☕️ National Embarassment: FIFA-FAM fiasco may tank chances for Asian Cup

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

China’s answer to Nvidia, a chip company called Cambricon Technologies, saw its market cap double to USD77.8 bil (RM327.9 bil) during the July to September quarter, ranking it fifth among the companies that made the top market cap gains for said quarter. Topping the list was Foxconn Industrial Internet, which makes servers and other high-tech equipment in mainland China. As it is, Chinese firms took seven spots among the top ten of the list, with all of the top five coming from China. The reason? Investors are turning to China’s emerging AI ecosystem, with money that flowed out during the tensions between Beijing and Washington now returning. This surge was fueled by both foreign investors who did not want to miss out on China’s growing AI scene as well as eager individual investors in China.

At the latest tally, the world had 7,591 skyscrapers over 150 metres tall, according to the Council on Tall Buildings and Urban Habitat, with nearly half of that number coming from China, which has 3,562. However, China’s top leadership has decided to tighten regulations on constructing skyscrapers as some high-rise buildings remain unused amid lukewarm demand. The decision was made at the Central Urban Work Conference in mid-July, with President Xi Jinping and Premier Li Qiang in attendance and discussing urban development policy. These strict controls on super high-rise buildings are the latest step in Beijing’s plan to transition from large-scale incremental expansion to focusing on improving the quality and efficiency of existing capacity.

China has really taken a liking to durian. According to the Agriculture and Food Security Ministry, between 2018 to 2025, Malaysia exported a total of 115,359 metric tonnes worth RM6.4 bil in durian to China, in the form of the whole fruit, the pulp or the paste of the fruit. In 2018, Malaysia was only exporting pulp and paste, with 3,555 metric tonnes worth RM202 mil sent to China. The latest numbers see fresh durian exports to China increasing to 773 metric tonnes worth nearly RM50 mil, frozen whole durians at 3,599 metric tonnes worth RM183 mil, and pulp and paste at 5,241 metric tonnes worth RM230 mil for a total of RM463 mil worth of durian products. The projected export value of Malaysian durians is expected to reach RM1.8 bil in 2030 with a projected export volume of 69,000 metric tonnes. Meanwhile, a Malaysian started and is now running the largest durian farm in Australia, and is expected to produce around 20 tonnes.

3. IN MALAYSIA 🇲🇾

FIFA-Malaysia football fiasco
FIFA investigation into Malaysia’s mixed-heritage footballers and document forgery
FIFA revealed serious irregularities in the registration of Malaysia’s mixed-heritage footballers, highlighting major gaps in the Football Association of Malaysia’s (FAM) verification processes by providing proof of its allegations. In its October 6 ruling, it was found that the original birth certificates obtained by FIFA contradicted the documents submitted by FAM to confirm player eligibility. Notably, Dutch-born Hector Hevel’s grandfather was listed as being born in The Hague, not Melaka, while Spanish-born Jon Irazabal’s grandfather was from Villa de Guernica, not Kuching. The other implicated players, Gabriel Palmero, Facundo Garces, Rodrigo Holgado, Imanol Machuca, and Joao Figueiredo were also found to have falsified records. FAM has been fined CHF350,000 (RM1.8 mil), with each player receiving a CHF2,000 (RM11,000) fine and a 12-month suspension from all football-related activities. FIFA’s report also revealed that the National Registration Department (NRD) had issued new birth certificates without access to original records, instead relying on secondary foreign documents, raising questions over Malaysia’s overall verification system.

Malaysian political and public response to FIFA ruling
The fallout from FIFA’s ruling sparked strong reactions in Malaysia. Youth and Sports Minister Hannah Yeoh urged FAM to provide clear answers, noting that fans were “heartbroken, angry, and disappointed,” while expressing support for the national team ahead of its upcoming match against Laos.

FIFA’s full report here.

PM slams Tourism Minister over alcohol at official event
PM Anwar has reprimanded Tourism, Arts and Culture Minister Tiong King Sing over the serving of alcohol at an official government event, warning that such an incident must never happen again. He dismissed the ministry’s explanation that alcohol was only served after the programme had ended, calling it unacceptable and inconsistent with the government’s firm policy prohibiting alcohol at official functions. Even if the event had concluded, it was still held in the same venue and part of the same programme, making the alcohol served completely inappropriate.

Vape crackdown: steep tax hike and full e-cig ban coming
The Health Ministry has proposed a tenfold hike in vape liquid excise duty, from 40 sen to RM4 per ml, as part of plans to phase in a nationwide e-cigarette ban. This proposal, submitted to the Finance Ministry just days ahead of Budget 2026, aims to align vape taxes with cigarette duties under the government’s “pro-health tax” framework. Currently, 1ml of vape liquid (around 100 puffs) is taxed far less than half a pack of cigarettes, which also amount to about 100 puffs. In 2024, the government collected RM111 mil in vape taxes but the cost of treating vaping-related illnesses reached RM223 mil (not to mention hidden costs such as productivity lost), and is projected to hit RM400 mil by 2030. Industry groups warned the sharp hike could hurt legal businesses (agree - but short-term sahaja, for long-term betterment) and boost illicit trade, suggesting a ceiling of 80 sen per ml instead. It was also confirmed that a Health Ministry policy paper will be presented to the Cabinet this year, with the paper outlining a phased ban under the new Control of Smoking Products for Public Health Act 2024, which came into effect October 1.

Proton shifts Shah Alam production to Tanjong Malim, kicks off EV line
Proton Holdings Bhd has ended over 40 years of car production in Shah Alam, moving 1,400 staff to its Tanjong Malim facility in Perak’s Automotive High-Tech Valley (AHTV). The last Proton Saga left Shah Alam on Sept 30, 2025, with production now consolidated at Tanjong Malim alongside the Persona, S70, and X-series SUVs. The Industry 4.0-enabled plant features Malaysia’s largest mechanical press, the first 1.5 TGDi engine assembly line outside China, and the country’s first dedicated EV assembly plant. With a 250,000-vehicle annual capacity, it also serves as Geely Group’s right-hand-drive export hub for Southeast Asia, while boosting local suppliers, component localisation, and high-value EV jobs.

Sabah STAR rebels throw support behind GRS ahead of state polls
Five Sabah STAR assemblymen have defied party president Jeffrey Kitingan by backing Gabungan Rakyat Sabah (GRS) after STAR officially left the coalition. Flovia Ng (Tulid), Ellron Alfred Angin (Sook), Abidin Madingkir (Paginatan), and Annuar Ayub Aman (Liawan) joined GRS leaders at the state assembly dissolution announcement, while Robert Tawik (Bingkor) was absent due to health issues. Their move leaves Kitingan as STAR’s only representative outside GRS. GRS chairman Hajiji confirmed their support, and stated that the coalition will still contest against STAR and SAPP candidates, dismissing any possibility of working together again. GRS will be relying on Parti Bersatu Sabah (PBS) to secure backing from non-Muslim native communities. He also highlighted strong ties with Pakatan Harapan and praised PM Anwar for restoring nine powers to Sabah under the Malaysia Agreement 1963. GRS currently has 35 assemblymen, followed by Barisan Nasional with 12, Parti Warisan (14), Pakatan (7), Parti KDM (2), and PAS (1).

4. AROUND THE WORLD 🌎

All things AI
OpenAI Dev Day announcements promise evolution, reveal new plans
OpenAI has made a stream of exciting announcements during the OpenAI Dev Day on Monday, with CEO Sam Altman saying that ChatGPT has hit 800 mil weekly active users, marking an increase of adoption among consumers, developers, enterprises, and governments. ChatGPT head Nick Turley added that over the next six months, we can expect to see an evolution of ChatGPT from an app that is “really useful” into something that feels a little bit more like an operating system. The company touted new partnerships to incorporate its artificial intelligence (AI) products across diverse industries, with Altman revealing OpenAI will put a huge focus on enterprise partnerships. These include collaborations with companies such as Spotify, Zillow, and Mattel. The ChatGPT-maker outlined ambitious new plans in the last month to build USD1 tril (RM4.21 trill) or more of computing capacity after launching AI-video-generating app Sora, which has shot to the top of Apple’s app rankings. Still legally designated as a nonprofit, OpenAI became the most valuable privately held company in the world last week, after a private stock sale of USD6.6 bil in shares valued the company at a staggering USD500 bil.

Open AI’s own app store
OpenAI also unveiled an app software development kit (SDK) that allows developers to build their own apps for ChatGPT. These features all allow ChatGPT to function more like an app store. Basically, users can mention an app in ChatGPT, like Canva, for example, and then be prompted to connect and choose what data to share. Subsequently, they can chat and request things from apps using natural language, with the results appearing in ChatGPT. In addition, OpenAI is launching a directory where users can browse apps, and those that meet “higher standards for design and functionality” will be featured more prominently both in the directory and in ChatGPT. App partners at launch include Booking.com, Canva, Coursera, Figma, Expedia, Spotify, and Zillow. More will roll out later this year, including AllTrails, Khan Academy, Instacart, Peloton, Target, Tripadvisor, and Uber.

View the full thread below:

MrBeast is concerned about AI
Meanwhile, top YouTube creator MrBeast has voiced out his concerns over AI taking over content creators’ livelihoods, and wondered how AI-generated videos could affect the “millions of creators currently making content for a living”. The comment came after the recent launch of OpenAI’s Sora 2, a new audio and video generator that enables users to feature themselves in AI-generated videos. MrBeast, whose real name is Jimmy Donaldson, is No. 1 on Forbes’ 2025 list of top creators, with USD85 mil in earnings and 634 mil followers. However, MrBeast himself has dabbled with AI in his content. He faced a fair bit of backlash from fans and creators alike after releasing a tool that used AI to create video thumbnails, which he quickly removed later and replaced with links to human artists available for commission.

Deloitte goes all in on AI, despite grappling with the technology
Deloitte has announced Monday about its plans to go big with AI, as the company will be rolling out OpenAI’s competitor, Anthropic’s chatbot Claude to its nearly 500,000 global employees. Deloitte and Anthropic, which formed a partnership last year, plan to create compliance products and features for regulated industries, including financial services, healthcare, and public services. Deloitte also plans to create different AI agent “personas” to represent the different departments within the company including accountants and software developers. Its global technology and ecosystems and alliances leader said that their approach to responsible AI is very aligned with Anthropic’s, and together they can reshape how enterprises operate over the next decade. The deal is Anthropic’s largest enterprise deployment by far.

At the same time, Deloitte is actually facing some challenges with AI. The Australia Department of Employment and Workplace Relations has asked Deloitte for a refund for a report it did for the department, citing inaccurate AI-produced slop in the review including a number of errors, such as multiple citations to non-existent academic reports.

Shorts

1. Indonesia ends search for school building collapse victims

   Indonesia’s National Search and Rescue Agency announced yesterday that its teams were stepping down after more than a week of efforts to recover victims trapped beneath the rubble at the collapsed Al-Khoziny school in East Java. 61 bodies have been found, as well as seven body parts, the agency said. Al-Khoziny is one of more than 42,000 traditional Islamic boarding schools, known as pesantren, in Indonesia, only 50 of which have a building permit, according to the Ministry of Public Works. So, only 0.1% of these schools have building permits.

2. Germany economy experts propose raising pension age to 73

   Germany’s top economic advisers have proposed that its government increase the retirement age all the way to 73 - a move that could help “secure the sustainability” of the German pension system, which is under increasing strain from demographic change and weak economic growth. The council suggests the statutory retirement age should rise step by step to 73 years by 2060 while linking future increases directly to life expectancy, arguing that doing nothing would inevitably lead to higher taxes, deeper cuts, or both. Denmark is already doing it, with the Danish retirement age tied to life expectancy since 2006, when it stood at 65. By 2040, it will rise to 70, which was a reform that received broad parliamentary approval in May 2025.

5. FOR YOUR EYES 📺

Today, we talk $$$.

1. Trump has now slapped his brand on a new product - coins. The US Treasury released a draft design for a USD1 coin featuring President Trump to commemorate 250 years since the declaration of American independence in 2026.

2. How most property gurus make their money. For that matter, the same applies to most ‘gurus’ in different fields. From the comment: “If someone is teaching you how to get rich, chances are they’re getting rich by teaching you how to get rich”.

timtiah

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3. Meet RM432 mil Bursa-listed bakery company SDS Group that generated RM345.7 mil revenue and RM33.3 mil net profit in FY25. Why you should pay attention? Because our retirement money (i.e. EPF) became a substantial shareholder of the company (at least 5%) recently.