☕️ Sea Ltd, owner of Shopee, is coming after Grab and Gojek's lunch

Largest drug bust in Malaysia - RM5.2 bil of drugs seized. Plastic recycling - the USD6 bil 'significant untapped business opportunity' in Southeast Asia. WeWork's listing in the works.

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USD68 billion flowed into global stocks last week, the most since 2003 as investors expect further growth says Deutsche Bank.

40% of people globally are thinking of quitting their jobs according to a survey done by Microsoft.

USD2.9 million was paid for Jack Dorsey’s first tweet (tweet below) via non-fungible token (NFT) by Cameron Hejazi, which runs a blockchain company based in Malaysia called Bridge Oracle. LHDN is going to knock on his doors.



  1. WCT Holdings Bhd’s subsidiary WCT Bhd bagged a RM440 million contract from the Ministry of Transport to upgrade and extend the Sultan Ismail Petra Airport in Kota Bahru, Kelantan. The contract is expected to commence in April 2021 and complete by April 2024.

  2. Uzma Bhd has secured RM180 million three-year contract from Petronas Carigali Sdn Bhd beginning March 2021 until March 2024. The company said the contract will contribute positive towards earnings for FY21 ending June 20 until the expiry of contract.

  3. While the HSR has been cancelled, Malaysia and Singapore will be working together toward recognising each other’s Covid-19 vaccine certificates to facilitate cross-border travel in the future.

  4. The largest ever drug bust in the country — RM5.2 billion worth of amphetamine were seized by The Royal Malaysian Customs Department from containers at Port Klang on March 15, 2021. The drugs were en-route from the Middle East to an East Asian country. Further investigation is being conducted to see if it involved locals.

  5. The Customers department seized approximately 59,014 litres alcohol worth RM344,644 with unpaid duties of RM1.952 million from an illegal brewery in Seremban. Investigations are still ongoing to track down the syndicate’s masterminds.

  6. Minister in Prime Minister’s Department (Religious Affairs) Datuk Seri Zulkifli Mohamad Al-Bakri has said Muslims in the country are allowed to receive the Covid-19 injection during the Ramadan month as it will not invalidate the compulsory fasting.


  1. The already embattled WeWork even before the pandemic is planning for a listing through a SPAC. WeWork reported a loss of USD3.2 bil in 2020, down from USD3.5 bil in 2019. It’s seeking for USD1 bil in new funding at a valuation of USD9 bil. This is less than a fifth of the USD47 bil valuation it was seeking for its IPO in 2019. SPAC an easy way out for WeWork to seek for funding?

  2. Telegram, the messaging platform, raised a USD150 mil pre-IPO convertible bond from Mubadala, Abu Dhabi’s sovereign wealth fund and Abu Dhabi Catalyst Partners. To date, Telegram has been funded by its founder, Pavel Durov, who made USD300 mil after selling his stake in vk social network, aka the Facebook of Russia. 

    Recently surpassing 500 mil monthly active users, Telegram has been withholding back from monetising its users. It will consider some channels of monetisation, but Durov rejected the use of user data to target ads. A Russian press earlier reported that Telegram has rejected few investment offers that valued Telegram as much as USD40 bil.

  3. The World Bank estimates that Southeast Asian countries lose out USD6 bil a year from single-use plastics being thrown out instead of being recovered and recycled. More than 75% of recyclable plastics in Malaysia, Thailand and Philippines are left to waste., representing a ‘significant untapped business opportunity’. 

    As much as 13 mil tonnes of plastic waste enters the world’s oceans each year. Asia alone contributed to 80% of it. The Philippines and Thailand are ranked the 3rd and 6th-worst plastic polluters in the world respectively, according to the World Bank. 

  4. USD0 - the amount of federal taxes that Zoom, the video conference company, paid in 2020 despite reporting record pre-tax profit of USD663.9 mil, 16.3, an increase of 40.7x from USD16.3 mil in 2019. In its statement, it says that it ‘complies with all applicable tax laws’ and ‘invested heavily in research and development’.

    However, R&D only accounted for 1% of Zoom’s total tax reduction, and the remaining 99% of its tax savings was derived through paying executives USD302.4 mil in stock-based compensation. Although legal, this has led to criticism from lawmakers and advocates to close loopholes that allow massive, profitable corporations, especially tech companies to pay less tax than millions of Americans. 

  5. After conquering the e-commerce market, the USD111 bil market cap Sea Ltd, the owner of Garena and Shopee, is spreading its wings into other verticals and setting its sights on the Indonesian market. It has recently launched ShopeeFood, a food delivery service, going up against Grab and Gojek and acquired an Indonesian bank lender Bank BKE to launch ‘SeaMoney’

    Sources say Sea’s aggressive expansion is one of the key catalysts driving merger talks between Gojek and another of Indonesia’s e-commerce giant, Tokopedia. This merger, if materialised, will create a USD15 bil powerhouse to fight off Sea and Grab. Grab and Gojek’s ambition of being the primary super-app for cons umers in Southeast Asia is facing an uphill battle even more so when Sea is 20%-owned by one of the owners of the wildly successful Wecjat super-app - Tencent

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