☕️ Malaysian taxi drivers suing Grab for RM100 million in damages
KLCI's not-so-great start to the year. South Africa's Covid-19 variant could be more contagious than UK's. Prasarana. Guess which smartphone was activated 9x more than others post Christmas?
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
108,760,543,791 - Population Reference Bureau’s estimate on how many people have lived on earth.
The richest 1% in the UK has 25% of all household wealth. They have £800bn more wealth than suggested by official statistics.
9 out of 10 smartphones activated post Christmas were an iPhone.
95 weeks - waiting time for a hand painted fountain pen.
3. COVID-19 SUMMARY
4. IN MALAYSIA
Malaysian taxi drivers are filing an RM100 million class-action lawsuit against Grab for allegedly running an illegal ride hailing service in Malaysia from 2014 to 2017 and seeking a declaration that Grab’s ride-hailing service is in contravention of the provisions Transport Act 2012, the Competition Act 2010 and somehow, the Federal Constitution too.
The KLCI index kickstarted the year in the red, down 26.64 points or 1.51% on the first trading day of 2021. The big 4 glove counters - Top Glove, Hartalega, Supermax and Kossan - of which the first 3 are components of the index, saw RM13.65 billion wiped out from their market cap.
Lucky for the Ringgit, it started the year on a firm note, breaking past RM4 against the USD, trading at RM3.995 to USD1.
Prasarana Malaysia Bhd is believed to be withholding payment of more than RM1 billion to 17 contractors and consulting firms for the LRT3 project that measures 37km in length and covers 20 stations. The reason for the delayed payment is not known.
A jointly signed letter was sent to PM Muhyiddin Yassin, Ministry of Finance and Ministry of Transport to appeal and sought help from the government. Amongst the signees are listed companies such as Sunway Construction Bhd, WCT Bhd, Mudajaya Corp Bhd etc.
In an email newsletter update on Grab’s business, Ming Maa, its president shared that Grab has hit growth and profitability targets with net revenue increasing by 70% year-on-year in 2020 and recovering comfortably above pre-pandemic levels. Starting out as a ride-hailing service, its food delivery business now accounted for more than 50% of its revenue in its 3rd quarter.
The Inland Revenue Board (IRB) which went after Aeon Credit Service Bhd back in July 2019 for RM96.82 million in unpaid taxes has reached an out-of-court settlement. The amount inclusive of penalties has been brought down to RM10.31 million, a significant bargain for Aeon Credit.
Another day, another death by pothole. A food delivery rider hit a pothole and fell off whilst riding his motorbike near Mutiara Damansara. Such incidents shouldn’t even be occurring if Malaysia wants to get to a first world country status. Warning - NSFW content ahead!
5. AROUND THE WORLD
In a damning one hour long call, outgoing US President Donald Trump pressures Georgia’s Secretary of State, a fellow Republican Brad Raffensperger to find votes to overturn his defeat - 11,780 votes to be exact.
South African’s coronavirus variant is thought to be even more contagious than the UK’s variant according to British Health Secretary Matt Hancock. Sir John Bell, regius professor of medicine at Oxford University, has warned that existing vaccines may be ineffective against the South African’s variant.
Japan’s PM Yoshihide Suga would consider declaring a state of emergency from Jan 9, 2021 until end of Jan 2021 for the Greater Tokyo metropolitan are as coronavirus cases climb. Japan has recorded 240,954 coronavirus cases thus far.
Bali’s locals spent first day of the new year staging a cleanup as tons of trash have washed onto Bali’s famous Kuta Beach. Wanna take a guess how many tons of marine debris were cleared? 30 tons.
Have you heard of the 996 work culture? It stands for 9am to 9pm, 6 days a week. Unfortunately, a Pinduoduo Inc’s employee has succumbed to death due to the work culture after collapsing at 1:30am on the Dec 29, 20. Her death sparked a social media backlash against Pinduoduo, which is one of the largest interactive e-commerce platform in the world.
South Korea sees more deaths than births in 2020 with only 275,8000 babies born but 307,764 deaths. Declining and ageing population puts immense strain on a country with increased pressure on public spending and labour shortages.
MGM Resorts International makes US$11 billion offer for Ladbrokes Owner Entain. The latter said the offer significantly undervalues the company. Global online gambling industry is estimated to be worth $US59 billion currently and anticipated to grow to US$92.9 billion by 2023, according to Statista.
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