☕️ A major player making a political comeback

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

US dollar-pegged stablecoin Tether recently celebrated its 500 millionth user. According to Tether, this was 500 million users, not wallets, which suggests that about 6.25% of the world’s population is using Tether. The stablecoin identifies as a means to transact and save for those excluded by the traditional banking system, which the World Bank estimates to be around 1.4 bil adults. According to Tether CEO Paolo Ardoino, crossing the 500 mil user mark is likely the biggest financial inclusion achievement in history. Notably, Tether was in talks with investors to raise up to USD20 bil (RM84 bil) at around a USD500 bil valuation, which would make Tether one of the most valuable private companies in the world.
Learn: How stablecoins support financial inclusion globally

The royal jewels stolen from the Louvre museum in Paris were valued at about USD102 mil (RM428.3 mil), according to the museum’s curator. While the economic damage from the theft of the jewels has been severe, it is nothing compared to the historical damage. The eight items of jewellery stolen included a tiara and earrings from the set of Queen Marie-Amélie and Queen Hortense, of the early 19th century. It was also discovered that the stolen jewels were not privately insured. A French law prohibited entities like the Louvre from insuring its property, except when it is being moved or loaned to another institution. As the Louvre is a national museum, its collections are considered state property, for which the state bears sole responsibility. This means that everything that belongs to state museums in France is uninsured, unless it leaves the building. What were the French thinking?

13.7 mil people. That is how many risk severe hunger due to cuts in global humanitarian aid. This comes as a warning from the UN’s World Food Programme after US President Donald Trump slashed the foreign aid allocation of the US, which was the agency’s biggest donor. It expects to receive 40% less funding in 2025, resulting in a projected budget of USD6.4 bil (RM26.9 bil), down from USD10 bil in 2024. The cuts would push the 13.7 mil people from “crisis” to “emergency” levels of hunger, one step away from famine. According to the agency’s executive director, the reduced funding could cause the loss of decades of progress in the fight against hunger.

Nvidia became the first company to hit a mind-boggling USD5 tril market cap.

3. IN MALAYSIA 🇲🇾

Gaming gone too far
The investigation into the brutal throat-slashing of a six-year-old boy in Kampung Parit Nipah Laut has taken a turn after his nine-year-old brother gave his statement to police. Authorities now believe the parents may have tried to cover up the elder child’s involvement, having initially claimed it was a robbery or an accident. Both parents are in custody for negligence and causing grievous hurt, while the victim remains in stable condition under hospital and welfare supervision. Investigations suggest the attack may have been triggered by anger after the older boy lost over a million points in the online game Roblox when his phone was damaged. The case is still being probed from multiple angles, including digital addiction and parental negligence. It’s just heartbreaking that a six-year-old almost loses his life over a game. It really shows how deep gaming addiction and lack of supervision can go.

Companies caught cheating the system, MyCC fines 26 firms
The Malaysia Competition Commission (MyCC) has fined 26 companies RM97.3 mil for running a bid-rigging cartel tied to tenders worth RM540.7 mil, with 14 more cases involving 563 firms under probe. Budget 2026 allocates more resources to strengthen MyCC’s enforcement, which will soon expand to the private sector to curb anti-competitive practices. Unchecked bid-rigging can harm consumers and distort fair market competition, highlighting the need for stronger enforcement measures. The summit also saw MoUs signed with the Philippine Competition Commission and SME Corp Malaysia, plus plans for a Letter of Understanding between MyCC and 16 ministries to improve coordination and transparency in government tenders.

Capital A to see blue skies soon

Capital A ready for takeoff, PN17 Exit & Nasdaq plans
Capital A Bhd looks set to finally shake off its PN17 tag by the end of the year, and the group is “ready to take off” after wrapping up its airline consolidation under AirAsia X Bhd (AAX). With all conditions cleared, AAX will now house all of AirAsia’s short- and medium-haul carriers, while Capital A shifts focus to its non-aviation ventures like BigPay, Teleport, Santan and other digital services. They’re aiming to file for PN17 upliftment this December, with a RM1 bil private placement for AAX almost done. With restructuring out of the way, Capital A is dusting off its plan to list its digital arm, now called AirAsia Next on Nasdaq. On the aviation side, the soon-to-be-renamed AirAsia Group is getting back in full swing, to get all 15 grounded planes flying again and expand its fleet from 255 to over 600 aircraft within the next decade.
View: Capital A current structure vs post-restructuring

AirAsia’s to refinance USD 600 mil loan with cheaper lenders
AirAsia Aviation Group is looking to raise up to USD 600 mil (RM2.5 bil) through a lower-interest bond, replacing its earlier private credit facility that carried rates of up to 11%. The move comes as the airline rides on stronger travel demand and better market conditions, aiming for a coupon rate (aka interest rate, in bond terms) of under 10%. The company is also exploring a range of financing options, including tapping into public bond markets as part of its ongoing RM6.8 bil restructuring to create a new listed entity and streamline operations. Deutsche Bank is reportedly the sole arranger for the bond, with investor meetings lined up in Hong Kong and Singapore later in November.
Learn: What is private credit? 

Shorts

1. Guess who’s making a political comeback?

   Khairy Jamaluddin looks set to make a comeback to Umno ahead of the Sabah state election next month, with party president Ahmad Zahid Hamidi reportedly giving him the nod to rejoin. Sources say Zahid personally told Khairy to send in his membership form during a recent wedding event. After being kicked out of Umno in 2023 for criticising its leadership, Khairy is now expected to help with the party’s Sabah campaign and could even be eyeing the Kepala Batas parliamentary seat, once held by his late father-in-law, ex PM Tun Abdullah Ahmad Badawi.

2. Dog owners might need liability insurance soon

   The Housing and Local Government Ministry is considering a plan to make dog owners get minimum liability insurance to encourage responsible pet ownership and tackle stray dogs causing public headaches. The proposal will go to state authorities for review, while local councils continue managing strays through by-laws and the Trap, Reclaim, Rehome, and Dispose (TRRD) approach. In places like Manjung, measures like seizing or auctioning roaming livestock have already shown to work.

3. Tourism Ministry defends partnership with Starbucks for VMY2026

   Tourism Minister Tiong King Sing brushed off criticism over the ministry’s collaboration with Starbucks for Visit Malaysia Year 2026, saying it’s just one of many “tie-ups” under the campaign. The ministry is also working with various other brands from Danish butter cookies to Muslim-owned halal fragrance companies and accused detractors of politicising the issue. Despite the backlash, he confirmed that the Starbucks partnership will go ahead regardless, and set to roll out Malaysia-themed merchandise and food to help promote the country globally. First, we have a local champion (i.e. ZUS Coffee), and second, the Starbucks brand isn’t the best to be associated with given the persisting boycott. 

4. AROUND THE WORLD 🌎

Trump meets Xi

Meeting went well, but not major reset
The deal that US President Donald Trump had with Chinese President Xi Jinping after their meeting may not be more than a fragile truce in the trade war between the two superpowers. The deal hashed out in South Korea basically puts the two nations back to the status that existed before Trump announced his Liberation Day tariffs in April. This, along with the fact that the two leaders had agreed to two follow-up visits next year, has offered some relief to multinational firms. The relief is also felt by the two nations themselves, as the deal gives both some much-needed breathing room. Still, the deal is only delaying the hit, rather than addressing the issues. China’s latest rare earths licensing curbs are only delayed, not dismantled, and the US has no comparable leverage or any way to break the Chinese stranglehold on rare earths for now.

Here’s a look at the salient points that were discussed during the deal:

Tariffs: Trump immediately announced a 10% tariff reduction on China, following several pledges from the Asian superpower, bringing the total tariff down to 47%. He also removed the threat of the 100% additional tariff, and said that the broad trade agreement between the two countries would last one year. He expects a yearly renewal.

Fentanyl: Trump said Xi promised strong action on the export of precursor chemicals used in fentanyl production, with the US President expecting Xi to take very strong measures against those who disobey. This pledge led to the removal of 10% of the tariffs on China, a halving of the initial 20% fentanyl-related tariffs.

Rare earths: Trump said the agreement removed roadblocks over export controls for rare earth metals that China tightened in April, which had led to shortages of rare earth magnets needed for a range of advanced manufacturing. China’s Ministry of Commerce did announce that it had agreed to delay the introduction of a second round of rare earth export controls announced in October 2025. However, the restrictions from April appear to still be in place.

Soy beans and crude oil: Trump said China, which imports more than 60% of the world’s soybeans, has agreed to buy US soybeans and other agricultural products again. This follows a boycott this year due to the trade war, where the lack of Chinese business has hurt US farmers. In a show of goodwill, China bought its first cargoes of US soybeans in several months ahead of the meeting. Trump said that China has also agreed to begin the process of buying US energy in the form of US crude oil. He hinted that a large transaction may take place concerning the purchase of oil and gas from Alaska.

Semiconductors: According to Trump, both parties discussed China’s access to US-made chips. US Treasury Secretary Scott Bessent announced that the US would enact a one-year suspension of Entity List restrictions, making it easier for Chinese firms to use affiliates to buy off-limits technology. Bessent also announced that China has given its approval for the transfer agreement for TikTok, with progress expected in the coming months.

How did Trump rank his meeting with Xi? Comedy reply.

The Rio bloodbath
Officials reported that the deadly police raid in the Brazilian city of Rio de Janeiro has reached 132. This particular raid was the deadliest in the city, where authorities have tried for decades to contain the gangs that control many of its poorer neighbourhoods (or favelas). The police operation had been decried as horrifying by the UN Human Rights office, with residents traumatised by “war-like” scenes with shoot-outs between officers and armed men. The raid’s target was a major drug gang, with the operation planned exhaustively for over two months, according to state police. The plan was to drive suspects into a forested hillside where a special operations unit was waiting in ambush. This operation comes days before Brazil is to host the COP30 UN climate summit, which begins November 10. Not for the faint of heart - a line of bodies on the street, casualties from the operation.

OpenAI’s next trillion-dollar deal - its trillion-dollar IPO
The ChatGPT parent is laying the groundwork for an IPO that could value the company at USD1 tril (RM4.2 tril), making the potential IPO one of the biggest of all time. The move could come as soon as the second half of 2026, with sources revealing that OpenAI plans to raise at least USD60 bil from the exercise. Sources also warned that these were early stage talks, and may change according to market conditions and business growth. The funds would offset the mounting losses inside the company, despite OpenAI’s annualised revenue run rate that is expected to reach USD20 bil by the end of the year.

This also comes after a deal was inked between OpenAI and Microsoft, which would allow the former to restructure itself into a public benefit corporation. The deal also values OpenAI at USD500 bil, and gives the firm more freedom in its business operations. This leaves Microsoft with a 27% stake in OpenAI (valued at USD135 bil, implying a nearly 10x return on Microsoft’s USD13.8 bil investment in OpenAI) and also opens up OpenAI to more options for raising capital.

Shorts

1. France nabs more Louvre suspects, changes rape law
   French authorities have arrested five more suspects linked to the theft of the French crown jewels at the Louvre. However, no sign of the stolen jewels has been seen so far. Paris prosecutor Laure Beccuau said that a police unit specialised in the trafficking of cultural objects was scouring the black market to find the stolen artifcats, which could be used as a means to launder money or as a bargaining chip in organised crime circles. Meanwhile, French lawmakers have approved changes to France’s rape law to include consent, bringing it more in line with over a dozen other European countries. The driving force behind this move was the case of Gisele Pelicot, which saw a mass rape trial where over 50 men, including her former husband, were found guilty.

2. In-house security in Singapore get 6.9% annual pay bump

   Full-time in-house security officers in Singapore will be getting an annual salary bump of SGD160 (RM517.37) over the next three years, an increase of up to 6.9% per year for most junior officers. About 1,500 officers will benefit from this, according to the Ministry of Manpower and Ministry of Home Affairs of Singapore. This brings the monthly wage for entry-level officers to at least SGD2,475 from January 1, up from the current baseline of SGD2,315 (RM7.46k). Per the initiative, the baseline will reach SGD2,795 by 2028.

5. FOR YOUR EYES 📺

1. The interesting history of Teenage Mutant Ninja Turtles.

2. Now officially launched, Malaysia’s cheapest and most affordable EV, e.MAS 5. Starting from RM59,800. Coming for the King Myvi?

3. China’s Unitree robots are getting more and more human-like in its movements. On one hand, glad that it could one day do the dishes. On the other hand, where will this take warfare to?

We end this week with some first aid lessons. Infant vs toddler anti-choking techniques here. Have a good and safe weekend, folks!