☕️ The appalling state of quarantine centre in Malaysia
Roslan SMS, PAS Selangor Secretary, Twitter account 'likes' gay porn content. 99Speedmart and KK Mart rapid expansion- 400+ outlets in 2021. Softbank's annual profit-highest ever for Japanese company.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
SGD34.4 million — the price of the biggest penthouse unit at Park Nova, new luxury freehold condo near Singapore’s shopping district Orchard Road.
USD110 billion — the expected loss of revenue of automakers in 2021 due to the global semiconductor chip shortage.
USD365 bil wiped off cryptocurrency market cap after Elon Musk tweeted that Tesla would stop accepting Bitcoin for payment.
3. COVID-19 SUMMARY
ICUs nationwide almost at full capacity of above 80% according to a statement by Health DG Tan Sri Dr Noor Hisham Abdullah.
Malaysia’s R-nought is at 1.05 and the country will see daily 8,000 cases by June if SOPs compromised.
4. IN MALAYSIA 🇲🇾
YTL Cement Bhd, a subsidiary of YTL Corp Bhd has agreed to sell its entire cement and ready-mixed concrete operations in Malaysia to its 76.98%-owned subsidiary Malayan Cement Bhd for RM5.16 billion in a cash and stock deal. Under the asset rationalisation exercise, Malayan Cement will acquire 12 companies under YTL Cement.
The corporate exercise was carried out to eliminate overlapping functions by leveraging shared expertise, experience and resources are both entities have the same parent co which is YTL Corp Bhd.
The Department of Justice (DOJ) has recovered RM1.9 billion in stolen 1MDB funds and remitted the money to Malaysia’s Asset Recovery Trust Account — bringing total seized and repatriated stolen 1MDB funds to RM16.05 billion. Finance Minister Tengku Zafrul Tengku Abdul Aziz has confirmed that the government will go after auditor KPMG over the 1MDB scandal.
Malaysia Airports Holdings Bhd (MAHB) will be upgrading the parking facilities at Subang Airport (SZB) by providing bigger and brighter parking days within the SZB vicinity while adding 200 extra parking bays. MAHB expects the project to be completed by third quarter of this year.
Two established home-grown grocery retailers, 99 Speedmart and KK Super Mart will step up expansion plans this year by averaging 25 and 10 stores opening a month respectively. Industry sources say 99 Speedmart is the grocery market leader, commanding a tenth of the market.
A 19 year old Malaysian student at Multimedia University in Malacca, Pavit Coran (pictured below) has emerged as champion in the English Speaking Union (ESUM) International Public Speaking Competition held online and virtually on Friday. He beat 35 other participants in the grand finals. In his speech that he won, he spoke on mental health awareness.
The complaints raised by @SyedMohamedArif on the admission process caught the attention of Selangor Health Department as the latter admitted that the situation at Covid-19 Integrated Quarantine and Treatment Centre (PKRC) at the Malaysia Agro Exposition Park Serdang (MAEPS) 2.0 is now increasingly challenging.
Syed Mohamed Arif spent almost 9 hours at the Covid Assessment Center (CAC) before being told to go to MAEPS which took another two hours for him to register. He wasn’t guided where to go and had to asked for clean pillow and bed sheets, which should be provided given the current situation. When he wanted to clean up, he could only find a toilet with a bidet to shower.
5. AROUND THE WORLD 🌎
As of last Friday, the death toll in Gaza due to the Israel-Palestin conflict, with violence breaking out last Monday night, stood at 122, including 31 children and more than 900 wounded. On Saturday, Israeli air strike targeted and destroyed a Gaza City building housing the offices of The Associated Press, broadcaster Al-Jazeera and other media outlets. AP journalists and other tenants were given an hour warning to evacuate before the 12-storey al-Jalaa tower was struck by 3 missiles.
Mostefa Souag, acting director general of Al-Jazeera, called the strike a ‘war crime’ and a ‘clear act’ to stop journalists from reporting on the conflict. Israeli forces responded that Hamas was operating inside the building and using journalists as human shields, though they provided no evidence to back the claim.
Singapore, amongst the best nation in managing the pandemic, will be entering a lockdown-like condition for the second time effective May 16 to June 13 for 4 weeks. The number of new cases in the community has increased to 71 in the past week from 48 in the week before, though, the more concerning matter is the undetected spread in the community, which has risen to 15 in the past week from 7 in the week before. The highly anticipated travel bubble between Hong Kong and Singapore, which is set to start on May 26 is expected to be delayed once again.
Billionaire hedge fund manager Bill Ackman revealed that his hedge fund, PershingSquare, has a close to 6% stake in Domino’s Pizza (market cap: USD16.6 bil). It held more than USD1 bil worth of Starbucks at the end of last year and has swapped Starbucks for Domino’s Pizza. The hedge fund manager is riding on the re-opening theme, betting big on restaurant, retail and hotel industries. As at the end of 2020, his top holdings were Lowe’s, Hilton, Restaurant Brands and Chipotle.
“Domino’s is a pure franchising company and interestingly they were the first to invest in technology and delivery. They own their delivery infrastructure and they don’t need to rely on the DoorDashes of the world.”
- Bill Ackman
Softbank Group Corp reported the highest ever annual profit for a Japanese company with USD45.9 bil recorded for its year ending Mar 31. This is largely driven by USD58 bil gains from its USD100 bil Vision Fund. A series of companies in its portfolio have gone public in the previous year. The Vision Fund’s biggest win was a USD24 bil investment gain from its nearly 40% stake in Coupang, the South Korean e-commerce company that went public recently.
Softbank’s annual profit is doubled that of Toyota, the previous Japanese record holder and puts it amongst in the same league as the the tech giants such as Alphabet and Microsoft with annual profits of above USD40 bil. The Vision Fund has 224 companies in its portfolio. Softbank founder, Masayoshi Son, in his presentation argued that investors are not giving him credit for the value he is creating sat Softbank, as the net asset value of the company is above JPY15,000, 60% higher than its current shart price.
News in Brief
The US Department of Defense has removed Xiaomi, the world’s 3rd largest smartphone maker from its designation, ‘Communist Chinese military companies’ (CMCC) after being blacklisted by the previous Trump administration, which now American investors can resume investing in its stock and related securities following this removal.
The farthest spacecraft from Earth, Voyager 1, launched 40 years ago, has detected a ‘hum’ in the space outside of our solar system, which it exited 5 years ago.
After a ransomware attacked by Darkside, a group of hackers from Eastern Europe, the company has paid the USD5 mil ransom in cryptocurrency. Colonial is responsible for 45% of the US East Coast fuel used.
6. FOR YOUR VIEWING PLEASURE 👁👁 (Beta Mode)
Roslan SMS, PAS Selangor Secretary, Twitter account had liked numerous gay pornographic tweets. In typical PAS response, they claimed his account was ‘hacked’.
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