☕️ PM's reply to YDPA: "Noted with thanks"
If you have PDRM traffic summon, there's 50% discount now. Nayuki - the USD2 bil bubble tea chain from China. Victoria's Secret new image: women empowerment, no more scantily dressed models.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
RM1.215 billion — the amount of wage subsidiary applications under the Wage Subsidy Programme (PSU 2.0) according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
150% — turnover rate of Amazon every year. Amazon hired 350,000 workers from July to October 2020 but only stayed with the company for just days or weeks. Executives are worried they'll run out of people to employ.
1,098-carat stone — the third largest “gem-quality” diamond ever found. The discovery was made earlier this month at the Jwaneng mine in Botswana.
3. COVID-19 SUMMARY
R-Nought is still relatively high at 0.93 as of June 16 2021. To get below 4,000 new Covid-19 cases by July, we need to hit 0.9.
Two people got nabbed for selling Covid-19 vaccines online — remember, only get your vaccines from authorised parties.
Prasarana Malaysia Bhd is offering its assets from buses & LRT stations to become mobile vaccination centres and vaccination centres, respectively in a bid to speed up the Covid-19 vaccination process.
Construction Industry Development Board (CIDB) has launched a programme to allow construction firms in the Klang Valley to pay RM90 per worker to have them vaccinated against Covid-19. The rollout is scheduled to begin in Kuala Lumpur on June 30 and on July 14 in Selangor — targeting to vaccinate 40,000 workers.
4. IN MALAYSIA 🇲🇾
While Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Mustafa Billah Shah has conveyed to the current government that parliament should reconvene as soon as possible, the Prime Minister’s Office replied (via PDF) that the Agong’s statement has been noted and will be followed.
Then we have jokers like Datuk Seri Takiyuddin Hassan who said Agong’s statement didn’t specify when.
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali says the country is seeing signs of recovery in 2Q as trade performance and foreign direct investment are coming in. The performance of 2Q will determine the if the government should revise its initial GDP growth target of between 6% and 7.5% this year.
78% of multinational companies (MNCs) are planning to remove suppliers that endanger their carbon transition play by 2025 according to Standard Chartered. Malaysian suppliers risk losing export revenue of RM268.8 billion should they fail to adhere to the stringent requirements set by MNCs.
News in brief
CTOS Digital Bhd’s (CTOS) IPO said to be the biggest of 2021, is attracting interest from Aberdeen Standard Investments and AIA Group Ltd as cornerstone investors.
PDRM is offering 50% discount for traffic summonses from June 18 until July 18 2021. Payment can be made via the MyBayar Saman portal and application.
PSA — Maybank2u and mobile banking services will not be available from 3:30am to 10am on Saturday (June 19) due to a system maintenance exercise. ATMs will only be available by 10am on Saturday as well.
5. AROUND THE WORLD 🌎
In a company-wide meeting, ByteDance, the owner of TikTok, shared with employees that its revenue more than doubled in 2020, hitting USD34.3 bil, up 111% year-on-year, whilst gross profit rose 93% to USD19 bil. It made an operating loss as it compensated employees with more shares ahead of its planned IPO, of USD2.1 bil, against USD684 mil operating profit year prior. What is more impressive is that ByteDance had about 1.9 bil monthly active users across all its -platform as of Dec 2020. For comparison, Alphabet’s YouTube had more than 2 bil users on its site watching videos.
The US Federal Reserve in its Federal Open Market Committee meeting signaled that they expect to raise interest rates by late 2023, sooner than anticipated as it indicated in March, as the economy rapidly recovers from the pandemic, stoking inflation fears. It also decided to hold rates near zero and continue purchasing at least USD120 bil in Treasuries and mortgage-backed securities each month (what happened to ‘free market’?). Following this, stocks and bonds fell. Expect this stance to change - if just 3 months ago they signaled to raise rates in 2024 and now brought it forward, a lot more events can happen between now and 2023 to change their minds back and forth.
China has successfully launched the third of its eleven missions to construct its space station along with 3 taikonauts and docked with the Chinese Space Station (CSS)’s first module, Tianhe. The taikonauts will stay there in the 54-foot long Tianhe module for 3 months, testing out equipment and conducting experiments and preparing to receive 2 additional modules next year. This mission brings 14 Chinese astronauts into space since China launched its crew mission in 2003, becoming only the third country after the former Soviet Union and the US to do it on its own.
China is not a participant in the International Space Station (ISS), as a result of US objections to the Chinese programme’s secrecy and close military ties. The CSS is alot smaller than the ISS, weighing 66 tons as compared to the ISS at 450 tons and roughly the length of a football field. The ISS is aging and will be decommissioned by the 2030s.
Another milestone for the bubble tea industry. China’s 2nd largest bubble tea chain Nayuki Holdings Ltd , founded by husband and wife team, Zhao Lin and Peng Xin in 2015, is seeking to raise USD656 mil in a Hong Kong IPO and expects to start trading on June 30. The company, popular for its fresh-fruit teas with cheese-foam-topped beverages, was valued at USD2 bil in its last funding round at the end of last year when it raised USD100 mil, with participation from Jack Ma’s Yunfeng Capital.
News in Brief:
In a rare move acknowledging food shortage issues, Kim Jong Un has warned that North Korea is struggling to maintain food supplies and food prices have been spiking with a piece of banana costing as much as USD6.40. The hermit nation is expected to be short of 1.35 mil tons of 5.75 mil tons of food needed to feed its people each year.
Victoria’s Secret is changing its image and ditching its scantily dressed Angels. Its CEO, Martin Waters said its Angels were not ‘culturally relevant’ and would partner with activists and entrepreneurs to promote a new brand image. Indian actor and entrepreneur Priyanka Chopra Jones will be one of the Victoria’s Secret new faces.
6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)
Be careful what you wish for when you grow up
Google opens its first ever retail store in New York, aspiring to be like Apple store.