☕️ Will you have insurance coverage outside of working hours?

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

A total of 104,235 traffic summonses have been issued under Op Selamat 23, with 49,339 of these related to six main offences: 44,940 for speeding, 2,034 for beating traffic lights, 869 for using mobile devices while driving, 602 for driving on the emergency lane, 573 for queue-cutting, and 321 for overtaking on double lines. Additionally, 408 traffic congestion hotspots and 76 accident-prone blackspots have been identified on Federal, state, and city roads. Despite this, the number of summonses issued has decreased compared to the same period last year.

30.86 mil hectares (that’s 1,275x the area of KL) of wilderness burned in Brazil between January and December 2024, a figure 79% higher than in 2023 and the largest recorded since Fire Monitor’s launch in 2019. This burned area is larger than Italy and comes as Brazil prepares to host COP30 in Belém, the capital of the Amazonian state of Pará, in November. The Amazon was the hardest hit, with 58% of the total burned area exceeding the total area burned across the country in 2023. The state of Pará accounted for 24% of the total scorched land.

USD1.037 bil (RM4.59 bil) is the global box office gross of Disney’s Moana 2, making it the No. 9 animated release of all time. With a production budget of USD150 mil, the film has performed exceptionally well in both North America and international markets, especially in France and the UK. Its success places it among Disney’s most lucrative animated films.

3. IN MALAYSIA 🇲🇾

In Parliament

Muslims attending non-Muslim events face new, updated rules
Festivities, funerals, and events held in non-Muslim houses of worship nationwide were already subject to the Guidelines for Muslims Attending non-Muslim Festive Celebrations, endorsed by the Muzakarah Committee of the National Council for Islamic Religious Affairs (MKI) in 2005. They were updated and announced yesterday, by Religious Affairs Minister Dr Mohd Na'im Mokhtar.

The most significant one could be the restriction on Muslims participating in actions ‘that would touch on sensitivities of the Muslim community’. Among the new restrictions are speeches, singing, and pamphlet distribution that promote or propagate other religions.

The timing and location are also points of concern. Events during any Muslim prayer time are now forbidden. Events must also not be held near places of Muslim worship (mosques, suraus, etc), Muslim cemeteries or wakaf spaces (donated land for religious purposes). The event location must also not bear any non-Muslim religious symbols.

The newly proposed guidelines will be finalised from Feb 25 to 27 by the MKI.

What have we become?

Will you have insurance coverage outside of working hours?
The ‘Skim Kemalangan Bukan Bencana Kerja', a new employment injury scheme aimed at providing comprehensive accident coverage, is expected to be tabled by Parliament this year. It now provides employees with coverage on accidents outside of working hours, including non-work related travel accidents, so long as the accident occurs within Malaysia.

Deputy HR Minister Abdul Rahman Mohamad stated that the government recognises the limits of what costs are covered for employees, and up till now, they had only been covered during working hours.

The scheme includes a variety of benefits, such as medical, disabilities, and funeral management. Rahman highlighted that this scheme was particularly geared towards employees with flexible work arrangements and gig workers.

The scheme is currently in the process of being determined on eligibility and will be administered by Perkeso once approved.

Meanwhile…

Federal Territories to hire the homeless to maintain cleanliness?
Details are scarce, but Minister in the PM's Department Dr Zaliha Mustafa stated yesterday that the Federal Territories Department (JWP) and the Solid Waste Management and Public Cleansing Corporation (SWCorp) had been engaged in discussions concerning the enlistment of the homeless to maintain public cleanliness.

Zaliha underlined how the homeless would be empowered and be considered ‘a resource’. This was in a written response to Parliament on Feb 5, to a question on the measures taken by JWP to improve waste management and curb illegal dumping in high-traffic tourist areas, city centres and drainage systems.

Her response also included initiatives such as new fines, increased cleaning frequency and the use of 2,000 AI-powered CCTVs.

MBSA allocated RM150 mil for Setia Alam flash floods
MBSA has granted RM150 mil to the Setia Alam Flood Mitigation Plan to address the flash floods that have been plaguing the area since 2021. State Youth, Sports and Entrepreneurship Committee chairman Mohd Najwan Halimi divulged that the project would include Sungai Binjai and Sungai Puloh’s relief to more than 200,000 Setia Alam residents affected by the rising frequency of floods.

Mohd Najwan blamed climate change for the unseasonal flooding. Setia Alam particularly sees more unpredictable flash floods outside of the monsoon season. He also briefly mentioned development, but despite both factors, immediate action is necessary.

Shorts

1. GovTech: Paperless, AI-enhanced, fully automated govt service platform to be launched early this year

   Digital Minister Gobind Singh Deo announced the launch of GovTech’s initiative in the first quarter of this year. It’s a website that houses all government-related public services in one place. It’s completely paperless, fully automated, as well as run and empowered by AI. The plan will be executed in two phases, where phase one involves the initiative’s launch this year and phase two being the full implementation of GovTech from 2026 to 2030. Sounds great, but perhaps Gobind might want to consider implementing what UK telco O2 did with AI - it created a grandma voice avatar to waste scammers’ time (watch below). Every minute wasted is every dollar saved - the benefit is immediate with billions of ringgits at stake. 

2. Govt slated by opposition for renting 28 helicopters at high price

   Opposition leader Hamzah Zainudin slated the government for renting 28 AugustaWestland 139 helicopters (AW139) for a period of 15 years for RM16.6 bil in the Dewan Rakyat yesterday. He cited Poland’s recent purchase of the same helicopters, directly from the manufacturer, for only RM8.9 bil. Further noting Malaysia’s expenditure compared to that of the Philippines, who had purchased 32 S70 Black Hawk helicopters for approximately RM2.6 bil. He alleged that someone was profiting under the table and warned against another fiasco not dissimilar to the littoral combat ship controversy.

4. AROUND THE WORLD 🌎

Middle East Riviera? That's a No.

The Sudden Announcement
US President Trump shocked everyone (again) by saying the US would take over Gaza to create a “Riviera of the Middle East”. The announcement also came during Israeli PM Netanyahu’s visit, the first foreign leader to visit Trump since his inauguration. This also comes on the heels of Trump’s proposal for the permanent resettlement of over two million Palestinians to neighbouring countries. Here’s a 34-second clip for you to shake your head to. Also, a riviera is an area of coast, especially one with beaches where people go on vacations.

Expansionist Dreams
It is postulated that this is in keeping with his administration’s expansionist ambitions, especially after Trump’s interests in Greenland and the Panama Canal were revealed. This runs counter to his campaign pledges to keep the nation out of foreign entanglements as well. Must be the real estate developer in him talking. Doesn’t help that his son-in-law called Gaza “valuable waterfront property”.

People are already making memes out of this piece of news:

International Condemnation
The international community was not happy about this, issuing various statements condemning, rejecting, or offering support for the two-state solution instead. Europe’s major entities France, Germany, the UK and Spain have all stood by the two-state solution, Washington’s original policy on the matter, with France adding that Trump’s proposal would destabilise the region. Even Russia weighed in, rejecting the proposal and placing themselves firmly in support of the two-state solution.

Even The Locals Said No
The Palestinians themselves firmly rejected Trump’s plan, with many vowing to never leave their homes. However, Palestinians also stand in fear of another “Nakba”, or catastrophe, which saw hundreds of thousands of Palestinians dispossessed of their homes in 1948. Still, regional leaders, which Trump has suggested take in the Palestinians, have rebuffed Trump’s plans as well, with the stance that any plan for Gaza has to include the Gazans. Saudi Arabia contradicted Trump’s claim that Riyadh was not demanding a Palestinian homeland, stating “in a clear and explicit manner” that Saudi Arabia would not establish ties with Israel, as Trump hopes, without the creation of a Palestinian state.

Musk's New Power Base
Stateside, the Department of Governmental Efficiency (DOGE) under Elon Musk has taken over the Office of Personnel Management and the General Services Administration in the US government, along with their systems. The former oversees 2.2 million government workers, and the latter oversees most government contracts and manages federal property. This, in addition to access to the US Treasury Department’s payment system, places a lot of power in Musk’s hands, which has led to concerns that he is exceeding his authority. These controls have culminated in DOGE sending out an email to all government employees offering them deferred resignation. So far, over 20,000 employees have taken the offer, with the government expecting a spike before the deadline of Feb 6, 2025 - looks like a VSS in government. The CIA has also complied with the directive to offer buyouts.

What About China?
Over in China, Beijing’s foreign ministry has called for talks with Washington even as the additional 10% tariffs Trump announced kicked in. Beijing had announced counter-tariffs of up to 15%, looking to buy time for a conversation to take place. However, Trump has stated he is “in no hurry” to speak to China, to the point of seeming dismissive of China’s counter-tariffs. Still, it is reported that Chinese President Xi has reached out to Trump, though nothing concrete has been established.

Wins for Spotify and Huawei, but Nissan-Honda deal falls through

• Spotify posts first annual profit

  The music streaming giant reported its first annual profit of USD1.14 bil (RM5.04 bil) for 2024, a turnaround from the net loss of about USD554 mil in 2023. The platform also saw a larger-than-expected growth in active users to 675 million in the fourth quarter, a 12% growth year-on-year. The firm looks forward to “another year of continued growth and improving margins” with plans to reinvest to support its long-term potential.

• Huawei 2024 revenue "exceeded USD118 bil (RM521.85 bil)", says chairman

  Chairman Liang revealed the tech giant’s revenue for 2024 during a forum in Guangzhou, stating Huawei pulled in over USD118 bil for the year, a 22% growth over the previous year, and the fastest growth the firm has seen in four years. The same statement also saw an assurance from Liang that Huawei will “meet expectations”, with stable ICT infrastructure and the rapid development of the firm’s smart car solutions arm.

• Nissan to step back from Honda merger

  Sources reported that Nissan will be pulling the plug on the USD60 bil (RM265.35 bil) merger with Honda, with the talks made complicated by growing differences. However, both automakers have issued statements that they are still looking to finalise a future direction by mid-February. Still, questions have been raised about how Nissan, which has been harder-hit than its peers with the rise of EVs, will look to complete its turnaround plan on its own.

An AI breast cancer diagnosis trial, Google AI weaponisation, and a dead 2C goal

• NHS to conduct world's biggest AI breast cancer diagnosis trial

  England’s healthcare system will be deploying AI to analyse two-thirds of at least 700,000 mammograms done in England over the next few years to see if it can be as accurate and reliable at identifying signs of breast cancer, which could in turn lead to faster diagnosis of the disease. If successful, the implementation of AI would take the place of the “second reader”, freeing up specialist doctors to do other work while shortening the wait time for patients to get their results for their scans.

• Google lifts longstanding ban on use of AI in weapons

  The tech giant has given up on a longstanding principle, lifting the ban on AI being used for developing weapons and surveillance tools. The argument was that businesses and democratic governments need to work together on AI that “supports national security”. Google parent Alphabet also stated that democracies should lead in AI development, guided by “core values” like freedom, equality, and respect of human rights. Still, concerns have been raised, considering the growth in awareness of the military potential offered by AI. Skynet is cheering.

• 2C climate goal declared "dead"

  Leading scientists have declared the 2C climate goal – which looks to hold long-term global warming to two degrees Celsius – is now “impossible”, with a new analysis stating that the “two-degree target is dead”. Instead, the amount of greenhouse gasses already in the atmosphere due to burning fossil fuels has guaranteed increased warming, with temperatures staying at or above 1.5 degrees Celsius in the coming years before rising to around 2 degrees Celsius by 2045.

Shorts:

1. Sweden's worst mass shooting leaves "around 10 dead"

   The shooting took place in the town of Orebro, with around 10 people killed in what the Swedish PM declared was the “worst mass shooting” in Swedish history. There were no details about how many were wounded, but it was stated that the gunman was also among those killed. Police were not aware of a motive, but believed the gunman had acted alone.

2. Black Sabbath reunites for charity

   Heavy metal legends Black Sabbath will be reuniting for a one-off concert in Birmingham, England on July 5, featuring the full original line-up with Ozzy Osbourne, guitarist Tony Iommi, bassist Geezer Butler and drummer Bill Ward. The concert will also see a line-up of other iconic bands such as Metallica and Slayer, with profits from the show going to charity.

3. AC/DC announces new tour

   The band’s Power Up tour will be going around Europe, playing at 12 locations starting from Prague in the Czech Republic to Edinburgh, England at the end of the tour. AC/DC will also be doing a 13-location tour in the US, its first in nine years.

5. FOR YOUR EYES 📺

1. “What you pay attention to — expands.” One of the better things that came out of social media, humansofny.

2. Three countries dominate in the mining of lithium — best known for its use in batteries. Australia, Chile and China combined, mined of 90% of the global lithium that was mined in 2023.

3. ETF vs Unit Trust