☕️ In-and-Out: Najib's release drama continues

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD23.02 bil (RM93.5 bil) – Indian research company Business Research Insights projects that the world will spend that amount on chopsticks in 2026, with the market growing to USD42.57 bil by 2035. This follows the growing popularity of Japanese cuisine around the world. As Japanese restaurant chains open more outlets overseas, demand for chopsticks is increasing. One country where bamboo chopsticks in particular have gained a following is South Korea. Yamachiku (check out its products here), a firm that manufactures bamboo chopsticks, sold 140,000 pairs in 40 minutes (~58 pairs per sec) on one of South Korea’s largest teleshopping channels, bringing in USD886,000 in sales for the company. Yamachiku entered the South Korean market believing consumers would prefer the lighter bamboo chopsticks compared to the heavier stainless-steel chopsticks that are commonly used.

200 years in prison – That was the sentence a Kenyan court handed down to starvation cult leader Paul Mackenzie, who was convicted for the murder of 190 children and an adult. The sentence comprised 100 years for murder by starvation and 100 years by direct homicide. The victims were starved to death on Mackenzie’s orders and buried in a forest in shallow graves, with some even buried alive. Another 28 accomplices, who were convicted along with the cult leader, were also sentenced to various prison terms. The self-proclaimed pastor and his Good News International Church organised a Christian doomsday sect, in which they ordered followers to starve themselves and their children to death, so that they could go to heaven before the world ended and “meet Jesus”. The accomplices threatened and beat victims to ensure they followed Mackenzie’s orders.

About 1.5 mil – According to some reports, economist José García Montalvo of Pompeu Fabra University in Barcelona estimates that roughly that many Americans could skip work on Nov 19. The reason? The long-awaited launch of Grand Theft Auto 6. The estimated lost output from the skipped work may reach USD1 bil (RM4.06 bil) in a day, according to Montalvo, who also stressed that this was an academic estimate, not an official forecast. As an aside, game publisher Take-Two Interactive forecasts more than USD1 bil in operating cash flow this fiscal year. No, the numbers are not linked. Also, Burger Motorsports, an auto parts company based in California, has announced a company-wide operational pause for Nov 19.

3. IN MALAYSIA 🇲🇾

Najib release drama
Najib house arrest order clarified: Former PM Najib’s house arrest order was reviewed after the Attorney-General's Chambers (AGC) raised concerns about errors in the court document and how it could be interpreted. Attorney-General Dusuki Mokhtar said there were obvious defects in the KL High Court's Order of Discharge, issued on Nov 6, 2026, after Najib's RM50 mil fine was paid. He said the mistakes should have been spotted if the document had been checked more carefully.

DAP national legal bureau chairman Ramkarpal Singh said the main concern was the word “discharge”, which could suggest Najib should be released immediately and without conditions. This would also conflict with the conditional royal pardon granted on Sept 18, 2026. Under the pardon, Najib was allowed to serve the remainder of his reduced six-year SRC International sentence under house arrest until 2028, rather than be released from the sentence entirely.

The AGC stressed that it was not challenging the royal pardon. Instead, it wanted the court to clarify the discharge order to prevent confusion over how the pardon should be carried out. It’s easy to understand how such technicalities can set precedent. The Home Ministry also said the matter should be resolved through the courts. On Nov 10, 2026, Judge Aslam Zainuddin ordered Najib to begin serving the remainder of his SRC International sentence under house arrest at his Taman Duta residence with immediate effect, until Aug 23, 2028. Although Najib's RM50 mil fine has been paid, he must still complete the remaining sentence under house arrest. He is then due to return to Kajang Prison on Aug 24, 2028, to serve his 1MDB case sentence, which is 15 years with a fine of RM11.38 bil.

Breakdown on this matter here and here. Tinggi Court. Bahasa rojak? Can’t blame one for not taking this seriously or getting confused AF.

Anthony Loke resigns as transport minister: Transport Minister Anthony Loke resigned with immediate effect on Nov 10, 2026, following the High Court's decision on Najib's house arrest. Loke said his resignation fulfilled an earlier pledge to step down in protest against the clemency granted to the former PM. He thanked PM Anwar Ibrahim for the opportunity to serve in Cabinet since Dec 2022, along with Transport Ministry staff for their support. He also said he would assist with the handover to ensure the ministry's ongoing work could continue smoothly.

Banking matters
Bank Rakyat hacked, but banking system secure: Malaysia's online banking system remains secure despite a recent cyberattack on Bank Rakyat's website, with no reported data theft or disruption to financial transactions. Communications Minister Fahmi Fadzil said the incident involved website defacement (view here), where hackers change a website's appearance. The attack affected a third-party-managed site rather than the bank's core banking operations. Several banking pages, including an i-Rakyat login page, were reportedly defaced before being taken offline. A hacker using the name MARLANWG reportedly claimed responsibility. Bank Rakyat blocked access to the affected server and redirected customers to its bank-owned i-Rakyat platform.

Following the incident, PM Anwar Ibrahim ordered the National Security Council to review cybersecurity risks across the country's key infrastructure. The review will cover government digital assets, banking institutions and government-linked companies, focusing on websites, databases and internet infrastructure.

MBSB x Wise in fast overseas transfers: MBSB Bank customers can now transfer up to RM150,000 a day in 20 currencies through its Global Easy Transfer (GET) service on the M Journey app. The service supports major currencies, including USD, GBP, the euro and UAE dirham. Customers can check exchange rates and fees before confirming a transfer and track their transactions in real time. GET was launched in Aug 2025 through a partnership with Wise Platform, making MBSB the first Malaysian bank to work with Wise's payments infrastructure business. The service initially supported 12 currencies but has since expanded to 20.

According to MBSB, 90% of transfers made through GET are completed within one minute, while repeat users account for more than 90% of transactions. The bank said international transfers are increasingly common among Malaysians paying for education, supporting family members, travelling, investing or handling business expenses. If the rates are good, in Cantonese, they would call it peng, leng, jeng.

Yinson’s revised privatisation offer
MISC, Yinson's founding Lim family and the Employees Provident Fund (EPF) have proposed a RM4.03 bil cash offer to take Yinson Holdings private at RM2.50 a share. The proposed deal involves buying the remaining 55.2% of Yinson, valuing the company at RM7.31 bil. MISC (51%-owned by Petronas) is expected to contribute around RM3.03 bil, while the Lim family's investment vehicle will retain its existing stake and inject another RM1 bil in cash. EPF will also retain its stake. If completed, the consortium would own 100% of Yinson through MY Offshore Holdings Sdn Bhd.

CIMB Securities described the RM2.50 offer as fair and reasonable, saying it gives minority shareholders an opportunity to sell their shares at a price above its valuation, considering Yinson's high debt levels and costly financing, which could limit future growth and reduce returns from new projects. However, the deal is not final. It still requires shareholder, court and regulatory approvals, with completion targeted for the second half of 2027. Yinson's board has until Dec 4, 2026, to decide whether to recommend the proposal to shareholders.

Shorts:

1. Malaysian actor makes K-drama mark
   Semenyih-born actor Muhammad Amir Haiqal Azhar is gaining attention in South Korea after delivering Malay lines in K-dramas, including Taxi Driver 3 and Dead-End Job. The 27-year-old began acting while studying production in Seoul and has since appeared in seven dramas, two feature films and several independent projects. He also helps translate and refine his Malay dialogue and hopes to continue pursuing acting opportunities in South Korea. Watch scene here.

2. Jakim probes The Weeknd concerts
   Jakim is investigating The Weeknd’s Kuala Lumpur concerts after claims that some visuals and performances could conflict with Islamic beliefs and religious sensitivities (watch it here). The department is working with Puspal to verify the allegations, which include concerns over a giant golden statue and dancers in red robes. PAS Youth also questioned the concert’s stage visuals and choreography, claiming it resembled ritualistic worship. Do Malaysian Muslims need others to be their religious compass?

4. AROUND THE WORLD 🌎

Republican moves to impeach US Defence Secretary Pete Hegseth
Republican lawmaker Thomas Massie has made a move to impeach US Defence Secretary Pete Hegseth over the war in Iran, accusing him of illegally waging war without congressional authorisation and abusing his powers as Pentagon chief. The House could vote as early as Tuesday. Democrats have backed the resolution, and Massie is seeking support from some Republicans.

Republicans still control the Senate, where conviction would require a two-thirds majority. Impeachment would be a humiliating blow for the Trump administration but would not automatically remove Hegseth. The two-thirds majority in the Senate is a significant hurdle, even after Democrats take control of both chambers in Jan. Under the Constitution, the House can bring impeachment charges by a simple majority. The Senate then holds a trial, with two-thirds of senators present needed to convict and remove the official.

Trump: Iran war ‘effectively over’, militarily
On, off, on, off and now back to on again. Trump has signalled that the US-Israel war on Iran is now “effectively” at an end, after a closed-door meeting between US Vice President JD Vance and Qatari PM Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani. However, his remarks suggested he faces pressure from allies in the Middle East to bring hostilities to a close. Trump acknowledged the “status quo” would involve continuing the US naval blockade against Iranian ports, as well as the newly announced Task Force Iron Gate, which seeks to cut off trade by land and through the Caspian Sea. Iranian officials, meanwhile, dismissed Trump’s latest remarks as a distraction. Separately, Iran’s President Masoud Pezeshkian said that the country’s Supreme Leader Mojtaba Khamenei had called for an end to the situation, which he described as “neither war nor peace”.

Huang scandal: Malaysia caught in the middle
Jensen Huang's alleged relationship with someone US authorities fingered as a Chinese spy, Alice Huang, has hit the market hard, but it came as no surprise to Culper Research, a short-seller that warned of Nvidia’s China-related business in May via a report detailing its short position titled "Nvidia: The China Problem." What Culper saw at the time wasn't related specifically to a romantic relationship. Instead, the firm saw issues with revenue from China that it said investors were not considering.

The report said that Alice Huang has been an executive at Megaspeed, a cloud-computing and infrastructure firm linked to a business operating out of Singapore and Malaysia (Speedmatrix Sdn. Bhd.), and that the company was among a web of Asian firms tied to Alibaba that helped China circumvent US restrictions on chip exports. It gets juicier - Alice Huang, who is reportedly married, together with her husband and sister built a network of companies to acquire Nvidia chips.

Megaspeed became an Nvidia cloud computing partner in 2023. Between June 2024 and Feb this year, the company is reported to have bought USD4.8 bil (RM19.5 bil) in Nvidia AI chips. According to reports, these chips were exported to data centres in Malaysia and Indonesia that appeared to serve customers in China. This could be in violation of US trade sanctions if it were done at the behest of a Chinese company. In Aug, the US classified Malaysia as a Tier 2 risk for illegal transhipment involving China-linked goods.

Hmm, what happens to companies that saw its key personnel involved in affairs?

Mixue shuts more stores as biz model falters
A wave of Mixue store closures from Hong Kong to Southeast Asia is raising questions about whether its low-price, high-volume business model can sustain the breakneck expansion that has propelled the company to global prominence. Mixue’s first store in Hong Kong has shut down abruptly after operating for nearly three years in Mong Kok, one of Hong Kong's busiest shopping and entertainment districts. Local media pegged the store’s monthly rent at around HKD200,000 (RM103.4k).

The business model appears to be increasingly difficult to sustain, especially in a city like Hong Kong where high rents and other operating expenses leave little room for error. Known for its cheap lemonade and ice cream, Mixue’s biggest competitive advantage has long been its ability to undercut rivals on price. But figures on paper are also showing strains - net profit for the first half of 2026, reported in late Aug, fell 15% from a year earlier to CNY2.29 bil (USD344 mil), weighed down by higher marketing and personnel expenses.

Number of outlets ain’t a good representation of it’s overall health. Mainland outlets surged 23% year on year to 59,609 at the end of June but revenue grew just 2% in the first half. As for outlets outside China, in the same period, it’s down 11% to 4,378 outlets from 4,895 at the end of 2024. Year to date, the stock is down 55.5%, valuing the company at RM35.6 bil.

Shorts:

1. Russell Brand sentenced for rape and sexual assault
   Actor Russell Brand, 51, has been sentenced to 10 years and six months in prison after being convicted of one count of rape and three counts of sexual assault following a four-week trial at Southwark Crown Court in London. His sentence will not include an early release scheme, as sex offenders, along with murderers, are exempt from it. The judge described Brand as a "sexual predator" and criticised his "staggering arrogance", adding that the evidence in the case also showed that Brand's entourage during the peak of his celebrity had "indulged your dreadful behaviour".

2. Hasina vows to return to Bangladesh, might be hanged nonetheless
   Ousted Bangladeshi ex-PM Sheikh Hasina has vowed to return to the country in Dec, but the Bangladeshi prosecutor who secured her death sentence said that she will be executed if she returns home. Hasina, 79, fled to neighbouring India by helicopter in Aug 2024 as angry crowds stormed her palace during a mass uprising in the country, upending her 15-year rule. Critics have accused Hasina of jailing political rivals, enacting harsh anti-press laws and overseeing widespread human rights abuses, including the killing of opposition activists. But Hasina remains defiant, saying that "fear cannot decide" her "duty to the people."

5. FOR YOUR EYES 📺

1. That’s a piece of art to capture the beauty of Malaysia by Sze Yoong (IG here). Wonder how much is this painting worth?

2. Nature’s own art on Nov 6. Looks amazing, until you watched Stephen King’s The Mist (trailer here). Liechtenstein is a country. A very, very small country, but a very, very rich country - view map here. How rich? On a GDP per capita basis, slightly more than 2x of Singapore’s USD99.4k.