☕️ China's love for durians - imports 4x to USD2.3 billion in 2020 from 2017

Malaysia's PM official, given name: Mahiaddian. Sunway to be a bank - applying for digital banking license. Bosnian woman received 'Green Nobel' prize for protecting river for 503 days, 24/7.

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1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

USD2.74 billion — MacKenzie Scott has donated to 286 nonprofits in 2021 thus far, bringing her total donation since her first giving spree in July 2020 to USD8.5 bil. Not too shabby for a life of a divorcee.

RM4.11 billion — the amount of transactions executed on Luno Malaysia thus far this year. Luno Malaysia’s country manager Aaron Tang said that the platform now has more than 300,000 number of users, with thousands more singing up daily.

Cristiano Ronald snubbed Coca-Cola during a press conference before Portugal vs Hungary’s match cost the soft drink’s value to plummet by USD4 billion.


3. COVID-19 SUMMARY

  • China will donate 500,000 doses of CoronaVac, the vaccines from Sinovac to Malaysia.

  • Local think tank EMIR Research sees two hurdles for the country to reach herd immunity — delays in vaccine shipment and low registration rate.

  • Doctors in Oman have encountered at least three Covid-19 patients with black fungus, which was an acute problem in India where several states have declared it an epidemic.

  • German biotech CureVac NV’s Covid-19 vaccine was only 47% effective in a late-stage trial, missing the study's main goal.


4. IN MALAYSIA 🇲🇾

  1. Yang di-Pertuan Agong has asked for the Parliament to reconvene as soon as possible to allow MPs to debate the emergency laws and the National Recovery Plan after listening from political leaders, the Special Independent Committee on Emergency 2021 and briefings by government experts.

  2. Sunway Bhd has presence across multiple industries from property to medical and now, possibly into banking as well as the group has said it will apply for a digital banking license to be issued by Bank Negara Malaysia (BNM). Sunway will bid for the permit along with its consortium partners.

    The race for the 5 licenses is heating up with at least 4 known applicants — Pertama Digital & INFOPRO, RHB & Axiata, AirAsia’s BigPay, Green Packet Bhd and Touch ‘n Go Sdn Bhd. The application for the licenses closes on June 30 2021.

  3. Oyen, a digital pet healthcare insurance provider based in Malaysia has raised USD420k (RM1.73 mil) in a seed round today at an undisclosed valuation. The funds will be spent on enhancing Oyen’s proprietary digital insurance platform and reinforcing its market position within the industry in Malaysia. Oyen claims it can provide the country’s highest veterinary medical coverage with up to RM8k of the amount claimable in vet medical fees.

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  4. China’s love for durian has always increasing over the years with durian overtaking cherries to become the country’s No. 1 fruit import by value in 2019. Malaysian durians have topped fruit and vegetable presales at a big Chinese retail festival — JD.com’s 618 festival. The top selling variety of durian during the festival was the Sultan durian from Pahang. Looks like durian will still be expensive to buy this year.

  5. If you’ve been wondering why your beloved glove stocks haven’t been going up despite some analysts maintaining buy calls — fund managers are shying away from the sector as the average selling price (ASP) is downtrending and demand for gloves in advanced countries have dropped as vaccination rates have picked up the pace.

News in brief

  1. PMO has instructed all staff members to use Tan Sri Muhyiddin Yassin’s official name in all formal or official documents — Tan Sri Dato Seri Haji Mahiaddin Bin Haji Md Yassin

  2. MACC has nabbed four individuals including a civil servant at a ministry to assist the investigation into the issue of a supply tender worth RM42 million for an enforcement agency.

  3. Hong Leong Bank will be shutting four branches down in July 2021 — see if it affects you!


5. AROUND THE WORLD 🌎

  1. Emirates Airline, the owner of world’s largest long-haul airline reported its third ever and largest  annual loss and its first ever in the past 30 years of 22.1 bil dirhams (USD5.5 bil) whilst revenue plunged 66% to USD8.4 bil in the financial year ended March as its business got hammered by the virus. Its previous 2 losses were recorded in 1987-88 and 1985-86. Its sole shareholder, the Dubai government has injected an additional USD1.1 bil into the airline, on top of the USD2 bil disclosed last year. 

    Emirates said it filled just 44.3% of its seats in the past year, down from 78.4% a year earlier, carrying 6.6 mil passengers, its lowest in 2 decades. The airline cut capacity by 82.6%, stripping out seats on 19 out of its 146 Boeing 777s to carry more cargo, grounded most of its 113 Airbus A380s and slashed its workforce by nearly 20,000 to 40,801. Emirates have no domestic market to cushion against border restrictions and closures due to the pandemic. 

  2. China’s ‘Uber for Trucks’, Full Truck Alliance, a service that connects freight shippers and truck drivers, plans to raise up to USD1.7 bil in its IPO on the NYSE, seeking a valuation between USD20 - 30 bil. Backed by Softbank and Tencent, the company said it is the world’s biggest digital freight platform. In China, the company markets itself under the Manbang name, after the merger of truck-booking platforms Yunmanman and Huochebang in 2017. The founder and CEO, Peter Hui Zhang, will hold 83.4% of the voting power of the company following the IPO.

    Some highlights on Full Truck:

    1. RMB173.8 bil (USD27.1 bil) in gross transaction value of goods and 71.7 mil orders shipped through its platform last year. 

    2. 20% of all heavy-duty and medium-duty truckers in China fulfilled orders on its platform last year.

    3. More than 2.8 mil truckers use its service in more than 300 cities in China.

    4. Revenue in 2020 came in at RMB2.6 bil (USD405.6 mil), +4% from the year earlier of RMB2.5 bil. Net loss in 2020, more than doubled to RMB3.5 bil (USD546 mil) from RMB1.5 bil. Some improvement in Q1 2021 with net loss coming in significant lower at RMB63.3 mil (USD9.9 mil)

  3. A Bosnian woman, Maida Bilal, has been awarded the European winner of the 2021 Goldman Environmental Prize (learn more here about the prize), the so-called ‘Green Nobel’ prize. Along with a team of women, the 40-year old lady defended the site near their village planned for a mini hydropower plant on Bosnia’s Kruscica River. They have endured beating and harassment for protecting the river for ‘503 days, physically 24 hours a day’. In the summer of 2017, the villagers prevented heavy machinery from crossing a wooden bridge en route to the building site, as the project would ruin the environment. 

    They were even attacked by the police, but fought on and after the building permits were revoked 1.5 years later, the bridge was renamed after her. Her cause has left her jobless, alienated by friends and her daughter getting bullied in school. Bosnia, known for its free-flowing mountain rivers, saw the boom in construction of dams with 454 mini-hydropower projects built, planned or under construction.

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News in Brief:

  1. eBay will sell its South Korean business to retailer Shinsegae and e-commerce firm Naver for about KRW4 tril (USD3.6 bil). It is the 3rd largest e-commerce firm with a market share of 12.8% in 2020 according to Euromonitor. South Korea being the world’s 4th largest e-commerce market, saw e-commerce soared to account for 35.8% of the retail market in 2020 compared to 28.6% in 2019, driven by the pandemic. 

  2. 7% of Bitcoin supply is held by listed companies, trust and exchange traded products (ETP). More than USD6.5 bil of Bitcoin is held by 19 publicly listed companies and about 5.75% of Bitcoin’s supply is held by closed-ended trust and ETPs.

  3. Being the world’s biggest buyer of industrial commodities, China’s National Food & Strategic Reserves administration says it will release state stockpiles of metals like copper, aluminium, zinc etc. to tame the sharp rise in global metal prices, after years of not releasing state reserves. 


6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)

  1. Now you can use this excuse to skip work — “My cats flooded my house,” like what this Singaporean man did because that is exactly what happened.

  2. Giant statue of Buddhist goddess Kannon (aka Goddess of Mercy) gets face-mask to pray for the end of Covid-19 pandemic, an idea workers came up with during discussions on restoration works of the statue after it was damaged in an earthquake in February.