☕️ Adult entertainment 'gig economy' site OnlyFans 120 mil users spent £1.7 bil in 2020 on its platform
Dua Darjat in action: Neelofa's RM60k vs burger seller RM50k compound. One of Singapore's largest investment fraud scheme - SGD1 billion. Kanye's Nikes sold for USD1.8 million.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD1.8 million — the price of Kanye West’s Yeezy trainers which he wore during the 2008’s Grammy’s that was sold at a Sotheby’s auction. This beat out the previous record by 3x : a pair of autographed Nike Air Jordan 1s worn by Michael Jordan in 1985, that sold for USD615,000 last year.
Every 43 seconds, one bag of blood would be needed to save a patient’s life. National Blood Centre needs people to donate blood as its blood bank is running dry during the Ramadan season. About 500 to 600 donors are required daily to replenish the supply.
RM2.8 trillion has been spent on immunisation programmes since Malaysia’s independence back in 1957.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Bursa Malaysia Bhd’s net profit for 1QFY21 almost doubled y-o-y to RM121.39 million supported by higher trading revenue in the securities and Islamic market segments. The stock exchange operator did not declare any dividends for the quarter though.
It’s not fine when celebrity gets away with RM60K compound and burger and rojak sellers receive RM50K compound. The celebrity in question is none other than Neelofa and the RM60K fine is the total compound including her fiancé and 20 other guests. The rojak seller is loss for words as he struggles to even make RM100, unsure of how to pay the RM50K compound.
Johor State police chief Comm Datuk Ayob Khan Mydin Pitchay said another 12 enforcement officers from the police and the Malaysian Anti-Corruption Commission (MACC) over the “Nicky Gang” case. Total suspects arrest thus far is 64 people.
Nestle (Malaysia) Bhd’s net profit for 1QFY21 fell by 6% y-o-y to RM175.16 million underpinned by lower out-of-home sales activities due to Covid-19 pandemic. No dividend payout for the quarter as well. The company is allocating RM300 mil of capital expenditure to increase productivity and efficiency.
The country’s capital city has been voted as one of the least stressful cities in the world for travellers to visit according to survey conducted by Love2Laundry. Kuala Lumpur ranked 10th based on some of the metrics such as friendliness, transport, average cost of a meal, average sunlight hours and so on. What? Traffic in KL is horrendous.
5. AROUND THE WORLD 🌎
The financial casualties from the collapsed family office Archegos Capital Management topped USD10 bil with Nomura Holdings and UBS Group AG being the latest banks to disclose more than USD3.7 bil combined losses. The Japanese bank recorded USD2.3 bil of losses in its latest quarter, the largest quarterly losses since 2009, and expects to take another USD580mil hit this fiscal year. Nomura is the second-most impact bank after Credit Suisse that reported losses of USD5.5 bil. UBS, which did not signal that it took any hit from Archegos, made a surprise disclosure that it incurred losses of USD861 mil.
Singapore has brought charges against Ng Yu Zhi, 34, for forging bank documents and making false electronic records. He has already been accused of allegedly raising at least SGD1 bil (USD754mil) from investors for commodity trades that didn’t exist through Envy Asset Management and Envy Global Trading, the entities that are controlled by him. Singapore police have called Ng’s case one of the largest investment fraud schemes in the city-state.
The Chinese government is relentless in going after Jack Ma and his companies. After halting Ant Financial’s IPO and slapping Alibaba with a USD2.75 bil antitrust penalty, now Beijing is investigating how Jack Ma won speedy approvals for Ant Financial stock listing last year from various levels of securities regulators even as banking regulators raised concerns over its business model.
Being on UNESCO World Heritage site list brings about global recognition, tourist revenue and international funding and expertise. In principle, being on this list is forever, however, it can also be removed which has happened to 2 World Heritage sites to date. The World Heritage Committee meets once a year to decide which nominated sites will be inscribed to the World Heritage list. To be accepted, there are 10 criteria which the sites will be assessed against and has to meet at least one, such as being ‘a master price of human creative genius’ or ‘areas of exceptional natural beauty’/ There are currently 1,121 sites on the World Heritage List, of which 869 are cultural, 213 are natural and 39 are mixed.
Other beneficiaries of the pandemic apart from glove makers? The subscription-based adult entertainment site, OnlyFans. The UK-based company, founded by CEO Tim Stokely and his father in 2016, saw revenue in 2020 increased by 553% and users spending £1.7 bil (GBP2.36 bil), on the site according to Financial Times. Its pre-tax profit hit £53 mil (USD74mil) and Stokely told the FT that its next financial year is expected to see pre-tax profit hitting £300 mil (USD417 mil).
Its user base grew from 20 mil to 120 mil over 12 months, as more adult entertainers and their customers signed up during lockdowns, becoming an alternative platform to earn an income after losing their jobs. Users pay between USD5 to USD50 a month to these creators and OnlyFans takes a 20% cut. More than 300 creators have earned over USD1 mil. Although its image is closely associated with adult entertainers, celebrities, musicians and fitness instructors are also leveraging OnlyFans features to monetise their online fanbase.