☕️ MOH: Medical marijuana now permissible in Malaysia
80-year old retired lecturer lost RM1.8 mil to Macau scam. Alpha JWC raised SEA's largest early-stage fund. Meet Southeast Asia's PayPal mafia - the Grab mafia.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD25,000 — the money paid by Jho Low for US Model Emily Ratajkowski (Emrata) to be his Super Bowl ‘date’, according to her interview with UK’s Sunday Times Magazine.
Twenty-five thousand nine hundred tons of “pandemic-associated plastic waste” seeped into the oceans during the Covid-19 pandemic, according to a report published on Monday in the journal Proceedings of the National Academy of Sciences.
USD50 bil — streaming firms’ expected spending for content in 2021 as the streaming war between platforms heats up, according to Bloomberg.
22 per year — the number of special draws for numbers forecast operators. It will not be increased, assured Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz.
3. COVID-19 SUMMARY
Malaysia is not out of the woods yet as the number of new infections (5,403) is higher than the recoveries (5,311) yesterday. If not managed well, it will put further strain on the healthcare system. Please stay safe and follow the SOP!
4. IN MALAYSIA 🇲🇾
Politics and Local
A retired lecturer lost RM1.8 million after a macau scam call. The caller acted as a Telekom Malaysia officer, accusing the victim of online gambling and money laundering. The 80-year-old victim made several cash transfers and handed over her ATM card.
Another key question to ask is — how did the scammers know the victim has RM1.8 million in the account?
Prevent yourself from falling victim. Read our macau scam guide!
Former finance minister Lim Guan Eng said the Pakatan Harapan government never approved the Vellfire switch as they wanted to support local vehicles, refuting Finance Ministry’s recent claims. In Jan 2020, Lim said the government wanted to continue with Proton Perdana, but it was out of production.
YB Lim, why did Penang CM get a Mercedes Benz S-Class when you said you wanted to support local? Locally assembled doesn’t count lah.
Following his disqualification in the 2020 Tokyo Paralympics, national shot putter Muhammad Ziyad Zolkefli will not receive the RM1mil reward under the National Sports Incentive Scheme (Shakam).
Muhammad Ziyad was denied the gold medal due to a technical issue — he did not get to the call room at the appointed time. An internal investigation committee appointed looked into the matter found that the para-athlete and his coach could not prove they had arrived at the call room at the appointed time.
Health Minister Khairy Jamaluddin has finally announced the government’s stance on medical marijuana products — products containing cannabis used for medicinal purposes can be imported and used in Malaysia if the product complies with the requirements of the law.
Applications to register cannabis products for medicinal purposes can also be made if there is sufficient scientific evidence.
Former 1MDB CEO Mohd Hazem Abd Rahman insisted that Jho Low was present at former prime minister Datuk Seri Najib Razak’s house to meet a banker about 1Malaysia Development Berhad’s (1MDB) US$2.318 billion purported overseas “investment” during the 1MDB trial.
Another month, another water supply disruption in Kuala Lumpur. This time, 13 areas are affected by a burst pipe at Jalan Lingkaran Tengah 2 (MRR2). The repairs are expected to be completed by Wednesday (Nov 10) at 11:30 am. The water supply will be resumed in stages.
Certain areas of Kuala Lumpur, Putrajaya and Cyberjaya will get to experience the country’s 5G network for the first time beginning today! The Ministry of Communications and Multimedia (KKMM) will launch the country's first 5G network today.
Bank Negara Malaysia’s Fintech Week will return in January 2022, held in virtual format. MyFintech Week 2022 (MyFW 2022), from Jan 24 to Jan 28, 2022, will feature more than 80 visionary and leading voices in fintech and digitalisation. A single pass for individuals will cost RM100 for early bird, available until Nov 30. Register here.
Malaysian Research Accelerator for Technology and Innovation (MRANTI) has been formed through the merger of Technology Park Malaysia (TPM) and the Malaysian Global Innovation and Creativity Centre (MaGIC).
MOSTI formed MRANTI to facilitate the generation of ideas to impact creation through invention, development and commercialisation of technology and innovation.
Two counters hit limit up in yesterday’s trading session — EP Manufacturing Bhd closed at RM1.24 (up by 29.5 sen), and TAFI Industries Bhd closed at RM3.54 (up by 81 sen or 29.67%). In addition, Bursa issued an unusual market activity (UMA) query on the recent sharp rise in the price and volume of EPMB shares.
Those of you who have shares in either one can belanja kopi lah.
Business as usual for Sarawak Consolidated Industries Bhd (SCIB) despite its stock being suspended from trading yesterday. SCIB had applied for more time until Dec 31, 2021, to release its annual report for the financial year ended June 30, 2021, due on Oct 31 but was rejected by Bursa.
5. AROUND THE WORLD 🌎
Superyacht sales are having a banner year as the number of billionaires grows, and Covid-19 has added incentives to avoid crowds. Sales of luxury vessels longer than 30 meters (98 ft) rose over 8% in the first nine months of 2021. The cost of a superyacht can range from USD10 mil second-hand to USD600 mil new.
Some 200 new ones hit the water for the first time this year until September, and 330 have been ordered to be ready before 2023. It costs as much as 10% of purchase value just for maintenance and refits annually (small change, if you are a billionaire). Too expensive to own one? Charter it for 1-week for up to 12 passengers in Greece or Italy, which cost between EUR300k-500k and enjoy on-board facilities such as spa, Michelin-level dining, watersports and fitness classes.
McAfee, the security software company, will be acquired by a group of investors for around USD12 bil in cash. Including debt, the deal is valued at USD14 bil. The consortium is led by Advent International Corporation and Permira Advisers with participation from Singapore’s GIC, Crosspoint Capital Partners, Canadian pension fund CPP Investments and Abu Dhabi Investment Authority.
The sale is the latest episode in the history of the company founded by cyber-security pioneer John McAfee in 1987, the namesake of the antivirus software. The company first went public in 1992, then again in 1999 following a merger, before Intel bought it for about US$7.7 billion and delisted it in 2011. Intel in 2016 then spun McAfee off from its core business, keeping a large stake but handing control to investment company TPG Capital. McAfee returned to the stock market again in October 2020, taking advantage of a buoyant atmosphere for the cyber-security industry.
Alpha JWC, the Jakarta-based venture capital firm, announced that it closed its third fund at USD433 mil, making it the largest Southeast Asia’s VC fund for early-stage startups according to the company. Its portfolio includes unicorn companies like Ajaib, Kredivo and Carro and Alpha JWC was the first institutional investor in these three startups.
It says that at least 11 of its portfolio companies are nearing unicorn status, such as Kopi Kenangan, GudangAda, Funding Societies and Lemonilo. The VC firm now manages about USD630 mil in assets across its three funds, and its portfolio companies have collectively raised more than a billion dollars this year so far. See its portfolio of companies here.
News in Brief:
US industrial giant General Electric (GE) will split into three companies in the coming years. The company will be divided into three units - aviation, healthcare and energy. The healthcare unit will be spun off by early 2023, followed by the energy unit in 2024.
Japan is considering an economic stimulus package worth JPY30 tril (USD265 bil) aimed at reviving the economy hit hard by the Covid-19 pandemic. How would it be financed? Of course, through issuing new debt and with excess funds carried over from last year’s budget.
Robinhood, the trading platform, disclosed a security breach that exposed data on millions of its customers followed by an extortion attempt. A hack on Nov 3 obtained a list of email addresses of about five mil people and the full names of 2 mil people for a different group.
6. FOR YOUR VIEWING PLEASURE 👁👁
Inventor Rod Read has spent more than a decade pioneering '“turbine kite” technology.
There is PayPal mafia. Now meet the Grab mafia.
Taiwan builds ‘ironman’ exoskeleton suit to boost troop endurance on battlefield