Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 58 seconds.

Yesterday, Turkey’s quake-bound losses soared into the billions, Abu Dhabi funds got fined for 1MDB, and Tesla paused their self-driving rollout. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Traders are doing nothing but playing around with choppy markets, and US stock futures rose slightly. Maybe they’re happy that February is over. 🤷🏽

• Recent bloodshed in Indian markets is plaguing investors as they switch away from Indian equities to Indian bonds. Solid stuff.
  🙈

• Investors also look on tilt after seeing all the stuff going down with Renaissance Bank in China. Maybe it isn’t a good idea to kidnap all your billionaires.

Story Roundup

1 - Abu Dhabi says sorry for nabbing Malaysia’s millions. 💸

Remember that fat Malaysian dude who stole $4.5 billion from the government and used it to fund The Wolf of Wall Street?

Two Abu Dhabi-based state funds are now getting fined because of his antics.

IPIC (Int’l Petrol Investment Co.) and Aabar will have to write a massive check - to the tune of $1.8 billion.

Execs at these companies were thrown in jail for doing this nonsense, because of how it puts a stain on Abu Dhabi’s rep.

Mubadala (a pretty big shark, one of the biggest state investment companies) scooped up IPIC and Aabar in 2016 - which raises a lot of questions.

Big money. 💸

2 - Tesla holds back from going solo. ⛔

Regulators aren’t feeling confident about Elon baba’s self-driving systems.

Tesla’s FSD (full self-driving) software is some of the coolest and most interesting stuff on the market.

For one, it costs $15,000 per person. But that’s a luxury worth paying for if you can hop into your car and nap on the highways.

The hand of the law feels that FSD can cause some big crashes and that it’s not ready to hit vehicle CPUs around the world.

Tesla vehicles might be liable to cause crashes at intersections and violate local traffic laws.

Now that’s electrifying. ⚡

3 - Turkey’s fractured land adds up quick. 🪨

The ground is shaking beneath Turkey, and it looks like their entire economy is gonna be mangled in the crossfire.

As always, the devil is in the numbers.

More than 105,000 buildings simply evaporated with an estimated aftershock worth $68 billion.

Direct impacts to the Turkish economy stand at $34 billion because of how much daily life has been shaken up.

The World Bank thinks that one big culprit in this saga is Turkey’s “lax” building code.

Builders were given money by the government to build housing → they used cheap materials to “save” money → they pocketed the rest for themselves.

Scary stuff. 😓

4 - Air India gets ready to cut Vistara off. ✂️

Tata and Singapore Airlines are shaking hands, and it’s a blockbuster aviation deal.

Air India and Vistara will be merged together, and the Vistara brand will be no more.

The final name will belong to Air India, and Singapore will also inject $250mln into the business.

Singapore will own 25% of the new business, and Tata will own the rest.

There are some big things in store, especially since Air India placed an order for 470 aircraft worth $70 billion from Airbus.

India's aviation market is taking off at a quick pace, and interest from investors like this eases a lot of turbulence.

Next destination? The moon.

5 - Adnoc Gas ups their IPO’s stakes. ⛽

Of all the IPOs that have been done in the UAE over the years, of all the billions of dollars that have been raised, and of all the energy companies that went oversubscribed - this one is the most exciting.

The company is called Adnoc Gas, and they’re selling 4% of their business for $2.5 billion.

That brings their total value to over $50 billion, and the reasons behind going public are interesting.

Adnoc Gas enjoys some super-low processing costs (about $0.5 per million BTUs) while the rest of the market is dealing with LNG prices sitting at $15/MMBtu.

It’s also offering a decently meaty 6.4% dividend yield along with being the first IPO to offer investors direct access to the region’s hydrocarbon reserves (bar Aramco).

It’s trillion-dollar game! 🛢️

Hope you enjoyed this issue of Market Munch. If you’ve got any feedback - good or bad (😏) you can hit reply to this email and I'll get a ping in my inbox. Thanks a ton for reading!

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Cheers, and have a lovely day. 🙏

- Aryaansh ⚡