☕️ Greenland, rare earth, durians - Berjaya Land's new busines ventures

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The US App Store generated USD406 bil (RM1.72 tril) in developer billings and sales in 2024, Apple announced on Thursday. This figure represents a nearly threefold increase since 2019, when it stood at USD142 bil. Apple highlighted that no commission was paid on 90% of these billings and sales. This announcement comes amidst ongoing tensions with the iOS developer community, many of whom feel that Apple's commission structure is unfair, given their applications' role in the iPhone's success, and believe they should be shown more appreciation rather than being seen purely as a revenue source.

Ejen Ali The Movie 2 (EATM2) has officially made cinematic history in Malaysia, achieving a staggering gross of RM55.1 mil. This monumental figure crowns EATM2 as the highest-grossing animated film ever in Malaysian cinema, outperforming all local and international animated works previously screened. Since it first aired on Malaysia's TV3 in 2016 as a cartoon series, “Ejen Ali” has been shown in more than 65 countries, including those in South-East Asia, the Middle East, North Africa, the Indian subcontinent, and North America.

Indian police have arrested scores of people in the northeastern state of Assam for "sympathising" with Pakistan, a month after a significant conflict between the two nations. Assam Chief Minister Himanta Biswa Sarma confirmed that 81 "anti-nationals" are currently behind bars for expressing sympathy with Pakistan. Sarma, a member of Prime Minister Narendra Modi's ruling Hindu nationalist party, stated that authorities are continuously monitoring social media for "anti-national posts" and taking action. This development underscores the heightened tensions and strict measures being implemented in the region

3. IN MALAYSIA 🇲🇾

Malaysia soars in global competitiveness ranking, jumps 11 spots to 23rd in 2025!
The nation has made a remarkable leap in the World Competitiveness Ranking (WCR) 2025, climbing an impressive 11 positions to secure the 23rd spot. This is Malaysia’s best performance since 2020 and a clear sign of the positive momentum from ongoing economic recovery and reform efforts. The significant improvement was primarily driven by strong showings in economic performance, government efficiency, and business efficiency. Our international trade also saw a notable boost, fueled by robust export growth and diversified markets. This achievement reaffirms Malaysia's trajectory towards its goal of becoming one of the world's top 12 most competitive economies by 2033. View the full rankings here.

Deceptive agents using "Holiday" cover, hard to detect as 47 Malaysians duped
The Minister in the Prime Minister's Department (Religious Affairs), Dr Mohd Na'im Mokhtar, has issued a stark warning regarding Haj travel fraud. This comes after 47 Malaysian pilgrims were recently duped by an unlicensed company operating without proper accreditation. These victims were likely smuggled into Jeddah using tourist visas or visas from other countries, often by first travelling to a third country like Türkiye, making their true intentions harder to trace. The Minister emphasised that agents often disguise these illegal Haj packages as regular holiday trips, enabling pilgrims to enter Saudi Arabia without the mandatory official Haj visas.

The Ministry is taking steps, including setting up a special task force and tightening oversight, but urges prospective pilgrims to remain vigilant and only deal with officially accredited Haj Pilgrimage Operators (PJH) to avoid falling victim to such scams.

Greenland, rare earth and durian — how do you draw a link between these three?
The answer is Berjaya Land Bhd, a subsidiary of Berjaya Corporation Berhad. It seems like the company is trying everything it can to berjaya. First, it is expanding into Greenland with an apartment project in Nuuk with an expected gross development value of RM170 mil. The move is meant to strengthen the group’s presence in the North Atlantic tourism corridor following its 2019 acquisition of 75% stake in Icelandair Hotels ehf for RM223.1 mil.

Secondly, back in Malaysia, Berjaya Land wants to undertake exploration and development activities for rare earth elements and other strategic minerals in Perlis via a memorandum of understanding (MoU) signed with Impianan Utara Sdn Bhd. The latter is said to have obtained necessary state-level approval through its partnership with MBI Perlis.

Thirdly, in the same MoU with Impianan Utara Sdn Bhd, Berjaya Land will also undertake a large-scale plantation project involving Napier hybrid grass and premium Blackthorn durian. The fast-growing and high-yield grass is expected to support livestock farming and contribute to the country’s food security efforts. We hope they berjaya lah with so many projects.

Are our retirement systems due for a reform? EPF CEO thinks so
EPF chief executive officer Ahmad Zulqarnain Onn said in his opening speech at the 12th International Social Wellbeing Conference 2025 that the nation’s current systems no longer reflect how people live and work today. It was built for an era of shorter lifespans and linear careers, and most people remained in the same occupation or sector throughout their working years. In addition, Malaysians’ life expectancy is projected to reach 81 years by 2050 from 75 years today. A reform is required to safeguard the retirement of future ageing populations.

According to the EPF’s data as of September 2023, it paints a gloomy picture — a large swath of its members have inadequate savings for retirement, with more than six million people under the age of 55 having less than RM10,000 in their retirement accounts. That’s just 5.9 months of min wage of RM1,700.

Shorts

1. Government to focus on “swimmers” to tackle low fertility rate
   Women, Family and Community Development Minister Nancy Shukri commended Malaysians for raising the fertility rate from 1.6 to 1.7 over the past year. However, the broader public tends to pinpoint the issue to women. Many existing programmes on fertility focused on women. Well, the minister said it’s time to bring the men into the equation. The government is running a campaign aimed at breaking the stigma around male infertility and fostering a more supportive, shared responsibility between partners in planning for children.
   Watch: The #1 food according to science to supercharge fertility and erections by Dr Rena Malik, urologist and pelvic surgeon

2. Gig workers to contribute to Socso by January 2026
   The Social Security Organisation (Socso), also known as Perkeso, is aiming to introduce mandatory contributions for gig workers starting January 2026. This move is part of a larger effort to extend crucial social protection to the informal sector, which makes up over 25% of Malaysia's workforce. Under the proposed model, a small deduction of 1.25% per ride or delivery will be automatically channelled into a protection scheme for platform-based workers like food delivery riders and e-hailing drivers

3. Double fatality in Cheras
   A shocking incident unfolded near a shopping mall in Cheras recently, where two men lost their lives in a shooting. The victims, both in their 40s and reportedly from Sibu, Sarawak, were heading to their car in the early hours of the morning when they were approached by a group of men wearing helmets. The assailants opened fire before fleeing the scene in a vehicle. Police are currently gathering information from witnesses and reviewing CCTV footage to identify the suspects and determine the motive behind this violent act. Investigations are ongoing. 2 shootings in less than a week - related?

4. Two cops among four jailed 12 years for RM1.1 armed robbery 
   Two policemen were among four men sentenced to 12 years in jail and five strokes of the cane for an armed robbery involving RM1.1 mil in cash from a businessman almost four years ago. The Kuala Lumpur Sessions Court handed down the verdict, stating that the defence failed to raise reasonable doubt. The incident occurred on December 14, 2021, when the four men robbed the victim at gunpoint in a parking lot near Jalan Chan Sow Lin.

4. AROUND THE WORLD 🌎

Support for Israel? But Israel shot first!

G7 expresses support for Israel
The Group of Seven (G7) nations expressed support for Israel in its latest conflict with Iran, calling the latter “a source of instability” in the region. The G7 affirmed Israel has the right to defend itself. But Israel fired the first shot in the air war, with Iran only retaliating the next day. Former Israeli PM Naftali Bennett took to social media to urge the Iranian people to “free themselves from their cruel dictators”, proclaiming support from Israel and the entire free world, and that the regime had never been weaker.

The post in question. One of the comments asked Grok how many Iranians would be able to see and understand the post. The answer? 1% to 5%.

Trump leaves G7 meet early
US President Trump also left the G7 meeting in Canada early, citing reasons that had “nothing to do” with the Israel-Iran conflict, but were “much bigger than that”. Aboard Air Force One, Trump shared that he wants a “real end” to the nuclear programme with Iran, with Tehran “giving up entirely” on the idea of nuclear weapons and their existing nuclear programme “wiped out”. The US president also indicated he may send a high-level official to meet with Iran, still eyeing a deal despite the armed conflict. Like he really wants that TikTok deal, considering he’s likely extending the deadline for ByteDance again? On another note, the “weapons of mass destruction” line seems oddly reminiscent of another US president, another Middle Eastern country, and another war over 20 years ago…

OpenAI vs Microsoft - friction increases
The AI partnership between the two has come under heavy pressure, leading to OpenAI executives considering accusing Microsoft of anticompetitive behaviour – a nuclear option. This comes after OpenAI’s USD3 bil acquisition of coding startup Windsurf. As per the AI agreement between Microsoft and OpenAI, Microsoft has access to all of OpenAI’s intellectual property, which should include Windsurf. However, OpenAI does not want Microsoft to have access to Windsurf as the startup has code that could enhance GitHub Copilot, Microsoft’s AI coding product that competes with OpenAI.

The problem is that OpenAI needs Microsoft’s approval to complete its for-profit conversion, or it could lose USD20 bil in funding. Another sign of a breakup? OpenAI is reportedly reducing its reliance on Microsoft for cloud services. OpenAI also just secured a USD200 mil contract with the US Department of Defense to develop AI tools, marking OpenAI’s first defence deal. The contract requires OpenAI to develop “prototype frontier AI capabilities to address critical national security challenges in both warfighting and enterprise domains”.

Air India crash triggers claims worth USD475 mil
India’s deadliest plane crash in over a decade will trigger one of the country’s costliest insurance claims as well, estimated at around USD475 mil, more than triple the annual premium for the Indian aviation industry in 2023. The claim for the aircraft hull and engine is estimated at around USD125 mil, with the remainder USD350 mil coming from additional liability claims for loss of life for passengers and others. The financial repercussions of the crash are expected to ripple through the global aviation insurance market, while making insurance costlier for airlines in India. Fortunately for the domestic insurers that have provided coverage to Air India, they have offloaded more than 95% of their aviation insurance direct written premiums to global reinsurers, effectively minimising the financial damage from this crash. In short, a reinsurer is an insurance company’s insurer - even they need protection!
Learn: What is a reinsurer? 

Shorts

1. Chinese housing demand to stay at 75% below peak in the coming years

   Demand is expected to stay below five million units in the coming years as Beijing faces a shrinking population (take note, Malaysia), combined with the expectations of price declines that have been hurting investment interests. This is 75% below peak demand in 2017 at 20 million units. China’s new home prices fell the most in seven months in May, according to official data, which could be a signal that the effects of a stimulus blitz last September are wearing off.

2. Nasdaq-listed herbal medicine stock "unbelievably" rallies 64,000%

   The stock, called Regencell Bioscience Holdings, has spiked by over 64,000% so far in 2025, despite the firm not having any profit or revenue to speak of since its inception. This turned the penny stock into a firm worth over USD20 bil in market value from just USD53 mil. The firm aims to treat neurological disorders like ADHD and autism spectrum disorder through traditional herb-based medicines, and is currently in the R&D stage.

5. FOR YOUR EYES 📺

1. Anacyclosis - the concept of the cycle of governments by Polybius, a Greek historian.

2. Today in Tech History: Celebrity Jennifer Lopez and her green Versace dress had a hand in giving birth to Google Image Search (read more here).

Just a cat vibing to Benny Benassi’s Satisfaction - Happy Wednesday!