☕️ Homegrown BerbualGPT alternative possible? The government says yes

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Let’s talk a bit about Moo Deng’s family. If you have not heard of Moo Deng, it’s a pygmy hippo from Thailand that went incredibly viral in September and was featured in a series of memes due to her frame and podgy proportions. Pygmy hippos, aka dwarf hippos, are native to West Africa and are considered endangered as experts believe there are only about 2,500 left in the wild worldwide. Its population grew by one as Edinburgh Zoo welcomed the birth of a new pygmy hippo 2 weeks ago, named Haggis.
Fun fact: A $MOODENG memecoin was created following its virality, with its market cap now worth USD578.6 mil

Not only are pygmy hippos endangered, but also the first kiss in Japan. A new survey of Japanese high school students revealed that 4 in 5 15-18-year-old boys have yet to get their first kiss. As for girls, just over 1 in 4 had their first kiss. These are the lowest figures recorded since Japan first began asking teenagers about their sexual habits back in 1974. Unsurprisingly, the survey found kissing was not the only area, which had seen a fall in numbers and also revealed a drop in the number of Japanese youth having sexual intercourse. Bad signs as Japan struggles to arrest its falling birth rate and has amongst the lowest birth rates in the world.

About 15% (281,429) of the Malaysian diaspora, comprising trained professionals or degree holders, are living in Australia, the US, the UK and Canada, according to the Human Resources Ministry. The majority of these Malaysians are involved in key fields such as science, medicine and other technical fields. Malaysia has a migration rate of 5.6%, consisting of 1.86 mil Malaysians who have migrated overseas. So far, only 4,000 Malaysians living abroad returned to the country under the Returning Expert Programme from 2011 to June 2024 - that’s a paltry average of 286 Malaysians per year. 

3. IN MALAYSIA 🇲🇾

GISB premises and members still being hunted down
Last Saturday, IGP Razarudin Husain announced the identification of 69 Global Ikhwan Services and Business Holdings (GISB) premises abroad, valued at approximately RM52.4 mil, spread across 15 countries. 40 of those locations have been verified by the police as of October 31. In response to a question by Sri Gading MP Aminolhuda Hassan regarding current GISB assets on Monday, Minister in the PM Department for Religious Affairs Na'im Mokhtar stated that authorities are gathering information, with a joint committee between the Malaysian Islamic Development Department (Jakim) and the police working together to identify business entities and followers associated with GISB both locally and internationally.

As for the GISB Chairman, Nasiruddin Ali is no longer a “Datuk” — the Melaka Palace revoked his title with immediate effect following advice from Melaka Chief Minister Ab Rauf Yusoh. He only held the title for a brief 3 months and is now expected to return the award to the State’s Secretary's Office. This comes as no surprise, however, as several states- such as Melaka, Selangor, Perlis, and Pahang- have deemed GISB deviant. Btw, if you want to check where someone got their title from, you can visit the official source here.

Homegrown BerbualChatGPT alternative possible? The government says yes
Malaysia is actively working towards developing its own Large Language Model (LLM) in Bahasa Malaysia through collaborations with universities and local companies, as stated by Deputy Science, Technology, and Innovation Minister Yusof Apdal. A key partner in this initiative is Mesolitica, a local software company specialising in AI which has created the Malaysia Large Language Model, trained entirely on local datasets to better understand the language and cultural nuances. Check out BFM’s podcast with Mesolitica CEO covering the local LLM here.

According to Yusof, a local LLM is expected to strengthen our AI capabilities, besides reducing our dependence on foreign tech. He also highlighted that LLMs can enhance decision-making, automate tasks, and support research across various sectors by adapting global AI knowledge to local needs, even though he acknowledged that developing an LLM is resource-intensive. A local LLM is part of Malaysia's efforts to align itself with a broader ASEAN initiative of promoting responsible AI development- we’ve already introduced guidelines on AI governance and ethics.

Let’s just hope the eventual tender isn’t awarded to some shady Sdn Bhd that just repurposes an already existing LLM service.

Malaysians are getting wiser with money according to a global survey though problems persist
Financial knowledge among Malaysians has significantly improved since 2016 as we near the levels seen in developed countries, reflected in a survey carried out by the Organisation for Economic Co-operation and Development (OECD) last year. Malaysia scored 61 on the survey, with the average being just a point below — 60. Our neighbours up north, Thailand, ranked second, just below Germany. According to BNM Deputy Governor Adnan Zaylani, three persistent challenges hindered further financial literacy progress for Malaysians: poor financial management, inadequate saving habits, and low digital financial literacy.

BNM also recently ran a Financial Capability and Inclusion Survey. Some findings:

• 1 in 4 Malaysians feels burdened by debt

• 61% would struggle to raise RM1,000 in an emergency

• Of further concern, the survey revealed that 15% of the population, primarily teenagers, share their banking passwords, exposing them to online scams.

View report: OECD/INFE 2023 International Survey of Adult Financial Literacy

On money matters - an anonymous lady shared on Malaysia Money Stories* (MMS)on her journey towards accumulating RM100k by 24 despite coming from a difficult background. With many comments sceptical of her financial success, she shared further in a second post on her ‘how’.
* You might have noticed by now we plugged MMS posts a couple of times. It’s our latest project - give us a follow and share your own financial journey with us!

Shorts

1. Bung Moktar, wife back to court over graft case
   BN Sabah chief Bung Moktar and his wife will enter defence for a RM2.8 mil graft case, linked to a Felcra Bhd investment. This comes after the Court of Appeal panel unanimously overturned the High Court’s decision that acquitted and discharged the duo on September 7 last year. In May 2019, Bung Moktar, then Felcra non-executive chairman, was charged with accepting bribes totalling RM2.9 mil as gratification for a RM150 mil investment in the Public Mutual unit trust.

2. Sediakan payung sebelum hujan for people in Johor as flood warnings arise
   The Irrigation and Drainage Department has issued a flood warning for several river basin areas in Johor, predicting potential flooding from November 19 to 23. Affected river basins across Johor districts include: 

   • Segamat: Batu Pahat, Muar

   • Kluang: Johor, Endau, Benut

   • Mersing: Mersing, Tenglu Besar

   • Kulai: Pontian Besar, Skudai, Tebrau

   • Kota Tinggi: Rengit, Sepang, Sedii Besar

   • Johor Baru: Johor, Pulai, Skudai, Tebrau

3. Report launched to analyse Malaysian corporate venture capital activity
   Capital Markets Malaysia (CMM), an affiliate of the Securities Commission, have launched a report analysing corporate venture capital activity with support from Boston Consulting Group and its tech build and design unit BCG X. The report is aimed at “identifying key levels to catalyse a stronger domestic CVC system”, according to a joint statement.
   View report: Advancing Malaysia’s. Innovation Landscape: The Pivotal Role of Corporate VC

4. AROUND THE WORLD 🌎

Biden escalates Russia-Ukraine War - gives Ukraine ATACMS okay

Policy reversal
The Biden administration has allowed Ukraine to use US-provided Army Tactical Missile Systems (ATACMS) to launch attacks deep into Russia (under 200 miles), something that the US has been against for months, despite pleas from Ukrainian President Volodymyr Zelenskiy. The policy change is largely in response to Russia’s deployment of North Korean troops as reinforcements.

Polish approval
Polish President Andrzej Duda believes the move to allow Ukraine to use the missiles may be decisive in the war. As an aside, Duda also criticised Germany’s disapproval of the US and the German Chancellor’s call with Russian President Vladimir Putin, calling the move “a mistake on the international political front”.

Analysts say “too late”
While the move has been a morale booster and will shore up Ukraine’s foothold in Kursk, both Ukrainian MPs and military analysts believe the move comes too late to change the course of the war, 1,000 days in. Analysts also brought up the longevity of the policy as an issue, as it may be retracted by President-elect Trump when he takes office in two months. 

Kremlin to respond
The Kremlin will be responding to what it calls a “reckless, dangerous” decision by the US, claiming it brings the US and NATO into the conflict directly, as NATO military infrastructure and personnel would have to be involved in the targeting and firing of the missiles. The Kremlin’s spokesperson also called it “obvious” that Biden’s outgoing administration is taking steps to continue “adding fuel to the fire” and “provoke tension” in the conflict. Let Trump clean the mess, as he claimed he could end the war “in a day”. 

Gaza: Aid convoy attacked - can’t bomb them, let’s loot them
A UNRWA aid official revealed that a convoy of 109 trucks was violently looted after entering Gaza with 98 trucks lost in what is called one of the worst looting incidents in the war. The convoy was carrying food provided by the UNRWA and the World Food Programme and was instructed to depart at short notice via an unfamiliar route by Israel. The UNRWA official also noted this highlights the severity of access challenges of bringing aid into southern and central Gaza.

This loss of aid comes at a time when cases of child malnutrition are increasing in northern Gaza, with a hospital director saying the hospital was under siege and unable to receive supplies, leading to an inability to respond to distress calls. Can’t help to think that Israel is behind this incident - can’t bomb them, let’s loot them. 

TSMC subsidised, Spirit bankrupt, and Xiaomi sees EV surge

• USD6.6 bil subsidy for TSMC finalised ahead of Trump

  The US Commerce Department finalised the subsidy for TSMC’s US semiconductor-producing unit, with the award coming two months before President-elect Trump, who has criticised the programme, takes office. The award also includes up to USD5 bil in low-cost government loans, where TSMC will receive cash as it meets project milestones. The department expects to release at least USD1 bil to TSMC by the end of 2024. This comes after TSMC agreed to expand its planned investment of USD40 bil to USD65 bil in April.

• Spirit Airlines files for bankruptcy protection

  The Florida-based ultra-low-cost carrier was the pioneer of no-frills travel in the US and marks the first major US airline to file for bankruptcy protection in the past decade. The airline faced a long run of quarterly losses, looming debt maturities, and failed merger attempts, with the most recent being the collapse of its USD3.8 bil merger with JetBlue Airways. Spirit has not seen a full-year profit since 2019 and saw a loss of USD360 mil in the first half of 2024 despite strong travel demand.

• Xiaomi announces increased target for EV deliveries

  The tech giant raised its target for EV deliveries to 130,000 units this year, its third target increase since the launch of its first EV, the SU7 sedan earlier this year. Xiaomi President Lu Weibing shared that the firm’s SU7 factory can produce 20,000 cars a month with the scope for that to grow. Lu said the firm was still investing very heavily in its automaking division with plans for new models. The auto-making unit is still loss-making, with an adjusted loss of USD207 mil for the third quarter. Still, Xiaomi as a whole maintained its position as the world’s third-largest smartphone maker, with a revenue of USD12.8 bil for the quarter, a 30.5% increase from the previous year.

Shorts:

1. Workers in China sign up for drone pilot licences in hopes of riding drone operator demand

   The sign-up rate has reached a point where training centres are hard-pressed to find enough instructors, with one training centre’s founder expecting the total number of students this year to double that of last year. This comes as China’s new low-altitude economy faces a shortage of about a million skilled workers, as only 225,000 people are licenced to operate unmanned aerial vehicles as of June this year, compared to the over two million such vehicles registered by the end of September.

2. Organic carrots cause E. Coli outbreak in US

   The outbreak stretches across 19 states, with one dead, 15 hospitalised, and 39 cases reported. The bagged organic and baby carrots sold by Grimmway Farms were recalled from big supermarket names, with officials warning consumers to throw away or return impacted products for a refund.
   Learn: What is E.Coli?

5. FOR YOUR EYES 📺

All Things ME (Mahal & Expensive)

1. The highest paid CEOs in Malaysia by doitduit. Imagine making RM13k an hour.

2. Top 10 most expensive international schools in Malaysia.