☕️ ‘Kurang ajar’ phrase now off limits in the Dewan Rakyat

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM141.72 bil in digital investments were approved under the Malaysia Digital (MD) initiative from January to October this year, leading to the creation of 41,078 jobs in the digital economy sector. Additionally, the Malaysia Digital Economy Blueprint (MyDIGITAL), led by the Ministry of Science, Technology, and Innovation, has resulted in 3,923 active start-up technology companies as of September.

The global market for Japanese animation, known as anime, has more than doubled between 2012 and 2022, reaching JPY2.9 trillion yen (approximately RM83.52 bil), according to the Association of Japanese Animations. Overseas markets have been a significant driver of this growth, accounting for about 50% of the total in 2022, up from around 18% a decade earlier. Streaming companies like Netflix are riding the way — The live-action series "One Piece," based on a Japanese comic, was Netflix's most popular show in the second half of 2023. During this time, people watched 14% more anime content on Netflix compared to the first half of the year, even though overall viewing dropped by 4%.

38% of the world’s tree species are now threatened with extinction, according to the latest update to the official extinction red list, presented at the UN biodiversity summit, COP 16, in Cali, Colombia. This marks a significant concern, as the number of threatened tree species now exceeds the total number of threatened birds, mammals, reptiles, and amphibians combined. Trees in 192 countries face threats, with land clearing for farming and logging being the biggest risks, and pests and diseases impacting trees in temperate regions.

3. IN MALAYSIA 🇲🇾

Tun Daim passed away at age 86
Over 200 people gathered to pay their last respects to Malaysia's former finance minister, Daim Zainuddin, who passed away on Wednesday morning at the Assunta Hospital located in PJ. Mourners filled the Federal Territory Mosque in Kuala Lumpur for funeral prayers, with Daim's body arriving at the mosque at 3:30 PM following a brief wake at his home. His widow, Na’imah Khalid, accompanied him in the hearse, where the cortege proceeded to Daim’s final resting place at Tanah Perkuburan Bukit Kiara 1.

As for Daim’s ongoing case of failing to declare his assets to the MACC, newly minted AG Dusuki Mokhtar stated in a text message that the ongoing prosecution will undergo review, following Daim’s sudden death. The prosecution is now waiting for a death certificate.
Read: Tun Daim: A time of his life

Daim’s former boss Dr Mahathir Mohamad shared a heartfelt sendoff message

‘Halal’ certification for pork-free and alcohol-free restaurants to remain optional
The government has decided not to make halal certification mandatory for restaurants and food companies that do not serve pork and alcohol, according to Minister of the PM Department for Religious Affairs Na’im Mokhtar. He stated that applications for Malaysian Halal Certification will remain voluntary since the system was first implemented in 1974, allowing businesses to apply if they wish to comply with halal standards. Na’im added that a premise that labels itself as “no pork, no alcohol” does not guarantee its halal status as obtaining one requires adherence to other Shariah, health, hygiene, safety, and quality standards.

Business

1. Johor bus company Hi Mobility files proposes IPO

   HI Mobility Bhd has announced its plans for an initial public offering (IPO) on the Main Market to fund the expansion of its fleet of conventional and electric buses, as well as installing charging stations. The company currently operates a fleet of 616 buses, with 53 being electric, and serves routes including the Johor–Singapore corridor under the Causeway Link brand and intracity services within Johor Bahru. HI Mobility has committed to gradually deploying a total of 215 buses in Melaka and the Klang Valley, with confirmed orders for 115 buses costing an estimate of RM58.7 mil, expected by March 2025. The company reported a net profit of RM45.1 mil in FY2024. The interesting thing about this company - it’s controlled by Lim Han Weng, the boss of O&G company Yinson Holdings Bhd and substantial shareholder of offshore support vessel Icon Offshore Bhd (bought from state-owned private equity firm Ekuinas)
   View prospectus here.

2. Malaysia eyeing 12 major Egyptian manufacturing companies as potential trade partners

   The Ministry of Investment, Trade and Industry (MITI), through the Malaysian Investment Development Authority (MIDA), has identified 12 Egyptian manufacturing companies interested in investing in Malaysia, specifically in pharmaceuticals, medical devices, aerospace, and the petrochemicals sector during a roundtable meeting held in conjunction with PM Anwar’s recent visit to Egypt. The meeting included around 60 industry leaders from 47 Egyptian firms and highlighted significant trade opportunities, generating potential exports worth RM4.8 bil. Minister Zafrul Aziz noted that the discussions revealed a strong interest in acquiring various Malaysian products, including automotive parts, palm oil, and chemicals, amongst others. 

   Also in conjunction with Anwar’s Egypt trip, the PM announced that Proton will begin local assembly of its Saga model starting December during the launching ceremony of the Egypt CKD Proton Assembly Plant. Proton aims to produce 16,000 units yearly until 2026, collectively valued at RM570 mil. Proton Chairman Syed Faisal Albar stated that Proton aims to make Egypt the main hub for the national car brand in the region, as Egypt is Proton’s first foray into assembling left-hand drive models.

Shorts

1. RM442.3 mil to upgrade Kota Kinabalu International Airport (KKIA)

   Transport Minister Anthony Loke announced that the Cabinet has approved a RM442.3 mil upgrade plan for KKIA. The project is set to be fully funded by Malaysia Airports Holdings Bhd through an investment-recovery model without the need for direct government funding. The project is expected to take 48 months, with completion anticipated by 2027. More airport upgrades are expected according to Loke, as Sabah’s Tawau Airport and Sarawak’s Miri Airport’s expansion plans have already gained approval by the federal government.

2. ‘Kurang ajar’ phrase now off limits in the Dewan Rakyat
   Carrying the meaning rude, the term is now banned in Dewan Rakyat meetings, according to Speaker Johari Abdul. Johari said the term was found to be unparliamentary, in response to a letter from Arau MP Shahidan Kassim who asked for a formal explanation of the phrase. Before debates on the 2025 Supply Bill began, Pokok Sena MP Ahmad Saad surprisingly asked the Speaker if the phrase “jangan kurang ajar” (don’t be rude) could be used instead. What do you think?

3. Parliament cafeteria shut down for two weeks due to health violations
   The main cafeteria in the Parliament building has been ordered to close until November 26, according to a notice from the Kuala Lumpur and Putrajaya Health Department. This is unprecedented, with the Speaker stating that he would investigate by summoning the involved parties to explain the closure. The cafeteria is believed to have lacked cleanliness, leading to health violations. Hey MPs, if you need an excuse to skip parliament, there is no better time. Here’s a template to use. You’re welcome.

4. AROUND THE WORLD 🌎

Israel told to do better in Gaza by toothless US

1. Support will continue
   Thirty days after the ultimatum from the US requiring Israel to do better in terms of humanitarian acts in Gaza or risk support being cut off, the verdict is in. The US has “not made an assessment that the Israelis are in violation of US law”. The assessment is that there has been “some progress”, but the US would like to see more changes happen. As such, Israel will continue to receive US support as though there are no repercussions to the ultimatum.

2. US warns Israel again at UN

   The US ambassador to the UN reminded Israel that “there must be no forcible displacement, nor policy of starvation in Gaza”, mere hours after the assessment from Washington that Israel had done enough. The UN Council meeting was convened to discuss a report that there was a strong likelihood of famine in areas of northern Gaza. The Israeli ambassador to the UN called the report by global hunger experts “simply false”. On a related note, Israeli forces have deepened their incursion into Beit Hanoun in northern Gaza, forcing most of the town’s remaining residents to leave.

Behold, the DOGE!

1. Department of Government Efficiency

   President-elect Donald Trump has set up a new government department to curb federal spending, tapping X CEO Elon Musk and former Republican presidential candidate and entrepreneur Vivek Ramaswamy to head the department. The DOGE’s mandate is to “dismantle the Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies”.

2. Manhattan Project?

   Trump also called the department “the Manhattan Project of our time”, with the DOGE meant to provide advice and guidance from outside the government, and partner with the White House and Office of Management & Budget to “drive large-scale structural reform”, creating an entrepreneurial approach to government that will see a “smaller government with more efficiency and less bureaucracy” by July 4, 2026.

3. The X Treatment

   There are speculations that Musk will be taking the same approach to government that he did to X when he took over, considering he told a Trump rally that the US government’s budget could be reduced by USD2 tril from about USD6.5 tril. He also believes the number of government employees can be significantly reduced. Remember, this is the guy who cut X’s workforce from 8,000 to 1,500 when he took over. But, this is the government - not a business. Here’s an analysis if cutting government staff will move the needle on the deficit.

4. In other news…

   Trump also won a stay in his criminal hush-money case, which will last at least one week. This means he will have more time to argue for the dismissal of the case. Had he lost the stay, he would have been sentenced in two weeks. Meanwhile, the cryptocurrency Dogecoin was also one of the beneficiaries of the general cryptocurrency boost from Trump’s election win, surging 157% to reach a USD53 bil market valuation. Dogecoin also sees Musk as a patron, considering he dubbed himself the “dogefather” once. A short history of Dogecoin here.

Klarna's US IPO, Apple's new products, and Seven & i's white knight

1. Europe's former most valuable startup seeks US IPO

   Swedish buy-now, pay-later giant Klarna has submitted draft registration documents to the US Securities and Exchange Commission. The IPO will take place once the commission completes its review, though the exact timing will be subject to market conditions. The price range and number of shares offered are undecided as yet. Klarna was Europe’s most valuable startup in 2021, when it had a valuation of USD45.6 bil, before the number dropped during a startup market downturn in 2022.

2. Apple going after smart home product segment - iCCTV?

   The tech giant is reported to be shipping a security camera in 2026, expanding its smart home presence. The firm expects its internet protocol (IP) camera to eventually hit tens of millions of units made a year, with Chinese component maker Goertek set to assemble the camera. For something a little more exclusive, Apple also recently released a coffee-table book of its top 100 albums. Limited to 1,500 copies, the book goes for USD450 each.

3. Japanese 7-Eleven owner receives white-knight bid worth USD58 bil

   Seven & i Holdings received a buyout offer from a member of its founding family worth USD58 bil. The offer, made by Ito-Kogyo, a company linked to vice president and top shareholder Junro Ito, comes at a time when the 7-Eleven owner is being courted by Canada’s Alimentation Couche-Tard, which recently made a USD47 bil offer. The white-knight bid allows Seven & i to go private under current management and remove pressure to dispose of assets without a potentially hostile buyout. However, the bid could also be a move to get Couche-Tard to bid higher.

Shorts

1. South Korean authorities arrest 215 in USD228 mil crypto scam

   The crime was identified as the biggest cryptocurrency investment scam in the country. Among those arrested include the alleged mastermind. The organised crime group was accused of selling 28 types of virtual tokens to about 15,000 people by promising high returns.

2. EU court rules that Ukraine cannot trademark anti-Russian insult

   Ukraine’s border guard force was not allowed to trademark its wartime insult “Russian warship, go f– yourself” due to it being a political slogan, according to the EU General Court. The phrase is now a point of pride and a national slogan, considering it dates back to the early days of the Russian invasion.

3. Spain issues mass alert and evacuation in Málaga province

   The mass alert led to the evacuation of thousands of people from their homes, as the alert was issued for extreme rain and flooding. The province is expected to take the brunt of an extreme weather phenomenon called a “Dana”, expected to bring torrential rain and low temperatures.

5. FOR YOUR EYES 📺

1. The two ‘losers’ in the NVIDIA rally — NVIDIA CEO Jensen Huang not purchasing shares of his own company and Son selling too early. A short and kinda funny interaction between both men.

2. Came across this video and finally got this gnawing curiosity answered each time watching medieval war films.