☕️ Malaysia x Singapore quarantine-free travel from Nov 29 (vaccinated only)

Nagaenthan, on death penalty, granted stay of execution by SG High Court. 112 candidates for 28 seats in the Malacca state election. Alibaba partners luxury brands for NFT sale on Singles' Day.

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

2,500 kg of plastic bottles has been collected from the Sungai Kandis log boom in one month. The Selangor Maritime Gateway (SMG) initiative with Nestle Malaysia Bhd will run for five months. The plastic bottles were cleaned and sent to a recycling centre to be repurposed.

68% of Malaysians trust the national healthcare system to provide the best treatment for them, a slight drop compared to the previous year’s 75%, according to market pollster Ipsos.

112 candidates will be fighting for 28 seats in the upcoming Malacca state election.


3. COVID-19 SUMMARY


4. IN MALAYSIA 🇲🇾

Politics and Local

  1. The Kuala Lumpur High Court dismissed the 1MDB-linked forfeiture suit against former prime minister Najib Abdul Razak and several members of his family. Judge Mohamed Zaini Mazlan ruled the applicant (government) failed to show a link between alleged offences linked to 1MDB and the items seized from Razak’s family.

    Money laundering trials can get challenging due to the difficulty required to prove the links.

    Even Jho Low’s family gets their mansion in Penang that had been previously seized back.

  2. Home Minister Datuk Seri Hamzah Zainudin gave a vague response to Puchong MP Gobind Singh Deo’s question on the alleged cartel amongst senior police officers of the Royal Malaysia Police (PDRM) across all ranks. The Home Minister said there were no issues based on initial investigations, and the matter has been extended to Enforcement Agency Integrity Commission (EAIC). No additional information was provided.

    If there are no issues, does EAIC have to be involved?

  3. The Singapore High Court granted a stay of execution to Nagaenthran K Dharmalingam, a Malaysian, pending the hearing of the appeal to the Court of Appeal against the decision of the High Court.

    The execution was supposed to happen on Nov 10. Nagaenthran was arrested in 2009 for bringing 42.7 grams (1.5 ounces) of heroin into Singapore.

  4. Malacca state elections SOP: No ceramahs and door-to-door visitations, but mobile campaigning allowed. They didn’t ban “tourist campaigning, which former PM Najib Razak has championed. He looks like he’s having the best time in Malacca.

    Malaysian Chinese Association fielded Leong Hui Ying to represent Barisan Nasional (BN) for the Kesidang seat, who struggled to reply to questions by reporters.

Business

  1. Pecca Group Bhd has dropped its proposed acquisition of 51% equity interest in personal protective equipment (PPE) supplier Rentas Health Sdn Bhd. The RM100 million SPA agreement dated Aug 2, 2021, will be terminated effective immediately.

    Pecca, mainly involved in vehicle leather upholstery manufacturing and design, will also stop pursuing its proposed diversification into healthcare.

  2. Dissatisfied with the suspension of trading of its shares, Serba Dinamik Holdings Bhd has taken legal action against Bursa Malaysia to challenge the stock exchange’s directives concerning the requirement to conduct a special independent review and disclose the findings of the review.

    Serba vs Bursa, who shall prevail?

  3. Parkson Holdings Bhd proposes to reduce its issued share capital by RM2 billion to RM2.15 billion from RM4.15 billion. The move would reduce the group’s accumulated losses and reflect a more accurate picture of the group’s financial position.

  4. Ready-to-assemble (RTA) furniture specialist Ecomate Holdings Bhd made a strong debut yesterday on the ACE Market, went to as high as 70.5 sen, which is 113% above its offer price of 33 sen. The stock then pared its gains to close 15.5 sen or 46.97% higher at 48.5 sen.


5. AROUND THE WORLD 🌎

  1. Hot pot giant Haidilao International said it will be shutting down or suspending operations of around one-fifth or 300 poorly performing restaurants, after expanding aggressively in the past 2 years. The closures reportedly affect outlets mainly in China and no employees will be laid off. 

    At the end-June, the hot pot giant had 1,597 restaurants globally, 1,491 of them in mainland China. This is more than a 70 per cent jump over the 935 restaurants it had globally, including 868 in mainland China, a year ago. Despite the closures, Haidilao would still be China’s biggest hot pot chain.

  2. SoftBank Group Corp reported a net loss of JPY398 bil (USD3.5 bil) in the quarter ended Sept 30 dragged by a record loss at its Vision Fund unit as the value of its public holdings like Coupang and Didi Global plunged. The fund recorded a loss of USD10 bil during this period. 

    The company took a beating of more than USD50 bil from Beijing’s tech crackdown, with its net assets losing the equivalent amount of USD54 bil in just 3 months, falling to USD184 bil. Alibaba, accounting for nearly 60% of SoftBank’s net assets, but with its shares falling by more than half from its peak, the figure is down to 28%. 

  3. Luxury brands have entered China’s metaverse with NFT offerings to be offered during Singles’ Day shopping festival this coming Thursday. Alibaba’s Tmall launched a “Double 11 Metaverse Art Exhibition” and is working with brands including Burberry, Coach and Longines, all of which have created NFTs for the event. NFTs, or generally known as “digital collectables” in China, will be packaged along with a physical item, with the digital item being a limited edition. 

    Burberry, for one, already sold out 1,000 special edition scarves that came with an interactive deer NFT and were listed for RMB2,900 (USD453) each. 


6. FOR YOUR VIEWING PLEASURE 👁👁

  1. Jeff Bezos jokingly threatens Leonardo DiCaprio after the video of the actor talking to Lauren Sanchez, Bezos’ girlfriend.

  2. Can too much water, blood and oxygen kill us?

  3. Ever Given’s damage bow