☕️ Are you ready for a nuclear-powered Malaysia?

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Perak is now recognised as one of the leading durian-producing states in Malaysia, with a total of 59,217.3 tonnes in production volume in 2024, worth a total of RM462.3 mil. State Mentri Besar Saarani Mohamad said Perak’s durians were exported to over 41 countries between 2017 to 2023, with 73% of the export value headed to China. Malaysia started selling fresh durians to China on Aug 24, 2024, with 413.6 tonnes worth RM24.8 mil, following the phytosanitary agreement between the two countries. Since then, Malaysian durians have reached 16 key provinces in China, and had been recognised as a premium exotic product. Check out this interesting interactive infographic from The Star on a durian’s journey to China.

Meanwhile, the national fisheries sector recorded a 7.1% growth in output in 2024 for a total production of 1.9 mil tonnes. According to the Department of Fisheries Malaysia, this contributed RM11.8 bil to the national GDP, accounting for 0.7% of the total. The overall value of the fisheries sector also hit RM16.9 bil in 2024, marking a 2.5% growth from 2023’s RM16.5 bil. The department said the increase in output was attributed to the capture fisheries subsector, which recorded landings of 1.39 mil tonnes, a 9.6% increase. Malaysia’s fisheries exports for 2024 were valued at RM4 bil, while imports reached RM6.4 bil. Currently, there are about 106,000 fishermen and 16,873 active aquaculture operators nationwide.

The gradual reduction of egg subsidies has saved the government RM135 mil over the past three months, with Agriculture and Food Security Minister Mohamad Sabu assuring that the move to end subsidies has not negatively impacted the market, with egg production still robust at 1.8 bil eggs per month, well above the domestic demand of 1.1 bil eggs. The excess is expected to support exports. Grade C and D eggs remain affordable despite the subsidy changes, according to the minister, with only Grades A and B slightly more expensive. The gradual subsidy removal saw the initial 10 sen subsidy reduced to 5 sen before the full removal came into effect on Aug 1.

3. IN MALAYSIA 🇲🇾

Addressing nurse shortage - get them from Indonesia
The Indonesian Consulate in Johor Bahru is proposing a strategic partnership with Malaysian hospitals to deploy Indonesian nurses across the border. While Malaysia faces a serious manpower shortage in the healthcare sector, Indonesia has a surplus of trained nurses. According to Consul General Sigit S. Widiyanto, hospitals in Johor, Melaka, Penang, and even Sabah already treat a high volume of Indonesian patients- up to 70% in some cases. Bringing in Indonesian nurses could ease the burden on local staff and improve patient care, especially as some nurses currently manage up to 14 patients per shift, far above the ideal 1:6 ratio.

The pilot project will start in Johor, with plans to bring in nurses from Indonesia’s Riau Islands, thanks to cultural and language similarities. The move is still pending approval from the Ministry of Health, the Malaysian Nursing Board, and other stakeholders. If greenlit, a “sandwich programme” will let Indonesian nursing students complete six months of study in Malaysia to prep for service here.

Chinese nationals charged in US for smuggling Nvidia AI chips via Malaysia
Two Chinese nationals were charged in the US for allegedly smuggling millions of dollars' worth of Nvidia AI chips, including the powerful H100 GPUs, to China in violation of export restrictions. Authorities say Chuan Geng and Shiwei Yang used their California-based company, ALX Solutions Inc, to ship the restricted chips through third countries like Malaysia and Singapore without obtaining the required licences. Though shipments were sent to freight-forwarders in these countries, payments reportedly came from China and Hong Kong, including a USD1 mil (RM4.23 mil) transfer in Jan 2024. The accused now face up to 20 years in prison under the Export Control Reform Act. The FBI and Commerce Department seized evidence from the defendants’ office and devices showing intent to bypass controls. Yang is also accused of overstaying her visa, while Geng has been released on a USD250,000 bond pending further hearings.

JBPM gears up for nuclear emergency response amid feasibility study
The Fire and Rescue Department (JBPM) is preparing for potential risks linked to Malaysia’s proposed nuclear power plant, with 429 personnel already trained across 17 Hazmat teams to handle radioactive emergencies. While nuclear technology and fire safety systems meet international standards, nearby fire stations must be equipped with monitoring tools like dosimeters, stated the Director-General. He added that overall safety would depend on the plant’s design and location, and JBPM will work with other agencies to develop a full emergency response plan. This comes as Deputy PM Fadillah Yusof confirmed the government is studying the feasibility of nuclear power projects in Peninsular Malaysia and Sabah, focusing on sites with access to rivers, lakes, or the sea for cooling purposes.

Shorts

1. Terengganu launches Muslim matchmaking platform to deal with ageing population 
   The Terengganu government has launched the Portal Jodoh Darul Iman (PJDI), a matchmaking platform aimed at encouraging legal marriages and boosting the state’s birth rate to help delay ageing demographics. Open only to unmarried individuals and single Muslim parents in Terengganu, the portal currently targets 500 participants for its initial phase. PJDI verifies identity card details to prevent misuse, and matches are facilitated by a secretariat under the Family Development Foundation. Initial meetings between potential spouses will be guided by a marriage counsellor, with further steps managed by the families. Kopi Jumpa Roti - better name than PJDI?

2. Spotify increases Premium plan prices in Malaysia 
   Spotify has raised the monthly subscription fees for its Premium plans in Malaysia, with increases ranging from RM1 to RM3 depending on the plan. The individual plan now costs RM17.50 (up from RM15.90), Premium Duo is RM24.50 (up from RM21.50), Family plan is RM27.90 (up from RM24.90), and the Student plan has increased to RM9.50 (up from RM8.50). The new rates apply immediately for new subscribers, while existing users will see the changes in their next billing cycle. This marks the second price hike since Aug 2023 and is part of Spotify’s broader move to improve margins across several regions, including South Asia, the Middle East, and the Asia-Pacific. Customers will be notified via email about the price update within the next month.

3. ASEAN observers aid in Thailand–Cambodia border ceasefire agreement
   Thailand and Cambodia have reached a basic consensus on key ceasefire issues along their shared border, following secretariat-level talks at Wisma Perwira, Malaysian Armed Forces headquarters. The agreement includes terms of reference for monitoring by both the interim and formal ASEAN Defence Attaché Observer Teams. While some details are still being refined, they’re expected to be finalised at Thursday’s Extraordinary General Border Committee (GBC) Meeting. Malaysia did not take part in the talks but served as facilitator. The interim observer team includes Indonesia, Laos, Myanmar, the Philippines, Singapore and Vietnam. The ceasefire, effective Jul 28, was brokered in Malaysia under Prime Minister Anwar Ibrahim after deadly clashes on May 28 in the disputed Preah Vihear area.

4. AROUND THE WORLD 🌎

Netanyahu wants more
Netanyahu plans expansion, met with alarm and pushback
Israeli PM Netanyahu met with senior security officials to finalise a new strategy, and he is reportedly favouring a complete military takeover of Gaza. A Palestinian official believes this may be a tactic to pressure Hamas into concessions, though the Palestinian Foreign Ministry is urging foreign nations to take notice of these reports, calling for immediate attention whether those reports are “meant to exert pressure, test international relations, or are genuine and serious”. Netanyahu also met pushback from the Israeli military chief of staff, who warned the PM that taking the rest of Gaza could trap the military there while further endangering the hostages still in Gaza. Israeli Defence Minister Katz posted on X that the military chief had both the right and the duty to voice his opinion, but said that the military would carry out government decisions until all war objectives are achieved.

The UN is reportedly deeply alarmed by the reports of a potential complete takeover of Gaza, with the belief that such a move risks catastrophic consequences and could endanger the lives of the remaining hostages in Gaza. However, before the UN meeting, Israeli Foreign Minister Saar had criticised countries that were looking to pressure Israel by “recognising a virtual Palestinian state”, and blamed these recognitions for “assassinating” a hostage deal and ceasefire, prolonging the war. Among the countries recognising Palestinian statehood are three Group of Seven countries: France, Canada, and the UK. US President Trump did not say whether he supported or opposed the military takeover plan, instead saying that his administration’s focus was on increasing food access to Gaza.

Water woes worsen for Gazans
Aid groups report that the water crisis in Gaza is just as severe as the unfolding famine scenario. While some water is provided from small desalination units run by aid agencies, the majority of the water being used is drawn from brackish wells that have been polluted by sewage and chemicals, leading to the spread of diarrhoea and hepatitis. While COGAT, the Israeli military agency in charge of coordinating aid, says it operates two water pipelines providing millions of litres of water a day, Palestinian water officials say these have not been working recently. Most of Gaza’s water and sanitation infrastructure has been destroyed. While a new water pipeline funded by the UAE is planned, it could take several more weeks to be connected.
Word of the day – Brackish: somewhat salty and dirty

Transacting stocks
Carro seeks US IPO with USD3 bil (RM12.68 bil) valuation
The Singapore-based used-car online marketplace is preparing for a US IPO as early as 2026 that could raise up to USD500 mil. Carro is reportedly aiming for a valuation of over USD3 bil. If this works out, this listing would be the largest Southeast Asian IPO in the US since SEA’s USD989.3 mil listing in 2017. It would also be the first major automotive tech and AI commerce startup from Singapore to go public in the US. Sources revealed that the firm is on track to report an EBITDA – earnings before interest, taxes, depreciation, and amortisation – of USD100 mil for the current financial year, which ends Mar 2026. Carsome wen?

Uber unveils USD20 bil (RM84.55 bil) stock buyback plan 
Ride-hailing giant Uber has unveiled a USD20 bil stock buyback programme following the growing adoption of the firm’s paid loyalty system. The system, called the “Uber One” programme, is priced at USD9.99, and has seen members jumping 60% in June to hit over 36 mil, with more than a third of the firm’s bookings coming from said members. A recent week-long promotional event added another 500,000 users as well. Uber believes it can hit up to USD49.8 bil in total gross bookings for the quarter, above analyst estimates. The firm also expects adjusted core profits to hit as high as USD2.3 bil, again higher than analyst estimates. For the recently-ended quarter, Uber’s net income was up 33.5% at USD1.36 bil, with a revenue of USD12.7 bil, up 18.2%.
Check out Uber’s results deck here.

OpenAI mulls employee share sale for USD500 bil (RM2.11 tril) valuation 
The ChatGPT parent is in early-stage discussions about a stock sale that would allow employees to cash out while raising the firm’s valuation from its current USD300 bil to USD500 bil. The move, which would come before a potential IPO, would allow current and former employees to sell several billion dollars worth of shares. This news also follows OpenAI’s announcement of its primary funding round earlier this year, which is led by Japan’s SoftBank Group and aims to raise USD40 bil. Sources reported that, while SoftBank has until the end of the year to fund its USD22.5 bil portion, the remainder has been taken up at a valuation of USD300 bil. OpenAI doubled its revenue in the first seven months of the year, and is on track to reach a revenue of USD20 bil by the end of the year. ChatGPT also has about 700 mil weekly active users, up from about 400 mil in Feb.

Shorts

1. Flash floods in India see over 100 missing
   A massive wave of water surged down the mountains into Dharali village in Uttarkashi district, in the northern Indian state of Uttarakhand, leading to at least four deaths, with over 100 missing. About 190 people have been rescued from the affected region so far. The deluge was caused by a cloudburst – an extreme, sudden downpour of rain over a small area in a short period of time – with the flash floods damaging roads and buildings, hampering rescue teams. The state had also been facing weeks of heavy rain, further delaying rescuers.

mountain.trekking

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2. Warming oceans cause record bleaching of Great Barrier Reef
   Soaring ocean temperatures have led to the Great Barrier Reef suffering its most widespread coral bleaching on record. The report by the Australian government found that coral cover declined by almost one-third in the southernmost portion of the reef. This also marks the largest decline in a single year since monitoring began about 40 years ago.

3. Hiroshima marks 80 years since atomic bomb
   Representatives from 120 countries attended the 80th anniversary of the Hiroshima bombing. At the ceremony, Hiroshima Mayor Kazumi Matsui warned world leaders about the dangers and consequences of nuclear weapons, especially with the current global trend towards military buildups. Pope Leo added his criticism of the “illusory security” of the world’s nuclear deterrence system, the idea of “mutually-assured destruction”. His predecessor, Pope Francis, was responsible for changing the Catholic Church’s stance to condemning nuclear arms.

5. FOR YOUR EYES 📺

1. The third Avatar movie, Avatar: Fire and Ash trailer. Out Dec 19. We didn’t have to wait for at least a decade for this.

2. The first RM100k is the hardest, but it gets so much better and easier after that.

3. YDPA x Putin

501awani

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