☕️ Indonesia wildfires could burn into Nov

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM243 mil – According to Religious Affairs Minister Dr Zulkifli Hasan, Tabung Haji allocated that amount to provide targeted Haj Financial Assistance (Hafis) for the 1448H/2027 season. Haj fee for B40 group will remain at RM15,000 per person, with Hafis covering RM18,300 or 55% of the total cost. For M40 pilgrims, the fee has been set at RM23,500 per person, with Hafis covering RM9,800, about 29% of the total cost. T20 pilgrims will be required to pay the full cost of RM33,300. The total fee of RM33,300 has been maintained for four consecutive years. Dr Zulkifli credited Tabung Haji, which set aside RM243 mil for Hafis for the season, for managing cost increases through efficient governance without compromising service quality despite inflationary pressures and geopolitical conflicts in the Middle East. Actually, the only credible threat is from within.

RM2,500 – That is the asking price per sq ft of an almost 11,000 sq ft parcel of land, known as Lot 530 in Jalan Jati in the heart of Kuala Lumpur, which has been put on sale via a tender exercise. This puts the price of the lot at about RM27 mil. Notably, previous such transactions in the area ranged between RM2,000 and RM2,300 per sq ft as recent as 2023. The lot is owned by Faber Crest Sdn Bhd and is located close to Bukit Bintang and only a five-minute drive from Tun Razak Exchange (TRX). The land had previously secured a development order for a 10-storey serviced apartment scheme comprising 31 units, which suggests planning parameters that could support a boutique high-rise residential or hospitality-type project. This tender exercise comes at a time when the area has been feeding off the Bukit Bintang area’s transformation due to the Bukit Bintang City Centre project.

CNY30,000 (RM18,000) – The Tianmeng Scenic Area at Wenlv Yimeng Mountain in the province of Shandong is looking to recruit a “cloud observer” to work at an altitude of 1,001.2m. The main duties of the cloud observer include documenting weather conditions and autumn scenery, producing at least one short video daily and taking several high-resolution photographs. The position also comes with free accommodation and meals. Applicants will be assessed based on their photography and content creation skills as well as their health and stamina, as they will have to live at the mountain summit for an extended time. This is not the first such recruitment in China, as the Laojun Mountain Scenic Area in Henan province has previously done the same for CNY60,000 (RM36,000). Sadly, the application period for the Tianmeng Scenic Area closed on Sept 9. View of the place is amazing, though.

3. IN MALAYSIA 🇲🇾

Muhyiddin case takes a turn
Muhyiddin acquitted of four charges: Former PM Muhyiddin Yassin has been fully acquitted of four charges linked to Bukhary Equity involving RM200 mil. The charges comprised one count of abuse of power and three counts of money laundering. Prosecutors had asked the Kuala Lumpur High Court for a discharge not amounting to an acquittal, or DNAA, but did not give a reason for withdrawing the charges in court. High Court judge Noor Ruwena Md Nurdin instead granted Muhyiddin a full acquittal on Sept 15, noting that no witnesses or evidence relating to the four charges had been presented.

Muhyiddin had been accused of abusing his position as PM and Bersatu President to solicit RM200 mil from Bukhary Equity for the party, with the same funds forming the basis of the three money-laundering charges. His trial is not over, however. He still faces three abuse-of-power charges involving RM25.3 mil in alleged gratification linked to the Jana Wibawa programme.

AGC says continuing posed litigation risks: A day after Muhyiddin was acquitted of the four Bukhary Equity-related charges, the Attorney General’s Chambers explained why prosecutors had decided not to continue with them. The AGC said the decision followed an assessment of the evidence, whether the charges could be proven and how continuing with them could affect the broader case.

Why the charges were dropped:

• Continuing with the Bukhary Equity-related charges could weaken the prosecution’s overall strategy and make it harder to prove the remaining charges.

• Prosecutors reassessed the available evidence, including whether it would be admissible in court and whether the charges could realistically be proven.

• The credibility of witnesses and the possible impact on other proceedings were also considered.

• The AGC stressed that withdrawing the charges did not mean they had been brought without basis or that the transactions under investigation had not taken place.

His time in court isn’t over yet. His trial will now continue on the three remaining Jana Wibawa-related abuse-of-power charges.

Colorectal cancer is hitting younger Malaysians
Colorectal cancer is no longer seen only as a disease affecting older adults, with more young Malaysians now being diagnosed, including people under 40. Many cases in younger patients are also being detected at a later stage, when treatment becomes more complicated. One reason is that symptoms can be mistaken for less serious conditions such as haemorrhoids, irritable bowel syndrome or dietary problems. Warning signs include persistent rectal bleeding, blood in the stool, changes in bowel habits lasting several weeks, unexplained abdominal pain, weight loss, fatigue and iron-deficiency anaemia. These symptoms do not always mean cancer, but persistent or recurring signs should be checked by a healthcare professional.

Colorectal cancer often develops slowly from precancerous polyps in the colon or rectum. These can sometimes be detected and removed during a colonoscopy before they become cancerous.

Risk factors include diets high in processed and red meat, low fibre intake, obesity, physical inactivity, smoking, excessive alcohol consumption and inherited conditions such as Lynch syndrome. A family history of colorectal cancer can also raise a person’s risk. Healthy habits, including regular exercise, maintaining a healthy weight and eating more high-fibre foods, can help reduce risk.

Government might be helping AirAsia to ‘fly’
Malaysia’s government has reportedly asked Malaysia Airlines and Batik Air whether they could absorb some of AirAsia’s domestic routes and passengers as part of contingency planning around the airline’s financial pressure. Reuters said the discussions have increased in recent weeks and involve the Finance Ministry and Malaysia Airports Holdings Berhad. AirAsia says it holds about 40% of Malaysia’s overall aviation market and around 60% of domestic flying. Malaysia Airlines and Batik Air were reportedly open to expanding their own operations, but taking over AirAsia’s operations on a large scale would also require access to its aircraft leases.

AirAsia has been hit by higher jet fuel costs amid the US-Israeli war on Iran, as well as foreign-exchange losses. The airline reported a RM831 mil net loss for the second quarter and had current liabilities of RM18.4 bil as of June 30. Reuters also reported that AirAsia owed Malaysia Airports at least RM500 mil, although the airline did not address that figure directly. AirAsia is now seeking up to USD1 bil from international debt markets and RM700 mil in local credit facilities to restructure its debt. It has also been cutting weaker routes, returning 25 older aircraft and renegotiating contracts. AirAsia said its financing plans are sufficient and that it remains focused on maintaining stable operations across its network.

Shorts:

1. Indonesia wildfires could burn into Nov
   Indonesia’s most intense wildfires in 11 years could continue until early Nov as super El Niño delays the rainy season. Fires have been burning across Borneo and Sumatra, while wildfire-related respiratory illnesses in seven provinces more than doubled to 113,336 between Sept 1 and Sept 9. The haze has also affected Malaysia and Singapore. Indonesia has deployed more than 50 aircraft for water bombing and cloud seeding, with Japan sending three CH-47 Chinooks to assist.

2. U Mobile’s 5G push deepens losses
   U Mobile’s FY25 core net loss widened 163% to RM595 mil as its 5G rollout pushed up network costs and depreciation. Even so, the telco continued to gain ground, with mobile service revenue rising 5% and its market share increasing to 17.4%. Capital expenditure surged to RM1.23 bil as network expansion accelerated. Mawar Setia became U Mobile’s largest shareholder in Mar with a 50.2% stake, while ST Telemedia’s holding fell to 20.7%.
   You might be interested with who are U Mobile’s shareholders.

4. AROUND THE WORLD 🌎

Global Geopolitics
Drones to Makkah - Saudi’s ‘red line’ retaliation against Houthis in Yemen
The civil war in Yemen is taking another turn. The Saudi Arabia-led coalition in Yemen accused the Houthis of targeting the holy city of Makkah. The Houthis denied the attack and called it a ‘lie’. Saudi Arabia has said that “The security of the Two Holy Mosques and the pilgrims is a red line, and the Joint Forces Command of the Coalition will not hesitate to take the necessary and deterrent measures against the Terrorist Houthi Militia”.

Currently, there are two factions in conflict in Yemen - a ‘government’ faction that originally ruled Yemen, who are now backed by Saudi Arabia, and the Houthis, backed by Iran, who now occupy most of Yemen’s northwest and the capital, Sanaa. The Houthis have recently started attacking Saudi ships that pass through the al-Mandeb Strait in the Red Sea. And the group’s lightning offensive last week saw them taking control of the entirety of Yemen’s Red Sea coast and the al-Mandeb Strait, specifically the Mocha and the island of Mayyun.

Europe courts Canada to become an associate member of EU
Trump will not be happy. That’s because European Commission President Ursula von der Leyen is proposing Canada to become the European Union’s (EU) first associate member. She said to Canadian PM Mark Carney, “I would like to work with you on opening the door for Canada being the first associate member of the European Union.” Von der Leyen is also discussing closer cooperation with Canada on manufacturing, tech, defence and energy, but Canada’s biggest priority would be to conclude the ratification of CETA, the EU-Canada Comprehensive Economic and Trade Agreement, an accord that was negotiated a decade ago but still has not been approved by 10 European countries.

According to data from Statistics Canada, Canada’s exports to the European Union from Jan to Jul make up about 5% of its total exports. Not surprisingly, the US is still the biggest market for Canada at 68% of total exports. So, Canada might want to diversify its export destinations as relations with the US deteriorate.

US says it has weapons in space
The US is taking the arms race to new heights … literally. It has, for the first time, confirmed that it deployed a space weapon in Earth’s orbit. US Secretary of the Air Force Troy Meink said that the ‘orbit weapon’ was necessary to protect US forces against ‘hostile enemy action’. However, he did not elaborate further, and not much is known about the US’ capabilities in space.

Dr Bleddyn Bowen, from the Royal United Services Institute (RUSI), said he was ‘totally guessing’, but he thinks that the US might be referring to ‘some kind of electronic warfare or radio jamming platform’. China responded, ‘We urge the US side to stop expanding its military capabilities and preparing for war in outer space’ and warned against an ‘arms race’ in space.

Iron Man has such a technology.

Dealmakers making moves
Grab acquiring Atome in USD
Well, it's buy-now-expand-now for Grab, as it agreed to buy 60% of Atome Financial, a buy-now-pay-later platform Atome for USD1.5 bil (RM6.07 bil) from Advance Intelligence Group. Grab also agreed to purchase the remaining 40% after the current transaction closes under a performance-linked framework tied to Atome’s EBITDA and revenue.

Atome is now valued at between USD2 bil and USD4.5 bil. Grab is doubling down on its financial services bet by expanding its buy-now-pay-later products to the Philippines, Indonesia and Thailand through Atome, saving time and costs on building up its own credit models. Grab projects that its loan book will grow to over USD6 bil by 2028 with Atome and cites that synergies could be found by using its three digital banks to lower the cost of funding for Atome’s assets.

ByteDance - from dancing videos to drug making
ByteDance’s main business? TikTok. The Chinese social media giant spun off its AI drugmaking unit, Anew Labs, and raised USD290 mil (RM1.2 bil) for it. Anew is now valued at USD1.5 bil, with participating investors such as HSG (formerly Sequoia China), IDG Capital, Hillhouse Investment, 5Y Capital, Gaorong Ventures, Primavera Venture Partners, Boyu Capital, SBP Group and Shanghai Industries Fund. ByteDance said that Anew Labs follow a different industry logic and management approach than the group. And ByteDance will maintain a 56% stake in the company after the fundraising.

Japanese monks turn to investments as inflation hits
Donations ain’t enough for cash-strapped Japanese monks. They are now turning to the financial markets to make ends meet for their temple and spend on maintenance and needed repairs. Fewer people are donating to temples as higher inflation in Japan means that households’ daily costs have increased. About half of temples bring in less than JPY4 mil (RM105,625) per year, according to a 2021 survey of 7,000 temples. Koukyo Yoneta, a fifth-generation Buddhist priest, invested in US Treasuries, Japanese REITs, and stocks such as BYD and Hyundai that returned more than 10% annually. This helped him to cover USD162,000 (RM655,225) in needed repairs and also expand renovations for the temple. Yushi Kono, a deputy priest for Daian-ji temple in Nara prefecture, said that ‘There is an inherent contradiction in our position. In principle, monks should not engage in profit-making activities. But if we do not take any action now, the temple could cease to exist.’

5. FOR YOUR EYES 📺

Respect the hustle

1. Losing vision is one of the worst physical disabilities one can experience (temporarily gone through it). Independence, mobility and daily functions profoundly impacted. The fighting spirit to keep going, no matter what. If you in Brickfields, sapot sikit.

2. Prisons Department’s MyPRIDE programme that helps prisoners post-prison life. You can shop their online store here. Recidivism rate for those who go through this skills training is at 0.3%, as compared to 16%. Impressive.