☕️ MIC hits pause on BN, but maintains support for PM Anwar

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Over 600 applicants. That was the number of applications the Securities Commission Malaysia received for its InvestED for Returning Women programme. This initiative targets women under 50 returning to work after a career break, especially those with experience in the capital markets or public-listed companies. It includes classes, mentorship, and industry placements, with participants also offered RM2,000 in incentives and a certificate of completion to mark their readiness to re-enter the capital market. As of October 1, women hold over 34% of board positions among the top 100 listed companies on Bursa Malaysia. Bringing experienced women professionals back is expected to expand the talent pipeline and enrich workplace diversity.

RM8,220. That was the average monthly household income among the Bumiputera community in 2024, a marked improvement from RM7,599 in 2022. Economy Minister Amir Hamzah Azizan, who shared that data, also noted that the poverty rate among Bumiputera has dropped from 7.9% in 2022 to 6.6% in 2024. He attributes the positive change to the implementation of the Putrajaya Bumiputera Transformation Empowerment and Advancement 2035 initiative. The minister also shared that a total of RM1.3 bil has been allocated for the development of Bumiputera entrepreneurs.

156% per kg. That’s the new tariff on sugar imports implemented by Mexico in the face of falling international prices and a risk of oversupply in the domestic market. This tariff will apply to all types of sugar, including beet sugar and syrup. However, refined liquid sugar will be subject to a 210.44% tariff, according to a decree signed by President Claudia Sheinbaum. The tariff also comes after bad weather conditions led to a drop in local sugar production in the last three sugar production cycles. Before the hike, imported sugar faced tariffs of between USD360 and USD390 per tonne (about RM1,600). Mexico produces an average of 5 mil tonnes of sugar per year, with about 80% meant for local consumption.

3. IN MALAYSIA 🇲🇾

EPF announces Q3 performance
The Employees Provident Fund has had quite a ride in the third quarter of 2025, reporting a 27% jump in investment income to just over RM25 bil. It seems the global equity markets were on its side, giving fund managers plenty of opportunities to lock in gains. Over the first nine months of the year, EPF’s total investment income hit nearly RM64 bil, up 11% from the same period last year with assets under management at RM1.37 tril. Equities were the star of the show, contributing 68% of the quarterly income, with more than half of the gains coming from overseas investments. View the full announcement here.

EPF is actively managing risks and accelerating profit-taking, a pace that might be tricky to maintain in the final quarter of the year. The fourth quarter will be crucial in determining next year’s dividend. For 2024, EPF paid a 6.3% dividend for both Conventional and Shariah Savings, benefiting over 16 mil members, and with these recent gains, things are looking promising for an even higher payout next year.
View table: EPF’s top 20 investments on Bursa Malaysia

MIC hits pause on BN: Support Anwar, rethink the rest
MIC is at a crossroads after its 79th annual general assembly saw delegates pass a resolution to leave Barisan Nasional, leaving the decision on timing and next steps in the hands of the party’s Central Working Committee. Party president SA Vigneswaran made it clear that while the leadership now has full discretion over the party’s future, MIC remains firmly committed to supporting PM Anwar until the end of his term. He also emphasised that the party is not switching allegiances and has no plans to join any other coalition for the next two years. Vigneswaran also explained to Anwar the challenges and constraints MIC is facing within BN, stressing that these issues are internal and not linked to Pakatan Harapan.

Earlier in the week, Vigneswaran met with the PM to brief him on the party’s position. He said Anwar was receptive and understood the dilemmas MIC is navigating, showing support for the party’s careful and considered approach. So far, no talks have taken place with BN chairman Ahmad Zahid Hamidi, signalling that MIC is not rushing into any moves and intends to weigh all options before making a formal decision.

Matcha-maker Butterfield eyes ACE IPO
Butterfield FB is set to list on the ACE Market, hoping to raise funds to supercharge its production capabilities in Penang. The company, which has been churning out coffee and tea powders for years under its much-loved Butterfield brand, says the expansion will more than triple its production capacity at Bukit Minyak to nearly 12600 metric tonnes a year. One of the biggest pushes behind this expansion is the rising demand for matcha, which Butterfield says has become increasingly popular across the region. Because of that, they are setting up a dedicated manufacturing line just for matcha powder blends, complete with an automated packing process, which is pretty cool for a family-run company that has grown steadily over the years.

Financially, the company is on a wild growth, slightly more than doubling its revenue year-on-year. It recorded a net profit of just over RM30 mil on revenue of RM245.3 mil for the twelve months up to April 2025. Most of its revenue still comes from Malaysia, with Thailand contributing more than a third, and the rest trickling in from other Southeast Asian countries and China. The money raised from the IPO will mainly go towards new equipment, systems and machinery, along with working capital and listing costs.
View its prospectus here.

Shorts

1. Not the kind of CATch anyone wanted

   A shocking incident in Shah Alam saw a woman and her husband stumble upon a naked man allegedly sexually abusing (though news reports used the term bestiality) a cat at an apartment in Kota Kemuning. The suspect, a drunk 33-year-old Nepali security guard, bolted after tossing the poor cat off the fourth floor. Police later arrested him and are now investigating the case under animal cruelty laws.

2. Malaysia to Türkiye: About time, AirAsia X

   AirAsia X just kicked off its first direct flight from KL to Istanbul and everyone is buzzing. The inaugural flight landed smoothly at Sabiha Gökçen and marks AAX’s big step into Türkiye. Leaders on both sides say the route will boost travel and ties, plus Istanbul’s mix of culture and halal-friendly vibes is a huge draw. Four weekly flights start from RM 749.

3. Insurers finally exhale, patients still holding their breath

   Insurers might finally catch a breather as private hospitals agree to hefty bill discounts, which could help cool medical premiums after years of crazy hikes. Even better for consumers, if insurers pass on the savings to us. The Star reported that recently a number of private hospital players in the country have agreed to hospital bill discounts ranging from 30%-45% for insurance companies. The Life Insurance Association of Malaysia, or LIAM, says future premiums depend on wider healthcare costs, while IHH notes cancer cases keep rising even though payouts stay flat.

4. AROUND THE WORLD 🌎

Rise and protest

Bangladesh’s ousted PM sentenced to death
Ousted Bangladeshi PM Sheikh Hasina was sentenced to death in her absence at the end of a months-long trial. She was found guilty of ordering a deadly crackdown on a student-led uprising last year. The death sentence marks the harshest punishment against a leader in the country’s history. The interim government has described it as a historic verdict, while Hasina herself has dismissed the court as a rigged tribunal. Following the verdict, Bangladesh has called on India to extradite Hasina and former interior minister Asaduzzaman Khan Kamal, who was sentenced to death in the same case. India has promised to engage constructively. Watch the moment the courtroom cheered when this verdict was announced. 

Hasina was found guilty of three counts, including incitement, ordering killings, and failing to prevent atrocities during the uprising. In the days leading up to the verdict, the nation was tense, with at least 30 crude bomb explosions and 26 vehicles torched across the country. No casualties were reported. During that time, Hasina’s son and adviser, Sajeeb Wazed, also warned that supporters of Hasina’s Awami League would block the upcoming national election in February if a ban on the party was not lifted. He also warned that protests could escalate into violence as a result.

Over 200,000 turn up for second day of anti-graft rally in Philippines
The protest was to demand accountability over accusations of corruption in flood-mitigation projects. Both days of the rally were largely peaceful, despite frustrations among the participants with the ineffective inquiries into irregularities in key infrastructure projects. The controversy, which implicated public works officials, executives of major construction firms, and lawmakers, has hammered investor confidence. It was also blamed by some analysts as a factor behind the country’s lowest Q3 growth in four years.

Crimewatch 

Shadowy group sending Palestinians out of Gaza reportedly has Israeli support
A Palestinian man has shared details on the process of leaving Gaza through a shadowy organisation. This is the same group that landed 153 people in South Africa without documentation. The man revealed that there was “strong coordination” between the Al-Majd Europe group and the Israeli army on such displacements. Activists argued that Israel is advancing its ethnic cleansing of Palestinians from Gaza through this organisation. The process seemed routine and included a thorough search of personal belongings before he was moved to Ramon Airport in southern Israel. He then boarded a Romanian aircraft to Kenya, and said there appeared to be some coordination between Al-Majd Europe and the Kenyan authorities.

Initially, there was an online registration, followed by a screening process. The man said he paid USD6,000 (RM24,900) to get himself and two family members out of Gaza. The payments were also made to the accounts of individuals rather than an institution. Another man reported that an Al-Majd Europe representative told him a passport and birth certificate would be required to be accepted for a flight, with an initial charge of USD2,500 per person as a down payment. However, his application for a transfer out of Gaza was rejected as the group did not accept solo travellers.

L’Oreal buys another Chinese skincare stake
The cosmetics giant is taking a minority stake in mass-market Chinese skincare brand Lan. This marks its second investment in recent months, within China where local brands have grown rapidly. While the size or cost of the stake was not disclosed, a high-ranking L’Oreal representative said the move highlights how central China is to the company’s global strategy. Previously, the cosmetics giant paid CNY442 mil (RM258.4 mil) for a 6.67% stake in Chando, China’s third-largest homegrown beauty player in terms of retail sales. L’Oreal and other international brands are facing a tremendous amount of pressure from domestic brands that are coming up with new products faster, and often have more aggressive marketing.

Shorts

1. Landslides in Indonesia kill 18, dozens missing
   Rain-triggered landslides in two regions of Indonesia’s Central Java province have claimed at least 18 lives, according to authorities. Both happened within the past week, with over 40 houses buried or damaged. Excavators have been deployed to aid search and rescue efforts, which were made difficult as people were buried between three and eight metres deep. The current wet season is expected to last until April, with authorities warning of extreme rainfall and flooding.

2. Life after Amazon - Jeff Bezos to be co-CEO of new AI startup Project Prometheus

   This marks the first time Bezos has taken a formal operational role in a company since he stepped down as Amazon’s CEO in July 2021. He remains involved in Blue Origin, but his title at the space firm is founder. Project Prometheus will focus on AI for engineering and the manufacturing of computers, automobiles, and spacecraft. It successfully gathered USD6.2 bil (RM25.7 bil) in funding, part of which was put up by Bezos himself. The startup has reportedly already hired nearly 100 employees, including researchers from top AI firms.

3. China threat leads Taiwan to distribute security handbook to all households

   Taiwanese authorities will begin distributing millions of civil defence handbooks to households across the island this week, marking an unprecedented effort to prepare residents for potential emergencies, up to and including the possibility of a Chinese attack. The handbook, which was unveiled in September, includes instructions on what to do if citizens encounter enemy soldiers and provides guidance on locating bomb shelters and preparing emergency kits. It also stresses that any claims of Taiwan’s surrender should be considered false.

5. FOR YOUR EYES 📺

1. A good illustration of the destructive force of tsunami - when 2 tonnes of water meet a minivan.

2. Sergeant, commissioner, inspector, constable - apa beza? Understanding PDRM police rankings.

3. Started today’s issue with the same theme, so we will end with the same theme. Watch the ‘behind the scenes’ of National Geographic wildlife set.