☕️ TW: 30% of incest cases involved biological fathers

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Caution - Trigger Warning. There were 996 incidents of incest cases reported since 2021 up to October this year, involving victims as young as 6 and often targeted by family members. Worse still, 30.4% (303) of these cases involved biological fathers, followed by stepfathers (297) and uncles (164). Most incidents occur at home, linked to perpetrators struggling with sex addiction, pornography and financial issues from low-income families linked with limited education. Victims primarily consist of teenagers aged between 13 to 15 (443 cases). In one troubling case, a victim was manipulated by her father from a young age, falsely claiming their relationship was acceptable and that her virginity could be restored through traditional methods, resulting in the abuse continuing into adulthood.

The construction sector is expected to hit a RM200 bil expenditure next year, according to the Works Ministry. Of the total, RM88 bil is allocated from the government’s budget, with an estimated RM32 bil is for projects implemented by GLCs and GLICs, and RM80 bil is from the private sector. This construction includes roads, highways and bridges, slope and building repair, maintenance of various facilities and the continuation of existing projects.

More on the rising trend of microdramas in China. An entire series consisting of 80 to 100 episodes of just one to two minutes long each typically costs between RMB300k-500k (USD41k-69.5k) to produce just over 7 to 10 days. The payoff is huge if is series goes viral, raking in more than RMB100 mil (USD13.7 mil) within a week. Microdramas work on a hybrid model of monetisation via subscription and pay-per-view for individual episodes. Although the cost of production is much lower compared to typical dramas, spending on social media to drive traffic typically is the largest cost, with some studio spending up to 80% of the total recharge amount on traffic ads.

3. IN MALAYSIA 🇲🇾

Malaysia 🤝🏻 Thailand
Next year, Malaysia will chair Asean and in conjunction with Thai PM Paetongtarn Shinawatra’s official visit to Malaysia, PM Anwar announced that former Thai PM Thaksin Shinawatra (also father of the current Thai PM) will serve as PMX’s personal adviser as chairman of Asean. There seems to be a common theme here surrounding PMX here — Thaksin was jailed for 8 years on charges of graft and abuse of power upon returning to Thailand, but within days, also received a discount with his sentence reduced to one year by the Thai King Maha Vajiralongkorn. Thaksin was ousted in a military coup in 2006 and lived in self-imposed exile for 15 years before returning to Thailand in Aug 2023.

Malaysia and Thailand both are committed to enhance bilateral trade and investment, targeting USD30 bil by 2027, said PM Anwar. Thailand ranks as Malaysia’s sixth-largest trading partner globally and second-largest within Asean in 2023, with bilateral trade valued at USD24.4 bil (RM113.6 bil).

Health Ministry considers introducing Good Samaritan Law
Imagine giving CPR to a person with sudden cardiac arrest and the outcome was adverse, in whatever ways and getting sued for it. So much for being kind and helpful. This law will provide legal protection that encourages people to assist others in emergencies without fear of legal consequences, such as being sued for unintentional harm caused during the act of assistance. Many countries, including the UK, Australia and certain Asian nations have implemented the law, according to Health Minister Dr Dzulkefly Ahmad.

Having such a law will encourage more people to be lifesavers. The minister pointed to Norway where 98% of its citizens are trained in cardiopulmonary resuscitation (CPR), with training starting in schools. We are far from this threshold as the government aims to train at least 20% of Malaysians in CPR

Business

• Perusahaan Ootomobil Nasional Sdn. Bhd. (aka Proton) officially launched Malaysia’s first EV - e.MAS 7. The journey of this EV started with Proton opening an R&D centre in Hangzhou Bay, China back in April. A total of 60 local engineers were responsible for Proton’s e.MAS range in the future, including the e.MAS 7. Back to Asean - PM Anwar announced that this model will serve as the official car for the country’s Asean chairmanship next year. The EV starts from RM109,800 with the first 3,000 buyers receiving a RM4,000 discount. Full details and pictures of the car here.
  Shameless plug: If you are looking to buy a Tesla, email us for a referral code to get up to RM4.2k discount.

• Gamuda Bhd is on a roll lately. Its share price notched a new all-time high last Friday to hit RM9.79, valuing the company at nearly RM28 bil. The counter has soared an impressive 112% year-to-date. Yesterday, the company announced that its Australian subsidiary DT Infrastructure Pty Ltd has secured an AUD625 mil (RM1.8 bil) engineering, procurement and construction (EPC) job for the 585 MW Goulburn River Solar Farm Project.

Shorts

1. UMNO Supreme Council member and Minister of Investment, Trade and Industry has come out to clear the air that he has not yet made any decision regarding the rumours of him joining PKR and confirmed that there were discussions with relevant parties on this matter but none on the offer of positions at the state level, nor the possibility of a by-election.

2. For the upcoming 2025 haj season, the B40 pilgrims will receive subsidy of 55% (RM18,300), paying only RM15k per person, 29% for the M40 group paying only RM23,500 and the T20 paying the full cost of RM33,300. This year’s haj season, an estimated RM261 mil of haj financial assistance was offered, bringing the cumulative total over the 25 years to RM2.8 bil.

3. 4 animal activists are bringing the Terengganu state government and the Besut district council to court over the alleged unlawful killing of Kopi, a stray dog, 2 months ago. According to the plaintiff, as seen in the court filings, the killing of Kopi violated certain sections of the Animal Welfare Act (AWA). The activists are seeking a declaration that the shooting of animals is prohibited by law unless it falls within the exception listed in Section 30(2) of the AWA, including that the killing is authorised by a veterinary authority, and is necessary to prevent an imminent danger to human life, or is carried out to control the spread of disease. Kopi went viral in March over a video (watch here) playing with a stray cat and was shot dead by authorities in Besut during a stray culling operation.

4. AROUND THE WORLD 🌎

Ukraine vs Russia but spotlight on the poor North Koreans

A Language Barrier: Ukrainian intelligence reported that North Korean troops accidentally killed eight Russian soldiers in Kursk, attributing the incident to a language barrier between the two forces. However, there was no mention of when the incident happened. The report by Ukrainian media also added that language barriers continue to be a “difficult obstacle” between Russian and North Korean personnel.

Other Losses: The Ukrainian spy agency also reported that North Korean troops are sustaining more losses as they have recently been sent to conduct assaults in Kursk in significant numbers. However, the spy agency did not offer evidence. The Kremlin and the Russian Defence Ministry have declined to comment, while Pyongyang has dismissed reports about the troop deployments as “fake news”.

Come With Me If You Want To Live: The “I Want To Live” initiative under the Ukrainian military has now expanded to target North Korean troops as well. The initiative’s leaflets and videos, which have convinced 350 Russian soldiers to surrender, will now also offer North Korean soldiers a way to escape the regime and go to another country, according to a volunteer.

Israeli Madness Continues and The State of Syria

45,028: The. death toll in the Gaza Strip has now exceeded the 45k mark from the 14-month war. No signs of slowing down.

“A Stronger Golan Is A Stronger Israel”: Israeli PM Netanyahu announced that Israel will be doubling its population in the occupied Golan Heights. He also stated that Israel is not interested in a conflict with Syria, but wants to “thwart potential threats from Syria” despite the moderate tone from the rebel leaders who ousted President Assad.

A Turkish Helping Hand: The Turkish Defence Minister stated that Turkey stands ready to provide military training to Syria should they request it, with Ankara supportive of the notion of giving the new administration a chance. However, Turkey’s priority remains the elimination of the Kurdish YPG militia, part of a US-backed Syrian opposition group that it has identified as a terrorist organisation.

We Have The Wheat: The leader of Chechnya has stated that he is “ready to take responsibility” to ensure Syria gets the wheat it needs in the unlikely event that Russian wheat supplies to the country are disrupted. However, the leader did not mention how he would organise and finance said wheat supplies to Syria, or where the wheat would come from. Russia supplies wheat to Syria through complex financial and logistical arrangements designed to circumvent Western sanctions on both countries.

The hits VW takes and Ford's multi-billion dollar loan

• Last-ditch VW union chief says solution must exclude plant closures, redundancies

  Volkswagen’s works council chief also said that any compromise has to be “good for both the workers and the company” as the union and the automaker prepare to enter a fifth round of talks. The talks, should they be inconclusive, will be paused til 2025, opening VW to the threat of strikes at an unprecedented scale. Meanwhile, VW’s top shareholder, Porsche, is expected to write down the value of its 31.9% stake by another USD7.36bil to USD21 bil, reflecting the loss of faith from investors. However, the values are “rough estimates” due to an uncertain market environment.

• US finalises USD9.63 bil loan to Ford-SK On JV

  The US Energy Department has finalised the loan to Blue Oval SK, a joint venture between US automaker Ford and South Korean battery maker SK On, to help finance the construction of three new battery manufacturing plants in the states of Tennessee and Kentucky. The JV firm has already invested more than USD11 bil to date on the three plants, which are slated to begin production in 2025. However, this finalisation comes weeks before President-elect Trump moves into the White House, and just as Trump’s transition team is recommending sweeping changes to cut off support for EVs and charging stations.

  These recommendations, which also include strengthening measures to block cars, components, and battery materials from China, appear to be part of Trump’s campaign promise to roll back Biden’s EV mandate and could be a severe blow to the US EV industry. Would be interesting to know how his best buddy Musk feels about these changes.

Shorts:

1. Indonesia's largest political party expels Jokowi

   The Indonesian Democratic Party of Struggle (PDI-P) expelled the former president after he supported his former rival during the February elections instead of the party’s own candidate. The expulsion also includes Jokowi’s eldest son and son-in-law, along with over two dozen other party members.

2. Australia sues local branch of HSBC

   The Australian corporate regulator initiated the legal action, claiming the Australian affiliate of HSBC lacked adequate controls to prevent and detect unauthorised payments, failed to investigate customer reports of such transactions promptly, and did not reinstate banking services in a timely manner. This covered about 950 reports of customers, with customer losses of about USD14.6 mil between January 2020 to August 2024.

3. OpenAI court case calls on deceased former employee

   Former OpenAI researcher Suchir Balaji was named as a custodian in a lawsuit where The New York Times is accusing OpenAI and Microsoft of using “millions” of articles from the newspaper without permission to train ChatGPT. Balaji was named custodian as he was described as “someone with unique and relevant documents” that could support the case against OpenAI and Microsoft. However, eight days after he was named, the 26-year-old was found dead, with the initial investigation ruling it was suicide.

4. Cyclone Chido's destruction "like nuclear war aftermath"

   Residents of Mayotte spoke of “apocalyptic scenes” after the worst storm in 90 years to hit the French Indian Ocean territory, with Cyclone Chido leaving some residents there without food and water. Widespread infrastructure damage such as downed power lines and impassable roads are also hindering rescue and relief operations.

5. FOR YOUR EYES 📺

Today, on billion-dollar consumer brands

1. Liquid Death, the brand that sells water in cans is now worth USD1.4 bil.

2. From a single store in 2017, cookie brand Crumbl (yes, without the ‘e’) has grown into 1,000+ franchisee-owned stores in the US generating USD1 bil+ in annual sales.

3. The King’s Hawaiian Rolls that sells USD900 mil worth of sweet rolls a year