☕️ Tun M: Non-Malay PM contingent on Malay acceptance. Until then, it is status quo.

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

As of October this year, the number of registered vehicles in Malaysia has surpassed the country's population, according to Transport Minister Anthony Loke. The total number of registered vehicles is more than 36.3 mil, while Malaysia's population as of last year was 32.4 mil. Cars make up the largest portion with 17,244,978 registered, followed by motorcycles at 16,773,112, and vehicles for transporting goods at 1,429,403. Out of the total, 23,822,322 still have active motor vehicle licenses or road taxes.

Out of the 5,836 complaints received through the MYJalan app, Works Minister Alexander Nanta Linggi reported that 1,532 cases involved roads under the ministry's supervision, while 4,304 were under the purview of other authorities. The Works Ministry scores a B+ (78.5%), having successfully addressed and resolved 1,203 of these complaints. Who will fix the 4,304 cases that are not under the Works Ministry?

The Australian government plans to cut its migration intake by half within two years, aiming for an annual intake of 250,000 by June 2025, aligning with pre-pandemic levels. The move is part of an effort to address what is described as a "broken" immigration system. In addition to reducing numbers, the government will tighten visa rules for international students and low-skilled workers. The decision follows a record influx of 510,000 people to Australia in the year to June 2023. Home Affairs Minister Clare O'Neil aims to “bring numbers back under control” with the proposed changes — tougher English tests for international students and more scrutiny for those on their second visa.

3. IN MALAYSIA 🇲🇾

Malaysia's evolving “Look East” policy: Embracing China and strengthening ties with Japan 🌏🤝Prime Minister Anwar Ibrahim and his Japanese counterpart Fumio Kishida formalised a Comprehensive Strategic Partnership, signing a Security Assistance Grant Aid to boost Malaysia's defence capabilities. A memorandum of cooperation on Space Development and Application deepens collaboration between the Malaysian Space Agency and the Japan Aerospace Exploration Agency. Anwar’s Tokyo visit also signifies a shift in Malaysia's Look East Policy, now incorporating lessons from China's economic development. He emphasised the need for policy adaptation in the face of digital technologies and changing global dynamics. While advocating a "fiercely independent" foreign policy, Anwar highlights Malaysia's willingness to engage with China based on national interests.

Lim Kit Siang agrees with Mahathir: Non-Malay PM contingent on Malay acceptanceDAP veteran Lim Kit Siang agrees with Tun Dr Mahathir Mohamad, stating that Malaysia can only have a non-Malay prime minister when the majority of Malays are ready to accept it.

While agreeing with Mahathir, Lim Kit Siang clarified his disagreement with Mahathir’s earlier statement in March that implied a non-Malay prime minister could be possible in the next election. Lim emphasises the responsible interpretation of constitutional provisions and condemns the exploitation of his remarks to create unfounded fears. He poses a question about the timeline for non-Malay leaders from communities like Dayak or Kadazan to become prime minister while expressing hope for Malaysia to emerge as a global role model for inter-ethnic harmony.

Defamation lawsuits against Kepala Batas MP: Court sets deadline for defence filingThe High Court in George Town, Penang, has ordered Kepala Batas MP Siti Mastura Muhammad to file her statement of defence by Jan 11 in the defamation cases brought against her by three DAP leaders. The lawsuits, filed separately by DAP chairman Lim Guan Eng, his father Lim Kit Siang, and Seputeh MP Teresa Kok on Nov 27, were in response to Mastura’s speech during the Kemaman by-election campaign, linking them to Communist Party leader Chin Peng and also to former Singapore PM Lee Kuan Yew. Lawyer SN Nair, representing all three plaintiffs, stated that the court instructed them to file replies to the statement of defence by Jan 26. Further case management is scheduled for Feb 9, 2023.

Business

1. Round 2: Vincent Tan attempts to challenge Astro again with 'OK Vision'Vincent Tan is reentering the television industry with “OK Vision,” a subscriber-based television and content distributor brand in collaboration with Indonesian conglomerate PT MNC Digital Entertainment Tbk. This marks Tan’s second attempt into the Malaysian television market after incurring a loss of RM250 mil in MiTV Corp during his collaboration with Digistar Corp. Positioned as a prepaid satellite TV, OK Vision enters the Malaysian market with 34 channels. Although pricing details and signup processes are pending, OK Vision aims to challenge Astro's NJOI, known for its NJOI HD Box priced at RM399. 📺📡

2. Critical Holdings Bhd surges 62.86% on ACE Market debutMechanical, electrical, and process utilities (MEP) engineering firm Critical Holdings Bhd saw a strong debut on the ACE Market, closing at 57 sen, marking a significant 62.86% increase from its IPO price of 35 sen. It is the 12th best-performing IPO of the year. The IPO, which raised RM26.02 mil, aims to fund acquisitions, capital expenditure, team expansion, working capital, and listing expenses. The group's unbilled order book as of Oct 5 stands at RM264.6 mil, providing earnings visibility until FY2026. CEO Tan Si Lim expressed plans for proactive project acquisition and team expansion to support business operations and venture into new regions.

Shorts

1. Rafizi Ramli launches the "Yang Bakar Menteri" podcastStarting on January 8, 2024, Economy Minister Rafizi Ramli plans to host a bi-weekly podcast as a cost-effective alternative to television appearances. The podcast aims to engage with the public, including both government supporters and opposition cyber troopers, fostering constructive face-to-face conversations.

2. Suhakam expresses concerns over Malaysian citizenship amendment proposalsThe Human Rights Commission of Malaysia (SUHAKAM) cited concerns about potential negative impacts on vulnerable groups, including children born out of wedlock and stateless individuals. Suhakam questioned the government’s assertion that it wanted to prevent the abuse or misuse of obtaining Malaysian citizenship. Suhakam urges a holistic approach, emphasising thorough research, comprehensive consultation, and careful consideration of each amendment's implications to uphold the fundamental rights of all individuals, particularly children.

4. AROUND THE WORLD 🌎

Oil makes the world go round & riled upIran-linked Houthis are hitting the West where it hurts the most — money. The Red Sea is one of the world’s most important routes for oil and liquefied natural gas shipments. About 12% of global trade passes through the Red Sea. Houthi’s attacks on ships that have alleged links to Israel or Israelis have led to a rerouting of a considerable amount of trade, compelling freight companies to navigate around Africa. This has resulted in increased costs and delays in the delivery of energy, food, and consumer goods. At least 12 companies have suspended transit through the Red Sea.

The United States is leading the pack in the 10-nation “multinational security initiative” to protect trade in the Red Sea. More might be joining the coalition — including Egypt and Jordan, as they have a vested interest in ensuring the safe passage of ships.

Bad day for Apple and Alphabet, seeing 💸

1. Two of Apple’s latest wearables, Apple Watch Series 9 and Ultra 2, are said to have infringed patents owned by medical device maker Masimo by a US Judge in January. The feature in question is a blood oxygen sensor. The US International Trade Commission (ITC) issued a “limited exclusion order” against the products in October, threatening a ban on imports of the devices. Apple will cease selling its smartwatches in its own US stores ahead of Christmas following a patent infringement loss, impacting the company during the crucial holiday sales season. Apple is appealing against the decision while waiting for a presidential review by Joe Biden. The US President, who has been happily vetoing the UN, might also veto this ban. According to MarketWatch, Apple Watch sales accounted for USD23.8 bil in Apple’s fiscal 2023 revenue.

2. Alphabet’s Google has agreed to pay USD700 mil and facilitate greater competition in its Play app store as part of an antitrust settlement with U.S. states and consumers. The settlement includes a payment of USD630 mil to a fund for consumers and USD70 mil to a fund for states. The allegations against Google involve overcharging consumers through unlawful restrictions on app distribution on Android devices and imposing unnecessary fees for in-app transactions. Google has not admitted wrongdoing, and the settlement is subject to final approval from a judge.

Earth shudders: Volcano eruption and earthquake

1. In southwestern Iceland, a volcano began erupting on Monday with lava fountains reaching high in the air, creating a spectacular view and the glow lighting up the sky miles away in the centre of the capital, Reykjavik. The fissure, measuring about 4km in length and expanding rapidly, is situated near the Svartsengi Power Plant and the town of Grindavík. The ongoing eruption, leading to the evacuation of Grindavík, does not currently pose any immediate threat to people, according to a police official. Since late October, thousands of earthquakes have been detected in Iceland, as reported by the Icelandic Meteorological Office.

2. The 6.2 magnitude quake hit mountainous Gansu province in China around midnight and also impacted neighbouring Qinghai. The quake claimed at least 126 lives, with more than 700 reported injured in icy conditions. Local officials in the worst-hit county in the Gansu province said more than 5,000 buildings had been damaged. It’s also a race against time to rescue people, as the province is currently in sub-zero conditions.

Shorts

1. India’s democracy, where art tho?A total of 141 lawmakers — 49 of them opposition — are suspended for the rest of the winter session, which ends on Friday. Some MPs were protesting against the security breach in the Indian parliament after at least two men intruded into the chamber. Following the suspension, the opposition accused Prime Minister Narendra Modi's government of attacking democracy. Will Modi survive this in next year’s general election?

2. American lawmakers want to stop Nippon Steel from acquiring US SteelJapanese steelmaker Nippon Steel announced an all-cash deal to buy US Steel at USD55 per share for more than USD14 bil on Monday. The offer represents an approximate 40% premium to US Steel’s closing stock price last Friday. Lawmakers from both sides of the divide, Democrats and Republicans alike are against the deal — stating that it involves national security and workers’ unions. The hefty premium offered by Nippon Steel also didn’t go well with the markets, sending its share price down as much as 6% yesterday. 

5. FOR YOUR EYES 📺

1. How rich are the top 25 wealthiest families in the world? According to Bloomberg, they’re collectively worth USD2.1 trillion.

2. As cliche as it sounds, let 2024 be the year we face our fears. Mark Manson, the author of The Subtle Art of Not Giving A F*ck, teaches us how.