☕️ French president Emmanuel Macron tests positive for Covid-19

Covid-19 outbreak in a Klang hospital. The little-known owner of PornHub, MindGeek. China's Luckin Coffee USD180 mil fraud settlement.

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1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

649kg of cocaine with estimated street value of US$80 million were found ashore on Marshall Islands.

25.7 trillion rupiah has been spent by the Indonesian government subsidising the price difference between crude oil and palm oil.

USD500 million - the price to the rights to broadcast the Premiere League in Middle East and North Africa for 3 years paid by Qatar-based broadcaster, beIN Sports.


3. COVID-19 SUMMARY


4. IN MALAYSIA

  1. According to World Bank, Malaysia’s economy in 2021 should see swift recovery if the Covid-19 vaccination programme is rolled out effectively. The projected gross domestic product (GDP) growth is 6.7% in 2021.

  2. CGS-CIMB Securities Sdn Bhd has recommended the following sectors to look out for in 2021:-

  1. Almost 100 people consisting of staff and hospitalised patients have tested positive for Covid-19 in Hospital Tengku Ampuan Rahimah in Klang yet it was kept under wraps. Probe on the cause of these is inconclusive.

  2. Social Welfare Department has recommended to change the age definition of senior citizens from 60 to 65 years old. Do you agree?

  3. What happens when you order RM9 billion worth of combatant ship yet nothing gets delivered? Public Accounts Committee (PAC) will grill you, like what they will be doing to DS Ahmad Zahid Hamidi, former navy chief admiral Tan Sri Adbul Aziz Jaafar and a representative from Boustead Naval Shipyard Sdn Bhd. If you steal RM9 worth from 99 Speedmart, you’d be thrown into the jail already!

  4. The number of Temporary Employment Visit Passes (PLKS) issued for foreign workers as of Nov ‘20 has decreased by 101K compared to March ‘20 due to Covid-19’s border closure. Out of the 101k vacancies available, only 9K of locals scooped it up. Are Malaysians too picky or is the minimum wage too low?

  5. TIL - Federal Government has to make the application to Unesco for Penang’s hawker stall culture to be listed in Unesco’s List of Intangible Cultural Heritage of Humanity.


5. AROUND THE WORLD

  1. French President Emmanuel Macron is tested positive for Covid-19 and will self isolate for at least 7 days. Other European leaders will also be self isolating as the French president attended a number of high-profile events in recent days, including an EU summit.

  2. China’s lunar explorer, Chang’e 5 has returned to Earth and landed in Inner Mongolia bringing home as much as 2 kgs of lunar dirt and gravel. The last such expedition that returned materials from the Moon was executed by the Soviet Union in 1976 which brought home a paltry 0.17kg of dirt and gravel compared to Chang’e 5.

  3. President-elect Joe Biden and Vice President Mike Pence will be joining former presidents Barack Obama, George W.Bush and Bill Clinton to publicly receive the Covid-19 vaccine to boost public confidence in its safety. 

    Absent on this list of prominent politicians to receive the vaccine? Trump. 

  4. Luckin Coffee, the coffee delivery service company in China has agreed to a USD180 million penalty settlement with the US Securities & Exchange Commission for fabricating revenues, expenses and losses. This fraud was revealed early in the year by Muddy Waters and by July, Luckin Coffee itself admitted to inflating revenue by USD300 million between Apr 2019 to Jan 2020.

  5. The little-known company MindGeek owns amongst the most visited sites in the world - Pornhub, Redtube and YouPorn. The business, based in Montreal is owned largely by an individual called Bernard Bergemar, but little can be found about him on the net but clearly has a claim to the title of the world’s most successful porn tycoon.

    With 115 million daily visitors (you might have contributed to this figure), MindGeek generated over USD460 million in revenue in 2018 with a pre-tax profit of USD38.3 million - a lot more profitable than most of the recently IPO-ed tech companies. 

    As MindGeek has changed ownership a couple of times, the debt financiers of the deal were secretive given the stigma towards the porn industry though one insider shared that institutions including a university (Cornell), Fortress Investment Group and JP Morgan financed a USD362 million debt in 2011.

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