Discover more from The Coffee Break
☕️ MACC Chief Commissioner to sue anti-graft activist for RM10 mil in damages for defamation
Shebby Singh, ex-national footballer and pundit passed away at 61. US FTC's 2nd attempt to break up Meta(Facebook) to sell Instagram and Whatsapp. Rolls Royce: increase in demand due to fear of death.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
5,586 vehicles were sold by Rolls Royce in 2021, the highest in its 117-year history. Why? CEO Torsten Müller-Ötvös believes the demand is mainly driven by Covid-19 — people realised life can be short and pandemic travel restrictions have left wealthy consumers with more disposable income.
USD2.09 trillion — the forecasted global dividend payouts in 2022, according to analytics and solutions provider IHS Markit. The firm’s lead researcher, Clara Besson, foresees healthcare and technology companies will continue to see dividend growth.
About 3 million workers were on sick leave in the UK during the first working week, according to GoodShape. That accounts for 5% of the population, one of the early indications of the omicron surge's potential impact on the UK economy.
3. COVID-19 SUMMARY
Following the Djokovic fiasco in Australia, Malaysia has imposed additional requirements for post-Covid-19 patients to enter the country. They must provide proof of recovery, full vaccination, test results confirming their infection was between 11 and 60 days prior to departure, and a medical letter certifying they were “fit to travel.”
4. IN MALAYSIA 🇲🇾
Politics and Local
The MACC Chief Commissioner Azam Baki Share Ownership Controversy
Standing firm in his decision not to quit amidst pressure to step down, Azam Baki said only Yang di-Pertuan Agong has the power to terminate him. He was quoted by Sinar Harian that he will divulge the truth when the time is right.
Azam Baki is suing anti-graft activist Lalitha Kunaratnam for RM10 mil in relation to the two articles written by her and published in the Independent News Services on Oct 25 and Dec 15 last year claiming that the headlines of the articles themselves were “sensational, scandalous, annoying and vilifying”. You can read the articles here and here.
Prof Mohammad Agus Yusoff, a board member of MACC’s Anti-Corruption Advisory Board (ACAB), said there was no conflict between the board and its chairman, Abu Zahar Ujang and it was just a matter of having differing views on the accusations against Azam Baki. A board meeting will be conducted at the end of the month to resolve the differences. At what point differing views do not equate to conflict?
The Parliamentary Select Committee (PSC) will be called to meet on 19 January @ 1400 in Parliament to discuss Azam Baki share ownership controversy. The particular PSC is headed by PAS MP Abdul Latiff Abdul Rahman, and includes Datuk Seri Tajuddin Abdul Rahman, Datuk Nizar Zakaria, Anyi Ngau, Shaharizukirnain Abd Kadir, William Leong, Khoo Poay Tiong and Datuk Azis Jamman.
Tunku Mahkota of Johor Tunku Ismail Ibrahim has announced through his Facebook his intention to find a permanent solution to the flood problem in the state. Acknowledging that floods occur almost every year, he noted that despite improvements in flood mitigation efforts since 2006, he intends to find a permanent solution to the flood problem in Johor.
Ex-national footballer and pundit Serbegeth Singh or more widely known as Shebby Singh has passed away at 61 due to a heart attack. He played for Malaysia from 1982 and 1991 and was a gold medalist in the 1989 SEA Games.
UMNO will hold its annual general assembly on Mar 16, after postponing it from 12 Jan due to the floods that hit 8 eight states in the country.
Hap Seng Consolidated Bhd is making a foray into the hospitality sector and is planning to establish five hotels in the next few years. It has identified 3 locations for its hotels, namely, on Jalan Kia Peng, in KL Metropolis development near MITEC and at Wisma KFC building in Jalan Sultan Ismail that it acquired last month. Four of the hotels will be managed by Hyatt and one by Mariott.
Hap Seng Land, its wholly-owned subsidiary, was awarded the “Highest Indoor Green Wall” by the Malaysian Book of Records. The wall, located in Menara Hap Seng 3, features 91.55m high, spanning across all 20 levels of office space, housing 20 different species of plans with over 27,000 individual pots.
Electronics retailer Senheng New Retail Bhd which is bound to list on Bursa Malaysia on 25 Jan said 30 mil of its IPO shares offered to the Malaysian public were oversubscribed by 10.44 times. It received 16,548 applications seeking 343.23 mil for these 30 mil shares offered.
The company will raise RM267.5 mil, which will go towards expansion. There will be an offer-for-sale of 139.5 mil existing shares at a price of RM1.07 - meaning to say the existing shareholders are cashing out RM149.27 mil by selling its existing shares to new shareholders.
If you happen to make big bucks flipping Senheng’s IPO on its listing day, make sure you buy us some coffee here. We have been quite thirsty lately, if you get it.
HSBC Bank Malaysia Bhd found its new CEO in the current CEO of CIMB Group Wholesale Banking and CIMB Bank Malaysia Deputy CEO - Omar Siddiq. Omar joined CIMB as its group COO and will succeed Stuart Milne, who will retire at the end of Mar 2022 after a 40-year career with the HSBC group.
5. AROUND THE WORLD 🌎
The consumer price index in the US climbed 7% in 2021, hitting a 39-year-high, according to Labor Department data released Wednesday. The record inflation will pile pressure on the Federal Reserve to hike interest rates as soon as March. High inflation has proven more stubborn and widespread than the central bank predicted.
The supply chain crisis may worsen if China, the world’s biggest trading nation, fails to contain multiple delta and omicron variant outbreaks. Two cities are now locked down with more facing some restrictions ranging from seaports (Ningbo, Yantian) to the manufacturing hub of Shenzhen. According to an analysis by Oxford Economics, shipping container costs remain multiples of levels seen early in the crisis and raw material prices remain elevated.
China’s ruling Communist Party announced a “Double Reduction” policy in July 2021 caused New Oriental Education to lay off 60,000 people last year. The company saw its income plummet after the policy banned for-profit tutoring of school subjects for children. According to Yu Minhong, the founder and chairman of New Oriental Education, the company's market value has since dropped by 90%.
Missing Bangkok’s bustling nightlife or Koh Samui’s beautiful beaches? You will need to pay 300 baht (RM37.75) entry fee to Thailand soon. The levy will be added to air ticket prices from April 2022 onwards to help fund the development of local tourist attractions and an insurance program for visitors. The government expects 5 million foreign visitors based on the current situation.
Russia has not committed to de-escalating on the Ukrainian border after two rounds of diplomatic talks this week. The US and Ukraine’s other Western allies have promised to impose severe penalties on Russia – expected to take the shape of sweeping sanctions if Russia decides to go offensive.
Kim Kardashian and Floyd Mayweather have been sued by investors over alleged cryptocurrency scam in a class-action lawsuit. The two have been accused of artificially inflating the price of cryptocurrency EthereumMax by making false and misleading statements on social media. Investors have labelled it as a “pump and dump” scheme since the crypto has lost 97% of its value since June.
Prince Andrew is set to face a civil case in the US over allegations he sexually assaulted a woman named Virginia Giuffre when she was 17. The case against the Duke of York could be heard later this year. Buckingham Palace said it would not comment on an ongoing legal matter.
The US Federal Trade Commission (FTC) has been given the “thumbs up” to take Facebook to court over anti-trust rules. FTC is trying to make Meta sell off Instagram and WhatsApp after the regulator claims Facebook had systematically bought up rivals to eliminate competition. The FTC was seeking “divestiture”, which would benefit consumers.
6. FOR YOUR VIEWING PLEASURE 👁👁
To be a Hollywood actor vs Gamer
Tsutaya Books, Japan’s biggest bookstore chain to be opening in Pavilion Bukit Jalil in Q1 2022. New Instagram hotspot detected, ironically to attract more people that are less likely to read than its actual customers.
How does the steering wheel automatically return to the centre?