☕️ 60 is the new 56: Malaysians redefining the meaning of "old age"

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

In the first six months of 2025, WhatsApp reportedly took down 6.8 mil accounts linked to scammers targeting people globally, according to parent company Meta. The announcement – made as WhatsApp rolled out new anti-scam measures – reported that many of the accounts were tied to scam centres run by organised crime rings in Southeast Asia, with the operations often using forced labour. These takedowns target an increasingly common tactic where criminals hijack WhatsApp accounts or add users to group chats promoting fake investment schemes and other scams. One notable case was when WhatsApp worked with Meta and ChatGPT parent OpenAI to disrupt scams linked to a Cambodian criminal group. However, ChatGPT is also a primary tool for scammers to create the instructions issued to potential victims.

Between 2021 to March 31, 2025, Malaysia recorded a total investment value of RM144.4 bil in the data centre sector, with 25 approved investment projects. According to the Malaysian Investment Development Authority (MIDA), these projects were approved under the Digital Ecosystem Acceleration Scheme, and are projected to create 1,429 new jobs requiring specialised expertise, such as engineers, data scientists, big data analysts, cybersecurity engineers, and IT engineers. Beyond job creation, the government is making efforts to promote vertical integration between the semiconductor industry and the data centre sector to maximise economic benefits for the country.

Global reinsurance brokers Gallagher Re reported that global insured losses for the first half of the year have reached USD84 bil (RM356.2 bil), marking the highest first half total since 2011. Violent storms in the US with damaging wind, lightning, and hail made up 39% of the total. The California wildfires made up almost 50% of the total as well. Gallagher Re also believes that 2025 is on a clear path to surpassing USD100 bil (RM424 bil) in insurance losses for the full year, calling the threshold a “new market reality”. The insurance brokerage also attributed soaring housing costs as a factor in the growth of insurance losses. They also blamed people who continue to choose locations that are vulnerable to severe weather or fire.

3. IN MALAYSIA 🇲🇾

Zara Qairina’s post-mortem: family lawyer confirms body had injuries
Shahlan Jufri, the lawyer representing the family of the late Sabahan Zara Qairina Mahathir, spent 8 hours in Queen Elizabeth Hospital’s autopsy room observing the extensive autopsy. He had observed the forensic team’s entire procedure.

Satisfied that the post-mortem process was “conducted transparently, with very high integrity”, Shahlan also confirmed that Zara’s body had indeed sustained fractures, consistent with reports on social media. However, he was not able to disclose further details as the case was still under investigation. Shahlan also stressed that a post-mortem report was not a public document and could only be obtained in court should there be an inquest.

In response to this incident, the Education Ministry stated that it will carry out an immediate safety audit of all schools, including fully residential institutions and hostels. Findings are to be presented to the ministry’s top management within 3 months.

Malaysians redefine meaning of “old age”: 60 is the new 56
Malaysia has once again grabbed the international spotlight - this time, for holding a different opinion towards the perception of “old age”. Global market research and consulting firm Ipsos conducted a study involving 23,745 adults under 75 years of age from 32 countries to understand people’s perception towards ageing. In its report (view here), Ipsos indicated that 58% of Malaysians had a positive view towards ageing.

Malaysia’s rather unique perception also makes it the only Southeast Asian country to shift its view on when old age begins, with the opinion that old age now starts at 60. Meanwhile other regional countries like Singapore, Indonesia, and the Philippines showed no change, still viewing old age as starting at 62, 59, and 60 respectively.

On the flipside, Malaysians’ positive outlook is contrasted with tough financial realities as EPF’s data shows that over 6 million Malaysians under 55 have less than RM10,000 saved for retirement! Furthermore, Ipsos’ takeaway from the study was that Malaysia had to offer better healthcare and support systems to cater an increasingly ageing society. Ipsos also added those aged 65 and above are expected to comprise 15% of Malaysia’s population by 2043.

Business

DRB-Hicom to acquire Spirit AeroSystems at over RM426 mil
DRB-Hicom, one of Malaysia’s largest conglomerates with diverse business interests - automotive, aerospace and defence, postal, banking, services, and properties, is set to acquire the Malaysian operations of US-based aerospace manufacturer Spirit AeroSystems, in a deal that values the company at over RM426 mil. Spirit AeroSystems Malaysia Sdn Bhd, which supplies key components and other assemblies for Airbus and Boeing, made a net profit of RM70.1 mil on revenue of a little over RM1 bil in 2024. DRB paying about 6x earnings - kinda good bargain. 

According to DRB-Hicom, this acquisition is expected to provide its aerospace division greater scale and growth in revenue, operations and customer exposure, stronger presence in key programmes and deeper relationships with global original equipment manufacturers, among other benefits. Interestingly, at the time of DRB-Hicom’s proposed acquisition, Boeing is also in the midst of acquiring the US-based parent company Spirit AeroSystems. Similarly, Airbus may be making moves to assume ownership of certain assets which serve Airbus programmes.

Travel agency Golden Destinations charts course for ACE Market
After almost 34 years of operating, full-service travel agency Golden Destinations Group Bhd with 789 travel agents nationwide, has filed for a listing on the ACE Market. This filing will see Golden Destinations raise funds for business expansion, working capital requirements, set up a new headquarters, expand to Sarawak and Singapore, as well as adding up to 90 new hires, among other things. The company recorded net profit of RM31.61 mil, more than double year-on-year, and revenue of RM597.49 mil (up 38% yoy) in 2024. This proposed initial public offering comes as global travel is starting to rebound. The company is solely owned by Mita Lim Swee Kok, whose stake will be diluted to 70.15%. View prospectus here.

CVC to flip stake in AHAM Capital
Roughly 3 years after emerging the single largest shareholder within independently-managed AHAM Asset Management Bhd, private equity firm CVC Capital Partners is bracing for an exit, having identified at least one interested buyer. CVC paid RM1.54 bil for its 68.35% share in AHAM Capital (valuation: RM2.25 bil), is now valued between RM2.6 bil and RM3 bil. AHAM Capital’s other major shareholders are Japanese-based Nikko Asset Management Co Ltd (20%) and the Armed Forces Fund Board (7%).

CVC acquired the 63% stake from Affin Bank Bhd, netting a cool RM1.06 bil in disposal gains for the bank and 5.35% stake from Affin Hwang AM for RM120 mil. AHAM Capital’s assets under administration stood at about RM89 bil as at end 2024. Net profit grew 1.16% to RM115.4 mil in FY2024, on revenue of RM484.35 mil, up 28.36% yoy.

4. AROUND THE WORLD 🌎

More journalists killed by Israel
Anything that moves in Gaza, naturally, becomes a killing target for Israel. The Israeli military targeted and killed prominent Al Jazeera journalist Anas Al Sharif in an airstrike, claiming that he had headed a Hamas militant cell and was involved in rocket attacks on Israel. These claims were rejected both by the late Al Sharif as well as Al Jazeera. The strike that killed Al Sharif also killed three fellow Al Jazeera journalists and an assistant, along with a local freelance reporter and two others. Al Jazeera called the strike a “desperate attempt to silence voices in anticipation of the occupation of Gaza”, which follows Israeli PM Netanyahu’s declaration that he will escalate the war.

Trump cracks down on the homeless, tells them to "move out"
For a homeless person to move out, but to where? US President Trump has told the homeless people of Washington DC to “move out” in a bid to follow through on his vow to tackle crime in the city. He posted on social media that there will be “places to stay” for the homeless, but “far from the capital”. He also told “criminals” that they will be put in jail where they belong. So far, Trump has ordered federal agents into Washington DC to curb what he called “totally out of control” levels of crime, which was refuted by city mayor Muriel Bowser, who said the city was not experiencing a crime spike. At any given night, Washington DC has about 3,782 homeless people. However, most were in public housing or emergency shelters, leaving about 800 “on the street”.

The Cs: Chips and children

China claims Nvidia's H20 chips pose "security concerns"
Chinese authorities have declared that Nvidia’s H20 chips pose security concerns for China, with Beijing worried about potential backdoor access in those chips. This was posted by a social media account affiliated with China’s state media, with the post also stating that the H20 chips are not technologically advanced or environmentally friendly. The post concluded with the thought that, as consumers, China did not have to purchase chips that are neither environmentally friendly, nor advanced, nor safe. How the tables have turned. It’s China’s turn to claim spyware.

Coincidentally, this comes as Nvidia and AMD both agreed to pay the US government 15% of whatever revenue they gain from selling chips to China, as part of an “unprecedented” deal to secure export licences to China. The US had previously banned the sale of powerful chips to China. Nvidia created the H20 as a workaround, but that got banned too.

Using emojis over faces of children in photos no longer safe
The advent of AI tools means that the use of emojis to cover up a child’s face in a photo on social media is no longer enough to protect their identity. The AI tools can remove the sticker and reinsert a child’s face for cyberbullying, blackmail and creating abuse-related content. An expert said that a picture shared on social media, even with the emoji sticker, still offers up a large amount of information about the child, such as age, build, location, and even what school they go to. Photos posted on social media also mean parents lose usage rights to the pictures, may unintentionally reveal private information, offer fuel to cyberbullies, and the photos may even be used in a sexual context.

Business

Starbucks South Korea: Our stores are not your offices!
The coffee chain is facing the issue of some of its customers treating its outlets like private office spaces, with some people bringing desktops, printers, and even desk partitions. This has led to the coffee chain posting up notices urging patrons to not bring bulky office equipment into the shops, for customers to take their belongings with them when leaving their seats for long periods, and to let other customers share tables meant for multiple people. The chain clarified that laptops and smaller personal devices are still welcome. Starbucks South Korea’s headache comes from a work-from-cafe trend called “cagongjok” which has swept the country.

UK toy chain's founder gifts the company to staff
Gary Grant, the founder of the Entertainer, the UK’s biggest toy chain, is transferring 100% ownership of the multi-million-pound, 160-shop empire to an employee trust for his 1,900 workers. This means they will get a share of the profits and have a say in how the company is run. He also hinted at “real rewards” that should arrive for the year ending in January 2027. Mr Grant and his family will be financially rewarded as well, as they will be receiving a payout for the transfer of their 100% shareholding, which will be taken out of the company’s profits over time. The Entertainer posted full-year pre-tax profits of GBP6.7 mil (USD9 mil) on sales of GBP208.4 mil (USD280.6 mil) for the year ended January 2024. Gary Grant, now 66, opened his first shop with his wife Catherine in 1981 when he was 23.

Ninja Van mulls funding round – at half of current valuation
The Singapore-based logistics startup backed by Alibaba Group Holding is in talks to raise an internal round of funding. However, the funding round, which looks to raise USD80 mil, will also see the start-up slash its valuation by half. Ninja Van was valued at well beyond USD1 bil (still a unicorn!) after raising USD578 mil in a Series E funding round in 2021. The move is the latest sign of tech companies struggling to navigate the Southeast Asian financing winter.

5. FOR YOUR EYES 📺

Today on power (also addicted to G-Dragon’s POWER - listen to it if you need some motivation)

1. The unseen destruction by nepotism

2. The story of Samsung - the family conglomerate that accounts for a fifth of South Korea’s economy.

3. Herd mentality in action.

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