☕️ At least RM375 million raised by 23 Malaysian startups during the pandemic
+2 u-turns from PN govt during the long weekend. Russia's USD186 bil national wealth ditching US dollar assets.Put your money+life where your mouth is - Jeff Bezos first crew in rocket maiden flight.
Know more, learn more. Be smarter in 3 minutes.
The underlined words are links! Click on them to the news article.
Don’t forget our free coffee offer to those of you who can correctly guess what the government will be u-turning on during this FMCO3.0.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
More than 200,000 people have signed the petition asking Azmin Ali to resign after the numerous u-turns on SOPs that caused confusion among Malaysians.
500,000 youths claimed the eBlia RM150 via ShopeePay on the first day of the programme launch. The successful claimants are also given an additional RM500 worth of vouchers.
At least RM375.75 million have been successfully raised by 23 Malaysian start ups during the pandemic — the highest was Carsome which raised an astonishing RM123.8 million Series D funding round led by Asia Partners.
Top Glove Corporation Bhd said its annual glove production capacity had increased to about 100 billion pieces as at June 2021.
3. COVID-19 SUMMARY
Malaysia’s R-nought has dropped to 0.97 as of June 7 2021. Practice SOP, don’t go out unnecessarily, show up for your appointment to get vaccinated and stay safe!
Penang will drop plans to purchase its own Covid-19 vaccine as the state received assurance from KJ that supply of vaccines will no longer be an issue.
Essential service workers can use letters from relevant ministries or agencies at roadblocks beginning today onwards according to Inspector-General of Police Datuk Seri Acryl Sani Abdullah Sani.
Four mega vaccination centres opened on June 7 2021 — KLCC Convention Centre, Axiata Arena Bukit Jalil, UiTM Puncak Alam and Setia Convention City Centre which can vaccinate 23,000 daily when fully operational.
4. IN MALAYSIA 🇲🇾
Albeit late in the game, Touch ‘n Go Group’s massive existing user has helped the payment solutions provider’s investment product GO+ surpass 1 million users in just over two months since its launch. Touch 'n Go Group's group chief executive officer Effendy Shahul Hamid said 73% of GO+ users are from outside the Klang Valley. Have you tried using GO+ and how is your experience with it so far?
Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah has granted audiences to party heads beginning June 9 2021 with political analysts expecting a change in political landscape seeing the Emergency Proclamation is due to expire in August. However, Barisan Nasional leaders aren’t aware of any audience with King.
PappaRich is not rich anymore with alleged unpaid debts totalling RM37.22 million. The restaurant chain under the ownership of Papparich Group Sdn Bhd (PGSB) is being slapped with a winding-up petition filed by Agathisfour Sdn Bhd amount owed by the group and its subsidiaries and related companies to Papparich Malaysia Sdn Bhd and Roti-Roti International Sdn Bhd (RRI) after an acquisition agreement gone south.
Fifteen Malaysian universities qualified for the Times Higher Education (THE) Asia University Rankings 2021 compared to eight last year, setting a new record for the country. University Malaysia remains as the top uni in the country, placed 49 in the rankings.
News in brief
UEM Sunrise Bhd had acquired 6.86 acres of prime freehold land in Cheras for RM197 million, with plans to develop properties with GDV of over RM1 billion.
Former finance minister Lim Guan Eng’s graft trial related to the undersea tunnel project has been postponed to July 12 due to the nationwide lockdown.
Two u-turns over the long weekend, who would have guessed.. i) Domestic Trade and Consumer Affairs Ministry enforcement director Azman Adam has said the two-hour shopping limit is no longer applicable; ii) National Security Council now says all goods can be sold, including non-essentials.
If you have guessed these u-turns, we would have bought you a coffee! One last chance to get free coffee!
Guess the next u-turn by #kerajaangagal
Post it on Facebook by 8 June 2021 (today!) and tag us @breakmycoffee (make post public)
If it hits, get free coffee from us. We will PM you. As simple as that.
5. AROUND THE WORLD 🌎
Pershing Square Tontine Holdings (PSTH), the SPAC vehicle of hedge fund billionaire Bill Ackman has announced that it is in talks to acquire 10% of Universal Music Group (UMG) at EUR35 bil (USD42 bil) valuation. PSTH became the biggest ever SPAC when it raised USD4 bil last summer. If this deal materialised, it would become the largest SPAC transaction in record, overtaking Grab’s USD35 bil SPAC listing.
Unlike typical SPAC deals where it takes the companies it merged with public, UMG is already in the process of being listed in Amsterdam by its French parent, Vivendi and is not relying on PSTH to bring it to public. With this spin-off, 60% of UMG’s shares will be distributed to Vivendi’s shareholders, Vivendi and PSTH owning 10% each and Tencent owning the remaining 20%. UMG is the record label behind artists like Lady Gaga, Taylor Swift, Billie Ellish, the Weeknd, Queen and The Beatles. UMG’s revenue last year was about EUR7.4 bil, accounting for half of Vivendi’s revenue.
Dedollarization is happening slowly, but surely. Russian Finance Minister Anton Siluanov announced that its USD186 bil National Wealth Fund will divest away its investments in USD assets to 0% from 35%, as the US continues to impose sanctions on Moscow. With this coming into effect next month, 40% of its fund will consist of EUR assets, 30% in Chinese yuan assets, and 20% in gold. Balance of 5% each will be in JPY and GBP. Interestingly, this comes 2 weeks before President Biden and Russian President Putin are to meet at a US-Russia summit.
The finance ministers from the G7, comprising the 7 most advanced economies in the world, has agreed on a landmark deal to back a US proposal for a minimum global corporate tax rate of at least 15%. Members. of the G7 include Canada, France, Italy, Japan, Germany, the UK and the US. This will give added momentum for upcoming talks planned with 135 countries in Paris.
For years, governments in major economies faced the challenge of taxing large companies, especially tech giants like Google and Facebook that operate across the world. A common practice by these multinationals is to declare income derived from intangible sources like software and patents in low-tax jurisdiction, regardless of where the sales are made. It is estimated to raise the bulk of the USD50 - 80 bil in additional taxes that companies will end up paying.
Indonesia’s large population and growing digital economy makes it the hottest battleground for cloud services in Asia, giving rise to more demand for local data centres. Anthoni Salim, CEO of Indonesian conglomerate Salim Group, has raised his stake in Data Center Indonesia by an additional IDR1.02 tril (USD71 mil) to 11.12% from 3.03% earlier. The company inaugurated its 4th data center last week, increasing total capacity to 37 megawatts.
Its clients consist of 3 of the ‘top global cloud service providers’ and the 7 ‘biggest platforms in Indonesia and Southeast Asia’ as well as more than 100 financial services providers and 30 telecommunications companies. Founded in 2013, the company aims to build as many as 15 facilities in Southeast Asia’s largest economy with a total capacity of 200 MW. Its revenue grew 55% to IDR 759.4 bil (USD53 mil) last year whilst net profit leaped by 71% to IDR183 bil (USD13 mil). Its market cap? USD4.8 bil, up 4,500% since its listing back in January!
News in Brief:
Taking the ‘putting your money (or life) where your mouth is’ mantra to the next level, Jeff Bezos will be on the first crewed flight on his Blue Origin’s New Shepard rocket ship this coming Jul 20, 15 days after he steps down as the CEO of Amazon. Joining him will be his brother, Mark Bezos.
A 36-year old woman in South Africa with HIV had the Covid-19 virus for 216 days with the virus mutating at least 30 times inside her.
The President of El Salvador, the Latin American nation with a population of 6.5 mil people, will propose a bill to make Bitcoin legal tender in the nation. The country has greatly benefited from Bitcoin (the network) and bitcoin (the asset) as 22% of its GDP is reliant on remittances, which usually a large chunk gets taken away by intermediaries and more than 70% of its population are unbanked.
6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)
Max Verstappen crashed out of Azerbaijan Grand Prix due to the punctured tyre.
FMCO be like