☕️ Anwar x Muhyiddin & Co. x Syed in Confidence & Supply Agreement

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

1 in 23 (4.35%) – According to Women, Family and Community Development Minister Nancy Shukri, that’s the risk of Malaysian women developing breast cancer. Based on the Malaysian National Cancer Registry Report 2012-2016 and 2017-2021, breast cancer remains the most common cancer among women in the country. The minister also said that a more concerning issue is how 71% of women aged 40 and above have never undergone a mammogram, while 46% do not practise breast self-examination (learn more here). This low screening rate complicates early detection efforts, even though the survival rate for patients detected at an early stage can reach 95%. The government is addressing this by widening access to early breast cancer screening through the Mammogram Examination Subsidy Programme, introduced in 2007. This was later strengthened and rebranded to WeCaRe, which encompasses awareness of breast and cervical cancer among women. As of Sept 30, 598,919 women in Malaysia have benefited from the programme.

RM5.4 bil – That’s how much Malaysian youths aged 30 and below have racked up in Buy Now, Pay Later (BNPL) purchases across 65.9 mil transactions, according to the Finance Ministry. This accounts for 37.9% of the nation’s 173.9 mil total BNPL transactions and 36.7% of the overall RM14.7 bil transaction value recorded nationwide. As of Jun 30, 2026, the outstanding BNPL financing balance among young consumers reached RM2.4 bil, of which RM96.8 mil or 4% is currently unpaid. In a bid to protect young consumers from falling into debt traps, the Consumer Credit Commission strictly requires BNPL providers to conduct creditworthiness and affordability assessments before granting access to credit.

37 – According to Johor Police Chief Commissioner Ab Rahaman Arsad, that’s the average number of scam cases daily in the state of Johor, with online fraud accounting for 90% of reported incidents. He revealed that police opened 9,897 investigation papers involving RM212.6 mil (~RM21.5k average) in losses during the first nine months of 2026. This is a 44% increase in cases compared with the 6,861 recorded during the same period in 2025, which saw losses of RM252.5 mil. Police are intensifying public awareness campaigns across social media and other platforms in response to the continued evolution of scam tactics alongside digital technology, in a bid to prevent further victims.

3. IN MALAYSIA 🇲🇾

Anwar x Muhyiddin & Co. x Syed Saddiq in CSA
PM Anwar Ibrahim’s latest move was making concessions with MPs across the aisle, as Putrajaya signed a Confidence and Supply Agreement (CSA) with 13 opposition and independent MPs - consisting of six Bersatu MPs, six former Bersatu lawmakers who had previously pledged support for PM Anwar and the newlywed Muar MP, Syed Saddiq. Included in this group is Muhyiddin. As part of the CSA, MPs urged Putrajaya to limit the PM’s tenure and separate the roles of the Attorney-General and Public Prosecutor before the end of the current parliamentary term and to receive equal constituency development funds as government backbenchers. So, how much development funds are these MPs expected to receive after signing the CSA? It is about RM3 mil per annum.
Learn: What is CSA?

In return, these 13 MPs will support PM Anwar until the end of his term and the 2027 Budget. CSAs are not something new. Previously, during former PM Ismail Sabri's administration, a similar agreement was signed with Pakatan Harapan (PH) MPs, for the then government to pledge reforms and not to dissolve Parliament before Jul 31, 2022, in return for the PH MPs to support Budget 2022 and any confidence motions.

Responding to the matter, Bayan Baru MP Sim Tze Tzin welcomes more opposition MPs to sign the CSA as the agreement provides political stability to the country while not diminishing the opposition's role as a counterbalance on the scale.

The MPs certainly need to get to work soon. A report commissioned by the Federation of Malaysian Manufacturers (FMM) stated that this year’s haze was very costly to the country as an estimated RM8 bil of welfare losses was recorded. That is equivalent to 12 years of parliamentary allocation to all 222 MPs. You can read the report here.

Too much oil, too little space
Malaysia, the second largest producer of palm oil, is having a big headache as it does not have enough storage capacity for its palm oil. Nationwide, palm oil inventories hit a record high of 3.51 mil tonnes in Sept, and the seasonal output has not even reached its peak yet. The inventory situation is much worse in top producing states such as Sarawak, which is responsible for over 20% of national output. In Sarawak, palm oil players cannot move out the oil fast enough as key shipping gateways like Bintulu Port are nearing their limits due to slowed export shipments and high freight costs. If this situation persists, mills and refinery plants will slow the extraction of palm oil, which will lead to a substantial amount of fresh fruit remaining unprocessed and spoiling, leading to loss of income for farmers who cannot sell their crops.

To grease the wheels in getting more of our palm oil to the international export market, the Finance Ministry is seriously considering the possibility of temporarily suspending crude palm oil export taxes, at least for the next three to five months. The last time palm oil export duties were waived was in 2020, for a period of six months, after the inventories surpassed the 2 mil tonnes figure. This temporary export tax suspension will be the cherry on top for international buyers of our palm oil, as they are already enjoying low palm oil prices due to the supply glut. Who are the buyers of Malaysian palm oil? India is the largest buyer of Malaysian palm oil, accounting for over 28.3% of total export volume, followed by China and Kenya.

Business news
Asia OneHealthcare files for IPO
The private healthcare group behind Subang Jaya Medical Centre and Columbia Asia network, Asia OneHealthcare Bhd (A1H), has filed for an initial public offering (IPO) on Bursa Malaysia, aiming to sell up to 26.1% of its enlarged issued shares to institutional and retail players. A1H plans to use the IPO proceeds to fund hospital expansion (the ones in Seremban and Tebrau), maintenance capital expenditure, and partially repay the RM300 mil revolving credit facilities. A1H currently has 23 hospitals in its portfolio, with a total licensed bed capacity of 2,632 and a built bed capacity of 3,057. Hong Leong Group and US private equity firm TPG own 73.9% of A1H. View full prospectus here.

Big Caring Group IPO update
More updates on Big Caring’s IPO. The IPO, priced at RM1.08 per share, is expected to raise RM2.03 billion in total, of which RM637.8 mil will go to the company, where 90% of this is earmarked towards debt repayment. The pharmacy chain operator, which owns brands such as BIG Pharmacy and CARiNG Pharmacy, operates 668 outlets nationwide and controls a 24.2% market share. Big Caring Group MD, Lee Meng Chuan, announced that the company is planning to add 50 new stores per annum for the next five years.

Malaysians can now make QR payments in five more Asian markets
Thanks to the partnership between Payments Network Malaysia Sdn Bhd (PayNet) and Ant International’s Alipay+, Malaysians can now use local mobile banking apps to make QR payments at participating merchants in China, Hong Kong, South Korea, the Philippines and Laos. So, QR payments can be made at any merchant that displays QR codes with the Alipay+ logo. Maybank, CIMB and Hong Leong Bank are the first three participating banks, with Bank Islam expected to join soon. More banks, e-wallets and markets will be added progressively. DuitNow QR is already interoperable with domestic payment schemes in Singapore, Thailand, Indonesia and Cambodia.

4. AROUND THE WORLD 🌎

The Iran war has cost US taxpayers USD47 bil (RM191 bil)
Days before the Nov 3 midterm elections, the Pentagon has told lawmakers that the US has spent an estimated USD47.1 bil (RM191 bil) on the war on Iran so far. The estimated cost breakdown is as follows:

• USD29 bil (RM118 bil) spent to replace munitions expended in the war.

• USD7.6 bil (RM30.8 bil) spent by the US Air Force on fighter and bomber units.

• USD1.5 bil (RM6 bil) spent by the US Navy on two dozen warships and aircraft carriers.

• USD2.1 bil (RM8.5 bil) spent by the US Army to sustain its troops in the Middle East.

• USD6.1 bil (RM24.7 bil) to replace damaged aircraft and munitions.

• USD645 mil (RM2.62 bil) spent on transport and support for commandos in the region.

• USD24.5 mil (RM99.4 mil) spent on “in-house medical support” for US service members.

• USD92.2 mil (RM374.2 mil) spent by the US Transportation Command to move equipment.

• USD14 mil (RM56.8 mil) spent by the US Cyber Command on “cyber support operations”.

Meanwhile, the country’s national debt has surpassed a record USD40 tril (RM162.4 tril), two years earlier than expected.

How will this impact the midterm elections? The US-Israel war on Iran has affected the US economy through direct government spending, as well as rising energy and fuel costs that translate into higher costs for food. Analysts say the Pentagon's confirmation of the war's high cost is likely to affect how people in the US vote. The war has become deeply unpopular in the US, and Trump’s approval ratings have slumped to just 33% – the lowest they have been at any time during his two terms as president.

Netanyahu alleges Arab sector rigged the elections
Israel’s Central Elections Committee (CEC) has written to Israel’s domestic intelligence agency, Shin Bet, to investigate a possible meddling by foreign entities, following Netanyahu and some far-right allies' complaint about the high turnout among Arab citizens during the recent national elections. Arab parties, which look set to win about 19 seats in the 120-seat Knesset, have denied the allegations. Interestingly, there was an unprecedented jump in voter participation among Arabs, who make up about 20% of the population. In the 2022 election, turnout among Arabs was roughly 53%, while this time participation in some Arab localities rose to well over 80%. Netanyahu’s party Likud condemned the alleged violations as “a terrorist attack against democracy designed to bring about foreign control of the Knesset, the Islamification of Israel, the toppling of right-wing rule”, but never really provided any evidence to back up the claims.

Serial killer Ted Bundy linked to teenage girl's murder after 52 years
Advances in forensic DNA technology have enabled authorities in Utah to link notorious serial killer Ted Bundy to the murder of a 17-year-old girl whose body was discovered by hunters 52 years ago. Melissa Ann Smith, the daughter of a local police chief, was found on Oct 27, 1974, with signs of rape and torture. Utah County Sgt Mike Reynolds said there were more Bundy cases still being examined in the state. In Apr, the Director of the Utah Bureau of Forensic Services told the Salt Lake Tribune that there were 444 unsolved death investigations in the state, including 258 homicides. It matters to preserve evidence for decades.

Ted Bundy has been linked to at least 30 murders across the US. Known to often approach women in public places, he would gain their trust with his charm or a fake injury and then lure them to secluded areas and kill them. He was first arrested in 1975, escaped prison twice in 1977, and was finally caught in 1978 and executed in 1989.

Shorts:

1. Ebola watch: Cases in DR Congo surpass 10,000
   The outbreak of Ebola in the Democratic Republic of the Congo (DRC) has surpassed 10,000, making it the fastest-growing Ebola outbreak in the country’s history. Government data released put confirmed cases at 10,060 and deaths at 4,887 (48.6% death rate - coin flip survival rate) . With cases also mounting outside the DRC, the wider outbreak is also the second-largest and second-deadliest on record. About 80% of new cases are coming from outside the chains of transmission monitored by health authorities. The outbreak is caused by the Bundibugyo virus, a rare strain that has no approved vaccine or treatment. However, the World Health Organisation (WHO) announced that the first clinical trial for a vaccine had been rolled out.

2. Google Search queries soar, but revenues are slowing down
   Alphabet Inc. has reported a record-high number of Google Search queries, but weaker monetisation in AI-powered search experiences is contributing to slow revenue growth. Search revenue came in at USD63 bil in Q3, up 12% year-on-year. CEO Sundar Pichai said Google's AI investments are boosting Search usage and overall query growth, including commercial searches. Google is also working to improve advertising revenue from its AI search products, with advertising experiments producing promising results as it expands ads in AI Overviews and AI Mode to more users and queries. Cracks in this two decades long monopoly. An analysis here whether this Search revenue growth is organic or otherwise.
   Fun fact: Take a guess what is Alphabet’s corporate site? abc.xyz

3. Luxury cruise passengers stranded in Cambodia due to soaring fuel costs
   US-based operator of the Villa Vie Odyssey, a luxury cruise ship that goes on a years-long voyage around the world, has suspended its operations due to extraordinarily high fuel costs. The ship's operator said the monthly fuel cost per cabin in parts of Asia has risen to as much as USD8,000 (RM32,477) from USD1,800 (RM7,307), largely due to soaring global fuel prices since the Iran war started. The cruise departed Belfast in Oct 2024 for its voyage but has announced the suspension more than 750 days into its circumnavigation, leaving its passengers stranded in Cambodia. The vessel is nearly 200m long and can carry up to 650 passengers on board.

5. FOR YOUR EYES 📺

Aging beautifully. This weekend, shift your attention to your parents

1. 10 benefits for warga emas Malaysia.

2. Hyrox: Silver edition.

3. Reversing frailty. How an 81-year-old lady gained back her strength and independence to move freely. Strength training can help reverse age-related muscle loss, improves bone density, enhances balance and functional independence. Just look at her skin change - fantastic, unimaginable. Not medical advice - consult a medical expert. As for my own observation, my parents have been going for personal training. Made a big difference. Yea, n=1 you can say. At least they made the effort to give it a shot and benefitting from it.

   Learn: Strength Training after 60: What 121 Studies Say
   Side track a bit - my mum survived stroke last year. Not because she led an unhealthy lifestyle - very healthy in fact. Went to a very dry place abroad, drank little water to avoid using the washroom, and dehydration triggered the stroke. Learnt the hard way that dehydration is a high risk factor for older people - learn more here.
   

4. When I was younger, I lost my patience easily towards my parents when they needed help over simple things (simple to me, doesn’t mean simple to them, and other people). As I grow older, this hits me hard.
   Take care. Be kind (being kind doesn’t mean one is soft). Happi weekend folks.