☕️ Malaysian govt RM1.26 trillion growing debt pile
The world's largest pig farm. The new (probably youngest) 25-year-old billionaire. World's top 3 plastic polluters are household FMCG brands.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
RM1,257,000,000,000 is the Malaysian Government’s total debt and liability exposures, approximately 87.3% of the country’s GDP.
78.6% drop in tourist arrivals to Malaysia between January and September 2020, compared to the corresponding period last year.
US$21.5 million was raised by celebrity chef Guy Fieri to assist roughly 43,000 unemployed restaurant workers.
3. COVID-19 SUMMARY
4. IN MALAYSIA
Former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor has been granted a discharge not amounting to an acquittal on a charge of accepting a RM1 million bribe in 2013. The public prosecution did not wish to continue the prosecution at this stage, left many wondering why.
It was previously disclosed that Ku Nan has assets worth up to RM1 billion, making him amongst the richest politician in the country.
First, it was an ex-convict tycoon gangster. Then, it was a former IGP. Tan Sri Mohamad Fuzi Harun resigned from his chairman post in Inix Technologies Holdings Bhd after 5 days from his appointment, replacing Wan Kuok-koi (aka Broken Tooth Koi). Broken Tooth Koi was released from prison in Dec 2012 after serving a 14-year sentence for charges relating to loan-sharking, money laundering and heading a criminal group. Interesting list of candidates Inix has for its chairman.
71-year old retiree lost RM124K to a phone scam. Always remember if the authorities want to catch you, they will show up at your door steps.
Rakuten Trade Malaysia recommends these stocks for 2021!
When rubbish collectors in Singapore are better paid than Malaysian fresh graduates, it speaks a lot about our country. Two Malaysian grads returned an iPad Pro to a Singaporen, in Singapore!
With the new CMCO’s updated SOP, the number of diners now depend on table size instead of being limited to 4 pax per table.
5. AROUND THE WORLD
China’s top pig producer, Muyuan Foods is building the world’s largest pig farm. Soaring pork prices has boosted its profits. Muyuan made RMB21 billion (USD3.21 billion) of profits in the first 9 months of 2020 and has a market cap of RMB289.5 billion (USD44.3 billion). The new state-of-the-art farm will house 84,000 pigs with the aim to produce 2.1 million pigs a year.
Luminar Technologies, which makes lidar scanners for self-driving cars, traded publicly last Thursday through a SPAC making its 25-year-old founder, Austin Russell, a billionaire. Owning about ⅓ of the company, Luminar’s market cap is approximately USD7.8 billion.
In 2019, it lost USD94.7 million whilst generating revenue of only USD12.6 million. In other words, it’s trading at 620x its revenue last year. Cheap money makes the world go wild.
A short primer on Singapore’s digital banking license that was recently issued to 4 firms (Grab-Singtel and Sea amongst them).
2 types of licenses are issued:
Digital full banking license - able to conduct all banking activities for retail and corporate customers. SGD1.5 billion paid-up capital requirement.
Digital wholesale bank license - able to serve non-retail clients only like corporates and SMEs. Lower capital requirement of USD100 million.
The Grab-Singtel consortium has started hiring for 200 roles
FounderPool introduces a form of ‘insurance’ scheme for entrepreneurs to insure against their startup failure. Members of FounderPool will have exposure to equity of other startups in case one of these startups turns out to be a massive success, to hedge against the members’ own startup failure. Founders contribute up to 5% of their equity to the pool after being vetted through machine learning and interviews.
AirBnb is boosting its IPO price range to make its debut at a valuation of between USD39 billion to USD42 billion.
The world’s top 3 plastic polluters for 3 years in a row - Coke, Pepsi and Nestle. These brands were found to be responsible for half a million tonnes of plastic pollution in 6 developing countries each year, according to a survey by an NGO, Tearfund.
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