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Oct 31 10 tweets 4 min read
6 things we know so far about the recent stampede in South Korea. 🧵

🚨Graphic content warning.

#PrayforKorea #Stampede
1. More than 150 people were killed on Saturday night during a crowd surge at a Halloween event in Seoul’s popular nightlife district, Itaewon.

It is the deadliest stampede in South Korea's history.

S.Korean President Yoon Suk-yeol has declared a week of national mourning.
2. Over 100,000 people attended the event in Seoul after South Korea recently lifted its mask mandate and three years of Covid restrictions. 

The area of the party, Itaewon, has bars located along narrow back alleys that flank the main street.
3. The crowd rush occurred when tens of thousands of people were crammed into a 3.2 metre-wide, sloped alleyway. 

Witnesses said the incident was "chaos-like" and people toppled on one another like "dominos".
4. People started suffocating, and many victims suffered cardiac arrests. 

The first responders on the scene struggled to reach victims in the tight alleyways.

Emergency aid arrived 30 minutes later, but it was too late.
5. The cause of the crush is still being investigated.

It was not caused by drunk people or a "famous celebrity" attending the event. 

Many criticize the absence of planning by the police force and a lack of emergency responders on the scene.
6. At least 153 people were killed, including 20 foreigners. 

82 others were injured, with 19 currently in serious condition. 

So far, no Malaysians were involved in the stampede incident, our foreign minister said.
Our deepest condolences go to the victims and affected families of the stampede.

We wish for a speedy recovery to those who are injured.

#PrayForKorea

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More from @TheFuturizts

Nov 1
Bank Negara Malaysia (BNM) is expected to tighten the Overnight Policy Rate (OPR) by another 25 basis points on November 3, a Reuters poll suggests.

Here’s what it means for the Malaysian ringgit (and our economy). 🧵 Image
1. The hike will increase the OPR from 2.50% to 2.75%. 

This is the fourth consecutive 25 basis point increase this year.

Economists believe that sticky inflation and our weakening local currency are the main reasons for BNM to tighten credit conditions. Image
2. Although inflation fell slightly in September, from 4.7% to 4.5%, domestic demand remains strong, and our core inflation (excluding volatile items like food and fuel) has been hotter than expected. Image
Read 11 tweets
Oct 31
1. Twitter will charge $20.00 a month for the new Twitter Blue subscription. 

Verified users will have 90 days to subscribe to the new plan or lose their blue checkmark. 

Musk is telling employees to implement this feature by Nov 7, or they’ll be fired.
2. Launched a year ago, Twitter Blue was initially priced at $4.99 a month, allowing users to view ad-free content and edit tweets.

Twitter relies heavily on advertising for revenue, and Musk plans to change that.

He wants subscriptions to become half of the company’s earnings.
3. Musk has also been a huge advocate of free speech and capitalism.

Months before acquiring Twitter, he had been clear on how he wanted to revamp Twitter’s verified accounts and eliminate spam bots.
Read 5 tweets
Oct 25
RM3.33 - the current exchange rate of the Singapore Dollar to our Malaysian Ringgit.

It is currently at an all-time high, surging by almost 10% in the past 8 months. 

Singapore’s monetary policy is remarkable. 

Let me explain why. 🧵
1. Currencies fluctuate due to supply and demand.

If demand for a currency is high while its supply remains constricted, then it will strengthen.

When central banks tweak the monetary policy (ie. raise/lower interest rates), the demand shifts and so does the currency strength.
2. The strength of a nation’s currency is therefore correlated to its interest rates. 

The higher the interest rates, the greater the demand for the currency (in a simple sense, at least). 

This is why the US dollar is strong while the Japanese yen is extremely weak.
Read 19 tweets
Oct 24
7 things you need to know about the markets to start your week. 🧵
1) #Bitcoin trades sideways and awaits catalysts to shift its sentiment.

It has remained in its tight range of $19,000 to $20,000 for more than 4 weeks.

The next big event which could be a huge mover is the FOMC meeting from the Fed schedule on Nov 1 to 2.
2) Liz Truss resigns after only 44 days in office.

- She is the shortest-serving PM in UK history.

- Heavily criticized for her “mini-budget” which brought turmoil to the UK markets.

- Election will begin this week. Truss will serve as PM until a new leader has been appointed.
Read 11 tweets
Sep 28
1. Yesterday, the Ringgit broke through the crucial psychological resistance of RM4.60 against the US dollar.
2. It is getting dangerously close to its historical low of 4.885 during the financial crisis in 1998.

That was when the then Prime Minister Tun Dr. Mahathir pegged the local currency to RM3.80 with capital controls.
3. The decline is seen as a ‘flight to the dollar’ as other currencies are also struggling against the greenback and trading at multi-decade lows.

This is due to the Fed’s aggressive rate hikes while other nations are still lagging behind.
Read 7 tweets
Sep 26
Look at this chart.

That’s the sterling pound against the Malaysian Ringgit.

It has fallen to a 9-year low against our local currency, and is almost on parity with the US dollar at 1.063.

Have a seat, and let me explain what’s happening. 🧵
1. First things first, why do currencies fluctuate? 

The world’s currencies are traded in the FOREX market and rely on supply and demand to determine their strength. To keep things simple:

If:
Demand⬆️
Supply down⬇️

then:
Currency strength⬆️
2. There are many factors affecting the demand for a currency:

- Interest rate adjustments by central banks
- Monetary policies by govts
- Environmental factors, war, etc

A perfect example would be the aggressive rate hikes from the Fed in conjunction with USD’s strength.
Read 20 tweets

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