☕️ Singapore has expressed its ambitions to be global crypto hub

'Cukai Makmur' wiped out RM33.8 bil in market cap on Bursa. Top Glove sitting on more than RM860 mil paper loss on its share buybacks. Nadiah Wan is listed in Forbes Asia’s Power Businesswomen 2021.



The knee-jerk reaction to Cukai Makmur (Prosperity Tax) wiped off a cumulative of RM33.8 bil in value of market capitalisation of stocks on Bursa Malaysia on Monday. Thank you, government.

In 2020, as many as 1 million fake and fraudulent reviews were removed from Tripadvisor. This made up about 3.6% of all submissions last year (26 mil reviews).

Thailand’s nightlife economy was estimated to be worth over USD5 bil (RM20.74 bil), but the prolonged lockdowns have closed bars down. Without much government help, many fear life at night may already have lost its reputation for variety and reinvention.



Politics and Local

  1. Malaysia’s oldest and most successful university, Universiti Malaya (UM), ranked 8th in the 14th edition of the QS World University Rankings: Asia 2022 — its highest-ever ranking in the listing.

  2. PAS will use Perikatan Nasional (PN) logo for the upcoming Malacca state election as the party is now part of the Bersatu-led PN coalition. The pact between PAS and Umno to "protect the unity of Muslims" — Muafakat Nasional will exist as usual despite PAS’s inclination towards PN. What a mess.

    People will do anything to get power. Parti lalang.

  3. The Malaysian Bar submitted a letter of appeal to the Singaporean High Commission seeking clemency for Nagaenthran K Dharmalingam, a Malaysian sentenced to death on drug charges in the island nation. The bar hopes the sentence will be commuted as Nagaenthran’s mental capacities have diminished since his punishment was given out.

  4. Last night, the cabotage policy debate between transport minister DS Dr Wee Ka Siong (WKS) and DAP sec-gen Lim Guan Eng (LGE) still argued around the same issue — WKS saying no investment lost but LGE arguing otherwise. As his trump card, WKS announced a new undersea cable project by NTT, named the Intra-Asia Express cable project.


  1. Companies carry out share buybacks exercise to maximise shareholder value. However, not all share buybacks can be profitable. Top Glove Corp Bhd’s bought back 200.17 million shares worth about RM1.42 bil between Oct 2020 and Feb 2021 but the exercise has cost its shareholders dearly as the shares are only worth about RM516.4 mil based on yesterday’s closing of RM2.58.

    Almost RM1 bil vanished in thin air. Had TopGlove adopted a #Bitcoin treasury reserve policy to protect the debasement of its cash reserves by central banks, this RM1.42 bil share buyback would have already more than doubled. Ouch!

  2. During the 2022 Budget speech last Friday, Finance Minister Tengku Datuk Seri Zafrul Aziz said a government-owned special purpose vehicle (SPV) would be set up to support companies affected by Covid-19. Khazanah Nasional Bhd will manage the fund size of at least RM3 billion. So who will receive Khazanah’s help?

    The Edge put up a listing of potential companies based on gearing and negative cash flow. Guess which companies are in the Top 5?

  3. MR DIY Group (M) Bhd reported a lower net profit of RM90.35 mil for 3QFY21 ended Sept 30, 2021, compared to a year earlier. The home improvement retailer declared a dividend of 0.65 sen per share, with the ex-date on Nov 29. However, the number of stores increased with 841 stores under its operations, up 22.2% on-year.

    Fun fact — MR DIY carries as many as 18,000 product SKUs (store-keeping units).

  4. Nadiah Wan is listed in Forbes Asia’s Power Businesswomen 2021. The list recognises 20 outstanding female business leaders in the Asia-Pacific region. Nadiah holds two chief executive officer titles is the youngest to make this year’s list. Nadiah is currently a group and executive director of TMC Life Sciences and CEO of Thomson Hospital Kota Damansara. Congratulations Nadiah! #WomenPower

    Check the full list here.


  1. Maersk, the world’s largest shipping company, posted its most profitable quarter in its 117-year history driven by the global supply chain shock. The Danish company made more than 4x its operating profits to USD5.9 bil in its third quarter. Bottlenecks at key ports and surging demand have led to record container freight rates. Over the past year, the cost to ship a 20-foot container from Asia to the US has climbed to over USD20,000. 

  2. Singapore has expressed its ambition to become the global crypto hub and cement itself to be a key player for cryptocurrency-related businesses as financial centres. Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), Singapore’s financial regulator, said that “the best approach is not to clamp down or ban these things (the crypto industry)”. 

    About 170 companies applied for a MAS license, with only 3 firms that have received this much-coveted license. Amongst those approved is the brokerage arm of DBS Group, Singapore’s largest bank. 

    Meanwhile, our own Syed Saddiq has also urged the government to be embrace and be proactive in developing the crypto industry in Malaysia.

  3. Thailand’s oldest lender, Siam Commercial Bank (SCBX), has acquired a 51% stake in local digital asset exchange Bitkub for THB17.85 bil (USD540 mil), implying a valuation of USD1.058 bil. SCBX, the country’s 4th-largest lender by assets, said the acquisition would “help SCBX Group create new growth value in the long term amid a new financial world”. 

  4. About half the flights to and from Beijing’s 2 airports were cancelled on Tuesday as the capital tightened travel restrictions after a trickle of new Covid-19 cases in the city and other parts of the country in the past few days. This is according to aviation industry data site VariFlight, which tracks about 800 to 1,000 flights each for Beijing Capital International Airport and Beijing Daxing International Airport. 

  5. Tesla is rolling out a pilot programme in the Netherlands that opens 10 Supercharger locations to non-Tesla EVs for the first time. Musk has long indicated that such a program, which the company is calling the “Non-Tesla’s Supercharger Pilot,” might eventually be introduced.Tesla’s Supercharger network includes over 25,000 fast chargers, by far the largest network owned and operated by an automaker in the world.

  1. Apple plans to roll out next year a new safety feature for iPhones and Apple Watches that detects car crashes and automatically calls 911. This is similar to Apple’s fall-detection technology, “crash detection”, which uses motion sensors to measure data such as sudden increases in gravity and acceleration. 


  1. Miso Robotics announced its new version of its hamburger-cooking robotic arm, Flippy 2.

  2. A stunning video from China shows a fall mountainside split perfectly between green and red trees.

  3. Number of sexual partners by country

To our readers who celebrate Deepavali, have a happy and safe Diwali!