☕️ Genting toll effective today - RM5 per entry for cars

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

44 sick projects – According to Deputy Minister of Works Ahmad Maslan, only 44, or 5%, of the 851 government projects currently under construction are categorised as sick projects. He said that the majority of delays were due to weaknesses of contractors, particularly in terms of scheduling, planning, and cash flow. He added that there are only eight really serious projects that are expected to require contract termination. The total value of the 851 projects is RM49.5 bil.

1,961 men – Women, Family and Community Development Deputy Minister Lim Hui Ying said that 1,961, or about one in four, of the 7,391 domestic violence cases reported nationwide in 2025 involved male victims. The number of reported domestic violence cases has also been on the rise, with 1,955 cases recorded as of Mar this year. Victims of domestic violence are urged to reach out to the 24-hour Talian Kasih Help Line at 15999, send a WhatsApp message to 019261 5999, use the Help Line app, or seek assistance at the nearest police station or hospital.

More than 70 mil warnings sent – Over the past two years, that many warnings have been sent to people attempting to access child sexual abuse material online. The messages were sent as part of Project Intercept, a partnership between the Lucy Faithfull Foundation, a child protection charity and tech firms including Google, TikTok, and Meta. The messages highlight the illegality of viewing the material and direct users to support services aimed at changing behaviour. Nearly 700,000 people subsequently accessed those services. This represents a conversion rate of less than 1%.

3. IN MALAYSIA 🇲🇾

Wong Chen axed from MDV role
Subang MP Wong Chen has revealed that he was abruptly removed as non-executive chairperson of Malaysia Debt Ventures (MDV), just days after losing access to the MyKhas government funds portal. In a Facebook post, Wong said he only found out about the termination of his role moments before he was due to chair an MDV board meeting on May 26. According to him, MDV management informed him that the Finance Ministry had issued a letter dated May 25, stating that his tenure would end on May 31. Wong claimed the ministry neither contacted him directly nor provided any explanation for the decision. Despite the sudden exit, he described his nearly three-year stint at MDV as meaningful, saying the institution had managed to recover financially under tighter governance reforms. Wong said MDV recorded losses of RM18.6 mil in 2022, with losses widening to RM56.6 mil in 2023 before returning to a modest profit of RM3.4 mil in 2024. He also claimed profits more than doubled in 2025, although the figures have yet to be officially released.

The latest development comes amid growing questions over Wong’s blocked access to the MyKhas online portal, a system managed under the PM’s Department for constituency development allocations and related matters. Wong said he first detected the issue on May 20 and raised it with the department’s Implementation Coordination Unit (ICU) shortly after but has yet to receive any response. He added that other Selangor government backbenchers, including PKR MPs linked to the Bersama political gathering (Wong Chen was there too) launched by Rafizi Ramli and Nik Nazmi Nik Ahmad, were still able to access the portal. Meanwhile, Anwar Ibrahim and Second Finance Minister Amir Hamzah Azizan have yet to respond publicly to the issue.

Corporate gains and shakeups
Petronas takes over PRefChem: Petronas is set to take full control of Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd, collectively known as PRefChem, after agreeing to acquire Saudi Aramco’s stake in the Johor-based joint venture. The deal brings an end to the 50:50 partnership formed in 2017 under the Refinery and Petrochemical Integrated Development project in the Pengerang Integrated Complex. Once completed, PRefChem will become a wholly owned subsidiary of Petronas, strengthening its downstream operations across refining and petrochemicals. The financial terms were not disclosed, although Aramco originally invested around USD7 bil (RM27.8 bil) for half its share.

Sunway profit soars on IPO windfall: At the same time, Sunway Bhd delivered a sharp jump in earnings for the first quarter ended Mar 31, posting a net profit of RM9.4 bil, largely driven by a RM9.1 bil fair value gain (aka paper gain) from the listing of Sunway Healthcare Holdings Bhd. Stripping out the accounting gain, underlying performance still showed strong growth, with pre-tax profit rising 52% year-on-year to RM462.4 mil on revenue of RM2.56 bil.

Growth was supported by contributions across property development, construction and healthcare, including robust project launches in Singapore and steady demand for its property portfolio. The construction segment continued to gain momentum with RM3.59 bil in new contracts secured during the quarter, while its data centre-related projects expanded further with new hyperscale clients. Healthcare operations also recorded improved efficiency and higher earnings before interest, tax, depreciation and amortisation, supported by the ramp-up of new medical centres. View earnings here.

Shorts:

1. Genting toll fees start May 28
   Motorists heading to Genting Highlands will soon have to pay entry charges starting May 28 under a new system introduced by Lingkaran Cekap Sdn Bhd. Cars and vans will be charged RM5 per entry, while taxis pay RM3.30, buses RM5, medium lorries RM15 and heavy lorries RM25. The charges apply via Genting Sempah and Gohtong Jaya entry points, with selected vehicles using licence plate recognition lanes. Emergency vehicles and motorcycles are exempted, while permanent residents can apply for discounts or a six-month season pass from June 28, offering reduced rates or unlimited entry.

2. Fuel prices ease from May 28 to June 3
   Fuel prices in Peninsular Malaysia will be lower from May 28 to June 3 with the Finance Ministry announcing reductions across key petrol and diesel grades. RON97 will drop by 20 sen to RM4.65 per litre, while unsubsidised RON95 will fall by 15 sen to RM3.92 per litre. Diesel will also ease by 10 sen to RM4.87 per litre. The government said targeted subsidies remain in place, with RON95 under Budi95 at RM1.99 per litre and selected diesel and petrol schemes continuing at controlled rates, while urging the public to use fuel prudently to support supply stability.

4. AROUND THE WORLD 🌎

Is there even a ceasefire? US and Iran attack again
Offence is the best defence, or is it the other way around? No one really knows anymore. Iran accused the U.S. of violating the ceasefire by launching ‘defensive strikes’ at Iran's southern Hormozgan province. Iran then retaliated by launching drones and missiles at Gulf States that had U.S. bases. US Secretary of State Marco Rubio said that the Strait of Hormuz had to be open ‘one way or the other’. Meanwhile, US Central Command said that the strikes were intended to ‘protect our troops from threats posed by Iranian troops’. Iran’s reply? ‘Death to America’ and ‘Death to Israel’. The ceasefire has been in place for seven weeks since Apr. But both the U.S. and Iran are still trading blows and blaming each other for instigating the attacks.

Negotiations are still ongoing; reportedly, both are making progress toward a memorandum of understanding to reopen the Strait of Hormuz. More complex negotiations, especially over Iran’s nuclear weapons, can be held after that. Meanwhile, despite the ceasefire between Israel and Lebanon, Israel is still launching ‘self-defense’ strikes against Hezbollah. Ceasefires are apparently just “you cease, I fire”, as the joke goes.

China curbs travel for top AI talents
China doesn’t want its top AI talents to leave, literally. It is restricting overseas trips for top AI professionals in the country, and those who want to travel will need government approval. China has done this before for its top professors, nuclear scientists and executives at state firms. It seems that it is worried that its AI technologies might be leaked overseas or copied. Many of its AI talents are working in private startups and big tech companies like Alibaba, Tencent, Baidu, etc. Chinese AI models have recently gained prominence, with the likes of DeepSeek sparking a revolution in China’s technology industry.

As a result, valuations and listings of China’s AI-related companies boomed. Valuations rose to dizzying heights, as investors snapped up every Tom, Dick and Harry related to the AI boom. Hence, AI talents are in hot demand. Recruitment platform Zhilian Zhaopin reported that listings for AI product managers rose by 81%, while AI engineers and trainers increased by 17%. China’s government is looking at this and probably thinking, ‘better keep our workers within the borders’.

The New Nokia
Nokia — the once-giant of the mobile phone industry. At one point, it held over 40% of market share. But Apple changed the game in the late 2000s, and smartphones decimated Nokia’s position. Nokia these days is different from the Nokia of old. Its optical equipment business is now booming as data centres use its technology to transfer data. Investors leapt to the company as part of the AI gold rush. NVIDIA has even invested USD1 bil (RM3.97 bil) in Nokia, and it will explore how to use Nokia’s data centre technology in its own infrastructure. Share price is up by 140% this year.

The thing is, this AI and cloud business segment accounts for only 8% of its revenue. More than half of its revenue is still tied up in mobile networks, where it is continuing to decline. However, investors are willing to look past this and focus on its future outlook that could ride the AI boom even harder.

The Ferrari EV is here
A much-anticipated unveiling turned out to be a meme fest. Ferrari unveiled its first electric vehicle, the Ferrari Luce EV, and the whole internet clowned on it. It is priced at EUR550,000 (RM2.5 mil), and some say it looks like a ‘Chinese knockoff Tesla’. If you are not in the car industry, just be assured that this is the ultimate insult for a luxury sports car. Ferrari is well-known for its flashy and aggressive design that oozes style, luxury and most importantly, gives the owners bragging rights. But its fans are now comparing it to a tame EV car that has lost its identity. The Ferrari Luce was developed with Jony Ive and Marc Newson at LoveFrom. Jony Ive used to be Apple’s design chief, and he was responsible for many of the iconic designs for Apple that include the 2007 iPhone, iMac, iPod, MacBook, and many others. Despite his legendary status, this was not it. Even former Ferrari chairman Luca di Montezemolo was in disbelief and said, “at least the Chinese won’t copy this’. Check out the car here.

Shorts:

1. Thailand’s 21-day quarantine for Congo, Uganda arrivals
   Thailand is worried about Ebola. Worried to the point that the government has mandated a 21-day quarantine for anyone arriving from the Democratic Republic of Congo and Uganda. It doesn’t matter whether you are transiting or do not have symptoms; Thailand is not taking any chances. So far, it has not reported any cases of Ebola within the country. But this is concerning for a country that relies heavily on tourism. Tourism contributes around 10% to 20% of the country’s gross domestic product. An outbreak could significantly affect Thailand.

2. Italian court sides with hotel that refuses to serve tap water
   Is this a case of human rights or Karen gone wild? A woman from Rome, Italy, has sued the 5-star Dolomites hotel, Hotel Sassongher in Corvara, Italy, for refusing to provide tap water for her. The restaurant there offered to sell her a EUR7 (RM32.33) bottle of mineral water instead. Her argument? The restaurant in the hotel has ‘violated her consumer rights’ and caused her ‘damage, including financial and moral harm’. The case went all the way to Italy’s highest court, where it promptly ruled that Italian laws and regulations did not mandate venues to provide tap water to guests and that the decision to serve it was up to individual venues. Who knew tap water was such an issue?

5. FOR YOUR EYES 📺

1. Old vs New MyKad.

2. Renew your passport fast, in under 15 mins.

3. Once upon a time, polygamy was legal for non-Muslims until 1982.