☕️ Up to RM100k penalty and/or 3 years jail for spreading Covid-19 fake news
A new ETF called 'FOMO' to launch. Purell, the inventor of hand sanitiser, +568% sales surge. The 6th member of the USD100 billion club - Mr Warren Buffett.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
RM1.315 billion through 6,973 applications have been approved by the Malaysian government under PENJANA SME financing scheme.
3.5 trillion-pound — the weight of San Francisco’s Bay Area, which is sinking. Some parts of downtown are sinking as much as three-quarters of an inch per year.
RM280 billion is required to upgrade water infrastructure for sustainable water supply in the country. Based on our analysis and empirical evidence, we believe this amount can be substantially reduces after removing 3 to 4 layers of middlemen and kickbacks and commissions brought down to 0%.
RM22 million — Magnum’s first jackpot for 2021 won by a retiree from Puchong - great retirement indeed.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Klang MP Charles Santiago has slammed the government’s ambiguous implementation on the RM10,000 fine to those who flout the movement control order (MCO). While the fine can be appealed, the MP said clear parameters should be drawn instead of letting district health officers to determine the value of the fines.
March 15 2021 onwards, Maybank will no longer be generating SMS TAC to approved selected online transactions on Maybank2u. Users will be required to utilise Secure2u to authorise bill payments and Interbank Giro (IBG) transfers of any amount on Maybank2u. To activate Secure2u, users can start by downloading the Maybank2u MY app on Google Play or Apple App store.
The government has brought in a law to tackle fake news related to Covid-19 with hefty penalties up to RM100,000, 3 years in jail, or both! Let’s exercise caution in what we share on social media as well.
Genting Malaysia Bhd’s climbed to a 13 month high of RM3.15 and the company bought back two million shares on the open market today. Almost a year ago, the price fell to a low RM1.83 and has rebounded by 72% since.
Serba Dinamik Group Bhd intends to explore the space industry by setting up a new subsidiary in the third quarter of the year. Are we going to see another SpaceX in the making? #AngkasalepasK (for Karim) doesn’t sound as appealing though. Recently the group has announced its collaboration with the Malaysian Space Agency (MYSA) to strengthen the development of the space economy and industry in Malaysia.
5. AROUND THE WORLD 🌎
Coupang, the South Korean e-commerce giant has raised USD4.55 bil in Its IPO, valuing it at USD60 bil. It will be listed on NYSE under the ticker ‘CPNG’. This IPO is the biggest IPO so far in the US this year and amongst thetop 25 biggest IPO globally.
Softbank, Coupang’s largest shareholder, is expected to reap USD16 billion in gains from the IPO. It has invested in 2 rounds- USD1 bil back in 2015 at a valuation of USD5 bil and USD2 bil in Nov 2018 at a valuation of USD9 bil.
Lawmakers in Mexico have approved a bill to legalize recreational marijuana and, with a permit, to grow a small number of cannabis plants at home. Individuals are allowed to carry 28 grams of marijuana and grow 6 cannabis plants at home. Licenses will also be granted for commercial purposes to cultivate and sell the crop.
Mexico joins Canada and Uruguay in a small but growing list of countries that have legalized marijuana, leaving the US between marijuan-selling neighbours. With a population of 120 mil, Mexico will be the largest (legal) marijuana market in the world.
In other news, British American Tobacco is making a strategic investment of USD177 mil into Organigram, a Canadian-based cannabis producer for a 19.9% stake.
Last week, a new ETF named BUZZ was launched that invests in stocks based on its popularity on online social media. Now, FOMO, a new ETF that has just filed with the SEC intends to invest in current or emerging trends, helping to alleviate investors’ fears of missing the next big thing. It will invest in everything from stocks across both developed and emerging markets to SPACs, other ETFs, derivatives, volatility products and both leveraged and inverse funds. What’s next? A YOLO ETF that gives investors a once-in-a-lifetime opportunity to invest in the next Facebook and Bitcoin?
Purell, the inventor of hand sanitiser, is expecting demand for its cleansing product to remain elevated from pre-pandemic levels moving forward. Its sales of its hand sanitiser surged 568% to USD1.5 bil from a year earlier. To meet growing demand, it has invested USD400 mil to expand manufacturing capacity, 10x more than what it spends in a typical year and employed more than 500 new employees.
Warren Buffett has just joined a new club, becoming the 6th member of the USD100 bil club. Other members include Jeff Bezos (Amazon), Elon Musk (Tesla + SpaceX), Bill Gates (Microsoft), Mark Zuckerbeg (Facebook) and Bernard Arnault (LVMH).
His Berkshire Hathaway stock jumped on Wednesday, bringing his total wealth to USD100.4 bil. Buffett said he has 99% of his wealth in Berkshire. Buffett owns 248,734 of Berkshire ‘A’ shares and some ‘B’ shares. Since 2006, he has given away 226,000 ‘A’ shares. Had he held on to all his shares, his wealth would be USD189 bil today, making him the richest in the world.
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