☕️ Palace wrote a letter to the speaker to confirm the number of MPs supporting PM

Syed Saddiq's MUDA political party application was rejected by Home Minister. PM motion of confidence to be tabled on 7 Sep. Reddit and Mailchimp - now decacorns.

1. MARKET SUMMARY


2. NUMBERS AT A GLANCE

31,000 jobs were lost in Malaysia for Q2 2021 compared with Q2 2020, with 8.352 mil total jobs in the economic sector vs 8.383 mil total jobs. There was a total of 178,000 job vacancies during the same period, with the semi-skilled category making up 55% of the vacancies.

351 times — the multiplier enjoyed by CEOs in 2020. Economic Policy Institute finds that CEO pay has ‘skyrocketed’ since 1978 as they are paid 351 times more than a typical worker.

An 84-year-old man was fined USD293,000 along with a suspended prison sentence of 14 months for having a German WWII tank that he kept in his basement. The man had broken Germany’s War Weapons Control.


3. COVID-19 SUMMARY


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4. IN MALAYSIA 🇲🇾

Politics & Local

  1. Johor Ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar was speaking at the opening of the 14th Johor state assembly said “This is an august house, not a monkey cage.” He threatened to dissolve the state assembly if politicians continue politicking instead of helping the rakyat. Johor state assembly sitting will be postponed to Aug 22 to review Covid-19 SOPs.

    The Johor rule also had lunch with the PM to get an update on the country’s current development. “R U OK bro?”

  2. According to multiple news sources, Istana Negara has sought confirmation from the Dewan Rakyat Speaker Datuk Azhar Azizan Harun about Prime Minister Muhyiddin Yassin’s majority in Parliament on Aug 9, 2021. Azhar had denied sending a letter to PM informing the latter that he no longer commanded the majority of support among members of Parliament.

    Well, maybe the letter wasn’t meant for PM.

  3. Home Minister Datuk Seri Hamzah Zainudin has rejected Malaysian United Democratic Alliance’s (MUDA) registration with the Register of Societies (RoS) as a political party following the abrupt postponement of MUDA’s court hearing yesterday noon.

  4. Communications and multimedia minister Saifuddin Abdullah clarified the motion of confidence promised by the PM will only be tabled on Sept 7, 2021.

  5. Low Taek Jho or a.k.a. Jho Low had attended a 1Malaysia Development Bhd (1MDB) board meeting 12 years ago and even took a call from then prime minister Datuk Seri Najib Razak while at the meeting according to witness in the audit report tampering trial involving Najib and former 1MDB CEO Arul Kanda Kandasamy. The best part? Jho Low never held a formal position at 1MDB.

Business

  1. Saifuddin has announced that the government will launch the Internet Mapping application soon as a guide for users to choose telecommunication companies (telcos) which they think will provide the best internet services.

    YB, before we do that — can you ask your colleague to resolve the undersea cabotage issue first? It has been three months but the government has yet to respond.

  2. The PM had launched Perkukuh Perlaburan Rakyat (Perkukuh) to strengthen Malaysia’s government-linked investment companies (GLICs) such as sovereign wealth funds (Khazanah, KWAP, KWAN, & MoF Inc.) and institutional investors (EPF, PNB, LTH, & LTAT).

    The main purpose of Perkukuh is to ensure GLICs are aligned with the national agenda and able to support the nation’s economic recovery plan.

  3. IJM Corp Bhd has gotten a RM258 mil contract for construction works of the East Coast Rail Link (ECRL) project located in Temerloh, Pahang. Construction work on the project is scheduled to start by the end of this month and is due to be completed in 24 months. As of March 31, 2021 — IJM’s construction division has an outstanding order book of RM4 bil.


5. AROUND THE WORLD 🌎

  1. Wendy’s, the US fast-food chain, will open 700 ghost kitchens across US, UK and Canada by 2025 through a partnership with SoftBank-backed startup, Reef Technology. The company say this model will help it reduce costs using less labour and square footage and expand into more urban locations. Reef will be responsible for buying the kitchens and hiring workers. 

    A single unit is expected to generate revenue of USD500,000 to USD1 mil, far below the average gross annual sales for a franchised Wendy’s restaurant of USD1.75 mil in 2020 but the company is expected to generate a solid return on investment given its low setup costs. 

  2. Forbes has just released its Singapore 50 Rich List. This year the list has 42 fortunes above USD1 bil. The combined net worth of the country’s top 50 richest rose to USD208 bil, up 25% from USD167 bil from last year (what pandemic). There are 3 new entrants in the list, including Grab’s Anthony Tan. 

Deals

  1. 16-year-old Reddit has raised USD410 mil in its Series F funding led by Fidelity thus far, with plans to raise up to USD700 mil at a valuation of USD10 bil (a decacorn!). The funding will go towards building its community, increasing headcount and advertising efforts.

    In Q2, Reddit broke USD100 mil in advertising revenue for the first time, a 192% YoY increase. It has 50 mil daily visitors and hosts 100,000 active subreddits.

  2. 44.01 (the name of the startup) has raised a seed round of USD5 mil to build its carbon capture technology. Its approach is by capturing CO2 and mineralising it, turning it into a naturally occurring stone called peridotite - an approach well-known amongst geologists and climate scientists. Why 44.01? It’s the molecular weight of carbon dioxide. An interesting read on their approach and the accompanying challenges.

  1. Mailchimp is eyeing a sale that would value the company at more than USD10 bil. Founded in 2001, Mailchimp is a rare breed of startup, where the company has never raised funding and is fully owned by its co-founders. No final decision has been made whether it will be a sale for a minority stake or the entire company. It had EBITDA of USD300 mil in 2020. 

    News in Brief:

  2. Poly Network, a DeFi platform that connects different blockchains suffered a hack and lost more than USD600 mil. Interesting enough, the hacker has returned USD342 mil so far. In a Q&A by the anonymous hacker, he/she/they explained that the reason to hack was “for fun”. 

    “When spotting the bug, I had a mixed feeling. Ask yourself what to do had you facing so much fortune. Asking the project team politely so that they can fix it? Anyone could be the traitor given one billion! I can trust nobody! The only solution I can come up with is saving it in a _trusted_ account while keeping myself _anonymous_ and _safe_.”

    - Poly Network hacker

    Update: The hacker has returned almost all the funds and refused a USD500,000 bounty from Poly Network. Kindest hacker ever.

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6. FOR YOUR VIEWING PLEASURE 👁👁

  1. Lionel Messi’s first day at work in his new club

  2. How to survive in a sinking car