The KY-asu Economist September 2021 Issue by KYUEM Economics Club

30.09.2021

CONTENTS

Click the titles to direct you to the pages

El Salvador: Bitcoin Pioneers

The Global Chip Famine

China's Regulatory Crackdowns

Microcredit as a Tool for Poverty Alleviation

Market Crash of 2008

KY- asu Economist Approved

Econtertainment

Keeping up with the Economics Highlights of 3 key economic events of the month

By Adiba Azman

El Salvador: Bitcoin Pioneers The ascent of cryptocurrency has been no stranger to financial systems around the globe. Yet, the projection of these virtual currencies as the inevitable future of money has encountered sentiments of both favor and reluctance. El Salvador, the first country to adopt Bitcoin as a legal tender early this September, has had to meet with these reactions head-on. Will this be deemed a stride forward for the developing country or do the perceived risks of Bitcoin stand to scrutiny? Understanding cryptocurrency A cryptocurrency (or “crypto”) is a digital currency that can be utilized as a form of payment in exchange for goods and services, and can also be traded for profit. Think of them as you would with arcade tokens which need to be exchanged for real currency to access the good or service. Among the abundant variations of cryptocurrency that currently exist, Bitcoin, which was created back in 2009, has been the preeminent currency until today. It operates using a decentralized technology, called blockchain, which manages and records all transactions securely using cryptography. At the core of it, these currencies are rendered immune from government intervention and manipulation since they are generally unregulated by a central authority as opposed to traditional fiat currencies.

How exactly does Bitcoin operate in El Salvador? Citizens of El Salvador are expected to download the government’s newly established digital wallet, Chivo to load and access Bitcoins via a mobile app. To incentivise the changeover, citizens are entitled to $30 worth of Bitcoin upon downloading for shopping or payment of taxes. The approved legislation by Bukele requires “any economic agent to accept bitcoin as a form of payment when it is offered by the person who acquires a good or service." A Chivo user, however, can configure an in-app conversion if a vendor prefers receiving payment in dollars. Bitcoin enables fast, cheap payments across borders, and doesn’t require banks as intermediaries. In an economy where one fifth of its national GDP relies on money sent home from abroad (BBC News, 2021), President Nayib Bukele hopes the adaptation to Bitcoin will help eliminate high commission fees for remittances to allow higher inflow into the domestic economy. Along with that, the recent development aims to open up financial services to the 70% of Salvadorans who do not have bank accounts.

https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.the420.in%2Fpeople-rejectcryptocurrency-el-salvadors-plan-to-make-bitcoin-legal-tender-may derail%2F&psig=AOvVaw0aJQTYyRMPPsegadivLk3q&ust=1632639305413000&source=i mages&cd=vfe&ved=0CAsQjRxqFwoTCIDr2cHFmfMCFQAAAAAdAAAAABAI

Domestic pushback and global skepticism The bold venture was greeted with technological glitches - the Chivo app was unavailable on various internet platforms and unable to cope with user registrations, which were later resolved. Where nearly half the population lack internet access and many more have unstable connectivity, El Salvador’s endeavor was met with burning tyres and fireworks set off by protesters marching in front of the Supreme Court in defiance of the Bitcoin adoption. An opinion poll by the Central American University found that about 70 percent were opposed to making Bitcoin a legal tender while only 4.8% of the 1,281 people who took part understood what Bitcoin was and how it was used (BBC News, 2021). External parties including global experts, the World Bank, and IMF have flagged several macroeconomic, financial, and legal concerns regarding the recent law passed in El Salvador. Due to the anonymous nature of transactions, regulators criticise Bitcoin for its potential for illegal use - likely catalysing money laundering and other illicit financings. The currency’s high volatility and rapid price fluctuations have also become a cause for concern, deterring many risk-averse Salvadorans from embracing the transition. Citing “environmental and transparency shortcomings”, the World Bank rejected the country’s request for assistance to finance the adoption. This ongoing debate around Bitcoin’s sustainability revolves around the process of ‘mining’ bitcoins which consumes large amounts of electricity - typically involving high production from coal plants. Despite the growing pessimism, only time will tell whether Bukele’s vision of adopting Bitcoin to advance the country forward, will prove to be a success in their books of history.

https://www.aljazeera.com/gallery/2021/9/8/salvador-protest-breaks-out-against-bitcoin-adoption

References: BBC News. (2021, June 9). Bitcoin: El Salvador makes cryptocurrency legal tender. https://www.bbc.com/news/world-latin-america-57398274 James Royal, Ph.D. (2021, August 18). What Is Cryptocurrency? Here’s What You Should Know. NerdWallet. https://www.nerdwallet.com/article/investing/cryptocurrency-7-things-to-know Martucci, B. (2021, June 9). What Is Cryptocurrency – How It Works, History & Bitcoin Alternatives. Money Crashers. https://www.moneycrashers.com/cryptocurrency-history-bitcoin-alternatives/ Al Jazeera. (2021, September 8). El Salvador protest breaks out against Bitcoin adoption. Latin America News | Al Jazeera. https://www.aljazeera.com/gallery/2021/9/8/salvador-protest-breaks-out-against-bitcoin-adoption Renteria, N., & Esposito, A. (2021, September 8). El Salvador’s world-first adoption of bitcoin endures bumpy first day. Reuters. https://www.reuters.com/business/finance/el-salvador-leads-world-into-cryptocurrency-bitcoin-legal-tender-2021-09-07/ Tariq, Q. (2021, September 9). Bitcoin in El Salvador: How will it work? The Star. https://www.thestar.com.my/tech/technews/2021/09/09/bitcoin-in-el-salvador-how-will-it-work

Keeping up with the Economics

The Global Chip Famine The ongoing global chip crisis has affected a whopping 169 industries with the two most impacted industries being the automotive industry and consumer electronics industry (Yahoo Finance, 2021). As COVID-19 ravaged countries across the globe, lockdowns imposed by governments brought upon an era of ubiquitous remote working and online learning. Besides this, there was a boom in demand for cloud services and home entertainment devices such as TVs and video game consoles as people were stuck at home. Semiconductor chips are indispensable for these electronic devices to function. During the outset of the pandemic, automakers preemptively canceled orders for semiconductor components used in vehicles as they scaled back production, albeit the prediction of a fall in sales was proven wrong in hindsight. Hence, car productions were either slowed or temporarily halted, leading to fewer new cars being produced. Moreover, the demand for semiconductor chips was already rising prior to the pandemic as countries and companies jostled to outdo each other in the race of 5G rollout. On the supply side, unfavourable weather conditions impacted the supply of chips negatively. Semiconductor factories in Texas were forced to halt production due to winter storms while a Japanese plant was severely damaged by fire. Furthermore, Taiwan suffered a serious drought which affected the production of semiconductor chips since large amounts of water are required in the production of chips. Additionally, the US imposed restrictions on China’s largest chip manufacturer – Semiconductor Manufacturing International Corporation (SMIC), as part of the US-Sino trade war. This was done in a bid to prevent it from obtaining the American software and technology needed to manufacture its products. Consequently, companies resorted to using other manufacturing plants which were producing at full capacity by then. Sanctions were also levied on Chinese tech companies, inducing them to hoard chips.

By Yi Tian Loh

The pandemic exacerbated the shortage as lockdowns rendered chip production facilities shut. At the same time, lockdowns resulted in recurring shipping bottlenecks and labour shortages thereby prolonging supply-chain disruptions. Finally, the shortage of semiconductor chips was further aggravated by the nature of the chip manufacturing industry as it relies on holding minimal inventory and spreading assembly across several specialised markets to keep down costs, leaving no slack in the system. Assuaging the pressure on the global supply chain will take years as ramping up and relocating production are costly and difficult in terms of setting up new factories and attaining a welltrained workforce.

https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.brytfmonline.com%2Fthe-global-chip-crisis-is-exacerbatingand-already-hitting-apple-bmw-and-fordtechnologies%2F&psig=AOvVaw0YH3KJ6fxqIFohgEXvBz8w&ust=1632667929738000&source=images&cd=vfe&ved=0C AsQjRxqFwoTCNiPmJKwmvMCFQAAAAAdAAAAABAD

References: Baraniuk, B. C. (2021, August 27). Why is there a chip shortage? BBC News. https://www.bbc.com/news/business-58230388 Feder, S. (2021, August 9). Your questions about the global chip shortage, answered. Popular Science. https://www.popsci.com/technology/global-chipshortage/ Kharpal, A. (2020, September 28). U.S. sanctions on chipmaker SMIC hit at the very heart of China’s tech ambitions. CNBC. https://www.cnbc.com/2020/09/28/us-sanctions-against-chipmaker-smic-hitchina-tech-ambitions.html Segarra, M. (2021, September 18). What’s behind the chip shortage? Marketplace. https://www.marketplace.org/2021/09/17/whats-behind-chipshortage/ Swanson, A., & Zhong, R. (2021, July 19). U.S. Places Restrictions on China’s Leading Chip Maker. The New York Times. https://www.nytimes.com/2020/09/26/technology/trump-china-smicblacklist.html Yahoo Finance, & D.H. (2021, April 25). These 169 industries are being hit by the global chip shortage. Yahoo Finance. https://malaysia.news.yahoo.com/these-industries-are-hit-hardest-by-theglobal-chip-shortage-122854251.html

Keeping up with the Economics : China's Regulatory Crackdowns By Emeline Yong

Chinese regulators remain relentless in their pursuit of cracking down on market-dominating tech giants. With aims of reducing monopolistic practices and preserving privacy, newly-instated data protection laws that came into effect early this month have put major firms under scrutiny. Guidelines released boast extensive regulations on data handling and privacy requirements, which are forecasted to hit algorithm firms such as ByteDance, Alibaba Group and Tencent (Park, 2021). Failure for compliance will expose them to severe penalty risks of fines, suspensions of operations and revocation of permits (Chen, 2021). While domestic demand remains high, analyst reports have highlighted increasing concerns from investors as tightening legislations have spurred market uncertainty, risking higher volatility in share prices (Canalys, 2021). This phenomenon has only been exacerbated by the ambiguity of the said laws, as many professionals have pointed out that misinterpretations would be common given their lack of clarity (Horwitz, 2021). While some have also argued that the highly bureaucratic processes required due to the new regulations are comparatively harder to implement in smaller businesses, officials are primarily targeting highprofile companies (Horwitz, 2021). Regulators in Beijing are reportedly advancing their efforts to break up Alipay -- the current largest mobile payment app controlled by billionaire Jack Ma’s Ant Group. Ant has since been ordered to relinquish some control of their user data to a partially state-owned credit scoring company. Worries that the forced joint-venture would slow business have culminated in a slump of 5.9% in the Hong Kong Stock Exchange after the report on 13th September (Yu, 2021). Chinese authorities are not hesitating to clamp down on uncooperative parties. It is obvious that the new regulations are here to stay; the question is whether the tech giants will be staying too.

Relevant laws: Cybersecurity Law - implemented in 2017 Data Security Law (DSL) - implemented Sept 1st 2021 Personal Information Protection Law (PIPL) - recently confirmed; to be implemented Nov 1st https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.cnbc.com%2F2021%2F08%2F30%2Fchina-techcrackdown-experts-warn-on-the-risks-ahead-for-stocks.html&psig=AOvVaw2z4ixank9jLKswMU2Rjt2&ust=1632641781300000&source=images&cd=vfe&ved=0CAsQjRxqFwoTCPDT4OPOmfMCFQ AAAAAdAAAAABAD

References:

Chen, A. (2021, July 14). China’s Data Security Law in Effect Sept. 1, 2021: Prepare for Compliance. China Briefing News. https://www.china-briefing.com/news/aclose-reading-of-chinas-data-security-law-in-effect-sept-1-2021/ Chinese regulators impede cloud growth. (2021, September 13). Canalys. https://www.canalys.com/newsroom/china-cloud-infrastructure-Q2-2021?ctid=2225538c1eda5c0b2c22075c0fb990131ff0 Horwitz, J. (2021, August 27). China’s coming data laws leave firms with more questions than answers. Reuters. https://www.reuters.com/world/china/chinascoming-data-laws-leave-firms-with-more-questions-than-answers-2021-08-27/ Park, K. (2021, September 13). Chinese crackdown on tech giants threatens its cloud market growth. TechCrunch. https://techcrunch.com/2021/09/13/chinesecrackdown-on-tech-giants-threatens-its-cloud-market-growth/ Yu, S. (2021, September 13). Beijing to break up Ant’s Alipay and force creation of separate loans app. Financial Times. https://www.ft.com/content/01b7c7ca-71ad4baa-bddf-a4d5e65c5d79

Editorial

*The views expressed in this article belong solely to the writer

A featured piece submitted by passionate individuals from the KY community on a topic they feel strongly about

Microcredit as a Tool for Poverty Alleviation byJoshua hii

The problem of poverty Though capitalism has been serving humanity pretty well, we should not ignore the habitual problem of capitalism—poverty. Like most of the Third World countries, Malaysia is not free from the global problem of poverty. The problem was made worse by the pandemic. COVID-19 has had a significant impact on household income. The number of poor households increased to 639800 households in 2020 as compared to 405400 households in 2019. The incidence of absolute poverty also increased from 5.6% in 2019 to 8.4% (Covid-19 Pandemic Has Significant Impact on Household Income, Study Reveals, 2021). Poverty will become a major challenge that the government cannot shirk from in the following years.

First and foremost, the welfare state leads to lower government revenue. High tax rates may encourage rich people to move their income abroad and evade taxation completely. Eventually, the government loses the source of income to fund extensive social welfare programmes. If the government and the society insist on carrying on with the welfare programmes, they have no choice but to raise debts with no prospect of repayment (Boyce, 2021). Welfare is psychologically disastrous to the poor too. We often ignore the fact that giving myriads of aids and even cash to somebody will actually destroy his dignity. They are told that they are poor, vulnerable and should depend on these aids. When they must rely on crutches, their lives are destroyed. To quote Adam Smith: “The real tragedy of the poor is the poverty of their aspirations”. As far as I am concerned, the State should only provide welfare in three aspects— education, healthcare and food. It can only guarantee a level playing field and ensure that its people can survive biologically but there should not be any guarantee of free lunch. Each and everyone’s fate is in his own hand.

https://www.thestar.com.my/opinion/columnists/watching-theworld/2018/11/25/malaysian-poverty-is-a-real-problem-we-may-be-largely-concerned-withhuman-rights-issues-but-there-i

Criticisms of Welfare State Some may argue that a welfare state is the best way to alleviate poverty. Is taxing the rich and redistributing the wealth not a straightforward and pragmatic way to solve poverty once and for all? My answer would be a big NO. Indeed, social welfare and charity are helpful to tackle inequality, but definitely not poverty.

Key Terms: Inequality - Uneven distribution of wealth, resources and opportunities Poverty - A state in which a person lacks the financial resources for a minimum standard of living

Microcredit For the poor to change their fates, they must be given a chance to do so. And that chance is microcredit. Microcredit is thought to be started by a Bangladeshi economics professor Muhammad Yunus. He visited the village of Jobra near Chittagong University and discovered that very small loans could make a huge difference to a poor person. Unfortunately, conventional banks did not trust the poor. However, this did not alter his firm belief that poor people tend to repay loans when compared to their richer counterparts. He lent US$27 to 42 women in the village, who made a profit of US$0.02 each on the loan. (Wikipedia contributors, 2021b). In December 1976, Yunus began lending to the poor with the loan he secured from different banks. On 1 October 1983, he founded Grameen Bank or Village Bank to be a bank for the poor. By July 2007, Grameen had issued US$6.38 billion to 7.4 million borrowers (Hindu, 2012). Similar efforts are continued in about 100 developing countries and even in developed countries (Hindu, 2012b). In the case of Malaysia, the replication of Grameen was started by Professor David S. Gibbons. He and Sukor Kasim started the first bona fide Grameen replication in 1986 in Malaysia, funded by the Selangor State government, the Science University of Malaysia and the Asia Pacific Development Center (APDC). Their effort was continued by Amanah Ikhtiar Malaysia. Today, the organisation reaches many poor families in rural Malaysia (Yunus, 2003). In conclusion, microcredit encourages entrepreneurship and alleviates poverty. As Yunus said, charity is no solution to poverty. It only allows us to appease our consciences and continue with our lives. Microcredit is creating a level playing field for each and every human being, giving them a fair and equal chance to prosper. I truly believe that the massive extension of microcredit will one day make poverty a thing of the past.

a d m Y m u a n h u u s M

https://unfoundation.org/who-we-are/our-board/muhammad-yunus-bangladesh/

References: Boyce, P. (2021, April 14). Progressive Tax Definition. BoyceWire. https://boycewire.com/progressive-tax-definition/ Covid-19 pandemic has significant impact on household income, study reveals. (2021, August 6). The Edge Markets. https://www.theedgemarkets.com/article/covid19pandemic-has-significant-impact-household-incomestudy-reveals Hindu, T. (2012a, March 24). Grameen Bank, a Nobel-winning concept. The Hindu. https://www.thehindu.com/todays-paper/tpbusiness/grameen-bank-a-nobelwinningconcept/article3208913.ece Wikipedia contributors. (2021a, September 14). Microcredit. Wikipedia. https://en.wikipedia.org/wiki/Microcredit#cite_note2 Wikipedia contributors. (2021b, September 14). Muhammad Yunus. Wikipedia. https://en.wikipedia.org/wiki/Muhammad_Yunus Yunus, M. (2003). Banker to the Poor: The Story of the Grameen Bank (New edition). Aurum.

Blast from the Past

Recounting a significant event that occurred in the past in this same month

SEPTEMBER 2008

The Market Crash of 2008

by Maryam sofea

Government bailouts. Bankruptcy. Mortgage Crisis. These and many other alarming financial phrases were quite frequent on headlines of newspapers in the fall of 2008 due to one day on September 29th, 2008 where the Dow Jones Industrial Average fell 777.68 points (Lusk, 2019), causing one of the biggest stock market crashes in history. It could even be argued to be more impactful than the Great Depression which took 4 years for the stock market to crash while the 2008 Stock Market Crash only took 18 months. (Amadeo, 2020) To fully understand what caused this, we have to take a look at the early 2000s where investors started looking at mortgages as a new way of investing money. It was guaranteed that they would earn their money back as they could fall back on the houses. However, investors did not want to simply purchase mortgages from individuals. Instead, they started investing in mortgage backed securities from large investment banks with abundant capital who bought huge sums of mortgages from lenders. Thus, homeowners were paying off their mortgage to the investors. Because mortgages looked like such a smart way to invest, a trend started developing, and the market for mortgages sky-rocketed with more investment banks demanding for mortgages to fulfill the demands of the investors. Because of this increase in demand for mortgage investments, lenders started to relax their otherwise strict lending routines and give mortgages to virtually anyone. Even those who usually did not qualify for these loans with bad credit scores were able to attain house mortgages. Therefore, people had loans that they could not afford. With the market for houses taking off, the prices of houses started to drastically increase, causing the mortgages to also increase in price. Tons of homeowners were left in debt. They could no longer pay off their mortgages and these mortgages backed securities owned by investors were now turning into real estate instead of money. References:

Amadeo, K. (April 20, 2020) “The Stock Market Crash of 2008.” The Balance. https://www.thebalance.com/stock-market-crash-of-2008-3305535 Kosakowski, P. (July 31, 2021) “The Fall in the Market in the Fall of 2008” Investopedia. https://www.investopedia.com/articles/economics/09/subprime-market2008.asp Lusk, V. (June 5, 2019). “The Market Crash of 2008 Explained.” WealthSimple. https://www.wealthsimple.com/en-ca/learn/2008-market-crash

Usually, this would not be a cause of panic. However, in 2008, housing prices did something that no one expected. They started to fall. This was a result of a high amount of supply for houses with very little demand. Investment banks around the US started building up bad-debt which resulted in a series of government bailouts. The first few firms who were bailed out were Bank Stearns, which brought the Dow Jones dropping to a low of 11,650.44. (Amadeo, 2020) The next firm was the government sponsored firms, Fannie Mae and Freddie Mac; this bailout caused the Dow Jones to fall to a low of 10,962.54. (Amadeo, 2020) But, this was all foreshadowing what was about to come. On Monday, Sept. 15, 2008, the Lehman Brothers declared bankruptcy. This was the greatest bankruptcy in US history at the time which sent the Dow Jones down 200 points. (Amadeo, 2020) Because many companies were in danger of going into bankruptcy, the Federal Reserve (FED) announced a bailout package where the government gave them money and resources which would help plummeting businesses. However, the Senate voted against the bank bailout bill which caused the Dow Jones to plummet to its lowest at 777.68 on September 28th, 2008. (Lusk, 2019) These events in US history brought about terrible effects to the economy. Unemployment surged as thousands of jobs were lost; it peaked at 10% due to the closing of large investment banks. Because of this surge in unemployment, people started to spend less (even less since the Great Depression in World War II). This caused what is now known as “The Great Recession”: as the economy was not stimulated, 8.7 million people lost their jobs. (Lusk, 2019). Homeowners in the US were also affected terribly due to the market crash, because as the prices of homes declined, they found themselves in an “upside-down” state where they had to pay more mortgage than what their home was actually worth. This not only caused them to pay more but also led to many families and individuals in the US losing their homes.

Key Term: Dow Jones Industrial Average - index which measures daily price movements of companies in the stock market

KY ASU ECONOMIST APPROVED September's Theme:

An Introduction to Economics for Beginners *Click the titles to direct you to the resources

Crash

Course

by Yaann Tan

What Is It? A Youtube channel producing high-quality educational videos on a wide variety of subjects, including organic chemistry, literature, world history, biology, philosophy and many more.

Why I Recommend It The Economics videos helped me understand many concepts when I first wanted to learn about Economics. The graphics are very entertaining and the two presenters speak clearly and concisely. Do note that you shouldn’t be using their videos as strict guides to help your A-Level work, as they may be outside the A-Level syllabus; the videos would just enlighten you on key concepts!

EconplusDal

What Is It? Sunil Gareja makes Economics tutorial videos on this Youtube channel suitable

for students at AS, A-Level and IB as a teacher and Head of Economics. He also posts videos to best guide exam techniques to aid revision for those all-important exams, all for the benefit of students. Why I Recommend It When I am not sure of a concept in the A-Level syllabus, watching his videos often clarifies it for me. A great tool to aid your A-Level learning!

Freakonomics: A Rogue Economist Explores the Hidden Side of Everything

What Is It? This is the debut non-fiction book by University of Chicago economist Steven Levitt and New York Times journalist Stephen J. Dubner. Published in 2005, the book has been described as melding pop culture with economics. we Why I Recommend It The first Economics book I ever read, which opened my eyes to what economists actually do, in terms of analysing data to come up with conclusions. Very pop culture and an entertaining, easy read - definitely great as an introductory book!

Freakonomics Radio What Is It Freakonomics Radio is an American public radio program (podcast) that discusses socioeconomic issues for a general audience. The show is a spin-off of the 2005 book Freakonomics. Journalist Stephen Dubner hosts the show, with economist Steven Levitt as a regular guest. Why I Recommend It Again, this podcast helped me become interested in Economics. I used to play it a lot in the background while I was just chilling. I listen to it on Spotify, but you can also access it via Google Podcasts or freakonomics.com.

Econtertainment by angeline TAN

Pictionary - Economic Terms Have a go at guessing what these terms are without looking at the answers on the next page!

i _ _ v_ _ _ b _ _ _ _

r _ _ _ _

f _ _ _ _

s _ _ _ d _ _ _

i _ _ c _ _ _ _

_ _ _ d _

m _ _ _k _ _ _

g _ _d _ _

e p_ _ _ _ _

g _ _ _

Answers 1. Invisible hand

A metaphor for the unseen forces that move the free market economy. This concept was introduced by Adam Smith.

When a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.

A good with zero opportunity cost. Examples include seawater, air etc.

An estimated price for something that is not normally priced or sold in the market.

A gap in income between one group and another.

References

Financial Terms A-Z. (n.d.). Investopedia. Retrieved September 3, 2021, from https://www.investopedia.com/financial-term-dictionary-4769738

Krylovskiy, N. (2020, January 27). Income gap - inequality. Economics Online | Economics Online. https://www.economicsonline.co.uk/Managing_the_economy/Income_gap.html

Pettinger, T. (2018, January 5). Definition of a free good. Economics Help. https://www.economicshelp.org/blog/2844/economics/definition-of-a-free-good/

2. bear market

3. free good 4. shadow price 5. income gap

CREDITS WRITERS Adiba Azman

Angeline Tan

Emeline Yong

Joshua Hii

Maryam Sofea

Yaann Tan

Yi Tian Loh

EDITORS Cheah Yi Wen

Dakshayini Mahendran

Raeyn Rezqi

TEACHER ADVISOR Ms Thanalatchemy Karuppiah