☕️ Discharge is 'normal pollution', not 'hazardous' - Environment & Water Minister. What?
Grab to consider listing in the US by joining the SPAC party. There's SaaS, and now there's CaaS - carbon-capture as a service. Singapore's floating solar farm.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
RM200 million — the 9.93 acre factory land in Petaling Jaya owned by Dutch Lady Milk Industries Bhd has been sold to UEM Land Bhd, a wholly owned subsidiary of UEM Sunrise Bhd.
USD2.8 billion — Hong Kong’s once darling Cathay Pacific Airways’s annual loss for 2020 which was a bruising year for the airline as it didn’t have a domestic travel market to fall back on.
776 accidents along PLUS Highways in 2020 were caused by objects falling off vehicles.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Prime Minister Tan Sri Muhyiddin Yassin’s visit to Saudi Arabia ended on a high as few substantive matters were achieved:
10,000 additional places under the country’s haj quota.
Simplified pre-clearance process for Malaysian haj and umrah pilgrims.
Possibility of increasing palm oil imports from 500,000 tonnes (up from 318,000 tonnes last year)
Ramsay Sime Darby’s Subang Jaya Medical Centre (SJMC) is now a Covid-19 vaccination centre.
Sarawak Melanau clerk Jill Ireland was challenging a ban on the use of word Allah by non-Muslims, a directive by Home Ministry in a circular back in 1986. The High Court has ruled that the use of the word Allah by non-Muslims is now allowed all over Malaysia.
Environment and Water Minister DS Tuan Ibrahim Tuan Man has said the black in Sungai Kim Kim in Johor Baru as ‘normal pollution’, not ‘hazardous’. Sorry, what? How is this not a problem?
As part of its RM 7 billion expansion plans to build 16 plants in the northern region of the country, Hartalega Holdings Bhd paid RM228.7 million for a 250 acres land in Kota Perdana Special Border Economic Zone (SBEZ).
A 42-year old woman has been caught stealing RM2 million worth of jewellery from goldsmith employer since 2019 due to financial distress that arose from huge losses in forex trading.
The Ministry of Human Resource is mulling the need to raise Social Security Organisation (SOCSO) contribution by RM1 or RM2 as more people are becoming more aware of the benefits of SOCSO contribution. The additional contribution would be able to further widen the safety protection.
5. AROUND THE WORLD 🌎
Grab Holdings Inc, the ride-hailing and food delivery giant, is planning for a listing via a merger with a SPAC or ‘blank check’ company, although a traditional listing via IPO is not off the table. Grab was previously in talks to merge with its rival, Gojek, but the talks collapsed.
Inditex, the owner of brands including Zara, Massimo Dutti, Bershka reported a 28% fall in its 2020 revenue to EUR20.4 bil with net profit of EUR1.1 bil, down 70% from a year earlier. It is expecting all of its 6,829 shops worldwide to reopen by mid-April, with around 15% still closed due to Covid-19 restrictions as of Mar 8. Some 30% of its stores were closed as at Jan 31. Inditex is planning to shut down 1,200 stores by year end with 751 stores so far closed and to focus on flagship locations. Inditex has a market cap of EUR90.51 bil.
Carbon Engineering provides carbon removal service to allow businesses to buy the removal of carbon dioxide from the atmosphere using its direct air capture technology. Think software-as-a-service (SaaS) like Dropbox, Slack where businesses do not need to invest to build these work and communication tools on their own but instead pay a business to provide these solutions, but for the environment. Businesses can go on with their activities and engage companies like Carbon Engineering to reduce its carbon footprint.
Carbon Engineering has announced that Shopify, the ecommerce service giant, will be its first paying customer. The agreement with Shopify will be to remove 10,000 tonnes of carbon dioxide permanently from a large scale direct air capture project, making it the largest publicly announced purchaser of direct-air-capture based carbon removal.
Whilst Johor has to cancel its RM1.4 bil Sultan Ibrahim Solar Park due, Singapore is charging ahead with harnessing the sun to power the nation despite land being scarce. Watch below how Singapore is working around this limitation to build solar farms.
Another beneficiary of the lockdown caused by the pandemic is the Danish toymaker - Lego. A combination of people staying at home due to the pandemic and new business in China has contributed to a 13% jump in revenue in 2020 to 43 bil Danish krone (USD6.99 bil). Visits to Lego.com doubled from a year earlier, as many of its physical stores were forced to temporarily shut.
In 2020, out of the 134 retail locations Lego opened, 91 of them are in China. The company currently has 678 Lego branded stores globally and has plans to add another 120, including 80 in China. By the end of 2021, it aims to have 300 Lego stores in China.
Covid-19 cases in Zambia may have been 92 times higher than official statistics according to a study published in Lancet Global Health Journal. Researchers tested people in the southern African nation in July in six districts to estimate a total of 454,708 cases for the period whereas the government’s official stats was 4,917 infections. Zambia officially recorded 83,000 infections and 1,137 deaths. If the researchers are right, actual cases could be as high as 7.6 mil cases. For a nation of 17.9 mil people, that’s 42.5% of the population getting infected.
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