☕️ UN & WHO: Cannabis no longer 'most dangerous drugs'
Ex-PM Najib filing 307 grounds of appeal. EPF has RM930 billion in assets. Former US Presidents to film their vaccine shots.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
52 million - number of daily users of Reddit, the front page of internet has.
669 people share ownership of a single pair of ‘72 Nike Prototype “Moon Shoe” via Rally, a memorabilia trading platform. How much is it worth? A cool US$180,000.
RM929.64 billion - EPF’s assets under management as at 30 June 2020. EPF is the 12th largest pension fund in the world.
1,400 mangoes were used to make 18 year old teen, Jessica Collins’s gown. She wanted to highlight food wastage situation in Australia where over 5,000 mangoes are thrown out for not “meeting” the supermarkets’ standards.
3. COVID-19 SUMMARY
4. IN MALAYSIA
Former prime minister, Datuk Seri Najib Razak has filed 307 grounds in his petition of appeal for his SRC International Sdn Bhd’s case where he was sentenced by Kuala Lumpur High Court to 12 years of jail time and a fine of RM210 million for misappropriating RM42 million.
The Edge has wrote a compelling warning EPF Account 1 withdrawal announced in the 2021 Budget. EPF should be able to declare dividend of 4.5% for 2020 if it is able to match its net income in the first half of the year of RM20.96b. Let’s hope there’s no funny business that could adversely affect the performance towards 31 Dec 2020.
Social Welfare Department’s monthly assistance to the eligible recipients of between RM200 and RM300 to increased RM1,000 as announced by our prime minister, Tan Sri Muhyiddin Yassin. Is this one of the pre-GE sweets?
Supermax Corporation Bhd (SCB) has been added to the FTSE Bursa Malaysia KLCI. Fund managers would be required to purchase SCB to mimic the KLCI weightage. Just look at what happened to Tesla Inc. last week when S&P500 announced it’ll be included in the index - it rallied 5%.
Star Media Group has retrenched more than 100 employees earlier this week, with at least 40 editorial staff members as part of the exercise.
Serba Dinamik Holdings Bhd mentioned its subsidiaries had secured US$114.3million worth of overseas contract for engineering, procurement, construction and commissioning (EPCC), operations and maintenance (O&M) and information, communication and technology (ICT) projects.
MIDF Research expects the Malaysian economy to grow 7% in 2021 based on recovery in consumer and business spending as well as growth in external demand. MIDF also expects FBM KLCI to hit 1,700 points by year-end 2021. We might even hit it earlier than expect as FBM KLCI closed 1.85% higher at 1,628.26 points yesterday (3 Dec 2020).
5. AROUND THE WORLD
UN has officially removed cannabis (weed, marijuana) from the ‘Schedule IV’ list of most dangerous drugs. Other drugs in this list includes heroin and opioids. This is as acknowledgement of cannabis’ medical benefits. The vote for this reclassification of 27 against 25 was supported by some countries like US, UK, Germany and voted against by countries including China, Brazil and Russia.
Malaysia’s neighbour, Singapore is disappointed with this decision though.
Richard Li, the son of HK billionaire Li Ka-Shing is teaming up with Peter Thiel, co-founder of PayPal and the first outside investor of Facebook, to establish a USD595 million Special Purpose Acquisition Company (SPAC), or blank-cheque firm to acquire companies in South East Asia. SPAC or blank-cheque firms have raised USD71.2 billion in US IPOs this year, or about 46% of all IPOs. The younger Li has struck out on his own, out of his father’s shadow. A dropout of Stanford University, Richard Li is a billionaire himself with a net worth of USD4.9 billion.
Former US Presidents Obama, Clinton and Bush will take the Covid-19 vaccine live on TV or have it filmed to build confidence about vaccine safety.
Few days ago, S&P Global announced its mega acquisition of IHS Markit for USD44 billion. It’s making the news again for announcing its participation in the crypto market through the launch of cryptocurrency indexes in 2021.
These are the investors that are getting huge paydays from Salesforce’s USD27.7 billion acquisition of Slack. To name a few - Andreessen Horowitz, Accel.
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