☕️ We are paying another RM3.3 billion for the 1MDB mess

MAS, flying the world whilst burning RM28 billion. Another legend gone too soon. RIP Tony Hsieh. The multi-million wanton mee business.

Before you start, we apologise for the wrong linking on the tribute for Maradona. Here’s the actual link.

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1. NUMBERS AT A GLANCE

RM3.272 billion of loan instalments and interest on debts to be paid by government next year, no thanks to 1MDB.

RM28 billion has been given to Malaysia Airlines Bhd so far. Golden goose is supposed to lay eggs, not fly.

USD500 million: Bonus for Amazon’s front-liners. That’s 0.27% of Jeff Bezos’, founder of Amazon, net worth of USD186.5 billion.


2. COVID-19 SUMMARY


3. IN MALAYSIA

  1. Malaysian government has signed the agreement with Pfizer to obtain 12.8 million doses of its Covid-19 to meet the immunisation needs of 20% or 6.4 million Malaysians. Perhaps our politicians should be given the priority to be vaccinated first.

  2. Kenanga Investment Bank Bhd recorded an eleven-fold hike (yes, 11x) to its net profit for 3Q2020 of RM49.27 million from RM4.29 million in 3Q2019. The stockbroking business and investment management business were the main contributors.

  3. O&G players are slowly recovering with the higher prices with Hibiscus Petroleum Bhd reported net profit of RM10.03 million from a net loss of RM145.2 million in the preceding quarter, back into the black for 1QFY21 ended 30 Sept, 2020. If you haven’t noticed, Brent Oil has been above USD45 for the past week and inching closer to USD50.

  4. Online fraudsters are imitating the voice of friends and family members to deceive their victims into lending them money according to PDRM. Be vigilant!

  5. Mak Wan is the hero we need in our society - she runs the feeding programme for the homeless in Chow Kit via Warung Makan Sahabat Chow Kit.

  6. If you’re into Shariah-complaint companies, Securities Commission Malaysia (SC) has added in 39 Bursa Malaysia-listed companies including Mr DIY Group (M) Bhd. Full list of 715 companies here.

  7. Spent USD3 million, got 132 fewer votes: Trump’s campaign spent USD3 million for a vote recount to end up with Biden gaining a net 132 extra votes.


4. AROUND THE WORLD

  1. The legendary and influential  tech entrepreneur and investor, Tony Hsieh, 46, has died due to injuries sustained from a fire accident. Investigations are on-going and ultimate cause of death is yet to be determined. He famously sold the shoe company Zappos to Amazon for USD1.2 billion in 2009 (it was an insanely huge amount back then). His book, ‘Delivering Happiness’ has been a top read for entrepreneurs and has influenced many in running their companies. Tributes are pouring in on Twitter

  2. When selling wanton mee can be a multi-million dollar business. Jumbo Group, a listed f&b company in Singapore with market cap of SGD211 million announced that it will acquire 75% of Kok Kee Wanton Noodle fo SGD2.1 million in cash and shares.

  3. What else is inflating like the US Federal Reserve balance sheet? Covid-19 cases in US. On Friday. US surpassed 13 million cases, 1 million more cases from a week earlier. A research predicts that US will hit 1 million daily new cases by end of 2020 at its current trajectory, 

  4. Amongst the most recent and high profile accounting scandal, Wirecard, a German payment processor and financial services provider has revealed in April 2020 that ‘EUR1.9 billion’ has gone missing on its balance sheet and pushed it into insolvency. Wirecard efforts to obstruct a special audit has led to the discovery of this massive hole and its collapse. 

    Wirecard was a component of Germany’s top stock market index, the DAX, that comprised the top 30 listed companies in Germany. 

  5. Moderna took 2 days to design its vaccine for the Covid-19 virus.


5. MARKET SUMMARY

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