☕️ MACC: Daim gone, but investigation continues

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Malaysians are the most gullible according to the Asia Scam Report 2024 by the Global Anti-Scam Alliance as we have the highest rate of online fraud revictimization in Asia, with victims being retargeted over 2.5 times on average. Hong Kong and Thailand rank second and third respectively. In response to the rising cybercrime cases, Communications Minister Fahmi Fadzil announced that the government will implement a regulatory framework for social media and internet messaging services starting January 1 next year.

USD1,084,800 (RM4.84 mil) is the price of a painting by AI robot Ai-Da, depicting World War Two codebreaker Alan Turing, sold for at a Sotheby’s auction. Originally estimated to sell for between USD120,000 and USD180,000, the digital artwork received 27 bids. This marks the first time a humanoid robot artist’s work has been sold at auction. View the robot and the painting here.

1.9% is Malaysia’s inflation rate for October 2024, a slight increase from 1.8% in September. According to the Department of Statistics Malaysia (DoSM), the consumer price index (CPI) rose to 133.4 in October, compared to 130.9 in the same period last year. On a monthly basis, inflation increased by 0.2% in October, primarily driven by higher food and beverage costs (up 0.8%), as well as increases in personal care, social protection, miscellaneous goods and services, and education, which all saw a 0.2% rise.

3. IN MALAYSIA 🇲🇾

MACC will continue to investigate the late Tun Daim Zainuddin's assets
Even though the Kuala Lumpur Sessions Court dropped charges against Daim after he passed away, the investigation will still go on under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. The Malaysian Anti-Corruption Commission (MACC) said the investigation includes his wife and other family members and focuses on the acquisition of assets overseas.

In another MACC related news, Sabah PKR information chief Razeef Rakimin said if PM Anwar Ibrahim pressures MACC into initiating arrests on the recent case exposed by a whistleblower, it could also be considered an abuse of power. The whistleblower is a businessperson who has since admitted to also being the person who gave the alleged bribes to the politicians — debt collection via whistleblowing, 2024 is wild.

RM40 bil Langkasuka project in Langkawi no go
Announced back in 2021 during the pandemic, the mixed-development project valued at RM40 bil, known as Widad@Langkasuka in Langkawi, has been axed. Managing Director of Bin Zayed International (M) Bhd (BZI), Dr Shamir Kumar Nandy, explained that the decision was made to focus on better opportunities. The decision was made back in 2022 itself.

Not all is lost — BZI has committed to invest USD2 billion (RM8.93 billion) in Malaysia over the next five years. Shamir announced this during the inauguration of the group’s Malaysian office at Tun Razak Exchange last Friday, which was also graced by the presence of Shah Rukh Khan. Shamir added that the company has already initiated several property projects, including one in Kulim, Kedah, and two in Kuala Lumpur.

4.5-day work week in Johor?
Last week, Johor Menteri Besar Onn Hafiz Ghazi, said that the state is studying a shorter work week of four and a half days for government workers. This comes after the decision to change the state's weekend holidays to Saturday and Sunday starting January 1, 2025. Minister in the Prime Minister's Department (Law and Institutional Reform) Azalina Othman Said said the implementation of this will hinge on the state government’s rationale.

In 2022, a pilot study took place in the UK to see if a four-day workweek could be beneficial. The study included 61 organisations from various fields, all interested in seeing how a shorter work week might affect employee well-being and business performance. During the six-month trial, these organisations noticed many benefits. One of the most important results was a 71% drop in employee burnout. There was also a drop in sick leaves by 65%. Seeing the benefits, 89% of the 61 organisations implemented the shorter work week after the trial, with some firms reporting a revenue growth of up to 34%.

Business

1. Negeri Sembilan may get a logistics hub
   The Ministry of Transport wants to set up a special logistics centre in Nilai or Enstek, Negeri Sembilan, to boost Malaysia's logistics industry. Transport Minister Anthony Loke Siew Fook mentioned that this area is ideal because it's close to Kuala Lumpur International Airport (KLIA) and well-connected by highways to different parts of Peninsular Malaysia. He believes that having a logistics hub in Negeri Sembilan could attract more logistics companies, which are currently crowded in places like Shah Alam and Klang, Selangor.

2. Tesla uses about 45 suppliers in Malaysia
   Tesla, the US electric vehicle (EV) company, has worked with around 45 local suppliers in Malaysia, directly and indirectly. This partnership includes sharing technology with these suppliers, as stated by the Investment, Trade and Industry Ministry (MITI). These local suppliers mainly provide semiconductor parts, machinery inspection, and factory automation systems. MITI revealed this as a response to the query in Dewan Rakyat after Tesla scrapped plans to build factories in ASEAN countries, including Malaysia.

3. Bumi Armada reported a net profit of RM211.33 mil for 3QFY2024
   The Malaysia-based international offshore energy facilities and services provider Bumi Armada Bhd reported a net profit of RM211.33 mil in the third quarter ended Sept 30, 2024, a 19% increase year-on-year. The company explained that the operations segment revenue increased due to the settlement of the operating fee escalation of Armada Olombendo floating production storage and offloading (FPSO).
   View: Bumi Armada Bhd 3QFY2024 Results.

Shorts

1. 30-days visa-free stay in China for Malaysians until 31st Dec 2025
   China has increased the visa-free period for Malaysians visiting the country from 15 days to 30 days effective 30 November 2024 onwards. This move by the government is said to be a catalyst to revitalise the tourism sector for both countries. Malaysia also grants the same privilege to Chinese nationals visiting our country.

2. Pang Rong-Su Yin took the 2nd spot at the China Masters final
   Mixed doubles Hoo Pang Ron-Cheng Su Yin (World Ranking 23) fell short of taking their first Super 750 title at the China Masters after losing to world No. 2 Feng Yan Zhe-Huang Dong Ping. Nevertheless, their efforts didn’t go in vain as they also won prize money of USD40,250 (RM180,000).

3. Malaysia Airlines flight diverted, again
   After encountering a technical issue during cruising, the pilot in command of MH79 from Hong Kong to Kuala Lumpur decided to divert to the Tan Son Nhat International Airport in Vietnam. The flight, which carried 147 passengers and seven crew members, landed safely in Vietnam at 10.40 am local time.

4. AROUND THE WORLD 🌎

Fight against sexual violence in France

• French father jailed for raping teenage daughter and inviting strangers to abuse her

  Amid the shocking case and high-profile trial of Gisele Pelicot in France, a victim of sexual violence by her own husband, a court trialling another sexual violence case in the country has sentenced a man to 20 years in jail for raping his teenage daughter and offered her up to strangers for sex for years. The 38-year-old father was convicted by the court in the southeastern Var region of forcing sexual acts on his daughter from the age of 13. At 15 years old, she took action and put a stop to her own abuse in 2021 by fleeing after her father's violence and humiliation escalated. Now aged 18, the girl was accompanied in court by a golden retriever trained to comfort victims of abuse when the verdict was dropped. She had, like Gisele Pelicot, declined the option of the trial being held behind closed doors. Such a fighter.

• Thousands took to the street to protest against sexual violence in France

  The case of Gisele Pelicot has inspired a movement of protests against the pervasiveness of rape and sexual violence in France. Thousands of people have taken to the streets across France to protest against sexual violence, two days before the International Day for the Elimination of Violence Against Women. The protestors also voiced solidarity with Gisele Pelicot. The French newspaper Le Monde reported that roughly 80,000 protesters took to the streets in Paris, with 400 different organisations taking part in demonstrations. It said thousands of people also took to the streets in smaller cities across the nation, including 1,500 in Renne outside Lyon in the southeastern part of France.

USD300 billion COP29 climate deal insufficient to help developing nations with climate change
The COP29 summit in Baku has concluded on Sunday, with an agreement that richer nations would provide USD300 bil annually by 2035 - a boost to their commitment to provide USD100 bil per year in climate financing by 2020 (which was late by 2 years).

The deal is meant to help poorer nations cope with impacts of climate change, but is criticised as woefully insufficient by its intended recipients.The UN climate chief hailed that the deal is an insurance policy for humanity against global warming. But, he also said that like any other insurance policy, it will only work if the premiums are paid in full and on time.

Countries required to contribute are about 2 dozen industrialised countries, including the US, European nations and Canada. European governments have demanded others pay in, including China and oil-rich Gulf states. The deal encourages developing countries to make contributions but does not require them. The agreement includes a broader goal of raising USD1.3 tril in climate finance annually by 2035 - which would include funding from all public and private sources that economists say matches the sum needed to address global warming.

All these climate negotiations are happening, while Earth reaches the hottest year on record. Climate woes are stacking up, with widespread flooding killing thousands across Africa, deadly landslides burying villages in Asia, and drought in South America shrinking rivers. What have we all become?

All about Pop Mart, creator of the lovable Labubu figurine 
Beijing-based toy retailer Pop Mart is amassing a large fan base outside China, thanks to the growing popularity of its randomly packed "blind box" containing a vinyl figurine from Pop Mart's collection of animated characters. Riding on the concept of “hunger marketing”, customers enjoy the novelty of discovering the package after they paid for the item, creating a sense of rarity and surprise. It has captivated both children and young adults in cities across Asia, particularly the elf-like Labubu figurine made popular by Lisa of the K-pop group Blackpink.

Pop Mart was founded in 2010 by CEO Wang Ning in China, and it has been expanding outside mainland China since 2020. After its first store in Jakarta, the company aims to open 30 to 40 additional stores in Southeast Asia in the near future, citing that the region is the key market that contributes 41% of total overseas revenue for the first half of this year.

Pop Mart's overseas revenue rose fivefold in the January to June period, from a year earlier, outpacing its 32% growth in China. Overseas markets account for 30% of the company's total revenue, which grew 62% to RMB4.5 bil (USD626mil). Its net profit doubled versus last year, thanks to higher profit margins in its overseas business. The share of the company's overseas revenue has jumped from 10% in 2022, fueled by its aggressive post-pandemic expansion. Its Hong Kong-listed shares have risen more than threefold this year, giving it a market capitalization of about HKD100bil (USD12.8bil).

Shorts

1. Philippines VP Sara Duterte announced that she has hired an assassin to kill Marcos

   Philippines VP Sara Duterte has brazenly announced in public that she has hired an assassin to kill the country’s President Ferdinand Marcos Jr, his wife and the speaker of the house, in the event that she is killed. Duterte was an ally of Marcos only until recent months but has expressed that she felt “used” ever since teaming up with him. The rift between the two most powerful political families has seemed to widen. In a recent speech she even mentioned that her relationship with Marcos has become so toxic that she sometimes imagines beheading him. The presidential communications office said Duterte’s remarks were being taken as a serious threat against Marcos.

2. Deaths due to methanol poisoning in tainted alcohol in Laos

   Six tourists in a Laos holiday town have reportedly died from suspected methanol poisoning in the past fortnight, believed to be ingested through tainted alcoholic drinks. Methanol poisoning is a well-known issue across South East Asia, particularly in the poorer countries along the Mekong river where law enforcement is under-resourced and limited regulations around food and alcohol standards. There is also an industry of home-brewed alcohol, which can lead to accidental poisonings. Campaigners have been trying to build awareness among tourists to the region to be careful when consuming alcohol in the region but the cause of the problem still needs to be addressed, such as the tendency of tainting at the production site.

5. FOR YOUR EYES 📺

1. MrBeast on Cristiano Ronaldo’s podcast. MrBeast announced that he will be dropping his biggest-ever video with Ronaldo on Nov 30.

2. Vaping - too good to be true