☕️ After Fashion Valet, another Khazanah-linked company investigated by the MACC

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

474,982 women have registered for the Housewives Social Security Scheme (SKSSR) under the Social Security Organisation (Socso) as of September 30, 2024, achieving 95% of the initial target of 500,000 registrations for the year, according to Human Resources Minister Steven Sim. Implemented on December 1, 2022, under the Housewives’ Social Security Act 2022, the SKSSR provides social security protection to women, married or otherwise, against domestic injury, illnesses, and invalidity while managing their households. The scheme requires a contribution of only RM120 per year, which can be made by the woman herself, her husband, family members, or any other third party.

USD1.7 trillion (RM7.43 trillion) is the amount managed by Abu Dhabi’s sovereign wealth funds as of October, making it the largest hub for sovereign fund capital globally, according to a report by Global SWF released on October 8. This positions Abu Dhabi ahead of Oslo, Beijing, and Singapore in the ranking, which for the first time assesses sovereign fund assets at the city level.
Read: Abu Dhabi named world's wealthiest city with USD 1.7 trillion

RMB50 bil (RM30.7 bil) is the projected worth of China’s companionship economy, known as “peiban jingji,” by next year. This youth-driven service, colloquially referred to as “pei liao” or “accompanied talk,” is gaining traction on social media platforms like Xiaohongshu and e-commerce sites like Taobao. Essentially a paid buddy service, it offers personal company through various activities such as chatting, gaming, shopping, and outdoor adventures like sightseeing.

3. IN MALAYSIA 🇲🇾

Johor to offer RM4,000 starting salary for skilled workers
In its bid to retain locals from seeking employment abroad (Singapore's minimum wage stands at SGD1,500 or RM5,210), Johor is set to become the first Malaysian state to implement premium salary packages for skilled workers, with starting salaries ranging from RM4,000 to RM5,000.

This initiative was announced by DPM Zahid Hamidi during the launch of the Johor Talent Development Council (JTDC) and aims to attract and retain talent, particularly graduates from Technical and Vocational Education and Training (TVET) institutions.

Emphasis was also given to the Malaysian Skills Certificate (SKM), which is an authentication that TVET graduates can achieve via training or accreditation. Read here to know more.

Zahid stated that the SKM levels 1 and 2 were equivalent to SPM, while SKM levels 3, 4, and 5 correspond to a diploma. SKM level 6 equates to a degree, level 7 to a master's, and level 8 to a PhD.

However, the Ministry of Human Resources only lists five levels of SKM on their website - view here.

Attorney-General set to vacant post to become Federal Court judge
Terrirudin Salleh, who has served as AG since Sept 6 last year, is set to be appointed as a Federal Court judge following his retirement on Nov 11.

While some sources suggest that Terrirudin could potentially take on the Chief Judge role that has remained vacant since Zabidin Diah retired in February after his Federal Court judge post, there are concerns regarding executive influence in judicial appointments. The advocacy group Project Stability and Accountability for Malaysia (Projek Sama) has called for candidates for the top four judiciary positions to be nominated from within the system, rather than from the Attorney-General’s Chambers.

However, sources also indicate that Terrirudin’s name was not part of the recommendations made by Chief Justice Tengku Maimun to PM Anwar Ibrahim, with the PM’s department refusing to comment on the matter.

Businessman demands RM1.3 mil for MADANI plate copyright
Hasan Azhari Hashim, a programme director at Ilham Madani Sdn Bhd, has issued a letter of demand to the JPJ and the Transport Ministry over alleged copyright infringement related to the Madani plate number series. In his letter, Hasan claims ownership of the "Proposal Paper for the Creation of a Special Serial Vehicle Registration Number Madani 1 to Madani 9999", which he asserts is copyrighted.

He initially proposed a collaboration with the government to sell these special plate numbers in late Feb 2023; however, JPJ announced in April that year that it would not release the series, citing misinformation. After two further letters addressed to the government, Hasan received a response in Oct 2023 stating that his proposal could not be considered due to regulations prohibiting the issuance of Special Registration Numbers (NPI) to private entities.

JPJ has issued a public notice for the "MADANI" registration series with a minimum bid starting at RM100 on Oct 19, prompting Hasan’s demand for compensation.

Another Khazanah-linked company investigated by the MACC
Fresh off of conducting four simultaneous raids on the Ministry of Finance and Khazanah-backed FashionValet offices, the MACC confirmed that it is investigating questionable investments made by a private equity firm allegedly owned by Khazanah Nasional Bhd that invests in medical technologies. Chief Commissioner Azam Baki stated that the agency is analyzing allegations from a whistleblower concerning potential misconduct involving the sovereign wealth fund. The private equity firm is reportedly led by an individual whose brother sits in Khazanah's top management.

The whistleblower has raised concerns about questionable investments made by the firm, including one involving a company that was divested last year and is no longer listed.

Shorts

1. USD8.4 bil Estonian ehailing app Bolt set to launch in Malaysia
   Bolt, Estonia’s equivalent of Grab if you will, is set to add Malaysia to its list of over 45 countries (and 500 cities) where they provide ride-hailing services. The company was last valued at USD8.4 bil (RM38.41 bil). This comes after Bolt’s announcement of finally obtaining licensing from the Land Public Transport Agency (Apad), serving as Bolt Services MY Sdn Bhd. Recruiting has already begun for Bolt as they have been accepting applications for Malaysian drivers back in August through LinkedIn. It is unclear if Bolt has further plans of bringing their food delivery service Bolt Food across the sea too. Competition is always a win for the consumer!

2. No more buying cigarettes at Mamak shops

   PRESMA, the Malaysian Muslim Restaurant Operators Association, has agreed to stop selling cigarettes on all registered premises before 2025. This decision is in-line with the Health Ministry’s directive to ban smoking in F&B establishments. Such a move is already underway, as about 50% of Mamak’s have halted cigarette sales.

3. New MH370 search being considered by the government

   Texas-based Ocean Infinity has proposed a new search location to Putrajaya after claiming it had found new evidence on the vessel’s last location in March. Transport Minister Anthony Loke said that the government has retained interest, as long as there is credible evidence to its potential whereabouts. The search is estimated to include about 15,000 square km in the Indian Ocean, with Anthony Loke stating that it will be on a “no find, no fee” basis.

4. AROUND THE WORLD 🌎

The clock is ticking for both northern Gaza and Israel
Food supplies continue to dwindle in northern Gaza, as Palestinians there gather in whatever structures still stand after repeated bombardments by Israel, in a situation that top UN officials are describing as “apocalyptic”. The high concentration of people per building has led to high casualties whenever an Israeli airstrike hits a building, evidenced by the death of at least 20 people after an airstrike damaged two houses in Beit Lahiya. Israeli forces continue their operations in northern Gaza, where yet another evacuation order has been issued in Beit Lahiya, which Israel says is meant to keep civilians out of harm’s way. However, Palestinians believe these attacks and orders are meant to empty two northern Gaza towns and a refugee camp to create buffer zones.

Still, the WHO has managed to arrange a rare transfer evacuating over 100 patients from Gaza, including children suffering from trauma injuries and chronic diseases. However, a WHO official said these were ad hoc measures, despite the organisation’s repeated requests, and that there were 12,000 people still awaiting transfer.

At any rate, this only highlights the need for humanitarian aid in Gaza, with US Secretary of State Antony Blinken urging Israel again to substantially increase humanitarian aid in Gaza and to end the war. The US State Department has also pointed out that, while the humanitarian measures provided by Israel were “not good enough”, the 30-day period for Israel to improve humanitarian conditions has not yet lapsed. Should Israel fail to keep its promise, a US State Department spokesperson stated that “we will follow the law”. And despite all these, Israel keeps giving Uncle Sam the middle finger.

US voters go to the polls!
The campaigns and scramble for voters by presidential hopefuls Kamala Harris and Donald Trump have ended as election day arrives for the US. Initial numbers indicate a close race so far, though whoever wins, history will be made:

• Harris would be the first woman, the first Black woman, and the first South Asian American to be president if she wins.

• Trump, who is already the only president to be impeached twice and the first former president to be criminally convicted, would become the first president to win non-consecutive terms in over a century.

Harris ended her campaign trail in Philadelphia, with Trump ending his in Michigan. Data from both campaigns has shown that female voters trend towards Harris and that with more female voters having cast their ballots, Harris is currently enjoying a lead. The Harris campaign has also claimed that undecided voters were leaning in their favour, with an increase in early voting among young voters and voters of colour.

Still, voters remain focused on the defining issues of abortion rights and immigration laws. Harris promised to protect women’s rights and put an end to Trump’s “divisive rhetoric”, while Trump has promised a return to a US “golden age”, with plans to lift economic regulations and crack down on migrants. Still, both candidates agree that the elections this year would be pivotal to the state of the nation.

On more tangential election topics, Harris’ ancestral village in India, where her grandfather was born, conducted prayers for her victory in a temple ceremony. The ceremony also attracted Harris-supporting tourists. Meanwhile, social media platform X and its CEO, Elon Musk, have been identified as the epicenter of US election misinformation by the non-profit group Center for Countering Digital Hate, with false or misleading claims made by Musk amassing two billion views this year. Finally, Trump has politicised the euthanisation of social media darlings Peanut the Squirrel and Fred the Raccoon, with his running mate J.D. Vance claiming the same Democrat administration that “doesn’t care about hundreds of thousands of illegal immigrant criminals coming into the country, doesn’t want us to have pets”.

Indonesian incentives, Apple's smart glasses, and the Boeing strike ending

• Indonesia's growth approaches one-year low, plans incentives

  The Southeast Asian nation is planning to introduce incentives to boost purchasing power after consumption was weakened from job cuts and economic growth slowed over the last quarter. Indonesia’s GDP growth of 4.96% falls short of the 5% estimate of 32 economists, but the new president, Prabowo Subianto, wants to boost growth to as high as 8%, with planned incentives for investments into the labour-intensive sectors. Already introduced is the extension of tax perks for house purchases and the imposition of import duties to protect the local market.

  Indonesia is also planning to import one million dairy cows from 2025 to 2028, in a bid to improve milk production needed for Subianto’s free meals programme, a key election promise. Ministry data showed the programme would need 3.6 mil metric tonnes of milk at full scale, bringing total national demand to 8.5 mil metric tonnes.

• Apple's 'Atlas' user study marks push into smart glasses

  The tech giant is exploring a push into smart glasses with an internal study, an initiative called “Atlas” which started last week. This is in line with Apple’s habit of hosting secret focus groups when considering whether to enter a new category, with employees taking the role of customers to avoid plans being made public. A move in this direction would place Apple in a position to challenge Meta’s Ray-Ban smart glasses, though an actual product would still be years away.

  Meanwhile, Meta saw its dream of a nuclear-powered AI data centre foiled by an unlikely cause. The site for the planned data centre was discovered to be the home of a rare species of bees, complicating Meta’s plan to set up the centre. The tech giant also cited regulatory challenges. But we all know it’s the bees.

• Boeing strike ends as union accepts proposal

  The International Association of Machinists and Aerospace Workers has voted in agreement to the latest proposal from Boeing, putting an end to a strike approaching two months long. The new proposal includes a 38% pay rise over four years, with a 4% bonus, marking the 40% increase the union had been gunning for. However, the old pension will not be restored, though workers will receive an increase to company matching contributions.

Shorts:

1. Chevron mulls disposal of HK gas stations

   The oil giant is considering a sale of all of its petrol stations in Hong Kong, with prospective investors already showing interest. Sources said Chevron may seek a valuation of about USD400 mil for more than 40 Caltex-branded service stations, though considerations are still ongoing. That translates to USD10 mil (RM43.6 mil) per station!

2. Equatorial Guinea rocked with sex scandal involving 400 sex tapes

   Baltasar Ebang Engonga, the director of the National Financial Investigation Agency of Equatorial Guinea, was the main character of a sex scandal involving 400 sex tapes starring him and other men’s wives, including those of prominent officials. The sex tapes were leaked on social media, and showed Engonga in flagrante with the women involved.

3. Durian on pizza takes China by storm

   China’s durian obsession has led to Pizza Hut in China declaring durian pizza as its “No. 1 best-selling pizza” with 30 mil sold. This is yet another mark of China’s love for durian, with the country also the world’s biggest importer of the fruit, bringing in 1.4 million tonnes in 2023 alone.

5. FOR YOUR EYES 📺

1. Apple Vision Pro gave the world a glimpse of what the future could look like, two social media companies are giving Apple a run for its money.

2. Other than the famous JPM Museo car collection, there is another car enthusiast in Malaysia that has a huge collection.

3. Microsleep refers to episodes of sleep below 30 seconds and do happen when one is driving. Check out Volkswagen’s Emergency Assist safety feature that steps in when it detects the driver falling asleep. All cars need to have this feature. Perhaps this feature can be extended to detect medical emergencies such as heart attacks whilst driving.

volkswagen

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