☕️ The search for MH370 resumes on a "no find, no pay" basis

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD270 mil (RM1.2 bil) is the amount tech billionaire Elon Musk spent to help Donald Trump win the US presidency, making him the country’s biggest political donor. Musk, the CEO of SpaceX and Tesla, was a strong supporter of Trump’s campaign, contributing to door-knocking operations and speaking at rallies. His financial backing surpassed any single political donor since 2010, even exceeding contributions from Tim Mellon, who donated nearly USD200 mil in the previous election cycle.

GBP10.5 bil (RM58 billion) is the amount companies are set to spend on UK product promotions during the Christmas season, primarily through online channels, according to data from WARC and the Advertising Association. Why are the companies spending so much on ads? A survey by Kantar found that more than half of the 1,250 UK adults it surveyed in October were looking forward to this year’s ads from major retailers like Amazon and Marks & Spencer. In fact, 59% of respondents said they “love” the festive promotions, a rise from 51% in 2023.

814,000 copies of Taylor Swift’s “Eras Tour” book were sold in its first weekend, making it the second-best-selling non-fiction title after Barack Obama’s presidential memoir. The book, self-published by Swift, was sold exclusively through Target for USD39.99, alongside “The Tortured Poets Department: The Anthology” vinyl and CD. Despite being sold through only one retailer, the “Eras” book became the biggest book launch of 2024. It includes over 500 never-before-seen photos, offering readers a unique glimpse into the tour and Swift’s music.

3. IN MALAYSIA 🇲🇾

1MDB initiates legal action with claims exceeding RM4.5 bil
The tables have flipped in the courts as 1Malaysia Development Berhad (1MDB) filed lawsuits against eight Amicorp entities, alleging that the group played a vital role in laundering roughly RM32 bil of misappropriated 1MDB funds between 2009 and 2014. Filed in the British Virgin Islands, the suit also named Amicorp CEO Toine Knipping. It alleges that Amicorp established and managed a network of shell companies, phoney transactions, and fraudulent financial structures that veiled the movement of stolen funds.

1MDB remains steadfast in their claim as they opine that there is strong evidence to suggest that Amicorp (at least at the highest levels) were aware of their involvement in a dishonest transaction surrounding laundering illegal money that was swindled from the people of Malaysia. On the other side of the table though, Amicorp has since rejected the state fund’s USD1 bil claim, seeing it as inaccurate, leaving the ball in the court of the British Virgin Island’s Court of Justice.

1MDB’s power play is in tandem with its broader international efforts to recover stolen assets as it scrambles to repay remaining debt and cover other expenses. According to the AG’s report back in October, the government has set aside RM39.74 bil in guarantees, just for 1MDB debts between 2019 and 2023 — the monstrous amount isn’t even sufficient, as the government still needs to allocate another RM9.46 bil to settle any outstanding amount.

ASB investors rejoice as PNB declares the highest payout since 2020
Permodalan Nasional Berhad’s (PNB) fully owned unit trust management company ASNB announced a total income distribution of 5.75 sen per unit for ASB for this financial year. Of the total amount, 5.50 sen per unit makes up the income, with the other 0.25 sen per unit as a bonus. The payout is 0.5 sen higher than the per unit dividend of 2023 and a whole 1.15 sen more than the year before that. The asset will be paid out on the 1st of January, 2025.

Speaking to the media, PNB president and CEO Abdul Rahman Ahmad stated that ASB has distributed RM196.5 bil since its inception, with 2024’s solid showing being attributed to a stronger performance in the Malaysian equity market. Rahman also highlighted PNB’s drive to make sure more Malaysians invest- concerningly, 51% of Malaysians have not started investing, while 40% of adults are yet to begin financial planning for retirement. This year’s remuneration of RM10.1 bil will benefit 11.1 mil ASB unitholders. PNB’s total assets under management stand at RM347 bil, and it targets to hit RM400 bil in 2027.

Shorts

1. Malaysia set to be BRICS partner

   Effective 1 Jan 2025, Malaysia will be among many countries that become BRICS partners. Malaysia’s partnership application was strongly supported by Russia, China, and India, according to PM Anwar Ibrahim, who confirmed that our application was sent to the Kremlin. More than 20 other countries have shown interest in the formation of the BRICS pact, with Belarus, Indonesia, and Thailand to name a few. No, it doesn’t mean that the organisation's acronym is becoming BRICSM soon. What it does mean, however, is that Malaysia will soon have opportunities in areas like non-dollar trade and discussions on global financial reform.

2. Nation's first autism-friendly nursery to be in Melaka

   After the proposal was met with a positive response from DPM Zahid Hamidi, the first autism-friendly nursery by the Community Development Department (Kemas) is set to open next year in every district, starting in Melaka. Children from the B40 group will be prioritized, as public complaints identified that the high cost of therapy classes at private centres burdened parents financially, disallowing autistic children from education opportunities. Six teachers were already selected to work at the Kemas Autism Nursery in Melaka in July, with the director of Kemas Melaka stating that those with a degree in Early Childhood Education and specialized in Special Education are being prioritised.

3. Anwar confirms MH370 search is back on

   After Transport Minister Anthony Loke announced the Cabinet’s agreement to resume the search for MH370 on December 20, PM Anwar confirmed on his Facebook page the undertaking on the same “no find, no pay” basis. He stated that the families and the public are owed an explanation regarding the fate of the Malaysia Airlines flight and emphasised the need to balance continuing the search with the spending of taxpayer money. However, the PM expressed scepticism about Ocean Infinity’s search endeavour. Time will tell. Question is, when found, how much is the ‘pay’?

4. Government with most TikTok content and account removal requests? Malaysia
   The social media platform recorded a total of 2,606 requests from the government in just the first half of the year- the Malaysian government triumphed over other countries in the period. Most of the requests were to remove or restrict content or accounts. This figure is a drastic increase of almost 40% from the second half of 2023 and a whopping 7x compared to the first half of last year. Indonesia ranked second on the list- our huge number of requests made their 778 seem measly. 

   TikTok took action on 86% of the requests for varying reasons, most of which were “violating community guidelines”.

4. AROUND THE WORLD 🌎

So It Was You, Israel!

• Hamas Leader's Assassin

  Israel’s Defense Minister Israel Katz has admitted Israel’s role in the death of Hamas leader Ismail Haniyeh in July on Iranian soil, with the admittance risking escalating tensions. He admitted the fact during a speech, where he was “conveying a clear message” to the Houthi terrorist organisation in Yemen, which has taken part in firing missiles at Israel.

• Actions And Consequences

  Just as Israel has promised consequences for the intercepted missile, a report has found that the actions of the Israeli military had a “circumstantial influence” on the decision by Hamas militants to kill six hostages. The Hostages and Missing Families Forum, which published the report, also claimed that, if previous ceasefire talks had been successful, those hostages would be home already. As it stands, current talks between Hamas and Israel could secure the release of 100 hostages. However, both parties are trading blame for failing to conclude a new ceasefire agreement.

• Looter Control Failure

  UN and US officials accused Israel of failing to crack down on armed gangs attacking food convoys in Gaza despite a pledge to do so to help ward off famine. Despite the behind-closed-doors pledge, the IDF took only limited action. October’s assessment recorded the loss of USD9.5 mil worth of food and other goods, with November’s assessment promising to be much worse.

• Another Hospital? 

  Israel troops forced the evacuation of another hospital in northern Gaza, pushing patients to another hospital miles away, with some making the way there on foot. The IDF reasons that the hospital was being used by fighters to launch attacks and that the IDF had “facilitated secure evacuation” both before and during their operation.

• Al-Jazeera Clashes

  The news platform clashed with the Palestinian Authority, with the latter taking issue with Al-Jazeera’s coverage of the standoff between the PA’s security forces and militant fighters in the city of Jenin. The PA accused Al-Jazeera of sowing division in “our Arab homeland in general and in Palestine in particular”. The news platform refuted this, stating it had maintained its professionalism throughout its coverage of the situation in Jenin.

ChatGPT vulnerabilities and Telegram's profitability

1. ChatGPT vulnerable to manipulation, says Guardian

   The Guardian, through a series of tests, found that ChatGPT’s search tool could be open to manipulation, which could return malicious code from websites that it searches through hidden content that alters ChatGPT’s responses, known as a “prompt injection”. One test involved using hidden content to get ChatGPT to always return a positive review on a product, even if there are negative reviews on the same page. A similar prompt injection was used to steal USD2,500 from a cryptocurrency enthusiast who had turned to ChatGPT for programming assistance.

2. Telegram CEO announces platform's profitable status

   Not only did the messaging platform hit profitability ahead of the firm’s goal of 2025, but Telegram’s revenue for 2024 also surpassed USD1 bil, with over USD500 mil in cash reserves, not counting its crypto assets. In another positive development, CEO Pavel Durov also shared that the company has repaid a significant amount of its USD2 bil debt bonds. Telegram launched its premium subscription service in 2022, with 12 mil paid users. The app has more than 950 mil monthly active users.

Azerbaijan Airlines Flight Crashes, 32 Survivors Found
Azerbaijan Airlines flight J2-8243, an Embraer 190 jet carrying 62 passengers and five crew, crashed near the city of Aktau, Kazakhstan. Authorities have found 29 survivors, including two children. The flight was on its way to Grozny from Baku, before the pilot had to make an emergency landing. An investigation commission has been set up, and aid is being provided to the families of the dead and injured. Preliminary information suggests the reason for the emergency landing was a bird strike. Warning: distressing content — a video of the crash can be seen here.

US crypto-industry hopes for day-one orders from Trump
During his campaign trail, President-elect Trump promised to create a bitcoin stockpile, ensure the crypto sector has access to banking services, and create a crypto council when courting the crypto industry. Now, they are calling on him to fulfill his promises with at least one day-one executive order, and others within 100 days of Trump taking office. Bitcoin has fallen back below the USD100,000 mark since it rallied on Trump’s election victory and the promise of a strategic reserve. As it stands, analysts remain unsure if an executive order is enough to create said reserve, or if it will take an act of Congress. It’s interesting that one of the global leaders in bitcoin mining is Russia after the country permitted the use of cryptocurrencies in foreign trade to counter Western sanctions.

Shorts

1. Chinese scammers take the Squid Game route

   They tempt victims into taking on “self-discipline” challenges without the risk of losing their lives with the promise of prize money, debt restructuring, and other schemes. One such scheme involved victims paying hundreds of dollars to stay in a room for days following prescribed rules in the hopes of winning a large cash prize.

2. Iran lifts ban on WhatsApp, Google Play

   Lifting the ban is a first step to scaling back internet restrictions, according to state media. Iran has some of the strictest controls on internet access in the world, though its blocks on US-based social media are routinely bypassed using virtual private networks.

3. China’s Nio unveils EVs to take on luxury competitors

   Chinese EV maker Nio has started sales on its most expensive model to date, the ET9 battery-electric sedan, priced at USD108,000. The model is set to compete against Porsche’s Panamera series and Mercedes-Benz’s luxury S range. For more budget-conscious drivers, Nio also launched a second sub-brand named Firefly, with a pre-sale price starting from USD20,388. These also come as Nio looks to double its deliveries in 2025 on its road to profitability.

4. Taiwan blocks Uber-Foodpanda deal

   Taiwan’s Fair Trade Commission blocked Uber’s USD950 mil acquisition of Foodpanda’s Taiwan business because of anti-competitive concerns. The FTC stated that the negative impact of the merger would outweigh all economic benefits. The loss of Uber’s main competitor in the food delivery platform market would “give Uber more inventive to raise prices for consumers and even increase commissions for restaurant operators”.

5. FOR YOUR EYES 📺

Some Christmas tree art

1. Christmas is lit in Sunway Pyramid as it catches

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2. Just in time for Christmas, NASA released the image of the Christmas Tree Cluster of stars in our Milky Way, about 2,500 light-years away from Earth.