☕️ Entry price to be the top 0.1% in Malaysia - RM7.86 million net worth

Malaysian Foreign Minister calling China 'da ger'(big brother)? Rob Reffkin, the soon-to-be 8th and youngest Black billionaire. The main supplier (70%) of illegal weapons to Mexico's criminal-the US.

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1. MARKET SUMMARY

The US markets were closed on April 2 2021 for Good Friday.


2. NUMBERS AT A GLANCE

58.2 million followers — Zach King has broke the record for having the most followers on TikTok (male). Watch his TikTok videos here.

533 million Facebook users’ data has been leaked online, includes their phone numbers, Facebook IDs, full names, locations, birthdates, bios, and — in some cases — email addresses.

USD1.9 million — or RM7.86 mil net worth required to join the top 0.1% in Malaysia.


3. COVID-19 SUMMARY


4. IN MALAYSIA 🇲🇾

  1. The Mass Rapid Transit 3 (MRT3) Line, also known as the Circle Line will continue as announced by Transport Minister Datuk Seri Dr Wee Ka Siong after being postponed by the Pakatan Harapan government back in 2018. MRT Corp hopes to begin the project in the second half of 2021.

  2. WCT Holdings Bhd has been ordered to pay RM73.83 million to Malaysia Airports Holdings Bhd (MAHB) by an arbitrator after hearing their dispute relating to the klia2 Integrated Complex cooling system project.

  3. Malaysia has made its very own armoured vehicle called the Tarantula HMAV 4x4. It is produced by Mildef International Technologies Sdn Bhd and was built by a team of eight engineers and over 100 Defence Ministry (Mindef) staff involving a cost of RM16mil.

  4. Over the weekend, Foreign Minister DS Hishammuddin Hussein called China ‘Big Brother’ then he subsequently he clarified he was referring to his China counterpart Wang Yi. He said he was not referring to the bilateral relations of both Malaysia and China. Could he have taken the Sinovac vaccine? ;)

  5. After being called out for allegedly breaching the SOP during their wedding, Neelofa & husband is in the spotlight again after footage of the newly wedded couple showing them ‘free and easy’ in Langkawi instead of being there on a business trip.


5. AROUND THE WORLD 🌎

  1. The UK.s Medicines and Healthcare Products Regulatory Agency (MHRA) said that 7 people have died from blood clots after receiving AstraZeneca’s vaccine. 30 cases of blood clots were received as of last Thursday. Despite this, MHRA maintains that the vaccine shots are safe. Only 7 deaths were reported out of 18 mil AstraZeneca (that is 0.000038%) doses delivered means that the adverse outcome attributed to the shot is still considered extremely rare. Many countries that have suspended the use of AstraZeneca’s vaccine have resumed or partially resumed it after the European Medicines Agency and World Health Organisation emphasised on its safety. 

  2. After the catastrophic explosion at the Port of Beirut, Lebanon, in August last year that killed more than 200 people, injuring thousands and devastated the city, Germany will be unveiling its multi-billion dollar proposal to Lebanese authorities to rebuild the Port of Beirut, however, with strings attached. It wants the new government to implement reforms to weed out corruption. The proposal will involve redeveloping 100 hectares around the site of the explosion, costing between USD5 - USD15 bil and creating as many as 50,000 jobs

  3. A new study in the US from the Institute on Taxation and Economic Policy (ITEP) found that 55 of the US biggest companies paid USD0 in federal taxes last year. These 55 publicly traded companies would have paid USD12 bil in 2020, if it weren’t for corporate tax breaks.

    What is worse is nearly half of these companies have avoided paying federal taxes for the past 3 years, even before the pandemic. Names like Nike, Fedex and DTE Energy were among 26 companies that recorded USD77 bil in combined pre-tax profits in the past 3 years, yet did not pay any federal income taxes. This study comes at the same time as President Biden plans to raise corporate tax and impose plans to limit the number of companies that do not pay federal income taxes, as well as increasing corporate tax rate to 28% - potentially raising USD2 tril in 15 years. 

  4. Compass, the residential-brokerage firm backed by Softbank, debuted last week as a listed company closed at a market cap of USD7.9 bil. Its CEO and founder, Robert Reffkin, 41, is on the path to a net worth of more than USD1 bil, to become the 8th Black billionaire, and the youngest Black billionaire too, in the US. according to Forbes. Owning about USD480.7 mil in Compass’ shares, his stock options and awards, worth about USD440 mil will be granted over the next few years as he hits the various targets set, making him a billionaire eventually. 

    Like most tech companies that listed in recent time, Compass recorded a loss of USD270 mil in 2020. Its revenue accelerated between 2016 to 2020, growing by 20x from USD187 mil to USD3.7 bil, and has a market share of 4%. Softbank has invested over USD400 mil in Compass and is estimated to make USD2.3 bil in the IPO, a 600% return

  5. Richard Branson, the billionaire founder of Virgin Group, is opening up his private island to the public for the first time. No, not Necker Island but another island that is 2.5 miles away from it - Moskito Island. Branson acquired this 125-acre island in 2007 and in 2011 started building infrastructure on it. If you have spare change, this island can host 22 guests and has 3 villas starting from USD25,000 per night. See more of this island here.

  6. Despite imposing the first law to restrict the use of firearms in Mexico 50 years ago, Mexico still finds itself in violent drug wars aided by foreign weapons. The main contributor? The US. 70% of guns used in crimes in Mexico that are seized and traced originated in the US. At least 200,000 guns cross illegally from the US into Mexico. In fact, ‘heavy weaponry’ are sourced from private security agencies  with permits to sell military grade weaponry and even from members of the US military. These weapons have overwhelmed Mexico’s own defence forces. A police officer is killed by a gun every 16 hours in Mexico according to a finding by Causa en Comun, a NGO that focuses on security issues in Mexico. An interesting read on Mexico’s gun situation. 

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