☕️ To celebrate its new USD1.2 bil valuation, all Spanx employees to get 2 first-class tickets + USD10k to spend on their trips
Najib suing former AG Tommy Thomas and govt for abuse of power to prosecute him. Malaysians have traded RM16 bil in crypto from Aug20-Sep21. China's "Lipstick King" sold USD1.7 bil goods in 12 hours.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD288.6 bil — the net worth of Elon Musk on Monday, according to Bloomberg. It was the largest single-day gain Bloomberg has ever recorded — USD36 bil. Musk is now nearly $100 billion wealthier than Amazon's Jeff Bezos.
274 days Ultimate World Cruise by Royal Caribbean will cost at least USD61,000 per person. It is the longest and most comprehensive world cruise, visiting more than 150 destinations in 65 countries.
China’s “Lipstick King” sold about USD1.7 bil worth of goods in 12 hours in a promotion to usher the upcoming Singles Day 11.11 event. Austin Li Jiaqi clocked 250 mil views for the event.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Politics and Local
Malaysian Anti-Corruption Commission (MACC) is on a roll. The Selangor branch arrested three individuals, including a government-linked company (GLC) executive on Monday, for allegedly abusing their authority in the company’s project matters.
In a separate case, 16 company directors were arrested on suspicion of being involved in the misappropriation of the Malaysian Indian Transformation Unit (MITRA). As a result, almost 60% of the grant allocation received by companies, individuals, and foundations to implement socio-economic programmes did not reach the target groups.
Former prime minister Datuk Seri Najib Razak enjoys the limelight — he has filed a civil lawsuit against former attorney-general Tan Sri Tommy Thomas and the Malaysian government for having pressed 35 criminal charges against him in four trials, citing abuse of powers. Najib is seeking RM1.9 mil to compensate for the alleged losses that he had suffered so far.
Home Minister Datuk Seri Hamzah Zainudin said employers interested in hiring foreign workers would have to bear all the costs involved in bringing them into Malaysia, including levy payment and the cost of quarantine on arrival at the country’s entry point.
In his parliamentary reply to Sungai Buloh MP R Sivasara, the home minister said the controversial Security Offences (Special Measures) Act (Sosma) would not be amended, for the time being, claiming the law is still relevant and crucial to ensure public and national security.
The courageous Ain Husniza Saiful Nizam (pictured) has been invited to speak on a panel alongside Najat Maalla M’jid, the United Nations’ special representative of the secretary-general on violence against children.
Over RM16 billion in digital assets and cryptocurrencies were traded in Malaysia between August 2020 and September 2021, according to the Securities Commission Malaysia (SC). Over 300,000 new accounts on digital asset exchanges (DAX) have been created to date. However, we’re still early — only 1% of Malaysians have accounts with registered DAX.
Poladrone raised the largest seed round ever raised in Malaysia, raising USD4.29 mil in a seed round led by Wavemaker Partners. Poladrone wants to change the way farms use pesticides with a combination of drones and automation and analytics software. Khazanah Nasional Berhad also participated in the fundraising.
Unisem (M) Bhd’s reported a net profit of RM40.27 mil, 20.6% lower than a year ago, due to the Covid-19 pandemic. However, the company remains optimistic as the demand for chips across all end segments remains robust. The group declared a dividend of two sen per share, which will be paid on Nov 26.
Ancom Bhd who holds a 50.3% stake in Nylex (Malaysia) Bhd, has gotten shareholders approval to take over all the assets and liabilities of Nylex for RM179.3 mil. The shareholders also approved the name change to Ancom Nylex Bhd.
5. AROUND THE WORLD 🌎
Facebook will be investing at least USD10 bil into its Reality Labs project, which is working on the social media giant's metaverse ambitions. Metaverse refers to shared virtual spaces that people can access via the internet using virtual reality and augmented reality devices.
The company is reportedly going as far as planning to change its name to reflect its focus on the concept and acknowledged that there would be no payoff in the short term. Mark Zuckerberg said that “metaverse is going to be the successor to the mobile internet”. Facebook will also start publishing the financial results of Facebook Reality Labs as a separate unit.
Saudi Aramco, the world’s biggest oil company, said oil-output capacity across the world is dropping rapidly and companies need to ramp up investment in production and that it is a “huge concern” that “spare capacity is shrinking”. The comments came after crude prices soared 70% this year to around USD85 / barrel.
The supply deficit in oil markets could worsen in 2022 if the pandemic eases and more people fly. Aramco is investing billions of dollars to raise its daily capacity to 13 mil barrels from 12 mil barrels.
Astronomers may have spotted the first planet ever discovered in another galaxy. Until now, planets found outside the solar system are still within the Milky Way - these are called exoplanets. Almost all exoplanets found so far have been within 3,000 light-years from Earth - this potential planet is about 28 mil light-years away.
To identify exoplanets, researchers rely on a method called transit - they watch stars for tiny dips in brightness caused when planets pass in front of them. In the case of this discovery, visible light from millions of light-years away becomes ineffective and instead rely on the brightness of X-rays coming from the other galaxy.
News in Brief:
Modern Land, a Hong Kong-listed Chinese property developer, becomes the 4th Chinese developer to default on its overseas debt obligations after failing to make a USD250 mil bond payment.
General Motors will install up to 40,000 EV chargers across North America as part of its ambitious plan to invest nearly USD750 mil into charging infrastructure. Unlike Tesla’ Supercharging network, GM’s will not be a proprietary network and indicated that the automaker has no interest in taking an exclusive network path to boost sales of EVs.
The US Securities & Exchange Commission (SEC) has secured authority to propose legislation and oversee the USD131 bil stablecoin market. Read more here to learn about stablecoin.
To celebrate its USD1.2 bil valuation after Blackstone bought a majority stake in the company, the founder of Spanx, the shapewear company, Sarah Blakely surprised her staff with 2 first-class tickets to anywhere in the world during a party celebration, plus USD10,000 each to spend on their trip.
6. FOR YOUR VIEWING PLEASURE 👁👁
Jetson One - all-electric personal vertical take-off and landing (VTOL) aircraft
OPEC members’ oil reserves
A lot of us need to learn the difference between correlation vs causation