☕️ KJ to manage nation's vaccination programme. Then, what is the use of a health minister?
Kuaishou, Tiktok competitor USD5.4bil IPO oversubscribed by USD370bil. The US record public debt of USD27.7 trillion to continue growing. Another retiree lost RM1mil to Macau Scam.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD7 billion - the settlement amount Brazilian mining giant, Vale has reached an with the government settle claims from the Brumandinho dam disaster that killed 270 people.
US$277 billion of worth of payments were made through PayPal in Q4 of 2020.
1 million people follow Yahoo News hit on TikTok. Currently, social media personality @charlidamelio has the highest number of followers on the platform with 107.5 million followers.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Ok, here’s what you can do in MCO2.2
Wash your car that you haven’t been driving much
Cut your hair that you don’t show on Zoom meetings
Meet your relatives at Night Markets for CNY packets (Dr Jason Leong’s brilliant idea)
For those of you celebrating Chinese New Year, no interstate travels are allowed unfortunately. Reunion dinners and prayers are only allowed for those living in the same house.
Prasarana Malaysia Bhd has lodged reports to MACC and SSM over negligence, failure to discharge fiduciary duty and abuse of power by its former management. The Al Mashaaer Al Mugaddassah Makkan Metro Southern Line (MMSL) in Saudi Arabia was mismanaged, causing Prasarana to lose RM450.8million for FY2019.
My EG Services Bhd (MyEG) introduces an at home saliva-based Covid-19 testing service in the Philippines to hep the country’s fight against the pandemic. The test kit has also received the approval from Food and Drug Administration of the Philippines. The company aims to deploy a similar approach to testing in Malaysia, pending approval from relevant regulators.
Mongolian woman, Nandine-Erdene Khoskhulug raised more than US$12,000 to refile her civil case against a former police inspector for alleged sexual assault and unlawful detention. Her appeal was denied back in January for lack of a RM70,000 court deposit.
We’re saddened to see another 74-year-old retiree succumbed to Macau Scam, losing more than RM1 million of her savings. The scam started Sept 20, with the scammers pretending to be calling from POS Malaysia and intimidating her. Please be vigilant. You can download a simple infographic that we’ve put together previously about Macau Scam here.
Prime Minister Tan Sri Muhyiddin Yassin has put Khairy Jamaluddin, minister of science, technology and innovation, in charge of the vaccination programme. The country is targeting 80% of the population to be vaccinated by Q1 of 2022 and the vaccination will be free of charge.
Then what is the purpose of having a health minister? Maybe those in power thinks the current ‘air suam’ minister is incompetent of managing such task.
5. AROUND THE WORLD 🌎
Myanmar’s military government has instructed local telcos to temporarily block Facebook until midnight Feb 7. The military government alleges that Facebook is causing instability in the country and in its order to the telcos, it cited a section of the local telco law that justifies such actions for the greater good of the public and the state.
Further details in the court detention order revealed that Aung San Suu Kyi is being charged for having at least 10 walkie talkies in her house without proper paperwork.
Despite the political uncertainty, Foodpanda will be pressing ahead with its expansion in Myanmar.
Singapore Airlines, the second most admired company in Asia after Toyota according to Fortunate Magazine has lowered its losses to SGD142 million in its latest operating quarter with revenue of SGD1.07 billion, a significant improvement from the massive SGD2.4 billion loss in the preceding July to September quarter and revenue of SGD783.8 million.
About ⅓ of its fleet (62) of 185 planes are currently deployed. SIA is sitting on a cash balance of SGD7.1 billion after raising SGD13.3 billion last year through rights issues and bonds. At a cash burn of SGD250 million a month, its cash position can last it until Q1 2024. Sounds like a big warchest to outlast this pandemic.
Wondering how MAS is doing.
The US public debt hit a record of USD27.7 trillion at the end of 2020. The US Treasury Department warned that the government needs to raise more debt to combat the pandemic.To put into perspective, global GDP in 2019 was USD87.8 trillion. Debt from a single nation alone constitutes nearly close to a third of global output, How long can the US keep borrowing and global investors keep buying its bonds until they realise it’s a house of cards?
Some of Wall Street turned out to be a beneficiary of the GameStop saga. A New York-based hedge fund, Senvest Management took home USD700 million in profits on its GameStop position. It owned more than 5% of the company as at Oct 2020 and got in below USD10 per share.
Senvest got out from its position completely after Elon Musk tweeted ‘GameStonk!!’ that pushed the share price to above USD400.
Kuaishou, Bytedance competitor, has seen its IPO being oversubscribed by 68.5x with USD370 billion applied for it USD5.4 billion IPO. More than 1.4 million individuals placed USD163 billion for its IPO while institutional investors placed orders 39x of what was originally offered, implying about USD206 billion of orders.
Its share price tripled in gray market from HKD115 to HKD336.60 on a trading platform operated by Futu Securities.
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