☕️ Gardenia to hike prices. Blame it on Covid-19

World Bank advised govt to increase retirement age beyond 60. USD2.4 mil paid for virtual land in Decentraland. Swedish first female PM, resigned just 7 hours after being PM.

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

USD2.4 mil — the price paid by Metaverse Group to purchase a patch of virtual real estate in the online world Decentraland. Decentraland is an online environment - also called a “metaverse” - where users can buy land, visit buildings, walk around and meet people as avatars. It seems like the trick today is to add the word ‘Metaonto any word and people will pay for it.

USD100 bil has been wiped out from Zoom Video Communications Inc’s market value since its October 2020 peak. However, despite the pullback, the stock is still up nearly 500% since its 2019 debut.

Guess which company earns USD3,000 per second? Apple Inc, based on the company’s net profit from October 2020 to September 2021. It is the most profitable company in the world this year.


3. COVID-19 SUMMARY


4. IN MALAYSIA 🇲🇾

Politics and Local

  1. Bread maker Gardenia raises the price of its products in Peninsula Malaysia as it had been greatly affected by rising costs due to the Covid-19 pandemic. The new prices are effective Dec 1, 2021.

    It seems like this Twitter user has identified the root cause of rising prices - BarangNaik.com.

  2. Public Service Department director-general Tan Sri Mohd Khairul Adib Abd Rahman said the World Bank has advised the government to extend the retirement age of its workforce to beyond 60 years.

  3. De facto Law Minister Wan Junaidi Tuanku Jaafar said the current parliamentary sitting might be extended by two days to complete debating several bills, including the constitutional amendments related to the Malaysian Agreement 1963 (MA63).

  4. Tan Sri Annuar Musa has proudly declared that the Communications and Multimedia Ministry achieved 100% of the three KPIs within the 100-day target set by the PM. The three KPIs:

    • To reopen the creative industry

    • To launch the Keluarga Malaysia Teen Package and Keluarga Malaysia Device Package.

    • To offer grants, funds and incentive schemes to SMEs and companies in the digital & creative industry.

    Would you give him 100%? We’ll give him a clap.

Business

  1. High-tech home appliance maker Dyson Ltd cut ties with supplier ATA IMS Bhd following an audit of the Malaysian company's labour practices and allegations by a whistleblower. Dyson is ATAIMS’s biggest client, accounting for almost 80% of its revenue. The news sent ATAIMS’s share price tumbling down, closing limit down at RM0.82, lowest since April 2020.

    ATAIMS is currently looking into the validity of Dyson's termination notice. Meanwhile, it will continue to manufacture and supply for Dyson until June 1, 2022.

    An interesting fact — the activist Andy Hall who investigated ATAIMS, said he had made multiple complaints in the past year to the government about the company. Malaysia's labour department did not immediately respond to a request for comment.

  2. Time and time again, the government has to convince the Dewan Rakyat and Malaysians that the single wholesale 5G network (SWN) is better than alternative delivery options (i.e. letting market forces run its course).

    Just yesterday, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said telcos would save over 50% on the charges paid by telcos to DNB for 5G leasing, compared to the capital spent for 4G network currently. He added the cost savings could reduce the service charges imposed on customers.

    Only time will tell if the SWN approach is the right fit. If it’s not, the next administration will probably play the blame game anyway!

  3. Tenaga Nasional Bhd (TNB) posted a net profit of RM1 bil for 3QFY21 ended Sept 30, 2021, mainly due to lower net loss on impairment of financial instruments and current taxation in 3QFY21. No dividends were declared for the quarter.

  4. Malayan Banking Bhd (Maybank) reported a net profit of RM1.68 bil for 3QFY21 ended Sept 30, 2021, as a result of a decrease in net fee-based income and higher net impairment losses. Maybank did not declare any dividend.


5. AROUND THE WORLD 🌎

  1. Ikea opened its biggest store in the world in the Philippines, with the new 730,000 square foot facility in Manila reflecting the furniture giant’s aspirations expansion plans in Asia. Besides hosting the typical retail showroom and dining area, the store also houses its e-commerce facility and a call centre. 

    Online orders now account for 26% of its global sales. Ikea, which has 460 physical stores in about 60 markets, is planning to add nearly 60 more locations in the current financial year with focus not just in Asia, but also in Latin America. 

  2. Interpol has a new head - General Ahmed Naser al-Ralsi, the head of the UAE security forces, has been appointed as the new president of Interpol for a 4-year term. He has previously been accused of overseeing torture by 2 British men who were detained in the UAE. 

    9 human rights organizations wrote to Interpol in 2020 “expressing concern” about a possible al-Raisi presidency, citing UAE’s poor human rights record. 3 European parliament members also warned earlier this month about having al-Raisi as president. However, the role of the president is largely ceremonial, with the secretary-general leading most of its activities. 

  1. Scientists have said a new Covid variant that carries an “extremely high number” of mutations may drive further waves of the disease by evading the body’s defences. The B1.1.529 variant has 32 mutations in the spike protein, the part of the virus that most vaccines use to prime the immune system against the virus. So far only 10 cases in 3 countries have been confirmed so far by genomic sequencing. 

    Dr Tom Peacock, a virologist at Imperial College London, in a series of tweets (see below) said that the variant should be monitored due to its “horrific spike profile” but added that it may turn out to be an “odd cluster” that is not very transmissible. 

    News in brief:

  2. The newly appointed Swedish PM pulled the rug on us yesterdayMagdalena Andersson has resigned just hours after she was appointed after her coalition partner quit the government and her budget failed to pass. We’ve corrected the article since.

    We commend her integrity — Malaysian politicians should learn from her.

  3. North Korea is coming down hard on people who distribute or watch Netflix’s hit show “Squid Game”. Unnamed sources inside North Korea shared that a man who smuggled and sold the show had been sentenced to death by firing squad and a high school student who bought a USB drive containing the show was sentenced to life in prison.


6. FOR YOUR VIEWING PLEASURE 👁👁

  1. Have skin in the game but don’t go all in. Don’t get blindsided. It sounds crazy by Morgan Housel.

The other is humility in forecasting things that impact you personally. Few things are as persuasive as predictions you desperately want to be true, and few things are as easy to brush aside as predictions that sound a little crazy. The best you can do in that situation is live in a way that doesn’t rely too much on a few seemingly obvious things coming true. If the world plays out in 10 different ways, I want to do OK in all of them.

  1. A study by Cambridge University scientists showed that when a person with Covid-19 coughs without a mask, the could spew infectious particles that travel beyond 6 feet, even when outdoors.

  2. Watch Mr Beast ‘Squid Game’ with 456 actual participants, vying for USD456,000 in the grand prize.