☕️ 'Corporate Mafia': Businessman claims PKR MP took RM9.5 mil to help 'settle' case

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Between 15 mil and 16 mil – That’s how many barrels of oil China uses daily, making it the world’s second-largest consumer of oil after the US, and also the world’s largest buyer of oil. Most of this oil is used for China’s transportation network of cars, trucks, and jets, with a large part coming from abroad, particularly from the Gulf countries. However, with the Strait of Hormuz closed to shipping due to the Iranian blockade, China’s readiness for a Gulf oil supply shock is being severely tested. An analyst estimated that China has reserves of around 900 mil barrels, just under three months’ worth of imports, while its petrol reserves are estimated at around 1.4 bil barrels. However, despite the reserves, Beijing has become more frugal with its oil, having ordered its oil refineries to stop exporting fuel for the time being.

USD800 mil (RM3.15 bil) – That’s how much damage Iran has inflicted on military bases used by the US in the first two weeks of the Iran conflict. A large part of the damage was caused during Iran’s initial retaliatory strikes in the week after the US and Israel launched the war. However, the full extent of the damage on US assets in the region is unclear. Iran’s retaliatory strikes targeted US air-defence and satellite communication systems, among other assets, in Jordan, the UAE, and other countries across the Middle East. The largest loss was a US radar for a THAAD missile defence system at an air base in Jordan, which cost about USD485 mil.

USD25.5 bil (RM100.44 bil) – That was the revenue Apple recorded from iPhone sales in the Greater China region in the fourth quarter of 2025. This was a 37.9% year-over-year revenue increase, the biggest sales jump among regions for the quarter, with Apple CEO Tim Cook calling it “the best iPhone quarter in history in Greater China”. Analysts pointed to the Singles Day sales period, along with the high number of iPhones that had not been upgraded in the past four years, as factors that drove Apple’s iPhone 17 sales.

3. IN MALAYSIA 🇲🇾

DBKL ordered to pay RM824,180 to parents of man killed by tree
A Sessions Court in Kuala Lumpur has ordered the mayor to pay RM824,180 in damages to the parents of a 30-year-old man who died after being struck by a fallen tree along Jalan Kuching in 2023. In a judgment dated Mar 9, 2026, the court found that the tree was under KL City Hall’s (DBKL) care and that the incident pointed to clear lapses in monitoring and maintenance. The court awarded RM26,180 for funeral costs, RM768,000 for loss of dependency, and RM30,000 for bereavement. DBKL also failed to show any records of trimming or inspection work, despite acknowledging its duty under the Local Government Act 1976 to manage trees within its jurisdiction. The victim, a crane driver, died two days after the incident at Selayang Hospital. DBKL has since filed an appeal with the High Court.

‘Corporate Mafia’: Businessman claims RM9.5 mil dispute with PKR MP
Businessperson Victor Chin, linked to the “corporate mafia” saga, claims an unnamed PKR MP took RM9.5 mil from him to help resolve the issue, and says he will expose the lawmaker if the money is not returned by Mar 30. In a detailed account, he said the MP had asked for RM10 mil to deal with the alleged group, but only RM9.5 mil was paid on Oct 18 last year, with nothing resolved and no money reaching the supposed network. Chin has urged the Inspector-General of Police to investigate, while also alleging he was targeted in a takeover attempt involving NexG Bhd. The claims come as scrutiny grows following a Bloomberg report linking him to alleged collusion with the MACC. He also said more than 500 accounts tied to him were frozen in an anti-money laundering probe, affecting his businesses and associates. More details here on his claims.

The rise of “modern beggars”
More Malaysians are reportedly cashing in online by acting as “modern beggars”, using live streams to collect donations that don’t always go where they claim. These sessions often appear to support the poor or war victims, but rely heavily on emotional stories and religious appeals, with little clarity on how much is collected or where it ends up. The MACC is now investigating more than five NGOs over fund management, while also proposing new laws to tighten gaps around misuse of public funds. Platforms like TikTok have become a key space for this, with some users showing QR codes linked to personal accounts and pulling in thousands of ringgit in minutes during live sessions that can reach up to 10,000 viewers. In some cases, scammers even use fake identities or AI-edited content, including one involving a preacher’s image, while others rely on made-up stories like a victim who donated for a pet’s treatment, only to later find it was a scam.

Yinson buyout: RM8 bil take-private plan in works
A plan to take Yinson Holdings Bhd private is said to be close to the finish line, a deal that could value the group at around RM8 bil. The move is being led by the Lim family, Yinson’s largest shareholder alongside Stonepeak Partners and existing investors including local pension funds, in what would likely be done through a scheme of arrangement to improve approval chances. Talks are at an advanced stage and could be announced within weeks, though discussions are still ongoing and not guaranteed to conclude. The Lim family currently holds 27.7% of the company, while the EPF and KWAP own 17.1% and 7% respectively. Yinson, which has evolved from a logistics player into energy infrastructure, renewables and tech, is down about 3% this year, with a market value of RM6.7 bil as of Mar 19.

Shorts

1. Malaysia has no water shortage, but big management issues

   Malaysia is not expected to face water shortages in the near term, as the country receives over 2,500mm of rainfall annually and has more than 580 bil cubic metres of renewable water resources. The issue lies mainly in management rather than supply. Challenges include river pollution, encroachment into catchment areas, and system inefficiencies, with non-revenue water at 34.3%, with about 6 mil litres lost daily resulting in losses of nearly RM2 bil a year. Demand is projected to rise from 19,372 mil litres in 2025 to over 25,000 mil litres by 2030, while around 30% of key river basins are already polluted. So no, Malaysia isn’t going “water bankrupt” but water still isn’t unlimited, maybe keep those long showers in check. More about ‘water bankrupty’ here.

2. Urn thefts with over 50 missing in linked cases

   A string of urn thefts across Johor and Negeri Sembilan has expanded into a wider case, with more than 50 burial urns reported stolen from three memorial parks within a month. The first incident was reported on Mar 9, when 22 urns went missing from Perpetual Memorial Park in Kulai, with police still unable to identify the suspects. Days later, Xiao En Memorial Park in Nilai confirmed that over 30 urns were stolen in late Feb, and the management later received a ransom demand via an international WhatsApp call from someone claiming to have the urns. A day after that, Nirvana Asia Group said its facilities were also affected, adding that the stolen items had since been recovered and suggesting possible links to Cambodian scam syndicates in what appears to be a coordinated operation.

4. AROUND THE WORLD 🌎

What exactly is driving Trump’s wartime decision-making?
Questions have been raised over Trump’s recent reversal on his decision to strike Iran’s biggest power plant. On Saturday evening, he said Iran had 48 hours to either open up the Strait of Hormuz or the US would strike. But by Monday morning, he said that he would give it five more days, citing improved negotiations with Tehran - except that Iran said there was no dialogue whatsoever. He said it before the markets opened Monday, and it prevented another brutal day for the stock market as oil prices immediately dropped after the announcement. While Trump’s critics call it Trump’s latest TACO (an acronym for “Trump Always Chickens Out”), the latest decision seems to follow a pattern close to previous decisions conveniently tied to the opening and closing of financial markets. For instance, the “Liberation Day” global tariff announcements were made shortly after markets closed at 4.30 pm. The reversal on taking over Greenland was made a mere 20 minutes before markets opened, where stocks were having their worst day since Oct, the day before.

Has Iran “tamed” the invincible US F-35 fighter?
A US F-35 fighter jet made an emergency landing in the Middle East last week, after reportedly being struck by Iran. If it's true, this would be the first time during the war - any war - that an F-35, the cornerstone of Washington’s aerial firepower, has been struck.

The F-35 jet refers to a family of stealth strike fighters manufactured by the US aerospace company Lockheed Martin. The supersonic fighter jet is designed to avoid detection by radar and other technologies. Also, it has a reputation for air superiority that comes from its combination of stealth technology, advanced sensors and high-speed computing.

So, what does it mean if Iran had successfully shot it down? Since 2018, when it first deployed in combat operations, there have been no confirmed cases of one being struck by enemy fire. Defence experts say that if Iran’s claims that it has successfully targeted an F-35 aircraft are true, this will prove that an F-35 is not invulnerable after all.

Tech:

OnlyFans owner dies at 43
Leonid Radvinsky, owner of adult content platform OnlyFans, has passed away at the age of 43 after a long battle with cancer, leaving a legacy of OnlyFans that he acquired and transformed into a multibillion-dollar empire. The platform surged in popularity during the Covid-19 pandemic and grew to some 377 mil users and 4.6 mil content creators worldwide. The company recorded USD1.4 bil (RM5.54 bil) net revenue in 2024, taking a 20% commission on most creator earnings, and had been valued at around USD5.5 bil in early-stage sale talks earlier this year. Besides OnlyFans, Radvinsky also ran Leo, a venture capital fund he founded in 2009 that focused on technology investments.

Revolut profit hits record USD2.3 bil in 2025
British finance app Revolut has announced a record profit of GBP1.7 bil (USD2.3 bil or RM9.07 bil) in 2025 as it positions itself to compete more directly with mainstream banks. It also said that its revenue was GBP4.5 bil, up from GBP3.1 bil the previous year, driven by income from fees charged to its 68.3 mil customers. Founded in 2015, Revolut has emerged as the most successful of the handful of European fintech companies founded in the 2010s, with no physical bank branches. It hit a USD75 bil valuation in a private secondary share sale in Nov last year.

Chinese startup Unitree Robotics plans IPO
Unitree Robotics, which was the star of China’s Spring Festival gala last month featuring its dexterous humanoid robots (remember, the dancing kung fu robots?), has filed for an IPO on the Shanghai Stock Exchange. The firm is looking to raise CNY4.2 bil (USD610 mil or RM2.4 bil) in a test of investor interest in humanoid robots. Unitree’s listing would be one of China’s biggest onshore tech listings in years and comes as Beijing is increasing its support for its local tech champions. Unitree recorded an operating income of CNY1.71 bil in 2025, a 335% increase. Net profit also soared by 674%. The firm also shipped over 5,500 units last year, accounting for 32.4% of the global humanoid robot market.

Shorts:

1. Air Canada jet collides with firetruck, killing pilot and co-pilot
   An Air Canada Express CRJ-900 plane has collided with a fire truck while landing at New York’s LaGuardia Airport on Sunday, killing both the pilot and co-pilot. Nine people remained hospitalised. The plane was carrying 72 passengers and four crew members from Montreal. The firefighting vehicle was apparently responding to a separate incident as it entered a part of the runway. Radio transmissions revealed that it was cleared to enter before being called to stop shortly after. A 2025 FAA database showed that LaGuardia was in 2024 the 19th busiest out of more than 500 US airports, with more than 16.7 mil passengers boarding there. The crash below (warning - graphic). Another video showing how the tragedy unfolded.

2. India warns against misuse of generic GLP-1 weight-loss drug
   India’s health ministry has issued a warning against the use of unregulated weight-loss drugs as low-cost generic versions hit the market after the patents on semaglutide—the active ingredient in drugs such as Ozempic and Wegovy—expired on Mar 20 in the country. Generic versions of the GLP-1 drugs—referring to the hormone that regulates blood glucose levels and appetite—will slash costs and transform the global fight against obesity, but usage without proper medical supervision may lead to adverse effects and health risks. India’s weight-loss drug sales have grown tenfold in five years to USD153 mil (RM605.34 mil) as of 2026 and are projected to soar to over half a billion by 2030.

3. Doggos walked back home to reunite with their owners
   Seven dogs, led by a corgi named Dapang, or “big fatty”, made headlines as a video of them walking 17 km back home went viral on social media yesterday. The dogs were eventually reunited with their owners thanks to the help of local volunteers. The video showed a golden retriever, Labrador, German shepherd and Pekinese walking along the highway in Changchun, the capital of China’s northeast Jilin province, where temperatures were dropping below 0 degrees Celsius overnight. Some netizens raised concerns that they could have been kidnapped for dog meat, which is still eaten as a delicacy in some parts of China, or they might have wandered off by themselves. A plot worthy of a Pixar movie - but someone made it with AI in 3 hours. Watch here.

5. FOR YOUR EYES 📺

Farming and Fishing

1. Young, mushroom (of the legal kind) entrepreneurs.

2. CFaaS - Chicken Farming as a Service. If you have an empty land, you might have found yourself a chicken business - check them out here. Embedded video not loading, so watch it here.

3. House of Arowana.