☕️ Whilst Malaysia fights the flood, Environment and Water Minister reportedly in Mecca performing umrah
Apple CEO Tim Cook announced to provide flood relief to Malaysia and Philippines. Malaysia Nov 2021 inflation up +3.3% yoy. Tesla to be investigated for allowing games on its touchscreen.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
£550 mil — the settlement to be received by Princess Haya Bint Al-Hussain, the youngest of six wives of Sheikh Mohammed Bin Rashid Al-Maktoum. Sheikh is the multi-billionaire ruler of Dubai and prime minister of the UAE.
22,372 housewives in India took their own lives last year, an average of one suicide every 25 minutes, according to the recently released data by the government’s National Crime Records Bureau (NCRB). Housewives accounted for more than 50% of the total number of women who killed themselves in India.
Evergrande chairman Hui Ka Yan lost USD17.2 bil in net worth amid the real-estate sector’s debt crisis. Hui’s fortune sank due to Evergrande’s share price, which has fallen about 90% YTD. Hui has reportedly been selling and pledging personal assets to keep the company afloat.
3. COVID-19 SUMMARY
The sale of bus and flight tickets under the Vaccinated Travel Lane (VTL) between Malaysia and Singapore will be temporarily suspended from today until Jan 2022. However, travellers who have purchased VTL tickets via land and air and meet the stipulated conditions are not affected.
A South African study offers a glimpse of hope as it showed those infected Omicron were 80% less likely to end up in the hospital than those with Delta.
The US Food and Drug Administration (FDA) is expected to approve a pair of pills from Pfizer Inc. (Paxlovid) and Merck & Co. (molnupiravir) to treat Covid-19 as soon as this week.
4. IN MALAYSIA 🇲🇾
The Court of Appeal dismissed a stay of application by the National Registration Department, the Home Ministry and the government on a landmark High Court decision in September that granted citizenship to children born overseas to Malaysian mothers.
Former religious affairs minister Zulkifli Mohamad paid a visit to the Gurdwara Sahib Petaling Jaya and praised their efforts to provide flood relief efforts. Despite their good intentions, critics questioned whether Muslims were allowed to eat food prepared by the gurdwara, to which Zulkifli responded that it should not be an issue and cited the practice of vegetarianism among Sikhs.
Whilst the country is fighting a flood disaster, Environment and Water Minister Tuan Ibrahim Tuan Man is currently in Mecca performing umrah as reported by Harakah Daily, PAS official news channel. The reference has been removed in the article, but the Internet never forgets (see Tweet below). No wonder he has been so quiet and nowhere to be seen - seeking strength from God to help Malaysia.
31 looters were arrested following a break-in at a convenience store in Taman Sri Muda all of which were immigrants. However, two flood victims came to their defence as it was the migrants who assisted flood victims instead of the government. Hopefully, the court will differentiate their good intent, which is far from criminal.
Apple CEO, Tim Cook, tweeted an announcement that Apple will be sending reliefs to Malaysia and the Philippines - both which are affected by Typhoon Rai. Netizens from both countries flood the replies section telling Tim Cook not to send the donations and reliefs through the government, but NGOs as the governments can’t be trusted.
Malaysia’s inflation gauge, the Consumer Price Index (CPI) in Nov 2021, increased 3.3% YoY, the Department of Statistics Malaysia (DOSM) announced. FD rates are around 2% +-, so we are living in a negative real interest rate environment and our purchasing power is declining with rising inflation. Best hedge? Consider Bitcoin. (NFA)
Retailer MyNews Holdings Bhd reported a smaller net loss of RM8.9 mil for Q4 ended Oct 31, 2021, compared with RM14.9 mil, as relaxation of the lockdown boosted in-store sales. Revenue rose 10.9% to RM104.1 mil from RM93.9 mil from the preceding quarter. For its full financial year, revenue fell 18.2% to RM400.6 mil from RM489.39 mil, with net loss widening to RM43.1 mil from RM9.8 mil. MyNews market cap stands at RM583.3 mil.
5. AROUND THE WORLD 🌎
In an all-cash deal, A.P. Moller-Maersk A/S (Maersk) is acquiring Hong Kong-based LF Logistics, an Asian warehouse specialist. The transaction is said to be worth USD3.6 billion in enterprise value. Maersk has decided to expand in land-based logistics where there’s more potential for growth and better profit margins.
German food delivery group Delivery Hero will scale down its Foodpanda operations in Germany less than seven months after Foodpanda was launched in Berlin in June and rolled out to other cities in August. Delivery Hero cited increased competition and labour shortages as the main reasons. The group also said it would exit the market in Japan to focus on growth in other markets and niches.
The National Highway Traffic Safety Administration (NHTSA) has opened a formal safety investigation into 580,000 Tesla vehicles sold since 2017 over the automaker's decision to allow games to be played on the front centre touchscreen. The investigation started after New York Times highlighted the game feature, that was made available since December 2020 in Tesla 'Passenger Play'-equipped vehicles.
Scientists have discovered a perfectly preserved dinosaur embryo that was preparing to hatch from its egg in Ganzhou in southern China. Researchers estimate it is at least 66 million years old. Named Baby Yingliang, it is believed to be a toothless theropod dinosaur or oviraptorosaur.
South Korea's SK Hynix Inc said it has received merger clearances from the Chinese antitrust authority for its acquisition of Intel Corp's (INTC.O) NAND memory chip business. The US chip giant last October agreed to sell its NAND memory chip business to SK Hynix for USD9 billion.
Nike Inc. reported revenue of USD11.36 bil for its 2QFY22 ended Nov 30, 2021. Despite continued inventory constraints and supply chain challenges, NIKE Brand Digital delivered strong revenue growth of 11%. CFO of Nike said its 2QFY22 results reflect the brand’s deep consumer connections and strong marketplace demand.
China’s official Xinhua News Agency wants to issue non-fungible tokens of news collectables even as policymakers in Beijing have largely banned all crypto-related transactions. While Chinese authorities haven’t labelled NFTs illegal, it’s a grey area in the country. The collectables will be issued for free via its news app at 8 p.m. on Friday.
6. FOR YOUR VIEWING PLEASURE 👁👁
A series of photos capturing the flood situation in Taman Sri Muda by Twitter user @sadiqasyraf. This is still an important contribution - capturing the moments so we shall not forget.
Capybara, the largest living rodents, taking their annual Yuzu bath
Mariah Carey’s ‘All I Want For Christmas Is You’ keeps getting bigger every year
(Ps: All we want for Christmas is for you to show your love for The Coffee Break on Twitter and Facebook and get your friends and family to sign up)