☕️ Over 25k in Malaysia displaced due to floods and landslides

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Almost one in three sexual harassment complaints lodged through Social Support Centres (PSSS) are from men, according to the Ministry of Women, Family and Community Development. The ministry received a total of 1,486 complaints of sexual harassment via PSSS throughout the 14 series of the KPWKM@Advocacy Anti-Sexual Harassment Roadshow — 27.7% of them involved male victims.

8.54 mil individuals in China, predominantly aged between 18 and 59, have been blacklisted by authorities due to payment defaults on various financial obligations, including home mortgages and business loans. This figure has increased from 5.7 mil defaulters in early 2020, with the rise attributed to the economic challenges posed by pandemic-related restrictions, which impacted economic growth and household incomes. According to Chinese law, individuals on the blacklist are prohibited from engaging in various economic activities. This includes buying aeroplane tickets and making payments via popular mobile apps like WeChat Pay and Alipay.

Singaporeans led the way among the 26 mil tourists who visited Malaysia from January 1 to November 15, 2023, according to the Immigration Department’s latest statistics. Tourism, Arts, and Culture Minister Tiong King Sing expressed optimism that tourist arrivals would continue to rise with the introduction of a 30-day visa exemption for travellers from China and India starting December 1. The top countries contributing to tourist arrivals included Singapore (12.6 mil), Indonesia (3.2 mil), Thailand (2.1 mil), China (1.4 mil), Brunei (904k), and India (781k).

3. IN MALAYSIA 🇲🇾

🚨 Over 25,000 seek refuge as floods hit Kelantan, Terengganu, Pahang, and SelangorFloods and landslides have prompted the evacuation of 25,438 individuals across Kelantan, Terengganu, Pahang, and Selangor. Kelantan faces the most significant impact, with 14,006 people seeking shelter in 94 centres. Terengganu follows closely with 10,643 evacuees in 134 centres, marking a notable increase. Pahang witnesses a slight decrease in evacuees, while Selangor reports a family seeking refuge. Several rivers, including Sungai Kelantan and Sungai Terengganu, have reached dangerous levels, heightening concerns. Authorities are actively managing the situation.

Please stay safe and seek shelter where necessary. And don’t drive on water. Watch this Toyota Hilux get swept away.

Malaysia extends aid to deceived Bangladeshis 🤝100+ Bangladeshis were arrested after marching to report the unfulfilled job promises. Even though the legal jurisdiction lies beyond the scope of the Ministry of Human Resources, Minister Steven Sim emphasises the ministry's dedication to aiding the affected Bangladeshis. He vows to summon employers and agencies for investigation, promising stern action against wrongdoers. Sim also plans discussions with the home minister for policy enhancements related to migrant workers. Pengerang MP Azalina Othman Said calls for an immediate investigation into the syndicate responsible for deceiving 171 Bangladeshis, terming the incident "the tip of the iceberg". Azalina demands accountability from the companies involved, highlighting the importance of human rights and appreciating Sim's assistance.

Celebrity preacher PU Azman ordered to defend against sexual assault chargesRenowned preacher Azman Syah Alias, known as PU Azman, was instructed to enter defence on two charges of sexually assaulting a 17-year-old boy. Sessions Court judge finds prosecution establishes prima facie case. PU Azman opts to testify under oath on the witness stand for his defence trial. Charges framed under Section 14 (a) of the Sexual Offences Against Children Act 2017 carry potential imprisonment and whipping. The next mention is set for January 12, 2024. PU Azman faces additional charges related to alleged crimes against teenage boys in various courts.

Business news

1. Malayan Flour Mills Bhd challenges RM70.02 mil fine over price-fixing allegations 🏭Malayan Flour Mills Bhd (MFM) contests the Malaysia Competition Commission's (MyCC) decision to impose RM70.02 mil penalty on its joint venture unit, Dindings Poultry Development Centre, for alleged price-fixing. MFM deems the ruling "without merit" and, alongside Dindings Poultry, plans to appeal the decision. MyCC had fined five feed millers, including Dindings Poultry, a total of RM415.5 mil for alleged involvement in a "chicken feed cartel"🐥 to manipulate poultry feed prices. This marks the largest fines ever imposed by MyCC in its 12-year history.

2. Focus Point plans F&B expansion to shift revenue mixLeading optical industry player Focus Point Holdings Bhd is strategically expanding its food and beverage (F&B) segment, aiming to rebalance its revenue mix. Currently, at 80:20 (optical to F&B), the company plans to shift this ratio to 70:30 or 60:40 within two years. President and CEO Datuk Liaw Choon Liang sees significant growth opportunities in the relatively new F&B sector, especially with the Komugi brand. The company aims for a 50:50 revenue contribution between corporate and retail sectors and plans to introduce frozen yoghurt under a new brand concept. Focus Point's optical business remains vibrant amid increased gadget use during the pandemic. View earnings here.

3. SSF Home Group Bhd faces a 20.3% revenue dip in Q2, plans retail expansion and app upgradeSSF Home Group Bhd, which went public in October 2023, reported a 20.3% QoQ drop in revenue for the second quarter ended October 31, 2023 (2QFY2024), falling from RM39.31 mil to RM 31.23 mil due to decreased sales contributions from retail outlets. The company incurred a net loss of RM3.64 mil or 0.57 sen per share in 2QFY2024, mainly attributed to one-off listing expenses of approximately RM3.2 mil. SSF has plans to expand its retail footprint into various towns and cities in Malaysia, focusing on the northern and southern regions. Additionally, the company intends to enhance its SSFHOME mobile application, introducing an improved user interface and a new payment module to expand its reach and provide customers with more purchasing channels. View earnings here.

Shorts

1. "Gay is OK!" book banThe publisher and writer of "Gay is OK! A Christian Perspective" sought leave to appeal to Malaysia's Federal Court after the Court of Appeal upheld the government’s ban. Lawyer Edmund Bon Tai Soon, representing Gerakbudaya publisher Chong Ton Sin and author Ngeo Boon Lin, stated that 11 legal and constitutional questions have been filed for the Federal Court's consideration. The book ban, enacted in December 2020 under the Printing Presses and Publications Act, has been a subject of legal contention, with the High Court initially lifting the ban in February 2022.

2. Sabah's drug lord Datuk bustedIn a groundbreaking move under SOSMA, Malaysian police dismantled Sabah's largest drug syndicate, led by a Datuk linked to an NGO. The operation targeted 10 members, exposed an international and local distribution chain which has been active since 2015, and unveiled assets like luxury cars and businesses. No drugs have been seized yet; investigations are ongoing. Datuk concealed illicit activities through NGO patronage. The police intend to confiscate proceeds from the illegal activities and probe the syndicate’s role in contraband smuggling to Indonesia and the Philippines. Breaking Bad Sabah edition.

3. Ahmad Zahid challenges the Malaysian Bar's bid for judicial reviewThe deputy prime minister is challenging the Malaysian Bar’s application to initiate a judicial review over the Attorney-General’s decision to halt proceedings against him. The High Court granted Ahmad Zahid Hamidi a DNAA for charges involving Yayasan Akalbudi funds on Sept 4. The Malaysian Bar seeks to annul the AG's decision, asserting it exceeded jurisdiction and demands justification for the DNAA. The legal battle intensifies over alleged breaches of trust, corruption, and money laundering charges.

4. AROUND THE WORLD 🌎

Israel-Palestine conflict updatesDue to the lack of clear military success and the growing death toll among soldiers, criticism in Israel is growing. Notwithstanding, the fact that more than 100 hostages are believed to still be held by Hamas and other factions in the Gaza Strip. Hamas has refused to discuss a fresh prisoner exchange without a permanent ceasefire. Prime Minister Benjamin Netanyahu met soldiers in besieged Gaza and pledged to push on with the war against Hamas.

Residents of Gaza’s Maghazi refugee camp have returned to their neighbourhood to find only blocks of concrete lying where their homes had stood. More than 100 people were killed on Sunday as at least three houses in the camp were hit by Israeli air strikes, according to Al Jazeera correspondents.

The conflict may drag on at this rate.

Want to save money for your wedding? Try sharing with 49 other couplesIt is now a trend in Afghanistan as couples seek to avoid the high costs of a traditional wedding. According to BBC, a mass wedding ceremony involving 50 couples was held in Kabul. It was organised by a charity that also provided the newly-weds with items including a carpet and household appliances to start their married life. A typical traditional wedding would cost between 200,000 to 250,000 Afghanis (~RM13.3K to RM16.7K) compared to 10,000 Afghanis (~RM670) for a mass wedding.

Business deals

1. AstraZeneca expands its footprint in ChinaAstraZeneca has announced its acquisition of Gracell Biotechnologies for up to USD1.2 bil in a move to strengthen its presence in China and advance its cell therapy endeavors. The cash deal values Gracell at USD2 per ordinary share, or USD10 per American Depository Share (ADS) of Gracell, with an additional non-tradable contingent value right of USD0.30 per ordinary share, contingent on meeting specific regulatory milestones. This strategic acquisition will bring several experimental therapies into AstraZeneca's portfolio. AstraZeneca holds a significant position in the Chinese pharmaceutical market, with the country contributing 13% to the company's total sales in 2022.Learn: What is ADS

2. Israel welcomes Intel with open armsIn a significant move, Israel's government has approved a USD3.2 bil grant for Intel Corp to support the construction of a new USD25 bil chip plant in southern Israel. This marks the largest investment ever by a company in Israel and is seen as a notable display of support from a major U.S. company. The decision comes amid increased pressure from Washington on Israel to take steps to minimise civilian harm in the ongoing conflict in Palestine. The expansion is part of Intel’s plans to restore its dominance and compete with AMD, Nvidia and Samsung.

Shorts

1. Libya’s stock market resumes trading after nine yearsLibya's Stock Market reopened in Tripoli after a closure of over nine years due to political and security concerns. The reopening ceremony was attended by Prime Minister Abdulhamid al-Dbeibah and other officials who rang the bell to signify the resumption of trading. Among the 10 companies listed for Monday's trading, only three actively participated, according to Lamin Haman, the market's media adviser.

2. Pornhub owners pay USD1.8 mil to resolve sex trafficking probeAylo Holdings, the parent company of Pornhub, will pay USD1.8 mil to resolve a charge of profiting from sex trafficking. The company, formerly known as MindGeek, will enter a deferred prosecution agreement with a monitor overseeing compliance efforts for three years. Pornhub has faced criticism for negligence in moderating third-party uploads of adult content, potentially involving victims of sex trafficking against their will or without their knowledge.

3. Want to reside in the UK? You may need to earn £38,700 a year from 2025 onwardsThe UK government has announced plans to implement a new rule requiring individuals to earn GBP38,700 per year before being eligible to bring their family to the country. The increase from the current GBP18,600 threshold, originally scheduled for spring, will now be introduced in two stages. The threshold will first rise to GBP29,000 next spring, with the full increase to GBP38,700 taking effect the following year. The plan intends to reduce the net migration number. In 2022, the UK registered a net migration of 745,000.

5. FOR YOUR EYES 📺

1. Are you an early bird or a night owl?

2. If you’re a dog lover, this should be right up your alley! Watch as MrBeast gets 100 abandoned dogs adopted.

3. The Secret Origins of CNY by comic artist themokumentary