☕️ 'Crazy Rich Asians' Henry Golding paid USD652k for a CrpytoPunk NFT
Doctors planning for 2nd walkout in Dec 2021 if demands not met. Half of 7,000 living languages at risk of disappearing. Toy giant Ty spent USD225 mil air-fly "Beanie Babies" from China to US.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
73 individuals were nabbed by Kedah Malaysian Anti-Corruption Commission (MACC) since January this year for offences related to corruption and false claims, including 43 civil servants. Meanwhile, Kedah’s MB Datuk Seri Muhammad Sanusi Md Nor is busy banning 4D outlets. Priorities, right?
According to UNESCO, half of the 7,000 living languages spoken today may disappear if no actions are taken to preserve them. Watch the 10-minute documentary on how Marie Wilcox tries to safeguard the Wukchumni language!
Henry Golding paid a whopping 137.95 ETH (USD652,011.04 at the point of purchase) to secure CryptoPunk #800. He’s a crazy rich Asian.
3. COVID-19 SUMMARY
AstraZeneca (AZ) and CoronaVac (Sinovac) has been given conditional approval as Covid-19 booster dose to individuals aged 18 and above after receiving primary series of the same vaccination (i.e. if your first two doses of Covid-19 vaccine was AZ, you can get AZ booster).
Health Minister Khairy Jamaluddin said he’s keeping a close eye on former PM Datuk Seri Najib Abdul Razak’s campaigning in the Malacca state election. Keeping his eyes closed or keeping a close eye? Big difference.
4. IN MALAYSIA 🇲🇾
Politics and Local
A great thing about technology today is people get to see recorded parliamentary sessions, where incompetencies of ministers are broadcasted. Here is an example where YB Hannah Yeoh suggested for the Ministry of Women, Family and Community Development, under YB Datuk Seri Rina Harun, to look into the licensing of confinement centres. The latter MP was excellent at displaying the Chinese martial art of Tai Chi.
Only in Malaysia, or rather, in PM Datuk Seri Ismail Sabri Yaakob’s cabinet where committees after committees are formed. Just yesterday, the Ministry of Housing and Local Government (KPKT) informed the Parliament that a committee has been established to coordinate the implementation of 500,000 affordable housing units for the duration of the 12th Malaysia Plan.
What is the purpose of the ministry if another committee is required?
The Malaysian Medical Association (MMA) has questioned the government’s commitment to solving contract doctor woes as Budget 2022 lacked concrete and long term solutions to the issue.
The doctors are planning for a second walk-out in December 2021 if the remaining 22,288 doctors do not get permanent placement by the ministry.
Datuk Seri Najib Razak’s (Najib) 1MDB RM2.28 bil trial updates — yesterday, former non-executive director of 1MDB Tan Sri Ismee Ismail took the stands.
1MDB’s Board of Directors (BOD) was aware of the USD700 mil transaction but did not know it was to a company owned by Jho Low. The BOD disagreed with the management’s action.
The Terengganu ruler Sultan Mizan Zainal Abidin wanted to defer the taking on debts of RM5 bil, but Najib pressed on.
Communications and Multimedia Minister Tan Sri Annuar Musa will explain the module for the 5G network in the Dewan Rakyat today. Wish him luck. Hope he doesn’t bring up the 1080p on 5G.
Supermax Corp Bhd reported a net profit of RM638.52 mil for its 1QFY21 ended Sept 30, 2021, 33% lower than the preceding quarter due to declining average selling prices (ASPs). In addition, Supermax declared a single-tier interim dividend of five sen per share which will be paid on Jan 3, 2022.
The glovemaker’s 1QFY21 result marks the third consecutive quarter of lower net profit. However, the net profit in this quarter alone is still higher than Supermax FY20’s entire year’s net profit of RM525.6 mil.
Investment bank JP Morgan has slashed target prices for glove counters (TOPGLOVE, HARTA and KOSSAN), citing the risk of further decline in ASPs.
CTOS Digital Bhd’s subsidiary CTOS Data Systems Sdn Bhd's access to the central credit reference information system (CCRIS) has been restored effective Nov 17 after confirmation from Bank Negara Malaysia (BNM).
Kimlun Corp Bhd’s wholly-owned subsidiary Kimlun Sdn Bhd has secured a contract worth RM780 mil for the construction and maintenance of the Sarawak-Sabah Link Road Construction project (Lawas-Long Lopeng junction). The group said the construction job received from Samling Resources Sdn Bhd is expected to be completed in the second quarter of 2025.
Sunway Group has partnered with Kejora Capital, a leading venture capital (VC) firm, to launch the USD25 mil Orbit Malaysia fund. The fund will actively invest in Series A, industry-leading companies operating in the FinTech, AgriTech, eCommerce, EdTech and HealthTech sectors in Malaysia and the Southeast Asia region.
Like what you’ve read so far? Get it in your inbox, subscribe below!
5. AROUND THE WORLD 🌎
Toy giant Ty has spent USD225 mil to fly its products from China to the US in order to avoid log jammed container ports - in time to save Christmas gifting. The soft toy company, which makes “Beanie Babies” and “Beanie Boos” began using air freight in October for transporting its goods from China.
It has so far paid for more than 150 cargo flights, costing around USD1.5 mil - 2 mil each. The good thing is - it hasn’t increased prices on its toys despite incurring higher shipment costs.
ByteDance, the parent company of TikTok, is expected to boost its 2021 gross revenue (total sales before payouts to ad agencies) by 60% to RMB400 bil (USD63 bil). However, growth in gross revenue is slower than last year when it more than doubled to RMB250 bil.
Most of its sales are generated from its domestic apps, Douyin, TikTok’s Chinese version and its news aggregator app Jinri Toutiao. TikTok, its international app, announced it had one bil monthly active users in September. Despite its growth and scale, the company may not go public until late 2022, given the recent regulatory crackdown, dampening investor sentiment.
An advanced nuclear power venture founded by billionaire Bill Gates said it has chosen a town in Wyoming as the site to build a US$4 billion demonstration plant that will get half its funding from the US government. TerraPower’s Natrium plant will have a capacity of 345 MW and will operate in 2028.
Advanced reactors are expected to be smaller than traditional ones and theoretically be built in remote locations, and proponents say the plants are safer and create less waste.
News in Brief:
Elon Musk and Brazilian Communications Minister Fabio Faria met in Austin on Tuesday to discuss a potential partnership that would leverage SpaceX technology to bring Internet connectivity to rural schools and cut back on illegal deforestation. But scientists, diplomats and activists say those promises mean little given how deforestation has soared under President Jair Bolsonaro to levels last seen in 2008.
Starting Tuesday, Netflix will change the method it ranks its titles by the total number of hours viewed. The previous method measured a programme’s viewership based on the number of subscribers who watched at least 2 minutes. This approach has been criticised as too low a bar to measure the popularity of its shows. However, the company won’t include how many subscribers watched a particular show with the new method.
Li Lu, hailed as the ‘The Chinese Warren Buffett’, revealed a USD245 mil stake in Warren Buffett’s Berkshire Hathaway through Himalaya Capital Management. Charlie Munger, Buffett’s partner, dubbed Li Lu as the Chinese Warren Buffett and noted Li was the only outsider he’s ever trusted to invest his money.
6. FOR YOUR VIEWING PLEASURE 👁👁
Bond interest payment deadline for China Evergrande Group. Its founder, Hui Ka-yan, needs to sell a lot more personal assets just to meet these obligations.
How ‘Fat Man’, the nuclear bomb that was detonated on Nagasaki works?
During Malacca PRN, undilah betul-betul.