☕️ Unity Government abandoned GEG in the anti-smoking bill

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

One in six Singaporeans knows how to code, according to findings shared by GitHub at its GitHub Universe conference in San Francisco. The software developer platform firm said there are almost one million unique users from Singapore. Based on the country’s population of 5.9 mil, this means it has the highest ratio of people latched onto coding globally, surpassing India. In Singapore, there are approximately 200,000 software developers. However, GitHub's data includes members who may not exclusively write code but contribute to various aspects of computing, such as analytics, design, or deployment of computing commands.

Francesco Camarda made history by becoming the youngest player in Serie A on Saturday at the age of 15 years and 260 days, making him one of the eight players to have made their debut in the Italian top league before their 16th birthday. The AC Milan striker entered the game as a substitute in their victory over Fiorentina. The previous record holder for the youngest debutant in Serie A was Wisdom Amey from Bologna, who achieved this feat at 15 years and 274 days in 2021. In the Premier League, Ethan Nwaneri holds the record, having played for Arsenal at the age of 15 years and 181 days against Brentford in September 2022.

The three-day Malaysian Motorcycle Grand Prix (GP) 2023 that happened in mid-November 2023 attracted a total of 182,912 spectators to the Sepang International Circuit (SIC). The event achieved a new three-day attendance record. Azhan Shafriman Hanif, the CEO of SIC, expressed gratitude for everyone's efforts in ensuring the success of this season's event, with attendance surpassing the previous year's total of 163,567. Seeing the success of MotoGP, will F1 make a comeback at Sepang?

3. IN MALAYSIA 🇲🇾

GEG dropped in the anti-smoking BillThe new Control of Smoking Products for Public Health Bill 2023, tabled by Minister of Health Zaliha Mustafa, does not have the generation endgame (GEG) component. Apparently, it’s meant to accelerate its legislation in the Dewan Rakyat. Zaliha said the ministry will monitor the effectiveness of the revised bill before revisiting GEG. Under the revised bill:

• Clause 13(1) now explicitly forbids the sale of tobacco, smoking substances, or substitute tobacco products and the provision of any smoking-related services to individuals under the age of 18.

• Clause 13(3) specifies that minors are not allowed to purchase tobacco products, smoking substances, or substitute tobacco products.

• Clause 17(1) of the bill prohibits minors from engaging in smoking, chewing, or using any tobacco product or smoking any substitute tobacco product.

Former health minister Khairy Jamaluddin congratulated Big Tobacco and the vape industry but said the fight to protect Malaysians’ health was far from over. KJ further claimed the argument used by the government put forward by the Attorney General’s Chambers (AGC), which said that the GEG element was unconstitutional, was total BS.

Meanwhile, in a developed country — Australia is set to implement a ban on the importation of disposable vapes starting in January, aiming to combat nicotine addiction among children. Concurrently, new laws will be introduced to prohibit the country’s manufacturing, advertising, and supply of single-use vapes.

Two men held under “Akta Sakit Hati”

• Man A, 34, threatened the PM via social media by offering a bounty of RM5 mil.

• Man B, 37, insulted the Yang di-Pertuan Agong on social media.

Both cases are being investigated by Bukit Aman CID's Special Investigation Unit under Section 233 of the Communications and Multimedia Act 1998, aka Akta Sakit Hati. Additionally, Man A and Man B are also investigated under Section 507 of the Penal Code and Section 4(1) of the Sedition Act 1948, respectively. Deputy Communications and Digital Minister Teo Nie Ching told the Dewan Rakyat that less than 10% of the cases investigated under Akta Sakit Hati between January 2018 and November 2023 were brought to court — 65 out of 876 cases.

Business

1. Leong Hup saw its net profit rise 97.5% YoYPoultry, egg, and livestock feed producer Leong Hup International Bhd reported a significant increase in net profit for the third quarter, which ended Sept 30, 2023 (3QFY2023). The net profit rose by 97.5% to RM132.96 mil compared to RM67.31 mil in the same period last year. The improvement was attributed to better margins resulting from higher selling prices of day-old chicks (DOC) and eggs in Malaysia, as well as DOC in Indonesia. The group announced an interim dividend of 1.2 sen per share, totalling RM43.8 mil, for the financial year ending Dec 31, 2023 (FY2023), payable on Jan 29, 2024. View earnings results here. 🐔🥚

2. Spritzer achieves record Q3 profits, riding on surge in drinking water salesMalaysian bottled water manufacturer Spritzer Bhd reported a remarkable 48.5% surge in net profit, reaching a record high of RM16.97 mil in the third quarter that ended Sept 30, 2023. The strong performance was attributed to increased sales of bottled water, driven by a recovery in tourism activities and hot weather conditions. Quarterly revenue grew by 10.85% to RM132.56 mil. The company is optimistic about strengthening its market leadership in the bottled water industry for the full financial year ending Dec 31, 2023. View earnings results here.💧

3. Farm Fresh scoops up another ‘ice cream potong’ makerFollowing its earlier acquisition of ice cream chain The Inside Scoop, the milk producer has expanded its ice cream business with the acquisition of a 70% stake in ice cream potong maker Sin Wah Ice Cream Sdn Bhd for a total consideration of RM28.4 mil, valuing the ais krim potong maker at RM40.6 mil.

Shorts

1. PM garners another support of a Bersatu MP — 5 in totalBukit Gantang’s Member of Parliament (MP) Syed Abu Hussin Hafiz Syed Abdul Fasal announced his support for PM Anwar Ibrahim in the Parliament, becoming the 5th Bersatu MP to do so. Earlier this month, the same MP said he would pledge support for Anwar Ibrahim if the government provides RM30 mil for the development of the constituency. With regards to the earlier 4 Bersatu MPs that had pledged their support for PMX, MACC said no traces of corruption were found so far, though investigations are still ongoing.

2. Failed attempt by 13yo teenager to rob (& murder) e-hailing driverWhat is happening in Sungai Petani? The suspect, 13, was arrested by police for allegedly attempting to rob an e-hailing driver in Taman Keladi. According to the police, the boy asked to borrow RM50 from the victim. After some negotiations, the suspect then asked to be dropped back at the spot where he was picked up and he attempted to steal money from the driver’s pocket. The suspect tried to stab the driver. The victim managed to fend for himself and survived the ordeal. You can watch the video here (NSFW) - the safety belt saved the man, in a different way.

3. Aman Palestin isn’t an official non-profit organisation afterallInvestigative journalist Emmanuel Samarathisa revealed that Aman Palestin took 30% of management fees — RM34.4 mil out of the RM114.5 mil donation it received, based on the organisation’s 2021 audited accounts. It also showed the recipients of the donations, largely going to Palestine followed by Syria. Large organisations such as UNICEF MY set aside 20% of the donations it receives. Furthermore, Aman Palestin also paid the corporate tax rate of 24%, meaning it isn’t tax-exempt (i.e. a for-profit organisation).

4. Arul Kanda wants RM56 mil for wrongful terminationFormer chief executive officer of 1Malaysia Development Berhad (1MDB), Arul Kanda Kandasamy, is seeking RM56 mil for the wrongful termination from 1MDB five years ago. Arul claimed the former finance minister and the plaintiff (1MDB) did not have any legal basis to terminate him. He stated that investigations have not found any evidence of him acting against the company's interests between March and June 2018. The audacity this guy has!

4. AROUND THE WORLD 🌎

Updates on the Gaza truceThe four-day truce between Israel and Hamas has been extended by two days thanks to truce brokers Qatar and Egypt. Hamas has released 50 Israeli women and children from among the 240 they captured on October 7th, with Israel releasing 150 detainees from its jails, all women and teenagers. Israel previously said the truce arrangement could be prolonged as long as Hamas releases at least 10 hostages a day, but Israeli security cabinet minister Gideon Saar stated that once all hostages have been recovered, “warfighting will be renewed”.

However, UN Secretary-General Antonio Guterres said two days was not enough time to meet Gaza’s aid needs. The World Health Organization (WHO) stated that more people could die from the disease than from bombings in the Gaza Strip due to the non-functioning health and sanitation systems there. Drinkable water is increasingly scarce in the area, and no fuel has arrived for generators at hospitals in northern Gaza. Fuel is also needed for the territory to pump clean water and clear the accumulating waste, according to Gaza City Mayor Yahya al-Siraj.

Meanwhile, closer to home, the Philippine government will be resuming peace talks with the country’s communist rebels for the first time in six years in a bid to end five decades of armed conflict. Should the negotiations succeed, the communist rebels will transform into a political movement, according to mediator Norway.

IPOs galore in 2024

1. Reddit aims for IPO in 1Q2024Sources reported the social media firm is holding talks with potential investors, with a valuation of as much as USD15 bil. The company is already locked into a “quiet period”, a period of time before IPOs to prevent the appearance of a company providing insider info to investors, instituted by the US SEC. It was previously reported that the firm is working with Morgan Stanley and Goldman Sachs on the listing.

2. Shein files confidential IPOThe Chinese fast fashion giant, which was valued at USD66 bil earlier this year, filed its confidential paperwork in the US. The company, renowned for selling large quantities of clothing stock at exceptionally low prices, reported USD23 billion in revenue and USD800 million in net profit in 2022. The offering could come in 2024, according to sources. Banks Goldman Sachs, JPMorgan Chase, and Morgan Stanley have been tasked with underwriting the offering.

3. Kardashian’s SKIMS mulling IPO after latest fundraising roundAn IPO is “on the horizon” for the shapewear brand co-founded by Kim Kardashian, according to fellow co-founder Jens Grede. The firm looks to be capitalising on a bullish market, as well as a valuation of USD4 bil following a fundraising round that secured USD270 mil.

Indian tunnel rescue operation beginsThe first of the 41 trapped construction workers inside the tunnel has been evacuated more than six hours after rescuers broke through the debris to reach the victims. The victims have been trapped for 17 days. The plan involves rescuers pulling out each worker one at a time on wheeled stretchers through a 90cm-wide opening. First aid will be administered onsite before the workers are taken to a hospital 30km away.

Shorts

1. Charlie Munger passed away at the age of 99The vice-chairman of Berkshire Hathaway passed away peacefully in California. Munger was known as Warren Buffett's right-hand man. Buffett attributed the expansion of his investment strategy to Munger, shifting from favouring distressed companies at low prices with the hope of turning a profit to concentrating on higher-quality but undervalued companies. Munger was also a real estate attorney, philanthropist and architect.

2. Ukraine spy chief’s wife hospitalised from suspected poisoningLt Gen Kyrylo Budanov’s wife, Marianna Budanova, is being treated for poisoning with heavy metals after feeling unwell for a “prolonged period”. A Ukrainian news website also reported that other intelligence officials have been poisoned. However, there is no indication as to whether or not Russia was thought to be behind any poisonings.

3. New recycling enzyme ready to tackle plastic wasteProf Alain Marty, chief scientific officer at Carbios, alongside colleagues at the University of Toulouse, has reengineered an enzyme to be efficient enough to break PET plastic down to its constituent monomers. Carbios has a demonstration plant in Clermont-Ferrand, France, where the biggest of its machines processes polyester-rich clothes. Polyester is a form of PET plastic that accounts for half the clothing fibre produced worldwide. The firm does not aim to become a recycler but will license its process out to other companies. Read: What is PET plastic?

4. British PM dodges meeting with Greek counterpart as Parthenon display dispute continuesGreek PM Kyriakos Mitsotakis accused British counterpart Rishi Sunak of cancelling a scheduled meeting hours before it was meant to happen. The meeting was to discuss a “long-term deal” for Greece to loan the 2,500-year-old sculptures that were brought back to Britain in the early 19th century. There is an existing law that prevents the British Museum from removing objects from the collection, barring certain circumstances.

5. Doritos demonstrates brilliant use of AIThe chip brand developed an AI to silence chewing sounds on calls, with the software working with any programs where users rely on headphones to make calls. The developers, Smooth Technology, shared that creating the software involved recording about 500 people eating the chips to teach the AI to tell the difference between people talking and people crunching on chips.

5. FOR YOUR EYES 📺

1. Ever wonder what it is to work in a job that pays USD10 mil per year? MrBeast finds out.

2. Proton S70 officially launched. Read further review by Paultan.org here.

3. Not sure which seat has the best view at the Bukit Jalil National Stadium? A Malaysian by the name of Afrie Irham created a website to provide a view from the many sections of the stadium! It’s still a work in progress as Afrie hasn’t managed to capture the grandstand area, but it’s good enough really! Check out the website — BukitJalilStadium.com