☕️ Tun M: ‘Tuns’ should be investigated if they failed to explain their wealth

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Volkswagen Passenger Cars Malaysia (VPCM) announced a recall of six car models produced between 2010 and 2014, affecting around 6,671 cars. The models include the sixth-generation Golf GTI, Eos, Passat CC, Polo, Beetle, and Vento, equipped with a specific driver front airbag gas generator housing. Owners can check the recall status by entering their 17-digit VIN on the VPCM website. The manufacturer apparently realised the airbags were playing hide and seek – it just took a decade for them to hear “Ready or not, here I come!”.

A yet-to-be-peer-reviewed research showed that social media users are willing to pay people to get off TikTok and Instagram. The researchers found that users would be willing to pay USD28 and USD10 “to have others, including themselves, deactivate TikTok and Instagram, respectively.” It goes to show TikTok is more addictive than Instagram (sorry Zuckerberg). Weirdly enough, despite knowing that these two platforms are impacting their lives negatively, people still want to be given financial compensation before stepping away from their accounts.

13.3 meters — the height of the wave Laura Enever, 31, rode, which had her setting the world record for riding the largest wave ever paddled into by a woman. That’s equivalent to a 4-storey building! She beat the previous record, set seven years ago, by a foot (0.3m).

3. IN MALAYSIA 🇲🇾

Updates on the floods in Malaysia

1. As of yesterday, the number of evacuees impacted by floods has increased to 28,310 people. Johor and Sabah have become the latest states to be hit by floods, taking the total to six states, including Kelantan, Terengganu, Selangor and Pahang. Kelantan has the highest number of evacuees at 17,466.

2. PM Anwar Ibrahim will visit Kelantan today to assess the increasingly worrying situation in the state. Following his meeting with the Prime Minister of Thailand, Srettha Thavisin, in Phuket yesterday, Anwar said that he and Srettha also agreed to work closely together to develop the southern region of Thailand and the northern part of Peninsular Malaysia more rapidly, thereby ensuring economic overflow and prosperity for the people in both regions.

3. Over 800 volunteers among policemen and Malaysia Volunteers Corps Department (Rela) have been deployed to the flood-hit areas. The Home Ministry (KDN) has announced the mobilisation of assets, including 35 boats, 29 lorries, and 56 four-wheel-drive vehicles, to the areas affected by floods.

Terengganu state secretary: 10 Mazda SUVs purchased to save maintenance costsAfter photos of the Mazda SUVs went viral on social media, Terengganu state secretary Tengku Farok Hussin Tengku Abdul Jalal came clean on the purchase of the 10 Mazda SUVs. Tengku Farok said that the procurement of 10 new SUVs was approved by the state budget last year for the official use of the menteri besar and state executive councillors. Providing new vehicles to department heads and state executives has become a norm for the state government, according to Tengku Farok.

How privileged.

Business news

1. Industrial hardware products and stainless steel pipes and metal products manufacturer TSA Group Bhd has priced its shares at 55 sen apiece as it seeks to raise RM42.53 mil through an initial public offering (IPO) on Bursa Malaysia’s ACE Market. Based on the listing price of 55 sen per share, the company is anticipated to achieve a market capitalisation of RM170.12 mil after listing. This values the company at approximately 4.23 times its price-earnings multiple, considering a net profit of RM39.85 mil for the financial year ended Dec 31, 2022 (FY2022) — weirdly, such a low earnings multiple. TSA is scheduled to be listed on the ACE Market on Feb 2, 2024. Read the prospectus here.

2. The Department of Statistics Malaysia (DOSM), Malaysia’s producer price index (PPI) slipped further in November 2023 with a 1.5% YoY decline after a marginal decrease of 0.3% in October. PPI measures the prices of goods at the factory gates — a decline usually indicates there could be a reduced demand for goods and services, increased supply or a reduction in cost of production.

Shorts

1. Tun M: ‘Tuns’ should be investigated if they failed to explain their wealthFormer Prime Minister Dr Mahathir Mohamad, a Tun himself, went out on a limb and said ‘Tuns’ should be investigated and have their property seized if they are unable to explain the source of their wealth. He went on further and suggested that they should also be remanded until they reveal the source of their money.

2. Disruption of diesel supply at several Petronas stations nationwidePetronas Dagangan Bhd (PetDag) reports a diesel supply shortage at several Petronas stations nationwide, expected to persist until Dec 31. Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali mentions that Petronas is mobilising additional diesel supply within the next 24 to 48 hours to address the shortage.

3. Tawau businesswoman lost RM5 mil to gold investment scamZerina Collection owner Liana Friska Ramle invested RM3.17 mil along with 300 investors contributing RM2.18 mil. The funds were handed over to a suspect claiming to represent a gold investment company. The suspect promised returns of 5-15% within ten days or RM25 for every gram of gold invested, and the capital would be returned gradually according to the agreement.

Interesting Read: Getting Wealthy vs Staying Wealthy by Morgan Housel

A timely reminder after the scam news above — getting wealthy is different than staying wealthy. When you’re already full, are you willing to leave money on the table, no matter how lucrative?

4. AROUND THE WORLD 🌎

Israel-Hamas conflict updatesLt Gen Herzi Halevi, chief of the Israel Defense Force (IDF), warned that the conflict could “continue for many more months”, stating “there are no magic solutions”. This follows Israeli PM Benjamin Netanyahu’s statement that the “campaign was not close to being over”. Israeli forces have also expanded their ground offensive into the refugee camps in Central Gaza, reiterating its order for residents to leave more than a dozen central areas, including the Bureij and Nuseirat camps. This would displace over 150,000 people, who were instructed by the IDF to “move immediately” to shelters in nearby Deir al-Balah, which are already straining to cope with its own several hundred thousand displaced people.

Meanwhile, the strained relationship between Iran and the US due to the Gaza conflict saw further tensions as Washington expressed deep concern over reports that Iran has accelerated its production of weapons-grade uranium. This comes as “Iran-backed proxies continue dangerous and destabilising activities in the region”, according to the US. Iran had previously slowed the rate at which it was enriching uranium but increased production since the end of November. Iran also reiterated that it has “no plans or intentions” regarding the creation of nuclear weapons.

Indonesian spotlight

1. The Jakarta-Bandung High-Speed Railway, the first HSR in Indonesia and Southeast Asia, hit its 1 mil passenger milestone since it started operations in mid-October. The rapid increase in passenger numbers has led the consortium behind the HSR to increase train services to 48 trips daily from 14. The train service cuts travel time from Jakarta to Bandung from over three hours to 40 minutes over a distance of 142 km, leading to new opportunities and choices for commuters and travellers alike.

2. Meanwhile, presidential candidate Prabowo Subianto secured his lead in polls ahead of the voting on February 14. This follows televised debates between candidates, with the poll showing that Prabowo, who is running with current president Joko Widodo’s son Gibran Rakabuming Raka, will win 46.7% of the vote. His closest opponent, former Central Java governor Ganjar Pranowo, is predicted to win 24.5% of the vote, while former Jakarta governor Anies Baswedan will secure 21%.

New regulations on autonomous vehicles

1. Chinese EV giant BYD has secured a conditional testing licence for level 3 autonomous driving on high-speed roads. There are 6 levels from 0 (no automation) to level 5 (full automation) — see infographic below. The Chinese firm follows BMW and Mercedes Benz, with the two previously receiving licences to test level 3 self-driving on high-speed roads in Shanghai and designated highways in Beijing, respectively. Local competitor IM Motors will also apply to China’s industry ministry for product entry of level 3 self-driving cars.

2. The UK could see self-driving cars on its roads by 2026, according to British Transport Minister Mark Harper. Harper stated that a legal framework for self-driving cars should be in place by the end of 2024. The rollout will also be gradual, with companies deploying the service in certain places first, according to the minister, who believes the service has the potential to improve road safety.

Apple to appeal US ban on Watch importsThe ban was based on a complaint from medical monitoring tech firm Masimo. Apple appealed the ban and also filed an emergency request for the US Court of Appeals to halt the ban, at least until US Customs and Border Protection decides whether redesigned versions of Apple’s watches infringe on Masimo’s patents. The customs office is due to decide on January 12. Masimo accused Apple of hiring away its employees and stealing its pulse oximetry technology to incorporate into the Apple Watch. Apple’s wearables, home and accessory business, which includes the Apple Watch, AirPods, and other products, accounted for USD8.28 bil of Apple’s revenue for the third quarter of 2023.

Shorts:

1. Excremental energy: Firm develops jet fuel made entirely of human pooFirefly Green Fuels, a UK-based aviation company, has successfully turned human faeces into kerosene, with independent tests by international aviation regulators finding the result almost identical to standard fossil jet fuel but with a 90% lower carbon footprint. Curious just how much human excrement is required to fly from KL to SG? 

2. Colorado judges threatened after Trump ruling, FBI to investigateThe judges received a slew of threats to hang and shoot them posted online, with some posts including personal details such as addresses and phone numbers of the judges. The Colorado police are investigating the matter with the assistance of the FBI, and will be providing extra patrols around the homes of the judges.

3. “Parasite” actor found dead in carSouth Korean actor Lee Sun-kyun, best known as Park Dong-ik from the Oscar-winning film “Parasite”, was found dead in his car from an apparent suicide. He was 48 when he died and was under investigation for alleged illegal drug use since October.

5. FOR YOUR EYES 📺

1. Vox’s take on 2023, in 7 minutes. Got to say it’s a lot more comprehensive than TIME’s 2023 Year in Review.

2. The company powering the AI craze — Nvidia. Here’s a documentary on its path to becoming one of the world’s most valuable companies and the 6th company to join the trillion-dollar club.

3. The importance of optics. The newly appointed Human Resources Minister’s Steven Sim's activities on social media put his predecessor to shame.