☕️ Former PM Najib Razak calls out Tengku Zafrul on KWAN's RM5 billion usage
Senior Minister owes travel agency RM269K. The right to shoot an elephant in a national park: USD70,000. Apple to invest USD430 billion (1.17x Malaysia 2019 GDP) in the US in the next 5 years.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
RM269,892 — amount owed by DS Mohamed Azmin Ali and family to YHA Travel & Tours Sdn Bhd. RM102,560 owed by his family will go through mediation according to the travel agency’s lawyer.
Cisco chief Chuck Robbins expects the computer chip shortage to last 6 months.
USD129 million — the ad revenue American Broadcast Company (ABC) is projected to make from Oscar.
3. COVID-19 SUMMARY
There will be a temporary ban on flights to and from India beginning April 28 2021 as the 2nd most populous country is overwhelmed with the pandemic.
Selangor, Kuala Lumpur and Johor have the highest number of sporadic Covid-19 cases where the source of the infection is unknown.
Summary of Covid-19 situation in Malaysia in the past two weeks courtesy of Ministry of Health.
4. IN MALAYSIA 🇲🇾
Top Glove Corp Bhd has resolved 11 International Labour Organisation indicators of force labour according to an exchange filing yesterday. The 11 ILO issues are:
Abuse of vulnerability
Retention of identity documents
Restriction of movement
Abusive working and living conditions
Withholding of wages
Physical and sexual violence, and
Star Media Group Bhd seeks to unlock value of its land and building assets through tenancy including listing its property on Airbnb and lookout for potential partners for joint property developments. The group’s cash reserve of RM300 million with no borrowings as of Dec 31 2020 is more than its market capital of approximately RM295 million at yesterday’s closing.
Aneka Jaringan Holdings Bhd has bagged a RM77.8 million subcontract for the construction of West Coast Expressway from IJM Construction Sdn Bhd. The subcontract is to be completed by Oct 15 2022.
The Malaysian government has imposed anti-dumping duty on imports of cold rolled stainless steel in coil, sheet or any other form (subjective merchandise) from Indonesia and Vietnam of up to 34.82% and 23.84% respectively. The anti-dumping investigation begun back in July 28 2020 after Bahru Stainless Sdn Bhd filed a petition.
Right after amending the act on the usage of funds of National Trust Fund, the government will be using RM5 billion to fight against the Covid-19 pandemic, as well as for the country's immunisation plan. Guess who the government blamed for needing to dip its fingers into the funds? 1Malaysia Development Bhd (1MDB) scandal. Former PM DS Najib Razak called the government out.
PSA — for those of you have ventured into a side hustle last year due to the pandemic and not sure how to file your taxes, RinggitPlus has a pretty decent guide available here! Also don’t forget the last day to file your personal income tax is 15th of May 2021!
5. AROUND THE WORLD 🌎
The 53 sailors in the missing Indonesian submarine KRI Nanggala 402 are presumed dead after debris recovered and oil spill detected, with evidence pointing to the submarine having already sunk. The submarine has gone missing since Wednesday near Bali. Scan has detected what might be a submarine at a depth of 850m - the vessel is built to withstand depth of up to 500m only. Following this incident and to honour their service of the lost sailors, the Indonesian government is posthumously promoting all 53 crew members to one level higher and their children are guaranteed education to university level.
To fund the upkeep of its national parks, Zimbabwe is planning to sell the right to shoot as many as 500 elephants for as much as USD70,000 per animal. Zimbabwe has the world’s 2nd largest elephant population with close to 100,000 of it and its neighbour, Botswana has the largest. Both countries have been criticized by environmental groups for their plans to profit from elephant hunting.
The right to shoot an elephant will cost between USD10k to USD70k, depending on its size. The parks authority is self-funded and has resorted to this method of generating revenue as tourists numbers plunged due to the pandemic. The excessive number of elephants have led to an increased number of accidents when people encounter them, including damage to crops and occasional fatalities, with 81 people that have lost their lives due to human wildlife conflict.
China’s Three Gorges Renewables Group Co. is set for an IPO that could be China’s biggest this year so far. It will sell 8.57 bil shares but did not state on the value of the funds it intends to raise. Last year, it announced that it was seeking to raise RMB 25 bil (USD3.85 bil). The company is the world’s largest hydropower company and China’s largest clean-energy firm. Its renewables unit’s total assets, mainly consisting of solar and wind farms as well as small hydro power plants are valued at more than RMB140 bil (USD21.6 bil). China is aiming to achieve peak carbon emissions by 2030 and carbon neutrality by 2060.
In a clean-energy related news, Japan’s largest lender Mitsubishi UFJ Financial Group announced that it will stop financing upgrades of existing coal-fired power plants, amidst increasing pressure on Japanese lenders to cut funding for coal power.
Apple announced on Monday that it will invest USD430 bil in the US over the next 5 years, which is about 19% of its current market cap of USD2.26 tril creating 20,000 new jobs nationwide, direct spend with more than 9,000 American suppliers and companies and manufacturing Apple TV+ across 20 states. See the press release here. Malaysia’s GDP in 2019 was USD364.6 bil (don’t expect 2020 to grow due to Covid-19). Apple is spending 1.17x Malaysia’s GDP towards expanding its business.
The popular investment app, StashAway, has raised its USD25 mil Series D round led by Sequoia Capital India, bringing its total funds raised to USD61.4 mil. It did not disclose how many users it has on its robo-advisor app, but it surpassed USD1 bil in assets under management in January and charges a low management fee between 0.2% to 0.5%. It currently operates in 5 markets: Malaysia, Singapore, UAE, Hong Kong and soon in Thailand. Founded in 2016, the company will offer to buy back up to USD3 mil in stock options from its employees. If you have not heard about it and looking for ways to invest your hard-earned funds, learn more about the app and how to get started here.
6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)
As India continues to set record for global high for daily Covid-19 cases, its population has to turn to black market for oxygen and meds.
The origins of your khurma.
Bloomberg Quicktake: The Mastermind Behind the USD4 billion 1MDB Con