- MR DIY to list in the Indonesia stock market
- Flooding is widespread across Southeast Asia
- Thailand struggles to have its own national brand EV
IN Malaysia
Selangor to take over Kuala Lumpur?
Selangor Menteri Besar Amirudin Shari told the Selangor State Legislative Assembly that the state government has the intention to reclaim back the lost territory of Kuala Lumpur. According to the agreement signed in the 1970s that transferred Kuala Lumpur to the federal government, Kuala Lumpur would be under federal domain given that Kuala Lumpur is the federal administrative centre and the location of the Parliament building in Kuala Lumpur. Amirudin stated that unless there is a plan to move the Parliament building elsewhere, the plan to return Kuala Lumpur as one of Selangor’s districts will not materialise in the near future unfortunately. In relation to this matter, during the 2025 Selangor Budget presentation, Amirudin revealed that there is a plan dubbed the Greater Klang Valley 2035 Action Plan to turn Petaling Jaya, Subang Jaya, Shah Alam, and Klang into a metropolitan city. Will Kuala Lumpur be included in the soon-to-be metropolitan city? Time will tell. FYI, one of the reasons why Kuala Lumpur was excluded from Selangor is due to the 13 May 1969 riot, that led to the diminishing power of Kuala Lumpur in the national political scene.
Source: https://www.nst.com.my/news/nation/2024/11/1140555/selangor-interested-reclaiming-kl-says-mb
Ringgit ketar lutut due to Trump
After President-elect Donal Trump announced the imposition of new tariffs on imports from its close allies – Mexico and Canada, the impact of that news could be felt as far as Malaysia. Since then, our national currency, Ringgit has been depreciated to MYR:USD 4.4560 from Monday’s close of 4.4495. SPI Asset Management managing director Stephen Innes said that this situation is the perfect trailer for the soon-to-launch horror of Trump’s America First Policy that will run on all four cylinders when he is officially inaugurated as the US President in January 2025. Should we start singing the US National Anthem after Negaraku at schools now to show our love and affection to the motherland US? Dear Trump, if you are reading this, Malaysia is a Greater Singapore, so impose tariffs on Singapore, no need to put tariffs on us okie. (For those of you knuckleheads out there, please don’t take it too seriously, we were just kidding)
Shorts
- Ministry of Finance announced two new credit reporting agencies in the country, namely – MyData Informatica Sdn Bhd and One Future Solutions Sdn Bhd, bringing the total number of registered credit reporting agencies to 10. MoF stated that the inclusion of these two new agencies will strengthen the domestic credit reporting industry and the overall financial ecosystem.
- MR DIY Group is lapar and wants to makan the Indonesian market too as its Indonesian arm is looking to go public in Jakarta. MR DIY Group’s bakso Indonesia arm, Daya Intiguna Yasa will be looking to raise as much as RM1.32 bil, making it the largest initial public offering (IPO) listing in Indonesia in more than a year. The company plans to allocate 60% of the IPO proceeds to repay a bank loan, 30% to launch more stores, and 10% for working capital, according to the prospectus.
Around the S.E.A.
Singapore is ringing the end-of-day bells
Singapore’s central bank, the Monetary Authority of Singapore (MAS) has warned the market that the future of global monetary policy will be uncertain due to trade wars and geopolitical tension (damn you Donald Trump, even Singapore has started to clutch its balls). According to MAS, potential triggers for market volatility include and are not exclusive to events such as more hawkish-than-expected Bank of Japan rate decisions, US data which challenge the soft-landing narrative and fiscal sustainability concerns.
Christmas for some, but it is the flood-mas season for Southeast Asians
- Thailand – Over 100 households in Southern Thailand’s district of Hat Yai were forced to evacuate after floodwaters rose as high as 1.5 meters. According to the locals, this is the worst flooding in over 30 years with the previous most severe flooding happening in 1988. The flood situation is expected to persist until Saturday (November 30), according to a forecast by the Thai Meteorological Department.
Source: https://www.nationthailand.com/news/general/40043656
- Indonesia – Heavy downpours triggered landslides and flooding in North Sumatra province, which have claimed the lives of at least 15 people and the local authorities are still searching for seven people who are still missing. To make matters worse, the disaster agency is warning people in North Sumatra province about potential floods in the coming weeks as more heavy rain is forecast.
- Malaysia – The heavy flooding in the state of Kelantan has skyrocketed the number of flood evacuees in the state to 8,838 people, as of yesterday. One of the areas in Kelantan, Rantau Panjang which is known to be a shopping mecca, has been paralysed due to the flooding of its main route. Fortunately, the main route can still be accessed by heavy vehicles.
Tengok pun takut weh. Semoga dipermudahkan urusan semua 😔 pic.twitter.com/Zd6UKeZK7M
— amighul deghaman (@ricxxxkiddo) November 27, 2024
Business news
- Vietnam-based Xanh SM, one of the brainchilds of Vingroup founder Pham Nhat Vuong, is looking to dethrone Grab as the leading ride-hailing king in Southeast Asia. Unlike Grab, Xanh SM rents out vehicles to gig drivers in addition to providing ride-hailing services through its app. At the moment, Xanh SM has a fleet of 20,000 cars and 22,000 motorbikes, made its services available in nearly half the Vietnam, and expanded into neighbouring Laos.
- The electric vehicle (EV) venture between Thailand’s state-owned oil and gas company, PTT Group and major Apple supplier/contract manufacturer, Foxconn has happened to hit a roadblock after PTT now do not want to lead the JV dubbed Horizon Plus. PTT want to reduce its stake in the JV, where originally PTT will hold 60% while Foxconn will pegang the remaining shares. Apart from reducing its stakes, PTT is also looking at stopping the construction of a USD1 bil factory that is a part of the project. I guess not all countries have the capabilities to have their own EV brand eh?
For your EYES only
Apparently, money is not everything for everyone. Exhibit #1 – even if your father has a fortune of more than USD5 bil and it is for you to inherit on a golden platter, Ananda Krishnan’s son, Ajahn Siripanyo chose to renounce worldly riches at the age of 18, to become a monk.
This man left a Rs. 40,000 Cr empire to become a monk. Ven Ajahn Siripanyo is the son of Malaysian billionanaire Ananda Krishnan, known as AK, whose business empire spans telecommunications, media, oil, gas, and real estate.#NewsMo #Monk #Lifestyle pic.twitter.com/LjDTby1Va4
— IndiaToday (@IndiaToday) November 27, 2024
