- The Coffee Break
- ☕️ The list of Daim's 71 undeclared assets according to MACC
☕️ The list of Daim's 71 undeclared assets according to MACC
Najib's pardon - what's happening? RM20 mil Sambal Nyet sold in 2023, and Khairul Amin's 2nd product. Interview with billionaire Farm Fresh co-founder.
1. MARKET SUMMARY 📈
Information as of 0725 UTC+8 on Jan 30, 2024.
2. NUMBERS AT A GLANCE 🔢
USD57 mil (RM269.8 mil) - the lifetime OnlyFans earnings since Jan 2020 of Amouranth, a top streamer in the world with more than six mil followers on Twitch. She posted a screenshot on X of her OnlyFans dashboard, showing she was in the “top 0.01% of all creators” earlier this month, which also showed her gross earnings before OnlyFans took a USD12 mil cut. Interestingly, “Messaging” contributed USD26.5 mil (46.5%) of her total earnings - see the breakdown here. More stats about the world of OnlyFans here.
The Rubik’s Cube turns 50 this year and shows no sign of slowing down. Created by Erno Rubik in 1974, the 3-by-3 cube was created as a mathematical tool to help Rubik’s students understand 3-dimensional movement. The puzzle toy is now owned by Toronto-based Spin Master, who acquired the brand in 2021 for USD50 mil (RM236.7 mil). The toy now commands a 42% market share in the brain teaser category. In 2022, Rubik’s Cube global retail sales grew 4% to hit USD75.3 mil, selling nearly six mil units and as of Nov 2023, year-to-date sales are still growing strong at 14%. The current world record for solving the cube is 3.13 seconds and there are 43 quintillion combinations (18 zeroes).
RM20 mil — sales of food influencer and entrepreneur Khairul Amin’s Sambal Nyet in 2023, up by 40% year-on-year, though he did not disclose how many units were sold. And that’s from a single product. He will be launching his second product, Dendeng Nyet Berapi, this coming Friday, with a first batch of 80,000 up for sale. This new product has been a year in the making and involved an investment of RM2 mil in machinery and factory renovation, according to Khairul.
Untuk tahun 2023, jualan Sambal Nyet mencecah Rm 20 juta, peningkatan lebih 40% dari tahun 2022. Hari ini juga kita ingin mengumumkan produk kedua di bawah jenama khairulamingbrand.
80,000 unit akan dijual untuk launching pada hari Jumaat (2 Feb) ini. Kita telah ambil masa… twitter.com/i/web/status/1…
— Khairulaming (@khairulaming)
Jan 29, 2024
If you feel like you’re losing everything, trees lose their leaves every year, yet they still stand tall and wait for better days to come.
3. IN MALAYSIA 🇲🇾
Daim’s day in court, calls Anwar “wolf in sheep’s clothing” 🐺
The former finance minister, Daim Zainuddin, pleaded not guilty in the Sessions Court to charges of failing to declare his assets to the Malaysian Anti-Corruption Commission (MACC). Despite health challenges, he remains resolute, urging the public to hold the government accountable. Daim's frail condition, attributed to health issues including a kidney transplant and hearing impairment, was evident during his court appearance. His lawyers highlighted his medical conditions, arguing against imposing strict bail conditions. The judge set bail at RM280,000 without additional conditions, considering Daim's health. Check out here for the list of all 71 of Daim's assets - owning any one of the properties would make the most of us here laugh. Just imagine his assets offshore.
He also criticised Prime PM Anwar, labelling him as a "wolf in sheep's clothing" for failing to deliver promised reforms. He highlighted instances where integrity and governance standards have allegedly been compromised, citing the dropping of corruption charges against Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi as an example. He accused Anwar of prioritising personal vendettas over addressing economic woes and the needs of ordinary citizens.
Bersatu vows action: Amends constitution to rein in MPs 📜
After shooting itself in the foot, Bersatu finally learns its lesson. In response to six Bersatu MPs declaring support for Prime Minister Anwar Ibrahim while remaining in the party, Bersatu's secretary-general Hamzah Zainudin announced amendments to Article 10 of the party's constitution. The decision, made by the Supreme Council, empowers Bersatu to take legal action against disloyal representatives and seek seat vacancies, prepared to face by-elections. Hamzah also asserted the party's commitment to Muhyiddin Yassin's leadership in their ongoing struggle against perceived injustices under Anwar's government.
Agong's final meeting: Decision on Najib's jail term awaited
The Pardons Board, chaired by the outgoing Yang di-Pertuan Agong, took place yesterday with former Prime Minister Datuk Seri Najib Razak's jail term on the agenda. This marks the last official meeting for the Agong before his reign concludes on Tuesday. Minister Dr Zaliha Mustafa confirmed the meeting but was unsure if it was postponed again. Najib’s lawyer said they had no information about the meeting.
The Pardons Board's sittings are considered top secret, with the identities of its variable members and meeting dates not publicised, as emphasised by Najib's lawyer, Shafee Abdullah. Earlier reports indicated that the Pardons Board would review Najib's application during its sitting in the third week of January, following its deferral from a meeting in December. Despite applying for a royal pardon in September 2022, Najib's legal team expressed frustration over the lack of response from the Pardons Board.
YNH sells 163 Retail Park for RM215 mil amidst market recovery
YNH Property Bhd plans to sell its seven-storey retail shopping centre, 163 Retail Park, in Mont Kiara, Kuala Lumpur, to Sunway Real Estate Investment Trust for RM215 mil. Despite a pro forma net loss of approximately RM12.04 mil, YNH intends to utilise the proceeds for working capital and loan repayment.
YNH Property Bhd, struck by market sell-offs, has witnessed a recovery in recent trading, rising as much as 20.28% in early trading on Jan 29. Despite plummeting 87% since the year's start, the stock has gained traction, trading 12.59% higher. However, uncertainties linger over sustained recovery, with challenges to reclaim its previous share price heights. Owned by tycoon Yu Kuan Chon, YNH is undergoing scrutiny over its financial statements, particularly concerning joint ventures and turnkey contracts. The company is in the process of addressing these issues, including appointing a professional firm for an independent review amidst market volatility. View financials here.
Around 120,000 consumers in Penang's southwest district will face a postponed SWSI starting from 11.30 pm on Jan 30. It is expected to be completed in 16 hours and it involves installing two 600mm pipes for water diversion. Consumers may experience reduced water pressure due to the smaller pipe capacity. A more permanent project to replace the underwater pipeline is planned in six to eight months.
A Rapid KL bus caught fire on Jalan Ampang with six passengers on board. The bus captain evacuated passengers, and no injuries were reported. Investigations into the cause are underway. Rapid Bus apologised to affected passengers and assured cooperation with authorities. Watch the video here.
AirAsia announced the reinstatement of direct flights from Penang to Kota Kinabalu and Kuching, starting March 31. Booking for daily flights is now open, with promotional fares starting from RM119 for one-way trips. The offer is valid until Feb 18 for travel between Mar 31 and Nov 18. This route not only benefits Penang travellers but also provides convenience for those from the northern states of Peninsular Malaysia.
4. AROUND THE WORLD 🌎
Evergrande: Chapter Liquidation
Evergrande, once China’s second-largest property developer and now the world’s most indebted developer with more than USD300 bil (RM1.4 tril) of total liabilities, has been ordered to enter into liquidation by a Hong Kong court. The judge has decided to liquidate the company after it had been unable to restructure after more than two years after defaulting on its bond payment. Liquidators will now take control of the company’s assets and prepare to sell them to repay its debt.
Even then, creditors won’t be able to recoup much. An analysis by Deloitte in July estimated a recovery rate of 3.4% if the developer was liquidated. Not a good news for China’s already fragile economy and property market, which is in crisis mode.
Toyota: After safety testing scandal, now certification test issue
Following a safety testing scandal in its wholly-owned subsidiary Daihatsu in late December that ran for more than three decades, Toyota Motor, the world’s largest automaker, now said it would halt shipment of some models after finding irregularities in certification tests for diesel engines developed by its related company Toyota Industries. An investigation found irregularities during horsepower output testing to certify three diesel engine models. These engines affect 10 models globally, including Hilux truck, Land Cruiser 300 SUV, Fortuner SUV and Lexus-branded LX500D SUV.
Toyota did not disclose how many affected vehicles were sold over the years, but it said that the company used 36,000 of the affected engine models worldwide each month, working out to about 432,000 units per year. Toyota Motors owns a nearly 25% stake in Toyota Industries and the supplier, in turn owns about 8% of Toyota itself. Cross-shareholding is a common practice in Japan as a defence against hostile takeovers, though this has been slowly unwinding. Data in 2021 showed that a third of Japan’s USD6.6 tril stock market is owned by cross-shareholders.
Amazon has called off its USD1.7 bil cash acquisition of iRobot, the maker of the Roomba robot vacuum it announced in 2022, as the deal faced intense competition scrutiny on both sides of the Atlantic. On the same day, iRobot announced that it would lay off about 31% of its staff or roughly 350 employees and its CEO would depart. Regulators were concerned that Amazon could reduce the visibility of a competitor’s product and might find ways to raise the cost of rivals to advertise their products on Amazon’s platform.
Klarna is turning BNPL (Buy Now Pay Later) into DaaS (Debt-as-a-Service - jk, no such thing, we just coined it ourselves). The BNPL giant introduced its subscription plan called “Klarna Plus” for USD7.99 per month, featuring benefits like no added service fee, double reward points and access to exclusive discounts. This is likely a step to bolster its revenue ahead of an anticipated IPO.
Read: The dark side of fintech: BNPL’s negative impact on financial well-being.
Gunmen attack church in Istanbul
2 gunmen attacked a Catholic church in Istanbul during Sunday mass, killing a man. The two murder suspects have been captured, according to Turkey’s interior minister. The Islamic State has claimed responsibility for the attack, but it was not immediately clear what was the motive for the attack.
Hedge funds made a killing in 2023
The hedge fund industry recorded bumper profits in 2023, raking in USD218 bil after fees. The top 20 leading hedge funds made USD67 bil in investor profits in 2023, triple the USD22.4 bil in 2022. These top 20 funds accounted for one-third of annual gains last year despite managing less than a fifth (19%) of the industry’s assets. Taking the top spot is Chris Hohn’s TCI, recording gains of USD12.9 bil in 2023 and total gains of USD41.3 bil since inception in 2004.
View table: Top 20 managers by 2023 profits
5. FOR YOUR EYES 📺
Mr Money TV interviewed the co-founder and CEO of Farm Fresh Bhd Loi Tuan Ee, on his journey building Farm Fresh into a RM2.77 bil company, life and whether money changed him. For a further deep dive into business aspects, the sister channel FAQ Show interviewed Loi separately here.
You may start planning your Sakura holiday now.
How healthy is your sex life in your relationship? Read more here on a study conducted in 2015 of over 30,000 adults.