☕️ Maxis and U Mobile revive merger talks

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

GBP1 tril (RM5.45 tril) – If the UK had invested its North Sea oil and gas revenues, that’s how much its sovereign wealth fund could have been worth today, according to the UK Treasury, which made the estimate based on the UK investing the GBP200 bil it received in North Sea proceeds, rather than spending the amount. This estimate comes as the country announced a GBP2 bil Energy Wealth Fund under the National Wealth Fund. However, this fund is intended to support domestic green energy projects, unlike Norway’s USD2.4 tril (RM9.81 tril) fund (1,000x from its seed capital), which invests overseas. The UK’s new fund also comes at a time when North Sea revenues are expected to drop as production slows, with the fund viewed as a belated attempt to build a long-term national asset for future generations.

USD1.05 tril (RM4.29 tril) – That’s how much the US government’s debt interest burden has reached in fiscal 2026, up more than 8% from USD970 bil in fiscal 2025. This marked a record high and is eating up a growing share of federal revenue. The high burden also risks the country’s borrowing snowballing, which can leave the US more vulnerable to economic shocks. This increase reflects the fact that there’s a lot more debt to pay interest on, as well as much higher interest rates. The average interest rate the government paid on marketable Treasuries was 3.52% at the end of Sept, more than double the 1.47% from five years before.

24.73% – That’s the proportion of South Korean applicants who saw their US visitor visas denied between Oct 2024 and Sept 2025, up 9.76 percentage points from the previous fiscal year. This also exceeds refusal rates for applicants from several other major countries (interestingly, even higher than China), with the number of B visitor visas issued to South Korean nationals also dropping by 21.2% from 15,508 to 12,226. This includes B-1 visas for temporary business visits and B-2 visas for tourism, medical treatment or visits to family or friends, but excludes South Koreans travelling visa-free under the Electronic System for Travel Authorisation. South Korean Foreign Ministry officials said the increase was likely due to tighter screening amid heightened political debate over immigration in the US. Other countries which saw increased refusal rates were the UK and France, which recorded 20.44% and 12.22%, respectively. China, India, and Vietnam also saw refusal rates above 20% each, though all were still below South Korea.

3. IN MALAYSIA 🇲🇾

Who gets to work in Malaysia?
Nepal blocks Malaysia worker recruitment: Nepal has stopped processing new Malaysian work permit applications while a dispute continues over which recruitment agencies are allowed to use Malaysia’s foreign worker system. No applications have been processed since Oct 1 after Nepal’s Youth, Labour and Employment Ministry refused to recognise the 25 recruitment agencies approved by Malaysia. Health screenings, which are required before workers can receive permits, have also been put on hold. Malaysia has maintained that only 25 principal agencies, each supported by 10 associate agencies, should be allowed to recruit workers through the Foreign Workers Centralised Management System (FWCMS). Nepal wants access expanded to all of its roughly 1,100 licensed recruitment agencies.

The dispute has since escalated. Nepalese authorities have summoned the owners of the 25 approved agencies for investigation, while several offices have been raided. Those who fail to cooperate could face frozen bank accounts or travel restrictions. Nepalese officials have proposed meetings with Malaysia in Nov and Dec to resolve the issue. Until both sides reach an agreement, the recruitment of Nepalese workers for jobs in Malaysia remains on hold.

Registered refugees to get conditional work access: Refugees registered under Putrajaya’s Refugee Registration Document (DPP) programme will be allowed to work in selected formal sectors, giving valid DPP cardholders a legal route into employment. Home Minister Saifuddin Nasution said the move is aimed at reducing Malaysia’s reliance on migrant workers while helping refugees avoid informal jobs, exploitation and recruitment by syndicates. The government has not yet announced which sectors DPP holders will be allowed to work in. The DPP was launched on Jan 1, 2026, as a government-led refugee registration and identification system. Its first phase covers people held in immigration detention centres. So far, 4,008 detainees have been identified as potential candidates for temporary protection, subject to security screening and refugee status checks.

Those approved will receive a DPP card, which must be renewed annually. Cardholders will also face travel restrictions, with inter-state movement requiring special permission from the Immigration Department. Saifuddin said healthcare for DPP refugees will be provided through insurance or paid for without government subsidies, while private institutions will provide basic education and training for refugee children.

KL residents challenge compulsory land takeover law
A Kuala Lumpur residents’ group has gone to the High Court to challenge parts of the Land Acquisition Act 1960, arguing that property owners are not given a fair chance to object before their land is compulsorily acquired. The Kuala Lumpur Residents Action for Sustainable Development Association (KLRA+SD) is focusing on Section 3(1) of the law. The group argues that the provision allows compulsory acquisition to be carried out in a way that could be unfair or excessive, including for projects involving private companies. KLRA+SD says the current process conflicts with constitutional protections over property and equality before the law. The group also said that owners should have a proper opportunity to be heard before a decision affecting their property rights is made.

The court challenge comes amid wider concerns over redevelopment and the possible displacement of residents. A proposed urban redevelopment bill was recently withdrawn for further revisions following months of objections, including concerns over compulsory acquisition. KLRA+SD says its case is aimed at ensuring that compulsory land acquisition follows natural justice, equality and the rule of law.

Antarctica trips gain Malaysian fans
Around 300 Malaysians are now travelling to Antarctica each year, with easier flight options making the remote destination more accessible. Most visitors are seasoned travellers in their 50s to 70s who usually combine the trip with a wider South American holiday. Antarctica remains a luxury destination, with expedition cruises generally costing between RM25,000 and RM60,000 per person, while some fly-in programmes can exceed RM90,000. For now, a T10 thing, but no harm aspiring to visit Antarctica.
Fun fact: If you are hoping to see a polar bear in Antarctica, there isn’t. Polar bears and penguin will never meet. Learn more here. I wonder how both would react when they meet.

One of the biggest changes is how travellers get there. Instead of spending about two days crossing the rough Drake Passage by sea, visitors can now fly from Punta Arenas in Chile to King George Island in about two hours. From there, they transfer to expedition ships for cruises around the Antarctic Peninsula. The fly-and-cruise model reduces the need for a long sea crossing while still giving travellers access to activities such as wildlife watching, sea kayaking, snowshoeing and Zodiac rides. Antarctica also draws visitors with its glaciers, mountain landscapes and wildlife, including penguins, seals and whales.

Maxis and U Mobile revive merger talks
Maxis and U Mobile are reportedly exploring a merger again in a deal that could create Malaysia’s biggest mobile operator by market value. Maxis has asked a selected group of banks and law firms to submit proposals as it moves closer to a possible transaction. U Mobile’s owners are said to be seeking a valuation of RM10 bil or more, while Maxis currently has a market value of about RM28.3 bil. If the deal goes through, the combined group could overtake CelcomDigi, which is valued at about RM29 bil. Fewer options for consumers, if this happens.

The two companies have discussed a merger several times in recent years. Maxis considered buying U Mobile in 2024 but talks later stalled after both sides were unable to agree on valuations. U Mobile is also playing a bigger role in Malaysia’s telecoms market after being selected in 2024 to develop the country’s second 5G network. It completed the move to its own 5G network in Jul. Remember who owns U Mobile?

4. AROUND THE WORLD 🌎

Norway and Finland hold a joint phone call with Putin
Is there hope that the war between Russia and Ukraine is coming to an end? Leaders of Norway and Finland have held a rare phone call with Russian President Vladimir Putin that lasted 90 minutes. Finnish President Alexander Stubb said that discussions with Putin were ‘frank and substantive’. Meanwhile, Norwegian Prime Minister Jonas Gahr Støre said that they ‘stressed the importance of de-escalation’ and that their support for Ukraine ‘remains unwavering’ to Putin. The leaders said they were speaking on behalf of their own countries, not representing Europe as a whole.

Putin emphasised the same things as he always does, “achieving a just and long-term peace is possible only if the legitimate interests of the Russian Federation are fully and unconditionally taken into account”. This talk came ahead of a planned round of United States-brokered talks in Abu Dhabi next month, where Trump is increasingly seen as siding with Russia. Trump is facing record-low approval ratings in the upcoming mid-term elections in part due to high fuel prices, and has struck a deal with Putin to release Russian diesel stocks to the US and global markets.

Brazilian Politics
Flávio Bolsonaro flees Brazil after election loss
Trump-backed Flávio Bolsonaro has fled Brazil with his family after losing the election to Brazil’s new president Luiz Inácio Lula da Silva. The Trump administration said it will issue visas to them, allowing them to enter the US. The reason? Brazil’s Supreme Court ordered Bolsonaro to turn over his passports as he is being investigated for alleged money laundering. Najib attempted the same after he lost in 2018.

President Lula jumped at this by calling Bolsonaro’s actions shameful and said that he should stay in the country to prove his innocence. Bolsonaro initially did not acknowledge the election results and would seek their annulment. However, his party released a statement accepting the election results. Trump, of course, said that it “looked like another rigged election”.

President Lula’s secret weapon: Lula’s Army WhatsApp channel
Luiz Inácio Lula da Silva was trailing Flávio Bolsonaro three weeks ago in the election polls. Then, the unlikely happened. He won the election and became Brazil’s president. His victory is now being attributed to the sudden emergence of a WhatsApp channel called Lula’s Army. It rapidly grew to 10.8 mil followers (Brazil has a population of 214+ mil, making it the 7th most populous country) and was led by Congressman André Janones. The channel encouraged supporters to share videos, promote hashtags and recruit new voters. And its messages often included ready-made templates for followers to share with friends and family. This included messages such as "Guys, urgent!", "Don't go to sleep yet", "No food before the mission!", and "I have one more task before you're dismissed".

Lula referred to Janones as “our General” and thanked him for “raising the morale of our troops every day”. Social media in Brazil was dominated by Bolsonaro’s conservative party before this. In 2018, Jair Bolsonaro (Flávio’s father) won the election, partly through the use of social media. However, this time around, Lula’s Army has emerged victorious.

Is there an Anwar’s Army WhatsApp group? Asking for a friend.

South Korea
SK Hynix wants to give back USD75 bil (RM305.74 bil) to shareholders
SK Hynix is riding high on its latest quarterly results. It reported a seven-fold jump in quarterly profit driven by AI infrastructure demand and high memory chip prices. Now, it’s announcing that it’s returning about KRW100 tril (USD75 bil) to its shareholders this year. This will consist of over KRW30 tril in cash dividends and share repurchases of more than KRW60 tril. SK Hynix’s significant shareholders include:

1. SK Square: 20.04%

2. National Pension Service: 7.88%

3. BlackRock: 5.15%

4. Capital Research and Management Company: 3.13%

5. Vanguard: 3.13%

SK Hynix said that it has sold out of HBM and DRAM chips until 2029, and that demand for HBM was double what it can supply. The chip shortage is projected to last till 2030. Investors were happy about its results, with share price rallying by as much as 9.4% in the morning trade. Looks like the AI bull still has legs to run.

Three South Korean financial firms hit by data breaches
Another week, another major data breach. This time, three South Korean financial firms reported data breaches. One of them, Bithumb, which is a crypto exchange, said that its in-house mobile system had been hacked and personal information leaked. Brokerage Daishin Securities said 38,000 pieces of customer information had been leaked. Asset manager Mirae Asset Global Investments also confirmed a hacking incident. All three firms are investigating the incidents. Meanwhile, Seoul’s Science Ministry and the Korea Internet & Security Agency are urging website operators to check for PHP vulnerabilities after a critical flaw was found last week.

Shorts:

1. Another high-speed train crash in Spain
   Two trains collided in the Spanish province of Toledo, killing at least 30 people. It occurred on the Madrid to Seville line, where one train reportedly struck another that had stopped on the tracks. The exact cause of the collision remains under investigation. Authorities say they would open a local sports hall to provide assistance to those affected, while an Advanced Medical Post is being set up at the site of the crash to triage the injured and provide medical care. This is the second incident after the high-speed crash in Southern Spain that killed 46 people earlier this year.

2. Mbappe says sorry for his ‘Chinese dictator’ comments
   The CCP won this round. Kylian Mbappe has apologised for ill-judged comments he made about Chinese leader Mao Zedong. He was dropped by multiple Chinese brands after he reportedly told the French talk show The Bridge the meme "that makes me laugh the most, it's the one where there's a video of a guy, I think it's a Chinese dictator...". Spain’s La Liga also apologised. It was reported that China’s state broadcaster CCTV suspended its broadcasts of Spanish La Liga football, along with any match featuring Mbappe.

5. FOR YOUR EYES 📺

Survival

1. The tree to drink from if you are stuck in the jungle.

2. The season is here and those in the East Coast might find this simple product helpful during the floods. A research from the University of Hull found that duct tapes are more effective than sandbags.

3. How the parachute keeps you alive, even when it fails.

4. Surviving professional and social life.