☕️ 'Bloody liars': Nazri Aziz slams 'b******' Najib and other UMNO leaders
20% of Malaysian households moved from M40 to B40 in 2020. Azizulhasni Awang's bike's estimated cost is RM320K. TV show "South Park" new USD900 mil 6-year new deal.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
57.7% of the mean monthly household income of Malaysians came from paid employment in 2020, according to the Department of Statistics Malaysia. Malaysian households’ mean monthly gross income dropped by 10.3% in 2020 (RM7,089 per month), against 2019 (RM7,901). Deep dive slightly further into the report, a staggering 20% of households from the M40 group have moved to the B40 group. The middle-income squeeze is real.
The 2020 Tokyo Olympics came to an end yesterday. Take a guess how much did it cost? According to the University of Oxford’s study, the price tag is USD15.4 bil (approx RM64.9 bil) — sufficient to settle 1 Malaysia Development Berhad’s outstanding debt of RM39.66 bil (as of July 2, 2021).
RM320,700 — the price of Dato’ Azizulhasni Awang and Muhammad Shah Firdaus Sahrom’s bicycle, according to estimates by Mudah.my.
3. COVID-19 SUMMARY
PM had yesterday announced updates to the SOPs for fully vaccinated people, effective Aug 10, 2021.
Which phase of the National Recovery Plan (NRP) is your state in?
On a separate update on the SOPS, house owners can rejoice as the National Security Council has agreed for contractors from Grade 1 to Grade 4 to carry out house renovations under Phase One of NRP.
OLYMPIC MEDAL COUNT
4. IN MALAYSIA 🇲🇾
Politics & Local
Parents of Ain Husniza Saiful Nizam decided to counter sued the teacher for RM5 mil for “intentional infliction of emotional stress by insulting her modesty.” The family is represented by Datuk Sankara Narayanan Nair, who have also represented Dato’ Seri Anwar Ibrahim before.
DAP MP M. Kulasegaran has lodged a police report over the weekend after receiving a cash offer to join Perikatan Nasional (PN) for a cool RM30 durian in cash, i.e. RM30 million. The offer is meant to replace Umno ministers Datuk Shamsul Anuar Nasarah and Datuk Seri Noraini Ahmad who had quit the PN government.
Datuk Seri Mohamed Nazri Abdul Aziz used vulgarities in addressing former prime minister Datuk Seri Najib Razak, calling him a bloody liar and b****** when the latter questioned if PN still has the majority with 31 MPs. Nazri Aziz even asked Najib and Ahmad Maslan to meet and straighten things out — table talk. Gangster.
Khairy Jamaluddin (KJ) has finally spoken, saying he is not resigning as he wants to continue doing his job to ensure Malaysians get their jabs. He continues supporting the PN government but insists he is loyal to UMNO. However, he has trust issues with Ahmad Zahid Hamidi due to the latter’s actions lately.
Registrar of Societies (RoS) said the UMNO supreme council’s move to postpone its internal party elections was invalid as its term already expired when the decision was made — seems like a move trying to oust Zahid.
UMNO sec-gen Datuk Seri Ahmad Maslan said based on the chronology of correspondence between RoS and UMNO, there was a legitimate expectation by UMNO on RoS to endorse the postponement of the party’s election.
The United States Department of Justice (DOJ) has repatriated an additional USD452 mil (RM1.9 bil) in misappropriated 1MDB funds to the people of Malaysia. The total returned thus far is USD1.2 bil.
South Korean conglomerate SK Group pumped USD100 mil of financing to BigPay to fund its digital bank aspirations. BigPay entered into a consortium with Malaysian financial institution MIDF and private equity fund manager Ikhlas Capital (chaired by Nazir Razak) to apply for the highly coveted digital bank license in Malaysia.
MyEG Services Bhd wants a taste of the cryptocurrency market. The service provider will be introducing decentralised finance (DeFi) products in Malaysia to provide cryptocurrency services to users of digital asset exchanges which are licensed as recognised market operators locally and abroad.
What is DeFi? Let’s take its counterpart - centralised finance (CeFi), i.e. banks, insurance companies. DeFi wants to make away with the central authority. The below video is a pretty decent guide.
Dear MyEG, what you are trying to do is not DeFi. It’s CeFi.
5. AROUND THE WORLD 🌎
Apple will launch a new software later this year to analyse photos stored in a user’s iCloud Photos account for sexually explicit images of children and then report instantly to authorities. It also announced that it would also analyse photos sent and received in the Messages app to or from children to see if they are explicit. Photos that meet a threshold will be compared to a database of abusive images known as Child Sexual Abuse Material (CSAM), manually reviewed by the company and then reported to the National Centre for Missing and Exploited Children (NCMEC), which works with law enforcement agencies.
Although the intention is good it has raised privacy concerns. Privacy advocates and security researchers raised concerns that Apple will create a backdoor and break end-to-end encryption. However, Apple defended its action, saying that it does not compromise privacy and relies on an on-device algorithm to detect sexually explicit images.
South Korea’s first pure mobile bank, Kakao Bank Corp made a magnificent debut on Friday, surging 75% from its IPO price, making it South Korea’s biggest financial services company by market value. Its shares were trading at KRW68,100 compared to its IPO price of KRW39,000, valuing the company at USD28 bil.
Launched just 4 years ago, Kakao Bank became profitable in 2019 after less than 2 years in operation and it has 13.35 mil monthly active users (about 26% of its population of South Korea’s population of 51.7 mil) with KRW28.6 tril (USD25 bil) in assets in just 4 years. In comparison, KB Financial Group Inc, South Korea’s biggest financial group, was worth about USD19 bil. Kakao Bank’s valuation is hard to justify, according to some market participants, as KB Financial is expected to post KRW3 tril (USD2.62 bil) in profit this year, more than 10x of what Kakao Bank is likely to make.
Perhaps, this is the premium the market is willing to pay for a digital-only bank. That could explain the plethora of companies in Malaysia forming consortiums left and right with local government-related agencies and international firms to apply for a digital banking license in Malaysia.
In one of TV history’s richest deals, the creators of “South Park” have signed a new deal with ViacomCBS Inc that will pay them more than USD900 mil over the next 6 years. The deal will involve Trey Parker and Matt Stone to create new episodes of “South Park” for Viacom’s Comedy Central and several spin-off movies for the company’s Paramount+ streaming service. The first “South Park” movie under this new deal will debut before the end of the year.
The exclusivity over the “South Park” franchise is part of ViacomCBS’ strategy to ramp up subscriber growth for Paramount+. It trails behind Netflix and Disney+, but has added millions of users since its rebranding in March. The company has 42 mil subscribers across its streaming services, which includes Paramount+, BET+ and Showtime.
The new deal, which runs through 2027 will include 6 more seasons of “South Park” and 14 made-for-streaming movies. The show debuted in 1997 based on a short film the creators made in college and has been on air for 24 years, making it one of the longest-running TV shows.
News in Brief:
MacKenzie Scott, the ex-wife of Jeff Bezos, is making money faster than she can give. Emerging as one of the most philanthropic billionaires, she gave away USD8.5 bil to a wide range of organisations over the course of last year. With Amazon’s share price rising, she has made back what she gave away. She received 4% of Amazon stocks, which are currently valued at USD59 bil.
Bukalapak, one of Indonesia’s largest e-commerce marketplaces, became Indonesia’s 13th most valuable public company after its shares soared during its debut last Friday, giving it a market cap of IDR109.2 tril (USD7.6 bil). It generated USD95.8 mil in revenue in 2020. Its valuation is 79x its market cap! It has yet to emerge a champion in its fight against giant including Shopee, GoTo (Gojek+Tokopedia) and Lazada over Indonesia.
British 4th-largest supermarket group Morrisons has agreed to an improved takeover offer worth GBP6.7 bil (USD9.3 bil) from Softbank-owned Fortress Investment Group from an earlier GBP6.3 bil (USD8.7 bil) offer. However, it is giving a competing bid by PE group Clayton, Dubilier & Rice more time to consider a counteroffer by Monday at 5pm.
6. FOR YOUR VIEWING PLEASURE 👁👁
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