Let SBEZ not be another Kulim

IN Malaysia

Do not repeat the same Kulim mistake

Kedah Industrial and Investment Committee chairman Haim Hilman Abdullah told the Kedah State Assembly that the state government need to also put thought into the commercial and residential aspects of the Special Border Economic Zone (SBEZ) in Bukit Kayu Hitam, Kedah. Haim added that the state government need to learn from the Kulim mistake, where it houses extraordinary plants including the Porsche factory, but the people working live elsewhere. Haim said that if we do not act fast, the Thais will develop Danok and the expatriates working in SBEZ will reside there.

At the same Kedah State Assembly session, the Kedah Government’s top leadership including State Agriculture, Plantation and Transportation Committee chairman Dzowahir Ab. Ghani is still high in hopes that Putrajaya will approve its proposal to legalise the export of ketum. Dzohawir added that it was high time that the export of ketum is allowed, given its huge potential in the international market. Ketum or ‘kratom’ has huge demand overseas and is being used as an energy-boosting stimulant, a euphoric mood enhancer that can help anxiety or depression, and a treatment for chronic pain. Almost 2 mil Americans used kratom in 2021, where the price of 1kg of kratom could go up to RM400 to RM500 on the international market. Kratom is a tree native to Southeast Asia and in Malaysia, it is planted in the north of the Peninsula from Perlis to Perak.

We will not stop until she is found

Dang Wangi OCPD Asst Comm Sulizmie Affendy Sulaiman told the media that the authorities will keep searching for the 48-year-old Indian national who fell down a sinkhole at Jalan Masjid India on Friday. There are still no indications of where the victim is after the authorities have excavated a huge chunk of the sinkhole, examined a few manholes nearby the area and even pumped out sewage from the Indah Water sewer plant at Pantai Dalam, which is about 20 minutes from the initial sinkhole site.

It is an ‘open secret’ that certain sections of Kuala Lumpur sit on top of a huge limestone formation that comes with an added baggage – natural occurrence sinkholes, that could be further exacerbated by the over-development activities and poor drainage systems. Even during the construction of the Petronas Twin Towers, the site of the Twin Towers had to be moved 61 meters from the original location as half of the initial site sat on decayed limestone. While Jakarta is sinking due to high seas, Kuala Lumpur could face the same fate – but for us, it is because of sinkholes. So, bye-bye Kuala Lumpur and hello other parts of Malaysia?

Unlucky day for Prasarana

While yesterday is the official enforcement day of the Cyber Security Act, it is also the day that Prasarana Malaysia Berhad’s internal systems have been attacked, allegedly by hacker group RansomHub. Although Prasarana reassured that its daily operations were not affected by the security breach, it was revealed that allegedly 316GB of data has been stolen and the hacker group plans to release the info by next week.

Around the S.E.A.

VinFast is exiting the Thailand market

A premature spurt for VinFast as just after announcing that they are entering Thailand’s market at the Bangkok International Motor Show (BIMS) in April this year, the Vietnam-based company may decide to pull the plug on its Thai plan. The reason behind the U-turn is due to the ongoing EV price war and its inability to compete from a pricing viewpoint. VinFast is looking to explore the Philippines instead after deciding to go shy on Thailand.

When one door closes, another door opens. Thailand has approved a USD693 mil investment by Western Digital to expand hard disk production in the country. According to Thailand’s Board of Investment (BOI), Western Digital’s Thai facility currently employs 28,000 people, and some 80% of the world’s hard disks are made in Thailand.

Oil prices are increasing amidst escalated tensions in the Middle East

As Hezbollah rockets crossed from Lebanon into Israel, as a retaliation for the killing of senior Hezbollah officer Fuad Shukr in an Israeli strike on Beirut, the oil prices also shot upwards by 3%. On top of the armed conflicts in the Middle East, production cuts in Libya led to the Brent crude futures climbing USD2.28, or 2.89%, to USD81.30 a barrel, while U.S. crude futures were at USD77.30 a barrel, up USD2.47, or 3.3%. The Organization of Petroleum Exporting Countries (OPEC) and its allies, or OPEC+ plan to increase oil production to top up the Libyan production cuts but it still does not ensure the long-term price stability of oil.

For your EYES only

One once said investing in property is a ‘no-brainer’ as property’s value never declines. How wrong they are as we are seeing a lot of properties slumped in value. Plus, the property sector in Malaysia is quite unique and is in an inventible route of a ‘bubble burst’. The Malaysian Government has been continuously subsidising the housing market, by providing stamp duty exemptions for first-time homebuyers in order to make the homes ‘affordable’. On the other hand, the rich have been driving the price of houses upwards, by 7.11% per year, as many of them buy 3-5 properties with the purpose of renting out. So, what if one day, the Government decided to not give away subsidies (which is likely) and the rich decided not to buy homes as the ROI is not there? Welcome to the day the housing market stood still.