☕️ ASEAN Summit: The Dance, The Deals, The Wins

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Let’s start the week with something special. A local Pokemon card collector has gone viral after offering his entire collection for sale. The price tag? RM1.87 mil for a collection that is worth about RM2 mil. The highest bid he has received as of October 18 was RM1.68 mil. The collector is also open to trading the collection for a Porsche 911 Carrera 4S topped up with an additional RM1 mil. Interested parties can check out the post here, and if you happen to know someone who is looking for a collection like this, the seller is offering a commission of RM50,000.

According to Communications Minister Fahmi Fadzil, Malaysia’s courier market is projected to reach about RM6.9 bil this year, boosted in part by a surge in demand from the e-commerce sector. The Malaysian Communications and Multimedia Commission has reported a sharp increase in parcel volume over the last two to three years as well. The growing courier market, which is also evidenced by the opening of facilities like the SPX Express Sorting Centre by Shopee Express (SPX), has created job opportunities in advanced fields as well, such as in engineering and AI development. The new SPX Sorting Centre, which is part of the company’s RM63.2 mil investment in an advanced Automated Sorting Machine, measures over 30,000 square metres. That said, it’s a brutal industry - The Edge covered this industry (2022) here.

Malaysia is close to reaching its goal of a 31% renewable energy mix target by the end of the year. According to Deputy Prime Minister Fadillah Yusof, Malaysia is on track, with renewable energy already making up 30% of the energy mix. The minister, who is also in charge of energy transition and water transformation, said that since the launch of the National Energy Transition Roadmap in July 2023, the government has approved an additional deployment of 5.5 gigawatts of new renewable energy capacity, valued at RM20 bil.

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3. IN MALAYSIA 🇲🇾

ASEAN Summit Watch Party

Let’s start with Trump dancing upon landing in Malaysia

Timor-Leste is part of the ASEAN family
For the first time in 26 years, ASEAN expanded its membership, and now Timor-Leste is part of the Southeast Asia bloc. The ascension materialised yesterday, after Timor-Leste deposited its Instruments of Accession to the Asean Charter and the Treaty on the Southeast Asia Nuclear Weapon-Free Zone (SEANWFZ) on October 25 - the final legal step required for full ASEAN membership. With that, Timor-Leste becomes the 12th member of ASEAN and is also the youngest nation in the region, having gained its independence on May 20, 2002. Timor-Leste’s journey to join ASEAN has not been easy, as the country formally applied in 2011, and I guess credits need to be given to PM Anwar Ibrahim as the ASEAN chairman for facilitating the final push.

The Kuala Lumpur Accord was signed
US President Donald Trump and PM Anwar witnessed the signing of the Cambodia-Thailand Peace Deal (Kuala Lumpur Accord) between Thailand’s Prime Minister Anutin Charnvirakul and Cambodian Prime Minister Hun Manet. As part of the deal, Thailand will release Cambodian prisoners, and Cambodia will begin withdrawing heavy artillery as part of the first phase of the deal. Regional observers will monitor the situation to ensure the two ‘siblings’ do not start quarrelling again. But the recent ‘quarrel’ between Cambodia and Thailand is not friendly at all, as more than 80 individuals were killed, including 16 civilians from both sides.

While we are talking about peace deals, on a separate matter, PM Anwar, said that ASEAN countries welcomed US President Donald Trump’s 20-point peace plan to end the ongoing Gaza conflict. PM Anwar stated that, akin to former US President Barack Obama’s famous quote, the pen is mightier than the sword, as even in the most intractable conflicts, diplomacy and determination can prevail. So far, Hamas has released all living hostages and returned the remains of 15 out of 28 deceased hostages, as of October 22. However, it has not conceded to any terms of disarmament or to relinquish control of the territory yet.

China and the US will forge a new trade framework
After spending a lot of late nights in Kuala Lumpur, China, and the US, have announced a framework on trade. However, China’s Vice Minister of Commerce and the lead trade negotiator, Li Chenggang, highlighted that the framework is not a final deal, but it creates a pathway to stabilise and gradually liberalise our trade relations. Both countries will return to their respective capitals to obtain the necessary approvals and keep the discussions moving in line with the leaders’ consensus. A bit potong stim that a final deal could not be announced, but if you follow closely the US and China’s recent war of words, this momentary stalemate is something huge, and again it happens in Kuala Lumpur. So, pat on the back to us for providing platforms for diplomacy and eventual peace.

Malaysia also scored some big wins
Malaysia also did not miss the chance to milk the spotlight during the ASEAN Summit by announcing a new trade deal with the US. Under this new deal, Malaysia’s tariff rate will remain at 19%, BUT with exemptions given to 1,711 Malaysian export products. Investment and Trade Minister Zafrul Abdul Aziz said that the exemption is given to some of Malaysia’s key exports, such as palm oil, rubber products, cocoa, aircraft components and spare parts, as well as pharmaceuticals, which collectively contribute up to USD5.2 bil or 12% of total exports. However, it is still not clear that semiconductors will be exempted, which constitutes the lion’s share of our exports to the US.

Malaysia and the US also signed a Memorandum of Understanding (MOU) on Critical Minerals. Under this MOU, Malaysia has committed to refraining from banning or imposing quotas on exports to the US of critical minerals or rare earth elements. As of recently, the US has been going around to sign deals with various countries to secure the supply of rare earth, amidst China’s already announced plans to limit the export of rare earth materials and retaliatory port fees on vessels that are US-built, flagged or operated, beginning October 14. Why the China ban is hurting the US? China currently controls about 70% of rare earths mining and 90% of the processing of the materials. Recently, the US and Australia have signed a USD8.5 bil deal intended to boost supplies of rare earths and other critical minerals. The deal includes USD1 bil to be invested by the two countries in projects in the US and Australia over the next six months.

On the other hand, with Brazil, Malaysia has exchanged a series of MOUs, mainly to enhance cooperation in the semiconductor industry, fields of science, technology and innovation. In 2024, Brazil was Malaysia’s second-largest trading partner in Latin America, with total bilateral trade amounting to USD4.46 bil.

Shorts

1. Sarawak to build a home away from home in KL for Sarawakians

   Sarawak Premier Abang Johari Openg stated that a Sarawak Complex will be developed in Kuala Lumpur to provide students from the state with a place to stay and gather while pursuing their studies in West Malaysia. The complex will also be a base for state-linked agencies operating in the federal capital. A land has been identified, but no further details were disclosed.

2. The new Proton Saga made a teaser during the ASEAN Summit

   Proton has showcased the new Proton Saga, but not a full release yet, as the prototype is dressed in a batik-inspired camouflage. The new car has an overhauled front end that features redesigned LED projector headlamps with C-shaped daytime running lights. At the back, it also received a huge makeover, in the form of a full-width light bar that links the taillights with dashed bars as its signature. The sedan is said to get ADAS for the first time.

4. AROUND THE WORLD 🌎

Reagan’s free trade speech lands 10% tariff on Canada
Closer to home for Trump, tariff talks ain’t that great for its northern neighbour. Trump will be slapping an additional 10% tariff on the country due to an ad by Canada’s Ontario province, which was aired during the World Series broadcast. The ad featured a video of former US President Ronald Reagan, a Republican icon who said that tariffs cause trade wars and economic disasters. However, it is unclear just what goods would be affected by this tariff hike, considering the majority of Canadian exports to the US are exempt from tariffs due to the US-Mexico-Canada Agreement. No surprise Trump reacted like that. The Republicans love Reagan, placing him as what the party stood for policy-wise. Then we have Trump with his tariffs. Anyway, check out the ad here.

Crimefighting

Louvre heist suspects arrested
Parisien news reported that two of the suspects alleged of stealing some of France’s crown jewels from the Louvre were arrested near Paris, just as one of them was about to depart for Algeria. The thieves made off with eight precious pieces worth an estimated USD102 mil using a mechanical basket lift to reach an upper-storey window. Speaking of the basket lift, the company that made the one used in the heist has taken the opportunity to get some free publicity with a new advertising campaign. The family-run business understands the crime was reprehensible, and was looking to use a touch of humour to draw attention to their wares.

Illegal gambling crackdown nets NBA players
A sweeping FBI investigation into illegal sports betting and allegedly rigged, mafia-linked poker games caught an NBA player and a coach among dozens of people arrested. The player and coach were Miami Heat’s Terry Rozier and Portland Trail Blazers Chauncey Billups, both of whom have denied the allegations. Rozier was among six arrested over alleged betting irregularities, which include NBA players faking injuries to influence gambling markets. Billups is one of 31 charged with a separate illegal poker game case involving retired players and the mafia. Prosecutors believe the poker fraud scheme involves four of the five major crime families in New York. Victims are lured into playing rigged games alongside high-profile sports stars before millions of dollars are stolen from them. This is done through the use of technology such as special contact lenses and glasses that could read pre-marked cards and an X-ray table. Check out how the fraud scam works here.

Business

SGD-USD parity by 2040 a possibility
According to research house DBS Group Research, the Singapore dollar could reach parity with the US dollar by 2040. This would happen on the back of the city-state’s gross domestic product, which DBS expects will double by 2040 about USD1.4 tril compared to 2024’s USD547 bil. The research house also believes that Singapore’s disciplined policy, safe-haven capital inflows, steady productivity gains, and a sustained current account surplus could drive long-term currency appreciation. Singaporeans are going shopping in Malaysia more if this happens. 

Grindr shareholders offer to privatise app for USD3.46 bil
Two board members, who are part of an investor group that owns more than 60% of the company, made the privatisation offer for USD3.46 bil. The deal would give the two greater control over the world’s most recognised LGBTQIA+ dating platforms, with millions of users in over 190 countries. This comes at a time when dating apps in general have faced slowing user additions and rising criticism of swiping fatigue. The bid is expected to succeed, according to analysts. The offer of USD18 per share is a 51% premium over the stock price on October 10, the day before the shareholders first informed the company of the offer.

Shorts

1. Thailand declares year-long funeral for former Queen Sirikit
   Thailand’s former Queen Sirikit, mother of current King Vajiralongkorn and wife of the nation’s longest-reigning monarch, died late Friday at the age of 93. The country has declared a year-long funeral ceremony which started Sunday. Her body will lie in state for one year before cremation. Throughout her 66-year marriage to King Bhumibol Adulyadej, she carved a dual reputation as a glittering fashionista and the nation’s caring mother figure, with her birthday designated as Thailand’s Mothers’ Day. Our condolences to Thailand.

2. Egyptian student kills, eats classmate “out of curiosity”

   A schoolboy, aged 13, has been detained by authorities after he reportedly killed his classmate and consumed part of the body “out of curiosity”. Local media reported that the boy lured the victim to his home, where he beat the victim to death with a wooden stick before dismembering the body with an electric saw. The victim’s remains were then scattered. The suspect admitted to eating a portion of the victim’s flesh, claiming it tasted “similar to seasoned fried chicken”. He also claimed to have been influenced by violent films and video games, highlighting once again the importance of parental supervision of online activities.

5. FOR YOUR EYES 📺

1. ENT specialist Dr James (IG here) explains how to blow your nose properly without damaging your internals.

2. The world’s largest collection of dinosaur footprints in Bolivia (view map here).

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