350 million a week lie

Like most new moms, 26-year-old Veronica Gutierrez's life revolves around feeding her three-month-old daughter, Alessandra. For the first month, that meant mostly formula. But that formula was hard to find. She drove from store to store, so shaken by the empty shelves she began pumping her breast milk around the clock, in hopes she could draw out enough to feed Alessandra full time. "I had just gotten home from the hospital and I was in so much pain - even just having to jump in the car trying to find the formula, I was almost in tears," Gutierrez said. "There was that uncertainty whether I was actually going to find the formula," she said. "That's why I was working every day latching her on, even if she got just a little bit, because I knew, if I didn't, I would lose my milk supply." All night, Alessandra nurses. All day, Gutierrez pumps. Still, she considers herself lucky. Unlike millions of American parents, she's no longer worried where her baby's next meal will come from. … [Read more...] about As baby formula shortage worsens, families take desperate steps

SEOUL, South Korea — On a recent nighttime visit to a drugstore, a double-masked Kim Jong Un lamented the slow delivery of medicine. Separately, the North Korean leader’s lieutenants have quarantined hundreds of thousands of suspected COVID-19 patients and urged people with mild symptoms to take willow leaf or honeysuckle tea. Despite what the North’s propaganda is describing as an all-out effort, the fear is palpable among citizens, according to defectors in South Korea with contacts in the North, and some outside observers worry the outbreak may get much worse, with much of an impoverished, unvaccinated population left without enough hospital care and struggling to afford even simple medicine. “North Koreans know so many people around the world have died because of COVID-19, so they have fear that some of them could die, too,” said Kang Mi-jin, a North Korean defector, citing her phone calls with contacts in the northern North Korean city of Hyesan. She said people who can afford … [Read more...] about Tea and infomercials: North Korea fights COVID with few tools

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A BECAUSE military spending has always been shrouded in secrecy, companies involved in the industry are used as conduits to channel kickbacks that go undetected. It is no different with Lembaga Tabung Angkatan Tentera (LTAT) and its subsidiary Boustead Holdings Bhd (BHB), two companies that are major beneficiaries of Malaysia’s defence spending. The defence business is carried out via Boustead Heavy Industries Corporation Bhd (BHIC), in which BHB has a 65% stake. LTAT directly owns 8.16% of BHIC. In the last 15 years, more often than not, the Boustead Group and LTAT were in the limelight for facilitating deals seen largely as not “commercially driven”. From procurement of submarines to land and traffic surveillance systems, LTAT and BHB have been used as vehicles to buy assets at inflated prices. Mainly, the assets are linked to connected individuals. One … [Read more...] about Cover Story: A litany of controversial deals

Tan Sri Mohd Bakke Salleh (Photo by Zahid Izzani Mohd Said/The Edge) - A + A KUALA LUMPUR (May 19): 1Malaysia Development Bhd's (1MDB) former chairman Tan Sri Mohd Bakke Salleh told the High Court on Thursday that he did not complain to the Ministry of Finance (MoF) and then former prime minister Datuk Seri Najib Razak about the financial mismanagement of 1MDB because it would seem like he was complaining about Najib. Testifying at the 1MDB-Tanore trial before Justice Datuk Collin Lawrence Sequerah in which Najib is the only accused, Bakke however revealed that he should have gone to report these issues to the MoF (where Najib was the minister at the time) and also to Najib himself as the then prime minister. It should be noted that as the Minister of Finance Inc was the sole shareholder of 1MDB, Najib in his capacity as finance minister was the representative shareholder. Najib also was the chairman of the board of advisers. Under re-examination from lead … [Read more...] about Bakke says he did not report to MoF over 1MDB because it would seem like he was complaining about Najib

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A IT is no secret that the RM9 billion littoral combat ship (LCS) project awarded to Boustead Heavy Industries Corp Bhd’s (BHIC) subsidiary 11 years ago has been beleaguered with cost overruns and delays, without a single vessel delivered to date. But how did the situation turn so bad, considering that the project — which has already received RM6 billion in progress payments from the government — has threatened the solvency of BHIC’s parent company, Boustead Holdings Bhd (BHB), and is a major investment of Lembaga Tabung Angkatan Tentera (LTAT)? On Dec 16, 2011, Boustead Naval Shipyard Sdn Bhd (BNS), in which LTAT has an effective stake of 61%, received a letter of award from the Ministry of Defence to deliver six LCS dubbed “Second Generation Patrol Vessels Littoral Combat Ships (Frigate Class)” as part of its fleet renewal plan. BNS was supposed to deliver the … [Read more...] about Cover Story: Tribulations of the LCS project

- A + A HONG KONG (May 19): Hong Kong new listings' volume plunged 90% to a nine-year low this year, data showed, as China's sharp economic slowdown and its regulatory drive cast a long shadow over the city's prospects as a destination for initial public offerings (IPOs). The drying up of share listings in Hong Kong bodes ill for investment banks, who make about a third of their revenue in the region from equity capital market deals, and for the Chinese-ruled territory's status as a global financial hub. Only US$2.1 billion has been raised this year via IPOs and secondary listings in Asia's most popular fundraising venue compared with US$20.7 billion by the same time last year, according to Refinitiv data, the slowest start to a year since 2013. "One of the reasons for the IPO market in Hong Kong falling so sharply is the deteriorating financial performance for most of the applicants in the previous financial year, and it is possible that will be the case for the … [Read more...] about Hong Kong new listings’ volume sinks to nine-year low on China slowdown

This article first appeared in The Edge Malaysia Weekly, on May 9, 2022 - May 15, 2022. - A + A DATUK Ahmad Nazim Abdul Rahman, who joined Lembaga Tabung Angkatan Tentera (LTAT) last June, is its third CEO in two years. With his experience as CEO of Pelaburan Mara Bhd, he seems comfortable discussing investment and asset allocation strategies. But given the short stints of his predecessors, the question remains whether he will stay on long enough at the retirement fund to carry out the reforms that have been put in place. Following are excerpts of The Edge’s interview with Nazim. The Edge: LTAT’s main task is to give good dividends to its members. Since 2018, that has come down quite a bit. Are we going to go back and see the good days of 12% to 15%? Datuk Ahmad Nazim Abdul Rahman : It would not be sustainable to go back to that teen-per cent dividend returns. I’m happy to mention we recently announced a dividend of 4.1%, and that is the highest … [Read more...] about Cover Story: Rehabilitating a RM10 billion portfolio

- A + A KUALA LUMPUR (May 19): Serba Dinamik Holdings Bhd and its four subsidiaries' application for a scheme of arrangement and a restraining order (RO) against its creditors will now be heard before one High Court judge. This follows Justice Ong Chee Kwan from the High Court's commercial division on Thursday agreeing to transfer three of the cases filed before his court to Justice Atan Mustaffa Yussof Ahmad's court. Both Justice Ong and Justice Atan were confirmed as High Court judges last month following their elevation as judicial commissioners. The matter came up before Justice Ong first in the morning when he presided the case involving one of Serba Dinamik directors, Datuk Abdul Kadier Sahib, who has a 16.33% stake in the group, and two subsidiaries — Serba Dinamik Sdn Bhd (SDSB) and Serba Dinamik Development Sdn Bhd (SDDSB). It is understood that Serba Dinamik's counsel Mak Lin Kum told Justice Ong that he intended to apply to transfer these three cases … [Read more...] about Serba Dinamik subsidiaries’ scheme of arrangement and RO will be heard by one judge

Johnny Depp’s legal team showed a CCTV video of Amber Heard and James Franco getting very cozy in an elevator May 22, 2016, and the internet is exploding. The video captured footage of Heard and Franco a day after an alleged fight erupted between Depp and Heard which required police intervention. Depp’s attorney, Camille Vasquez, seemed to suggest there was more to the relationship that Heard and Franco shared, and grilled Heard after showing the video in court , according to courtroom footage posted by Law and Crime . CCTV video shown of James Franco getting in the elevator with #AmberHeard the night after the fight at the penthouse when police were called. #JohnnyDepp pic.twitter.com/jBm3GwdbWL — Cathy Russon (@cathyrusson) May 17, 2022 The video appears to be explosive evidence for Depp, who has long alleged that Heard was having an affair during their marriage — something she has consistently denied. With her credibility on the line, Heard seemed … [Read more...] about Speculation Swirls Around Late Night Meet-Up Between Amber Heard, James Franco Caught On Cam

Forty-two prisoners were killed during a spat of Brazilian prison riots Monday, and many of those who died reportedly showed signs of asphyxiation, officials said. Monday’s riots came a day after 15 died during fighting among prisoners at a fourth prison in the capital of Brazil’s northern Amazonas state, Manus. The total number of those killed in two days of riots is 57. Recent prison riots in the area have been intense affairs. More than 120 inmates died during 2017 riots at the hands of other prisoners during several weeks of fighting among rival crime gang members at prisons in northern states. Many of the victims that year had their heads cut off or hearts ripped out. A man lights up his cigarette with the flames of a bus burned by anti-government demonstrators during a protest. REUTERS/Adriano Machado “I just spoke with (Justice) Minister Sergio Moro, who is already sending a prison intervention team to the State of Amazonas, so that he can help us in this moment … [Read more...] about 57 Dead In Series Of Brazil Prison Riots. More Than 40 Reportedly Showed Signs Of Asphyxiation