☕️ SMEs suffered loss of RM40.7 billion in 2020
KLCI - Asia's 2nd worst performing share market. Shopee tops 5 out of 6 countries in SEA as the most visited e-comm site. "Black Widow" star Scarlett Johansson to sue Disney for streaming the movie.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
333.2 tons — the amount of gold reserves valued at USD19.4 bil (1 tonne = USD58.3 mil) added by central banks globally in the first half of 2021, according to a quarterly summary from the World Gold Council. The figure is 39% higher than the five-year average for the period.
RM328 million — lost due to macau scam since 2019 according to Bukit Aman Commercial Crimes Investigation Department (CCID) director, Comm Datuk Mohd Kamarudin Md Din. Check out our guide on macau scam to prevent yourself from becoming a victim.
RM40.7 bil — total loss suffered by SMEs in 2020 as a result of nationwide strict lockdown imposed to tackle the Covid-19 pandemic according to Entrepreneur Development and Cooperatives Ministry (MEDAC).
3. COVID-19 SUMMARY
For those of you in Klang Valley that have yet to be vaccinated, here is the list of vaccination centres (PPVs) that you can get your vaccines via walk-ins from today onwards for those above 40 or with comorbidities and Aug 5 for all Malaysian citizens 18 years old and above.
Malaysia received a million doses of the AstraZeneca Covid-19 vaccine and over 4.5 million units of medical supplies of various types from Saudi Arabia worth almost RM21.14mil (USD$5mil).
Solution Group Bhd’s subsidiary, Solution Biologics Sdn Bhd (SOLBIO) will supply CanSino Biologics Inc’s Recombinant Ad5-nCoV vaccine for use against Covid-19. The first shipment of the finished doses will be delivered by August. CanSino’s vaccine is a single-dose vaccine.
The procurement of 79.9 million doses of Covid-19 vaccines is expected to cost the government RM3.9 bil.
12,469,975 doses of Covid-19 have been administered in the month of July 2021. Kudos to all the front liners and people who showed up for their vaccinations!
OLYMPIC MEDAL COUNT
4. IN MALAYSIA 🇲🇾
Day #5 of the special Dewan Rakyat sitting that is supposed to happen today will be postponed, until further notice due to the risk of spread of Covid-19. Likewise with the special Dewan Negara sitting that was supposed to happen from Aug 3 to 5.
Health DG recommended for all activities in Parliament House to be postponed over a two-week period from July 29 to prevent the special sitting to become a super spreader event.
DPM Ismail Sabri said the decision was made based on science and health data (by science, do they mean political science?). Former health minister Dzulkefly Ahmad questioned the ‘science’ behind it: A positive rate of 2.8% on the pre-parliament screening on July 23 vs 0.9% on July 29.
As part of their investigation, cops have identified 29 individuals from the #Lawan rally that was held at Dataran Merdeka on Saturday according to IGP Acryl Sani Abdullah Sani. Those who took part will be investigated for violations of SOPs and other relevant violations.
Human Rights Commission of Malaysia (Suhakam) has requested the police to stop investigating the participants or organisers for exercising their fundamental right to assemble, as allowed under Article 10 (1)(b) of the Federal Constitution.
DPM Ismail Sabri Yaakob said claims that he will be appointed as the interim prime minister as merely rumours.
PAS Youth deputy chief Ahmad Fadhil Shaari has asked the police to uncover the parties responsible for leaking a letter the Yang di-Pertuan Agong sent to the prime minister on Thursday regarding the revocation of Emergency Ordinances.
Pos Malaysia Bhd has appointed Charles Brewer, who has 34 years of experience in DHL Group, as its new group chief executive officer (CEO) effective Aug 1, 2021. Brewer will be the loss-making company’s fourth CEO in five years.
Securities Commission Malaysia (SC) said it has issued a public reprimand against Binance for illegally operating a digital asset exchange (DAX). SC has given Binance 14 days from July 26, 2021, to disable its website and mobile applications in Malaysia. SC has urged those who currently have accounts with Binance to immediately cease trading through its platforms and to withdraw all their investments immediately.
Malaysian Anti-Corruption Commission (MACC) has dropped its money laundering charges against former Apco Malaysia boss Paul Geoffrey Stadlen a.k.a. Najib’s former PR chief and Najib Razak’s lawyer Datuk Mohd Hafarizam Harun.
According to MACC, Paul had voluntarily agreed to forgo a sum of RM7.19 mil and that money would be deposited into the trust accounts of 1Malaysia Development Berhad while Hafarizam would be required to pay a compound of RM590.5k.
Another example that being a crook pays off - Stadlen was charged for laundering RM14.25 mil but only had to pay back half and becomes a free man.
5. AROUND THE WORLD 🌎
The EU through Luxembourg’s National Commission for Data Protection (CNPD) has hit Amazon with a record-breaking EUR746 mil (USD887 mil) fine over Amazon’s processing of personal data that did not comply with the EU General Data Protection Regulation (GDPR).
This fine is a result of a 2018 complaint by a French privacy rights group, that was filed on behalf of more than 10,000 customers which also targets Apple, Facebook, Google and Linkedin. The previous record GDPR penalty was levied against Google in 2019 for EUR50 mil GDPR.
Credit Suisse has released its internal investigation prepared by a law firm (read the report here) on Bill Hwang’s family office, Archegos Capital Management debacle, that rocked Wall Street back in March. Cumulatively, investment banks lost an estimated USD10 bil. Credit Suisse fared the worst, suffering USD5.5 bil in losses on gross exposure of USD27 bil on March 23.
The investigation revealed that the Swiss bank had failed “to effectively managed risks” and also concluded that there had not been any “fraudulent or illegal conduct”. The bank said 23 employees would forfeit or be required to pay back USD70 mil in bonuses and that 9 in the group would be fired.
Scarlett Johansson, who stars in Marvel’s “Black Widow” had sued Disney, the owner of Marvel, for contract violation when it released “Black Widow” on its streaming platform. Johansson’s salary for the film would be based largely on the film’s box office haul. The movie’s release was an immediate success with USD80 mil ticket sales in North America and USD60 mil globally on Disney+. Disney disclosed that Johansson is paid USD20 mil for her role with “additional compensation” for the release of the movie on Disney+.
Marvel is the biggest blockbuster brand in Hollywood, raking in nearly USD23 bil at the global box office since 2008.
News in Brief:
The US reported more than 120,000 new Covid-19 cases on Friday - the highest number of new cases reported in a single day since early February, fuelled by the spread of the highly contagious Delta variant. The US had not reported more than 100,000 daily new cases in a single day since Feb 11.
Singapore’s sovereign wealth fund Temasek and DBS Bank will jointly launch a USD500 mil (SGD677 mil) growth-stage debt financing platform called EvolutionX Debt Capital. The platform will provide non-dilutive financing to growth-stage companies across Asia, with focus on China, India, and Southeast Asia.
Zero Gravity Corporation offers a more accessible opportunity for non-billionaires to experience zero gravity without leaving the Earth’s atmosphere. Flights start at USD7,500 to experience weightlessness 15 different times on a special Boeing 727 aircraft that offers a zero-gravity experience through parabolic flight. If you got USD7.5k to spare, you can reserve a seat here.
Finland is looking for a broker to sell 1,981 bitcoins worth more than USD78 mil that was seized in drug busts. Most of this stash of 1,666 bitcoin were seized in 2016 after the arrest of a Finnish drug dealer, Douppikauppa. The Finnish customs is looking to engage as many as 3 brokers, with the agreement valued at EUR250,000 (USD297,000) over 2 years and probably more “as there may be more cryptocurrency seizures”.
6. FOR YOUR VIEWING PLEASURE 👁👁
Most visited e-commerce sites in Southeast Asia (Q1 2021).
FBM KLCI is one of the worst-performing bourses in Asia on a year-to-date (ytd) basis — losing 8.15% as of July 30, 2021.
A building contractor tore down the balconies of a new apartment block ‘out of frustration’ after he allegedly did not get paid, causing damages of EUR500,000.
Not a subscriber yet? Subscribe for free now!