☕️ Parliament Day #4 - 'Parliament Has Fallen'
Parliament postponed to Monday due to 'Covid-19'. LRT3 scaffolding collapsed killing 1, injuring 4.USD1.2 tril wiped out from China & HK-listed stocks over 3 days. Varda - building factories in space.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD1.8 bil - the market size of the global e-signature software market in 2020. It’s expected to grow to USD3.8 bil by 2023, according to IDC.
74% — or 3 out of 4 drinks Starbucks sells are now cold rather than hot. More frappuccinos were made than hot espresso-based drinks. "Starbucks is a coffee shop that is known for not making coffee”, according to an anonymous Starbucks staff.
3. COVID-19 SUMMARY
Pfizer said a third dose of its Covid-19 vaccine could “strongly” boost protection against the Delta variant. People aged between 18 to 55 who received the third dose of the vaccine have greater than five-fold antibody levels against the Delta variant.
The Dewan Rakyat sitting has been postponed to Monday (Aug 2) after four individuals were found positive for Covid-19 during this week’s special parliament sitting.
OLYMPIC MEDAL COUNT 🥇
4. IN MALAYSIA 🇲🇾
TLDR of what transpired yesterday:
The palace issued a statement saying the Yang di-Pertuan Agong (YDPA) was very disappointed with both de facto Law Minister Takiyuddin Hassan and Attorney-General Idrus Harun for not fulfilling their promise to YDPA to have the matter on the emergency ordinances debated in Parliament.
PMO issued a statement in the evening saying the Prime Minister had already advised YDPA to annul the emergency ordinances even before the special Parliament sitting convened on July 26. PMO also stated that Takiyuddin adhered to Constitution in announcing the revocation of Emergency Ordinances.
Following the PDF war above, people began taking stances.
#Lawan activist, 20-year-old Sarah Irdina Mohamad Ariff, has been nabbed under Section 491) of the Sedition Act 1948. Her phone was confiscated, and a search warrant has been issued to raid her home. According to Sarah’s lawyer Goh Cia Yee, the police are planning to detain her overnight. All this was due to one tweet. Insane. #Solidariti
Genetec Technology Bhd recorded a net profit of RM8.18 mil for 1QFY21 ended June 30, 2021, from a net loss of RM2.09 mil a year ago. Genetec returned to black primarily due to higher sales volume and improved operational efficiency.
The fall of an iron scaffolding at the Light Rail Transit 3 (LRT3) project site on Jalan Langat, Bandar Bukit Tinggi resulting in one casualty and four injured construction workers. A stop-work order has been issued by Pembinaan Jaya Zira Sdn Bhd.
Prasarana Malaysia Berhad has instructed its turnkey contractor, MRCB George Kent Sdn Bhd, to provide a detailed report and mitigation measures to prevent similar incidents in the future.
The request for information (RFI) exercise for the MRT 3 Circle Line project saw Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) received over 40 submissions from major players of the construction industry in Malaysia.
MRT Corp chief executive officer Datuk Mohd Zarif Hashim quipped that MRT Corp needs to adjust the timeline for the tender process for the first package of the project as they are still evaluating the merits of several private funding initiative (PFI) propositions for the project.
5. AROUND THE WORLD 🌎
Regulatory crackdown in China on the tech and education companies has wiped out more than USD1.2 tril of value in the past 3 days from benchmark stocks in mainland and Hong Kong indices. The fear started from Didi Global, spreading to private tutors and other sectors, spooking investors.
To calm fears, China Securities Regulatory Commission met with top financial institutions like BlackRock, Fidelity, and JP Morgan to reassure US institutions that China recent actions were to protect online data security and social welfare rather than outright curtailing these industries. During the meeting, the person on the call said that the Chinese regulators did not expect their actions to spook investors as much as they did. After the call was reported, HK-listed Chinese stocks enjoyed a much-needed boost, pushing the Hang Seng index up 8%.
These are the top 10 most-battered Chinese stocks since China regulators clamp down started, with the worst losing more than 90%.
Uber’s stock fell 4% after it was reported that SoftBank, its largest shareholder, intends to sell about a quarter of its holdings, about 45 mil of its 184 mil shares, which comes with a 30-day lockup period. At the current price, SoftBank’s Uber stake is worth about USD8.2 bil. In January, it offloaded 38 mil shares worth USD2 bil. SoftBank became an investor since 2018 when it picked up a 16% stake in the company.
People familiar with the matter said that the sale is in part to cover losses of about USD4 bil on its investment in Chinese ride-hailing company Didi. However, another source said its decision is independent of Didi and just a matter of being the right time to cash out and profit from its holding.
Varda Space Industries, founded less than a year ago by a pair with experience in Elon Musk’s SpaceX and Peter Thiel’s Founders Fund, has raised USD42 mil in a round led by Khosla Ventures and Caffeinated Capita, bringing its total investment to USD53 mil to date. Its mission is to enable manufacturing in space and build the first space factory. It plans to have its first launch and reentry mission in 18 months, with the aim of bringing back about 100 kg of materials.
Hello Divorce announced it raised USD2 mil in its seed round led by CEAS. It is a platform that makes the divorce process more affordable and quicker by giving couples access to “affordable meaningful legal counsel” and resources beyond online forms and avoiding billable hours that they consider as “an antiquated process”.
There is an average of 750,000 divorces in the US each year, with an average total cost of divorce ranging between USD8,400 to USD17,500. The divorce industry is estimated to be USD50 bil annually.
News in Brief:
The ex-wife of Bill Gates, Melinda French Gates, ex-wife of Jeff Bezos, Mackenzie Scott and the family foundation of billionaire Lynn Schusterman has awarded USD40 mil to 4 promoting gender equality projects in tech, higher education, caregiving and minority communities. These 4 projects are the winners of The Equality Can’t Wait Challenge.
Companies in Southeast Asia raised a record USD4.9 bil through IPOs in the first half of 2021. Thailand came in top with USD2.8 bil, accounting for 57% of the region’s total, followed by the Phillippines with USD1.3 bil and Indonesia with USD503 mil.
Didi surged as much as 45% after WSJ reported that the ride-hailing company was considering going private to resolve problems that emerged after China authorities launched a data-security investigation against it, although it had just listed less than a month ago. Didi denied the report.
The US Republicans in the US Senate have reached a deal with Democrats over a USD1.2 tril infrastructure package. And US debt just keeps ballooning with no mathematical impossibility of repaying it without debasing the USD.
6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)
23-year-old Panipak Wongpattanakit won Thailand’s first gold medal in the Tokyo Olympics women’s taekwondo (49 kg category) on July 24. She was greeted by fans and officials when arriving back in Thailand. She knelt and presented her gold medal to her father in a touching scene.
Mask-lympics by tanaka_tatsuya (click for more)
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