- Klang Valley is the worst place to live, from the cost of living perspective
- The Thai Baht weakens due to the gold rush
- Indonesia stands up to Apple
IN Malaysia
The state of the Malaysia-South Korea relationship is strong
During PM Anwar Ibrahim’s official visit to South Korea, both countries agreed to upgrade the bilateral relations to a strategic partnership, the same feat achieved in Malaysia’s relationship with Vietnam recently. As strategic partners, Malaysia and South Korea agreed to enhance cooperation in four key areas: peace and security; economy; culture, education, and tourism. Malaysia is South Korea’s third-largest trade partner in Southeast Asia, with the countries’ bilateral trade volume reaching USD25 bil in 2023. Our love affair with South Korea will not stop here as Malaysia will say annyeonghaseyo to the long-await Malaysia-Korea Free Trade Agreement (FTA) that will be signed next year during South Korean President Yoon Suk Yeol’s visit to Malaysia, in conjunction with the 65th anniversary of Malaysia-South Korea relationship.
Klang Valley is getting more unlivable
According to the calculation method for the Basic Expenditure of Decent Living (PAKW) developed by the Department of Statistics Malaysia (DOSM), households in five areas within Klang Valley – Petaling, Gombak, Klang, Putrajaya and Kuala Lumpur need a staggering RM5,188 – RM6,490 to survive and have basic lives. As a comparison, the average monthly PAKW for households in Malaysia in 2023 was RM4,729. PAKW refers to the amount of monthly spending required by households or individuals to meet their needs and wants, including food, and to participate in social activities.
Malaysians need to realise that the Klang Valley is not the ‘main character’ in Malaysia’s economic development and there are other regions that are at the same par. With Klang Valley getting more cekik darah by the day, perhaps we should start a campaign dubbed ‘Ayoh Pi Ke Utagha’, which is getting more bussin as of late.
- Another car brand is opening shop in Kedah – Investment, Trade and Industry Minister Tengku Zafrul announced that South Korea-based Hyundai Motor will be investing RM2.16 bil to open its first plant in Malaysia that will be situated in Kulim, Kedah. The plant will be open next year. Do you know what other car brand has a shop in Kulim? – The answer is Porsche (Kulim is its first assembly facility outside Europe).
- New island in Penang – Eastern & Oriental Berhad’s (E&O) announced an RM60 bil masterplan to develop a reclaimed island off Tanjung Tokong into a new township dubbed the Andaman Island that could house a 16,000 population by 2030. The island, covering 760 acres (307 hectares), will be developed in two phases and has currently launched four residential and serviced apartment projects.
The immigration department to launch a new foreign pass
In an effort to open the Malaysian doors to more people visiting the country, Home Minister Saifuddin Nasution Ismail stated that the Immigration Department will introduce a special online pass (eSP) for foreign nationals wishing to enter and stay in Malaysia for no more than 30 days, effective from January next year. At the moment, the process of applying for and issuing the special passes is done manually, so this new initiative will, certainly make it more convenient for foreign nationals. In 2023, 139,344 special passes were issued, while as of October this year, 119,019 special passes have been issued to foreign nationals. With Malaysia assuming the ASEAN chairmanship in 2025 and 2026 will be the Visit Malaysia Year, it is safe to assume that this country will be Malaysia Darul Meriah in the coming years.
Around the S.E.A.
Thai Baht slipped
Thailand’s national currency, the Thai Baht suffered a 0.2% drop against Uncle Sam’s greenback due to the weakness in gold prices and month-end profit taking from importers. As explained by Poon Panichpibool, markets strategist at Krung Thai Bank – “Usually when people in the market buy gold on a dip, they have to convert from Thai baht into U.S. dollars to buy gold… that typically leads to weakness in the Thai baht and that’s exactly what we are seeing so far.” Although a weaker national currency will frown on most people, but Thailand will be carving a smile as a weak Thai Baht will be a boost to its tourism industry, attracting more foreign visitors to the Land of Smiles.
As the Thai Baht slipped due to a drop in gold prices, the future of gold prices is looking gloomier as China has discovered a massive gold reserve with billions of dollars in the central province of Hunan (supply ↑, price ↓). Hunan Academy of Geology found more than more than 1,000 tonnes of gold discovered to be worth USD82.9 bil. China is the world’s largest gold producer, accounting for around 10% of global output in 2023, according to data from the World Gold Council.
Indonesia says no to Apple
Industry Minister Agus Gumiwang Kartasasmita told the media that Jakarta may reject Apple Inc.’s proposal to invest USD100 mil in the country. The proposal was made by the company to lift the domestic ban on its iPhone 16 sales. As per Agus, the proposal contradicts the fairness principle as for example, Apple has invested USD15 bil to build manufacturing facilities in Vietnam, a country that only sells roughly 1.5 mil units. In comparison, the US-based tech giant only invested a measly USD90 mil towards developer academies in Indonesia, a country that sells some 2.5 mil units. Previously, Indonesia’s government blocked sales of the iPhone 16 on the grounds that Apple had not met a 40% domestic content requirement for smartphones and tablets. Ayoh Indonesia! Do not let that ang moh bully you.
For your EYES only
In whatever you do, be wise and do not be greedy. Prudence can ensure long-term growth for yourself and your organisation.
Kisah Qarun Dibenamkan Bersama Hartanya https://t.co/AkTjKb4tfv
— ▲\▼ (@mercbrah) November 21, 2024
