☕️ AirAsia Group Bhd to change name to Capital A Bhd

1. MARKET SUMMARY

2. NUMBERS AT A GLANCE

Tesla delivered a record-breaking 936,172 vehicles in 2021, an 87% increase compared to 2020. Tesla delivered 308,600 EVs in 4Q21, beating its previous single-quarter record as well as analysts’ expectations.

1.27 billion tons of cargo were shipped through Egypt's Suez Canal in 2021, according to the port’s Authority, despite the coronavirus pandemic and a six-day blockage by giant cargo ship the Ever Given. Suez Canal Authority (SCA) chief Osama Rabie said the canal made USD6.3 bil in transit fees.

8.6 million outstanding traffic summons were settled during the discount period launched in conjunction with the 100-Day Keluarga Malaysia Aspirasi Programme from Dec 9 until Dec 31, 2021, according to Inspector-General of Police Tan Sri Acryl Sani Abdullah.

36.1% — Turkey’s annual inflation rate for December 2021, its highest in the 19 years Tayyip Erdogan has ruled. Imagine living in a country where your purchasing power declines so drastically.

3. COVID-19 SUMMARY

• ProtectHealth Corporation Sdn Bhd (ProtectHealth) suggests for people to call and be put on a waitlist instead of physically heading to vaccination centres (PPVs) to prevent overcrowding. Walk-ins will no longer be allowed at off-site PPVs (shopping malls, community halls, etc.).

4. IN MALAYSIA 🇲🇾

Politics & Local

1. UMNO supreme council member Mohd Puad Zarkashi has called for the Malaysian Anti-Corruption Commission (MACC) to be placed under the Parliament to ensure proper checks and balances and make it independent and transparent (other UMNO warlords wouldn’t agree with this proposal). He said the appointment of the MACC chief commissioner should be the prerogative of Parliament and not through the advice of the PM to the King for Royal consent. Earlier, he urged the PM to investigate accusations against a top MACC official for owning stocks in public listed companies. Until now, crickets by the PM and MACC itself on this matter.

2. In an interview with radio station BFM, Mukhriz Mahathir, the president of Pejuang and the son of Tun Mahathir, has called for the overhaul of the coalition’s leadership, including its prime-minister candidate. He said the time has passed for Opposition leader Datuk Seri Anwar Ibrahim to become the premier, should the coalition win in the next election. Listen to the BFM interview here.

3. The 14th Dalai Lama Tenzin Gyatso has been invited to speak on climate change issues at a dialogue organised by the Muslim Youth Movement of Malaysia (Abim). The event, Islam & Buddhism Eco Dialogue (IBED), which will be held on 15-16 Jan will feature several global intellectual figures from Islam and Buddhism to “find solutions to the impact of climate change as well as to create awareness among the global community”. For more info and to register for the event, visit here.

4. Malaysia is forecasted to face the third phase of the high tide phenomenon from 2-5 Jan, 18-21 Jan and followed by 31 Jan to 3 Feb, where seawater level would be its highest level which would cause flood during major high tides. According to the Department of Irrigation and Drainage (DID), among the usual protection measure is to build barrage along the coast to prevent the major high tide from causing floods in coastal areas. Let’s hope, for the sake of people in low-lying areas, that this protections were built and not siphoned off.An interesting video below on the effectiveness different of coastal defences to protect against flood risk.

Business

1. Malaysia, meet Capital A Bhd - the new name proposed by AirAsia Group Bhd, subject to shareholder’s approval at a general meeting to be convened later. This is another step in the company’s strategy to rebrand itself as a digital player instead of an airline (airline business has inferior, poor economics). Seems like Tony Fernandes is taking a page out of Google’s playbook, changing its name to Alphabet. Will AirAsia X be renamed Capital X? Fun Fact: Alphabet (formerly Google) runs a private equity arm called CapitalG

2. Abdul Farid Alias, group president and CEO of Malayan Banking Group Bhd indicated it will not be seeking renewal of his contract when it expires on 1 Aug. He has held the position since 2 Aug 2013 and is planning to pursue his own interests. Maybank has yet to identify a successor.

3. Rubber glove maker, Supermax Corp Bhd, announced that it has implemented a new comprehensive foreign worker management policy, which will speed up the process in meeting the International Labour Organisation (ILO) standards and ensure that compliance and best practices are well adopted.According to the company, it may be among, if not the first in the industry to adopt an equal pay and benefits structure for foreign workers in Malaysia, putting local and foreign workers on equal footing when receiving pay and benefits. Supermax has also proactively raised its minimum wage to RM1,400, as compared to the national minimum wage of RM1,200.

4. Hap Seng Consolidated Bhd is acquiring a parcel of vacant commercial land on Jalan Duta for RM868.8 mil to build a mixed development with an estimated gross development value (GDV) of RM8.7 bil. The land measuring 668,212.79 sq feet translates to RM1,300 per sq feet and is acquired from Naza TTDI Sdn Bhd’s unit, TTDI KL Metropolis Sdn Bhd.

5. AROUND THE WORLD 🌎

1. Singapore’s economy expanded 7.2% in 2021, the most since 2010. Gross domestic product (GDP) expanded 2.6% QoQ, according to advance estimates Monday from the Ministry of Trade and Industry. Irvin Seah, a senior economist at DBS Bank Ltd, said Singapore is firmly on the recovery path with growth coming from the manufacturing and services sectors.

2. Indonesia’s largest startup, Gojek has been hit with a 24.9 trillion rupiah (USD1.7 billion) lawsuit for alleged copyright infringement. The suit was filed to Central Jakarta Commercial Court on Dec 31 by Hasan Azhari, but no further details have been published. Local media have previously reported that Azhari said he coined the term “online motorcycle taxi” in 2008 and offered ride-hailing bookings through text messages and his website.

3. Local media in China reported that China Evergrande Group has been ordered to tear down apartment blocks in a development in Hainan province. Evergrande halted trading in its shares, saying it would make an announcement containing inside information. An index of Chinese developer shares slumped in Hong Kong, closing 1.7% lower.

4. LG Energy Solution’s initial public offering (IPO) will be South Korea’s largest, as the company wants to raise up to USD10.8 bil. The shares will be sold in a price range of 257,000 won to 300,000 won (USD216.19 to USD252.36) apiece, which values the company between USD51 bil to USD59 bil. Cash raised will be mostly used to expand the company's current production facilities and debt repayment. LGES supplies batteries to Tesla Inc, General Motor Co and Hyundai Motor Co, among others. The company is expected to be listed on Jan 27, 2022.

5. Samsung will integrate a platform for its customers to buy and sell non-fungible tokens on selected smart TVs. The aim is to allow the customers to browse, purchase, and display their favourite art — all in one place.

6. Sudan's attempt at a transition to democratic rule hit a snag as Sudan's Prime Minister Abdalla Hamdok has resigned after mass protests rocked the country’s capital, Khartoum. Mr Hamdok's resignation leaves the army in full control. The mass protests have been calling for the military to leave politics but to no avail.

7. An open-source app Bulli Bai, which shares photos of more than 100 Muslim women saying there were on “sale”, has been taken down after police in India filed cases against several Twitter handles and the app's developers based on complaints received. Many women whose photos were uploaded on the Bulli Bai app said they felt “traumatised” and “horrified”.

6. FOR YOUR VIEWING PLEASURE 👁👁

1. A spoon made of up birds, captured by Albert Keshet.

2. Spotted in Penang - Starbucks signage in sign language.

3. Enjoy your life, appreciate it, be grateful, but never forget to help others.