☕️ Watch here 'Jho Low: Hunt for a Fugitive' documentary released by Al-Jazeera
Jho Low claims he merely borrowed billions from 1MDB to buy real estate, yacht, Cristal champagne. Is he thinking 1MDB is a bank, since it ends with a B?
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1. NUMBERS AT A GLANCE
USD1.2mil: Price paid for a racing pigeon at an auction. For a bird.
USD90bn: How much richer Elon Musk became in 2020
USD500mil: The amount of jewellery Rosmah bought, claimed by fugitive Jho Low
2. COVID-19 SUMMARY
3. IN MALAYSIA
Al-Jazeera released its documentary, ‘Jho Low: Hunt for a Fugitive’. Did someone put Jho Low under a spell? He doesn’t think laundering billions of ringgits is a crime. There were merely loans for him to live his humble life, you know - buy yacht, champagne, jewellery, a couple of Picasso paintings and parties.
Kudos to frontliners for being outstanding in fighting Covid-19! Health minister Adham Baba says the recovery rate for Covid-19 patients is higher than of the first two waves.
Sayonara AirAsia Japan, unfortunately. AirAsia Group’s 33% owned AirAsia Japan Co Ltd (AAJ) has filed for bankruptcy proceedings on Nov 17. Missing Ichiran’s ramen? Need to book a flight with another airline instead.
Why is Zoo Negara on the verge of bankruptcy?! Ok, we love the pandas at the Zoo but they just cost too much to maintain, RM689K for insurance. Can we return them ASAP? We’ll compensate with a panda meme.
No wonder CCM Bhd climbed to 12 year high. Batu Kawan Bhd has proposed to buy 56.32% stake in the company from PNB for RM292.97 mil cash or RM3.10 per share. That’s 11.11% premium over the 12 year high closing price of RM2.79.
5. AROUND THE WORLD
Tesla will be a component of S&P500 this December. This announcement propelled Elon Musk’s wealth by US15bn to USD117.5bn, making him the 3rd richest person in the world. This year alone, Elon Musk added USD90bn to his networth, due to Tesla’s insane rally. Tesla’s market capitalization is now approximately USD400bn, making them the 10th largest stock in the S&P500 edging out JPMorgan Chase.
Requirements to be a S&P500 company:
Market cap of at least USD8.2bn (Tesla’s is 50x this)
At least 50% shares available to public
Post 4 successive quarters of profits.
As Moderna unveiled its vaccine’s effectiveness, its top execs dumped nearly USD30mil of stocks - on the same day. Same case with Pfizer’s vaccine announcement last week - its CEO sold USD5.6mil worth of his shares when the announcement was made.
Although these sales were executed through insider trading plan (scheduled sales), it’s hard to say convincingly that there is no element of illegal insider trading. These top execs are the ones that decide the timing of the announcement. Really, how much coincidence can this announcement and their scheduled stock sale be? A watchdog group has called for SEC to initiate a probe into Pfizer CEO’s conduct.
AirBnb just filed for IPO and is set to raise USD1bn.
4 million hosts
Served 825mil guests in 220 countries and regions
9-months ended Sep 30
USD18bn bookings, down 39% yoy
USD2.5bn revenue, down 32% yoy
USD697mil net loss, decrease of USD374mil yoy
Warren Buffett’s Berkshire Hathaway joins the pharma rush with USD5.5bn stakes in big pharma AbbVie, Bristo Myers Squibb, Merck and Pfizer.
Jeff Bezos, the founder of Amazon and the richest man in the world donated
USD791mil to organisations working to fight climate change. This is part of Bezos Earth Fund, a pledge made by Bezos in February to give USD10bn to fix our climate.
6. MARKET SUMMARY
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