☕️ Jho Low seeks Trump pardon

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM24.2 bil – Malaysia’s general insurance industry recorded that amount in gross written premiums in 2025, which was a 4.8% increase from RM23.1 bil in 2024. The figure, which represents the total volume of premiums collected before deductions, was bolstered in 2025 by the continued expansion in the motor and fire insurance segments. Chua Kim Soon, CEO of the General Insurance Association of Malaysia, said personal accident insurance also recorded double-digit growth. Still, motor insurance remained the largest segment, accounting for 45.2% of the total insurance business while fire insurance accounted for 20.9%.

750% – Samsung Electronics became the world’s latest trillion-dollar company after a 750% surge in first-quarter operating profit to a record high. The company’s shares closed 14.4% higher during a recent rally, pushing it past the USD1 tril (RM3.92 tril) mark as it rode the AI boom. This also made it the second Asian company to join the trillion-dollar club after TSMC. South Korea’s KOSPI also rose by 75% in 2026 (…and 3x since 2025 - mental!), making it the best-performing major stock market globally this year. By comparison, the S&P 500 gained about 6% this year, while the Nasdaq is up 9%. The 75% growth also pushed the index past the 7,000 level.

USD195.74 bil (RM777.77 bil) – That was the total value of Taiwan’s exports in the first three months of 2026, marking a 51.1% year-on-year increase. This marked the fastest pace of Taiwanese economic growth in nearly four decades, according to the country’s statistics agency. The growth was attributed to the strong demand for chips and related technologies that power AI. Taiwan’s gross domestic product for the first quarter of 2026 was up 13.69% from a year earlier, surpassing an 11.3% growth forecast by analysts and the 12.65% pace of the fourth quarter of 2025.

3. IN MALAYSIA 🇲🇾

Jho Low seeks Trump pardon as investigations continue
Fugitive financier requests Trump’s help: Fugitive businessman Low Taek Jho, better known as Jho Low, has reportedly submitted a formal request for a presidential pardon from US President Donald Trump in relation to the 1MDB scandal. According to reports citing the United States Department of Justice website (view here - type case number P338142), the application was filed this year and is currently listed as pending. If approved, the move could result in the dismissal of criminal proceedings against him in the US. Jho Low has been wanted since 2018 over allegations linked to the misappropriation of around USD4.5 bil (RM17.69 bil) from 1MDB. Prosecutors in the US also allege that he distributed about USD2 bil in illicit payments to foreign officials with the assistance of two former Goldman Sachs bankers.

Whilst Jho Low is believed to be in Shanghai, guess who is in China now too? Trump.

Putrajaya to discuss matter: The matter has also drawn attention in Putrajaya following international media reports on May 13, 2026. Communications Minister Fahmi Fadzil said the Cabinet is expected to discuss the issue at its next meeting, as it only emerged while ministers were already in session on Wednesday. He said no formal discussion had taken place and declined to comment on whether Malaysia would formally oppose the reported pardon application, referring questions instead to the home and foreign ministries.

Police say investigations continue: Meanwhile, IGP Mohd Khalid Ismail said investigations into Jho Low remain ongoing despite the reports. He said the matter is sensitive but confirmed that police continue to coordinate with foreign authorities as efforts to pursue the case proceed as expected. Jho Low remains at large and has yet to face trial in Malaysia or the US over the 1MDB scandal.

E-invoices not mandatory yet
Taxpayers can breathe a little easier for now as tax experts say ordinary receipts and invoices remain valid for personal tax relief claims, despite growing attention on the e-invoice system. While the Inland Revenue Board (LHDN) is encouraging taxpayers to request e-invoices for purchases linked to tax relief, experts say there is currently no legal requirement to do so. The system is still being rolled out gradually, and industry players believe mandatory enforcement is unlikely anytime soon due to ongoing operational challenges.

Owen KLCA PLT managing director Datin Christine Koh said e-invoices may eventually streamline tax filing by allowing certain expenses to be automatically reflected in future tax returns. However, she stressed that taxpayers must still verify the accuracy of the information and retain supporting documents as proof of payment.

Experts are also warning taxpayers to be more careful when submitting claims. Koh said mistakes such as duplicate claims between family members or relying on incorrect classification codes selected by sellers could cause issues later on, particularly for medical-related reliefs. In some cases, the e-invoice may also be issued under the patient’s name instead of the claimant, such as for parents’ medical expenses.

Is KL becoming the hottest city in the world?
And not in a good way. Anyone who has walked through Kuala Lumpur at night and still felt the heat as if it were daytime may have asked the same question: why does the city stay so hot after dark? According to multiple scientific studies, the phenomenon is not just a matter of perception. KL is undergoing one of the most intense urban heat island effects in the world, with temperatures in some areas recorded between 4.2°C and 9.5°C higher than surrounding rural locations. That is well above the global average, where most cities typically record differences of between 0.1°C and 3°C. Researchers say the issue is driven by rapid urban development, where trees and natural ground cover have been replaced by concrete, glass and tarmac that absorb heat during the day and release it slowly at night.

Studies show that more than 68% of Kuala Lumpur’s vegetation cover has disappeared over the past three decades, while built-up areas have expanded by more than 50%. With less greenery to cool the air naturally, the city has become increasingly reliant on air conditioning, traffic congestion, and energy-intensive infrastructure, all of which generate additional heat. Researchers found that Kuala Lumpur has been warming at a rate of 0.6°C per decade, placing it among the fastest-warming cities studied globally. A 2026 study published in Scientific Reports found that the heat island effect is still intensifying, particularly during heatwaves. However, researchers say mitigation measures are well established, with expanded green spaces, additional tree planting and green roofs all shown to significantly reduce temperatures in affected areas.

Shorts:

1. Maybank loses fraud case
   The Sessions Court has ordered Maybank to pay RM166,000 to a woman after ruling that the bank failed to prevent suspicious online transactions that drained her account in 2021. The court found that multiple transfers were carried out at unusual hours and should have triggered alerts, particularly as the claimant said she never authorised the transactions or received transaction authorisation codes.

2. Student charged over brutal killing
   A 19-year-old college student has been charged with the murder of Nurfisya Zulkifly, whose body was found with 61 stab wounds in Ketereh on May 1, 2026. Police believe the victim was killed elsewhere before her body was dumped at the location. The case is scheduled for mention and case management at the High Court on Jul 2.

4. AROUND THE WORLD 🌎

California mayor Eileen Wang accused of being a Chinese agent
Andy Lau from Infernal Affairs would have been proud. Eileen Wang, the mayor of Arcadia, a California suburb, resigned after US federal prosecutors charged her with being an agent for the Chinese government. Eileen was elected to the five-member city council in Nov 2022, and the mayor is selected on a rotating basis. She is charged over activities allegedly carried out between 2020 and 2022, just before she was elected. Eileen and her parents came to the US three decades ago. She ran an after-school program called Little Stanford Academy before getting into politics. But that’s not the most interesting part…

Her ex-fiancé, Yaoning “Mike” Sun, is convicted as a Chinese agent, and he has been sentenced to four years in prison. This really is starting to sound like Mr and Mrs Smith (starring Angelina Jolie and Brad Pitt). If you don’t know what we are talking about, maybe we are too old. Anyway, both Eileen and Mike ran a website called US News Center that provides information to Asian Americans. Allegedly, they were circulating pro-PRC content.

South Korea wants to talk about 'citizen dividends'
It’s a good problem to have. That’s probably how South Korea feels about its stock market and companies riding the massive AI boom. Record-high profits at chip companies like Samsung and SK Hynix mean that the government will be collecting a massive tax bill. Samsung recently joined the USD1 tril (RM3.93 tril) club. So, Kim Yong-beom, the presidential policy chief, went on Facebook and proposed that profits from the AI boom should be given as ‘dividends’ to South Koreans.

That did not go down well with the markets. The KOSPI declined by as much as 5.1%, as investors feared that this could be a windfall tax. A windfall tax is a tax imposed by the government on industries that unexpectedly gain a lot of profits and redistributes part of those gains back to society. He backtracked after that and clarified that it is ‘excess tax revenue’. However, it seems like the government wants to talk about it. South Korean President Lee Jae Myung said that the post was meant to kickstart the public discussion about how the tax from the AI boom should be used.

Earnings Season
Softbank gains USD46 bil on OpenAI
Softbank is going hard in Q1 2026 as it reported a gain of USD46 bil (RM180.8 bil) from its Vision Fund, driven by its OpenAI investment. It has been an active investor in OpenAI and has famously sold its stake in Nvidia to buy more of it. And they are not done yet. It has invested USD30 bil so far in OpenAI and plans to invest at least USD30 bil more by the end of the year. This will bring Softbank’s stake in the AI company to 13%. However, it has lost money on its Coupang, Didi Global and Klarna investments. Investors are worried as Softbank has a lot of debt. S&P Global Ratings reduced its rating from ‘Stable’ to ‘Negative’.

OpenAI is also in a vulnerable position now. It has missed its revenue and user targets in Apr 2026, and Sam Altman, the CEO of OpenAI, is now embroiled in a lawsuit by Elon Musk. Anthropic’s USD1 tril has also recently surpassed OpenAI’s valuation of USD880 bil, based on data from Forge Global. Softbank’s Q2 2026 results will be watched intensely.

AI drives Shopee’s 47% revenue growth
Sea Ltd, the owner of Shopee, is having one of its best quarters. Revenue for Q1 2026 is up by 47% to USD7.1 bil (RM27.91). Meanwhile, gross profit also grew by 41% to USD3.1 bil. Shopee continues to be the cash cow, growing by 45%, but its digital finance arm, Monee, has also shown exceptionally strong loan growth of 71%. Gross Merchandise Value (GMV) in Shopee grew by 30% to USD37.3 bil.

AI is in the air again as it has made Shopee’s search and recommendation algorithm much better, and its vendors can use AI-generated content tools to improve sales. This resulted in a 14% improvement in purchase conversion rates. Sea has also reported that 80% of its customer queries are now handled by AI chatbots and have reduced customer service costs by 30%. Moving forward, it is testing an AI shopping assistant for customers and an AI virtual business advisor for vendors on its Shopee platform.

Look, up in the sky!
Putin test-fires the world’s ‘most powerful’ missile
‘Most powerful’ missile might be an exaggeration. But Russia has test-fired a new intercontinental ballistic missile called Sarmat. It can carry a nuclear weapon. It can reach outer space and has a range of 35,000 km.

In the West, it was comically (or not) named the Satan II. This, however, comes with dark tidings. New START, the last remaining treaty between the U.S. and Russia to govern nuclear warheads and delivery systems, expired in Feb 2026. So for the first time in 50 years or so, there is no agreement preventing both sides from getting more nuclear warheads.

SpaceX and Google want to launch data centres in space
Speaking of launching things into space, SpaceX and Google are now in talks to launch data centres into space. As space (no pun intended) is getting increasingly scarce on Earth to build data centres, maybe outer space offers another solution. This potentially benefits SpaceX, as it is looking to list on the stock market in June 2026. Deals like these could boost its valuation which is reportedly worth USD1.25 tril (RM4.91 tril). Elon Musk will be one rich man after this, as he also has his USD1 tril package deal from Tesla.
Fun fact: Google was an early investor in SpaceX with a 6.15% stake, turning a USD12 bil investment into USD112 bil.

5. FOR YOUR EYES 📺

1. Hee-hee! Michael McJackson.

2. Here’s a receipt for your mum’s love - a Mother’s Day ad by OpenTable, a restaurant reservation service.