlackRock’s CEO Larry Fink told CBNC that he predicts the US Federal Reserve (Fed) will cut rates twice at most this year and that curbing inflation will be difficult for the central bank.

Shorts

1. Gold prices rose to an all-time high of USD2,400 per ounce last Friday
   Investors are seeking refuge in safe-haven assets due to rising tensions in the Middle East. Spot gold climbed to USD2,424.32 per ounce last Friday. This prompted a rise in platinum prices, which climbed above the psychological level of USD1,000 per ounce, reaching its highest level in almost four months. Despite traders reducing bets for an early interest rate cut from the Federal Reserve, gold prices continued to surge.

2. Meta is using Instagram to test its AI
   Meta is expanding its efforts to provide more users with access to its generative AI-powered products. The company is currently conducting trials by integrating Meta AI into the Instagram search bar to facilitate both content discovery and chat with AI. When a user enters a search query in the search bar, they will be directed to a conversation in DM with the Meta AI, where they can either ask questions or use one of the pre-loaded prompts. This integration could also aid users in discovering new content on Instagram.

3. The lack of mechanics prompting insurers to write off EV with benign damage
   Insurers and repair companies like the AA, which provides roadside assistance across the UK, have revealed that a shortage of mechanics trained to handle the most advanced EV fixes is driving up repair costs. When coupled with expenses like lengthy wait times for replacement parts, underwriters are opting to total cars with relatively minor damage, which is prematurely consigning electric models to the scrap heap. This inevitably drives up the cost of insurance for EVs, which Bloomberg reported to be double that of conventional vehicles. Hence, the sales of EVs (in the UK) have stagnated over the past year.

4. Philippines’ FWB — US and Japan
   At the trilateral summit, which includes leaders from the United States, Japan, and the Philippines, US President Joe Biden and Japan’s Prime Minister Fumio Kishida have stressed the security aspects of their cooperation — an unprecedented level of cooperation to counter China and its activities in the South China Sea. Philippine President Ferdinand Marcos Jr. has touted the partnership, which promises investments of USD100 bil, as a "friendship with benefits" due to its potential economic rewards. While the Philippines wants protection, it doesn’t want to offend China.
   Meaning: FWB

5. FOR YOUR EYES 📺

1. The largest gold reserves by country. 1 tonne of gold is worth about USD77 mil (RM367.3 mil). As of Jan 31, BNM has USD2.6 bil worth of gold in its reserves, or about 38 tonnes as of May 2023.

2. There’s 4-wheel race (F1), 2-wheel race (MotoGP) and now 1-wheel race.

3. Pigcasso, hailed as the most successful non-human artist in world history, has died at age 8. The pig has sold over USD1 mil worth of paintings. Check out PIgcasso’s paintings here.