☕️ No cuts to your FD rate, for now
USD810 million money laundering syndicate in Hong Kong busted. Jack Ma is not missing and is back. Jho Low's associate pardoned by Trump.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
11.96 million passengers were processed by Seoul’s Incheon Airport in 2020, making it the busiest airport for international traffic in Asia last year.
6,300 jobs will be cut by FedEx in Europe as the company completes the process of merging with TNT Express.
8.51 million people subscribed to streaming giant Netflix in Q4 of 2020, the platform has surpassed a total of 200 million subscribers.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Bank Negara Malaysia’s Overnight Policy Rate (OPR) to remain at 1.75% following the Monetary Policy Committee yesterday.
Selangor’s state government announces Pakej Kita Selangor, economic stimulus package worth RM73.8 million. Under the package, 762 students’ loan have been written off after Yayasan Selangor’s review of recipients’ ability to pay. RM6 million have been allocated to provide free mass screening of Covid-19 as well.
Maybank Kim Eng’s head of regional equity research Anand Pathmakanthan has advised investors to keep some glove stocks in their portfolio.
Anand mentioned it will take a while to reach herd immunity and for the vaccines that are available, they’re only affected in reducing symptoms and not in stopping the people from contracting Covid-19. He expects demand for gloves to remain strong and average selling price (ASPs) of gloves is still trending up.
Former CIMB group chairman, DS Nazir Razak says there is a need for review of “implicit social contract.” He reiterated his call for setting up the National Consultative Council (NCC) to bring leaders from respective industries to pave the way forward for the country.
Palm oil plantations face double whammy of floods and scarce labour. The biggest palm oil-producing states — Sabah, Sarawak, Johor, Pahang and Perak were heavily affected by floods due to the recent heavy rain and thunderstorms. The MCO also impacts the industry’s need for foreign labour.
5. AROUND THE WORLD 🌎
In his final move as the President, Trump issued 73 pardons and 70 commutations, mostly to controversial individuals that he stands to benefit from as he leaves the office. For example, fugitive Jho Low’s associate and former fundraiser for Trump - Elliot Broidy.
Meanwhile, Joe Biden has been sworn in as the 46th US President as he promises to be a president for all Americans. Kamala Harris is the 49th US Vice President, the first black and Asian-American person to serve the role.
Preliminary study has shown that the vaccine developed by Pfizer and BioNTech is effective against the new Covid-19 virus strain found in the UK.
So, Jack Ma did not disappear after his run-in with Chinese regulators. He appeared in a quick 50-second video conference clip with 100 rural teachers, three months after his last public appearance in October.
Hong Kong police arrested current and former bank staffs that are involved in laundering USD810 million in dirty money marking the first time local bank employees in Hong Kong have been arrested in connection with an international money laundering syndicate.
Elon Musk’s SpaceX has announced that they have purchased 2 oil rigs - not that they are looking at diversifying into mining oil. It’s planning to convert it into a floating launchpad for its Starship operations.
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