☕️ 4 Bugatti supercars linked to 1MDB seized by German authorities

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Four Bugatti Veyron hypercars that had a retail price of USD3 mil each (RM14.3 mil) have been seized by German law enforcement from a private storage facility in Munich, Germany. Apparently, the seizure was related to an investigation surrounding the sovereign wealth fund 1 Malaysia Development Bugatti Berhad (1MDB). The connection between 1MDB and the owners of the specific vehicles is unclear at this time. However, their identities should become public as the investigation progresses. The news was initially reported by the German publication Bild.

Any Bugatti car is already a rare item, the four cars that were seized are even more unique as they are part of the 'Les Legendes de Bugatti' collection, which consisted of only 18 cars that were built, spread across six bespoke lines. The special edition models were based on the Veyron 16.4 Grand Sport Vitesse. This specification set the record as the world’s most powerful and fastest production roadster with a top speed of 408.84km/h, a record for open-top vehicles that still stands today.

Ducati, a well-known motorcycle brand, has recently achieved great success in its 97-year history. It has won back-to-back MotoGP World Champion titles in 2022 and 2023. In addition, it has reported sales of USD1.7 bil (RM8.07 bil) and record profits of USD186 mil, which is an increase of 10.5% over the previous year. However, despite its achievements, its reach is limited. In 2023, Ducati sold nearly 60,000 motorcycles globally, which is significantly less than the 18 mil motorcycles sold by Honda. However, Domenicali believes that Liberty Media’s acquisition of 86% of the MotoGP motorcycle-racing series for EUR4.2 bil (RM21.39 bil) could be the game changer for Ducati.

3. IN MALAYSIA 🇲🇾

Sex predators

1. In response to a whistleblower who uploaded a social media post regarding a Tumpat MRSM teacher who allegedly sexually assaulted a male student, Kelantan police chief Muhamad Zaki said that 14 individuals have been called to record their statements. The police are still waiting for the medical report of the student and Muhammad Zaki promised that the paedophilia case will be settled in a month.

2. Before this, a teacher was accused of allegedly sexually assaulting a student, now a police inspector was arrested for allegedly doing the same vice to an underage girl. Johor Police Chief Comm M. Kumar said that the 29-year-old police inspector who is attached to the Pontian police headquarters, will be suspended from work. The suspension will last until the court case is resolved.

Selangor is making waves in the tech sphere
Selangor Menteri Besar Amirudin Shari stated that the Selangor government via its entities such as Selangor Menteri Besar (Incorporation) or MBI, has signed memoranda of understanding (MOUs) with several technology companies in Germany, in an effort to further develop the state. The companies involved are Siemens, KNX, and Mendix and the MOUs were signed during Amirudin’s visit to Germany recently.

While we talk about Selangor, former Penang Chief Minister and DAP chairman Lim Guan Eng said that Penang should learn how to go from backend chip manufacturing to front-end design work from Selangor. Lim will also have a session with Penang Chief Minister Chow Kon Yeow to discuss why Chow feels that Penang does not need an integrated circuit (IC) design park after the northern state lost a multi-million ringgit project to Selangor. Lim stated that an IC design park and a semiconductor accelerator are necessary to bolster Penang’s positioning as the country’s Silicon Valley and the state should align with Putrajaya to take the lead in developing the domestic semiconductor industry.

Chow was quick to respond to Lim, saying that the state is working with the federal government to continue efforts in attracting investment in the semiconductor sector, including the integrated circuit (IC) design segment. Chow added that the state will see how it fits into the federal government’s Semiconductor Strategic Plan, which the latter will announce in May 2024.

Want Sarawak PR? Pay up RM2 mil
Sarawak Premier Abang Johari Tun Openg said that if prospective investors want a permanent residency (PR) in Sarawak, they must deposit at least RM2 mil or purchase property worth at least RM1.5 mil. This statement came following DPM Fadillah Yusof’s announcement the day before that the RM2 mil deposit was among the conditions to obtain a PR in Malaysia.

Now it begs the question of why Abang Johari made such a statement. Is a PR in Sarawak, a high-income state, (according to World Bank lead economist) in some areas only obviously different from a PR in other parts of Malaysia? Actually, from the immigration perspective, there are actually four ‘countries’ in Malaysia — Peninsular Malaysia, Sabah, Sarawak and Labuan. The immigration processes for these ‘countries’ are all separate and distinct from one another, each with its own specific requirements and processing times. The difference in immigration SOPs, especially for Sabah and Sarawak are thanks to the 1963 Federation of Malaysia deal, where immigration autonomy is one of the conditions for these Borneo states to join Peninsular Malaysia’s states in forming the current day Malaysia.

Kuala Kubu Baharu voters have four candidates to choose from
The upcoming parliamentary by-election in Kuala Kubu Baru will have four candidates competing against each other. The parties participating in the election are Pakatan Harapan (PH), Perikatan Nasional (PN), Parti Rakyat Malaysia (PRM), and an independent candidate. The returning officer of the Election Commission (EC), Yuhanas Auree Kamaruddin, has confirmed the names of the candidates. Pang Sock Tao (PH) will be representing Pakatan Harapan (PH), Khairul Azhari Saut (PN), who was the former Selangor Bersatu acting division chief, will be representing Perikatan Nasional (PN), Hafizah Zainudin (PRM) will be representing Parti Rakyat Malaysia (PRM), and Nyau Ke Xin will be contesting as an independent candidate.

Reports on corruption can now be made at any time, albeit temporarily, after the Malaysian Anti-Corruption Commission (MACC) has established a 24-hour operations room for the public to report corruption issues during the Kuala Kubu Baharu by-election. MACC added that the public can submit any reports of corruption or abuse of power via email to [email protected] or by contacting the MACC at 03-5524 8318 or 03-5525 6500.

US Embassy: Malaysia is still safe to travel
The US embassy in Kuala Lumpur reiterated that Malaysia is still safe to travel to despite contrary claims by American academician Bruce Gilley. US travel advisory for Malaysia remains at Level 1, the lowest advisory level for safety and security, between Levels 1 to 4, and 4 being ‘do not travel’.

4. AROUND THE WORLD 🌎

Aviation news, less Boeing drama

• US DoT released new passenger-friendly airline rules
  Passengers travelling to, from and within the US are now entitled to automatic refunds if their flights are cancelled or significantly altered under the new Department of Transportation (DoT) rules released last Wednesday. This is to make it easier for passengers to get their money back and to make refund policies more consistent among airlines, though it is expected to result in higher costs across the airline industry (meaning higher ticket prices, eventually). These rules are set to take effect in 6 months.

  Other new rules include:

  • Refunds for checked bag fees if the passenger bag is lost and not delivered within 12 hours for domestic flight arrival, and within 15 to 30 hours for international flights.

  • Airlines to clearly communicate extra fees upfront for checked luggage, carry-on and charges for cancelling or modifying reservations.

  • Refunds for passengers who paid for in-flight Wi-Fi or entertainment but didn't receive the services

• SIA to compensate passengers over broken reclining seats
  A man and his wife who paid for Singapore Airlines business class found out that their seats could not recline electronically has filed a complaint at the District Consumer Disputes Redressal Commission-III in Hyderabad.

  The malfunction caused them inconvenience, as they had to stay awake throughout the almost four-hour flight from Hyderabad to Singapore despite paying 133,500 rupees in total for the plane tickets. The commission has ordered SIA to pay an interest charge of 12% from the date of complaint for the couple’s “mental agony and physical suffering” the cost for the complaint. The total sum amounts to around SGD 3,580 (RM12,500).

• Japan Airlines cancels flight due to drunk captain
  A drunk 49-year-old male captain of Japan Airlines had caused the airline to cancel its flight from Dallas to Tokyo that was scheduled to depart at 11.05 am local time Wednesday. Passengers were mostly transferred to American Airlines.

  The captain was discovered to have been consuming alcohol with other crew members at a restaurant from around 6pm Monday when he arrived in Dallas and continued drinking after returning to his hotel. His drunk behaviour eventually led to the hotel calling the police at 2 am Tuesday.

WSJ reports that Putin did not directly order Navalny’s death
Putin might not be to blame for his biggest rival and critic Alexey Navalny’s death in a remote Arctic prison camp last February, says a report from the Wall Street Journal (WSJ). The opposition leader was outspoken and critical about Putin and was imprisoned in a detention facility as he served a 19-year sentence that many saw as a punishment for his opposition.

WSJ cited that several US intelligence agencies, including the CIA, the Office of the Director of National Intelligence, and the State Department's intelligence unit, share the opinion that Putin may not have intended for Navalny to be killed. However, WSJ also noted that Putin is not entirely absolved of the responsibility. Analysts in Poland and some European intelligence are still sceptical about Putin not being involved, while Navalny’s allies remain insistent that it was ordered by the Kremlin, dubbing the idea that Putin “was not informed and not approving the killing” as ridiculous.

High-functioning depression
In a newly released memoir of the former Miss USA Cheslie Kryst, who died of suicide in January 2022, her mother April Simpkins discussed her daughter's struggle with high-functioning depression. Kryst won the Miss USA title in 2019 by representing North Carolina and made the top 10 at Miss Universe that same year. She was also a complex litigation attorney and worked as a host for Extra TV. She worked for fundraisers and played an active part in social causes.

High-functioning depression can be so deceiving, as those who suffer from it may maintain or even appear to thrive in happy-looking, productive lives. People in tech and entertainment may be vulnerable to high-functioning depression, as they are more compelled to hide their internal pain due to the pressure of maintaining a ‘good’ public appearance and working in an environment unsupportive of depression or where lower levels of functioning are less acceptable.
Learn: The Reality of “High Functioning Depression”

ByteDance rather shut down TikTok in US than sell
The power-play continues between China’s ByteDance TikTok and the US, as it recently cited in its official Toutiao account that they “don’t have any plans to sell TikTok”. ByteDance also prefers shutting down the app rather than selling it to the Americans if they eventually come to exhaust all legal options to fight the legislation. The new law gives ByteDance nine months to sell the business and an additional three-month grace period if Biden deems it is progressing in the divestiture. TikTok in the US contributed USD16 bil (13.33%) of ByteDance’s USD120 bil revenue in 2023. Back in Dec, ByteDance conducted a share buyback valuing the company at USD268 bil. Using this figure and valuing its US business proportionally to revenue, TikTok US could be worth around USD35 bil — in fact, it could be higher due to higher margins in the US market. Forgoing tens of billions - that’s making a real statement.

Shorts

1. Apple’s AI future: Swipe left for OpenAI, swipe right for Google’s Gemini
   Apple is in talks with OpenAI and Google to bring generative AI to iOS 18 and iPhone 16, expected to be released this fall. However, they have not decided between ChatGPT, Gemini or another third-party provider. Apple’s CEO Tim Cook, in recent months, has been outspoken about Apple’s plan to incorporate AI technology into its product lines. A deal was initially discussed with OpenAI earlier this year, but collaboration has slowed down since then. With this AI integration, the company’s stock is expected to rise by 36%, according to analysts at Bank of America. Apple’s current market stands at USD2.6 tril.

2. FIFA announced partnership with Saudi Arabia's Aramco
   Saudi Arabia continues to increase its global influence in sports as the country announced a partnership between FIFA and its state-owned oil company, Aramco, to sponsor the men’s World Cup in 2026 and the Women’s World Cup in 2027. Although Aramco has a strong track record of supporting world-class events, critics have accused Saudi Arabia of using sports and high-profile events to improve its international reputation, otherwise known as ‘sportswashing’. Aramco currently has sponsorship deals within Formula 1 and is a partner of the International Cricket Council. Saudi Arabia is also the only country to bid for the FIFA World Cup 2034 after Australia pulled out from the bid in October 2023. Aramco is the fifth most valuable company by market cap (USD1.942 tril).

5. FOR YOUR EYES 📺

1. To celebrate the 65th anniversary of Barbie, Mattel partnered with Heinz to launch Barbie-cue — the limited edition pink vegan mayo with BBQ sauce.

heinz_uk

View more on Instagram

2. If you have seen this on highways, it’s called a windsock or windcone, which is used to observe wind direction and intensity. Learn more here. For drivers on the road, this equipment allows us to gauge the strength of crosswinds (winds on either side of the car), which, if strong enough, can roll over a car.