☕️ World's Richest Man: 'I do think Bitcoin is a good thing. I am a supporter of Bitcoin'
More severe compound for SOP violations beginning Feb 4 (only applies to Rakyat, probably not politicians). Military coup in Myanmar. Never-ending fundraising - Grab raised USD2 billion loan.
Know more, learn more. Be smarter in 3 minutes.
Paywall can be annoying, but hey, the media outlets have mouths to feed too. There’s a workaround though for some of these sites (onus on them to plug this loophole).
Copy the link, visit Outline.com, paste your link there and the paywall comes crumbling down. Another alternative is to change your browser to ‘read mode’.
Found this hack useful? Show us some love and forward the newsletter to your friends and family! Stay safe!
The underlined words are links! Click on them to the news article.
1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
50% of Malaysians are unsure if Malaysia is on the right track according to a survey run by think tank EMIR Research. (n = 1,976)
US$42 billion will be spent by India to revive loss-making electricity distributors.
US$25 million — the price Apple paid for “CODA”, a Sundance hit outbidding both Netflix and Amazon.
318,945 votes went to Datuk Nicol David, former world squash champion, anointing her World Games Greatest Athlete of All Time. A total of 1,204,637 votes were casted.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
The first batch of Pfizer-BioNTech vaccine on Feb 26 according to Health DG Tan Sri Dr Noor Hisham. Malaysian government has purchased 25 million doses of the vaccine which requires two doses three weeks apart per person to achieve high effectiveness.
CGS-CIMB Research increased its target price for Supermax Corporation Bhd from RM10.80 to RM11.80 to reflect an earnings per share (EPS) upgrade — pegged at 15 times FY22 for price-earnings (P/E), in line with the glove’s sector of five year mean P/E.
Sunway Kinrara Sdn Bhd, a wholly-owned subsidiary of Sunway Bhd (Sunway) has acquired 3.34 acre parcel of prime freehold land in Taman Mutiara, Kuala Lumpur for RM42 million.
Authorities will adopt an uncompromising approach when policing for violations of Covid-19 beginning Thursday, Feb 4, 2021. The Health Ministry has submitted amendments to increase the RM1,000 compound for violations via an Emergency Ordinance.
Before increasing the severity of the compound, perhaps the authorities should practise less double-standards and take action against politicians that have blatantly breached SOPs.Jangan sibuk nak naikkan nilai kompaun ingkar SOP kalau PDRM akan terus double standard... tajam ke bawah tapi tumpul ke atas.
Increasing price competition from Chinese manufacturers is making Panasonic Corp to cease production of its own solar panels at factories in Malaysia and Japan’s Shimane prefecture from April onwards.
5. AROUND THE WORLD 🌎
Grab Inc, the ride hailing and food delivery giant continues its fundraising journey. This time, it announced a USD2 billion term loan to ‘strengthen its liquidity’ by enhancing its ‘well-capitalised position’. Initially planned for USD750 million, it was upsized to USD2 billion due to strong interest from investors. Just how much does Grab need to raise?
Exxon and Chevron were earlier in talks to merge during the early days of the pandemic, but no longer active. Exxon and Chevron each have market capitalisations of USD190 billion and USD164 billion respectively. A merger would have formed the second largest oil & gas company after Saudi Aramco (USD1.8 trillion market cap). Merger at this scale would have invited intense regulatory scrutiny.
Exxon and Chevron were formed as the result of US regulators breaking up John D Rockefeller’s Standard Oil empire in 1911, and a merger would have reunited them both to form the modern day Standard Oil.
Last Friday, Elon Musk, the CEO of Tesla, changed his Twitter bio to ‘#bitcoin’, which resulted in close to a 14% pump in Bitcoin prices. During a Clubhouse live session, he added further context and his thoughts about Bitcoin:
‘I do think Bitcoin is a good thing. I’m a supporter of Bitcoin. I think Bitcoin is on the verge of getting broad acceptance by conventional finance’
- Elon Musk
Seems plausible that Tesla and SpaceX to announce Bitcoin as part of their treasuries in the coming weeks.
Another Southeast Asian country has entered into a state of emergency - Myanmar. Myanmar’s military has staged a coup, seizing power from the ruling government and declared a state of emergency for one year.
Aung Sang Suu Kyi, the country’s de facto leader and senior members of the National League of Democracy (NLD) have been detained in the capital, Naypyidaw. This coup came about after the civilian party NLD won 83% of the parliamentary seats during the Nov 2020 election and the military claimed that the election was fraudulent. Read more on the coup here.
It’s official - online fashion retailer ASOS is acquiring Topshop, Topman, Miss Selfridge and HIIT for 1x sales of GBP265 million (USD364 million), but not the brands’ physical stores. ASOS called the deal ‘financially attractive’, noting that these 4 brands generated a combined GBP1 billion (USD1.4 billion) in revenues in 2019, but fell to GBP265 million (USD364 million) in 2020 due to the pandemic.
Melvin Capital, the hedge fund central in the GameStop saga, lost53% in January due to the short squeeze fueled by Redditors. It started the year with USD12.5 billion in assets and ended the month with more than USD8 billion, after receiving additional USD2.75 billion in capital from billionaire Steve Cohen and Ken Griffin (sounds more like a bail-out)
Lesson to takeaway? Shorting is an unwise move with capped upside but unlimited downside. The most one can earn is 100%, if the stock goes the zero. However, the downside is unlimited as the share price can shoot up to the sky, which a short-seller has to buy back to close his/her position.
Hope you enjoy reading our newsletter! Share this newsletter to your friends if it made you smarter today!