☕️ Kelantan's "worst flood so far", says state police chief

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD6.2 mil (RM27.5 mil) is the amount cryptocurrency entrepreneur Justin Sun paid for Maurizio Cattelan’s artwork “Comedian,” which features a banana duct-taped to a wall. This sale occurred at a Sotheby’s auction in New York on November 20, 2024, significantly surpassing the initial estimate of USD1 mil to USD1.5 mil. Sun ate the banana as part of the artistic experience. So why is this art so valuable? The value of the banana is derived from the certificate of ownership that comes with it, rather than the object itself, akin to an NFT.

USD1.5 bil (RM6.7 bil) has been raised by Malaysia’s IPO market as of November 15, 2024, the highest since 2017. This follows a record number of 46 listings, surpassing the previous year’s 32 listings. The market capitalization reached USD6.6 billion (RM30 bil), more than double the figure for the entire 2023 period, and the highest since 2013. The bustling IPO market has seen oversubscription rates more than 200 times, supported by active investor participation, especially from foreign investors.

35% of unsold affordable homes since 2021 have been reduced, according to Housing and Local Government Minister Nga Kor Ming. Since the Madani government took over, approximately 13,000 units out of 37,000 overhang affordable properties have been sold. Nga also mentioned that the property sector is experiencing a boom, and the ministry has successfully achieved its target of RM100 billion in property transactions this year.

3. IN MALAYSIA 🇲🇾

All things flood
In light of one of the worst flood seasons to hit the country, during his visit to the flood-hit Terengganu, PM Anwar Ibrahim announced an immediate allocation for Kelantan and Terengganu where both states will receive RM25 mil each. The funds will be utilised for repairing essential infrastructure such as roads and drainage systems, as well as raising road levels in Hulu Besut. Apart from that, a total of RM7.4 mil will also be allocated by Putrajaya to disburse special financial assistance of RM500 each to over 14,000 civil servants in Terengganu.

Other than the Federal Government, financial institutions and banks have also stepped in to lend a hand to the flood victims. Following the footsteps of Hong Leong, who provided a 6-month loan moratorium, CIMB also provided the same. Plus, small businesses that require additional cash flow assistance could also apply for a facility up to RM700k from CIMB at a preferential rate. Bank Harimau (Maybank) on the other hand, will defer loan and financing repayments, reduce monthly instalments or extend repayment tenure. The recently acquired bank by the Sarawak Government, Affin Bank, is also offering financial relief on a variety of loans and financing products through its natural disaster relief program.

Deputy PM Ahmad Zahid Hamidi concurred that the flood situation across Malaysia, especially in Kelantan and Terengganu is definitely worse than the mass flood of 2014. On the national level, as of Saturday night, the number of victims rose by almost 4% to 152,377 victims compared to a day earlier. Despite the high number of victims, SPM exams will still continue as scheduled. Candidates will be allowed to sit their exams at a different centre and can wear appropriate attire, other than their school uniforms. At the moment, a total of 5,377 SPM candidates have been evacuated, where 58% of the relocated candidates were in Kelantan.

Let’s now zoom in on the situation in a few affected states - 

Kelantan-focus

1. Contrary to what the Kelantan State Secretary said a few days earlier, Kelantan police chief Mohd Yusoff Mamat admitted that the current flood situation in the state is the worst in history, where 87,182 victims have been evacuated to 287 temporary evacuation centres (PPS). Quoting Mohd Yusoff, “This is just the first round of floods and it's already like this. For me, this is the worst flood so far.”

2. To make matters worse, Kelantan Farmers Association (Pesak) chairman, Zuha Ismail stated that 26,000 hectares of padi fields are expected to be damaged after being submerged akin to Bikini Bottom for the past few days. You may ask how big is 26,000 hectares? It is larger than the whole land size of Kuala Lumpur.

3. However, there is a glimmer of hope on the horizon as a pilot project of the Flood Mitigation Technology or NoFloods product, which is currently at the proof of concept (POC) stage, implemented in Jertih, Kelantan, is deemed to be effective. The NoFloods product works in a way where water enters a large pipe, which can be a barrier to the flow of floods and the whole thing sits on the Internet of Things (IoT) technology. NoFloods can barricade rises in flood water up to 1.2 meters.

Kedah-focus: Kedah Menteri Besar Muhammad Sanusi Md Nor also cannot run away from the flood as he and his family were forced to relocate after his official residence in Seri Mentaloon also submerged by water, reached up to 1 meter after the river behind the residence overflowed its banks. So, in the future, less claiming Penang is yours and more effort and time should be directed toward ensuring Kedah is flood-proof.

Terengganu-focus: The heavy downpour on the northern and east coasts has led to major flooding to most and unfortunately landslides to some. In Kuala Berang, two sisters were killed in a heavy rain-induced landslide on Friday. The bodies of the two sisters were found in what is believed to be the living room, based on the residence’s floor plan provided to rescuers. 76 rescue personnel were deployed to retrieve the bodies.

Shorts

1. In response to the news where an analyst said that Petroleum Sarawak Berhad (Petros) should bear the cost of what Petroliam Nasional Berhad (Petronas) is supposed to fork out in Sarawak, once the former becomes the sole aggregator of natural gas, Batu Kitang assemblymen Lo Khere Chiang found it absurd and continued ranting about the decades of unfair treatment Sarawak was subject to by Putrajaya. Lo’s statement is equally absurd as based on common sense, whoever wants to enjoy the ‘fruit’, is supposed to pay for the cost to harvest the ‘fruit’. In 2023 alone, Petronas invested a total of RM26 bil in the national oil and gas sector across Malaysia, including Sarawak. Petros, on the other hand, only allocated RM40 bil for CAPEX over the next five years. So, is Petros biting more than it can chew?

2. Universiti Putra Malaysia (UPM) Chancellor, Selangor Sultan Sharafuddin Idris Shah decreed that the name of UPM shall remain, indirectly opposing the proposal brought forward by the Agriculture Minister Mohamad Sabu to revert the university’s name to its original name, Universiti Pertanian Malaysia. Sultan Sharafuddin stressed that the current UPM name should stay as it means ‘Pertanian UnTuk RAkyat (PUTRA)’ and the name is also in honour of the first PM, Tunku Abdul Rahman Putra Al-haj.

4. AROUND THE WORLD 🌎

Nobody is safe in Gaza, not even humanitarian and aid workers
Israel’s ongoing war on Gaza continues to give no regard to humanity whatsoever - even delivering food aid is unsafe in the heavily bombarded enclave. The latest in Gaza was another Israeli strike on a car that killed 5 people, including 3 World Central Kitchen aid workers. The organisation has worked to deliver aid, particularly freshly prepared meals in the war-ravaged territories, including Gaza, across Israel and Lebanon since the war began. It often served as a lifeline for Palestinians in Gaza who have struggled to feed themselves and their families. In April, World Central Kitchen efforts were suspended after an Israeli strike on a WCK convoy that killed 7 workers — three British citizens, Polish and Australian nationals, a Canadian-American dual national and a Palestinian, which the Israeli claimed was a “mistake”.

Trump and his tariffs

1. Trump threatens 100% tariffs on the BRICS group

   Trump is unhappy with BRICS, particularly on the bloc’s desire to flex their economic power and “dethrone” the USD as the primary global reserve currency. So what does he do? He threatened them with a 100% tariff and asked for a commitment from the BRICS countries to neither create a new BRICS Currency nor back any other Currency to replace the mighty USD. BRICS comprises 9 member countries - Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, while Malaysia is a “partner country” to the bloc.

2. US sets tariffs for solar panels manufactured in SEA nations

   Meanwhile, US trade officials have announced a new round of tariffs on solar panel imports from four SEA nations as a move to address years of harmful unfair trade and protect billions of dollars of investment in new American solar manufacturing and supply chains.  The move came after American manufacturers complained that companies in the region were flooding the market with unfairly cheap goods. The American Alliance for Solar Manufacturing Trade Committee had accused big Chinese solar panel makers with factories in Malaysia, Cambodia, Vietnam and Thailand of causing global prices to collapse by dumping products into the market. Dumping occurs when a company sells a product in the US at a price below its cost of production or lower than what it charges in its home country. The agency calculated dumping duties of between 21.31% and 271.2%, depending on the company, on solar cells from Cambodia, Malaysia, Thailand and Vietnam. Jinko Solar received duties of 21.31% for products made in Malaysia and 56.51% for those produced in Vietnam, while China's Trina Solar received a dumping margin of 77.85% for products it makes in Thailand and 54.46% for those it produces in Vietnam.

Taiwan’s leader flies on a diplomatic trip and receives more weapons from the US, China is not happy
The US has approved USD385mil of new weapons sales to Taiwan, which include spare parts for fighter jets and radar systems, set to be delivered in 2025. This would be the 18th arms deal announced during the tenure of President Joe Biden. Last month, the US approved a USD2 bil arms sale package for Taiwan, including advanced surface-to-air missile systems and radar.

The move has irked China, which claims the self-ruled democracy as its own. It has long opposed US arms sales to Taiwan. Ministry spokesperson Mao Ning said that the US should “handle the Taiwan issue with utmost caution, unequivocally oppose Taiwan independence, and support the peaceful reunification of China”. It also called it a serious infringement on China’s sovereignty.

Taipei is grateful for the supply and seems to be determined to strengthen its defences amid China’s military pressure in its effort to solidify unification. Shortly after, Taiwan’s President William Lai Ching-te had set off for a trip to the Pacific, with planned stopovers in the US that have also prompted fury from China, which opposes any foreign interactions or visits by the island’s leaders.

After Hawaii, he will go to the Marshall Islands, Tuvalu and Palau, three of the 12 countries that retain formal diplomatic ties with Taipei and a part of the world where China has been exerting stronger influence. All this was part of a Pacific tour after declaring his democratically governed island a key force for promoting global peace and stability. Responding to China, Taiwan’s government rejects Beijing’s sovereignty claims and says it has a right to engage with the world and for its leaders to travel abroad.

Shorts

1. Spain applies the “climate leave” law to protect workers from having to go out for work during climate disasters
   Climate change is Earth’s new reality, and it is only apt for Spain to approve a new law granting employees in the country up to 4 days of paid “climate leave” in the event of climate disasters. The law came following last month’s devastating floods that killed more than 200 people, during which employees of several companies were still expected to work amid the torrential rain and subsequent floods. It seeks to ensure that workers are not penalized for staying at home during extreme weather conditions, and will continue to be paid. Spain's Council of Ministers approved the legislation on Thursday, and it is expected to come into effect on Friday.

2. Vietnam to complete USD67bil high-speed rail project by 2035
   The Vietnam government is set to build a USD67 bil (RM297.98 bil) high-speed rail network that will connect their northern and southern provinces. Expected to complete in 2035, the railway will measure 1,541km (RM193.4 mil per km on average) in distance, and cross 20 cities and provinces with a speed of about 350km per hour. It’s expected to increase the nation’s GDP by about 0.97% a year and generate revenue of about USD22 bil. It is said to boost national defence and security, strengthen regional connectivity and increase the competitiveness of their economy.

5. FOR YOUR EYES 📺

1. Warren Buffett released a letter a few days ago on his latest charity contribution. To avoid family infighting over inheritance, Buffett advised: “I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it.” Read the full letter here.

2. TIL: the world’s largest bank goes to Malaysia’s RM600 note. It was issued in 2017 to commemorate the country’s 60th year of independence. The note was sold for nearly 3x its face value, with only 6,000 pieces printed.

saysdotcom

View more on Instagram

3. In MrBeast’s latest video featuring Cristiano Ronaldo, a fan of Ronaldo might, might not (watch to find out!) have walked away winning USD1 mil beating Ronaldo in a shootout.