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- ☕️ The Half-Trillion Dollar Club entrants: OpenAI, Elon Musk
☕️ The Half-Trillion Dollar Club entrants: OpenAI, Elon Musk
Israel detains Malaysian Flotilla volunteers. Custom Food Holding - another Creador-backed firm going IPO. Malaysia, China in talks about rare earths refinery. Farewell, Jane Goodall, chimpanzee conservationist.
2. NUMBERS AT A GLANCE 🔢
According to an impact report by Oxford Economics, YouTube content creators were responsible for supporting 45,000 jobs and contributing GBP2.2 bil (RM12.4 bil) to the UK economy. This information comes as an all-party parliamentary group was launched to represent UK creators and influencers. While such groups are informal and have no official power, they are able to provide industry insights directly to policymakers. This is also seen by content creators and influencers as a symbol of long-overdue recognition for their work.
A survey that polled 11,000 retail investors around the world found that at least one in 10, about 13%, is using a chatbot to pick stocks, which is currently fueling a boom in the robo-advisory market. The said market is forecast to grow to USD470.9 bil (RM2 tril) in revenues in 2029 from USD61.8 bil (RM260.1 bil) in 2024, an almost 600% increase over five years. Still, investors should take heed that stock picking using ChatGPT requires some financial knowledge, with a high risk of getting it wrong before getting something right.
Bernard Arnault, boss of luxury goods group LVMH, has attacked a proposed 2% tax on billionaires as an assault on France’s economy, calling the plan’s architect a far-left ideologue. The said architect, economist Gabriel Zucman, proclaims he has never been an activist for any movement or party, adding that his work was grounded in research and not ideology. Zucman is also one of 300 economists who have publicly backed the economic platform of the left-wing Nouveau Front Populaire alliance ahead of last year’s legislative elections. The tax, which would target wealth above EUR100 mil (RM494 mil), has gained political traction in France, with the French PM under pressure to include it in the 2026 Budget or face a confidence vote. Word of the day: ideologue. A person who believes very strongly in particular principles and tries to follow them carefully.
3. IN MALAYSIA 🇲🇾
Israel is playing by its own rules
In the face of the international community’s condemnation, Israeli forces have intercepted the Global Sumud Flotilla’s (GSF) ships, which were en route to the coast of Gaza to deliver humanitarian aid. During the interception, thirteen Malaysians who were part of the flotilla lost contact with the Sumud Nusantara Command Centre (SNCC). Eight of the thirteen Malaysians were confirmed to be detained by Israeli forces. Humanitarian activists on board also shared live streams showing tense scenes as Israeli forces surrounded and attempted to disable the aid convoy.
Responding to the incident, Communications Minister Fahmi Fadzil said that Malaysia will use diplomatic channels to secure the swift release and return of Malaysians detained by Israeli forces. There are 23 Malaysian activists and volunteers with the international flotilla of 46 vessels, and now more than half are MIA.
While the reaction from the public regarding the incident was outrage and solidarity with the flotilla, one particular individual stands out. UMNO Youth chief Dr Akmal Saleh urged Putrajaya to revoke the invitation to US President Donald Trump to attend the upcoming ASEAN Summit in Kuala Lumpur if the Malaysian activists on board the ships are not immediately released. If his demand is not met, Dr Akmal will mobilise UMNO Youth nationwide and stage a protest in front of Trump once the foreign leader is in Kuala Lumpur.
While Dr Akmal’s stand-out solidarity is something we can respect, Trump’s visit to Kuala Lumpur needs to run as smoothly and end as quickly as possible, because basically, we do not want to provoke the unpredictable orange man. Penang mufti Sukki Othman resonated with this tone as he stated that, although Malaysia has both moral and religious obligations to speak up against colonisation and oppression, the door of diplomacy always needs to be open, as it is more effective than closing the door for communication. Welcoming world leaders to Malaysia is part of diplomatic efforts, which provide the opportunity to convey messages on crucial matters.
Business news
Mizuho Bank to pump in USD600 mil into JS-SEZ
Mizuho Bank (Malaysia) Bhd is committed to supporting the Johor-Singapore Special Economic Zone (JS-SEZ), providing nearly USD600 mil (RM2.5 bil) in financing for clients investing in the area. Finance Minister II and acting Economy Minister Amir Hamzah Azizan announced that Mizuho Bank was uniquely positioned to channel catalytic projects into the 11 promoted sectors of JS-SEZ through its extensive network of Japanese clients. Mizuho Bank might not have to wait long to start capitalising the USD600 mil, as Mizuho MD and CEO, Koichi Zaiki, said that a pipeline of 10 to 20 Japanese companies had expressed interest in coming to JS-SEZ.
China, Khazanah Nasional are talking about a rare earths refinery project
China and Malaysia are in talks to build a rare earths refinery in Malaysia, likely through a partnership between sovereign wealth fund Khazanah Nasional Bhd with a Chinese state-owned firm. This is big news as China has always been hush-hush on its rare earths processing technology, to the point that the world’s top supplier and refiner of rare earths banned the export of its processing technology. Sources said Beijing is ready to swap its technology for access to Malaysia’s untapped rare earths reserves in a move to limit competition from Australian rival Lynas Rare Earths. Malaysia has some 16.1 mil metric tonnes of rare earth deposits, according to government estimates, but lacks the technology to mine and process them. So, on paper, it is a win-win situation, and a successful deal would make Malaysia one of the few countries with both Chinese and non-Chinese rare earths processing technology through the Australia-owned Lynas plant in Pahang.
Malaysia Airlines to build its own mega kitchen
Malaysia Airlines COO Nasaruddin Bakar announced that the airline’s parent company, Malaysia Aviation Group Bhd (MAG) plans to launch its own in-flight catering hub by 2029. The new facility, which will double the current meal production capacity to about 50,000 in-flight meals daily, will be located near the group’s existing facility at the Kuala Lumpur International Airport (KLIA). It will be operated by MAG Catering Solutions (MAGCS). Nasaruddin revealed that MAGCS’s current production rate cannot fully provide for Malaysia Airlines and Firefly, relying on other catering partners. The new facility is expected to meet the company’s needs with surplus capacity. Previously, MAG created MAGCS after ending a 25-year partnership with Brahim’s Food Services in its efforts to consolidate catering operations in-house.
Creador-backed firm going public
Custom Food Holding Bhd, a food ingredient maker backed by private equity firm Creador, is aiming for a listing on the Main Market of Bursa Malaysia. The goal is to raise funds to finance its new manufacturing facility, repay borrowings and to use as working capital. The initial public offering (IPO) will offer 29.4% of the company to the public. At the moment, Creador has an effective 16.7% stake in Custom Food. Custom Food is principally a manufacturer of speciality food ingredients and food products, which generated a revenue of RM394.9 mil in FY2024, with an after-tax profit of RM42.1 mil at a margin of 10.65%. Creador has also backed several other household names in Malaysia, such as Mr DIY, BIG Pharmacy, CTOS, Tealive, among others. View prospectus here.
4. AROUND THE WORLD 🌎
Israel intercepted Gaza Sumud flotilla
Same news, but from a global lens - yesterday, Israeli forces boarded and took control of nearly all of the ships in the Global Sumud Flotilla, one of the biggest naval aid missions to the Palestinian enclave. It includes at least 44 civilian boats carrying about 500 activists who are now detained and taken to Israel. However, by noon local time (09:00 GMT) on Thursday, the Israeli foreign ministry confirmed that all except one had been intercepted. The lone boat, Mikeno, was reported to have escaped the maritime blockade and to have stopped inside Palestinian territorial waters near Gaza’s coast before contact with the vessel was lost. Israel had previously said that it would do whatever it takes to stop the Gaza-bound flotilla, claiming the volunteers were trying to breach a lawful naval blockade – a claim that goes against international law. The flotilla reported that prior to illegally boarding the ships, it appears as though the Israeli naval vessels intentionally damaged ship communications, in an attempt to block distress signals and stop the livestream of their illegal boat boarding. The Global Sumud Flotilla set sail in late August 2025, departing from ports in Spain and Italy before stopping in Greece and Tunisia as it made its way across the Mediterranean. The mission represents at least 44 countries, carrying hundreds of international volunteers, activists, and lawmakers. On board were symbolic yet significant amounts of humanitarian cargo, including food, medical supplies, and other essentials for Gaza’s starved population.
US government takes more stakes in private companies
The Trump administration has once again engaged in a direct intervention in private companies, this time taking up a minority stake in Lithium Americas, a Vancouver-based company that is developing one of the world’s largest lithium mines in northern Nevada. It is reported that the Department of Energy will take a 5% equity in Lithium Americas, and also take a 5% stake in the Thacker Pass lithium mining project, a joint venture with General Motors (GM). The deal seems to be moving forward as the parties agreed on changes to an approximately USD2.3 bil federal loan that could allow the project to move forward late last month. GM has pledged more than USD900 mil to help develop Thacker Pass, which holds enough lithium to build 1 mil electric vehicles annually. Thacker Pass is considered crucial in reducing US reliance on China for lithium, a critical material used to produce high-tech batteries used in cellphones, electric vehicles, and renewable energy.
The Half-Trillion Dollar Club
Elon Musk is the world’s first half-trillionaire
Tesla boss Elon Musk has become the first person ever to achieve a net worth of more than USD500 bil, however briefly, thanks to the increased value of his electric car company, Tesla, this year. The company’s shares, of which Musk has a stake of over 12%, have been making gains in recent months as investors welcome Musk focusing more time on his companies rather than politics. Alongside Tesla, the valuations of his other ventures, including the artificial intelligence startup xAI and rocket company SpaceX, have also reportedly climbed in recent months. Tesla reportedly trounced Wall Street estimates of its delivery numbers for the third quarter, delivering a total of 497,099 vehicles on the back of US buyers rushing to lock in popular tax credits worth USD7,500 before their expiry at the end of September.
On another note, how powerful is Tesla’s Cybertruck?
Beating a 911 while towing a 911
— Cybertruck (@cybertruck)
4:46 AM • Oct 2, 2025
OpenAI hits USD500 bil valuation
More big news on OpenAI - the ChatGPT maker has also reached a half-trillion valuation - USD500 bil - after its employees sold shares to a consortium of investors including Thrive Capital, SoftBank, Dragoneer Investment Group, Abu Dhabi’s MGX and T Rowe Price, said an undisclosed source. The sale of shares was worth roughly USD6.6 bil, and represents a bump-up from its current valuation of USD300 bil. OpenAI saw a revenue of about USD4.3 bil in the first half of 2025, 16% more than its full-year revenue of 2024. Lofty valuation. To put into perspective, our country’s GDP In 2024 was USD422 bil. A man, and a company is worth more than our nation’s output. Insane.
Shorts:
Unsold crude oil could be a sign of surplus (and cheaper oil?)
The volume of unsold Middle Eastern crude cargoes lying around appear to be an early indication that an expected global oil surplus could be emerging. It is said that the volume of unsold oil set to be loaded in November ranged from 6 mil barrels to 12 mil barrels, and sellers include the United Arab Emirates and Qatar. Usually, crude oil shipments are discounted to move them, and price-sensitive buyers in China and India are the typical purchasers. However, there’s no indication that these unsold cargoes have been snapped up yet. Still, for a clearer picture on overall supply and demand balances, the market will need to see the November allocations from suppliers such as Saudi Arabia to their buyers, which purchase crude under long-term contracts.Qatar receives safety guarantee from Trump
US President Donald Trump has apparently signed a new executive order to guarantee the safety of Qatar - in what appears to be another measure to assure the Qataris following Israel’s surprise attack on the country targeting Hamas leaders last month. The order said that the US shall regard any armed attack on the territory, sovereignty or critical infrastructure of the state of Qatar as a threat to the peace and security of the United States. Note that Qatar is a major non-Nato ally of the US and hosts US Central Command’s forward operating base at Al Udeid airbase.Farewell, Jane Goodall
Renowned zoologist, primatologist, researcher and expert on chimpanzees, Jane Goodall, has died peacefully in her sleep at the age of 91, leaving behind a massive legacy of wildlife conservation. Born in London on April 3, 1934, Goodall grew fascinated with animals in her early childhood, and began her career in wildlife conservation in the 1950s. In 1977, she founded the Jane Goodall Institute to further research and conservation of chimpanzees. In 1991 she launched Roots & Shoots, a youth-led environmental programme that today operates in more than 60 countries. She continued to be a relentless advocate for nature until her last day.
5. FOR YOUR EYES 📺
It’s time of the year again, influencer and entrepreneur Khairul Amin (more popularly known as Khairul Aming) takes his staff on a company trip.
How the ideal female body changes through history.
Taking the weekend to buy a car - here’s some financial help with the ballpark calculation.
Monthly Instalments for Top 10 Cars in Malaysia:
• Bezza: RM570
• Axia: RM519
• Myvi: RM712
• Saga: RM503
• Alza: RM882
• Ativa: RM872
• Toyota Vios: RM1175
• Honda City: RM1,161
• Proton X50: RM1,112
• Toyota Hilux: RM1,360^ 3% interest rate, 10% downpayment,
— The Futurizts (@TheFuturizts)
12:09 PM • Oct 2, 2025
Before we leave for the weekend, we have something to share for next week. We are beta launching a personal assistant for your money matters (i.e. budget, expense tracker, scam checker, investments) right in your WhatsApp next week. If you are want an easy way to track your money, register here.
Have a good weekend ahead folks!