☕️ PM Sabri launched his own foundation - Yayasan Keluarga Malaysia. Potentially another disaster in the making.
Convicted former PM Najib cheered for like celebrity. Columbia's most-wanted drug lord comparable to Pablo Escobar, caught. Credit Suisse fined USD475mil for scandal that tipped Mozambique into crisis
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD909.68 per share — the price of Tesla Inc., which is on its way to joining the trillion-dollar club. The carmaker’s valuation briefly overtook the valuation of Facebook Inc. on Friday.
New York-based firm Space Capital expects investment in space companies to exceed USD10 billion this year, surpassing the annual record of UDS9.8 bil set in 2020.
Remember the meme-stock GameStop, which had a crazy return in January 2021? The Securities and Exchange Commission reported the rally was driven by 880,000 new investors trading the stock in January.
3. COVID-19 SUMMARY
Health minister Khairy Jamaluddin took swift action by invoking Act 342 to prohibit all activities, gatherings or social meetings related to political campaigning for next month’s Malacca polls. He did it after Twitter Jaya reported the video below.
However, DAP secretary-general Lim Guan Eng wasn’t too happy about it — saying the government is scared to meet the Malacca voters. YB, we think you ought to put rakyat’s priorities above all else. Saving lives > political infightings. So what was the purpose of signing the MoU again?
The US food and Drug Administration (FDA) said the Pfizer BioNTech Covid-19 vaccine for young children likely outweigh its risk.
In collaboration with
4. IN MALAYSIA 🇲🇾
Politics and Local
Prime Minister Datuk Seri Ismail Sabri Yaakob launches his foundation — Yayasan Keluarga Malaysia, to support Malaysian children orphaned by the Covid-19 pandemic. While the idea behind the foundation is great, we’re on the fence about whether the foundation is a vehicle to buy votes or buy handbags overseas.
We need to be wary of entities that use political concepts — look at what happened to 1Malaysia.
Former PM Datuk Seri Najib Razak wants to postpone his Singapore trip to a later date to assist Umno in the Melaka state election next month. It seems like his political career is more important than his family.
After the Hong Kong Consumer Council's (HKCC) claim of cancer-inducing elements found in Hup Seng’s cream crackers, local biscuit maker Hup Seng Perusahaan Makanan Sdn Bhd has reaffirmed that its cream crackers are safe for public consumption.
Sabah government hopes the Malaysia Agreement 1963 (MA63) will be amended according to its needs and claims when the bill gets tabled in Parliament today to amend the Federal Constitution to be in line with MA63.
Rubber smallholders and tappers registered with the Rubber Industry Smallholders Development Authority (Risda) will receive the Monsoon Season Aid of RM300 a month for two months, beginning November 2021. A total of RM192 million will be paid out.
PSA — Please do not drink and drive. Enjoy responsibly. Hail a ride-share service or get a friend to drop you home.
Bursa Malaysia ordered the suspension of trading of Serba Dinamik Holdings Bhd’s securities for last Friday’s afternoon session until further notice. The group’s structured warrants have also been suspended.
The bourse regulator has set Tuesday (Oct 26) for the group to announce the findings of the special independent review, which addresses the audit issues flagged by its former external auditor, KPMG.
The Malaysian Employers Federation (MEF) said raising minimum wages will derail the economic recovery. MEF president Datuk Dr Syed Hussain Syed Husman suggested efforts should be directed towards controlling the rising cost of products and services.
Intuitively, the theory doesn’t make much sense — more wages, more consumption, more economic activities. But, most importantly, better living wages would bring more people out of poverty. We’re open to counterarguments — drop us a comment!
Malaysian consumers are upbeat about the relaxation of Covid-19 restrictions. As a result, the Malaysian Institute of Economic Research's (MIER) Consumer Sentiments Index's (CSI) reading had in the third quarter of 2021 (3Q21) rose to its highest level since 3Q13 at 101.7.
The survey report also highlighted labour market expectations have never been this optimistic since 2Q18, while household financial expectations are the best in three years.
Malaysia Airports Holdings Bhd (MAHB) gets a new managing director — Datuk Iskandar Mizal Mahmood. Iskandar Mizal was the group managing director for Media Prima Bhd. The airport operator also announced the resignation of Datuk Mohd Shukrie Mohd Salleh, 47, as group chief executive officer (CEO).
Ministry of Science, Technology and Innovation (MOSTI) has released the One Year Report 2020-2021 of the National Technology and Innovation Sandbox (NTIS) initiative.
139 companies out of 500 who applied were successfully absorbed into the NTIS program between August 2020 and July 2021. NTIS has approved RM52.78 million to fund 70 companies to develop innovation while the other 69 companies received technical, regulatory facilitation and test site support or funnelled to other suitable grants.
5. AROUND THE WORLD 🌎
Colombia’s most-wanted drug lord has been captured by authorities in what has been heralded as the biggest blow to the country’s narcotics traffickers in decades. Colombia’s President Ivan Duque Marquez confirmed in a televised national address on the capture of Dairo Antonio Usuga and, aka “Otoniel” and said that it is “comparable to the fall of Pablo Escobar in the 90s”.
Otoniel was the leader of the ‘Clan del Golfo’ drug cartel and was seized by Colombian authorities during an operation in a rural area of Colombia’s Uraba region. The US State Department describes the cartel as “heavily armed and extremely violent” and offered up to USD5 mil for information leading to the arrest of Otoniel.
Credit Suisse Group has agreed to pay almost USD475 mil to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions stolen from Mozambique and tipped the country into an economic crisis.
The USD2 bil that was supposed to help fund a new coastal patrol force and tune fishing fleet in Mozambique, one of the world’s poorest countries, was instead looted with USD50 mil of it went to Credit Suisse bankers as kickbacks and at least USD200 mil in “improper payments”. As part of the settlement, Credit Suisse agreed to forgive USD200 mil of debt owed by Mozambique.
News in Brief:
The US Commodity Futures Trading Commission (CFTC) paid out a record reward of nearly USD200 mil to a Deutsche Bank whistleblower who provided information for a case involving the manipulation of the Libor interest rate benchmark.
Is bitcoin too risky for investment? Even the most conservative of institutional investors are starting to dip their toes. The Houston Firefighters’ Relief and Retirement Fund with USD5.5 bil AUM has bought USD25 mil worth of Bitcoin and Ether. The Houston firefighters’ pension fund isn’t the first pension fund to have invested in cryptocurrencies - 2 Virginia pension funds have previously invested in this asset class. State and local government pension funds oversee more than USD5.5 tril in assets.
In simple English - here’s an explanation of why poorer nations can’t just print more money as their way out of problems like the US.
6. FOR YOUR VIEWING PLEASURE 👁👁
President Biden behind an imaginary podium during an interview
How a gun works
NASA will launch its Space Launch System, taller than the Statue of Liberty, to send its Orion spaceship to the moon in February. SLS is three years behind schedule and USD4 bil over budget.