☕️ Rosmah did not return to the country before court-imposed deadline, no arrest warrant issued
Malaysia pays RM832 per second on interest on national debt. Grab rose 21% in its US market debut but closed 20.5% lower. Home Alone house available on AirBnb for one night only at USD25 per night.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD441 mil will be paid by online dating giant Match Group to the founders of Tinder to settle a legal battle over the dating app’s worth. Tinder’s founders claimed they were short-changed by Match Group and sought at least USD2 bil in damages.
In what many analysts call the Lira Crisis, the Turkish lira has depreciated 47% against the greenback this year. Turkish President Recep Tayyip Erdogan refused to raise interest rates to rein in rising double-digit inflation. Inflation in Turkey is now near 20%.
Ever heard of Worlddebtclocks.com? Neat website, indicating that Malaysia incurs RM832 of interest per second on our National Debt. The debt per citizen is pretty high, too — RM21,750. So if you think your net worth is positive, think again.
3. COVID-19 SUMMARY
New Covid-19 cases in South Africa doubled overnight from 4,300 to 8,500 cases yesterday as Omicron became the country's dominant variant. World Health Organization (WHO) said the new variant has been detected in at least 24 countries worldwide.
WHO chief scientist Soumya Swaminathan assured the existing Covid-19 vaccines will still protect against severe disease against the other variants.
The Malaysian government has no intentions to make the Covid-19 booster dose mandatory for now. According to Deputy Health Minister II Datuk Aaron Ago Dagang, about 30 to 40 percent of fully vaccinated recipients refuse to take the booster dose.
4. IN MALAYSIA 🇲🇾
Politics and Local
Rosmah Mansor fails to return to Malaysia and, as a result, is absent from court. The High Court temporarily released her passport to enable her to go to Singapore, and she must return on or before 21 Nov and surrender her passport before 6 Dec.
The 3-member bench of the Court of Appeal unanimously adjourned the hearing to 6 Dec and practised its discretion in withholding the issue of an arrest warrant on Rosmah although the prosecution requested the issue of warrant of arrest and revocation of her bail.
What would the decision be had it been a normal rakyat?
Bangi MP Ong Kian Ming in a statement regarding the unplanned holiday today in the Federal Territories has called this move by the Federal Territory Minister as “politically irresponsible” and “populist”, causing a RM400 mil loss in output.
Infectious disease expert Dr Adeeba Kamarulzaman has lamented this move had affected the schedule of medical professional examinations, which had already been affected by Covid-19 and lockdowns.
The Department of Statistics Malaysia (DOSM) has launched the Malaysia Economic Recovery Dashboard (MERD), a platform that serves as a quick overview of the country’s economic situation. The dashboard contains 9 key economic indicators and 39 sub-indicators in the form of monthly, quarterly and annual time series. Access the dashboard here.
Minister in the PM’s Department Wan Junaidi Tuanku Jaafar has confirmed that youths aged 18 to 20 cannot vote in the upcoming Sarawak state election although Undi18 will be effective on 15 Dec as they will use the electoral roll updated on 2 Nov.
Proton Holdings Bhd sold crossed the 100,000 mark in cars sold in 2021. 100,566 units have been sold so far this year as at Nov 2021, an increase of 24.3% yoy with 14,187 units sold in November. November has been an active month for the automotive industry with new model launches and extension of the tax-free incentive, though, the industry’s growth is continued to be limited by supply instead of demand.
iQIYI, one of the largest online video sites in the world from China, is doubling down on its investment in the local content ecosystem. The giant will be teaming up with 5 local production houses to release 5 Malaysian original content. According to its data, Malaysians spent an average of 80 minutes per day on its platform.
Alliance Bank Malaysia Bhd is disposing its stockbroking business to stockbroking firm Philip Futures Sdn Bhd, as the banking group plans to strategically re-prioritise its businesses to accelerate growth in its consumer, small and medium sized enterprise and Islamic banking business. The disposal consideration isn’t so straightforward as it depends on the net asset value of the business and brokerage fee in the 12-month period from a predetermined transfer point. As at 30 Sep 2021, the NAV of the stockbroking business is RM205.2 mil.
Shares of Grab rose 21% in its US market debut on Thursday, following its USD40 bil merger with a SPAC, making it the largest blank-cheque deal this year so far. Let’s see how sustainable is its valuation.
Unfortunately at the end of trading session, Grab fell by 20.5%.
5. AROUND THE WORLD 🌎
South Korean security adviser Suh Hoon met with top Chinese diplomat Yang Jiechi in Tianjin to gain support for a formal declaration ending the 1950-53 Korean war. South and North Korea are technically still at war, more than 70 years on as the hostilities were only halted by an 1953 armistice, not a peace treaty.
The McCallister’s house from the Home Alone series is available on Airbnb but for one night only. The home will be available to book from Dec 7 for USD25 for the night on Dec 12. It is available for a maximum of four guests. Guests will be greeted on arrival by Devin Ratray, who played Kevin McCallister’s older brother Buzz.
Due to the global chip shortage, Apple Inc has cut the production of iPhone 13 by about 10 mil units, down from a target of 90 mil. The tech giant has told its parts suppliers that demand for its latest flagship phone has slowed as consumers are reluctant to wait and acquire the hard-to-find item.
Meanwhile, president and CEO of Hewlett Packard Enterprise, Antonio Neri, expects the global chip shortage to only ease off by the summer of 2022. He said more new chip fabrication plants are coming online and creating more capacity to alleviate the supply chain issues.
The Women's Tennis Association (WTA) has suspended all tournaments in China amid concern for Chinese tennis player Peng Shuai (pictured below). Peng has disappeared from public view for three weeks after accusing a top Chinese official of sexual assault. China said it “opposes the politicisation of sports” in response to the suspension.
Wilson Edwards — a Swiss biologist who sought to convince the world that the United States was attempting to blame the COVID-19 pandemic on China, is actually fake. Facebook confirmed with Beijing-based Swiss Embassy that there was no record of a citizen named Wilson Edwards. According to Facebook, the account was created by users associated with Chinese state infrastructure companies.
The world might just see another four years of Donald Trump if he runs for the presidency again in 2024 and wins. In an interview, the former president told Nigel Farage, “If you love the country, you have no choice.”
6. FOR YOUR VIEWING PLEASURE 👁👁
Composite image of SpaceX rocket launch. Beautiful.
Take a tour inside Google’s massive headquarters.
Malaysia has 3 of the 5 tallest buildings in Southeast Asia, but…