☕️ Ex-PM Tun Abdullah Ahmad Badawi passed away at 85

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM12.7 bil – Malaysia holds a staggering sum of unclaimed money, highlighting a significant pool of untapped funds. This amount, as of January 31, 2025, encompasses various categories, including unpaid salaries, inactive accounts, and dormant trade accounts. The Ministry of Finance encourages eligible individuals and heirs to reclaim these funds through the eGUMIS online platform or at State Accountant General’s Department counters. Try out your luck here.

43,243 – Malaysia's Health Ministry projects a need for this many additional nurses to support its expanding hospital infrastructure and healthcare delivery system. Despite pandemic-related disruptions, efforts to increase the nursing workforce are showing progress, with trainee nurse intake doubling from 1,000 to 2,000. The lifting of the moratorium on nursing diploma programs by the Higher Education Ministry, with seven colleges applying to offer new courses, indicates a growing commitment to addressing the nursing shortage.

66,000 – The Inland Revenue Board (IRB) has identified a substantial number of non-compliant e-commerce businesses, revealing a significant tax evasion issue. Since the implementation of e-invoicing on August 1, 2024, the IRB has discovered these businesses, which have issued a total of four million e-invoices, have failed to pay or file income taxes. This discovery highlights the efficacy of e-invoicing in uncovering tax irregularities, amidst a total of 196 million e-invoices issued across the country.

3. IN MALAYSIA 🇲🇾

Ex-PM Tun Abdullah Ahmad Badawi passed away at 85
Tun Abdullah Ahmad Badawi, Malaysia’s 5th prime minister, passed away on Monday at the age of 85. His son-in-law Khairy Jamaluddin via an Instagram story confirmed the passing of the statesman at the National Heart Institute through a social media post. Fondly known as Pak Lah, his remains will be laid to rest at the National Heroes’ Mausoleum in Masjib Negara. Born on Nov 26, 1939, in Bayan Lepas, Penang, Abdullah led the country from Oct 31, 2003, until April 3, 2009, following the tenure of Tun Dr Mahathir Mohamad.

Malaysia Crime Stories

• 4 gangs identified for active involvement in migrant smuggling network

  4 gangs have been named and identified due to their direct involvement with a migrant smuggling network, charging up to RM3k to RM5k per head smuggled. According to Inspector-General of Police Tan Sri Razarudin Husain, these four ‘kings’ of the sea include Geng Otong, Geng Halim, Geng Husen Maungdaw and Geng Syamsol Babi. Information taken from the efforts of the Anti-Trafficking in Persons and Smuggling of Migrants Division (D3) of the federal police department reveals that despite the presence of other syndicates within the sphere of migrant trafficking activities, the four gangs mentioned above were the most active.

  Their MO: Agents in the individual’s country of origin arrange entry to the next destination, and upon arrival, the individual is then housed in shelters before being sent to their final destination. Not part of any secret societies, the method preferred takes the smuggled individuals through land and sea routes, abusing busy sea traffic in the Straits of Malacca alongside other various tactics such as disguising themselves as fishermen to avoid detection. Small boats deployed by these gangs often approach landing areas located far from the coastline, monitored less by the authorities than other densely populated areas.

• Loan shark recorded himself petrol-bombing a house

  In a 10-second video shared by Kepong MP Lim Lip Eng yesterday, calling for swift action from the authorities, a man is seen recording himself hurling a petrol bomb into a house in Kepong Baru. The victim in question, a woman who was renting the home, had come forward with a complaint to the MP due to the criminal intimidation. The video, recorded by an alleged local runner for the loan shark, a Singapore-based syndicate, was sent to the victim, alongside threats of daily harassment should she fail to settle her debts. View the incident here.

• RM20 mil ganja buds seized at KLIA

  Customs officials seized 210 kg ganja buds worth RM20.57 mil at KLIA Free Trade Zone, found hidden in cat and dog goods packages, as well as snacks. The cargo originated from Southeast Asia, destined for a European country. Ganja buds are valued at RM98k per kg, compared to RM33k per kg for ganja leaves, as they can be replanted to produce more ganja leaves.

Bumiputera quota homes weigh down the property market
Properties allocated within the Bumiputera quota, especially homes priced between RM300k to RM500k, continue to burden the property market. At the time of writing, 77% of unsold Bumiputera units fall within this price range, according to the Real Estate and Housing Developers’ Association (Rehda). Further reports reveal that 72% of the aforementioned homes have been unsold on the market for more than 36 months, presenting a misalignment between supply and demand in the market for such units.

Unsold inventory not only affects developers but also hampers the national housing sector’s growth. The National Property Information Centre’s 2024 Property Market Report showed 23,149 unsold units for residential purposes in Malaysia, totalling to worth an estimated RM13.95 bil. And of that figure, houses priced between RM30k to RM50k accounted for the largest percentage of unsold stock in 2024.

Shorts

1. KESUMA plans a one-stop shop for employee/employer services and complaints

   The Ministry of Human Resources (KESUMA) is determined to establish a one-stop centre for employee and employer services, a comprehensive facility for fixing and resolving labour-related issues and complaints. An announcement from Kesuma and its plan to look after the welfare of workers of the country through this centre is soon to be released. Human Resources Minister Steven Sim Chee Keong also mentioned that the services would all be combined under one roof to facilitate employees and employers, including HR managers, to resolve all labour-related issues in the country with a one-stop centre. The pilot project is intended to start in Penang, and Sim intends to work with Penang’s state government on the matter.

2. President Xi in town — KLIA Terminal 2 is only accessible from KLIA Terminal 1 on 15 and 17 Apr

   Due to Chinese President Xi Jinping’s three-day state visit to Malaysia, the Kuala Lumpur International Airport Terminal 2 will be inaccessible to road users due to closures on 15 Apr and 17 Apr. Full road closures will be implemented from 6pm to 7pm on Tuesday, and from 8:50am to 9:50am on Thursday. The roads closed include: Lebuh KLIA, Elite Expressway, Lingkaran Putrajaya, Lebuh Putrajaya-Dengkil, Persiaran Selatan, Lebuh Gemilang and Jalan P5.

   Travellers can only access KLIA Terminal 2 through KLIA Terminal 1, and if driving is unavoidable, an alternate route is available through ELITE Expressway > exit at Serenia toll plaza > Kota Warisan > Mosque roundabout > Jalan KLIA 1 > Charterfield roundabout > KLIA Terminal 1

4. AROUND THE WORLD 🌎

Hari-hari Tariff Trump

Tech tariff exemptions temporary, says commerce secretary
While the Trump administration has announced that consumer electronics such as laptops and smartphones will be exempt from the Liberation Day tariffs, his commerce secretary revealed that there will be targeted tariffs incoming. The products will likely be included in the “semiconductor tariffs, which are probably coming in a month or two”. The reasoning behind this is to push for semiconductors and chips to be produced in the US. Trump has also denied that it was an “exception” since Chinese imports are still subject to a separate 20% tariff.

Nvidia to produce AI tools worth USD500 bil over 4 years in the US
The chipmaker announced plans to build AI infrastructure worth up to USD500 bil in the US over the next four years, cooperating with partners such as TSMC to bring the plans to fruition. These plans include the production of Nvidia’s Blackwell AI chips at TSMC’s Arizona factory, as well as at supercomputer manufacturing plants in Texas by Foxconn and Wistron. Apple is another firm that has promised US investments over the next four years, throwing in USD500 bil and including a factory in Texas for AI servers.

What’s happening in Indonesia?

• Qatar to invest USD2 bil in Indonesia's new sovereign fund
  According to Indonesian President Prabowo, the investment in his country’s new sovereign wealth fund, Danantara Indonesia, comes at a time when he is looking to boost economic growth. He had previously pledged to ramp up annual growth to 8% even as he ordered billions of dollars in government cuts. The fund boasts American billionaire Ray Dalio and former Thai PM Thaksin Shinawatra as advisers.

• Fore Kopi debuts 34 % up
  The Indonesian coffee chain saw a market debut share price of IDR252, up 34% compared to its IPO price of IDR188, giving it a market cap of UDR2.25 tril (RM592.6 mil). The successful debut of Fore Kopi also provided a vote of confidence for companies looking to raise funds amid turbulent global stock markets. Fore Kopi’s debut pushed the total amount of funds raised by IPOs in Indonesia to USD388 mil so far this year.

• Indonesia arrests judges who took bribes to acquit companies

  The authorities arrested the judges who were allegedly bribed to acquit three palm oil companies of charges of corruption in obtaining export permits. The three acquitted firms were Wilmar Group, Musim Mas Group, and Permata Hijau Group. This follows the arrest of a local court’s chief judge for bribery. The arrested judge was allegedly paid USD3.57 mil to arrange a favourable verdict, with USD1.07 mil then used to bribe three other judges, who were arrested yesterday. A court clerk and two lawyers have also been arrested.

Meta's antitrust trial could force the sale of Instagram, Whatsapp
The antitrust trial sees Meta alleged of acquiring Instagram and WhatsApp to eliminate competition, effectively giving itself a monopoly. The acquisitions were reviewed and approved by the Federal Trade Commission, which made the allegations, but monitored outcomes saw the case being made. If the FTC wins, Meta could be forced to sell off WhatsApp and Instagram. Unfortunately for Meta, CEO Zuckerberg’s email trail may offer the most damning evidence, as he said “It’s better to buy than to compete”. The case was filed during US President Trump’s first term. Now, the case faces possible political interference, as Trump has shown he is willing to fire FTC people if they do not “do a favour for his political allies”. Sadly, one can’t even bank on bad health putting an early end to Trump’s second term, considering he has been declared “fully fit” to perform the duties of the presidency.

Shorts

1. New breast cancer drug slows growth of cells, gives patient time

   The drug, named capivasertib, is taken twice daily in tablet form and has been shown to slow the progression of breast cancer. When paired with hormone therapy, users have reported that the drug doubled the time the cancer took to grow, and shrank tumours in 23% of patients. However, the drug is only suited to those who have certain gene mutations.

2. Israeli airstrike destroys part of Gaza's last functional hospital

   The airstrike destroyed the intensive care and surgery departments of al Ahli Arab Hospital, the last fully functional hospital in Gaza City. Once again, the IDF used the same old reason - it said it targeted the hospital because it contained a “command and control centre used by Hamas”. No casualties were reported, though a child, who previously suffered a head injury died during the evacuation. Egyptian and Palestinian sources have also shared that there have been no breakthroughs in Gaza peace talks, as Hamas has been sticking to its position that any agreement must lead to an end to the war.

3. Bangladesh issues arrest warrant against British MP

   Tulip Siddiq, Labour MP and former minister, accused the Bangladeshi authorities of a “politically motivated smear campaign” following the issuance of an arrest warrant against her. Siddiq is currently under investigation for allegedly illegally receiving land, as part of a wider probe of the regime of her aunt, Sheikh Hasina, who was deposed as PM in August. Siddiq has been accused of allegedly helping to broker a deal with Russia in 2013 that overinflated the price of a new nuclear power plant in Bangladesh.

5. FOR YOUR EYES 📺

1. Tariff tensions have prompted several local companies to delay their IPO. Cuckoo Malaysia, originally set to list on Apr 30, has now postponed its IPO to June. Here’s a recent interview with its CEO KC Hoe on the FAQ Show.

2. Marvel’s upcoming Thunderbolt — partly Buatan Malaysia. Watch the trailer here.

3. Sex crime data from DOSM. Different states, different natures of sex crimes.