☕️ Inside PM Muhyiddin's RM15 billion stimulus package
Tokyo Olympics might make a return this summer despite pandemic. China, the only major economy with positive economic growth in 2020. A vape manufacturer USD1.17 billion IPO.
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1. MARKET SUMMARY
*US markets were closed yesterday due to Martin Luther King Jr Day holiday.
2. NUMBERS AT A GLANCE
27 million of Malaysians (80% of population) will be vaccinated by Q1 of 2022.
11,000 acres forest in Georgia, US were bought by Ikea. The company seeks to preserve the local ecosystem, instead of having the land being developed.
140 people per minute (on average) is being vaccinated in the United Kingdom.
467 civil servants were arrested by MACC last year over corruption compared to 525 in 2019.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
The government unveiled another stimulus plan, named PERMAI worth RM15 billion spread over 22 initiatives. Here are some notable ones:
The special tax relief of up to RM2,500 on the purchase of mobile phones, computers and tablets, which expired on Dec 31, 2020, will be extended until the end of 2021.
Wage Subsidy Programme 3.0 under SOCSO will be enhanced, with all employers in MCO states now eligible to apply, irrespective of sector.
For SMEs, the government will be expanding the Prihatin Special Grant Plus assistance to cover 500,000 SMEs in the seven MCO states with a payment of RM1,000 each, while 300,000 SMEs in other states will receive RM500 each.
For taxi and bus drivers, a one-off assistance of RM500 was announced.
Companies in the hospitality industry will be given a 10% discount on electricity bills. Shopping malls and convention centres are included too.
The government will also recruit an additional 3,500 healthcare personnel.
You can now renew your road tax and insurance with GHL System Bhd, via their partnership with Loanstreet.
Movement Control Order (MCO) will be implemented in Seremban and Port Dickson for 14 days effective from 19th January until 1st February 2021. The two districts are seeing high infectivity rate hence the MCO is necessary.
Serba Dinamik Bhd bags RM548m worth of contracts in Indonesia and India — eight operations and maintenance jobs in Indonesia and one information and communications technology (ICT) contract in India.
Furniture maker, Lii Henn Industries Bhd’s 875 workers have been placed under quarantine and isolated since last Saturday, Jan 16 for suspected Covid-19. Expected capacity loss is -4.6% of the total estimated annual output volume for its current financial year.
Kelington Group Bhd’s total new orders in financial year 2020 to RM490 million, surpassing previous year’s record of RM386 million. The integrated engineering solutions provider said majority of new orders secured were from the Ultra High Purity (UHP) segment.
Two investment houses have begun coverage GDB Holdings Bhd, citing strong track record and order book for the upcoming financial year. RHB and HLIB have placed target prices to RM1.50 and RM1.37 respectively. Yesterday, the counter closed at RM1.04.
5. AROUND THE WORLD 🌎
RLX Technology Inc, China’s largest e-cigarette maker, is looking to raiseUSD1.17 billion from its US IPO. Founded in 2018, it’s backed by the renowned VC, Sequoia Capital China. In the first 9 months of 2020, its revenue increased to 2.2 billion yuan (USD340 million) from 1.14 billion yuan (USD176 million) a year earlier, turning a profit of 109 million yuan (USD16.8 million).
According to RLX’s prospectus, China has an estimated smoking population of 286.7 million adults, but vaping products only have a 1.2% penetration of the market compared to 32.4% in the US.
Japan Prime Minister Yoshihide Suga is vowing to forge ahead with the Tokyo Olympics this coming summer, after postponing it from last summer due to the pandemic, despite growing opposition arising from the surge in Covid-19 cases in Japan. Although Japan has handled the pandemic relatively better than other developed countries, recent surge in cases has resulted in a state of emergency in Tokyo and other major cities.
Despite the pandemic blowing up across the world, China, the epicentre of this pandemic has recorded a growth of 2.3% in GDP., making it the only major economy in the world to avoid a contraction, surprising many with the speed of its recovery.
President-elect Joe Biden will start off his first day in the White House by signing off ‘roughly a dozen’ executive orders, reversing some of the controversial policies (or damages) Trump has put in place such as rejoining the Paris Climate Accord and reversing travel ban on several Muslim countries.
The 6.2-magnitude earthquake that struck Indonesia’s Sulawesi Island last week has killed 81 people and displaced more than 19,000, with 250 more seriously injured.
No matter how much social distancing one practises in an enclosed area with recycled air, the risk of contracting the coronavirus remains high. Case in point - every passenger on board 2 separate international flights to Canada were informed that they were potentially exposed to Covid-19.
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