☕️ Bersatu and the RM19.5 mil payments from a construction company

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM54.9 bil in debt – Malaysian households owed that much in credit card and buy-now-pay-later (BNPL) debt as at end-Sept 2025, of which more than 90%, or RM50.7 bil, was credit card-related. Of that amount, RM551.8 mil was overdue. BNPL loans stood at RM4.2 bil across seven mil accounts, of which RM147.7 mil was overdue from 185,465 users. The overdue sum was considered manageable, according to then Deputy Finance Minister Lim Hui Ying.

31,517 bankruptcy cases – Economy Minister Akmal Nasrullah Mohd Nasir said this was the number of cases recorded from 2021 to Mar 2026. Official data revealed that 14,582 cases, or 46%, were due to personal debt pressures. 4,704 cases, or 15% of the total, involved individuals aged 34 and below. The minister said the data highlighted the importance of financial literacy and awareness of financial management from an early age. The government is currently focusing efforts on the Second Chance Policy, which helps insolvents to exit bankruptcy status.

USD150 (RM592.65) – NJ Transit, the operator of the round-trip train service between New York and the Meadowlands stadium, has upped train tickets to that amount for when the World Cup’s quarter-final matches will be held at the stadium. The price is more than 10 times the regular price of the ticket, which usually costs only USD12.90. There is also a limit of 40,000 tickets across the eight matches. However, driving may prove more expensive, as limited parking options priced at USD225 per space will be available at the stadium for fans with disabilities and in an adjacent mall for other supporters. Talk about capitalising on an event.

3. IN MALAYSIA 🇲🇾

RM19.5 mil flagged as suspicious in Bersatu account transactions
Payments totalling RM19.5 mil into Bersatu’s account from construction company Mamfor Sdn Bhd were flagged as suspicious due to their size and frequency, the High Court was told by a bank officer. Norazeanti Miswan, assistant branch manager at Bank Muamalat’s PKNS Shah Alam branch, said the bank filed a Suspicious Transaction Report (STR) for each of the 29 cheques issued to the party. The payments, ranging from RM500,000 to RM2 mil, were made between May 12, 2021 and Nov 16, 2022. The pattern stood out, as it was unusual for a company to make repeated payments to a political party, something she had not seen in her banking career. Mamfor also did not make similar payments to any other political party and later closed its Bank Muamalat account on Feb 26, 2025.

Also, former PM Muhyiddin Yassin is currently on trial facing charges of using his position to obtain RM225.3 mil in bribes linked to the Jana Wibawa Project, allegedly committed between Mar 1, 2020 and Aug 20, 2021 at the Prime Minister’s Office. He also faces other charges involving RM200mil in proceeds from illegal activities that were deposited into Bersatu’s accounts between Feb 2021 and Jul 2022. The hearing continues before Justice Noor Ruwena Md Nurdin.

World Bank flags rising hospital costs in Malaysia health claims
A World Bank report found that hospital supplies and services (HSS), such as consumables, lab tests, and diagnostic equipment like scanners and X-ray machines, now account for the bulk of inpatient medical insurance claims in Malaysia. These costs accounted for 70% of total inpatient Medical and Health Insurance/Takaful (MHIT) charges in 2022, rising to 72% in 2023 and 74% in 2024, raising questions about how healthcare resources are being used. The report flagged that about 23% of hospital admissions in 2024 were for ambulatory care sensitive conditions (ACSCs), meaning some could potentially have been avoided. Claims inflation has also surged to 21.6%, well above premium inflation of 13.2%, fuelling concerns over the long-term sustainability of private health coverage.

To ease pressure on costs, the report proposed introducing a basic MHIT plan with annual limits starting at RM100,000 and rising to RM150,000, which it said would cover 99% of treatment episodes. Other suggestions include shifting towards diagnosis-related group (DRG) payments and reforming hospital billing and provider networks to improve transparency and reduce unnecessary spending, while keeping Malaysia’s public healthcare system as the backbone of universal coverage.

Eco-shop profit jumps over 15% in latest quarter results
Discount retailer Eco-Shop Marketing Bhd posted a strong third quarter, with net profit rising more than 15% to RM71.3 mil for the three months ended Feb 28, 2026, up from RM61.7 mil a year earlier. Revenue rose slightly to RM743.7 mil from RM736.4 mil, helped mainly by the company’s expanding store network. During the quarter, Eco-Shop added a net 20 outlets, bringing its total to 429 stores as of Feb 28, 2026, compared with 349 a year earlier. Customer transactions also increased 4.5% to 31.3 mil, despite part of the quarter falling during Ramadan. Interestingly, 60% of their revenue is from house brands instead of third party brands.

Gross profit grew 21.8% to RM251.2 mil from RM206.2 mil, with profit margins improving to 33.8% from 28%. The company will pay a dividend of 0.55 sen per share on May 26, bringing total payouts for the year to 1.55 sen per share. For the first nine months of FY2026, net profit rose nearly 24% to RM191.9 mil from RM154.9 mil, while revenue rose slightly to RM2.14 bil from RM2.1bil. Eco-Shop said it is on track to open more than its target of 70 new stores for FY2026, after already opening 65 outlets in the first nine months. The company’s market cap stands at RM7.37 bil. View earnings here.

Police bust scam syndicate operating out of Klebang premises
Police busted a scam syndicate operating out of Taman Kota Bendahari in Klebang, arresting 45 foreigners in raids carried out on Apr 23. The group had been running love scams, fake investment schemes and bogus sex services for about four months. Those detained include 20 Chinese men, 19 Vietnamese men, four Vietnamese women, one Chinese woman and one Indonesian woman. Investigators found the syndicate targeted Vietnamese nationals through the Rakuten Viber app, using sweet talk to gain victims’ trust before directing them to fake cryptocurrency investment sites.

Members were paid between RM2,500 and RM5,000 per month, while supervisors earned RM5,000 to RM6,000, with commissions of RM500 to RM2,000 for each victim successfully duped. A separate operation at the premises was also offering fake sex services to Chinese nationals through DingTalk using prepared scripts. Remember folks, if an online stranger promises love, fast money or both, chances are it’s a scam.

4. AROUND THE WORLD 🌎

Hormuz happenings
Smooth sailing - for Russian superyacht
A USD500 mil (RM1.98 bil) Russian superyacht has managed to sail through the Strait of Hormuz safely, making it one of the very few private vessels to approach the strait. Named the Nord, the yacht is the world’s 12th-largest, linked to Alexei Mordashov, owner of Russian steel giant Severstal. Mordashov himself has a net worth of USD29.4 bil. The yacht, built by German shipyard Lurssen, can accommodate 36 passengers and features a gym, swimming pool, movie theatre, elevator, beauty salon, and two helicopter pads.

Ironically, with Mordashov under international sanctions, US authorities have sought to seize the Nord for years, and it is unclear how it managed to obtain permission to pass through the strait. $$$ probably solved it.

Iran offers Hormuz deal without nuclear talks
While talks with the US remain uncertain, Iran seems to be widening its diplomatic efforts towards regional and global players. Foreign Minister Abbas Araghchi has put forward a proposal aimed at reopening the Strait of Hormuz but deferring talks with the US on Tehran’s nuclear programme for later. Talks were carried out during his 72-hour diplomatic sprint across three countries, seemingly aimed at securing a broader buy-in for the plan. Araghchi met Russian President Vladimir Putin in St Petersburg, after visiting Islamabad twice in two days, with a meeting in Muscat, Oman, sandwiched in between.

The White House has not confirmed the contents of the Iranian proposal, and it is unclear whether Trump will accept pushing back nuclear negotiations. Regionally, Araghchi also held telephone calls with the foreign ministers of Qatar, Saudi Arabia, Egypt and France over the past three days. Analysts say that it points to a cautious engagement rather than a strategic realignment.

Donald Trump vs Jimmy Kimmel
Trump and First Lady Melania have called for the removal of popular talk show host Jimmy Kimmel after his latest comments on his TV show Jimmy Kimmel Live! Melania Trump on Monday accused Kimmel of deepening “the political sickness within America” through his comedy, two days after gunfire erupted outside the White House Correspondents’ Association dinner, which she attended with her husband. In the show, Kimmel appeared to have jokingly described Melania as having a “glow like an expectant widow”. He also mocked the first lady’s documentary, Melania, which faltered at the box office and was not well-received by critics. It is highly unusual for the president and his wife to call on a TV network to deplatform a comedian, as the US is supposed to be the land of “free speech” and the First Amendment of the US Constitution bans the government from censoring it.

Taylor Swift files trademark for voice and image to protect from AI
Celebrities are now using trademark applications as a way to combat the growing issue of AI rip-offs of themselves. Taylor Swift has reportedly lodged three trademark applications in the US - one using a photo of herself on stage during her Eras Tour, and the other two are audio clips of her introducing herself while promoting her last album. Swift has become a victim of AI fakes in recent years, from explicit images to a fake election ad in which she appeared to urge people to vote for Trump. Before Taylor Swift, Matthew McConaughey had become the first celebrity to use trademark rules to attempt to protect his voice and image from AI misuse earlier this year.

Shorts:

1. 14 killed in Indonesia’s Jakarta train collision
   A train crash occurred on Monday at Bekasi city’s rail station near Jakarta between a commuter line train and a long-distance train, killing 14 people and injuring 80 at the time of writing. Rescue workers were actively working at the scene to free people who remained trapped in the wreckage, although the operation was complicated by the limited space and severe damage to the train carriages. A spokesman for the KAI rail company said a taxi appeared to have clipped the commuter train on a level crossing, causing it to come to a standstill on the tracks, where it was then hit by the long-distance train.

2. Japan Airlines to test humanoid robot workforce
   Japan Airlines is planning to introduce Chinese-made humanoid robots on a trial basis beginning in May, with the robots handling baggage and cargo on the tarmac at Haneda Airport. The initiative is part of its effort to address the country’s chronic labour shortage amid a surge in tourism and a declining population. The plan is to eventually use robots to perform physically demanding work, but certain areas, such as safety management, will continue to be performed by humans. Robots can operate continuously for two to three hours, and the company is planning to use them to perform other tasks, such as cleaning aircraft cabins.

3. BYD is planning to enter Formula 1
   Chinese car giant BYD has confirmed that it is in discussions to join Formula 1 after talks with F1 CEO Stefano Domenicali. However, it is still unclear whether BYD will enter as a new team or cooperate with an existing organisation. BYD has become one of the biggest names in the global automotive market and recently moved ahead of Tesla in worldwide electric vehicle sales, underlining its rapid expansion and growing influence.

5. FOR YOUR EYES 📺

1. The simple explanation of what are JPG and PNG, and JPG vs PNG.

2. CIF, FOB, DAP (not the political one) - you may have heard of these terms when shipping things. Incoterms (international commercial terms) explained.

3. Wednesday reflection. The Wild Horse Effect - a psychological term where small irritations trigger outsized emotions. Small, inconsequential things that our mind perceives as threats that lead to our own destruction. Learn more here.