Thursday, September 9, 2021

Record covid-19 new cases and deaths in Penang, Malaysia 19,733 new cases (Sep 8)

Penang (2,474) reached a new record Sspt 8, 2021. Hospitalisation of Covid-19 patients has also been trending up, despite 49.4 percent of its population being vaccinated. [see vaccination chart below]

Hospital bed use for Covid-19 patients in Penang has reached 109 percent - the highest in the country - while intensive care bed use is 93.2 percent. [see hospitalisation chart below]

In Sarawak (3,100), the authorities said 99.87 percent of new cases involved patients in Category 1 or 2 (no symptoms or mild symptoms). However, Health Ministry data shows that hospitalisation is still on a 14-day uptrend.

Hospital bed use by Covid-19 patients Negeri Sembilan has dropped 70.9 percent since peaking on July 31.

As of yesterday, the R-naught for the country is 0.95. A R-naught of less than 1.00 suggests that the spread of Covid-19 was slowing down.

The R-naught for the Selangor, Kuala Lumpur and Negeri Sembilan have all fallen below 0.90.

Regions where the R-naught is more than 1.00 are Pahang, Perak, Terengganu, Sarawak, Perlis and Penang, Malacca and Johor.

The number of active cases have continued trend downwards today the intensive care bed use is dropping slowly over the past month.

Active cases: 248,673

Patients in ICU: 904*

Intubated: 430*

[Does not include patients classified as 'probable'.]

New cases by states

Sarawak (3,100) Selangor (2,989) Penang (2,474) Sabah (2,067) Johor (1,867) Kedah (1,564) Kelantan (1,471) Perak (1,319) Terengganu (904) Pahang (700) Kuala Lumpur (537) Malacca (375) Negeri Sembilan (256) Perlis (74) Putrajaya (29) Labuan (7)

Deaths

The Health Ministry reported another 361 deaths attributed to Covid-19 today, bringing the national death toll to 19,163.

There were 102 patients who were pronounced dead upon arrival at the hospital of which a quarter were reported in Sabah alone.

Selangor (67) reported the highest number of deaths followed by Johor (65), Sabah (54), Kedah (51), Kuala Lumpur (34), Negeri Sembilan (29), Kelantan (17), Sarawak (10), Terengganu (9), Malacca (8), Perak (6), Penang (5), Pahang (4) and Perlis (2).

Clusters

The Health Ministry is currently monitoring 1,459 active Covid-19 clusters.

Another 35 new clusters were classified today of which 20 involved workplaces.

Industri Jalan Nuri cluster

Category: Workplace State(s): Selangor District(s): Kuala Langat Total infected: 79 out of 122 screened

Tapak Bina Persiaran Elmina cluster

Category: Workplace State(s): Selangor District(s): Petaling Total infected: 67 out of 129 screened

Industri Dua Jalan Anggerik Mokara 47 cluster

Category: Workplace State(s): Selangor District(s): Klang Total infected: 50 out of 167 screened

Industri Dua Jalan Bandar Lama cluster

Category: Workplace State(s): Selangor District(s): Kuala Langat and Klang Total infected: 30 out of 36 screened

Tapak Bina Persiaran Laman View cluster

Category: Workplace State(s): Selangor District(s): Sepang Total infected: 20 out of 69 screened

Tapak Bina Jalan Elegan cluster

Category: Workplace State(s): Selangor District(s): Sepang Total infected: 12 out of 92 screened

Pasar Matu cluster

Category: Workplace State(s): Sarawak District(s): Matu Total infected: 29 out of 121 screened

Tapak Bina Jalan Tasek Mutiara Tujuh cluster

Category: Workplace State(s): Penang District(s): Seberang Perai Selatan Total infected: 123 out of 518 screened

Tapak Bina Jalan Kubang Menerong cluster

Category: Workplace State(s): Penang District(s): Seberang Perai Utara and Seberang Perai Tengah Total infected: 81 out of 290 screened

Jalan Mayang Pasir Tiga cluster

Category: Workplace State(s): Penang District(s): Barat Daya and Timur Laut Total infected: 46 out of 468 screened

Zon Industri Bebas Tiga cluster

Category: Workplace State(s): Penang District(s): Barat Daya Total infected: 21 out of 283 screened

Tapak Bina Jalan Tengku Azizah cluster

Category: Workplace State(s): Johor District(s): Johor Bahru Total infected: 56 out of 235 screened

Industri Jalan Gangsa Kulai cluster

Category: Workplace State(s): Johor District(s): Kulai Total infected: 18 out of 230 screened

Industri Jalan Johor Ayer Hitam cluster

Category: Workplace State(s): Johor District(s): Batu Pahat Total infected: 15 out of 656 screened

Dah Tapak Bina Patani cluster

Category: Workplace State(s): Kedah District(s): Kuala Muda Total infected: 54 out of 226 screened

Dah Empat Industri Sungai Petani cluster

Category: Workplace State(s): Kedah District(s): Kuala Muda Total infected: 51 out of 117 screened

Industri Persiaran Pengkalan 32 cluster

Category: Workplace State(s): Perak District(s): Kinta Total infected: 35 out of 120 screened

Semambu Empat cluster

Category: Workplace State(s): Pahang District(s): Kuantan Total infected: 29 out of 55 screened

Ladang Jalan Bahau Rompin cluster

Category: Workplace State(s): Negeri Sembilan District(s): Jempol Total infected: 75 out of 336 screened

Jalan PBR 12 cluster

Category: Workplace State(s): Malacca District(s): Melaka Tengah Total infected: 25 out of 90 screened

Jalan Kubang Golok Merabang cluster

Category: Community State(s): Kelantan District(s): Bachok Total infected: 20 out of 36 screened

Kampung Gong Manak cluster

Category: Community State(s): Kelantan District(s): Pasir Puteh Total infected: 15 out of 18 screened

Jalan Kubang Kacang cluster

Category: Community State(s): Kelantan District(s): Kota Bharu Total infected: 14 out of 23 screened

Kampung Kedap cluster

Category: Community State(s): Kelantan District(s): Pasir Mas, Machang and Kota Bharu Total infected: 14 out of 26 screened

Kampung Kuala Besar cluster

Category: Community State(s): Kelantan District(s): Kota Bharu Total infected: 9 out of 17 screened

Lorong Pasir Lada cluster

Category: Community State(s): Kelantan District(s): Kota Bharu Total infected: 9 out of 15 screened

Lorong Madrasah cluster

Category: Community State(s): Kelantan District(s): Pasir Mas Total infected: 9 out of 13 screened

Lorong Penggawa Yahya cluster

Category: Community State(s): Kelantan District(s): Pasir Mas Total infected: 5 out of 6 screened

Jalan Sutera Bakar Batu cluster

Category: Community State(s): Johor District(s): Johor Bahru Total infected: 116 out of 193 screened

Sungai Tekam Jerantut cluster

Category: Community State(s): Pahang District(s): Jerantut Total infected: 27 out of 82 screened

Lemujan cluster

Category: Community State(s): Sarawak District(s): Pakan Total infected: 38 out of 42 screened

Jalan Chemor Estate cluster

Category: High-risk group State(s): Perak District(s): Kinta Total infected: 75 out of 97 screened

Kampung Ayer Papan cluster

Category: High-risk group State(s): Perak District(s): Kinta Total infected: 13 out of 31 screened

Jalan SP 5/4 cluster

Category: Non-Education Ministry institution State(s): Selangor District(s): Kuala Langat Total infected: 17 out of 118 screened

Jalan Scientex 20 cluster

Category: Institusi Pendidikan Swasta Berdaftar di Bawah KPM State(s): Johor District(s): Kulai Total infected: 11 out of 48 screened

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Tuesday, September 7, 2021

Politicians tango, Malaysia grieves

https://youtu.be/nYSqwi8qY7w

In the later years of my school life, I used to attend parties thrown by my schoolmates for their birthday, or just to have some fun, at their homes, especially when their parents were away.

I learned, or rather tried, a few types of dances at these parties. There was the jive, the fox-trot, the waltz, the shake and the funky chicken (yeah, there was such a dance). Those of us who didn’t know any dance would just – as they say – go with the flow.

And man, when you have Creedence Clearwater Revival or Deep Purple singing on your vinyl, you can flow any which way.

The twist was still around, although not as popular, and there was the tango.

I was never good at tango, but a few of my friends were. The tango has some very sharp movements but it’s largely a kind of walking dance. Good tango dancers exhibit exceptionally fluid and fast movements, and it can be sensual.

The dancers – the “lead” and the “follow” – mirror each other’s steps, with the leader initiating the moves and the follower maintaining this movement.

The tango also has something called “backleading” which happens when the follower moves without waiting for, or contrary to, the leader’s initiatives. A stronger form of this is called “hijacking’ where the follower takes control of the dance and leads the leader.

And this, my friends, is what we are seeing in Malaysian politics – especially government politics – today.

Dr Mahathir Mohamad was the lead in Bersatu and Pakatan Harapan and was dancing with the feeling that he was doing it his way, not knowing that some of the followers had other ideas. Then one follower, Muhyiddin Yassin, “hijacked” the dance and Mahathir was no longer the lead.

In fact, he was not even the follower.

It was one of those daring tango moves that is so smooth and sudden, those watching it can only open their mouths and gasp or exclaim “Wow!”. In this case, many Malaysians were jolted by the shock execution of what has come to be known as the Sheraton Move.

Establishing himself as the lead, Muhyiddin and Bersatu minus Mahathir tried some slick moves of their own with a new set of followers, including Umno, but it only lasted 17 months. Umno – which had always been the lead in the national tango until it, and the Barisan Nasional coalition, lost their majority in the 2018 general election – was tired of mirroring Muhyiddin’s steps.

The lead in a tango is usually the male and Umno is full of raging male hormones, or thinks it is. So, it did a number on Muhyiddin and Bersatu by hijacking the dance to put itself back in the lead.

Umno’s nominee Ismail Sabri Yaakob is now the prime minister and the current lead. Malaysians were sorely disappointed when Ismail reappointed almost every minister who worked under Muhyiddin into his Cabinet. This is because most Malaysians consider that body of ministers a “failed Cabinet”.

And now Ismail has brought back Muhyiddin into the government as chairman of the National Recovery Council, which, we have been told, is a ministerial-level position.

Does this mean we now have two leads in the national tango? What will that do to the tango?

The chief secretary to the government, Mohd Zuki Ali, said on Sept 4 that the Cabinet had decided on the appointment because it had confidence in Muhyiddin’s ability to “spearhead the national recovery strategy to achieve the best economic impact and restore the lives of people severely affected by the Covid-19 pandemic”.

Social media is full of comments and remarks about his appointment, so I won’t add anything except to say that Malaysians have been disappointed – yet again.

A citizen can be forgiven for thinking that government leaders do not seem to realise the seriousness of the situation we are in.

It doesn’t look like the Covid-19 pandemic will subside anytime soon, with our daily cases hovering around a whopping 20,000 and deaths of more than 250 a day. Malaysia’s daily Covid-19 cases per capita have surpassed that of India. Can you imagine that? We have a population of 32.7 million while India has a population of 1.3 billion, yet our per capita figures are excruciatingly painful.

On Sept 4, India had 42,618 new Covid-19 cases, with 330 deaths. Malaysia had 19,057 cases, with 362 deaths. On Sept 5, India had 42,766 new infections, with 308 deaths. Malaysia recorded 20,396 new cases with 336 deaths. On Monday, Sept 6, India reported 38,948 new cases, with 219 deaths. Malaysia had 17,352 new cases, with 272 deaths.

Also, most of our neighbouring countries are faring better than us.

Because of the pandemic and poorly planned and executed movement restrictions, many people are struggling to put food on the table, and businesses continue to close shop daily. Officially about 800,000 are unemployed but I’m sure the actual figure is higher. More people are expected to lose jobs and more businesses are expected to shutter in the next few months.

The Covid-19 deaths have left many families without the breadwinner and children without their parents. I keep hearing of children losing both their parents to the disease.

Suicides have increased and more people are feeling pressured, and are losing their balance. Many are worried about their future and that of their children who have missed physical school for more than a year.

And our politicians continue to tango.

By A. KATHIRASEN

The views expressed are those of the writer and do not necessarily reflect those of FMT.

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Monday, September 6, 2021

‘Silent crisis’ looms as US to end Covid-19 aid for millions of jobless

Tough times: A sign advertising job openings is seen in New York. The US economy is far from healed, with 5.3 million jobs lost to the pandemic yet to be restored and employers adding a mere 235,000 positions in August - Last year, the United States massively expanded unemployment aid as Covid-19 broke out.— Reuters pic

WASHINGTON, Sept 6 — Spending less on food. Drawing down on retirement savings. Dropping out of the workforce altogether.

Last year, the United States massively expanded unemployment aid as Covid-19 broke out. But in the coming days those benefits will end, forcing millions of jobless Americans — some of whom haven’t worked for the entire pandemic — to make hard choices about how they will get by in an economy newly menaced by the Delta variant.

“I have no idea how we would survive, just on my daughter’s income,” said Deborah Lee, an unemployed phlebotomist in Arizona who is recovering from a Covid outbreak that affected her daughter and two of her three granddaughters.

The government-funded programmes that increased weekly payments and gave aid to the long-term unemployed and freelancers were credited with keeping the United States from an even worse economic collapse last year.

In recent months they have become controversial, with some states ending them early and arguing they encouraged people not to return to jobs that Covid-19 vaccines made safe, though studies have disputed that contention.

From September 6 they will end nationwide, and while economists don’t expect them to meaningfully dent the US economy’s recovery from its 2020 debacle, they’ll undoubtedly up the pressure on the unemployed.

“I think it’s going to be an underappreciated event in the economy,” said Andrew Stettner of progressive think tank The Century Foundation, predicting that 7.5 million people will be relying on the programmes when they end.

“It’ll be kind of a silent crisis.”

‘Screwed over’

The expansion of the unemployment safety net occurred in March 2020, when Congress rushed to blunt the emerging pandemic with US$2.2 trillion (RM9.11 trillion) in spending through the CARES Act rescue package.

While never meant to be permanent, the benefits were reauthorised twice, most recently in the US$1.9 trillion American Rescue Plan enacted by President Joe Biden and his Democratic allies in Congress last March.

While many in the Republican Party at first backed the programmes, by this year their lawmakers were arguing against them, and 26 states, most with Republican governors, moved to end them early in whole or in part.

A study published last month by researchers from American and Canadian universities found only modest improvements in hiring and earnings in some of those states that ended the aid early, while spending fell 20 per cent.

Meanwhile the economy is far from healed, with 5.3 million jobs lost to the pandemic yet to be restored and employers adding a mere 235,000 positions in August, according to government data released Friday.

In Delaware, Ohio, Karen Coldwell says she sends out about 10 job applications weekly but has yet to be hired. All other openings she sees are for low-wage work, the kind of jobs she held when she was younger.

At age 64 she is not yet ready to retire, but worries she’ll have to start dipping into her retirement savings once the long-term unemployment programme ends.

“There’s just nothing out there. There’s jobs, but the money’s not there anymore,” Coldwell said. Others can’t return to the workforce, even though they know the benefits that make up their only income are ending. Brooke Ganieany of The Dalles, Oregon, said she has no one to care for her toddler son if she were to find employment.

“I feel kind of screwed over,” the 21-year-old told AFP. “I feel like they’re doing this to make us have a plan and get back to reality, which is not exactly the slogan they should be using.”

Unequal damage

Those eligible will continue to receive benefits under states’ regular unemployment programmes — but the end of a US$300 extra weekly supplement means their checks are about to shrink.

“It’s going to affect it so much. I’m going to have to cut back on food,” said 58-year-old Karen Williams, an unemployed graphic designer in Pennsylvania.

Gregory Daco of Oxford Economics predicted the cut off in benefits would lower household income by US$4.2 billion per week in September, or about US$210 billion annualised for the month.

“It’s not going to be the type of shock that puts the US economy into reverse,” he said in an interview, but predicted that “lower-income families and minorities are more likely to be negatively impacted.”

Fearful of further coronavirus variants and with her daughter missing badly needed pay from the family’s battle with Covid-19, Lee said she is waiting to hear whether the government will grant her disability aid for a hand injury, conceding her days of employment are likely behind her, at least for now.

“I don’t even know what the answer is,” she said. — AFP

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Sunday, September 5, 2021

US needs to work with China in pandemic fight; Let’s return to reason and science:US economist

Expert: Both countries should cooperate in fight against pandemic

Prof Dr Jeffrey Sachs

KUALA LUMPUR: The United States needs to work with China to find a global solution in the fight against the Covid-19 pandemic, says prominent academician Prof Dr Jeffrey Sachs

“This is tragic, since China has done an excellent job of suppressing the pandemic, and the world could and should have learned a lot more from China’s response.

“The United States should learn some good manners to work cooperatively with China, rather than trying to impose its will on that nation,” the head of the Lancet Covid-19 Commission said.

In an email interview, the Columbia University lecturer was asked to comment on the increasing friction between the US and China over the origins of the coronavirus and the pressure on the World Health Organisation to conduct another round of investigations to determine the source of the problem.

“Both governments have information that they should add to the investigation of the origin of the virus.

“Indeed, much of the research underway at the Wuhan Institute of Virology was a joint US-China project, with funding by the US.

“Therefore, there is no cause for finger-pointing by one country towards the other. We need scientific cooperation between the US and China in the search for the origin of SARS-CoV-2, the virus that causes Covid-19,” he added.

On how the synergy can be established and areas to focus on, Dr Sachs said “scientists from the two countries have actually been working together on SARS-like viruses”.

“The two governments should be cooperating transparently together. Both should be adding more information to the investigation. The US should acknowledge its role in the laboratory work, and therefore, its co-responsibility in investigating the possible origins of the virus.”

Dr Sachs said rich countries had also not generously shared their knowledge, especially on vaccines, adding that the major regions including the United States, European Union, China, India, Russia and Asean had not attempted any kind of coordinated response.

“The global financing system has favoured the rich countries, providing too little support to developing countries,” he said.

“The culture in many societies – such as the United States – has put personal behaviour ahead of the social good.

“In the name of ‘liberty’, Americans have failed to follow basic rules and protocols, and the disease has therefore been allowed to run rampant in the US.”

WONG CHUN WAI

> See the full interview on Let’s return to reason and science - Award-winning Jeffrey D. Sachs is an economics professor, best-selling author, innovative educator and a global leader in sustainable development. He serves as the director of the Center for Sustainable Development at Columbia University in New York, and is a University Professor, Columbia’s highest academic rank.

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Let’s return to reason and science

Looking ahead: Malaysia’s Institute for Medical Research is currently working on a few Covid-19 vaccines. — SAMUEL ONG/The Star

Internationally renowned academician Professor Dr Jeffrey Sachs, who heads the Lancet Covid-19 Commission, shares his views in an exclusive interview on the fight against the pandemic, the US-China rivalry and his call to Malaysia to produce its own vaccine.

The United States should learn some good manners to work cooperatively with China, rather than trying to impose its will on that nation," said renowned U.S. economist Jeffrey Sachs.

Prof Dr Sachs: Malaysia started late in vaccination because it’s not a vaccine producer, but now, the country is catching up. Malaysia should aim to produce vaccines in the future.

> The Lancet Covid-19 Commission was created to help speed up global, equitable and lasting solutions to the pandemic. How much has been achieved and what are the hurdles?

The global response to the pandemic has been wholly inadequate. This results from five main factors:

(1) The epidemic has been handled as a matter of national policy-making, without adequate regional and global coordination;

(2) The major regions, including the US, EU, China, India, Russia and Asean, have not attempted any kind of coordinated response;

(3) The rich countries have not fairly shared their technologies, especially on vaccines;

(4) The global financing system has favoured the rich countries, providing too little support to the developing countries;

(5) The culture in many societies – such as the United States – have put personal behaviour ahead of the social good. In the name of “liberty”, Americans have failed to follow basic rules and protocols, and the disease has therefore been allowed to run rampant in the United States.

Perhaps the main geopolitical problem has been the failure of the US to work with China for global solutions. This is tragic, since China has done an excellent job of suppressing the pandemic, and the world could and should have learned a lot more from China’s response.

> On a personal level, what is your role?

I am participating in policy discussions almost daily with governments and international organisations, as well as with the Commissioners and the experts on our various task forces. My job is to help coordinate the work of the Commission, and to oversee the drafting of various statements and the final report, which will be published in mid-2022.

While the world still battles the raging pandemic, new variants have surfaced, making it harder to contain the problem.

> What are your views on the continuing obstacles?

The delta variant has been a huge setback, but given the faulty policies by so many governments around the world, the emergence of new variants like delta has been made much more likely by the delays in comprehensively suppressing the virus. We should have known better but failed to act wisely.

> Vaccination remains the most effective way to fight the pandemic. What is your view on how Malaysia is handling its vaccination exercise?

We know that the vaccines are not enough to stop transmission – as Israel has shown (with high vaccine coverage but a strong epidemic). Vaccines cut serious disease, but do not stop transmission by themselves. Thus, countries need to combine vaccination with strong suppression policies (based on social distancing, prohibition of super-spreader events, face mask wearing, widespread and readily available testing, emphasis on outdoor rather than indoor activities, contact tracing, and other measures). Malaysia started late in vaccination because it’s not a vaccine producer, but now, the country is catching up. Malaysia should aim to produce vaccines in the future.

> Obtaining vaccines continues to be an issue for many developing countries. It’s worse in Africa. How real is the hoarding of vaccines by powerful developed countries?

Very real. The failure of the vaccine-producing countries to come up with a plan to scale up production and distribution of vaccines to developing countries is a great disappointment. It is a moral failure as well as a practical failure, leading to more deaths and more chances of dangerous variants.

> Many scientists have said the third vaccination – the booster – isn’t necessary as it will further deprive many countries from having access to the supply. What are your thoughts?

The evidence is not comprehensive, but it is a shame for rich countries to give the third dose without even a plan for the first dose in much of the world. That is unwise, unfair, and immoral in my view. The US, China, Russia, EU, UK, and India should present a coherent, coordinated plan for global vaccination coverage, and the US and EU should waive IP (intellectual property) to facilitate the scale-up of vaccine production in more countries. China, for example, should be helped to speed the production of mRNA vaccines.

> Ordinary people are overloaded with all kinds of information. Vaccines – whether they are Pfizer, AstraZeneca or Sinovac, are basically the same, but because the US, Europe and China have adopted different requirements, it has led to anxiety for securing entry into these countries. What are your views on this?

Once again, there is too little coordination and cooperation among the major countries, and too little sharing of information.

> Can you comment on how politics, especially geopolitical rivalry, can be separated from science?

The United States should learn some good manners, to work cooperatively with China rather than try to impose its will on the country.

> What is your comment on the increasing friction between China and the US over the origins of the coronavirus and the pressure on the WHO to have another round of investigations to determine its source?

Both governments have information that they should add to the investigation on the origin of the virus. Indeed, much of the research underway at the Wuhan Institute of Virology was a joint US-China project, with funding by the US. Therefore, there is no cause for finger-pointing by one country at the other. We need scientific cooperation between the US and China in the search for the origin of SARS-CoV-2, the virus that causes Covid-19.

> What should the US and China be doing in the fight against the pandemic, instead of having this side issue? How can both sides work together and in what areas can they combine resources? Both sides have accused each other of the virus originating from lab leaks.

As I just mentioned, scientists from the two countries have actually been working together on SARS-like viruses. The two governments should be cooperating transparently together. Both should be adding more information to the investigation. The US should acknowledge its role in the laboratory work, and therefore, its co-responsibility in investigating the possible origins of the virus.

> The WHO’s team, comprising experts from China and other countries, arrived in Wuhan for a month’s investigations into the origins of the virus. There is now another request for a follow up probe while China has also demanded a separate investigation into Fort Detrick in the US. What is your take?

We need a clear investigation of the joint US-China research programme to see if, by some terrible accident, it somehow contributed to a research-related spill over event. That is one hypothesis that needs investigation, along with various possibilities of natural spill over events.

> Finally, in the post Covid-19 pandemic world, how should the world and health experts brace for more infectious diseases?

We have many disease crises around the world, ranging from known infectious diseases that are not yet properly controlled (such as Malaria, worm infections, TB, HIV, etc.), as well as emerging infectious diseases such as Covid-19, non-communicable diseases (such as the global diabetes epidemic), and environmental ills (such as lung and cardiovascular diseases caused by air pollution). We should be investing far more resources into epidemiology, disease surveillance, disease prevention, and disease treatments. The Global Fund to Fight AIDS, TB, and Malaria should become the Global Health Fund, to finance the response to the global disease burden in developing countries. All of this requires foresight, long-term thinking, and more resources from the rich world

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Saturday, September 4, 2021

The fund flow conundrum

THE FBM KLCI closed above 1,600 points this week for the first time in five months since March 23, 2021.

It has been six consecutive days that our index continued to scale impressively. The index was single-handedly lifted due to the foreign funds flowing back into Bursa Malaysia with limited support by local institutions and retail investors, who have been net sellers.

Interestingly, this coincided with the resolution of the political impasse in our country with the eventual appointment of Datuk Seri Ismail Sabri as the new Prime Minister, the third in three years.

As of end-July 2021, foreign participation in terms of market capitalisation in our local equity market was at a record low of 20.2%.

After 25 months of a consecutive selloff by foreign funds of Malaysian equities, is this the inflection point that stock market investors have been fervently looking forward to?

There are many layers of questions to this overarching theme, but in my view, the most important would be the need to understand what investors want.

Investors ultimately want returns. So if they were to invest in our local stock market, they hope to be able to get the returns, as otherwise, they might as well invest elsewhere.

Malaysia’s weightage on global indexes has shrunk since its peak pre-1997/98 Asian Financial Crisis.

A simple gauge would be the MSCI Emerging Markets Index, where the FBM KLCI’s weightage has been declining from 19.94% in 1994 to 1.36% as at Aug 30, 2021 as shown in the pie chart (see chart).

This simply means how insignificant the Malaysian stock market has become in the eyes of global investors.

There is also a direct correlation to the performance of the companies in our local index.

Could it be that our listed companies are either undervalued or underperforming to regional peers, especially in the context of emerging markets?

There is no absolute answer to this as it is at times, a chicken-and-egg issue. Which one actually comes first?

Without foreign fund flows, the valuation of listed companies will remain low, as the market participants would be limited, resulting in a constrained money supply in the local bourse.

Conversely, it is true as well. Why should foreign funds invest in our local stock market and listed companies if the valuation versus their growth trajectory or earnings is not in tandem?

A good example would be Singapore. The Singapore Exchange (SGX) for the past 10 years has suffered a wave of delistings.

In 2010, there were 783 listed companies on the SGX. As at end-2020, there were only 715 listed companies remaining.

The peak of the Straits Times Index (STI) was 3,575 points and it has been on a downtrend ever since. Due to the country’s Covid-19 resilience, the STI started picking up ahead of regional peers towards the end of 2020 and reached 3,087 points as of Wednesday.

The predicament that Singapore went through is rather perplexing as any investor who has scoured the SGX would realise the companies are mostly undervalued not only in terms of valuation but also yields.

If we were to compare Singapore’s listed companies today, they are still undervalued comparatively to our local companies.

The blue-chip tech, banking and utilities companies in terms of valuation are on average more attractive than those listed on Bursa.

In the midst of this earnings season, looking at the reports, apart from the commodities sector, blue chips and select consumer/FMCG companies which were exemplary, others showed improvement but it is still far from recovery.

On face value, many did well if we take into consideration that the same quarter last year was the worst quarter for most companies as they had felt the full impact of MCO 1.0.

Bigger pull: The bull and bear fronting the Bursa Malaysia building. The local bourse needs more companies which can command a dominating position in the global market.

Whether our local stock market can remain competitive and capture the interest of foreign funds rely on many factors, among which are:

> the ease of entry and exit (access),

> low barriers of entry (cost),

> economic growth prospects (potential),

> political stability (certainty),

> unique value proposition (world-class companies only available in Malaysia), and

> favourable tax regimes (policies).

With all these factors in play and every market in the world vying for the same pool of funds, there must be a unique proposition for our local stock market.

Of course, the vibrancy of the local stock market would also require emphasis placed on local retail investors apart from our local institutions (mostly the sovereign, pension and government linked funds) which act as the anchor.

Only with that, Malaysia can break away from the usual stigma of “small population, limited growth trajectory”.

A good place to start would be the reform on market policies to be more investor-friendly.

However, the game changer would be favourable policies which can nurture, support and grow industries or SMEs such that they would be able to become world-class companies someday yet continue to list on Bursa.

The United States and Hong Kong markets are able to attract global investors’ interest primarily due to the unique companies which are listed on their bourse such as Amazon, Netflix, Tencent, JD.com, Google among many others.

Our own stock market need such companies to attract foreign funds and sustain their interest.

Bursa does have some good names which are not readily available elsewhere in the world such as those in the technology semiconductor space, glove sector, palm oil sector and plastics packaging sector.

We need more companies that either command dominating position in the global market share within their sector or trailblazers that move the country towards the preferred sectors.

This would be more sustainable to ensure foreign funds investing in our markets is not solely because our listed companies are undervalued but rather for the companies’ unique position itself.

In my humble view, a two pronged approach of encouraging good companies and getting them to list locally can address this predicament.

As an example, the precursor would be favourable policies accorded to foreign direct investment entities should also be given to local home-grown companies which meets the criteria, be it tax incentives or cheap land and so on.

Once the companies grows to a healthy size, to encourage them to list on Bursa, lower listing fees, ease of listing requirements or tax breaks for cornerstone investors or funds investing in home-grown companies listing on Bursa would go a long way.

That way, investors around the world who want a piece of these companies would have little alternative but to invest in our local stock market.

The fund flow conundrum of our local stock market will then eventually see some light at the end of the tunnel.

Ng Zhu Hann

Hann, is the author of Once Upon A Time In Bursa. He is a lawyer & former Chief Strategist of a Fortune 500 Corporation.

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Friday, September 3, 2021

Washington cannot define China-US climate cooperation: Global Times editorial

https://youtu.be/e0bXOp3OgXk

China calls for cooperation in fight against climate change

Chinese State Councilor and Foreign Minister Wang Yi meets with the US Special Presidential Envoy for Climate John Kerry via video link on Wednesday. Photo: AFP

US Special Presidential Envoy for Climate John Kerry is on his second visit to China this year, hoping to promote China-US cooperation on the climate issue. As the climate issue is a common concern of all mankind, Beijing and Washington jointly promoting the full implementation of the Paris Agreement benefits not only the two countries, but also the entire world.

However, US expectations - separating the cooperation on climate issue from the entire China-US ties, giving such joint work a special hype in disregard of the overwhelming complexity of other aspects of the bilateral relationship, making the Joe Biden administration look righteous and reasonable through the lens of climate cooperation, helping the administration win more points politically - seem quite absurd.

The overall US policy toward China has been so wicked. It has imposed a whole-of-government and wide-scale crackdown on China. Then the US suddenly put on a friendly face on the climate issue, inviting China to cooperate with it as if nothing has ever happened. The US wishes to ask China to make new concessions that go beyond the latter's own promises to coordinate US leadership. As Chinese people often ask, "What on earth are you talking about?"

The US strategic containment against China has severely divided the world and threatened China's long-term security. Objectively speaking, the US has destroyed the foundation for the world to do something great together. The COVID-19 pandemic is surging across the world but countries are acting in their own ways. This is the result of political antagonism in today's world.

The US is, on the one hand, making the utmost effort to divide the world, while on the other, building a drawbridge over the huge gap among the major powers. The rope of the drawbridge is held in Washington's hand. The US lowers the drawbridge when it needs it, and raises it up when it doesn't need it any more. It shows Washington's unscrupulous desire to control the world. Is there any reason for China to let the US get whatever it wants?

China and the US can work together on the climate issue and carry out necessary cooperation. But it is obviously hard for the entire Chinese society to accept placing such cooperation in the arrogant logic of the US' China policy of "competition, cooperation, and confrontation," or letting the US arbitrarily define the political implications of China-US cooperation on the climate issue. The US lacks both morality and justice to do so, and it lacks a compelling force to ask China to offer what the US wants.

Cooperation must be mutually beneficial. This is both the principle of sticking to the facts and a strategic morality. If the US continues its comprehensive containment of China, and keeps pushing the hostility between the two countries, it will create constant pollution in the space for bilateral cooperation. This is common sense and conventional wisdom. Many of the US policies toward China are zero-sum, leaving the world a strong impression that the US would not be satisfied until it suffocates China's development. Under such circumstances, Chinese society's willingness to cooperate with the US can hardly be immune to the impact of vigilance against the US.

Washington should not have thought that showing a little willingness toward cooperation in its comprehensive containment of Beijing is "mercy" to China. If they really think that way, they will find no grateful Chinese.

When it comes to climate, China believes that cooperation is necessary, as stated earlier. But if the cooperation has other extended meanings aimed at boosting Washington's political gains, such cooperation must be considered in the big picture of China-US ties. As China is a powerful major country, it has unique influence in many international affairs around the globe. No matter in which field the US hopes to cooperate with China and at the same time promote the US benefits, such joint work must be linked with the entire China-US relationship.

China wants to improve its ties with the US, but China will not do everything to please the US. The major power relationship between China and the US should be on an equal footing and follow the basic principle of mutual respect. If the US ever attempts to treat China forcefully in this logic - asking China to keep putting up good shows, ones that are thought good enough to satisfy the US, then the US returns the favor by relaxing tensions - it is totally wrong. This is not the way the Chinese people like to deal with other countries, and we do not want such "improvement" in China-US relations at all.