☕️ Anwar asks officials to hold back immediate release of report on Azam Bali - Bloomberg

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

290.1 mil – That’s how many domestic tourists there were in 2025, demonstrating an encouraging growth in the sector. The Department of Statistics said the figures represent an 11.5% increase from the 260.1 mil visitors in 2024. For 2025, domestic tourism expenditure reached RM121 bil, recording a robust 13.3% year-on-year growth. The Chief Statistician said the sector’s growth underscores its importance in strengthening domestic demand, supporting micro, small, and medium-sized enterprises, and enhancing overall economic resilience.

800 – That’s how many bags were mishandled by Malaysia Airlines per week as of mid-Dec 2025, an average of over 100 per day. According to the airline’s COO, the fault lies in KLIA’s baggage handling system. The airline’s mishandled baggage target for 2025 was below 3.5 per 1,000 passengers. However, the year-to-date performance till Nov 2025 stood at 5.45 bags per 1,000 passengers.
Fun fact: The common shareholder behind Malaysia Airlines parent Malaysia Aviation Group and KLIA operator Malaysia Airports Holdings Bhd is Khazanah Nasional Bhd.

100 – That’s how many new airports India plans to build in smaller towns and cities in the coming years in a bid to boost regional connectivity, trade, and tourism. Alongside the planned airports are 200 helipads for the same purpose. According to Indian PM Narendra Modi, this was also to meet the aircraft and infrastructure demands of the country’s fast-growing aviation sector. The whole project will cost India USD1.2 bil (RM4.7 bil) and will be able to handle 12 mil passengers annually. India has also more than doubled its airport count from 74 in 2014 to over 160.

3. IN MALAYSIA 🇲🇾

BNM’s healthcare reset
Basic cover with fairer access: Bank Negara Malaysia (BNM) is preparing a major overhaul of the country’s medical insurance landscape with a new basic Medical and Health Insurance and Takaful plan aimed at making private healthcare cover more accessible and affordable. Scheduled for a pilot in the second half of 2026, with a full rollout targeted for early 2027, the plan will offer a standardised and regulator-controlled option across participating insurers and takaful operators. Key features include guaranteed renewal up to age 85, gradual premium adjustments instead of sudden steep hikes, and annual coverage limits of RM100,000, rising to RM150,000 for those above 60. The move comes as medical inflation is projected to hit 16% this year, while only 22% of Malaysians currently hold insurance and 39% of healthcare spending is still paid out of pocket.

Pre-existing condition safeguard under review: One of the most closely watched features is BNM’s proposed no-look-back clause, which is currently under review. If implemented, it could prevent insurers from rejecting claims linked to stable and well-managed pre-existing conditions or previous non-disclosure, a long-standing issue that has raised trust concerns in the insurance sector. The regulator is also working on a more transparent underwriting framework and stricter controls on pricing, with premiums set to be standardised across the industry. Policyholders facing repricing may also switch to the new plan without fresh medical underwriting. While the proposal does not fully solve rising healthcare costs, it marks a significant step towards giving Malaysians, particularly older individuals and those with chronic but controlled conditions, more certainty and continued access to private medical cover.

Anwar asks officials to put Azam Baki report on hold
PM Anwar Ibrahim is said to have asked officials to hold back the immediate release of a report into MACC chief commissioner Azam Baki’s shareholdings pending the outcome of a separate investigation linked to the alleged corporate mafia case, in a latest reporting by Bloomberg. The report, commissioned by the Cabinet in Feb and prepared by a three-member committee led by the attorney general, has already been submitted and referred to the chief secretary for the next course of action. However, sources familiar with the matter said the government wants to avoid releasing the findings too soon while a broader probe into allegations involving businessmen and MACC officials is still ongoing.

Anwar is expected to let Azam Baki step aside as his contract comes to an end this May 12 (his contract was renewed 3 times, btw). Sources said Azam Baki has been campaigning to be made a senator after he leaves the job. Earlier, Anthony Loke had called for a Royal Commission of Inquiry into the corporate mafia allegation, but failed to get the Cabinet to agree to his proposal.

Biz:

BYD’s Malaysia plans hit a speed bump
CKD talks stall over policy terms: BYD Malaysia’s proposed local assembly plant in Tanjung Malim is now facing uncertainty after talks reportedly stalled over conditions set by the Ministry of Investment, Trade and Industry. The facility, which was expected to begin production in the second half of 2026 and be fully funded by BYD, is said to be under review as the Chinese electric vehicle maker reassesses its plans. At the centre of the issue are MITI’s terms requiring up to 80% of vehicles produced at the plant to be exported, while the remaining 20% for the local market must be priced above RM200,000 per unit. These conditions are understood to be the main sticking point in negotiations, with the ministry maintaining that such measures are necessary to protect Malaysia’s domestic automotive ecosystem.

Protecting local industry and jobs: MITI said the policy is intended to safeguard local players such as Proton and Perodua, which together support an industry employing about 700,000 people and maintain around 50% local content in their vehicles. The development also comes as the government enforces a new minimum price of RM250,000 for fully imported electric vehicles, adding further pressure on brands looking at local assembly routes. While Chery’s previously announced RM2.2 bil investment in its Hulu Selangor assembly plant remains unaffected, the uncertainty surrounding BYD may also raise questions for other Chinese EV brands such as Zeekr and Xpeng, which are believed to be planning local assembly operations in 2026. The latest development highlights the growing tension between attracting foreign investment and preserving the strength of Malaysia’s home-grown automotive industry.

How to be global champions when each time there’s competition, terus need protection.

Paradise eyes Bursa debut
F&B IPOs getting hot. Next one in the pipeline - Paradise Group.

F&B listing watch: Singapore-based Paradise Group, the operator behind popular restaurant brands Paradise Dynasty, Beauty in The Pot and ParaThai, is reportedly exploring a potential listing of its Malaysian unit on Bursa Malaysia’s Main Market. Size and timeline of the deal yet to be finalised. Interest in the move is said to have gained traction following the strong market performance of Oriental Kopi’s 2025 debut, which sparked renewed investor appetite for consumer and F&B counters.

Strong local growth story: The potential listing comes as Paradise’s Malaysian business continues to show solid earnings growth. For the financial year ended Jul 31, 2024, Paradise (F&B) Malaysia posted a net profit of RM23.63 mil, up from RM18.92 mil a year earlier, while revenue climbed 16.9% to RM176.16 mil. The group currently operates 43 outlets nationwide, making Malaysia one of its key regional markets and accounting for about a quarter of its global footprint. Based on a rough valuation benchmark of 20 times earnings, similar to Oriental Kopi’s listing multiple, the business could potentially command a valuation above RM470 mil. While investor interest may be strong, factors such as the absence of halal certification across all outlets and the group’s positioning in the non-halal dining segment could influence market appetite as plans progress.

Idiots on the road
Road safety is back in sharp focus following a fatal crash in Klang that has once again put drunk driving and reckless driving under the spotlight. A motorcyclist in his 30s was killed after a Honda City driven by a man in his 20s, who later tested positive for both alcohol and drugs, reportedly sped along Jalan Raya Barat, entered the opposite lane and slammed into the oncoming motorcycle at about 11.40am on Mar 29. The latest case adds to a growing list of deadly incidents seen across the country in recent years, despite tougher laws introduced in 2020 that now carry penalties of up to 15 years in prison, a RM100,000 fine and a 10-year driving ban for offences causing death or injury. Accident captured here (warning - graphic). Mixed emotions watching this - angry, sad.

Other viral road incidents raise concern: The renewed attention also comes amid several other road-related incidents that recently went viral online. In Kuala Lumpur, a woman was knocked down by a motorcycle while crossing Jalan Bangsar (watch here, graphic warning)at a non-designated crossing while using her phone, though she reportedly escaped without serious injuries. In Shah Alam, police also arrested four individuals after a video showed fireworks being set off from a moving car in Bukit Jelutong (watch here), raising further concerns over dangerous behaviour on public roads.

4. AROUND THE WORLD 🌎

War, oil, no peace
Iran calls US proposals 'unrealistic', renews attacks on Israel
Iran called the US proposals to end the war “unrealistic, illogical, and excessive”, after which Iranian forces launched a fresh wave of missiles on Israel. This sent oil prices higher, further exacerbated by Hezbollah’s entry into the war. The renewed attacks follow a warning from US President Donald Trump, who told Tehran to open the Strait of Hormuz or risk US attacks on its oil facilities and power plants. In the same social media post, Trump also said the US was in talks with a “more reasonable regime” and that “great progress has been made”.

Ukrainian drone-makers: Iran conflict could be a make-or-break opportunity
Meanwhile, the Iran conflict could be a stepping stone for Ukraine to kick-start exports of its own drone interception systems and create a world-leading industry, as its own war with Russia has made Ukraine an expert in the field. In a bid to export Ukrainian systems and know-how, Ukrainian President Volodymyr Zelenskyy has travelled across the Gulf region over the weekend to hash out deals with countries that have been subjected to waves of Iranian drone attacks this month. This has resulted in framework cooperation deals being signed with Saudi Arabia and Qatar, with another in the works with the United Arab Emirates. Several industry figures said the Iran war has underlined the potency of attack drones in modern warfare and exposed many countries’ vulnerabilities to the threat.

South Korea mulls first driving curbs in 35 years as oil prices rise
Should oil prices breach USD120 (RM482.52) per barrel, South Korean authorities may widen driving restrictions to include the general public. This comes as the country looks to cushion the impact of the Iran war on its energy supplies and follows driving restrictions already imposed on civil servants. These restrictions curb how often civil servants can access government buildings by car based on the last digit of their licence plates. The last time a similar restriction was imposed on the private sector was in the Gulf War in 1991. Last week, the government already called on the public to reduce power usage and ride public transport to avoid energy shortages.

Meanwhile, US airlines are also facing a fuel-driven financial shakeout, with the spiking oil prices considered the first real financial stress test for the carriers since the COVID-19 pandemic. Weaker carriers are more likely to shrink, borrow, or absorb deeper losses, while stronger rivals will look to invest and gain market share. Low-cost and ultra-low-cost carriers would be hit hardest if fuel prices stay high due to already-thin margins.

In the face of the oil spike, Egyptian President Abdel Fattah al-Sisi has urged Trump to stop the war. Sisi warned that fears of oil prices rising above USD200 per barrel were not exaggerated. He also warned that the elevated oil prices could lead to a crisis for global food supplies, as disruptions to fertiliser exports would have a massive impact on prices, which would not be easily absorbed by middle-income and fragile economies.

Criminal activity
Myanmar junta chief seeks presidency as military looks to maintain power
Myanmar’s military chief of 15 years, Min Aung Hlaing, has stepped down from the post to seek the presidency. This marks the latest step in the military’s efforts to maintain power behind the façade of a civilian government, five years after it led a coup against an elected government. This follows a controversial election held in Dec and Jan which was widely considered a sham by the United Nations and many Western countries. The civil war in the country continues to rage, with the death toll nearing 93,000 people. More than 3.6 mil people have been displaced, with the war also taking a toll on the nation’s weakened economy.

From Russia with Love: British diplomat accused of espionage
Russia’s Federal Security Service, the successor to the Soviet-era KGB, accused Second Secretary Albertus Gerhardus Janse van Rensburg of “carrying out intelligence and subversive activities that threatened the security of the Russian Federation”. The British foreign ministry called the accusations “completely unacceptable” and a deliberate harassment of its diplomats. Russian state television aired videos of Janse van Rensburg meeting economic contacts in Moscow restaurants, and cross-country skiing beside what state media said was a special defence ministry building. Janse van Rensburg has been expelled from Russia and is the 16th British diplomat to be expelled in two years. Looks like 007 has been caught, Your Majesty.

Over 400,000 KitKat candy bars stolen in heist
Food giant Nestlé said that 413,793 KitKat candy bars were stolen after the shipment left its production site in Italy earlier this week. The shipment, which weighed about 12 tonnes, was bound for Poland. The company reported that the vehicle and its cargo are still “nowhere to be found”. While the missing candy bars could enter unofficial sales channels across European markets, each product can be traced using the unique batch code assigned to individual bars. Consumers, retailers, and wholesalers would be able to identify if a product is part of the stolen shipment by scanning the on-pack batch numbers. If a match is found, the person who scanned it will be given clear instructions on how to alert the company. This has also sparked a bit of a social media trend, with other companies emulating the simplistic announcement by KitKat. Hmm, April 1 approaching soon.

5. FOR YOUR EYES 📺

Beautiful buildings. Mega buildings. Smart building.

1. Beautiful libraries in Malaysia

   1. Universiti Teknologi PETRONAS, Perak 

   2. Pustaka Raja Tun Uda, Shah Alam

2. Top-tier sports facilities at TAR UMT Arena, Setapak. Price tag: RM210 mil.

3. The scale of hospitals in China. For comparison, Sunway Healthcare, which went IPO last week, has 1,805 beds as of Jan 2026 and market cap of RM24 bil.

4. The invisible v-shape requirement in US urban planning law - to get more vitamin D.