☕️ 202,400 - the number of unemployed graduates in Malaysia, up by 22.5% in 2020
Confusion over the revocation of Emergency Ordinance. Tesla's first-ever USD1+ bil quarterly net profit. "King of Oyster Sauce" Lee Kum Kee billionaire passed away at 91.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD6.5 bil — the estimate of claims by German insurance industry association GDV, from storms that brought catastrophic flooding to parts of the country this month.
202,400 — the number of unemployed graduates in Malaysia in the year 2020, an increase of 22.5% compared to 2019. We spotted a glaring item — the gender pay gap in Malaysia exists and begins right after you graduate!
Male graduates’ median income is 9.1% higher than that of females!
3. COVID-19 SUMMARY
A study that has not been peer-reviewed showed antibodies from Sinovac’s Covid-19 vaccine shots fade after 6 months but it was unclear how the decrease in antibodies would affect the shot’s effectiveness. However, the third dose had a strong booster effect.
According to the Housing and Local Government Ministry, the housing development sector is now allowed to operate under Phase 1 and 2 of the National Recovery Plan.
Datuk Seri Tajuddin Abdul Rahman violated Covid-19 SOP (again) by not wearing a face mask at the Parliament lobby yesterday and has been issued a compound notice by the police.
4.1 IN MALAYSIA 🇲🇾 [The Comedy Special Continues]
Former prime minister Najib Abdul Razak talks about integrity, saying when he was in power, his administration had followed all due process to remove emergency proclamations and ordinances. What happened to the RM2.6 bil that didn’t follow the process?
A few jokers from Pakatan Harapan urged Health minister Dr Adham Baba to approve the use of Ivermectin to treat Covid-19 patients. Netizens and medical practitioners were disappointed at opposition MPs for pushing the off-label use of the anti-parasitic drug for Covid-19.
Jokers should stick to what they do best — being funny, instead of dictating what medicine should be used to cure Covid-19. We have doctors for that.
FT Minister Annuar Musa says the emergency ordinances are in the process of being revoked, whereas de facto law minister Takiyuddin Hassan told Parliament on Monday that they have been revoked.Harus teliti bila membaca,atau menyebar berita.Darurat tidak di batalkan,ia tidak perlu pembatalan.Proklamasi 11hb mac 21 menetapkan tempoh darurat tamat pada 1 hb ogos 2021.Tak berbangkit lagi soal pengumuman .Yg dlm proses revocation ialah ORDINAN ORDINAN..
UMNO Online @umnoonlineDarurat Dibatalkan Lima Hari Lepas?… Mengapa Tiada Pengumuman? – Shahril Hamdan https://t.co/cSq2TqqfyJ
4.2 IN MALAYSIA 🇲🇾
Datuk Seri Mohamad Hasan claims the revocation of Emergency ordinances announced by Datuk Seri Takiyuddin Hassan in Parliament is unconstitutional. He was surprised there was no official announcement, a notification from Istana Negara or a gazette for a matter of such importance.
Founder of Refuge for The Refugees, Heidy Quah, pleaded not guilty in the sessions court yesterday over her Facebook post alleging the mistreatment of refugees at an immigration detention centre. The irony is Malaysia wants to be in the UN’s Human Rights Council.
Kossan Rubber Industries Bhd reported a new record high quarterly net profit of RM1.06 bil for 2QFY21 ended June 30, 2021 — more than 8x the RM131.06 mil it registered a year earlier. The glovemaker declared a second interim dividend of 12 sen per share, the ex-date for the dividend is Aug 12 and it’ll be paid on Aug 26.
Talk of the town Genetec Technology Bhd’s market capitalisation hit RM1 bil for the first time after the industrial-automation specialist’s share price rose sharply today — closed at RM20.40, an all-time high for the company.
In early June 4, 2021, the counter closed at RM3.76 — it’s up nearly 6x in a span of 2 months. Investors could have taken their cues from CGS-CIMB Securities Sdn Bhd’s recent report stating Genetec is confident it can benefit from growing demand for EV vehicles worldwide.
The infamous ‘nasi ganja’ helicopter had permission to cross state borders for maintenance but did not extend to picking up food, says Perak police chief Datuk Comm Mior Faridalathrash Wahid. The owner of the helicopter, Mohamed Raffe Chekku, is the managing director of the KL-Kuala Selangor Expressway (LATAR).
PUC Bhd revealed it formed a consortium with the Sabah and Pahang governments to apply for a Malaysian digital bank licence.
5. AROUND THE WORLD
We have a lot of Starbucks news today (they do not sponsor us):
Starbucks Coffee Company (market cap: USD147.22 bil) will sell its entire 50% stake in its South Korean venture to local partner E-Mart and Singapore sovereign wealth fund GIC. E-Mart, which currently owns 50% of Starbucks Coffee Korea, will acquire another 17.5%, and GIC will acquire the remaining 32.5%, valuing the deal at over USD2 bil. This deal entails a potential IPO within 4-5 years as part of GIC’s condition.
Starbucks and E-Mart have partnered in South Korea, Starbucks’ 5th-largest market, since 1999. It has grown to over 1,500 outlets across 78 cities. It recorded a revenue of USD1.67 bil in 2020.
Meanwhile, coffee prices jump to a 6-year high as the worst frost in 25 years to hit Brazil’s coffee-growing region threatens the crop.
Food giant Nestle and Starbucks extend their partnership to market Starbucks ready-to-drink coffee. Both parties signed a global licensing deal in 2018 that granted Nestle perpetual rights to market Starbucks packaged coffee and food service products globally. Nestle’s sales of Starbucks products reached CHF2.7 bil (USD2.95 bil) last year.
A Starbucks customer received her delivery via an automated drone delivery fulfilled by Flytrex, a drone-delivery startup based out of Israel that has partnered with major chains like Starbucks, McDonald’s and Walmart to test its drone delivery system through app purchases. Watch the delivery
Tesla achieved a new milestone in its second quarter, marking the first time its quarterly profit passed the 3-comma threshold on a GAAP basis (GAAP explained here).
Highlights on its Q2 2021 performance:
Revenue of USD11.96 bil, up 15% from the previous quarter of USD10.39 bil, whilst net income came in at USD1.14 bil, nearly tripled from the previous quarter of USD438 mil.
Automotive revenue of USD10.2 bil, of which USD345 mil is from the sale of regulatory credits.
Its energy generation and storage business comprising of mainly 3 products: solar, Powerwall storage device for homes and businesses and utility storage unit Megapack reported USD801 mil in revenue, up 62% from the previous quarter. For the first time, this unit reported a gross profit as the cost of revenue was USD781 mil.
USD16.2 bil in cash and cash equivalents.
USD23 mil impairment on its Bitcoin position.
HappyFresh, the on-demand grocery app based in Indonesia, announced it had raised a USD65 mil Series D round led by Naver Financial and Gafina B.V. It currently operates in Malaysia, Thailand and Indonesia, with traffic growing by 10x - 20x in these countries. It exited Taiwan and the Philippines in 2016. Valuation and other financial figures were not disclosed.
Nium (fka Instarem), the Singapore-based payments startup, emerged as a unicorn after raising more than USD200 mil in its Series D round led by Riverwood Capital, with other backers including Temasek Holdings, Vertex Ventures, Visa, and GIC. Its business is similar to Stripe, where it helps companies to accept online payments. It counts Thailand’s Kasikornbank and Singapore Telecommunications amongst more than 200 clients.
News in Brief:
Lee Man Tat, nicknamed “King of Oyster Sauce” for his role as chairman of Chinese-styled condiments maker Lee Kum Kee Group, has passed away at 91. He had a fortune of USD17.6 bil, according to Bloomberg. Lee Kum Kee was founded by his grandfather, Lee Kum Sheung, in 1888. It now sells more than 200 sauces in more than 100 countries.
Fun fact: his family acquired the iconic Walkie Talkie building in London for GBP1.3 bil (USD1.8 bil) in 2017.
Meituan, the food delivery giant in China, lost more than USD60 bil of its market value over 2 frenetic trading sessions as the Chinese issued regulations to tighten oversight of the country’s massive food delivery sector.
The ancient Silk Road city of Dunhuang, located in the Gobi Desert, was hit hard by a heavy sandstorm with dust clouds towering at least 100 metres, causing chaos.
6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)
If you have a budget to survive the apocalypse, you may consider a survival bunker.
Singapore: 2000 vs 2020
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