☕️ Court: Najib to pay USD1.3 bil (RM5.26 bil) to SRC

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM2.7 bil – Malaysia’s scam-related losses reached that much in 2025, marking a 76% increase from 2024, according to cybersecurity firm Fortinet Malaysia. The majority of the losses were due to phishing campaigns, fake e-commerce platforms, and fraudulent payment links. There was also a noticeable spike during festive seasons such as Hari Raya due to the growing adoption of digital payments, as scammers exploited QR codes and payment channels to redirect transactions. The cybersecurity firm said this showed the danger of treating festive periods as downtime for cybersecurity.

1,052 – That’s how many times in a week Meta failed to stop illegal ads promoting high-risk financial products in Britain despite its commitment to block them. The week in question was in Nov 2025. Worse still, 56% of the ads were from an unspecified number of unauthorised advertisers that Britain’s Financial Conduct Authority had previously flagged to Meta. The regulator’s review was an attempt to see how successful Meta has been at weeding out the rogue ads.

2.5 bil – That’s how many iOS devices are in Apple’s worldwide ecosystem, including 1.5 bil iPhones. Today marks Apple’s 50th birthday, and the firm has come a long way from its humble beginnings in a small garage in Los Altos, California. Now, it is one of the most valuable tech firms in the world, with a market capitalisation of USD3.63 tril (RM14.70 tril). The tech firm is forecast to hit USD461.5 bil in full-year revenue for 2026, with a share price target of USD350 per share. Head here for a timeline of Apple’s achievements.

3. IN MALAYSIA 🇲🇾

Court: Najib to pay USD1.3 bil to SRC
The High Court has ruled that former PM Najib Razak must pay USD1.18 bil (RM4.77 bil) for losses suffered by government-linked SRC International and return another USD120 mil that went into his personal bank account. The court found that documents, financial records and Najib’s own statements supported SRC’s claims that he breached his fiduciary duties and abused his position. The judge said the money moved through several entities before reaching Najib’s account, and noted that his explanations during the trial changed from first denying receiving the USD120 mil to later saying the account was meant for CSR purposes. Bank records showed the account was his personal one, and the court also pointed to a lack of disclosure to the Cabinet while government-backed borrowings were being secured for SRC. Overall, the court concluded that Najib had significant control over the company’s decisions and his actions were directly linked to the losses, which came from RM4 bil in borrowings and the diversion of funds overseas.

Malaysia exploring nuclear energy
MyPOWER Corporation Malaysia is studying whether nuclear energy could become part of Malaysia’s future power mix. The assessment covers key areas such as policy, legal frameworks, project feasibility, industry involvement, public engagement and workforce development. MyPOWER, which sits under the Ministry of Energy Transition and Water Transformation, has been appointed to coordinate preparations using a phased approach recommended by the International Atomic Energy Agency. Exploring nuclear power is becoming more relevant as global tensions and disruptions to major energy routes like the Strait of Hormuz affect fuel supply and prices.

Currently, Malaysia’s electricity generation is dominated by coal (45%) and natural gas (35%), with hydropower at 16.5% and smaller shares from solar, oil and biofuels. The country churned out nearly 193,000 GWh in 2023, with industry and commercial sectors consuming the bulk of it, while power generation accounted for 47% of energy-related CO₂ emissions, mostly from coal and gas. ASEAN countries are revisiting nuclear plans, with the Philippines targeting up to 4,800MW of capacity by 2050, while Vietnam and Indonesia are also exploring nuclear options.

Biz
BNM’s RM5 bil dividend for 2025
Bank Negara Malaysia will hand RM5 bil to the government for 2025, the same as last year, even though its income dipped slightly. The central bank made a net profit of RM12.45 bil for the year ending Dec 31, 2025, down from RM13.16 bil in 2024, with total income easing 5.7% to RM14.35 bil from RM14.98 bil. After paying the dividend, RM7.45 bil goes into the risk reserve, which acts as a safety cushion against currency swings and market ups and downs. This reserve grew to RM155.31 bil by the end of 2025, up from RM147.90 bil the year before.

About 85% of the bank’s assets are in foreign currencies. Its international reserves, which are basically Malaysia’s pool of foreign currencies and other assets used to stabilise the economy and support trade, still make up the bulk at RM509.79 bil. Overall, total assets stood at RM602.22 bil at the end of 2025, down 3.1% from RM621.54 bil mainly because the ringgit strengthened, while total liabilities were RM405.47 bil, mostly made up of RM177.75 bil in cash circulation and RM118.06 bil in deposits from financial institutions.

BNM 2025 annual report here.

Miti clarifies: BYD’s assembly plant, local sales rules, and EV import policies
The Ministry of Investment, Trade and Industry has clarified several online misconceptions about BYD’s proposed assembly plant. BYD received an interim manufacturing licence in Sept 2025 to focus on export-oriented production, under conditions that apply to all new automotive investments from that date, in line with the National Automotive Policy and the New Industrial Master Plan 2030. Locally, the plant can sell up to 10,000 units or 20% of total capacity at a minimum on-the-road price of RM100,000, countering claims that locally assembled cars must cost over RM200,000. The policy aims to promote higher-value production while supporting existing local suppliers. Meanwhile, the RM250,000 floor price for imported EVs is under review, after a temporary reduction to RM100,000 from 2022 to Dec 31, 2025 to encourage EV adoption. Malaysia has not banned new pick-up imports like the BYD Shark or GWM Cannon; limited CBU imports are still allowed for market research. The country remains open to foreign automakers, with 14 of the 34 foreign car brands here coming from China, and Chery Automobile receiving a manufacturing licence in June 2025.

Shorts:

1. Crash victims’ rights to insurance compensation
   Victims of crashes involving drunk or drug-impaired drivers in Malaysia can still claim compensation, despite the common belief that such cases void insurance claims. Under the Road Transport Act 1987, motorists must carry at least third-party insurance, meaning victims can still be compensated for injuries, death or property damage even if the driver was intoxicated. While insurers may reject the driver’s own claim or recover losses from him for breaching policy terms, victims’ rights remain intact, and insurers may still have to pay damages under Section 96 if a court rules in the victim’s favour. If the driver is uninsured or holds an invalid policy, victims can seek compensation through the Motor Insurers' Bureau of Malaysia. The case came up after a fatal Klang crash where a motorcyclist collided head-on with a Honda City driven by a man later found positive for alcohol and drugs, showing compensation is still possible in such cases.

2. Employees at TNG Digital get free RON95, no strings attached
   TNG Digital employees must be full of energy as starting Apr 1, 2026, every one of them, from intern to executive, gets unlimited RON95 petrol topped up straight into their TNG eWallet via BUDI95. No claim forms, no quotas, just fuel for your car (and maybe your caffeine habit too) as oil prices keep doing their rollercoaster thing. This sits on top of the government’s Budi Madani subsidy and the company’s other goodies like remote work, mileage claims, and a My50 public transport allowance. CEO Alan Ni put it plainly: “We take care of the people who build our products every day.” Statistically, the Budi95 adjustment wouldn’t affect 90% of Malaysians.

4. AROUND THE WORLD 🌎

Israeli parliament approves death penalty law for Palestinian convicts
The Israeli parliament, aka Knesset, has passed a new bill stipulating that Palestinians convicted in Israeli military courts of carrying out deadly attacks would be executed by hanging within 90 days. The bill was championed by far-right Israeli National Security Minister Itamar Ben-Gvir, who celebrated with champagne in the parliamentary chamber. The new law is seen as a dangerous escalation carried out by Israel, which continues to violate international laws with impunity. Rights groups like Amnesty International and the UN Human Rights office call it inherently discriminatory and a public display of cruelty, discrimination and utter contempt for human rights. The UK, France, Germany and Italy expressed their "deep concern" and said that the bill risked "undermining Israel's commitments to democratic principles". The Association for Civil Rights in Israel has already petitioned the country's Supreme Court against the law, calling it unconstitutional, discriminatory by design and - for West Bank Palestinians - enacted without legal authority.

From the war front

Dual-track approach to end the war? Iran has attacked and set ablaze a fully loaded (~USD200 mil worth of oil) Kuwait-flagged crude oil tanker, Al-Salmi, sailing off Dubai on Monday, causing a fire and hull damage without injuries. The attack came after Trump’s warning that the US would obliterate Iran's energy plants and oil wells if it did not open the Strait of Hormuz. In an interview with Al Jazeera, US Secretary of State Marco Rubio said there are “messages and some direct talks going on between Iran and the US, primarily through intermediaries”. Taken together, Rubio’s statements and Trump's threats suggest the US is pursuing a dual-track approach: keeping diplomatic channels open through intermediaries while simultaneously increasing military and economic pressure on Iran.

Jaga-jaga NATO: Rubio took the opportunity to criticise NATO allies during the interview, citing some NATO countries that denied the US use of airspace and bases during the conflict. He said that if NATO is just about defending Europe from attack but denying US basing rights when it's needed, then it’s not a very good arrangement. He added that Washington may need to reassess its alliance after the war.

Cost of war so far: The cost of six days of war is believed to be USD11.3 bil (RM45.75 bil). The Centre for Strategic and International Studies estimated that the number rose to USD16.5 bil by day 12 of the conflict. The bill is likely far higher now as the war enters its 31st day. The Trump administration has requested an additional USD200 bil in funding for the war, but faces stiff opposition in the US Congress, which must approve new spending.

Habibi, will you pay for this war? Meanwhile, the White House said Trump is considering asking the Arab nations to cover the cost of the US war against Iran (logik ke laut?). They have done so before - in 1990, the US allies helped fund Washington’s intervention during the Gulf War. The US led a global coalition of dozens of countries to repel Iraq’s invasion of Kuwait at the request of the country and several of its Arab neighbours. In turn, states in the region and coalition members, including Germany and Japan, raised USD54 bil or RM218.65 bil (the equivalent of USD134 bil or RM542.57 bil today) to help pay for the US involvement.

But the Arab nations may lose USD 200 bil in war: A UN study has revealed that the US and Israeli war against Iran could wipe out nearly USD 200 bil (RM807.90 bil) worth of economic growth across the Middle East. Arab nations stand to lose between USD120 bil and USD194 bil from gross domestic product as a result of disruptions from the war.

Shorts:

1. Céline Dion is making a comeback
   Vocal powerhouse Céline Dion has announced her return to the stage in conjunction with her 58th birthday, saying that it was the “best gift” of her life. Dion will be playing a 10-night residency at the 40,000-capacity Paris La Défense Arena in Sept and Oct, four years after she was diagnosed with Stiff Person Syndrome (SPS), which forced her to cancel all future shows. Affecting an estimated 8,000 people worldwide, SPS is an incurable neurological disease caused by broken signals from the nerves to the muscles. It affected Dion’s singing voice and her ability to walk, but she persevered in treatment through athletic, physical and vocal therapy.

   Learn: What is Stiff Person Syndrome?

2. Even clowns are not spared in the economic crisis
   Dozens of clowns took to the streets of Bolivia’s capital to protest against a government decree that limits extracurricular activities in schools, which indirectly threatens their livelihoods amid a worsening economic crisis. The new mandate says schools must comply with 200 days of lessons each year - effectively banning them from hosting school festivities such as Children's Day, where the entertainers are frequently employed. Bolivia is grappling with its worst economic crisis in decades. Revenues from natural gas are plummeting amid a sustained decline in production, and the US dollar is becoming scarce, making imports more expensive for the landlocked nation.

3. China to ban storing remains of dead in ‘bone ash apartments’
   The Chinese government has introduced a new law to deter people from “guhui fang” - an increasingly popular and cost-effective practice of using an apartment to store ashes of loved ones - as rapid urbanisation and a fast-ageing population increase competition and costs for limited cemetery plots in the cities. A survey by SunLife Insurance has found that China’s funeral expenses are the second-highest in the world. It also has one of the world’s fastest-growing ageing populations - 11.3 mil deaths were recorded in 2025, up from 9.8 mil in 2015, and far more than the country’s 7.9 mil births the same year. Authorities in big cities such as Shanghai are subsidising costs for those who opt for “ecological burial methods”, including “deep-ground burial or sea burial of cremated remains”.

5. FOR YOUR EYES 📺

1. A filter that removes glare and reflection? Real or not? Yuzhi (IG here, 12.5 mil followers) tests out viral ads of products seen online to determine whether it’s trash or gold. Helping us become smarter shoppers.

2. TIL: How fresh coconuts get their ‘packaging’.

3. A simple illustration of what happens inside a fibre optic cable (those important cables that deliver data to allow you to stream your YouTube).