☕️ KFC, Pizza Hut for sale at RM4 bil

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

More than 300,000 – In a bid to manage the holiday shopping season, Amazon.com plans to hire that many workers, up 20% from 2025. This hiring spree is a notable standout in an otherwise lacklustre holiday jobs market. The online retail giant will be offering full-time, part-time, and seasonal roles, with temporary workers earning an average of USD20 (RM81.16) per hour. The company is also incentivising seasonal workers to stay through the year by offering medical benefits to those who remain in Jan and work at least 30 hours each week. This comes at a time when seasonal retail hiring will likely fall below 450,000 jobs created in 2025, which would mark the lowest holiday recruitment since 2008. US shoppers are expected to spend USD275.1 bil online in Nov and Dec, up 6.7% from 2025. Amazon captures almost 40 cents of every dollar spent online in the US, according to EMarketer. That’s about USD110 bil right there.

RM3,000 – The median monthly wage for formal sector employees in Malaysia rose to that amount in Jun, up 4.8%. However, according to the Department of Statistics Malaysia (DOSM), there persists a significant income gap between the country’s highest- and lowest-paid workers. The top 10% of formal sector employees earned at least RM9,600 per month, while those in the bottom 10% earned RM1,700 or less. So the top 10% earn more than 5 times the wage of the bottom 10%. However, DOSM also reported that the proportion of Malaysian formal sector employees earning below RM1,700 per month declined to 8.2% from 10.4%. Still, wage disparities remained evident across several factors. By state, Kuala Lumpur recorded the highest median monthly wage at RM4,245, followed by Selangor with RM3,245 and Penang with RM3,000. The lowest wages were recorded in Kelantan at RM1,827, followed by Perlis at RM1,864 and Sabah at RM2,045. By sector, the mining and quarrying sector recorded the highest median monthly wage at RM6,722, while the agriculture sector recorded the lowest at RM2,282. It was also reported that the number of Malaysian formal sector employees increased to 7.2 mil in Jun compared to 6.97 mil a year earlier.
Learn: What is formal vs informal sector?

106,651 – According to Transport Minister Anthony Loke, that’s the number of commercial vehicles that have been fitted with speed limitation devices (SLDs) as of Oct 26. This represents a compliance rate of about 51.5% of the total of 207,083 active commercial vehicles. The minister said the main challenge came from vehicles manufactured before 2015, which required SLD retrofitting. Of these pre-2015 vehicles, only 34,514 of the 202,861 had the devices installed, for a compliance rate of 17%. The minister said the issue was that some vehicles may not be compatible with the devices and original equipment manufacturers (OEMs) may be unable to provide the necessary technical support. As such, the ministry has allowed some additional time for compliance, with priority given to enforcing the SLD requirement on commercial vehicles manufactured after 2015, as the device was already mandatory under the Vehicle Type Approval (VTA) process, with owners only needing to ensure the SLD was activated.

3. IN MALAYSIA 🇲🇾

Crime
AI scammers come for your sympathy: Scammers are using AI-generated images and fake donation appeals to exploit public sympathy, prompting authorities to urge people to verify fundraisers before sending money. Deputy Communications Minister Teo Nie Ching said some victims have also had their names and images used without permission. As of Oct 15, MCMC had submitted 174,099 requests to remove scam-related posts, with platforms taking down 170,633 of them, a compliance rate of about 98%. Recent cases have featured AI-generated images of people in distress alongside payment QR codes. Teo said victims of identity misuse should lodge police reports, while MCMC will act on complaints involving fraudulent content.

Police probe rehab centre trespass: Police are investigating after a group allegedly entered a private rehabilitation centre in Bukit Kuda, Klang, without permission and removed several inmates. The centre’s owner lodged a report on Oct 28, saying a group of unknown men and women had entered the premises and taken the inmates away. Police are investigating the case under Section 447 of the Penal Code for criminal trespass. A short video later circulated on social media showing several people, believed to be inmates, leaving the centre.

Malaysia tightens rules on foreign labour
Malaysia will reject new manufacturing licence applications from businesses that rely heavily on low-skilled foreign labour, as the government pushes companies to automate and offer better-paying jobs to Malaysians. Investment, Trade and Industry Minister Johari Abdul Ghani said new investments should not repeat labour-intensive business models that have left some manufacturers dependent on foreign workers for years. He said foreign workers should mainly be used for dirty, dangerous and difficult jobs (aka 3D work). For other roles, employers are expected to offer wages that make the jobs more attractive to Malaysians. Johari said the country already has more than 400,000 locally trained technical graduates, but some companies still offer TVET graduates wages similar to those paid to low-skilled foreign workers.

Malaysia currently has about 2.6 mil foreign workers, excluding undocumented workers. Johari said the government wants existing industries to upgrade gradually rather than forcing lower-technology manufacturers to leave the country. He also rejected claims that Malaysians are unwilling to work, pointing to those who commute to Singapore or take up gig work because the pay makes financial sense. He said the bigger issue is whether wages are enough to cover living costs, including accommodation.

Business

Choco Loco charged over unregistered franchises: Choco Loco and two people linked to the dessert cafe business have been charged over allegedly using the term “franchise” in agreements without approval from the registrar of franchises. Director Syaidatul Natasha Suhaimi, 38, and former director Hadi Asasa, 37, face two joint charges involving agreements signed with Chocolate Cravings Sdn Bhd and Choco Rush Global Trading Sdn Bhd in 2021. Both pleaded not guilty. If convicted, Syaidatul and Hadi each face a maximum RM100,000 fine, up to one year in prison, or both. Choco Loco faces two similar charges and could be fined up to RM250,000 for a first offence and RM500,000 for a subsequent offence.

Franchising is regulated in Malaysia under the Franchise Act 1998. Businesses cannot simply operate or present an arrangement as a franchise without complying with registration requirements. In simple terms, two parties cannot just agree to call a business arrangement a franchise and start operating. Learn more here.

KFC and Pizza Hut owners eye RM4 bil sale: JCorp and private-equity firm CVC Capital Partners are reportedly looking for buyers for their KFC and Pizza Hut businesses, with an asking price said to be around RM4 bil. Sources said the owners are mainly targeting foreign buyers, particularly investors from the Middle East. There has been interest, but price appears to be a sticking point. At least one potential buyer reportedly walked away because the asking price was considered too high.

• Who owns KFC and Pizza Hut?
  The businesses are operated by QSR Brands, which is fully owned by Massive Equity Sdn Bhd. JCorp owns 55.63% of Massive Equity, while Melati Asia Holdings holds 44.19%. Melati Asia is jointly owned by the EPF (we are all owners!), which holds 51%, and CVC Capital Partners, which owns 49%. QSR Brands operates more than 800 KFC restaurants across Malaysia, Singapore, Brunei and Cambodia, as well as more than 500 Pizza Hut restaurants in Malaysia and Singapore.

• Financial performance has improved
  Revenue stood at RM4.87 bil in FY2023 before falling 33.7% to RM3.23 bil in FY2024. QSR Brands also recorded a RM431.57 mil loss after tax in FY2024. Performance improved in FY2025, with revenue rising 19% to RM3.85 bil. JCorp said QSR Brands had returned to profitability after improving operational efficiency, managing costs and optimising its portfolio. The actual profit figure was not disclosed.

• The RM5.2 bil buyout
  JCorp, EPF and CVC completed a RM5.2 bil deal in Feb 2013 to take QSR Brands and KFC Holdings private. More than a decade later, JCorp and CVC are reportedly exploring a possible sale of the fast-food businesses, although there is no certainty that a deal will be completed.

Shorts:

1. CTOS restores credit reports
   CTOS Digital has restored its affected credit reporting services, including CTOS Score and CCRIS-related reports, after completing remediation work and strengthening its cybersecurity controls. The company said the services are now operating as intended following independent security checks. CTOS added that its systems have been assessed as secure and will continue to be monitored.

2. 10-year passports go online
   Malaysians aged 18 and above can now apply online for both five-year and 10-year passports. The 10-year option costs RM350, while the five-year passport remains RM200. The Immigration Department said the expanded service gives travellers more flexibility when choosing their passport validity period. Existing passports with more than six months remaining are still valid for travel.

4. AROUND THE WORLD 🌎

Iran ready to reopen Hormuz
Iran says it is ready to reopen the Strait of Hormuz within two days provided that the US agrees to its conditions. An exchange of messages is ongoing with the US via mediators, and that ‘everything depends’ on the US side accepting the Iranian demands. It is unclear what these conditions are, but in Sept, Iran proposed a seven-day plan with demands that include 1) ending the Middle East war on all fronts, 2) unfreezing of Iranian assets abroad, and 3) an end to the US naval blockade. Additionally, in an interview with Al Jazeera, Foreign Minister Abbas Araghchi said that US must accept the new route agreed between Iran and Oman to transit through the strait. In Sept, Iran and Oman agreed on new routes for shipping in the Strait of Hormuz. Meanwhile, he also said that US must also remove sanctions in recent months and reduce American troop numbers in the region.

From the US side, Trump is facing a mid-term election soon but said that he still had to ‘take care’ of one or two targets, including Pickaxe mountain in central Iran, which is a suspected nuclear site.

US Democrat endorses Republican candidate?
It seems like the Democratic Party could be facing a major hurdle in Michigan. Haley Stevens, a Democrat who lost to Abdul El-Sayed in the Democratic Senate nomination, made a surprise announcement alongside Republican candidate Mike Rogers. She said, “I don’t belong in Abdul’s campaign …. That’s why I am endorsing Mike Rogers.” This stunned many of her Democratic colleagues, with one calling it a ‘despicable betrayal’.

The public feud between Stevens and El-Sayed has boiled over to the public. Many of Stevens’ staff reportedly resigned immediately after her announcement. The chair of the Democratic Party in Michigan said that her decision shows that she has abandoned ‘everything that she claims to care about’.

The Democratic Party hopes to regain control of the Senate in the mid-term elections but will need a net gain of four seats to do so. A loss in Michigan would represent a major loss and leave them needing to flip five seats.

Ray-Ban heir proposes buyout of family members
In order to fend off a takeover from Czech arms billionaire Michal Strnad, Ray-Ban heir Leonardo Maria Del Vecchio is proposing to buy out his family members' stakes from their shared investment vehicle, Delfin Sarl. At stake is the EUR86 bil (RM392 bil) EssilorLuxottica SA eyewear fortune. He said he had secured financial backing from an international institution. On Oct 20, Strnad offered to buy out Delfin at a 30% discount to its net asset value and is seeking at least 62.5% of Delfin. Its publicly disclosed stakes in listed companies are valued at about EUR45 bil.

Each Del Vecchio heir owns a 12.5% stake in Delfin. There are 8 heirs, including Leonardo Maria Del Vecchio. There has been much infighting over the years, which has impeded decision-making. Leonardo has made several attempts at buying out his siblings but was not successful.

Who is TraderTraitor? Heisting USD6.4 bil from Binance
An unlikely superhacker group has emerged from North Korea. TraderTraitor, a North Korean group, has been accused of the world’s largest-ever crypto heist. The FBI blames it for the recent USD6.4 bil (RM26 bil) Binance hack and says that it may only have a dozen or so members. The group is a state-sponsored collective of elite hackers and is North Korea’s top unit. Kim Jong Un & Co. pick the best and brightest to join hacking teams, training them at specialised institution like Moranbong College in Pyongyang. The ‘army’ created is believed to be responsible for 89% of reported crypto hack losses this year.
View chart: North Korea’s hacking windfall: 2022 to 2026

They use a strategy called Big Game Hunting and use AI to seek out high-value crypto businesses to compromise. They gain an understanding of the infrastructure and then tamper with it, or fund transfer processes, to execute large-scale thefts. Their bread and butter is social hacking, where they identify employees with high-level access to target systems and aggressively pursue them with things like lucrative job offers.

They have been so successful that in 2024, United Nations experts said that North Korea’s cyber thefts and illicit financial activities could be funding 40% of its weapons of mass destruction program. Binance said an initial investigation found a compromised laptop belonging to an engineer was identified as the point of breach. In 20 minutes, hackers stole USD6.4 bil in cryptocurrency that was worth nearly 20% of North Korea’s estimated annual economic output.

Shorts:

1. Learjet crashes in Palm Beach, killing 9
   A Learjet crashed in Palm Beach, Florida, killing nine people on the private jet. It exploded in a fireball as the plane lost about 26,500 feet of altitude over two minutes. The plane was travelling for 2 hours to North Eleuthera Airport in the Bahamas. A widespread thunderstorm was reported as weather data showed heavy rain, low visibility and moderate turbulence. The crash occurred less than 10 miles from President Donald Trump’s Mar-a-Lago resort. The identities of the 9 people have not been identified yet. Here’s the Learjet log released by VASAviation. The crash is frightening, like a missile. Watch here - warning, graphic.

2. Kimi Antonelli, youngest F1 world champion
   Italian Kimi Antonelli has become F1’s youngest world champion at 20 years old, as he finished third for Mercedes at the Mexico City Grand Prix. His lead reached an unassailable 119 points. He was seen celebrating with an Italian flag at the podium. The previous youngest champion was Germany’s Sebastian Vettel in 2010 at the age of 23. Mercedes now has 630 points in the constructors’ standings to Ferrari’s 504, and it could clinch the title in Brazil next weekend.
   Congratulations to Kimi Antonelli!

5. FOR YOUR EYES 📺

Creative Energy

1. Pokemon: The Wayang Kulit. Official collab between Pokemon Indonesia (IG here) x Indonesia’s Creative Economy Ministry (IG here).

2. The gotong-royong that we needed. Giving flats hotel-vibes in Selayang.

3. Firefox gathered the faces of the classic OG memes we grew up with.