☕️ PM Muhyiddin Yassin suing UMNO supreme council member for defamation and RM10mil compensation
Bitcoin now a USD940 billion asset class. Jokowi: Indonesia's wealth fund must be managed to avoid 1MDB's fate. US Covid-19 cases declining but no one has a definitive answer why.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
312,390 doses of Pfizer’s Covid-19 vaccine will arrive in the first shipment in Malaysia this Feb 21.
58,000 syringes of salt water were sold as vaccines for USD2.8 million by a scammer in China.
90 lawmakers from 7 countries have asked for the Malaysian Parliament to convene, saying emergency measures should not be used to crack down on human rights.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
MCO is extended for the umpteenth time for Kuala Lumpur, Selangor, Penang and Johor until 4th March 2021. CMCO will be in placed beginning 18th February 2021 till 4th March 2021 for other states and territories. Sarawak’s CMCO gets extended till 1st March 2021.
If you’re within the same district, you can travel more than 10 km already. Interstate and inter-district travel are still not allowed. Be patient and stay safe.
Kossan Rubber Industries Bhd made RM542 million in net profit for 4QFY20 ended 31 Dec 2020 from revenue of RM1.3 billion, an impressive net profit margin of 41.6%! The group expects demand for gloves will continue to undergo secular growth as a result of increased healthcare standards and hygiene awareness. Does the declining daily Covid-19 cases in the US and India points towards the end of its supernormal profits run?
Gamblers can rejoice as number forecast operators Magnum, Sports Toto and Da Ma Cai have resumed business since yesterday to uplift the CNY spirit! The Coffee Break does not condone nor encourage gambling.
This news slipped right under our nose — KFC has launched the KFC Zero Chicken Burger which is meat-free alternative but it is rather pointless when KFC insists that it’s neither vegan nor vegetarian.
Prime Minister Tan Sri Muhyiddin Yassin today issued a legal letter asking for an apology and compensation of RM10 million to Datuk Mohd Puad Zarkashi, over a Facebook post alleging the preferential treatment for Cabinet’s quarantine.
KPower Bhd’s healthcare unit has won RM48.64 million contract to provide airbags and a Covid-19 test machine to PT Biotech Maju Sejahtera (PT BMS).
No Sugarbook, no problem - here’s a great alternative! #justforlaughs
5. AROUND THE WORLD 🌎
Traveloka, Southeast Asia’s biggest travel startup travel and unicorn that was founded in 2012 in Indonesia is planning to list in the US through a ‘blank check’ company or SPAC. It counts Expedia Group inc, Rocket Internet, Singapore’s sovereign wealth fund GIC and JD.com amongst its investors. Its last known valuation was in 2017 at USD3 billion.
Tata Group, the Indian conglomerate with revenue of USD113 billion in 2019 and owner of brands like Jaguar Land Rover and tea maker Tetley has reached an agreement to acquire a 60% stake in BigBasket, the online grocery deliver startup in India, valuing the startup between USD1.8 - USD2 billion. BigBasket has an annualised GMV of USD1 billion and fulfilling over 300,000 orders daily.
BigBasket has previously raised USD750 million. Alibaba, which is an investor with a 30% stake and other investors will have a near complete exit. BigBasket competes with Softbank-backed Grofers and Reliance’s JioMart, run by India’s richest man, Mukhesh Ambani. The online grocery delivery market in India is expected to be worth USD12 billion by 2023.
The US new daily Covid-19 case count has fallen to its lowest since Oct 2020 with 53,883 new cases reported on 15 Feb. Experts are divided on how the situation improved. Some are attributing it to seasonality changes, some believe the 53 million vaccine shots that have been given in the US so far is being effective, while others say it might be increased in social distancing and lack of testing.
A new Covid-19 variant, B.1.525, has been found in 11 countries according to the University of Edinburg that has three ‘mutations of biological significance’. A primary fear of this variant is that it it could help the vaccine from neutralising antibodies.
Indonesia has appointed Ridha Wirakusumah as the CEO of its new sovereign wealth fund, Indonesia Investment Authority (INA) that will focus on local projects such as infrastructure and healthcare. Wirakusumah was formerly the CEO of PT Bank Permata and worked in KKR & Co. , General Eletric and AIG. The new fund, which currently has an assets of USD15 billion will be grown to USD100 billion.
Indonesian President, Joko Widodo has said that the fund must be managed to avoid the fate of 1MDB.
Bitcoin broke past USD50,000 for the first time with a total market cap of USD940 billion in circulation. It’s up more than 73% year to date. Not bad for a ‘tulip mania’ asset that has been around for more than 12 years. As for the actual Tulip Maniathat happened in the Netherlands, it lasted for about 6 months only starting from late 1636 to mid 1637.
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