☕️ Zolgensma - the world's most expensive drug at USD2.48 mil per dose
Interstate travel allowed for 7 states under RMCO. Disney owns 8 of the top 10 highest-grossing films in the world. Jay-Z - hip hop's first billionaire.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
40% of millennials are spending beyond their means according to Finance Minister, Tengku Zafrul. According to BNM, 47% of Malaysian youths have high credit card debts.
46 markets — the number of websites Marks & Spencer launched to grow its online business from Iceland to Uzbekistan.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Top Glove Corp Bhd broke the record for 2QFY21 ended February 28 2021 with net profit of RM2.87 billion, up 21% from the preceding quarter. Despite the fact sales volume fell by 8% due to stoppages of production in November and December last year. For context, the 5th largest bank by assets in SEA — CIMB Group Holdings Bhd only netted RM1.19 billion in the entire 2020.
The glove maker’s primary dual-listing in Hong Kong will happen by May or June this year.
Graphic artist Fahmi Reza has shared on his social media that he has been summoned by the Putrajaya police to be questioned under Section 233 of Communications and Multimedia Act 1998. He believes it’s related to two of his postings back in Feb 21 and Oct 20.
Langkawi’s status changes from CMCO to RMCO from today onwards. People in the seven states under Recovery MCO (RMCO) are allowed to travel interstate via registered travel agencies under Tourism, Arts and Culture Ministry. The travel must use tour vehicles such as tour buses. They are also not allowed to stop in CMCO states.
Let’s say you’re coming from Pahang to Melaka, sorry you’re not allowed to stop in between for breaks so you might want to slow down on the water.
A Malaysian law firm got into hot soup on Monday in a job posting as it was only seeking for “good looking female only.” Come on, on International Women’s Day, really?
Government’s 5G Network SPV will be named Digital Nasional Bhd (DNB) and will be launching an open tender for the 5G infrastructure development. DNB will be subject to regulatory oversight of MCMC.
The official ground-breaking ceremony for the Sultan Ibrahim Solar Park in Pengerang has been cancelled after lack of response from the Federal Government. The RM1.4 billion development would produced a combined 450 megawatts from sustainable energy production, making it the biggest in South East Asia.
5. AROUND THE WORLD 🌎
The tech-led selloff has wiped out more than USD277 bil from Tesla’s market cap to USD540.4 bil currently due to rising yields and investors sector rotation. It has closed lower for five consecutive sessions. This has wiped out USD49 bil from Elon Musk’s net worth.
The tech-heavy Nasdaq index has entered into correction, down 10.5% since hitting its peak on Feb 12.
In a statement issued, UK’s National Health Service (NHS) has approved the ‘most expensive drug in the world’ that will be life-changing for babies and children suffering from a rare genetic disorder known as Spinal Muscular Atrophy that causes paralysis, muscle weakness and progressive loss of movement. Called ‘Zolgensma’, this innovative gene therapy is created by Novartis Gene Therapies and comes at a list price of GBP1.79 mil (USD2.48 mil) per dose.
Babies born with severe type 1 SMA, the most common form of this disorder, have life expectancy of less than 2 years. Data has shown that Zolgensma is able to significantly help babies to breathe without a ventilator, sitting up on their own and crawling and walking after a single shot. As many as 80 babies and young children a year could potentially benefit from this drug therapy. Question - how are the parents of these babies and children going to afford this treatment?
James Cameron’s ‘Avatar’ used to be the highest grossing film in the world until it was overtaken by ‘Avengers: Endgame’, grossing nearly USD2.8 bil at the global box office. ‘Avatar’ is just USD7.4 mil behind ‘Endgame’, and heading into this weekend, it will likely reclaim the title as ‘Avatar’ is set for a rerelease in Chinese theaters this weekend. The winner? Disney. ‘Avengers’ is part of the Disney universe through Marvel and ‘Avatar’ as well after Disney’s acquisition of the entertainment assets of 20th Century Fox.
Disney owns the top 5 highest-grossing films of all time and 8 of the top 10. These movies include ‘Star Wars: The Force Awakens’, ‘Avengers: Infinity War’, the live-action remake of ‘The Lion King’, ‘Avengers’, ‘Frozen II’ and also ‘Titanic’, which which currently sits in the 3rd position which was a joint production with Paramount Pictures and 20th Century Fox.
A good 2 weeks it was for Jay-Z as he sold his Champagne brand, Armand de Brignac to LVMH, the luxury conglomerate, valuing the company at about USD640 mil and his music streaming business, Tidal, to Square, the payment processing giant, valuing the company about USD450 mil. Widely known as the first hip hop billionaire, these 2 deals are estimated by Forbes to lift his net worth by 40%, from USD1 bil to USD1.4 bil.
Here’s what Jay-Z owns:
1/ Cash and investments: USD425 mil
2/ Armand de Brignac: USD320 mil
3/ Roc Nation: USD140 mil
4/ D’Usse: USD120 mil
5/ Music catalogue: USD95 mil
6/ Art collection: USD70 mil
7/ Real estate: USD50 mil
A US government agency is auctioning 0.7501 bitcoin for sale. The US General Services Administration uses auctions to offer opportunities to the public to bid for surplus federal assets.
Back in 2014, US Marshals Service auctioned off 30,000 bitcoin that were seized from Silk Road, the online black market. It was acquired by the highest bidder, venture capitalist Tim Draper for USD19 mil. The stash today is worth USD1.6 bil.
Many Bitcoin detractors and skeptics like to bring up the illegality and criminal use of Bitcoin - has anyone seen a government unit reselling cocaine and heroin back to the public to raise funds?
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