☕️ Opposition MPs to be fined for marching to Parliament, but those gathered in Mahiaddin's house aren't
MY Gov to inject another RM45 bil to the Covid-19 fund. Scientists potty-trained cows to urine to reduce greenhouse gas emissions. Intuit to acquire bootstrapped MailChimp for USD12 bil.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
3,500 hectares of forest reserves in Kedah were illegally cleared over the past decade according to the state Forestry Department. That’s roughly 10.3x the size of New York City Central Park.
USD535 bil (RM2.22 trillion) — the value of merger and acquisition (M&A) activities in the Asia Pacific region in the first six months of 2021 (1H21), hitting an all-time high.
Young farmer lost RM163,000 to an investment scam after he was promised the return of the capital and profit within a short time from the investment. Check out The Coffee Break’s guide on how to spot an investment scam!
3. COVID-19 SUMMARY
Another 555,100 doses of AstraZeneca Covid-19 vaccine has been delivered into Malaysia by the pharmaceutical company. So far the company has sent a total of 3.9 mil doses of its vaccine to Malaysia.
Malaysia recorded the lowest daily new Covid-19 cases in 50 days yesterday, with 15,699 cases reported. The war is far from over, we need to follow proper SOP.
Klang post office was flocked by Bangladesh nationals who were there to pick up their passports yesterday but did not follow proper social distancing. Pos Malaysia staff had to use a ‘rotan’ to ask (video) them to follow the SOP and then called the police to control the crowd.
Penang state government wants to reopen four outdoor tourist attractions to fully vaccinated individuals for a test run, pending National Security Council’s approval.
4. IN MALAYSIA 🇲🇾
Politics and Local
The government will inject an additional RM45 billion into the Covid-19 fund, with RM10 billion in cash to the B40 households, hardcore poor, urban poor and the middle 40 per cent (M40) groups who have lost income. This came as part of the government’s deal with the Opposition.
The Langkawi Development Authority (LADA) is expecting the arrival of some 400,000 tourists between Sep 16 until the end of the year with the reopening of the island under the travel bubble programme. The island is expected to receive about RM165 million from the money spent by these tourists.
An average tourist spends about RM412 daily on the island, based on a study by LADA and Universiti Sains Malaysia (USM). Will you be one of the 400,000 tourists?
Home Minister Hamzah Zainudin said the government had no choice but to compound the opposition MPs who had attempted to march to Parliament on Aug 2 as they had violated SOP. The SOP then did not allow for gatherings anywhere. Hamzah said there cannot be “double standards” but agreed to lower the compound from RM3,000 to RM1,000.
Opposition leader Datuk Seri Anwar Ibrahim said Pakatan never agreed to call off a confidence vote against PM despite signing bipartisan MoU. The confidence vote may be tested during the Budget 2022 vote as PH has the discretionary right to support or abstain during the Budget and supply Bills vote.
During Datuk Seri Dr Ahmad Zahid Hamidi’s trial, Justice Collin Lawrence Sequerah asked the defence why donations from Yayasan Albukhary (YALB) to YAB were made in cash stuffed in bags and not in cheques. Zahid’s lawyer Hisyam Teh went on the offensive and said only YALB could answer the question as the prosecution team did not investigate the matter thoroughly.
Banks have been instructed by the Ministry of Finance (MoF) to work on the exemption from interest payments for recipients of the bank loan moratorium immediately, putting most banking stocks on KLSE under pressure at closing yesterday.
The interest-free period is only for a mere three months, the fourth quarter of 2021 and will only impact recipients of the moratorium from the bottom 50% of all Malaysians.
GHL Systems Bhd's payment touchpoints across Malaysia, Thailand, the Philippines and Indonesia will now be able to offer Buy-Now-Pay-Later (BNPL) option to consumers after its partnership with BNPL platform Atome.
Fun fact — Shopee charges 1.25% processing fee on order amount (and 1.5% late payment fee (effectively 15% and 18% interest per annum!)
Kelington Group Bhd has secured a construction contract from a manufacturing company at Sama Jaya Free Industrial Zone in Kuching, Sarawak worth around RM420 million. The contract is expected to contribute positively to the earnings and net assets of the group for the financial years Dec 31, 2022, and 2023.
OpenSys (M) Bhd’s subsidiary OpenSys Technologies Sdn Bhd has partnered with peer-to-peer (P2P) financing platform Fundaztic, Peoplender Sdn Bhd to avail its buySolar platform to SMEs.
Fundaztic will be offering a total of RM5 million of financing to SMEs under this scheme. The financing scheme will be available to all SME customers of buySolar who are looking for funding to purchase solar systems costing up to RM200,000 per SME.
5. AROUND THE WORLD 🌎
Intuit has agreed to acquire email-marketing pioneer MailChimp for USD12 bil in a cash-and-stock deal, making it Intuit’s largest deal ever. With a market cap of USD150 bil, this acquisition is about 8% of its size.
Founded in 2001, MailChimp has never raised outside funding and is still wholly owned by its founders, Ben Chestnut and Dan Kurzuis. It serves 2.4 mil monthly active users, including 800,000 paying customers. Half of its customers are outside the US and it had about USD800 mil in annual revenue last year.
Takemitsu Takizaki, the founder of electronic-sensor maker Keyence Corp, has overtaken Uniqlo billionaire Tadashi Yanai to become Japan’s richest person with a net worth of USD38.2 bil according to the Bloomberg Billionaires Index.
Takizaki, 76, who didn’t attend college, founded Keyence in 1974 and built the company into a maker of sensors, measuring instruments, machine-vision systems and other equipment for industrial automation, which spurred demand during the pandemic for factory automation as governments around the world imposed social-distancing measures.
The company has a market cap of USD167 bil, making it the second-largest company in Japan by market cap after Toyota Motor Corp. The company is known for its high operating profit margins of more than 50% and for paying its staff very well.
The Korea Fair Trade Commission (KFTC) has fined Google USD177 mil for abusing its market dominance in the Android Operating System (OS). The company has restricted market competition by prohibiting local smartphone makers like Samsung and LG from customising their own Android OS through Google’s anti-fragmentation agreements (AFA).
The investigation has been ongoing since Jul 2016. Google is still not off the hook yet - KFTC is probing into 3 other cases including the Play Store app market, billing system and the advertising market.
New Zealand scientists‘ potty-trained’ 16 cows to urinate in a designated area as part of a programme at slashing greenhouse gas emissions. The nitrogen-rich urine of cows, when broken down, creates nitrous oxide, a potent greenhouse gas, and nitrate, which collects in soil and leaches into rivers and streams. The idea came to one of the researchers, Lindsay Matthews, during an interview with a radio host in 2007 and made a throwaway joke on the matter.
A study of 61,000 Microsoft employees that have been working remotely shows that it is bad for communication. Workers communicated less frequently outside of their immediate teams, and spent less time collaborating across groups, took longer to engage newer or unfamiliar colleagues and spent less time accessing new sources of information from colleagues. Remote working can never replace 1 key element for effective teamwork - serendipity.
Apple refreshed four new products during its 'California Streaming' Event:
iPhone 13 line up: A15 chip, 20% smaller notch, bigger batteries and ProMotion 120Hz for the Pro models.
Watch Series 7: Smaller bezels but bigger screen 41mm and 44mm.
iPad Mini 6: A15 chip, TouchID at the power button, 8.3 inches display without a home button.
iPad 9: A13 chip.
Macrumors has a nicely summarised page and video on all the updates.
6. FOR YOUR VIEWING PLEASURE 👁👁
Blasting demolition of 15 unfinished buildings of The Liyang Star City project in Kunming City China.
Datuk Seri Ahmad Faizal Azumu which was appointed as the special adviser to PM8 was to be paid RM27,000 per month. It was estimated he was paid around RM36K for his 11 days of service. His monthly pay was prorated and he received compensation for termination of service of up to one month of salary. Untung lah.
We went the extra mile and compared what PM8 used to earn to Malaysian households. Follow us on Twitter @BreakMyCoffee to see what you’ve been missing out on!