☕️ Najib Razak to enter defence in RM2.267 bil 1MDB-Tanore trial

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM1,995 is the average rent in Malaysia, which rose by 3.9% in the second quarter (2Q 2024) compared to the first quarter (1Q 2024), and by 2.9% from 2Q 2023, according to the IQI Malaysia Home Rental Index report released by Juwai IQI. The Malaysia Home Rental Index reflects the dynamics of rental property supply and demand, seasonal shifts, the influx of international students, and investor activity. Kuala Lumpur not only recorded the highest average rent at RM2,863 but also experienced the strongest rental growth in the last quarter, with an increase of 5%.

Nearly 800,000 properties faced foreclosure in China in 2023, marking an increase of more than 50% compared to 2020, when new rules were implemented to cool the overheating market, according to estimates from Enhance International, a consultancy. Although the government does not publish official data, another estimate indicates a year-on-year increase of 12% in foreclosures during the first half of 2024, with some large cities experiencing rises of over 40%. For instance, Fuzhou, located in China’s southeast, saw a 63% increase in foreclosures in the same period.

AUD4.3 mil (RM12.36 mil) is the amount Australian Prime Minister Anthony Albanese paid for a multi-million-dollar cliff-top home in Copacabana, which has drawn criticism amid a national housing crisis. The purchase has sparked backlash across the political spectrum, with opponents labelling it “tone deaf” and some within his own party expressing shock to local media. About 66% of Australian households own a home, yet parliamentary disclosures reveal that approximately 95% of sitting federal politicians own at least one residential property, with around a third owning three or more.

3. IN MALAYSIA 🇲🇾

UPNM - Universiti Pembuli N’ Murderers?
Some things have not changed including how UPNM handles their bullying issues. In another concerning development, the Malaysian Armed Forces has confirmed that they have launched yet another investigation on an alleged bullying case involving a second-year cadet officer at the Military Training Academy (ALK), National Defence University of Malaysia (UPNM). In a deja vu turn of events, the cadet was allegedly bullied and abused by a senior officer using a heated iron, which reportedly left burn marks on his chest.

Amidst the current turmoil for UPNM, PM Anwar Ibrahim will still proceed with the planned ‘Temu Anwar’ program that is slated for today at the university. The program was scheduled much earlier before the news broke out about another military cadet being bullied and scalded with a hot iron by his senior. If this case is proven true and on top of the unfortunate thing that happened to the late Zulfarhan Osman Zulkarnain, perhaps UPNM should consider banning iron at its campus altogether. It is better to have unironed clothes rather than dead cadets.

1MDB News
Former PM Najib Razak may end up spending more time out of prison than in prison as the High Court ordered the ex-Pekan MP to enter his defence against all four abuse of power and 21 money-laundering charges for allegedly receiving gratifications worth RM2.27 bil in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial. The High Court judge Collin Lawrence Sequerah found a prima facie against Najib on all charges, where Sequerah noted that the monies gained by 1MDB via loans were not used for the country’s benefit but instead, it was being utilised to line up Najib’s pockets. Prima facie is defined as a fact or presumption that is sufficient to be regarded as true unless otherwise disproved or rebutted.

In related news regarding 1MDB, former health minister turned radio broadcaster, Khairy Jamaluddin revealed that he did tell former PM Najib Razak to act against Jho Low. However, Khairy stated that Najib defended Jho Low and Najib iterated that he was a legitimate businessman, and rejected any actions against the now-fugitive. Commenting on Najib’s apology regarding 1MDB, Khairy added that Najib’s behaviour during his tenure as PM was inconsistent with his current claims that he has been cheated on. This is because back then, Najib dismissed the Deputy Prime Minister, the Minister, the Attorney General, and the head of the Malaysian Anti-Corruption Commission (MACC), allegedly to cover the sinister actions regarding 1MDB.

Read the summary of the judge’s key findings here.

Sarawak on a huge spending spree

1. Sarawak state-owned oil & gas firm Petros will set aside RM40 bil over the next five years for the purpose of its capital expenditure. Since its establishment in 2017, the company has been developing four strategic hubs — Kuching, Miri, Bintulu and Similaju, of which all locations are poised to attract RM100 bil in potential investments in the next few years.

2. Sarawak Premier Abang Johari Openg announced that more than RM100 bil is required to execute development projects in Sarawak, under the 13th Malaysia Plan (13MP). Below is the breakdown - 

   1. RM38.4 bil - construction of 1,292 km of new roads and upgrading 4,782 km of existing roads;

   2. RM20 bil - projects to achieve 100% clean water supply;

   3. RM1.3 bil - provision of 100% 24-hour electricity supply in rural areas, estimated to benefit 5,500 households;

   4. RM7.89 bil - construction of new health facilities, as well as for upgrading, repairing and maintaining health facilities;

   5. RM5.74 bil - to solve the issue of dilapidated schools and shortage of science laboratories at school;

   6. RM6.3 bil - construction of 1,800 telecommunication structures for full internet coverage;

   7. RM38 bil - construction of 1,487km of border and feeder roads to beef up the border security.

Shorts

1. Majlis Amanah Rakyat (MARA) chairman Dr Asyraf Wajdi Dusuki announced that the agency is finalising the plan to sponsor the country's top-performing students to participate in a special program for Ivy League universities, expected to commence next year. This year, MARA has forked out an estimated RM2 bil to sponsor 4,577 students to study abroad (an average of RM437k per student).
   Read: Ivy League Schools

2. Regarding the MACC investigation of alleged misconduct in the 1Bestarinet project, the awardee of the contract, YTL Power International Bhd, has clarified that the company has received the project’s contract through an open tender process. The company added that the tender was being awarded to them as they presented the most technically compliant and cost-effective bid among 18 bidders. As one of the beneficiaries that actually used 1Bestarinet, I personally think it is a piece of garbage, a waste of taxpayers’ money.

3. Law minister Azalina Othman has been elected as the president of the 13th Session of the Assembly of Parties of the International Anti-Corruption Academy (IACA), the first Malaysian to do so. According to a statement released by the foreign ministry, having Azalina elected as the president is a true testament to the country’s anti-corruption efforts. According to Transparency International’s Corruption Perception Index, Malaysia is ranked 57th out of 180 countries in 2023.

4. AROUND THE WORLD 🌎

Lebanon-Israel: Peace WIP

Lebanon caretaker PM Najib Mikati is hopeful that there will be a ceasefire deal with Israel within days, just as Israel’s public broadcaster publicised a leaked proposal drafted by Washington. The deal would see an initial 60 days of ceasefire, with Israel to withdraw its forces from Lebanon within the first week of the ceasefire period. A call between Mikati and US Middle East Envoy Amos Hochstein has the PM hopeful that an agreement can be reached “before 5 November”.

However, hostilities continue even as the envoys talk, with Israeli forces striking the historic city of Baalbek after issuing evacuation orders. 19 people were killed, as the IDF claims it was targeting Hezbollah command centres, fuel depots, and other infrastructure. Hezbollah made its own attack in the Israeli town of Metula, killing an Israeli farmer and four foreign workers.

Meanwhile, in Gaza, Israel continues its operations while choking off aid to northern Gaza, including attacking a hospital where IDF troops torched medical supplies and disrupted operations. Officials in Beit Lahiya are urging world powers and aid agencies to halt Israel’s attacks and bring in aid, as the latest military actions have left the area “without food, without water, without hospitals, without doctors”.

The US has also been tracking incidents of civilian harm due to US weapons being used by IDF troops in Gaza, with almost 500 potential incidents identified since 7 October 2023. The Biden administration stated it was “reasonable to assess that Israel has breached international law”, but the State Department, which is responsible for tracking the incidents, is still in the process of analysing the cases.

Weather Woes and Avian Ailments

• Valencia floods kill at least 95, rescue operations ongoing

  Spanish rescue teams are still searching for an undetermined number of missing people after Europe’s deadliest floods in years, but time is not on their side. Forecasts indicate storm alerts to the north of Valencia, where floods have claimed at least 95, with the Spanish defence minister saying the death toll is likely to rise. It was reported that “a year’s worth of rain” had fallen in the span of eight hours in parts of Valencia, leading to roads, bridges, and rail tracks being swept away, or blocked by abandoned cars as people evacuated. View the scale of destruction here.

• Typhoon Kong-rey kills one in Taiwan

  The typhoon is the largest storm to hit the island nation in the last 30 years, leading to flights being cancelled, rail services reduced, and schools, offices, and financial markets shut. The storm was reported to have winds above 160 kph, with some regions reporting gusts above 260kph. Nearly half a million households lost power due to the typhoon, with one dead after their vehicle was hit by a fallen tree.

• Pandemic concerns increase in EU as avian flu makes poultry rounds

  Poultry in the EU have seen 62 outbreaks of avian flu on poultry farms between Aug 1 t Oct 25, compared to seven outbreaks in the same period in 2023. This has led to concerns of a pandemic should the disease mutate into one easily transmissible between humans. There were also concerns that there could be a repeat of previous crises, which led to the deaths of tens of millions of poultry in the EU.

BYD winning, Musk missing

• BYD 3Q revenue hits USD28.2 bil, outpaces Tesla

  The Chinese automaker posted an 11.5% increase in net profit for its third quarter with strong sales momentum aided by government trade-in incentives translating into a profit of USD1.6 bil. BYD’s revenue at USD28.2 bil for the quarter also shows the firm outpacing Tesla, who reported a revenue of USD25.2 bil for the quarter, for the first time. However, Tesla still beat BYD in terms of EV sales globally for the quarter.

• Musk a no-show at court hearing about USD1 mil voter cash giveaway

  The Tesla CEO failed to show up at a Pennsylvania court hearing, which places him at risk of being held in contempt of court. He was ordered to attend by a judge who is considering a bid to halt Musk giving away USD1 mil to voters ahead of the Nov 5 elections. Musk is also looking to move the case to federal court, a delaying tactic that could allow him to continue his giveaway. The giveaway requires registered voters to release personal identifying information and sign a pledge that says they support the US Constitution.

Shorts:

1. God x Anime

   The Vatican unveiled its first-ever cartoon mascot, an anime girl named Luce – which means “light” in Italian – to reach a younger audience by reflecting pop culture. The character is designed by Italian pop artist Simone Legno, with Luce to serve as the mascot for the 2025 Jubilee, a special event celebrated every 25 years by the Catholic Church.

2. No white cap for Mt Fuji

   There is still no snow atop Mount Fuji at the end of October, marking this the latest time in the year the mountain has remained bare since records began 130 years ago, with this lack of snowfall consistent with what climate experts predict in a warming world. However, with rain forecasted next week, the mountain should see its first snow on the morning of 7 November.

3. Russia fines Google USD20 decillion

   Google somehow has to fork out two undecillion rubles, or USD20 decillion, to a Russian court. For reference, a decilion has 33 zeros, while a trillion has 12. Google has a networth of about USD2 tril, while the world’s total GDP is estimated by the IMF to be about USD110 tril. The tech firm is being fined by a Russian court for restricting Russian state media channels on YouTube for more money than the world is worth. This is pure insanity. It’s like watching Dr Evil asking for a ransom in that Austin Powers movie.

5. FOR YOUR EYES 📺

1. EPFsavings of nearly RM2 mil by 35? Yeaps, achievable. #malaysiamoneystories

2. Penang Bridge: rare POV of trapped fishermen

saysdotcom

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2. One-of-a-kind Instagram career account - the manager of a legal brothel (as claimed by the account owner) who is also a PhD student. Below is the manager debunking misconceptions about brothel clients.

catherine_de_noire

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