☕️ MACC probing RM2 bil in undeclared assets in Daim investigation

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

According to Jobstreet by SEEK's latest Hiring, Compensation & Benefits Report, close to half (48%) of Malaysian employers are planning to increase their permanent staff size in the first half of 2025, indicating a positive outlook on the employability landscape. The report, which surveyed 2,279 human resource (HR) professionals and employers, also found that the primary reasons for this anticipated hiring include business expansion, the creation of new positions, and the need to replace departing employees. In contrast, the survey revealed that 39% of employers had reduced their workforce in 2024, a notable increase compared to the figures from 2023 (18%) and 2022 (14%).

Malaysian private hospital operators are expected to experience continued growth, even as the country faces a 15% medical inflation rate, which surpasses the global average. Several factors are driving this demand, including overcrowding in government hospitals, a thriving medical tourism sector, and an increase in elective surgeries, despite concerns about high costs. World Bank data from 2020 indicates that Malaysia had two hospital beds per 1,000 population, significantly lower than the average of 3.7 beds for upper-middle-income nations and the 5.4 beds average for high-income countries. Notably, if private hospitals were excluded, Malaysia could potentially lose nearly 30% of its total hospital beds. If this is not an incentive to be healthy, then what is?!

According to new Lending Tree data, an increasing number of Americans are utilizing buy now, pay later (BNPL) loans for grocery purchases, and a higher percentage of these users are falling behind on their payments. In a survey of 2,000 U.S. consumers conducted in early April, approximately half reported using BNPL services. Among these users, 25% indicated using BNPL for groceries, a significant increase from 14% in 2024 and 21% in 2023. Simultaneously, the survey revealed that 41% of respondents had made a late payment on a BNPL loan in the past year, up from 34% in the preceding year.

3. IN MALAYSIA 🇲🇾

Daim’s wealth under scrutiny
MACC closes in on Daim’s assets amid ongoing probes
The MACC is pursuing the forfeiture of overseas properties linked to the late Tun Daim Zainuddin, his family, and proxies, with eight new investigation papers opened following intel from foreign agencies, particularly in the UK and Switzerland. The assets, exceeding RM2 bil, were allegedly not declared in Daim’s previous asset declarations, and investigations under the MACC Act and AMLATFPUAA (Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001) are still ongoing though he passed in Nov 2023. Over RM2 bil in assets have already been frozen, and the total is expected to grow as authorities verify legality and trace ownership across multiple jurisdictions. Even in complex, cross-border cases, the trail of wealth rarely fades with time.

The international probe follows earlier domestic legal action taken against Daim in Jan 2024, when he was charged for allegedly failing to declare a significant portfolio of local assets. According to the charge sheet, the former finance minister had omitted to disclose a bank account, 7 luxury cars, 38 companies, and 25 properties spread across Kuala Lumpur, Negeri Sembilan, Pahang, and Perak. These charges, brought under Section 36(2) of the MACC Act 2009, carry up to five years’ imprisonment or a RM100,000 fine. Daim had posted RM280,000 bail before passing away later that year. Even in death, the weight of omission lingers.

Defence deals signed at LIMA '25 worth RM11 bil
Malaysia’s Defence Ministry (Mindef) inked RM11 bil worth of deals at LIMA ’25, signing 40 contracts, two letters of intent and six MOUs with strategic partners. Highlights included a RM1.8 bil contract with Mildef International Technologies for 136 armoured vehicles (average of RM13.2 mil a pop), and various procurement deals ranging from RM10 mil to RM30 mil. Mindef also rolled out new initiatives, including a refit programme for the Royal Malaysian Navy’s ageing fleet, tech transfer partnerships with local firms, and upgraded long-range surveillance systems for the Air Force. A new 94-hectare Armed Forces Hospital in Melaka was also announced. Defence investments may be costly, but regional readiness doesn’t come cheap.

Top employers named in Graduates’ Choice Award 2025
Talentbank has revealed the winners of the Graduates’ Choice Award 2025, Malaysia’s largest student-driven employer branding benchmark, with nearly 600,000 votes cast by students from over 100 universities. The award recognises top employers across various sectors, from tech giants to FMCG leaders, praised for strong branding, leadership development, and inclusive workspaces. Insights show today’s graduates value more than just pay - favouring meaningful work, flexibility, wellness benefits and career growth. However, a persistent employability gap remains, with employers rating graduate readiness at just 6/10 since 2022. Talentbank sees this as a space for enhanced collaboration between universities and industries, and facilitates this through MoHE partnerships, tailored recruitment tools and its upcoming ‘Career Playbook’ to guide fresh grads.

Check out the extensive list of winners here.

Shorts

1. AGC ends probe into Teoh Beng Hock’s death
   The Attorney-General’s Chambers (AGC) has decided that no further action will be taken in the case of Teoh Beng Hock, who was found dead in 2009 at Plaza Masalam, Shah Alam, after giving a statement at the MACC office. The AGC said the decision was made after reviewing evidence submitted by police, concluding there was insufficient proof to charge anyone. This comes after a Kuala Lumpur High Court order in Nov 2024 directing police to complete their investigation within 6 months following a judicial review filed by Teoh’s parents. Teoh, then political secretary to Selangor exco Ean Yong Hian Wah, became the subject of multiple inquiries. First, a coroner’s court in 2011 that ruled out suicide or homicide, then a royal commission which concluded Teoh’s death was suicide, and later, in 2014, the Court of Appeal found that Teoh died due to unlawful acts by unknown persons.

2. Rafizi warned for endorsing candidates ahead of PKR polls
   A day before PKR’s internal elections, the party’s election committee issued a stern warning to Deputy President Rafizi Ramli for announcing his preferred candidate line-up - which featured ministers Chang Lih Kang, Nik Nazmi Nik Ahmad, and Negeri Sembilan MB Aminuddin Harunv, which the committee said contravened election rules. Chairperson Dr Zaliha Mustafa, joined by other senior party figures, confirmed that the matter would be referred to the disciplinary board and ordered unauthorised banners at polling stations to be removed. Rafizi’s list also named Wong Chen, Akmal Nasrullah, Lee Chean Chung, and Rodziah Ismail, who is contesting for the PKR Wanita chief post against incumbent - and Education Minister - Fadhlina Sidek, and G. Manivannan. In a post yesterday, Rafizi urged members to back reform-minded leaders, as he prepares to face Nurul Izzah Anwar in the race for deputy president.

4. AROUND THE WORLD 🌎

South Africa played excellent “golf diplomacy”
South African President Cyril Ramaphosa paid US President Donald Trump a visit in the Oval Office on Wednesday to fix their relationship, following unfounded genocide claims by Trump and his South African-born ally, Elon Musk. While Ramaphosa said that the meeting was a “great success”, it was quite clear that Trump’s team had some “provocations” planned.

Shortly into the meeting, Trump ambushed the South African President by playing a video (watch here) that he claimed proved genocide is being committed against white people, in an attempt to get a “reaction” from Ramaphosa, who seemed to have handled it well, and managed to steer the topic out of the conversation. While Trump attempted to dwell on the white genocide topic, Ramaphosa “charmed” Trump, the golf fanatic, by having South African top golfers Ernie Els and Retief Goosen in his entourage. Ramaphosa’s visit to the Oval Office might have turned into another public humiliation blow à la the one suffered by Ukrainian President Volodymyr Zelenskyy back in February, but good for him that he did come prepared.

OpenAI acquires io to make a push into AI hardware development
Exciting news on the AI frontier: OpenAI has announced that they will acquire AI device startup “io”, co-founded by Apple’s “legendary” device designer Jony Ive, in a nearly USD6.5 bil all-stock deal. The purchase is the largest in OpenAI history so far, and means that the AI company will have a dedicated unit for developing AI-powered devices. For Jony Ive, the move marks a high-profile return to a consumer technology industry he helped pioneer. Working for years alongside Steve Jobs, he crafted the look and feel of the modern smartphone, in addition to the iPod, MacBook, iPad and Apple Watch, before leaving Apple in 2019. The deal is expected to be completed this summer, pending regulatory approvals. The takeover of io will provide OpenAI with about 55 hardware engineers, software developers and manufacturing experts—a team that will build what Jony Ive and OpenAI CEO Sam Altman aspire to be a family of devices.

Climate crisis
After Finding Nemo, now it’s 'Shrinking Nemo'
As the Earth gets hotter, Nemo is apparently getting smaller. Clownfish living on coral reefs were discovered to have slimmed down drastically when ocean temperatures rocketed in 2023, according to a recent study. Wild clownfish studied by the scientist are seen actively changing their size and making themselves smaller individuals that need less food and are more efficient with oxygen. Scientists say the discovery was a big surprise and could help explain the rapidly declining size of other fish in the world's oceans. A growing body of evidence suggests animals are shapeshifting to cope with climate change, including birds, lizards and insects. Back to the title - Shrinking Nemo could be an excellent movie to educate children about environmental change, yes?

Australia’s New South Wales facing its worst floods in years
A major flood has hit several rural towns in the Hunter and Mid North Coast regions of New South Wales, Australia, which also happens to be the most-populous state of the country. The torrential downpour dumped water worth about four months of rain on the area over the past two days, triggering flash flooding and forcing officials to issue fresh evacuation orders. 50,000 residents were warned to prepare to evacuate, with more downpours expected over the next 24 hours. The flooding has washed away farms and destroyed homes, roads, and bridges. Australia’s Bureau of Meteorology forecast that some areas could receive up to 200mm of rain through tomorrow.

Shorts

1. Hong Kong’s rich families selling their own homes to pay debt

   Even the rich are struggling as Hong Kong’s property market faces one of its longest downturns in years. Rich families have to resort to selling their own homes to cut debt. Hong Kong has seen a flurry of mansion fire sales following years of high interest rates and a property downturn. Home prices are 29% below their peak in 2021, with the number of households with negative equity—when the value of a property is lower than the outstanding mortgage loan—rose to the highest since 2003 at the end of March. A prominent family sold 7 luxury houses at The Peak last year - a view atop The Peak:

sothebysrealtyhk

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2. Pablo Cat-scobar caught red handed carrying drug into prison

   Prison guards at Costa Rica’s Pococi Penitentiary encountered a suspicious movement in the green zone—an area where certain practices or conditions are in place—near the prison’s perimeter, which turned out to be a kitten with a suspicious “cargo” strapped on its body. They managed to catch the kitten and discovered a vest-like structure containing 235.65g of what appeared to be marijuana, 67.76g of suspected crack cocaine paste, and two sheets of rolling paper. Interestingly, this is not new to the authorities - Costa Rican prison authorities have reportedly encountered animals before – mainly cats and pigeons – being used to ferry drugs, cash, and other contraband into detention facilities.

3. No place for hate in Spanish football : 5 fans sentenced to jail for racial abuse

   Spain’s La Liga is not tolerating any kind of racism in football, proven by the recent landmark first ruling of prison sentences on 5 people for racially abusing Real Madrid’s forward Vinicius Jr during a match in 2022. The Provincial Court of Valladolid on Wednesday imposed on the offenders a year in prison and fines ranging from EUR1,080 to EUR1,620, as well as a ban from attending any matches in the next three years. This represents an unprecedented milestone in the fight against racism in sport in Spain, where, until now, rulings had addressed conduct against moral integrity with a racial aggravating factor. Bravo, La Liga!

5. FOR YOUR EYES 📺

1. Want to be rich? Forget about tech startups - back to old skool, it is. Read thread below or full article here.

2. The weekend is here. What have you been thinking of doing?

A funny kind of misunderstanding. Who’s at fault? Have a good weekend ahead folks!

thefunnyshab

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