☕️ Doctors - potentially one of Malaysia's best "cheap yet high quality assets" exports

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Malaysia's cocoa industry experienced a significant boost in international demand, resulting in a record RM15.06 bil in export values last year, which is three times the export value of the previous year. According to the Malaysian Cocoa Board (LKM), this growth is primarily due to the high quality of Malaysian cocoa products and robust international demand from key markets such as Singapore, the United States, Japan, and other Asian nations. Sabah, in particular, played a pivotal role in this success, accounting for over 60% of the nation’s cocoa output.

The Fire and Rescue Department's K9 Dog Detection Unit is set to receive 16 new canines from the United Kingdom this year, at a total cost of RM2.4 mil — RM150K each! According to the director-general, Datuk Nor Hisham Mohammad, these additional dogs will bolster the unit's existing 20 dogs stationed across the country. This acquisition is partly due to the fact that half of the currently trained dogs are over the recommended working age of eight to ten years, with some exceeding 12 years old. Fun fact: there are four specialised disciplines for K9 dogs — Wilderness Search and Rescue, Fire Forensics, Water Cadaver Detection and Urban Search and Rescue.

Top Premier League referees in the UK earn approximately GBP250,000 (RM1.43 million) per year, according to figures disclosed by chief refereeing officer Howard Webb. These figures, presented to the 72 English Football League (EFL) clubs, illustrate the significant earnings of the game's highest-ranking officials who manage intense matches viewed globally. The average annual income for a Premier League referee falls between GBP170,000 and GBP180,000. To put this into perspective, the average salary for pilots and air traffic controllers is GBP91,208, while chief executives (GBP81,328), IT directors (GBP81,588), and specialist medical practitioners (GBP73,320) all earn significantly less than top-flight officials.

3. IN MALAYSIA 🇲🇾

National Drug & Corruption Crisis

Drug crisis brewing in the country
Deputy PM Ahmad Zahid Hamidi has warned that drug abuse in Malaysia has reached a critical point, with nearly 193,000 users identified in 2024, 61% are aged 15 to 39 and 96% are male, largely influenced by peer pressure and curiosity. Kelantan tops the list with the highest number of users per 100,000 people, followed by Terengganu, Perlis, and Kedah.

To combat the crisis, the Cabinet committee on drug abuse has approved the Anti-Drug Communication Plan 2025–2027, aiming to shift behaviour and boost awareness through coordinated multi-agency efforts. Meanwhile, the National Anti-Drugs Agency’s Drug Assessment Centre (DAC) is streamlining rehabilitation with a single-entry system, having already assessed 261 detainees in Kuala Muda. Zahid also flagged a disturbing trend involving mushroom-flavoured vape products containing psychoactive substances like psilocybin. He reiterated that tackling drugs demands a whole-of-society approach, calling it the nation’s ‘number one enemy’.

RM10.4 Mil public sector fraud discovered by anti-corruption task force
Similarly, in another blow to national integrity, the Accountant General’s Department (AGD) has uncovered a RM10.4 mil financial fraud case involving a federal department, with total losses from multiple cases between 2019 and 2024 estimated at RM18 mil. Accountant General Nor Yati Ahmad said public servants were implicated, and enforcement action has been taken. The fraud involved system manipulation and unauthorised accounting changes. In response, the AGD is strengthening digital surveillance and data analysis to detect irregularities without relying solely on third-party reports. The newly launched Accounting Fraud Task Force (KKFP) is backed by agencies including the MACC and National Audit Department and aims to boost inter-agency cooperation.

Potentially one of Malaysia’s best “cheap yet high quality” exports - doctors
Malaysian medical graduates are increasingly sought after by Singaporean hospitals, with many considered “cheap yet high-quality assets” due to their rigorous training at home, according to Dr Akram, a Malaysian doctor working in Singapore. He noted that nearly 40% of medical officers at his hospital are Malaysian graduates, many from top local universities, and demand is expected to grow as Singapore plans to open 2 new public hospitals.

While Malaysia’s housemanship system provides strong clinical grounding, Akram said the poor welfare, long hours, and lack of work-life balance are driving young doctors across the causeway. Contrastly offers better pay, generous leave entitlements, including birthday and marriage leave and manageable workloads, with doctors seeing about half the number of patients daily compared to Malaysia. Recent figures reflect this shift — 30 Malaysian graduates moved to Singapore in 2023, compared to just 2 in 2020. As Akram puts it, the path forward seems clear for many — better conditions abroad are no longer just a dream, but a necessary choice in a system that continues to strain its own talent.

Airlines revise name entry rules to match passport formats
Malaysia Airlines and AirAsia have revised their name entry formats for flight bookings to align more accurately with Malaysian passport standards, particularly addressing issues faced during check-ins by travellers with traditional naming structures. Malaysia Airlines now requires passengers with “bin”, “binti”, or “anak” in their names to input these into the ‘Last Name/Surname’ field, while AirAsia has adopted a clearer distinction between ‘Given Name’ and ‘Family Name/Surname’ to better accommodate diverse regional naming conventions including those from Malaysia, China, India, the Philippines, Thailand, and Vietnam. Existing bookings remain unaffected.

Shorts

1. RON95 fuel subsidy rationalisation now under MoF

   Economy Minister Rafizi Ramli confirmed that the Cabinet has fully delegated the responsibility for the RON95 fuel subsidy rationalisation plan to the Ministry of Finance (MoF), which will now manage the entire process. Finance Minister II Amir Hamzah Azizan indicated that the mechanism for the targeted subsidy was still being refined, with a formal announcement expected after mid-2025.

2. Lorry driver in fatal crash rearrested for cow theft

   A lorry driver who was charged with causing the deaths of 9 Federal Reserve Unit personnel in a crash in Teluk Intan was rearrested just 20 minutes after posting his RM6,000 bail, this time to assist in a police probe into a cow theft case reported in Hutan Melintang, Bagan Datuk, last month. The 45-year-old, whose bail was paid by his employer, had earlier pleaded not guilty to a charge under Section 41(1) of the Road Transport Act 1987, which carries up to 10 years’ jail, a RM50,000 fine, and a minimum 5-year driving ban upon conviction. His brief release from custody was cut short at the Hilir Perak police headquarters when criminal investigators detained him again at the bail counter.

3. ASEAN Summit: major road closures in Klang Valley

   6 highways and 25 main roads in the Klang Valley will be closed in phases from Friday until 28 May to accommodate the ASEAN Summit, affecting key routes to KLIA, KLCC, Istana Negara, and several hotels across the capital. The closures, lasting around 30 minutes each, aim to ensure smooth passage for official convoys.

4. AROUND THE WORLD 🌎

Trump to call Putin to discuss Ukrainian ceasefire
Arrangements are being made for a call to take place between the two national leaders, with US President Trump revealing he intends to speak to Russian President Putin about stopping the “bloodbath” that claims “on average, more than 5,000 Russian and Ukrainian soldiers a week,” and trade. This also follows demands by European leaders for a ceasefire to the region’s bloodiest conflict since World War Two. Trump’s administration has previously made clear that Russia could face additional sanctions if Putin does not take peace talks seriously, and Trump himself will look to speak with Ukrainian President Zelenskyy and various members of NATO. As an aside, Russia has banned human rights group Amnesty International, calling it an “undesirable organisation” that backs Ukraine against Russia. Amnesty was also accused of “doing everything possible to intensify” the war.

US x Israel to US vs Israel?
Trump’s vision of a less ideological, more results-driven Middle East diplomacy seems to be a sign that Trump’s administration is getting increasingly frustrated with Netanyahu and his standing in the way of both the Iranian nuclear talks as well as the ceasefire talks in Gaza. While insiders shared that the US still remains a friend to Israel, friction is evident between the militaristic hardliner Netanyahu and the transactional Trump, with an analyst suggesting they are no longer “in sync on the big questions” like they used to be. As it stands, Netanyahu has declared Israel will control the whole of Gaza. Israel is also allowing some aid trucks in at this time, following the advice of “US senators” that the scenes of hunger in Gaza were draining vital support from Israel.
Without Big Brother's backing, peace for Gaza seems a bit more hopeful.

China’s Tech Push

Xiaomi pushes USD7 bil mobile chip plan à la Apple
The Chinese tech giant’s co-founder and CEO, Lei Jun, announced that Xiaomi will be implementing a USD7 bil plan to invest in making its own smartphone chips over the course of ten years. According to Chinese social media, this was a plan in the making since 2021, with Lei Jun also announcing via social media that the first chip from these efforts, the Xring 01, will be unveiled on May 22, 2025.

Huawei launches laptops featuring in-house OS Harmony
The Chinese tech firm launched two new laptop models, both running its own Harmony operating system, in a bid to challenge Western Big Tech rivals, even as the US is limiting Huawei’s access to crucial chips. The MateBook Fold and MateBook Pro both run on HarmonyOS 5, the latest version of the system that began development in 2015. The Fold, which does not have a physical keyboard but features an 18-inch OLED double screen, will retail for USD3,328, while the Pro, which does have a keyboard, will retail for USD1,109. After EVs, electronics, space, luxury bags and lain-lain, China is now gunning for the OS space, going after Apple’s MacOS and Windows. 

Shorts:

1. Amazon - now you can find a high-security prison

   France will build a new high-security prison in its overseas territory of French Guiana to house drug traffickers and radical Islamists, and target organised crime “at all levels” of the drug supply chain. The USD450.2 mil facility will hold up to 500 people, with a separate wing to house the most dangerous criminals. The decision to establish the prison there also means that drug lords “will no longer be able to have any contact with their criminal networks", since it will be built in an isolated location deep in the Amazon jungle.

2. Dua Lipa youngest to join UK's wealthiest under-40 list

   The Anglo-Albanian pop star made The Sunday Times annual rich list at the age of 29 with a fortune of GBP115 mil (USD153.8 mil). The list includes those who are not British citizens but who live and work in the UK. Others featured include Harry Potter star Daniel Radcliffe, footballer Harry Kane, retired tennis player Andy Murray, and fellow performers Adele, Harry Styles, and Ed Sheeran.
   View: The Sunday Times Rich List 2025

3. Joe Biden diagnosed with prostate cancer

   The former US President has been diagnosed with prostate cancer that has spread to his bones, according to a statement from his office. The discovery was made after he reported urinary symptoms, leading to doctors finding a small nodule on his prostate. The cancer is the more aggressive form of the disease, and the Biden family are reviewing treatment options.

5. FOR YOUR EYES 📺

Today on contrarian investing

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