☕️ 19 new Tan Sris but how many of them actually made any meaningful contribution to the country and deserve it?
Malaysia GDP down 4.5% YoY in Q3. Canada paused imports from glovemaker Supermax Corp Bhd. Interesting animation of how mRNA vaccine teaches the immune system to fight the coronavirus.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
21 weeks — the world’s most premature baby to survive, according to Guinness World Records. Curtis Zy-Keith Means was born in Alabama in July 2020, 0.42kg, which is roughly the same as a soccer ball. Curtis is now 16 months old and thriving!
56-days quarantine for overseas travellers arriving in Shenyang, a northern Chinese city. 28 days in hotel quarantine and the remaining 28 days in their homes. Guess how many Covid-19 tests one has to go through? 19.
USD400,000 for a rare Apple-1 computer from the 1970s designed by Steve Wozniak and built by Steve Jobs in his home. It’s one of just six that comes in a case made with Koa wood.
3. COVID-19 SUMMARY
An organiser of a Barisan Nasional (BN) event attended by PM Datuk Seri Ismail Sabri Yaakob and former PM Datuk Seri Najib Razak was fined RM20,000 for violating Covid-19 regulations.
PM Datuk Seri Ismail Sabri Yaakob thinks the country’s efforts in controlling the Covid-19 pandemic is starting to bear fruit, do you agree? Vote 👇
4. IN MALAYSIA 🇲🇾
Politics and Local
44 prominent figures received federal awards, honours and medals in conjunction with the King’s birthday. Former Chief Justice Tun Richard Malanjum and former FELDA Group chairman Tun Raja Muhammad Alias Raja Muhammad Ali were conferred Darjah Seri Setia Mahkota (SSM) award by Yang di-Pertuan Agong (YDPA) Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.
YDPA also conferred the Darjah Panglima Setia Mahkota (PSM) award, which carries a Tan Sri title to 19 individuals. A few of the more popular names:
Tan Sri Liow Tiong Lai, former Transport Minister.
Tan Sri Azhar Azizan Harun, Dewan Rakyat Speaker.
Tan Sri Abdul Hadi Awang, PAS president.
Tan Sri Tong Kooi Ong, The Edge Media Group executive chairman.
Tan Sri Mohamed Nazir Abdul Razak, former CIMB chairman.
Tan Sri Azam Baki, MACC Chief Commissioner.
Kedah is set to ban all 4D lottery shops in the state. Mentri Besar Datuk Seri Muhammad Sanusi Md Nor asks people to go to Penang to buy 4D numbers instead. On top of that, the state will also limit the sales of alcoholic beverages in the state. So much for Keluarga Malaysia. Such a move will only push these activities to underground channels and cause the government to lose tax revenue.
Two ministers said the cabinet has agreed for Timah whiskey to keep its name, in line with the Keluarga Malaysia spirit. Come on, this wasn’t even an issue, to begin with until some jokers brought it up.
Former PM Tan Sri Muhyiddin Yassin thinks he can pull a Thanos to bring down the Johor state government. Will the state see another election coming soon?"Saya boleh tekan button, semua jatuh... saya jatuh kerana UMNO tidak sokong," kata Pengerusi Perikatan Nasional (PN), .
He also hopes the Malacca clash won’t ‘create issues’ for BN-PN at the federal level. For the sake of saving the rakyat RM2.80, for the sake of the Vellfire.
Malaysia’s gross domestic product (GDP) contracted by 4.5% YoY for 3QFY21 mainly due to July's strict Covid-19 containment measures. Due to operating capacity limits, all economic sectors registered contraction during the quarter, led by the construction sector.
Canada, another big client of Supermax Corp Bhd, has paused imports from the glovemaker as it awaits the result of an audit over forced labour practices. Canada's Public Services and Procurement department said on Wednesday (Nov 10) it was holding Supermax deliveries as it awaits a report expected mid-month from Supermax Healthcare Canada.
Governor of Bank Negara Malaysia, Tan Sri Nor Shamsiah, said the central bank will drive inter-agency efforts to enact the Consumer Credit Act in 2022. The act will strengthen regulatory arrangements for all consumer credit activities, including providers of Buy Now Pay Later (BNPL) schemes.
99 Speedmart retail chain founder, Lee Thiam Wah, has emerged as the third-biggest shareholder in retail technology solutions provider Radiant Globaltech Bhd (RGTech), with a 15.77% stake based on RGTech’s bourse filing on Friday (Nov 12).
RGTech’s clients include 99Speedmart, Giant, Guardian, Cold Storage, Parkson, AEON Big and 7-Eleven Malaysia.
Not sure who is putting on a show here. The Malaysian Aviation Commission (Mavcom) has urged AirAsia X Bhd (AAX) to reimburse the tickets for customers whose flights were cancelled instead of repaying them only 0.5 sen for every ringgit paid. Mavcom air travel consumers “ought not to be classified as creditors”.
The statement came after all three groups of AAX creditors passed AAX’s restructuring plan last Friday. As a result, AAX will be among the few airlines worldwide that have no gearing. The puzzling thing is, why did Mavcom take so long to issue the statement? AAX’s restructuring plan was also made known beginning of the year.
The 5G network in Malaysia seems to be drawing quite a lot of controversy. However, Digital Nasional Bhd on Saturday (Nov 13) dismissed claims that it is not meeting all the technical and security requirements that telecommunications operators (telcos) are seeking in the nationwide 5G network roll-out.
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5. AROUND THE WORLD 🌎
China President Xi Jinping achieved a major victory last week as the ruling communist party passed a historic resolution that enshrined him as one of the country’s greatest leaders in a move that grants him to rule indefinitely.
This resolution elevated Xi to the same level as party founder Mao Zedong and Deng Xiaopeng, who is credited with modernising China’s economy. Xi will be serving his third five-year term as China’s ruler next year, in an unprecedented move.
KPMG was sued for at least US$600 million over its role in the insolvency of Dubai private-equity firm Abraaj Group, the latest in a string of complaints of sloppy auditing made against the firm. The suit was brought by two units of Abraj now in liquidation.
Abraaj, which managed some US$14 billion at its peak, collapsed into insolvency in 2018 after being accused of misusing investor funds. The firm’s founder and chief executive officer, Arif Naqvi is alleged to have stolen more than US$250 million by US prosecutors. KPMG was Abraaj’s auditor for six years, while Abraaj’s Chief Financial Officer Ashish Dave worked as a partner at KPMG between his two stints as CFO.
In its effort to expand beyond music, Spotify has been investing hundreds of millions into building its podcast business and now has set its sight to expand into another form of audio - audiobook. It announced that it had acquired digital audiobook distributor Findaway. The financial terms of the deal were not disclosed.
Findaway operates a collection of brands and products led by its large audiobook distribution business that connects content creators with reseller partners like Apple, Google, Audible etc. The audiobook industry is expected to grow from USD3.3 bil as of 2020 to USD15 bil by 2027, which is why Spotify believes Findaway is worth the investment.
Remember the phrase ‘sudah jatuh ditimpa tangga’? In Sri Lanka, vehicles that get into an accident, not only have to suffer the damage from an accident but also will have to pay a tax. Sri Lanka has started to slap a tax on road accidents in a drastic austerity budget as the country faces a major foreign exchange crisis. Its foreign reserves have fallen to USD2.3 bil from USD7.5 bil, marking its worst foreign exchange crisis since 1978.
Apart from raising extra revenue for the government, this initiative is expected to reduce the number of motor vehicle accidents. Sri Lanka has amongst the most dangerous roads in the world, with over 3,000 traffic fatalities and some 25,000 seriously injured every year.
Pop celebrity Britney Spears’ 13-year conservatorship has come to an end, a judge ruled on Friday. The 39-year-old pop star has been under legal guardianship for 13 years after publicly dealing with mental health issues that came to a head in 2008. Her father, James Spears, was in control of the conservatorship, which she had claimed to be abused by him. Spears’ estate is estimated to be worth between USD50-60 mil.
Learn more about conservatorship here.
6. FOR YOUR VIEWING PLEASURE 👁👁
A Russian blue mix cat with four ears reportedly due to a recessive gene mutation from her parents.
Animation of how mRNA vaccines teach our immune system to fight the Covid1-19 coronavirus