☕️ BN received RM10,000 fine for mass gathering at WTC

USD2 tril wealth transfer estimated from baby boomers to millennials. Longtime Tesla investor made USD6 bil HODLing the stock for 7-8 years. Taiwanese teacher streams Mathematics classes on Pornhub.

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

By 2035, Singapore plans to import four gigawatts (GW) of electricity, approximately 30% of the country’s electricity supply. The republic has audacious plans to import from Lao-PDR via Thailand and Malaysia.

USD2 trillion of wealth flows from Baby Boomers to Millennials per year, according to estimates by Fundstrat. With the inheritances, risk-tolerant Millennials are set to boost stock market fundamentals for years.

USD546 mil — the expected price of a sixteenth-century villa in Central Rome that contains the only ceiling mural attributed to Baroque painter Michelangelo Merisi when it goes on auction next year.


3. COVID-19 SUMMARY

  • Malaysia’s R-naught is slowly creeping up again. It has reached 0.91, up from 0.86 on Oct 21. Kuala Lumpur and Negeri Sembilan have recorded an R-naught of slightly above 1.00.


4. IN MALAYSIA 🇲🇾

Politics and Local

  1. Melaka Umno chief Datuk Seri Ab Rauf Yusoh blamed Pakatan Harapan (PH) and Democratic Action Party (DAP) for the fall of the Malacca state government, which was brought upon by UMNO assemblyman.

    As usual, UMNO will blame anyone else but themselves.

  2. Malaysian United Democratic Alliance (MUDA) was fined RM4,000 for holding a press conference to announce it will contest in the Malacca state election. This was despite MUDA adhering to SOPs, receiving the necessary approvals and the press conference only had five people.

    Barisan Nasional (BN) received a RM10,000 fine from the Health Ministry (KKM) for a mass gathering in PWTC. Compare the two different scenes below. Almost dua darjat.

  3. Former prime minister Najib Abdul Razak lodged a report with the Malaysian Anti Corruption Commission (MACC) against Tim Leissner, a former Goldman Sachs senior manager. He had pleaded guilty in a US court to bribing 1MDB officials and Malaysian government officials.

    Najib wants to know the list of officials Leissner had bribed, which he believed could clear his name.

    Former attorney general Tan Sri Tommy Thomas and publisher GB Gerakbudaya Enterprise Sdn Bhd are also being sued over an allegedly defamatory statement regarding Altantuya Shaariibuu’s in his book.

  4. Health DG Dr Noor Hisham Abdullah assured that locally produced biscuits have a low risk of causing cancer, based on assessments conducted by the Health Ministry’s Food Quality and Safety Division (BKKM).

Business

  1. Datuk Mohd Abdul Karim Abdullah isn’t having the best week — the suspension on the trading in Serba Dinamik Holdings Bhd's shares remains in effect as the group did not comply with the directive to make an announcement on the findings from the special independent review (SIR).

    Sarawak Consolidated Industries Bhd (SCIB) calls off its private placement of 91.43 million new shares. SCIB is facing the risk of trading suspension if it fails to meet the deadline to issue its annual report.

  2. Tasco Bhd recorded a net profit of RM15.69 mil for 2QFY21 ended Sept 30, 2021, a 46.58% jump from RM10.7 mil a year ago driven mainly by its international business solutions segment is the main contributor. In addition, Tasco announced an interim dividend of one sen per share, payable on Nov 30.

  3. Prime Minister Ismail Sabri Yaakob said Budget 2022 was from the people, by the people, abiding by his “Keluarga Malaysia” concept. The budget will be tabled by Finance Minister Tengku Zafrul Abdul Aziz at the Dewan Rakyat sitting this Friday.


5. AROUND THE WORLD 🌎

  1. A Brazilian Senate investigative committee approved on Tuesday that calls for President Jair Bolsonaro to be indicted for 9 crimes related to his mishandling of the coronavirus pandemic, including crimes against humanity. The report, which is more than 1,300 pages long, took the opposition-controlled committee about 6 months to prepare. However, it is unlikely Bolsonaro will face any formal charges, as it would have to be brought by Brazil’s prosecutor-general, whom the president appointed.

  2. David Beasly, the director of the UN World Food Programme called on billionaires like Elon Musk and Jeff Bezos to make a one-off donation USD6 bil from their net worth to save 42 mil people around the globe are facing starvation. Beasly said that the top 400 US billionaires saw their net worth increase by USD1.8 tril in the past year and request 0.36% of this increase. 

    A UN report released in May found that at least 155 mil people faced crisis levels of food insecurity in 2020 and that currently, 42 mil people are at the direst level of food insecurity that are “knocking on famine’s door”.

“The governments are tapped out. This is why and this is when the billionaires need to step up now on a one-time basis. $US6 ($AU8) billion to help 42 million people that are literally going to die if we don’t reach them,”

- David Beasly, Executive Director, UN World Food Programme

Meanwhile, US Senate Democrats are to unveil a proposal on Wednesday known as “The Billionaires Income Tax” to tax roughly 700 of the nation’s billionaires to finance Biden’s economic agenda.

  1. Chinese ride-hailing company T3 Chuxing announced that it has raised RMB7.7 bil (USD1.2 bil) from a group of investors led by state-backed conglomerate Citic Group, to go up against SoftBank-backed Didi Global. T3 Chuxing was founded by Changan Automobile, FAW Group, Dongfeng Motor Corp - 3 Chinese state-owned conglomerates - together with Tencent,  Alibaba and Suning in 2019.

    The company operates in 41 cities and has more than 54 mil registered users. Its daily orders for rides exceeded 2 mil for the first time on 30 Sep, more than double its daily peak in the second quarter. For comparison, Didi Chuxing said it had 377 mil annual active users for the 12 months ended Mar 2021. 

    News in Brief:

  2. Authorities in China have told Evergrande Group’s billionaire founder, Hui Ka Yan, to use his own money to pay the company’s debt. Hui’s net worth is estimated to be around USD7.6 bi - small change compared to Evergrande’s USD300 bil debt that it is owing.

  3. Longtime Tesla investor, Ron Baron, said his namesake investment firm, Baron Capital with USD58.9 bil AUM, has made about USD6 bil from its Tesla investment from a USD380 mil investment about 7-8 years ago. According to Baron, the main risk to the future of Tesla is Elon Musk’s health, as “he sleeps 5 hours a day and he works 19 hours a day, so short term, that’s the risk”

  4. Evan Spiegel, the founder and CEO of Snap, announced a new milestone that Snap has amassed 100 mil MAU in India, about 20% of its 500 mil MAU worldwide. The company was able to crack the Indian market in recent years after it improved its Android app and localising its contents.


6. FOR YOUR VIEWING PLEASURE 👁👁

  1. When Pornhub is used for educational purposes. A Taiwanese teacher is using Pornhub to offer Mathematics lessons - 1.7 mil views so far.

  1. Karen waiting in line to enter Dior @ KLCC was denied entry as she refused to wear a mask. She called those wearing masks communist.

  1. Nestcon Berhad is a construction company listed in the ACE market. Join Nestcon’s Group Managing Director, Datuk Dr. Ir. Lim Jee Gin & the Stockbit team learn more about what Nestcon Bhd does, and what more is in store for the company!