☕️ Najib's "wfh" prison sentence moves one step forward

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Thai PM Paetongtarn Shinawatra has recently declared total assets worth nearly THB14 bil (RM1.83 bil), making her the richest PM in the history of Thailand. 3 of the 5 wealthiest PMs came from the Shinawatra family. Paetongtarn is the daughter of billionaire ex-PM Thaksin Shinawatra. Some of her other assets declared: THB11 bil (RM1.43 bil) in investments, THB1 bil (RM130.4 mil) in deposits and cash, 75 watches valued at THB162 mil (RM21.1 mil), 217 handbags worth THB76 mil (RM9.91 mil) as well as property in London and Japan. On the other side of her balance sheet, she also declared liabilities of nearly THB5 bil (RM651.8 mil), giving her a net worth of THB8.9 bil (RM1.16 bil).

Malaysia recorded 5.74 mil graduates in 2023, reflecting a 4.2% increase, according to the Graduates Statistic 2023 report. Of this, 4.92 mil mil were active in the labour force, translating to a graduate labour force participation of 85.7% with improved employment opportunities and lower unemployment rates. 67.6% of employed graduates were in skilled professions, with the majority (77.5%) of 3.69 mil employed in the services sector. Higher earnings were recorded as well for graduates in 2023 with median monthly salaries and wages up 3.4% to of RM4,409 (2022: RM4,265).

Netflix’s latest season of Squid Game amassed 68 mil views in the first 4 days of release, blowing past the viewership record for a show’s premiere week on the streaming platform held by the first season of “Wednesday”, which had more than 50 mil views after it launched in 2022. The first season of Squid Game still remain as Netflix’s most popular non-English show, with over 256 mil views. After the first season debuted, Bloomberg reported that Netflix expected the series to create nearly USD900 mil in value for the company.

3. IN MALAYSIA 🇲🇾

The Najib Saga Continues

High Court to review if Najib serves his remaining prison sentence at home after appellate decision by Appeals Court
The cat’s finally out of the bag.

The supplementary royal decree allowing Najib to serve his remaining six-year prison sentence at home, which the former PM claimed existed, made rounds on social media today. Its legitimacy was confirmed in a letter by the Comptroller of the Pahang Sultan’s Household.

The Court of Appeal, in a split 2-1 decision, allowed Najib’s appeal for leave to commence a judicial review to compel the Home Minister and the government to enforce the decree issued by the previous YDPA. The matter has been reverted to the Kuala Lumpur High Court for further hearing and arbitration procedures. Surprised to hear no rebuttal from the prosecution, Judge Firuz Jaffril noted that the issue of hearsay no longer stands.

However, Home Minister Saifuddin Nasution stated in a press conference today that the Prisons Department never received the addendum, only instructions regarding Najib’s sentence commutation. Prior to confirmation, the addendum was a well-kept secret. Outside of the Najib family- and apparently the government- the only person publicly named in subsequent affidavits as having confirmed its existence was Investment, Trade, and Industry Minister Zafrul Aziz.

UMNO requests King’s goodwill for a Najib full pardon
Bagi peha, nak betis. Following the Court of Appeal’s appellate decision, UMNO president and DPM Zahid Hamidi expressed gratitude to the Pahang Sultan, who served as the previous YDPA, and appealed to the current YDPA, Sultan Ibrahim, to fully pardon Najib.

Zahid stated that confirmation of the royal addendum’s existence supports both his and Pahang Menteri Besar Wan Rosdy Wan Ismail’s affidavits, which affirmed Najib’s claims of being permitted to serve the remainder of his six-year prison sentence under house arrest. The UMNO president also thanked party members and loyal supporters for their unwavering support throughout the Najib debacle.

Business

• Oriental Kopi to raise RM184 mil in IPO
  Oriental Kopi Holdings Bhd, established in December 2020 and already operating 20 cafes across Malaysia with one in Singapore, has announced its IPO, aiming to raise RM183.96 mil ahead of its listing on the ACE Market, giving it a market cap of RM880 mil. The company has allocated approximately RM75 million for working capital, RM53.68 mil for the development of a new head office, central kitchen, and warehouse, and RM36.4 mil for café expansion operations.

  Oriental Kopi’s boss is Calvin Chan, who also happens to be the founder of Beutea and Black Whale.

• NationGate shares experience healthy rise amidst 2025 NVIDIA GPU shipments
  NationGate Holdings Bhd emerged as the fourth biggest gainer on Bursa Malaysia on Monday, rising as high as 11.9%. As one of the four elite NVIDIA OEM partners in the ASEAN region, the company’s growth is attributed to the anticipated shipment of AI GPU servers beginning in the first half of 2025. Additionally, its position as a neutral OEM partner for non-US hyperscalers aiming to relocate their supply chains to the region has bolstered its market potential.

  The ongoing AI boom has proven to be sunshine and rainbows for the Penang-based company. Analysts forecast a remarkable revenue growth of 62.7%, reaching an estimated RM6.19 bil in 2025. Meanwhile, net profit is projected to grow slightly behind at 57.6%, amounting to RM210.6 mil. This positions NationGate with a respectable price-earnings (P/E) ratio of 29.8, reflecting its strong growth trajectory. Its market cap stands at RM6.28 bil.

  Despite the company’s promising outlook, co-founder and MD Ooi Eng Leong recently sold a 5% stake, reducing his holding to 60%. CEO Lee Kim San has also been reducing his stake, selling 600,000 shares in December 2024. It’s ok to take some money off the table.

Shorts

1. MACC to respond to corruption complaints within 24 hours
   As part of the seven enhancements outlined in the new MACC Client Charter unveiled by Chief Commissioner Azam Baki, the MACC is committed to responding to corruption complaints within 24 hours of receipt. Complainants will also be able to check the status of their complaints after 28 working days. Additionally, the Corruption Offenders Database is set to be enhanced, with offenders to be added to the database within 14 working days of their conviction in court, amongst other changes.

2. MOT to establish taskforce to combat overloaded heavy vehicles
   This year’s Transport Ministry agenda includes prioritizing the issue of heavy vehicle overloading by reviewing fines, examining the logistics ecosystem, and collaborating with port authorities, according to Minister Anthony Loke. The Ministry is also considering imposing liability on consignees for overloading offences and developing regulations for pick-up vehicles to safely carry goods within permitted weight limits. Additionally, the agenda includes ensuring the safety and quality of rebuilt heavy vehicles in collaboration with MITI.

4. AROUND THE WORLD 🌎

Israel-Gaza Ceasefire: 34 Captives To Start

How are the captives?
Hamas has indicated it is ready to release 34 captives as “part of the first phase of a prisoner exchange deal”, with the swap including all women, children, elderly people, and sick captives being held in Gaza. However, Hamas has asked for time to communicate with the captors to identify who among the captives is alive or dead. The office of Israeli PM Netanyahu stated that Hamas has not shared details of the captives with Israel, even as negotiations are underway in Qatar for a ceasefire agreement.

Clock ticking for Biden's peace plea
The new hiccup in the negotiations is yet another problem for outgoing US President Biden’s administration, which wants to complete the ceasefire deal in the next two weeks before Biden exits the White House. It remains unclear just how close the two sides are to a ceasefire, especially as the unofficial deadline of Jan 20 approaches. That is the date of President-elect Trump’s inauguration, with Trump promising there would be “hell to pay” in the Middle East if hostages held by Hamas were not freed.

Another hostage swap?
Meanwhile, over in Iran, Tehran has likened the detention of Iranian businessman Mohammad Abedini in Italy at the request of the US to “hostage-taking”. The businessman is wanted by the US on suspicion of involvement in a drone strike against US forces in Jordan, which Iran has denied. This follows Italy’s foreign ministry summoning the Iranian ambassador and demanding the immediate release of reporter Cecilia Sala, who was detained in Tehran after Abedini was arrested. This was then followed by Iran’s foreign ministry summoning the Italian ambassador to urge them to “reject America’s hostage policy”. There seem to be some glaring similarities here.

Trump, Congress, and the huge bill

• Congress to certify Trump

  Despite a winter storm barreling towards Washington, the US Congress will be meeting up at Capitol Hill to formally certify Trump’s election as president, four years after a mob of Trump supporters stormed the Capitol following Trump’s defeat in 2020, causing more than USD2.8 mil in damage. The Democrats are not expected to try to block the certification. However, a new law makes it harder for objections to the certification, while a new security fence has been installed around the Capitol building.

• Trump wants massive bill covering campaign promises

  The President-elect has called on his fellow Republicans in Congress to combine his priorities into one massive bill that would cut taxes, bolster border security, and increase domestic energy production, covering much of his campaign promises. The cost of the bill, which could reach trillions of dollars, can be covered by the Republicans, according to Trump, by raising tariffs on imported goods. Lawmakers have been undecided over whether to pass those bills separately or as one bill, with Republicans considering a plan to use a set of rules to bypass appealing to the Democrats.

• Trump's plans to broaden tariffs may not be that inflationary, say analysts

  A number of leading economists, including advisors of past US presidents, are coming around to the view that Trump’s plans to broaden tariffs, cut taxes, and curb immigration may not be as inflationary as initially thought. Former Federal Reserve chair Ben Bernanke believes Trump’s policies will be modest in terms of their effects on the inflation rate, adding that the effect of the tariffs is also hard to judge, as there is no indication as to whether or not said tariffs are temporary. Former Obama administration advisor Christina Romer agrees, but warns that any attempt by Trump to interfere with the independence of the Federal Reserve would be “very consequential”.

A blocked deal, holiday shopping, and USD1.6 bil in funding

• Nippon, US Steel sue Biden over "unconstitutional" deal-blocking

  The two firms alleged US President Joe Biden of violating the Constitution by blocking Nippon Steel’s USD14.9 bil bid for US Steel. They allege Biden’s decision was backed by a “sham national security review”, and want the federal court to overrule the decision, leaving them free to undergo a fresh review without political influence. The deal block also had ramifications on Nippon Steel, which has to review its growth strategy while dealing with the 0.75% dip in its share price after Biden’s decision was announced.

• Salesforce: AI-powered chatbots boosted online sales in US by 4%

  The 2024 holiday season in the US saw a 4% boost in online sales as retailers turned to AI-powered chatbots for certain aspects of business, leading to a USD282 bil rise in sales between Nov 1 to Dec 31, up USD10 bil from the previous year. However, this is tempered by a high rate of product returns by customers at 28%, according to Salesforce’s data, as it could reduce the overall profit margin for retailers.

• Singapore data centre company raises USD1.6 bil

  Digital Edge raised over USD1.6 bil in new capital through a combination of USD640 mil in equity funding and USD1 bil in debt financing. The funds will go towards expansion so that the firm will be better positioned to meet the increasing cloud and AI demands of its clients. Digital Edge currently owns and operates 21 data centres with over 500 megawatts in service and under construction, with another 300 megawatts held for future development.

Shorts:

1. Indonesia rolls out multi-billion dollar free meals programme

   The brain-child of President Prabowo Subianto to provide free meals to more than a quarter of his people was launched on Monday, feeding 570,000 on its first day with only 190 kitchens preparing meals for school children and pregnant women in over 20 provinces. The final aim of the programme is to offer free meals to 82.9 million of the country’s 280 million population by 2029, which could cost USD28 bil over the next 5 years.

2. Chinese coffee chain launches five stores in Hong Kong ahead of Malaysia, US launch

   The Luckin Coffee chain, which operates over 20,000 outlets in China, opened the stores in a single day, using them as a means of assessing the Hong Kong market before deciding on further expansion. Hong Kong marks the second international expansion by the chain after Singapore, where it has 45 outlets. Luckin will also be opening stores in Malaysia in the first quarter and the US in the second quarter of 2025.

3. Canadian PM Trudeau reported to be resigning

   Word is that Trudeau will be stepping down as leader of the ruling Liberal Party, but remain PM until a new leader is chosen. This comes after his reign was faced with crisis after crisis, with the latest being US President-elect Trump’s threats of more tariffs as well as the resignation of key allies. The resignation is being seen as a pre-emptive move ahead of the election later this year, which Trudeau is expected to lose.

5. FOR YOUR EYES 📺

Squid Game Special

1. The iconic, colorful stairs in Squid Game was inspired by a real-life inspiration building. La Muralla Roja, in Alicante, Spain, was designed by the late architect Ricardo Bofill, well known for creating quirky, hypnotizing buildings in the world. Check out his other buildings. One of it even inspired a setting in The Hunger Games.

1day1architect

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2. The making of Squid Game:Season 2

3. Red Light, Green Light played at Champs-Elysees, Paris

4. Probably NSFW - RuPaul’s Squirrel Games in the latest season of Drag Race.