☕️ New criminal charges against Jho Low in the US

Louis Vuitton considered 'essential services' #malaysiaboleh. Chinese e-hailing giant, Didi Chuxing filed for IPO in US, targeting valuation >USD70 bil. Rats can be useful - to sniff out landmines.

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1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

USD28 million — the price paid to sit beside Jeff Bezos on Blue Origin’s New Shepard rocket, scheduled to launch on July 20. Winning bidder? Undisclosed at the moment.

Internet’s favourite meme — “Doge” was sold as a non fungible token (NFT) for USD 4 million. Such hyped. Much expensive. Very crypto. Did we get it right?

47% of millennial millionaires store at least 25% of their wealth in cryptocurrencies based on the survey of 750 investors.


3. COVID-19 SUMMARY


4. IN MALAYSIA 🇲🇾

  1. Forests & Finance, an initiative by a coalition of campaign and research organisations has listed Permodalan Nasional Bhd (PNB) and Employees Provident Fund (EPF) as top investors of ‘forest-risk’ firms — inevitable given Malaysia is a major supplier of crude palm oil.

    These firms are defined as companies that are directly involved in the beef, soy, palm oil, pulp and paper, rubber and tropical timber (“forest-risk sector”) supply chains.

  2. Bank Negara Malaysia's (BNM) e-money exposure draft highlighted that e-money liabilities have also grown significantly from RM500 million to RM1.6 billion in the past five years. E-money represents 33% of total electronic payments (e-payments).

    Based on BNM’s webpage, there are banks and non-banks e-money issuers under its regulation. Non-banks include e-wallet players such as Axiata Digital eCode Sdn Bhd and GPay Network (M) Sdn Bhd and; payment gateways such as iPay88 (M) Sdn Bhd and Razak Pay Wallet (M) Sdn Bhd.

    BNM also welcomes feedback and suggestion on the proposals in the exposure draft — submission deadline is July 31 2021.

  3. Deputy speaker Datuk Seri Azalina Othman Said slammed def facto Law Minister Datuk Seri Takiyuddin Hassan for ‘shifting the goal post’ after the latter suggested the formation of an independent special committee to advise the King on the extension of the Emergency. Takiyuddin has earlier said cabinet will advise the King on whether the emergency or not and his suggestion is to ‘fix the rules.’

  4. NGO Persatuan Aktivis Sahabat Alam (Kuasa) has disputed claims that Tasik Chini has already been rehabilitated. Kuasa posted satellite images taken recently showing the land south of the lake is still barren.

    Meanwhile, Pahang Land and Mines Office said no mining is being done in Tasik Chini Reserve and the mining site of the project revealed last week was located outside of the gazetted area.

    News in brief:

  5. Home Minister Hamzah Zainudin has said the government is closely monitoring our social media as cases of insulting the royalty are on the rise.

  6. Malaysia’s M40 and T20 income groups whose income have been affected by the FMCO 3.0 caare eligible to apply for financing repayment assistance, said the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM).


5. AROUND THE WORLD 🌎

  1. Didi Chuxing, the Chinese ride-hailing behemoth, has filed for an IPO in the US. The company did not disclose the amount that it plans to raise. According to WSJ, Didi Chuxing is looking to fetch a valuation upwards of USD70 bil and raise around 8-10% of its valuation. For comparison, Uber’s market cap exceeds USD90 bil. Founded by the 38-year old Cheng Wei who previously worked at Alibaba, owns 7% of the company. It counts major investors like Softbank Vision Fund, which owns 21.5%, Uber with 12.8% (after acquiring Uber’s China operations in 2016) and Tencent with 6.8%.

    Some highlights on Didi Chuxing:

    1. For the 12 months ended March 31, it served 493 mil annual active users

    2. 41 mil transactions daily

    3. 156 mil monthly users in Q1, above Uber’s 98 mil

    4. Revenue for the 12 months ended Dec 31 of USD21.6 bil, with corresponding losses of USD1.6 bil

    5. Revenue in Q1 2021 doubled year-on-year to USD6.6 bil. Uber brought in USD2.9 bil in revenue for the same period.

  2. On Thursday, the infamous Jho Low and rapper Prakazrel “Pras” Michel face new charges in the US District of Columbia for orchestrating an unregistered, back-channel campaign in 2017 linked to former President Trump to have investigations related to 1MDB be dropped and engaging in undisclosed lobbying campaigns to send a China dissident back to China. Earlier, both Jho Low and Michel have been charged with conspiring to commit money laundering. In this latest charges against the duo, Jho Low could face a maximum penalty of 5 - 10 years in prison per count and for Michel, from 5 - 20 years per count. First thing first, where is Jho Low? 

  3. Going up against Elon Musk’s SpaceX to build fully reusable rocket, 3D-printing specialist Relativity Space raised USD650 mil at a valuation of USD4.2 bil, up from USD2.3 bil when it raised USD500 mil back in November led by Tiger Global. This round was led by Fidelity with participation from other big names like BlackRock and Coatue.  Since its founding in 2015, it has raised a total of USD1.34 bil with a headcount of 400 people now. 

    The funds will be used to develop its Terran R, a launch vehicle similar in size and power compare to SpaceX’s Falcon 9 rocket. Relativity is currently building Terra 1, which is scheduled to launch by year end. It uses multiple 3D-printers, all developed in-house, to build Terra 1 and the same applies to Terran R (first mission to launch in 2024), which will carry 20x to orbit than Terran 1. The rockets are designed to be almost entirely 3D-printed, which will make it less complex, and faster to build or modify and eventually be capable of turning raw material into rocket ready for launch in under 60 days.

    News in Brief:

  4. Netflix is getting into e-commerce, in a small way. It’s launching an e-commerce site to sell show-related merchandise. Current offerings include hoodies, necklaces, soft toys etc. Check it out at Netflix.shop

  5. Ahead of the US-Russia meeting in Geneva this coming Wednesday, Russian Vladimir Putin said in an interview with NBC News that US-Russia relations ‘has deteriorated to its lowest points in recent years’ and praised Donald Trump as ‘an extraordinary individual, talented individual’. Interesting meeting between President Biden and President Putin this Wednesday. 

  6. Good news for humans to continue our civilisation - on Mars. New study suggests that human reproduction will be possible on Mars as sperm can survive for up to 200 years. The test subject of the 6-year experiment on the International Space Station - mouse sperm.


6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)

  1. Despite decades have past since the war, Cambodia is still filled with landmines. The solution - rats to sniff it out.

  2. Pandemic-era greeting and photoshoot of the G-7 leaders.