☕️ Car sales tax exemption extended

Asia's richest man USD27 billion war chest from Facebook, Google etc to turnaround an old-economy conglomerate to a tech titan. Another day, another water cut in Selangor. Why in-flight Wifi suck.

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1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

RM428.07 million of digital service tax has been collected thus far in 2020. Uh, thanks LGE?

USD402 is the price you need to pay for an all-you-can eat Five Guys in Dubai on the Dec 31 to usher in the new year.

129 Covid-19 cases - the latest outbreak in Sydney, Australia.


3. COVID-19 SUMMARY


4. IN MALAYSIA

  1. Sales tax exemption for passenger cars including MPVs and SUVs will be extended until June 30, 2021. The 100% exemption will be for completely knocked down (CKB) cars. For new imported completely built-up (CBU) cars and second-hand units, the exemptions remains at 50%.

  2. Kim Loong Resources Bhd net profit for 3QFY21 ended Oct 31, 20 more than doubled to RM28.84mil from RM13.79 million a year ago. The huge jump is mainly contributed by higher production of fresh fruit bunches (FFB) and crude palm oil (CPO) prices.

  3. Malaysia Armed Forces’ data network and website were targeted in a cyberattack recently. Armed Forces chief General Tan Sri Affendi Buang assured that the attack failed to affect the actual operations of the portal.

  4. Another week, another unscheduled water cut in Klang Valley yesterday due to burst pipe in Shah Alam affecting 58 areas in Klang and Shah Alam and 72 areas in Petaling. Air Selangor mentioned the work should have been completed by 9pm last night, we hope you’ve gotten your water back!

  5. DS Anwar Ibrahim in a bid to gain his numbers has mentioned Pakatan Harapan (PH) is open to cooperating with any politicians, including former prime minister Tun Dr Mahathir Mohamad. How many numbers can Tun M’s gang bring?

  6. To boost exports, Malaysian External Trade Development Corp (MATRADE) will engage with 13,000 local companies. MATRADE has outlined 334 programmes in 2021 for exporters development (277) and export promotion (57).

  7. Dewan Negara passed another four bills today:-

    1. Sales Tax (Amendment) Bill 2020

    2. Service Tax (Amendment) Bill 2020

    3. Tourism Tax (Amendment) Bill 2020

    4. Cooperatives (Amendment) Bill 2020

  8. Malaysian scientist, Dr Ng Kwan Hoong wins the prestigious Merdeka Award 2020 for Outstanding Scholastic Achievement for his brilliant work in breast cancer research and advanced radiology.


5. AROUND THE WORLD

  1. Loaded with USD27 billion in fresh capital, Mukesh Ambani, Asia’s richest man and the owner of Reliance Industries, an Indian conglomerate with total market value of USD178 billion is now set to deliver the vision he has sold to his big-name backers to turn this old-economy conglomerate into a tech and e-commerce giant. Amongst his backers - Facebook, Google, KKR, Silver Lake and Mubadala, the sovereign wealth fund of Abu Dhabi. 

  2. Nasdaq is on track to beat out NYSE in IPOs for the second year in a row in 2020 with USD86.4 billion raised on Nasdaq versus USD80.2 billion on NYSE. 2020 saw record IPOs raising a total of USD167 billion, smashing the tech mania and bubble in 1999 of USD108 billion.

  1. Up, up, up - that’s where the stock market is heading despite the economic rout the pandemic has brought onto economies around the world. The 3 major indices - S&P 500, Dow Jones Industrial Average and Nasdaq extended its rally and closed at all-time highs on Monday. Expect the market to trend higher with window dressing activities to come to end the year. 

  2. 10 areas in Beijing went into lockdown after reporting 16 confirmed Covid-19 cases and 3 asymptomatic cases since 18 Dec. This is China’s capital first lockdown since July.

  3. Tesla to make India debut next year, according to India’s transport minister, Nitin Gadkari. Tesla has expressed its interest towards India but its journey has been hampered by government regulations.

  4. In-flight WiFi is projected to be a USD135 billion industry by 2035, yet internet connectivity in the sky is still lacking. An interesting short video below to understand why reliable WiFi is hard to achieve up in air, despite the obvious demand.

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