☕️ Businessman’s wife allegedly abducted en route to meet MACC officers

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

90% – Vehicle thefts in Malaysia have dramatically decreased by this impressive percentage over the past decade, falling from approximately 40,000 cases in 2013 to just 4,000 in 2024. This significant achievement, according to the Vehicle Theft and Accident Reduction Council of Malaysia (VTAREC), is attributed to improved prevention strategies. The success in curbing vehicle theft, reducing the incidence from one every 15 minutes to one every two hours, has led to VTAREC's expanded role to include road accident reduction, resulting in its name change in April 2025 from VTREC.

GBP1 mil (~ RM5.7 million) – A rare and highly valuable Malaysian government-owned number plate, ‘1M,’ has gained significant attention online, being recognised as potentially worth over this amount in the United Kingdom. This prestigious registration is currently displayed on a black Mercedes-Benz S350, the official vehicle of Malaysia’s Ambassador in the UK. Check it out here.

USD750,000 (RM3.2 mil) – This is the fee charged by admissions guru Christopher Rim to guide a child towards gaining entry into a highly competitive Ivy League university. As the 29-year-old CEO of Command Education, Rim and his team provide extensive support to teenagers from affluent families, including exam preparation and developing a "compelling hook" for admissions staff. His company generates over USD20 mil annually, reflecting the significant growth of the independent education consultant industry, which has expanded from USD400 mil to USD3 bil in a decade.

3. IN MALAYSIA 🇲🇾

Petronas vs Petros: PM Anwar calls for calm
In another plot twist to the story, recently, it was reported that the Sarawak state government has issued a 21-day notice to Petronas Carigali to obtain the required license to operate at the Miri Crude Oil Terminal, or else the company will face financial penalties under the local state law. Responding to the matter, PM Anwar Ibrahim stated that he was confident that the new dispute between Petronas and Petros could be solved diplomatically and refrained both parties from making any new public statement in the meantime. PM Anwar also added that both he and Sarawak Premier Abang Johari Openg will discuss further on the matter once the premier has returned from his official visit to London.

Contributing an opinion in this dispute, Azmi Hassan, a geo-strategist from the Nusantara Academy for Strategic Research, said that such ‘legal’ disturbance by Sarawak on Petronas has evidently deterred foreign investors’ confidence. Azmi stated that Sarawak’s issuance of a notice and enforcement action constitutes a direct challenge to Petronas’ exclusive authority under the Petroleum Development Act (PDA) 1974, which has been the foundation of Malaysia’s oil and gas industry model for nearly 50 years.

On a sidebar, apa Abang Johari doing in London? Official visit ke ‘official’ visit? This time around, Abang Johari really berkerja in London as the Sarawak state government is looking to work together with the London School of Economics and Political Science (LSE) in education and research. It will focus on executive education for the state civil service and government-related institutions, postgraduate pathways and scholarships for Sarawakian students, institutional ties and academic exchange. It will also look into joint research and collaboration opportunities with LSE in Sarawak's climate change, energy and sustainability agenda. Majulah Sarawak!
Fun fact: LSE ranks #50 on QS World University Rankings 2025

Rafizi to PAS: Work harder to develop Kelantan’s economy to get more revenue
Economy Minister Rafizi Ramli, who is currently on leave, took a moment from his hols to respond to PAS’s accusation of the federal government's refusal to return the taxes collected from their states for development. Rafizi stated that if we take Kelantan as an example, which is currently under PAS control, the amount of taxes Putrajaya collected from the state was lower than what they had allocated for Kelantan's development budget. For 2024, Kelantan received RM762 mil from Putrajaya, a 30% increase compared to 2023, while another PAS-led state, Terengganu, also received RM2.02 bil in 2024, a 28% increase compared to the previous year.

States asking for tax revenues back from Putrajaya is not something new. In 2024, the Johor state government submitted an official request for Putrajaya to allocate 30% of tax revenues back to Johor. Johor Menteri Besar Onn Hafiz Ghazi stated that the funds requested, allegedly amounting to RM48 bil - RM49 bil annually, will be used to support Johor’s development projects. However, it is a murky area to tread into for Putrajaya to meet respective states’ requests, as both the federal and state governments have their own domains on what tax revenue they can collect, which is one of the key pillars of the establishment of Malaysia.

Shorts

1. Businessman’s wife allegedly abducted en route to meet MACC officers

   Kuala Lumpur police chief Comm Rusdi Mohd Isa has said that there has been no ransom demand linked to the disappearance of Pamela Ling, who was set to provide her statement at the MACC. Comm Rusdi added that the investigation into her alleged kidnapping is ongoing. Pamela was believed to be abducted on April 9, after her e-hailing transport to the MACC, where she was scheduled to give a statement for an investigation, was intercepted by three unidentified vehicles. Pamela is the wife of Thomas Hah Tiing Siu, founder of JoinLand Group, of which the company recently backed out of a controversial agro-development project in Pulau Balambangan, Sabah.

2. Plans to revive KL x BKK train route

   Transport Minister Anthony Loke announced that both Keretapi Tanah Melayu Berhad (KTM) and the State Railway of Thailand (SRT) have been given three months to carry out initial preparations to revive the Kuala Lumpur-Bangkok train operations. Loke added that the service could be rolled out swiftly, as it would make use of the existing railway line linking Bangkok, Padang Besar, Butterworth, and Kuala Lumpur.

3. Ride-hailing InDrive’s license to be suspended

   After Maxim, another Russian-based e-hailing service named inDrive has violated local regulations and was given a three-month deadline by the Land Public Transport Agency (APAD) to return its Intermediation Business Licence (IBL) following the company’s failure to comply with regulations introduced in 2019. In an official statement, inDrive stated that the company is currently engaging with the relevant regulatory authorities to seek further clarification.

4. AROUND THE WORLD 🌎

Tariff War: Eyes on China

China says it is ‘evaluating’ US outreach on tariffs
China’s Commerce Ministry said on Friday they are now considering “negotiations” with the US about tariffs, stating that the US has “recently, through relevant channels, actively conveyed messages to China, expressing a desire to engage in talks”. All this could be welcome news to businesses and investors, given the fears that a protracted standoff will inflict serious damage on the global economy. However, analysts say that while it is not surprising to see meetings between the Chinese and US officials given their economic interdependence, characterising such contact as a “negotiation” would be premature.

China quietly exempts about a quarter of US imports from tariffs
Sources within China reported that the country is quietly exempting a number of US goods from tariffs, which likely cover around USD40 bil worth of imports, or around 24% of Chinese imports from the US in 2024. The list of exemptions is said to be dynamic and will be continuously adjusted depending on China’s needs. More products may be added, while some could be removed if China manages to find substitutes. Analysts said that all this is seen as an effort to soften the blow of the trade war on its own economy, but could be far from a goodwill gesture towards the US, as the country chooses to do it quietly. While it seems like a mirror to the US exemptions, this is more of a strategic move to mitigate damage and avoid a collapse in the country’s key imports.

Elections: SG & AUS

Aussie PM triumphs with landslide
PM Anthony Albanese has won the Australian national elections in a landslide result, crushing rival Peter Dutton, who lost his rapport with the Australians for his support for Trump. Aussie voters were seen deserting him in droves. Albanese has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system, while Dutton wants to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power.

Meanwhile, Hannah Thomas, daughter of our former Attorney General Tommy Thomas, gave Albanese a run for his money in the elections, where she secured 17,400 first-preference votes against the 38,240 for Albanese in his parliamentary constituency of Grayndler, with 43 of the 60 polling stations counted. Thomas, who migrated to Australia in 2009, said that she was spurred to challenge Albanese because he failed to act on the genocide in Palestine and his attitude towards immigrants and refugees. Good cause — but we wonder if it was the right strategic stance for the purpose of winning an election.

PAP landslide too in Singapore
Closer to home, Singapore saw another win for Singapore’s People’s Action Party (PAP) in its 14th successive election on Saturday, extending its unbroken six-decade rule. PAP won 87 (89.7%) of the 97 parliamentary seats up for grabs, with victories by huge margins in many of the 33 constituencies as the opposition failed to extend gains in previous contests. PM Lawrence Wong must now brace himself to address high living costs and a shortage of housing, and possibly faces a risk of recession and job losses if its trade-dependent economy takes a hit from the trade war triggered by steep US tariffs. The PAP has ruled Singapore since before its 1965 independence — that means the people of Singapore have so far known no other kind of government. Wow.

End of an era: Warren Buffett to step down as CEO by year-end
The world's most revered investor, Warren Buffett, in a surprising announcement, said that he will be stepping down from Berkshire Hathaway by the end of 2025. On Saturday, the 94-year-old nicknamed “The Oracle of Omaha” announced during the annual general meeting that he will retire and his successor would be Greg Abel, a long-time core figure of Berkshire who has been on the board of directors since 2018. He has helmed this position for 55 years, making him the longest-serving CEO of a S&P 500 company. This AGM is referred to as the “Woodstock for Capitalists”, attracting about 40,000 attendees annually, drawing comparison to the Woodstock music festival. See the stadium-filled crowd here.

Buffett transformed Berkshire Hathaway from a medium-sized textile company when he bought it in the 1960s into a giant conglomerate, now valued at more than USD1 tril and with liquid assets of USD300 bil — the company’s cash grew to a record USD347.7 bil at the end of Q1. Meanwhile, Buffett’s latest net worth was USD168.2 bil, according to Forbes magazine’s real-time rich list. Before announcing his plans on stepping down, Buffett took the opportunity to speak about tariffs and how they should not be used as a weapon, and urged Washington to continue trading with the rest of the world. He said that no party should suffer losses for another to achieve success, and both parties should prosper. Wise words from the Oracle indeed.
Learn: Who is Greg Abel, heir apparent to Warren Buffett at Berkshire Hathaway?

Watch the wisdom of the Oracle at the AGM — CNBC broke down his hours-long Q&A into snippets here by topics.

Shorts

1. Hackers attacked UK retail giants system for ransom

   Marks & Spencer (M&S) and Harrods have become the latest victims of cyberattacks in the UK this week, with more than GBP700 mil (~RM3.9 bil) reported lost by M&S and a fallen share price of 6.5%. The attack is believed to have been executed by Scattered Spider, which is also known as Octo Tempest, a loose network of English-speaking hackers who might have accessed M&S systems using ransomware called DragonForce. While Harrods did not disclose any financial losses, both incidents are believed to be interconnected. UK authorities reported that 74% of large businesses were targeted in cyber attacks in 2024, while a 40% rise in data breaches in the retail sector in 2023 alone.

2. Man bitten by snakes 200 times is key to universal antivenom

   Scientists are getting closer to finding a universal antivenom against snake bites, thanks to a man from the US, Tim Friede, who deliberately injected himself with snake venom for nearly two decades. Friede has endured more than 200 bites and more than 700 injections of venom he prepared from some of the world's deadliest snakes. Current therapies require antivenom to match the specific species of venomous snake anyone has been bitten by, so by sampling and studying Friede’s blood, scientists may eventually develop an antivenom that can fight a broad range of venom from different species. Learn more about the study here. One anti-venom to rule them all.

5. FOR YOUR EYES 📺

1. We thought we could minimise the mention of Trump today. We failed. We had to feature him here, as always, for the wrong reasons. The POTUS posted an AI-generated post of him wearing a Pope's attire. Sacrilege much? If given the chance, Trump would have defended his chances of being the Pope. We can imagine him saying this: “No one knows more about Poping than me”.

2. Buffett’s late business partner, Charlie Munger, in 2011 on Donald Trump as president.

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3. An Asian pontiff to be the leader of 1.3 bil Catholics around the world — what are the odds?