☕️ Glove + Bitcoin FOMO is real.
Bitcoin is touching its all time high. Yet another glove making company. Queen Elizabeth II's blockchain interest.
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1. NUMBERS AT A GLANCE
USD35.4 trillion: Combined net worth of 290,720 individuals whom are considered as Ultra High Net Worth (UHNWI), with net worth of USD30 million and above.
USD157 billion: Record losses airlines will suffer - USD118.5 billion in the recent 12 months, and another USD39 billion in 2021. This is 5x worse than the global financial crisis in 2008/09.
120 seconds: That’s all it takes for Netflix to determine the success or flop of a series or movie.
512,315 “special approvals” were given for migrant worker permits from 2016 to 2018.
2. COVID-19 SUMMARY
3. IN MALAYSIA
Since the Covid-19 pandemic begun, there are at least 15 listed companies in Malaysia that have gone into the glove-making venture including the latest latecomer - Eonmetall Group Bhd. From developers to steel and industrial product manufacturer, is the glove making business really this lucrative?
Top Glove estimates only 3% of its revenue for FY2021 to be impacted due to the temporary closure of its factories.16 of its factories have stopped operating whilst the other 12 are running at 20% capacity. 4,036 cases of 5,777 individuals screened have been detected from this Teratai Top Glove cluster. That is a 70% positive rate.
According to RHB Research, for every 2 weeks of operation loss, an estimated RM181 million in earnings is lost.
The government has approved 4,937 loan applications for SMEs under Penjana SME Financing Scheme worth RM1.033 billion.
Despite having its wings clipped, AirAsia Bhd reported improved revenue of nearly 4x (q-o-q) to RM442.9 million from RM118.9 million in the preceding quarter. However, the group also reported net loss of RM851.8 million. Hope things will turn around for AirAsia Bhd soon!
Keningau MP Datuk Jeffrey Kitingan had apparently broken Covid-19 quarantine orders to attend today’s Dewan Rakyat Seating. MOH had given release order on 23 Nov 2020. Another double standard?
Majority of SMEs (58%) in Malaysia are not ready in reaching full potential in embracing digital technologies according to Maxis’s self assessment tool on Digital Reading Index (DRI).
Kudos to Bukit Gasing assemblyman, Rajiv Rishyakaran for making the private Covid-19 testing kit available at RM70 to all Malaysians. It’s at least half the price of current test ranging from RM150 to RM180.
4. AROUND THE WORLD
Bitcoin is trading close to its record high of USD20,000 set in Dec 2017. The landscape has changed drastically from 3 years ago with many traditional institutions today recognising its value and promoting its adoption such as PayPal, Citibank, JP Morgan, , Blackrock - to name a few.
The Trump administration's attempt to overturn the election has failed and has approved the formal preparations for power transfer to the Biden administration. Global markets rallied on this news. Will we see a peaceful power transfer this coming January?
Netflix is investing USD1 billion to build one of the world’s largest studios in New Mexico. This adds 300 acres to its existing studio there, 1,000 new production jobs and 1,467 new construction jobs over the next 10 years to complete the expansion.
AMP Robotics is where recycling meets robotics. The company builds trash-sorting and recycling robots that can sort waste in ways that traditional systems can never could such as differentiating the types of plastics, colour, clarity, opacity and shapes like tubs, lids, cups etc and brands on packaging too at a more effective cost than most waste handling facilities. Backed by Sequoia Capital (early investor in Apple and Google), AMP Robotics is to close a USD70 million new funding round.
For the third time since the Covid-19 outbreak, Hong Kong will close bars, nightclubs and entertainment venues. Over 180 new cases were related to dance clubs. The surge in cases in Hong Kong has delayed the Hong Kong-Singapore travel bubble.
Queen Elizabeth II is interested in blockchain technology. Are you?
5. MARKET SUMMARY