☕️ Amazon, Google, Facebook and Microsoft appealed to PM Sabri over cabotage exemption policy

Johor to receive 400,000 vaccine doses. Banksy' semi-shredded art to be auctioned for USD8.3 mil, 6x its price in 2018. BMW's EV ambition - USD23.7 bil worth of battery orders.

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

USD50 bil — Japan’s Defense Ministry requested budget for the coming fiscal year, to counter an increasingly aggressive China. Japan’s defence budget has risen each year for nine consecutive years.

290,000 metric tons — Malaysia’s rice buffer stock target for 2023. Syarikat Padiberas Nasional Berhad (Bernas) would bear the cost of increasing the national rice stockpiles amounting to RM250 mil as per the concession agreement it had signed with the government.

USD8.3 mil — the potential price of ‘Love is in the Bin’ by Banksy when it goes on auction on Oct 14, 2021. The piece began to self-destruct while it was on the auction block at Sotheby’s in London back in 2018 when it was sold for about USD1.4 mil.


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3. COVID-19 SUMMARY

  • Johor will receive more than 400,00 vaccine doses soon — 100,460 of Pfizer from Singapore & 300,000 of SinoPharm from the United Arab Emirates (UAE).

  • UPDATED SOP: Selangor allows 10 next of kin to attend individual Covid-19 burials in Muslim cemeteries supervised by the local authorities (PBT) and mosque parishes during Phase 1 of NRP.

  • The number of deaths in Klang Valley is still high due to backlog. The Health Ministry has to confirm whether the deceased truly died of Covid-19 or not. The figures should normalise in the next two to three weeks.

  • Employers will be supplied with Covid-19 antigen rapid test kits (RTKs) by the Ministry of Human Resources through Social Security Organisation (SOCSO) to facilitate the Recovery Phase Covid-19 Screening Programme for employees.


4. IN MALAYSIA 🇲🇾

Politics and Local

  1. Prime minister Datuk Seri Ismail Sabri Yaakob said the government would channel more assistance to the people starting next month after the full disbursement of the Special Covid-19 Aid (BKC), which is expected to be completed by Sep 10, 2021.

  2. Former deputy prime minister Datuk Seri Ahmad Zahid Hamidi shouldn’t have been prosecuted according to his lawyer Hisham Teh, as the accused has “immunity” under the law over 46 of the 47 criminal charges that he is facing in a trial now, due to protection given in a now-repealed law to those who provide information to the Malaysian Anti-Corruption Commission (MACC).

  3. Former Tabung Haji chairman, Datuk Seri Abdul Azeez Abdul Rahim’s corruption and money-laundering charges should not stand as the politician was gainfully employed with Syarikat Menuju Asas Sdn Bhd — the company he received ‘unlawful’ proceeds from. Justice Kamaludin said based on this fact — the corruption and money-laundering charges could stand in any court of law.

  4. A lorry driver that was on drugs (methamphetamine & amphetamine) caused a massive six-vehicle pile-up in Jalan Ipoh,KL yesterday afternoon. No casualty was reported, thankfully. Not Safe For Work (NSFW) content:

Business

  1. Four giant global tech firms — Amazon, Microsoft, Google and Facebook — and Malaysia Internet Exchange (MyIX) are appealing to PM Ismail Sabri Yaakob to reinstate the cabotage exemption policy for submarine cable repair works. Malaysia's digital infrastructure is crucial for the economy, with communications technology services contributing 19.1% of GDP in 2019.

  2. Kuala Lumpur Kepong Bhd (KLK) said it has completed the acquisition of a 56.2% stake in IJM Plantations Bhd from IJM Corp Bhd, triggering KLK to extend a mandatory general offer to acquire the remaining stake in IJM Plantations at RM3.10 per share. With the acquisition, KLK’s total oil palm planted area has risen to 274,688 hectares.

  3. Die-cutting solutions provider CEKD Bhd is looking to raise RM24.28 million from its upcoming initial public offering (IPO) on Bursa Malaysia’s ACE Market. The IPO, scheduled on Sept 29, 2021, involves the public issue of 50.59 million new shares at the issue price of 48 sen per share.

  4. Parkson Holdings Bhd’s subsidiary Parkson Retail Group Ltd (PRGL) is withdrawing from its proposed joint venture (JV) with Hongxiang Real Estate Co Ltd to seek land plots in China's Jiaxing city as the firm could not identify suitable plots of land.


5. AROUND THE WORLD 🌎

  1. Goldman Sachs plans to list its asset management unit Petershill Partners on the London Stock Exchange and is expected to raise USD750 mil, valuing it at more than USD5 bil. Founded in 2007, Petershill was the first amongst a series of investment vehicles that take stakes in private equity and other alternative investments.

    This unit will be run by Goldman Sachs Asset Management and has assets worth USD187 bil. It holds minority stakes in 19 alternative asset managers. Historically low interest rates have made private equity a hot asset class in the past year for investors looking for higher yields.

  2. Firefly, a private rocket builder, has launched its inaugural Alpha rocket to reach orbit. The mission, however, ended in an explosion. 2.5 minutes after launch, the rocket began flipping and the control centre triggered the rocket’s flight termination system, causing the explosion. 

    There was no reported injuries or damage to public property but possible debris falling to the ground. Although it did not reach orbit, Firefly said that it has achieved a number of mission objectives including booster ignition, liftoff and supersonic speed. 

  1. Homage, the caregiving-focused startup, has raised a USD30 mil Series C round led by Sheares Healthcare Group, a wholly-owned entity of Temasek. The company provides services such as home visits from caregivers, nurses, therapists and doctors using its matching engine to find providers that are best suited to their needs. 

    This funding makes it one of the largest on-demand care platforms in Southeast Asia. Homage has a regional network of more than 6,000 pre-screened and trained care professionals. It claimed that its business outside of Singapore has grown more than 600% YoY in 2021 and has more than tripled revenue in the past year. 

    News in Brief:

  2. Chinese e-commerce giant JD.com founder Richard Lu, 47, to step back from the day-to-day operations of the business. The company has named its first-ever president, Xu Lei, its head of retail arm. 

  3. A pair of one-year-old twins born conjoined at the head have been separated after a rare operation that lasted for 12 hours in Israel. The surgery was 1 of 20 ever done in the world involving a team of 50 people, including surgeons from US and the UK, that have been training for this surgery for about a year. 

  1. BMW has boosted its orders for battery cells to keep pace with accelerating demand for its electric vehicles that now made up for more than 11% of its deliveries in the first half of the year. The German carmaker now has contracts for more than EUR20 bil (USD23.7 bil) worth of batteries,

  2. The ‘female Steve Jobs’ Elizabeth Holmes, the disgraced former CEO of Theranos could face potential jail time of 20 years and a nearly USD3 mil fine as the US prosecutors are out for blood. Elizabeth Holmes and Ramesh “Sunny” Balwani (former president and COO) are charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud.


6. FOR YOUR VIEWING PLEASURE 👁👁

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