- The Coffee Break
- ☕️ PAS’ Priorities: ❌ Rakyat’s woes ✅ Polygamy ✅ Boycott concerts
☕️ PAS’ Priorities: ❌ Rakyat’s woes ✅ Polygamy ✅ Boycott concerts
PM Anwar's approval rating down to 50%, from 68% a year ago - Merdeka Center AG's Report 2022: Public losses >RM600 mil. Israel 🤝🏻 Hamas - Peace achieved (temporarily).
1. MARKET SUMMARY 📈
2. NUMBERS AT A GLANCE 🔢
4,435 investment scam cases were reported between Jan and Oct, involving losses of over RM364.5 mil. This averages to 15 cases per day and losses of RM82.2k per victim. This is a worrying trend as investment scams shot up by 1,577 cases or 54.1% compared to the same period last year. In fact, it’s even more ‘profitable’ as the value of losses shot up by 93.6%. The age of the victims:
15-20: 124 (2.8%)
21-30: 835 (18.8%)
31-40: 1,099 (24.8%)
41-50: 953 (21.5%)
51-60: 815 (18.4%)
60 & above: 609 (13.7%)
Would be interesting to know the damages for each age band.
In other words, depending on your age, the above is the probability of you falling victim to an investment scam. No matter your intelligence, gender, race, or profession - it’s our emotions (excessive fear and greed shut down our logic) that make us susceptible to all forms of scams (i.e. investment, Macau, love, job). Oh, and there’s a new scam in town - love investment scam. It’s a combo of love + investment scam.
Basketball player LeBron James became the first person in NBA history to score 39,000 career points. James, 38, first surpassed the leading scorer of all-time, Kareem Abdul-Jabbar’s record of 38,387 points in February. There are only 7 players in history that have scored more than 30,000 points - apart from James, the other 2 immediately recognisable names are the late Kobe Bryant (33,643) and Michael Jordan (32,292).
Mat Rempit - not exactly numbers, but this is what a motorcyclist used in place of a vehicle number and without surprise, was detained by police. The rider broke all possible laws he could - not having a valid license, not having any vehicle insurance and the road tax had expired. Anyways, using a fake number plate is a jailable offence under Section 108(3)(f) of the Road Transport Act 1987, which carries a fine of between RM5,000-RM20,000 or between 1-5 years imprisonment or both. Being funny can make you neighbours with Najib.
3. IN MALAYSIA 🇲🇾
PMX approval dips to 50% as economic concerns rise, says Merdeka CenterPM Anwar & team have taken over Putrajaya for a full year. PM Anwar’s personal approval rating has seen a decline to 50%, according to a recent survey by independent pollster Merdeka Center. The October poll highlighted growing dissatisfaction, with 48% expressing unhappiness with the Anwar administration's performance. Economic concerns, cited by 56% of respondents, were a primary reason for the negative sentiment, followed by political instability and poor administration. The findings suggest a shift in voter sentiments, influenced by expectations for economic revival and addressing inflation and wage growth issues. 📊The sample size was 1,220 registered voters in proportions reflective of the national electoral profile.
Public funds losses exceed RM600 million, Auditor-General's Report 2022 reveals Year in, year out, the only constant with the Auditor-General’s (AG) annual report is that the government keeps leaking money - just different quantums. A the saying goes - same sh*t, different year. The AG’s Report 2022 discloses losses exceeding RM600 million in public funds from 16 performance audits across 14 ministries. Notable cases involve the Padi Planting Programme, Langkawi Development Authority (Lada) real estate development, firearms management, marine protected areas conservation, investment promotion for the manufacturing sector, and the Safe City Programme. Additionally, the wastage of public funds amounting to RM21.35 million includes irregularities in the foreign workers management system (ePPAx and FWCMS) and construction industry capacity-building programs.
PAS’ Priorities: ❌ Rakyat’s woes ✅ Polygamy ✅ Boycott concerts
After Coldplay (we hope those who attended last night had real good fun!), PAS Kuala Krai MP Abdul Latiff Abdul Rahman has called on the government to cancel the upcoming Stars on Fire concert featuring Bollywood stars like Hrithik Roshan, citing it as "unsuitable and insensitive" amid the situation in Palestine. He also expressed concerns about moral implications and labelled such events as "maksiat" or sinful acts. Latiff also questioned Prime Minister Anwar Ibrahim's defence of Coldplay, redirecting the focus to what he deemed a critical issue of Coldplay's alleged support for LGBTQ+.
Meanwhile, Kubang Kerian MP Tuan Ibrahim Tuan Man, a PAS deputy president, proposed a policy suggesting "moral support" for single women over 30 to consider polygamous marriages (watch below). Tuan Ibrahim argued that with around eight million single women in the country, polygamy could be a "way out." The proposal faced criticism from female MPs, including Youth and Sports Minister Hannah Yeoh and DAP MP Yeo Bee Yin, who labelled it sexist and insulting to women. Despite the backlash, Tuan Ibrahim stood by his proposal.
Priorities ke laut.
Malayan Banking Bhd (Maybank) reported a 12.29% increase in net profit to RM2.36 billion for the Q3 FY2023, driven by higher operating income and reduced allowances for impairment losses on loans. Quarterly revenue surged by 22.95% to RM16.01 billion. For the cumulative nine months, Maybank's net profit grew 20.97% to RM6.96 billion. The bank's total assets surpassed RM1 tril for the first time. Maybank holds RM636.7 bil of customer deposits. Maybank is focused on pursuing growth opportunities while maintaining liquidity and preserving sound capital levels. Maybank is Malaysia’s most valuable listed company with a market cap of RM109.7 bil. View earnings results here.
Global carmaker Stellantis (formed after the merger of Fiat Chrysler and French PSA Group), known for brands like Citroën and Peugeot, is set to establish a new national sales company (NSC) in Malaysia by Q1 2024. The move marks the end of its partnership with Bermaz Auto Alliance, the current distributor for Peugeot. Stellantis plans to introduce new brands in Malaysia, led by the NSC, focusing on electrification and evaluating the Gurun plant as an electric vehicle battery manufacturing hub. The company's regional priorities align with sustainability goals under the "Dare Forward 2030" strategy, with over RM2 billion invested in multi-energy vehicle production. 🚗🔥
Malaysia Airports Holdings Bhd (MAHB) is targeting a 90% opening rate of its retail space in KLIA by the end of this year and 100% by Q1 of 2024. Acting CEO Mohamed Rastam Shahrom expressed optimism in restoring KLIA's vibrancy, with full retail space reopening planned for the first quarter of 2024. Meanwhile, Eraman, MAHB's duty-free subsidiary, has returned to profitability, contributing RM262.4 mil in 2022 to the group's revenue. The retail facelift comes as KLIA aims to reclaim its status as a premier air travel hub. ✈️🛍️
4. AROUND THE WORLD 🌎
Israel 🤝🏻 Hamas - Peace achieved (temporarily)Israel and Hamas have agreed to a ceasefire. The truce, which will last at least four days, will allow hundreds of trucks of humanitarian, medical, and fuel supplies into Gaza, along with a prisoner swap that will see at least 50 hostages captured by Hamas released in exchange for at least 150 Palestinians in Israeli jails.
Israeli Prime Minister Benjamin Netanyahu’s office stated that Hamas will release 50 women and children over four days at a rate of at least 10 per day. The truce could potentially be extended as long as an additional 10 hostages are freed per day. Israel will also halt all airstrikes over Southern Gaza and maintain a daily six-hour daytime no-fly window in the north.
The ceasefire was brokered by Qatar, with the Qatari government contacting the White House with a request for a small team of advisors to help get captives freed shortly after the hostages were taken on Oct 7.
SEA Tech Updates
Singaporean is new Binance CEO – Following Changpeng “CZ” Zhao’s resignation to settle a US Justice Department investigation into Binance, Singaporean Richard Teng, previously the head of regional markets, has been appointed CEO. Teng’s past experience included stints in the more traditional financial and regulatory sectors as a director of corporate finance at the Monetary Authority of Singapore (MAS) and a chief regulatory officer of the Singapore Exchange (SGX). Teng stated he was honoured to take on the mantle and will focus on reassuring Binance’s 150 million users about “the financial strength, security, and safety of the company”. Check out his Linkedin page here.
Carro looks to raise USD100 mil ahead of US IPO – The online automotive marketplace (aka Carsome’s competitor) is reportedly “entertaining approaches” from investors to raise over USD100 mil ahead of a possible US IPO in 18 months, according to CFO Ernest Chew. Carro is currently valued at over USD1 bil, with the fundraiser likely to push that valuation even higher. Proceeds from the fundraising will be used towards expansion. The Edge recently did a pretty comprehensive cover of Carro, which you can check out here. Carro claimed they are profitable.
TikTok looking to reenter Indonesian e-commerce market with investment into GoTo – The social media platform is in talks to invest in Tokopedia, the online retail unit of Indonesia’s GoTo Group, in a bid to restart its online shop in Indonesia. The investment is likely to be finalised in the coming weeks in the form of a joint venture between TikTok and GoTo, with the likelihood of a new jointly built e-commerce platform, according to sources. Interestingly enough, the CEO of TikTok, Shou Zi Chew, is also Singaporean, with a recent Vogue interview you can check out here.
Carlyle exits China's McDonald’s with 6.7x ROIPrivate equity giant Carlyle Group Inc. sold its entire stake (28%) in McDonald’s Corp’s China operation for USD1.8 bil, a 6.7 times return that represents one of the investment firm’s best exits from China. The buyer is McDonald’s Corp itself, with its offer edging out an earlier sale plan Carlyle had. This deal raises McDonald’s stake in its China operations to 48% from a previous 20%, with the Citic Consortium, the Chinese state-owned investment firm, continuing to hold the remaining 52%. China is McDonald’s second largest market with over 5,500 outlets in the country. The aim is to hit over 10,000 outlets in China by 2028.
OpenAI Drama: Welcome back, Sam Altman - Here’s the quick rundown: ChatGPT parent OpenAI reinstated CEO Sam Altman, Emmett Shear’s played interim CEO for 72 hours, new board members appointed, including former US Treasury Secretary Larry SummersAs a side note, the Cambridge Dictionary’s word of the year is “hallucinate”, with an update to the definition to include the term “hallucination” as the phenomenon where AI convincingly offers factual errors as truth.
Deutsche Bank analysis finds more central banks cutting instead of raising rates – This represents a turnaround from the last 18 months, where central banks worldwide have been hiking interest rates to combat inflation. A global trend in interest rate cuts would bring relief to debtors due to lower costs. However, the Fed is unlikely to slash interest rates unless the US sees a recession.
German court ruling could cost Intel billions in subsidiaries – A negative court ruling on German finances could cost Intel subsidies worth over USD10.8 bil for planned chip-manufacturing plants in the state of Saxony-Anhalt, whose economy minister was quoted saying the state would face “enormous” economic damage and “gigantic” image damage when “Germany cannot afford future projects like Intel anymore”.
Australia unveils seven-year plan to up cybersecurity – The plan involves cyber health checks for small businesses, increased cyber law enforcement funding, and mandatory reporting of ransomware attacks, with telecommunications firms subjected to tougher cyber reporting rules which apply to critical infrastructure. The plan also has Australia seeking migrants to build up the cybersecurity workforce and setting limits on inter-agency data sharing. The plan, which will cost USD382 mil, follows two major cyber attacks over the past year. It’s things like this that PAS should prioritise.
5. FOR YOUR EYES 📺
The iconic wristband in Coldplay’s concert - how it works
The effective, diplomatic way of rejecting, saying no?
Have you seen a scuba diving dog before? Bro must be so confused.