☕️ FT Minister slammed by netizens for fake news - again

Health Ministry: ICU capacity at 104%. Breakthrough Alzheimer's drug approved by FDA- first in 18 years. Where does the Great Wall of China ends? In the sea.

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1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

USD110.9 billion — BNM’s international reserves as at May 31 2021

Clinical waste such as disposable plastics and PPE in Malaysia increased by 111.94% compared to Dec 2019 before the pandemic begin.

Japan’s economy shrank by 3.9% in 1QFY21 as the land of the rising sun’s recovery has been put on pause by on-again-off-again declarations of emergency.


3. COVID-19 SUMMARY

  • While the number of new Covid-19 cases have fallen to less than 6,000 cases for the past two days, Bandar Kuching MP Dr Kelvin Yii said it is giving Malaysians a sense of false security as the average positive rate was still above 5% threshold set by WHO on adequate testing.

  • Health ministry reported that ICU capacity has hit 104% on June 6 2021.

  • Government is targeting to inoculate 200,000 individuals daily in July and gradually increase to over 300,000 from August onwards.


4. IN MALAYSIA 🇲🇾

  1. On June 7 2021, Annuar Musa uploaded a video showing panicked mobs of people clambering to get vaccinated in Taiwan but the footage was actually shot in China — with the caption of “For reflection — don’t criticise your own country.” The irony.

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  2. Malaysia will be suspending import of cattle and buffaloes from Thailand over Lumpy Skin Disease (LSD) according to the Veterinary Services Dept with immediate effect. Although LSD is a non-zoonotic disease that doesn’t affect human, it would affect the livestocks’ fertility, weight and milk produce.

  3. Selangor’s Sultan Sharafuddin Idris Shah is puzzled as to why the state only received the 615,210 as of end May 2021 as it is highly disproportionate to the state's population of 6.5 million. His highness also reminded Selangor is the nation's biggest gross domestic product contributor and hence should be given due priority. Who is providing the correct figures?

News in brief

  1. Hartalega Holdings Bhd has reimbursed RM41 million to current workers who joined the group prior to the implementation of its Zero Recruitment Cost Policy on April 1, 2019 but made to pay recruitment fees to agents.

  2. Berjaya Corp Bhd (BCorp) has announced its divestment of Berjaya Auto Alliance Sdn Bhd (BAASB) to Bermaz Auto Bhd and other shareholders of BAASB as part of its transformation plan.

  3. Employees Provident Fund made RM19.59 billion in gross investment income for 1Q21, up 59% y-o-y.

  4. Government has been channelling RM5.08 billion to almost one million micro SMEs under Geran Khas Prihatin (GKP) according to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.t


5. AROUND THE WORLD 🌎

  1. The US Food & Drug Administration approved Biogen’s (market cap: USD56.6 bil) Alzheimer’s disease drug, aducanumab (no, it’s not typo), making it the first new Alzheimer’s drug to be approved in 18 years. The drug is  capable of slowing the cognitive decline of patients in early stages of Alzheimer’s. Alzheimer’s disease is a progressive neurodegenerative disorder that slowly destroys memory and thinking skills. Though it could be a potential game changer for the disease, it doesn’t come cheap with its list price at USD56,000 per year or USD4,312 per infusion. Biogen says it currently has the capacity to provide the drug to 1 mil patients annually - that would be a revenue of USD56 bil!

    In the US alone, it is estimated that more than 6 mil Americans are living with it, and by 2050 is projected to rise to 13 mil. It is estimated to cost (direct, indirect and intangible costs) the US economy USD290 bil a year. Around the world, these costs amount to USD1 tril

  2. Alodokter, the Indonesian telemedicine ‘super app’ announced that it has raised additional funds from MDI Ventures and Samsung Ventures, though no valuation was disclosed. This came 8 months after the Jakarta-based startup raised a round led by MDI Ventures in November 2020 as part of its USD30 mil Series C extension. 

    Founded in 2014, the app provides all-encompassing digital health services like reliable health content, access to general practitioners and specialists through telemedicine, online booking of doctor’s appointments, medicine purchase and insurance packages. The company claims it has 30 mil monthly active users (MAU), more than 43,000 certified doctors across 1,500 hospitals and clinics on its platform. 

  3. ProPublica, referencing confidential IRS data it obtained on thousands of wealthy people, reported that the 25 richest Americans ‘saw their worth rise a collective USD401 bil from 2014 to 2018’ but paid a total of USD13.6 bil in federal income taxes during this period, translating to a tax rate of only 3.4%. For comparison, the median US household earns around USD70,000 per year and paid 14% of that in federal taxes. 

    Amongst these 25, ‘no one among the 25 wealthiest avoided as much tax as Buffett, the grandfatherly centibiliionaire’ according to ProPublica. He paid 0.1% or USD23.7 mil in taxes on wealth growth of USD23.3 bil during this 5-year period. Warren Buffett defended himself on this matter. 

    News in Brief:

  4. The FBI announced that it has successfully seized USD2.3 mil in Bitcoin from the USD4.4 mil ransom paid by Colonial Pipeline in the recent ransomware attack by hacker group DarkSide. Meanwhile, President Biden’s top tech advisor, Tim Wu, disclosed that he holds between USD1mil to USD5 mil in bitcoin in his personal financial disclosure. See below the transaction trail of the ransom payment.

  5. Top sites like Reddit, Twitch, Amazon, Paypal, Financial Times, amongst the many were temporarily down as its content delivery network (CDN) service provider, Fastly experienced outage. Companies rely on CDN services to serve its contents and services faster to end users based on proximity. 

  1. Paytm, the fintech company and India’s most valuable startup, has confirmed that it will be seeking to list publicly. It is seeking to raise 218 bil rupees (USD3 bil) at a valuation between USD25 - 30 bil. It counts Berkshire Hathaway, Softbank and Ant Group amongst its investors.


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

  1. Where does the Great Wall of China ends? In the sea.

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  2. CEO of meme stock AMC, seen not wearing pants in this video interview.

  3. Haven’t caught up with Apple WWDC21 event? Summary below.