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Tupperware has declared bankruptcy 🙁

Credit: Yunus Tuğ
Credit: Yunus Tuğ
September 19, 2024
  • Malaysia is not broke and can still float for big projects
  • Intel continues on its not-Ong journey
  • Bali is en route to building a very expensive LRT network.

IN Malaysia

Malaysia can still finance big-ticket projects

According to BIMB Securities, Malaysia is not broke and can still pick up the price tag of ‘expensive’ projects as there is still space in the contingent liabilities. Contingent liabilities is the fancy term given for any loans by given that have Papa Putrajaya as the guarantor. Under the current law, as a proportion to the Gross Domestic Product (GDP), 25% is the ceiling and at the moment, we hover at 17%. So, there is an ‘extra space’ of 8%, which is equitable to about RM155 bil in project liabilities. Thanks to the recently announced Public-Private Partnership Master Plan 2030, the trend is already moving towards more public-private partnership play which projects such as the high-speed rail, Melaka International Aero-City Hub, and the Kuantan-Singapore Expressway are among the key projects to be affected.

Source: https://theedgemalaysia.com/node/727077

Malaysia is performing above average in the green index

During his keynote speech at the SDG Summit 2024 in Kuala Lumpur on Tuesday, PM Anwar Ibrahim stated that the country has scored above average, achieving  43% of all 248 indicators of the latest Sustainable Development Goals (SDGs), far above the world average of 17%. Despite the Asian in all of us would be proud of this, however, mother nature is feeling quite differently. As you know, harsh and extreme weather is the result of excessive pollution of nature and Earth has ‘voiced out’ its unhappiness quite loudly. According to the Malaysian Meteorological Department (MetMalaysia), extreme weather in the northern states (particularly Langkawi and Pulau Pangkor) will persist until Saturday. The climax of this ‘unhappy’ story by Mother Nature are strong winds and waves up to 5.8 meters on Friday morning in certain coastal areas. These extreme weather conditions are the effect of three tropical storms, Bebinca, Invest 98w Gener (98W) and Pulasan (Helen).

Source: https://www.nst.com.my/news/nation/2024/09/1107345/waves-58-metres-expected-some-coastal-areas-during-extreme-weather

Unfortunately, the harsh weather has claimed its first casualty after an uprooted tree crushed to death two Chinese tourists – a man and his daughters in Penang. The tree fell onto the car, leaving the father and child trapped in the car leading to their subsequent death.

Source: https://www.bernama.com/en/general/news.php?id=2341774

Companies that make Malaysia proud in the eyes of the world

  • Works Minister Alexander Nanta Linggi could not contain his ‘proud daddy’ moment after visiting Eversendai’s largest steel fabrication factory located in Hamriyah Free Zone Establishment, Sharjah, the United Arab Emirates (UAE). Eversendai is one the key players behind the construction of iconic landmarks such as Burj Khalifa (Dubai), Al Shams Sky Tower (Abu Dhabi), KLCC (Petronas) Twin Towers and Merdeka 118 Tower. Recently, Eversendai has bagged RM1.1 bil worth of new contracts in Singapore, India, and the Middle East, including building the new Qiddiya racetrack that will house future Formula One races. The kid in me is shouting as we will again witness Lewis Hamilton racing on tracks built by Malaysians. Sepang please do better. On a side note, look at this sick livery that the Mercedes F1 team will be donning at this weekend’s Singapore GP, in conjunction with its main sponsor PETRONAS’s 50th anniversary.

Source: https://theedgemalaysia.com/node/727031

  • Another Malaysian company that hit the jackpot during the pandemic, glove maker Supermax Corp Bhd said that the company will begin commercialising its glove production at its first US manufacturing facility in Texas by January 2025. The phase one operation of this US plant is able to produce 4.8 bil pieces of gloves. According to analysts, at the moment Supermax has a production capacity of 21 bil pieces of glover per annum, where 29% of its sales are channelled to the US market.

Source: https://theedgemalaysia.com/node/726994

Around the S.E.A.

Intel misfortunes continue

Bagai jatuh ditimpa tangga for Intel, as the company has lost out to Advanced Micro Devices (AMD) to design and fabricate the chip for Sony’s upcoming PlayStation 6 game console. This bad news will serve as a vote of no-confidence for Intel’s contract manufacturing or foundry business, which is the key centrepiece of Intel CEO Pat Gelsinger’s turnaround plan. Losing the PlayStation contract means that Intel will be missing out on about USD30 bil of revenue and the opportunity to fabricate thousands of silicon wafers a month.

Source: https://www.malaymail.com/news/money/2024/09/17/game-over-for-intel-how-amd-snagged-sonys-playstation-6-chip-contract/150665

Failing to win the Sony contract epitomises Intel’s unsuccessfully foray into capitalising on the first wave of the AI boom, which was dominated by its rivals Nvidia and AMD. As a result, the company has announced major cuts in the workforce and spending across its operations, including in Malaysia. Recently, Intel has announced that it will delay the operations of its new plant currently being built in the country. The company will still complete the new plant, as part of its USD7 bil investment announced in 2021, but the start-up of operations will be aligned with the market conditions. Intel will be the second company that failed to ‘ejaculate’ upon losing a key client after German-based Osram decided not build a new plant in Kulim in 2023 for the same reason.

Source: https://theedgemalaysia.com/node/726920

Good day to be an Indonesian

  • The Nusantara Capital City (IKN), the new ‘hole in the forest’ capital of Indonesia, is now open to the public, but with terms and conditions applied. The public can only visit part of the city upon booking a slot on a dedicated app called IKNOW. Only a maximum of 300 visitors can visit the new capital per day at a dedicated window from 9 AM until 5 PM.

Source: https://www.thejakartapost.com/indonesia/2024/09/17/nusantara-opens-to-public.html

  • Indonesia Transport Minister Budi Karya Sumadi announced that investors from Indonesia and South Korea will be involved in Bali’s first light rail transit (LRT), refuting some rumours that China is also a part of the project. The fully underground LRT project will cost about USD20 bil and the project will connect key locations on the island, including I Gusti Ngurah Rai International Airport, Seminyak, Canggu, Nusa Dua, Sanur and Ubud. The total length of the project will be about 30km. As a comparison, Malaysia’s MRT Putrajaya Line has a price tag of USD6.78 bil for a 57.7km rail network. Is Indonesia being scammed? 

Source: https://www.thejakartapost.com/indonesia/2024/09/11/s-korean-domestic-investors-to-join-bali-lrt-project.html

For your EYES only

Known for making high-quality products that can overlast dinosaurs and survive any nuclear disaster, Tupperware Brands announced that it has filed for bankruptcy. The company that has been established since 1946, attributed the announcement to its poor sales performance (perhaps they make very good products up to a point the consumers no need to buy again).

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