☕️ Youngest billionaire in India is a chess champion
The nation and PM's political situation in a state of emergency. Europe's most valuable startup. India's youngest billionaire that raised no outside funding.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
At least US$2 billion in vehicular damages across the US as a result of drivers playing Pokémon Go near the PokéStops.
2.27 million passengers - 24.18% increase in MAHB’s Dec ‘20 passenger traffic as compared to 1.83 million in Nov ‘20. Short-lived as MCO is officially imposed today.
3,309 - Malaysia records highest daily Covid-19 cases yesterday, with 11 new clusters bring it to a total of 261 active clusters currently.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Yang di-Pertuan Agong Al-Sultan Abdullah Al-Haj has declared a state of emergency across the country to curb the spread of Covid-19 until August 1 2021, the palace said in a statement.
The last national emergency was declared back in 1969, more than 50 years ago during the May 13 riots. This is the second time the Parliament has been suspended, since independence from Britain in 1957.
Some are concerned the emergency gives the prime minister and his Cabinet powers to make laws and approve expenditure without a parliamentary vote. Whereas some see the move as a surprise but necessary for the government to focus on containing the pandemic. Whose side are you on?
The Edge has a very nicely summarised of MITI’s list of essential businesses.
If you’ve got bus or plane tickets scheduled for this week, you need to obtain permission from the police before travelling according to Senior Minister DS Ismail Sabri Yaakob.
Another day, another Member of Parliament (MP) withdraws his support for Perikatan Nasional (PN) government led by PM Tan Sri Muhyiddin Yassin. Padang Rengas MP DS Mohamed Nazri Abdul Aziz is the third MP from PM to do so. PN is now left with 109 MPs. The majority required to form a government is 112 MPs.
Pharmaniaga Bhd would be overseeing the bottling process of the b vaccine of China, lowering the cost as the process will be carried out in Malaysia as announced by Science, Technology and Innovation Minister Khairy Jamaluddin. The company has secured 14 million doses of vaccine and expects to be distributed by end-March.
5. AROUND THE WORLD 🌎
Sheldon Anderson, the founder of Las Vegas Sands and casino magnate has died at 87 after succumbing to complications caused by non-Hodgkin lymphoma, a form of blood cancer. He built the world’s largest empire of casinos and resorts in Las Vegas, Macau and Singapore.
Born to a cab driver and grew up in a tough environment, he has grown Sands to a company of 50,000 employees and USD13.7 billion in revenue in 2019. He is ranked #38 on Bloomberg Billionaire Index with a net worth of USD33.7 billion. A quick read here on his beginnings, ups and downs.
China is entering into more lockdowns as Covid-19 cases are growing. Langfang city, 1.5 hours away from Beijing with population of 5 million has told its citizens to stay at home for 7 days. Shijiazhuang, a city of 11 million people entered into a lockdown last week after reporting 39 new confirmed cases. Another 2 regions in China’s northernmost province Heilongjiang announced lockdowns on Tuesday.
The owner of New York Stock Exchange, Intercontinental Exchange Inc (market cap: USD66.04 billion) is taking its cryptocurrency venture, Bakkt, public via a merger with a ‘blank check’ company or SPAC, VPC Impact Acquisition Holdings. Bakkt will raise USD532 million and valuing it at USD2.1 billion.
Bakkt will launch an app that allows users to manage their digital asset holdings - not just cryptocurrency but also loyalty point and reward programmes. It has more than 400,000 users pre-registered and is expecting to to amass more than 30 million users in 5 years.
Meet Europe’s most valuable startup - Checkout.com. Checkout.com offers payment processing for the likes of Deliveroo, TransferWise and Adidas. It’s now valued at USD15 billion after raising its Series C round of USD450 million led by Tiger Global, a hedge fund giant. It competes with Stripe and Adyen.
Founded by college dropout, Guillaume Pousaz in 2012, it is now processing USD1 billion a week. In 2019, its revenue was USD146.4 million up from USD74,8 million in 2018, with adjusted EBITDA of USD5.47 million (in other words, it is still loss-making).
India’s youngest billionaire - a 34-year old chess champion. Nikhil Kamath dropped out of high school to play chess full time at 14. He subsequently founded Zerodha, India’s largest trading app, controlling more than 15% of India’s retail trades and with 4 million users, doubling by 2020 as the lockdown arising from the pandemic has contributed significantly to its growth.
Unlike most startups, Zerodha has not taken any funding, be it equity or debt capital, making it even more impressive a story. In Oct 2020, Forbes listed Nikhil and his brother, with whom he co-founded the company with with a combined wealth of USD1.55 billion, making Nikhil the youngest billionaire in India.
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