☕️ 73% of MY firms expect customer data breach incidents in the next 12 months
PAS president Abdul Hadi Awang defended the Taliban. Corminaty - Pfizer's Covid-19 vaccine name. The baby in Nirvana's "Nevermind" album is suing them for child porn.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
An estimated 357,000 people in Mexico are forcibly displaced from their homes due to conflict and violence. Mexico has filed a USD10 bil lawsuit in US federal district court in Massachusetts, which aims at marquee brands in the US firearms business. The complaint contends that 70 to 90% of guns recovered from crime scenes in Mexico were trafficked from the United States.
73% of Malaysian organisations reported that they are likely to experience a data breach that impacts customer data in the next 12 months, according to a survey by cybersecurity firm Trend Micro. That is almost 3 out of 4 companies! Is your company protecting its customers’ data well enough?
As many as 82,300 Afghans have been evacuated with less than a week to US President Joe Biden’s deadline (Aug 31, 2021) to complete US troop pull-out in Afghanistan.
3. COVID-19 SUMMARY
Selangor State Public Health, Unity, Women and Family Development Committee chairman Dr Siti Mariah Mahmud said the state government is preparing to provide the booster dose of Covid-19 vaccine under its Selangor Vaccine Programme (Selvax).
Only about 14,000 individuals in Negeri Sembilan registered under the National Covid-19 Immunisation Programme (PICK) have yet to receive their vaccination dates. However, Mentri Besar Datuk Seri Aminuddin Harun expects this group to receive their vaccination as early as next week to enable the state to achieve herd immunity.
Labuan is on course for 100% vaccination on National Day, provided the rate of (second dose) defaulters is not high. Merdeka indeed.
4. IN MALAYSIA 🇲🇾
Politics and Local
Pakatan Harapan (PH) leaders consisting of Anwar Ibrahim, Mohamad Sabu and Lim Guan Eng met with Prime Minister Ismail Sabri Yaakob yesterday to discuss the Parliament’s role and the tackling of the Covid-19 pandemic. After the meeting, PH chief Anwar Ibrahim gave his assurance that the coalition would not ‘complicate’ confidence vote if PM acts in the interest of the people.
Putting the political stability argument aside, why does the PM need the opposition bloc’s support if the PM has 114 majority support? Anwar said UMNO had changed its stance on “No Anwar, No DAP” as well.
Here is the real change we want to see in local politics — the people in the government and the opposition supporting one another to improve the rakyat’s welfare. In an interview with Astro Awani, Segambut MP Hannah Yeoh nominated Dato’ Sri Azalina Othman Said for a few positions in the new-yet-to-be-formed-cabinet.TQ YB. This is indeed an honor coming from you 😊 Whatever happens, we’ll continue to work together on common issues of concern. Insyallah
Hannah Yeoh @hannahyeohInterview saya bersama @501Awani. PM @IsmailSabri60 tolong pilih @AzalinaOthmanS sebagai: - Menteri Dalam Negeri; - Menteri Undang-Undang; - Menteri Wanita; atau - Ketiga3 jawatan sekali. @yeobeeyin pernah pegang 3 portfolio. Azalina utamakan isu kanak-kanak. https://t.co/PiNnZadxP5
PAS president Abdul Hadi Awang defended the Taliban, saying the organisation which has taken over Afghanistan has changed for the better in an editorial published in the party's mouthpiece Harakahdaily. Anyone care to sponsor a one-way ticket for him to Afghanistan? A quick search on Google Flights — RM1,766.
If the Taliban indeed has changed for the better, why are people fleeing the country? Some are even contemplating suicide to escape the Taliban.
Malaysian scientist Dr Serena Nik-Zainal won a prominent genetics prize for cancer research — the Francis Crick Medal and Lecture 2022, in recognition of her contributions to the current understanding of the causes of cancers. Congratulations! Dr Serena is currently a clinician-scientist based at Cambridge University’s Cancer Research UK. The brain drain is real.
Local think tank Institute for Democracy and Economic Affairs’s (IDEAS) found that government-linked investment companies (GLICs) hold high equity shareholdings in capital-intensive sectors such as telecommunications and media, transportation and logistics, as well as utilities. IDEAS CEO Tricia Yeoh raises the question about whether the outsized GLIC footprint in these industries ultimately poses concentration risks to their depositors.
Sugar manufacturer MSM Malaysia Holdings Bhd reported a net profit of RM13.28 mil for 2QFY21 ended June 30, 2021, versus a net loss of RM19.42 mil a year ago due to increased revenue on higher average selling prices (ASPs) for its products. As mentioned in the briefing with Stockbit two weeks ago, MSM reiterated that it is working towards improving its efficiency as part of its turnaround plan.
Petronas Chemicals Group Bhd’s net profit for 2QFY21 ended June 30, 2021, jumped 10x to RM1.86 bil from RM186 mil a year ago as revenue rose largely due to higher product prices in tandem with the recovery of crude oil price. The group declared a dividend of 23 sen a share for 2QFY21.
5. AROUND THE WORLD 🌎
Xiaomi reported its Q2 net income of USD1.28 bil (+80% YoY) on revenue of USD13.56 bil (+64% YoY).
Smartphone revenue grew to USD9.1 bil with smartphone shipment jumping in the quarter to 52.9 mil units, topping Apple to be the world’s 2nd-largest smartphone vendor.
Internet of Things and lifestyle products category saw revenue increasing by 36% to USD3.2 bil.
Xiaomi will buy Deepmotion, a 4-year-old autonomous driving technology startup for about USD77.3 bil, following Xiaomi’s plan to invest USD10 bil over the next decade into the EV space.
Spencer Elden is a name many wouldn’t recognise but his baby picture is one that is widely recognised. He is the man who appears on Nirvana’s famous “Nevermind” album as a nude baby. 30 years after the album has been published in 1991, Elden is suing the band alleging the photo is child pornography and is seeking USD150,000 in damages.
Elden’s lawyer said there were at least 40-50 photos taken but the photo chosen depicted Elden “like a sex worker” and claimed that Elden’s parents did not sign a release allowing the images to be used. Ironically, Elden recreated the photo more than once, the most recent being for the album’s 25th anniversary. Nirvana’s “Nevermind” has sold more than 30 mil copies.
TPG, one of the largest PE firms has hired JP Morgan Chase and Goldman Sachs to underwrite its IPO. The firm, one of the last of the original buyout giants to remain a private partnership. Its peers, such as Blackstone, KKR & Co., Carlyle Group Apollo Global Management are publicly listed. The IPO could value it at around USD10 bil and manages nearly USD100 bil in assets. ViewTPG’s investment portfolio here.
News in Brief:
Yahoo Japan will vacate 40% of its Tokyo office by November as it expects the work-from-home trend to gain permanence in the post-pandemic era. It will return about 30,000 sq meters, more than 4 football fields worth of office space when leases expire. Prospects for commercial real estate looking bleak? Only time will tell.
EV startup Lucid Air says its first electric car, Lucid Air, drove more than 445 miles from Los Angeles to San Francisco on a single-charge with at least 30 miles of range remaining, beating out Tesla’s Model S, which has an EPA range of 405 miles.
The World Bank has halted funding for projects in Afghanistan after the Taliban has taken control of the country. Since 2002, more than USD5.3 bil has been committed to reconstruction and development projects in Afghanistan. Last week, the IMF announced that Afghanistan will no longer gain access to the reserves amounting to USD440 mil allocated to it.
Billionaire Ryan Cohen has scored a 25x gain n his meme-stock, Gamestop, bet in just 8 months. Spending a total of USD76 mil. He has built a stake of 12.5% since December and is now worth USD1.9 bil. Since his involvement, he has overhauled the board, took on the role of chairman, and expressing his commitment to transform the business.
6. FOR YOUR VIEWING PLEASURE 👁👁
Right enemy vs Wrong enemy
Low-budget agritech that works
Reservoir Link Energy Bhd is a niche oil & gas service provider — having released impressive results yesterday with a net profit of RM3.96 mil for 2QFY2021, an improvement of 345.5% YoY. So what's in store for RL as it navigates forward? Join the Stockbit team in their session at 8:30 pm tonight with the group’s executive director Thien Chiet Chai!