☕️ 1MDB trial witness: former PM Najib never tried to disassociate himself from Jho Low
Electronics retailer Senheng received SC approval for the Main Market listing. Meta just got hit with its first major lawsuit. EPL's potential USD2 bil record US tv rights.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
83.4% of surveyed Malaysians (n = 1,000) believed that rape happens when a man cannot control his desires, and 51.3% felt such sexual crimes happen due to how a woman dresses. The figures were based on a recent study by the rights group Women’s Aid Organisation. The country still has got a long way to go.
RM24.6 bil — total loans under the National Higher Education Fund Corporation (PTPTN) to about 2.4 mil borrowers. One-third of the borrowers have completed their loan repayments.
Airfares would need to increase by 10%-20% to cover the costs to achieve net-zero carbon emissions in the global aviation sector, according to research at University College London. Atlanta-based Delta Air Lines says the company has been spending USD30 mil per year on carbon offsetting. The company has been carbon neutral since March 2020.
3. COVID-19 SUMMARY
The Sunway Lagoon theme park has revised the maximum occupancy of its water park to 1,000 people at any one point after being advised by the Royal Malaysia Police (PDRM). Former deputy Health DG Prof Datuk Lokman Hakim Sulaiman dismissed claims that Covid-19 could spread through water. He said it is more likely for Covid-19 to spread through lack of physical distancing.
4. IN MALAYSIA 🇲🇾
Politics and Local
Former prime minister Tun Abdullah Ahmad Badawi is still in good health with his family, according to his office to dismiss rumours of his death. Legal actions will be taken against those who spread fake news.
The Kuala Lumpur High Court has dismissed the Malaysian government’s application to stay its ruling that children born overseas to Malaysian mothers who are married to foreigners are entitled by operation of law to be citizens of Malaysia, pending disposal of an appeal at the Court of Appeal. The court has also ordered the defendants to pay costs of RM5,000.
The list of members in the Royal Commission of Inquiry (RCI) of issues plaguing Lembaga Tabung Haji (TH) will be presented to Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah for consent before it is made public.
Datuk Seri Najib Razak’s 1MDB RM2.28 bil trial updates:
The former PM never tried to disassociate himself from Jho Low, according to former 1MDB CEO Mohd Hazem Abdul Rahman (Hazem).
The former PM pressured Hazem to remove audit firm KPMG as 1MDB’s auditor, according to Hazem’s testimony.
Approximately RM49 mil went into Najib Razak’s Ambank account as a result of transactions related to 1MDB Energy Holdings Ltd, as confirmed by Hazem in the trial.
Youngblood MP Syed Saddiq got pushed aside after he asked about the constituency’s funding. Minister in the Prime Minister's Department Datuk Dr Abdul Latiff Ahmad replied, “We can settle it outside” instead of in Dewan Rakyat. WTF. What’s the purpose of the Parliament then?
AirAsia X Bhd assured its passengers affected by its debt restructuring would be given travelling privileges in the form of travel credits, which the passengers can utilise for future purchases of flight tickets once international borders reopen.
Pharmaniaga Bhd has shipped its first Sinovac “fill and finish” Covid-19 vaccine to Myanmar, succeeding in penetrating the international vaccine market. Pharmaniaga added the vaccine prepared by its subsidiary Pharmaniaga LifeScience Sdn Bhd has been recognised by the European Union (EU).
Senheng New Retail Bhd will be listed on the Main Market of Bursa after receiving approval from the Securities Commission. Senheng is expected to list in January 2022. Will you participate in the IPO?
Supermax Corp Bhd clarified only the Federal Government of Canada contract had been put on hold. However, an independent audit report is currently underway as Supermax tackles a fresh round of inquiries over its labour practices, this time from Canadian authorities.
Porsche Cayenne is the model chosen of the marque for local assembly in Kulim, Kedah. According to Porsche Malaysia, represented by Sime Darby Auto Performance Sdn Bhd (SDAP) said this production expansion is the first of its kind outside of Europe.
The government is considering amending the Companies Act and MACC Act to require nominee shareholders to reveal their “ultimate shareholder.” Nominee shares make up 12% of all corporate equity shares currently, according to Minister in the Prime Minister’s Department in charge of Economic Affairs Mustapa Mohamed.
5. AROUND THE WORLD 🌎
The English Premier League is nearing the sale of its US television rights for about USD2 bil, covering the 2022/23 to 2027/28 season. Premier League will sell all 38 matches in a single block rather than in separate packages. If this deal materialises, it could set a record for Premier League’s US broadcasting rights, making it the football league’s most lucrative overseas deal.
Homebase, a Ho Chi Minh-based proptech startup that helps people buy homes, announced that it has raised USD30 mil in equity and debt (breakdown not disclosed) with participation from Y Combinator, Partech Partners, Goodwater Capital, Ace and Company, Emies Advisors and Foundamental.
Homebase works by acting as a co-investor, buying properties with clients who put in a 20% deposit. Then clients pay back a fixed amount to Homebase each month or can decide to buy out the company’s entire share. They can also choose to walk away from the deal and cash out their savings. Clients have full usage rights to the home, so they can live in it or rent it. Contracts range from one to 10 years.
Coinhako, a Singapore-based cryptocurrency platform, became the first local non-bank crypto exchange to receive in-principle approval from the Monetary Authority of Singapore to provide digital payment token services under the Payment Services Act as a major payment institution. Founded in 2014, it has over 300,000 registered users in Singapore and an average of 150,000 monthly active users.
Singapore’s largest bank DBS announced that its Digital Exchange (DDex) has over SGD600 mil (USD443.8 mil) in digital assets under custody as at the end of October - triple the amount recorded in September.
Corporate and institutional customers that are onboard its exchange include established banking and financial institutions, a Central Bank, and even other digital asset exchanges.
A central bank. Probably nothing.
Meta, formerly known as Facebook, has been served its first major lawsuit after a whistleblower exposed a trove of internal documents. Ohio's Attorney General is suing Meta, saying the company violated federal securities law by failing to disclose its harm to young users. The case was filed on behalf of the Ohio Public Employees Retirement System and Facebook investors.
As Mark Zuckerberg becomes one of the world’s most powerful people, it is not without controversies. With great power, comes great responsibilities and probably scandals too. Here are the 16 biggest scandals Zuckerberg faced in the past decade.
6. FOR YOUR VIEWING PLEASURE 👁👁
YouTuber Mr Beast spent a total of USD2 mil to rebuild the set of ‘Squid Game’ + USD1.5 mil in prizes. The actual series took USD21.4 mil to produce.
JF Technology Bhd is a leading innovator and manufacturer of high-performance test contacting solutions. Join the moderators and JF Technology’s CEO Dillon Atma Singh tomorrow night (Nov 17, 8 pm) to understand the business better!
How to disinfect homes and bring good vibes: