☕️ MACC logs over RM1 bil in asset seizures in 1Q2025

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM7.1 bil – Buy now, pay later (BNPL) transactions in Malaysia skyrocketed to this figure in the second half of 2024, reflecting a significant increase in consumer spending. With 5.1 mil active users, primarily young adults earning under RM5,000, the BNPL market has rapidly expanded, now served by 12 companies. Despite concerns about rising household debt, the finance minister maintains that the transaction growth remains manageable.

USD4,000 (RM17,700) – The price of super-premium American sperm, reaching this amount per gram, now surpasses Beluga caviar, highlighting a surge in demand and a constrained supply. This tenfold increase over the past decade reflects the growing global market for American sperm, now considered a highly sought-after commodity. Why is that so? In a country of 340 million people, there are about 1,200 sperm donors. The overall global sperm bank market, valued at USD5 bil in 2022, is projected to further expand at an annual rate of 3.56% through 2030.

GBP4.3 mil (RM24.6 mil) – A Banksy artwork, a reimagining of Jack Vettriano's "The Singing Butler," fetched this substantial sum at auction, driven by its unique commentary and the timing of Vettriano's recent death. The piece, owned by Mark Hoppus, presents Vettriano's iconic scene with a stark environmental twist, featuring figures in hazmat suits disposing of an oil drum. This sale to a private collector underscores the enduring appeal of both artists and the powerful fusion of their styles.

3. IN MALAYSIA 🇲🇾

MACC bagged over RM1 bil worth of assets in 1Q2025
Who would expect corruption would create a new revenue stream for the country, with the Malaysian Anti-Corruption Commission (MACC) recording over RM1 bil in asset seizures and freezes between January 1 and March 31? Below are the details -

• RM483.39 mil was seized under the MACC Act 2009;

• RM548.98 mil was frozen under the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act (AML/ATFPUAA) 2001;

• RM603k was forfeited and RM60k in compound was issued during the same period.

The MACC chief commissioner also revealed that in the first quarter of the year, 401 individuals were arrested with 146 of them being charged in court. A success rate of about 36%, they should also reveal the conviction rate.

When asked whether he would stay on as the chief commissioner, Azam Baki hinted that he is willing to keep the seat if he is offered an extension. Azam Baki is turns 62 next month, nearing the expiry of his second one-year contract extension after he passed the mandatory retirement age of 60 years old in 2022. Previously, Bloomberg reported that the government will likely opt to extend Azam’s contract, before PM Anwar Ibrahim denied this.

Healthcare news

• Medical practitioner associations against how price transparency act is enforced

  Eight associations representing doctors and medical practitioners were against the government’s proposal to mandate private hospitals and clinics to display the prices of the medication, in the spirit of price transparency, calling it an “overreach of authority”. The groups stated that the move by Putrajaya is too burdensome for them as they need to fork out additional costs and add more administrative duties to display the price of medicine. The group said that the doctors’ role is solely to provide patient care and that they are not retail operators selling medicines. As a consumer, if you do not have personal medical insurance, you will always be unsure of the pain your pocket will feel every time you go to a clinic until you get the bill after the treatment. So, to doctors, just display the prices. It is not that hard.

• Hiring foreign nurses not the solution to the nurse shortage

  Industry players have stated that, despite the healthcare sector being short of nurses to the magnitude of a 60% deficit by 2030, hiring foreign nurses is not the solution. While hiring foreign nurses will be a quick and cheap solution, Dr Aishah Ali, a member of the Islamic Medical Association of Malaysia (Imam) revealed that the language and cultural barriers may make hiring foreign nurses not cost-effective as a third person needs to be hired to overcome these barriers. Instead, Dr Aishah hinted that the solution lies in the revamp of the salary that the market offers to nurses. Nurses in Malaysia are still paid diploma-level wages, while they could earn quadruple that, up to RM20,000 per month tax-free, in the Middle East. The salary disparity between what Malaysia can give compared to what other countries can offer has led to a major brain drain, which resulted in Malaysia having only 3.53 nurses per 1,000 population – the third lowest among upper-middle-income countries.

Shorts

1. Sabah State Cabinet approves new free insurance scheme

   Hooray to Sabahans as their State Cabinet has approved a new free insurance scheme that will benefit approximately 3.5 mil Sabahans. Sabah Finance Minister Masidi Manjun stated that the insurance scheme will last for three years starting May 1, 2025, and covers personal accident insurance worth up to RM10,000, along with a death benefit of RM500. The scheme will be implemented via the state-owned company Progressive Insurance Bhd.

2. “I am labeled as TCO,” claims Terengganu MB

   Terengganu MB Ahmad Samsuri Mokhtar claimed that he had been flagged as Travel Control Office/Order (TCO) in the border control system and that his phone was being tapped. In the homeland security systems, TCO is a designation often assigned by a specific branch to individuals deemed a ' risk' or 'threat'. Ahmad Samsuri also alleged that he was not alone in this situation, with the other party being another prominent opposition figure, and that they will not stand by in silence.

3. Gamuda, IJM Corp, MRCB, among possible bidders for Penang airport tender

   CIMB Securities Sdn Bhd said that the RM1.2 bil Package 3 for the Penang International Airport's (PIA) main terminal building might see bids from a few local players, with possible names including Gamuda Bhd, IJM Corp Bhd and Malaysian Resources Corporation Bhd. To date, Package 3 is the largest construction package for the PIA redevelopment, which involves the construction of a new terminal and renovation works for the existing terminal building. The bidding for Package 3 will be open in May 2025, with works under the package slated to be completed by 2027.

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4. AROUND THE WORLD 🌎

Beating Trump’s tariffs

Taiwan could buy USD200 bil more from US, increase LNG imports as part of trade deal
Taiwan said that it would not retaliate in response to the 32% US tariff which is currently on hold, but has pledged that the state and its state-backed bodies could buy an extra USD200 bil from the US over the next decade. This is to bump up the percentage of LNG it gets from the country by one-third to help narrow the trade deficit. The country is also considering raising the proportion of Taiwan's imports of liquefied natural gas (LNG) from the US from 10% to 30% of the total. Right now, most of Taiwan's LNG comes from Australia and Qatar. The tariff announcement had sent Taiwan’s stock market plummeting, even though the key semiconductor industry was excluded. The US has responded to Taiwan's trade proposals but no details were available.

Apple is actively navigating Trump’s tariff on India and China
Apple has reportedly chartered cargo flights to ferry 600 tonnes of iPhones, or as many as 1.5 mil, to the US from India, in an effort to beat Trump’s tariff and build up inventory of its popular iPhones in the US. The country has imposed a 26% tariff on India, now on hold after Trump called a 90-day pause this week that excludes China. Analysts have warned that US prices of iPhones could surge, given Apple's high reliance on imports from China, the main manufacturing hub of the devices, which is subject to Trump's highest tariff rate of 125%. Apple sells more than 220 mil iPhones a year worldwide, with Counterpoint Research estimating that a fifth of total iPhone imports to the US now come from India, and the rest from China.

Senator Adam Schiff calls for insider trading investigation into Trump
Following Trump's abrupt pause on the tariff implementation, Senator Adam Schiff has called on Congress to investigate whether the President engaged in insider trading or market manipulation. Schiff is the first Senator to openly call for a congressional investigation into potential insider trading by the Trump administration. Such investigations would typically fall under the purview of powerful congressional panels like the Senate Judiciary Committee or the Senate Finance Committee. The market’s response to Trump’s pause was swift and euphoric. Stocks jumped more than 7% within minutes of the announcement, ultimately closing up more than 9%. Bond yields, which had been rising amid fears of an economic downturn, eased. Oil prices, which had also been falling, rebounded. All this after a terrible global market plunge only last Monday. Quite sus.

US to begin screening social media of immigrants
US immigrants and visa applicants now need to brace for a social media screening - a move by Trump’s administration meant to detect any “antisemitic activity” in their social media posts. The step will immediately affect those applying for lawful permanent resident status, foreign students, and those affiliated with educational institutions linked to their defined antisemitic activity. Condemnations from human rights advocates came quickly after, including some Jewish groups who said that the Trump administration conflates their criticism of Israel's actions in Gaza and support for Palestinian rights with antisemitism and support for extremism. Rights advocates and human rights experts said that the move threatens free speech and is akin to surveillance and singling out of immigrants. Also raised were concerns about Islamophobia and anti-Arab bias during the Israel-Gaza war. The Nexus Project, which fights antisemitism, said the Trump administration was going after immigrants in the name of tackling antisemitism and treating antisemitism as an imported problem.

Shorts:

1. France to tighten mobile phone ban in middle schools

   France has decided to make pupils aged 11 to 15 shut away their devices in a locker or pouch at the start of the day and allow access to them again only as the students are leaving, effective Sept 2025. The move is part of its efforts to tighten its ban on mobile phone usage in middle schools. In 2018, France banned children from using mobile phones in all middle schools, and schools have reported a positive effect, with more social interaction, more physical exercise, less bullying, and better concentration ever since.

2. Sudan calls out UAE as the ‘driving force’ behind genocide in Sudan

   At the International Court of Justice (ICJ) yesterday, Sudan accused the United Arab Emirates (UAE) of being complicit in the genocide of the Masalit community in Darfur. The complicity comes from the UAE’s alleged backing of the paramilitary Rapid Support Forces (RSF) that have been battling the Sudanese army since 2023. The UAE denies the accusation, dismissing Sudan’s case as “political theatre”, a “blatant misuse of a respected international institution”, and “entirely without legal or factual merit”.

3. Japan’s yakuza pledges to end wars with splinter groups

   Senior members of Japan’s largest yakuza organised crime body, the Yamaguchi-gumi, have submitted a written pledge to the police, stating that the group would end its wars with splinter groups. It also promises “not to make any trouble”. The Yamaguchi-gumi has fought bloody wars with other yakuza groups formed by its former members who broke away in 2015. Membership of the nation’s yakuza groups hit a new low of 18,800 in 2024 after years of decline, falling below the 20,000 mark for the first time, partly due to a stricter crackdown.

5. FOR YOUR EYES 📺

1. Your burning questions about annual leaves were answered by HR influencer and professional, Aunty HR.

2. Drone tech company Helios showing off its technology by recreating King Kong.

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