☕️ Meta (fka as Facebook) paid USD60 mil to acquire the Meta trademark assets from a US regional bank, Meta Financial Group
Feb deadline for Sinovac senior citizen recipients to obtain booster shots. Reddit, the front page of the Internet has filed for an IPO. Watch a spacecraft flying through the Sun's atmosphere.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD112 bil — the global insured losses due to extreme weather events, according to the Swiss Re Institute’s Sigma estimates.
USD60 mil — the price paid by Meta Platforms Inc to acquire the trademark assets of US regional bank Meta Financial Group, in cash. The deal underscores how valuable the Meta name has become for the technology giant.
3.5 mil electric vehicles per annum — Toyota’s ambitious goal by 2030. One of the world’s largest carmakers is planning to invest 4 trillion yen (USD35 billion) to build a full lineup of 30 battery-powered electric vehicles by 2030. The carmaker’s CEO, Akio Toyoda, revealed 12 new electric cars just a couple of days ago.
3. COVID-19 SUMMARY
In Malaysia, Sinovac Covid-19 recipients and those above 60 need to obtain booster doses by February to maintain the fully vaccinated privileges.
The second case of Omicron has been detected in Malaysia. Health Minister Khairy Jamaluddin said there could be an additional 18 Omicron Covid-19 cases in the country. The results of the testing should be available today. Please stay safe.
Covid-19 cases in Britain hit an all-time daily high of 78,610 yesterday. Malaysia’s Ministry of Health has updated entry requirements for several countries as per the diagram below.
4. IN MALAYSIA 🇲🇾
Politics & Local
The government has decided to maintain the minimum marriage age for Muslim girls at 16 years old after considering the proposal to raise the limit to 18 years old on the basis that the Department of Syariah Judiciary has taken steps to ensure those who request to marry underage go through rigorous evaluation process so that the interests of all parties involved are preserved.
The government is considering increasing the daily quota for Malaysian and Singapore citizens travelling through the Vaccinated Travel Lane - Land (VTL-Land) facility to 2,100 people each day, from the existing 1,440 travellers each way effective 20 Dec, should the Covid-19 situation permits.
Looks like the folks in Selangor couldn’t end the year without an unscheduled water cut. The Sungai Semenyih Water Treatment Plant has been temporarily shut down after odour pollution was detected at the river affecting 463 areas. Pengurusan Air Selangor Sdn Bhd said the water supply to all affected areas will be restored by 2330 today.
2 Malaysian Anti-Corruption Commission (MACC) officers have been detained by police over a gang robbery involving losses of over RM700,000 at a house in Jalan Ampang that occurred on Friday, 10 Dec.
Tun Mahathir has been admitted to the National Heart Institute (IJN) but the reason for the visit was not stated. The 96-year old former PM and current Langkawi MP previously suffered a heart attack in 1989 and two more in 2006.
Intel Corp’s USD7 bil (RM30 bil) planned investment in Penang is expected to create over 4,000 jobs as well as over 5,000 construction jobs in the country, according to Senior Minister and International Trade and Industry Minister Azmin Ali. This was announced during a joint press conference attended by Intel CEO Patrick P Gelsinger.
Malaysia is a crucial global semiconductor hub, accounting for 13% of global chip packaging and testing and about 7% of the world’s semiconductor trade passes through the country.
Newly-listed Aurelius Technology Bhd (ATech) debuted yesterday on Bursa’s Main Market and popped to a high of RM1.83 or 34.6% over its IPO price of RM1.36. The electronics manufacturing services (EMS) player raised RM104.73 mil from its IPO.
With EMS players in recent weeks under attack over allegations of forced migrant labour issues, the company said this issue is not the company’s concern as 100% of its labour are locals. ATech closed its first trading day with a market cap of RM608.9 mil.
Kitchen cabinet manufacturer Signature International Bhd is acquiring a 51% stake in Space Alliance Contracts Sdn Bhd, a renovation company involved in corporate office, hospitality, residence and public amenity renovation works for RM15.3 mil, valuing the company at RM30 mil. Signature International’s market cap stands at RM416.3 mil.
5. AROUND THE WORLD 🌎
Typhoon Rai, one of the strongest storms in 2021, slams into the Philippines, forcing tens of thousands of people to evacuate from their homes. The International Federation of Red Cross and Red Crescent Societies said the typhoon would threaten millions of people with destructive winds and flash floods.
The front page of the internet, Reddit announced it has started the process of taking the company public and filed a confidential S-1 with the Securities and Exchange Commission. In August, Reddit announced it had raised a USD700 mil round, valuing the company more than USD10 bil. #WallStreetBets2022 incoming.
The Bank of England (BoE) has raised interest rates to 0.25 basis points (0.25%) for the first time since the pandemic struck in order to take on surging inflation. Policymakers have hinted at more tightening as inflation is expected to peak around 6% in April 2022. The move has surprised many, given the economic risks from Omicron.
Turkey seems to be practising a different set of economic policies as its President Recep Tayyip Erdogan believes pushing interest rates lower will help alleviate red-hot inflation. Turkey’s central bank will cut its main interest to 14% after the country’s inflation rate hit 21.7%. The currency is now worth about half its value at the beginning of the year.
Mercedes will not pursue an appeal against the controversial results of the title-deciding Abu Dhabi Grand Prix. Formula 1’s governing body, FIA admitted the decision was “tarnishing” Formula 1's image and will conduct a “detailed analysis” of the end of the race. Race director Michael Masi’s future is in doubt after making two key decisions that appear to be against the rules. FIA's decision to launch a review of the events of the race is an effective admission that mistakes were made.
On the other hand, Mercedes’s driver Lewis Hamilton received a knighthood from the Prince of Wales for his services to motorsport in an investiture ceremony at Windsor Castle.
The billionaire boss of Galaxy Digital Holdings, Mike Novogratz, expects bitcoin to hold around a critical support level of USD42,000. As 2021 wraps up, he said people are selling high-value assets to prepare for taxes and he's seeing “a lot of crypto guys” buying real estate. Still, a very decent run for the cryptocurrency started off the year at around USD29,000.
6. FOR YOUR VIEWING PLEASURE 👁👁
Below is an exhilarating image of a spacecraft flying through the Sun’s atmosphere with the temperature of several million degrees Fahrenheit.
How earthquake-resistant building structure works