☕️ New law passed - your car loan becomes fairer, cheaper

1. MARKET SUMMARY 📈

Gold keeps becoming Golden’s ‘up, up, up’ - hits new all-time high, exceeding USD4,000 per ounce. Debasement trade in motion

2. NUMBERS AT A GLANCE 🔢

Singapore recorded a total population of 6.1 mil as of June 2025, a 1.2% increase from June 2024. This was due to an increase in the non-resident population, primarily from work permit holders and followed by migrant domestic workers. Foreign employment growth in Singapore remained stable throughout the 12-month period, with the foreign workforce making up about two-thirds of the non-resident population. The remainder is mainly maids, dependents, and students. The citizen population stood at 4.2 mil residents, with about 3.7 mil citizens and 540,000 permanent residents. However, Singaporean families are getting smaller, with fewer children per family. This tracks with the trend of low fertility in other advanced societies, as younger Singaporeans value and prioritise other life goals ahead of marriage and parenthood.

However, the population of Singaporeans aged 65 and up has exceeded 20% for the first time, which also makes Singapore the first Southeast Asian country to reach that level of aging. This marks a sharp rise from 10 years ago, when the percentage was 13.1%. The figure is projected to rise to 23.9% by 2030. The trend of low fertility is also behind this demographic change. In a bid to cope with the ageing, the Singapore government is stepping up the use of AI and robotics, with technology introduced to help offset labour constraints in sectors like healthcare.

Locally, 10 Malaysian districts have been newly classified as ageing, with residents aged 65 and above reaching 7% in 2025 according to the Current Population Estimates, Administrative District, 2025 released by the Department of Statistics. With this reclassification, all districts in northern Malaysia are now ageing districts, according to the chief statistician. The UN defined three categories of ageing, namely the ageing society, aged society, and super-aged society, where the populations aged 65 and older reached 7%, 14%, and 20% respectively. Meanwhile, the National Senior Citizens Policy identifies ageing as a state when those aged 60 and older make up 15% of the population.

3. IN MALAYSIA 🇲🇾

The state of insurance: Medical 👎, General 👍🏻
Health insurance struggles as medical costs soar
Malaysia’s general insurers still face mounting strain in medical and health insurance segment as soaring healthcare costs outpace premium growth, said the General Insurance Association of Malaysia (PIAM). Medical inflation is running at 15%, leaving the industry with “almost insurmountable” losses after years of imbalance. For the first half of 2025, the segment recorded a RM23 mil loss, despite premiums rising 6.5% year-on-year. Losses were largely driven by individual health policies, with average claim severity climbing from RM12,000 to RM14,000. To tackle the issue, PIAM is exploring basic medical insurance framework and pushing for greater cost transparency among healthcare providers to curb rising claims and improve affordability.

General insurance: profit growth amid rising claims
In the first half of 2025, the general insurance industry’s underwriting profit rose 32% year-on-year to RM629 mil, supported by stronger premium growth and tighter cost management. Gross written premiums increased 4% to RM12.3 bil. Motor insurance, the largest segment at 42.8% of total premiums, posted an underwriting loss due to higher claims and spare parts costs. Fire insurance premiums grew 10.4% to RM2.6 bil, generating an underwriting profit of RM363 mil, while personal accident premiums rose 11.2% to RM800 mil. Contractor’s all risk and engineering premiums fell 13.1% to RM600 mil but remained profitable. Marine, aviation, and transit premiums dropped 8.6% to RM1.15 bil, with a combined ratio of 63.2%, indicating profitability. Insurers are focusing on sustainable underwriting and developing products for electric vehicles, climate risk, and digital channels.

Malaysia cuts RM20 bil in borrowings, keeps debt in check
Deputy Finance Minister Lim Hui Ying said Malaysia’s focus on fiscal discipline and prudent financial management has saved the Government over RM20 bil within two years, with the deficit narrowing from 6.4% in 2021 to 4.11% in 2024. New borrowings were also trimmed from RM99.4 bil in 2022 to RM76.8 bil last year, reflecting tighter control over spending and a shift towards strategic investments in infrastructure, health, education and social protection. Malaysia’s national debt stood at RM1.3 tril as of June, remaining below the statutory ceiling, with the Inland Revenue Board continuing enforcement efforts against high-income tax evaders. As of Aug 31, the LHDN had reduced outstanding receivables to RM6.47 bil and wrote off RM337.14 mil last year due to bankruptcies, company closures and taxpayer deaths. Not bad, Madani.

Hire purchase bill 2025 brings fairer loans
Dewan Rakyat passed the Hire Purchase (Amendment) Bill 2025, scrapping the flat rate and Rule of 78 for fixed-rate hire-purchase loans. The bill introduces the effective interest rate (EIR) and reducing balance method, caps fixed-rate loans at 17% per annum for up to five years and 16% beyond, and requires lenders to disclose the EIR before agreements are signed. Digital hire-purchase contracts are now allowed, and providers have an 18-month window to update systems, though some MPs have urged shortening it so borrowers can benefit sooner. The amendments aim to boost transparency, consumer protection, and fairness in Malaysia’s hire-purchase market, complementing the Consumer Credit Act 2025.
View table: How much savings you get buying a car - before vs after this amendment

Shorts:

1. F1 podium cheers spark PETRONAS CEO apology

   PETRONAS president and group CEO Muhammad Taufik Tengku Aziz has apologised after joining a champagne-spraying celebration at the Formula One Singapore Grand Prix on Oct 5, where he collected the Winning Constructor Trophy on behalf of Mercedes-AMG PETRONAS following George Russell’s victory. He said his reaction on the podium was spontaneous and that, while he did not consume alcohol, he should have been more sensitive as a Muslim. Calling the moment “misplaced exuberance,” taking full responsibility and apologised for any offence caused. View the exuberant incident here.

2. InvestED launches career comeback for women 
   The Securities Commission Malaysia (SC) has launched investED for Returning Women, a two-month programme to help women under 50 rejoin the capital market after a career break of up to 10 years. Limited to 100 participants, it offers mentorship, career clinics, networking, RM2,000, and a completion certificate. Supported by the 30% Club Malaysia, LeadWomen, PwC, SIDC, and TalentCorp, the initiative aligns with Budget 2025’s goal of inclusive growth and gender diversity. Applications are open from Oct 8 to 31, 2025, via the investED website here.

3. Employees must not be forced to use BUDI95 for company vehicles Communications Minister Fahmi Fadzil reminded companies that employees must not be instructed to use subsidised RON95 fuel for company-owned vehicles, urging anyone asked to do so to report the matter to the domestic trade and cost of living ministry. His statement followed a viral video alleging that a courier firm employee had been told to refuel using the BUDI95 subsidy. The company’s CEO clarified the firm uses fleet cards and removed the post. The finance ministry and the Association of Malaysian Express Carriers are exploring possible assistance for gig delivery riders who may not qualify for fleet card benefits. The BUDI95 programme currently allows over 16 mil Malaysians to purchase RON95 petrol at RM1.99 per litre, compared to the unsubsidised rate of RM2.60.

4. AROUND THE WORLD 🌎

Russian rampage in land and asset grab
Putin says Russia captured nearly 5,000 square km in Ukraine this year
Russian President Vladimir Putin claimed that not only did Russian forces claim that much land in 2025, they also held complete strategic initiative on the battlefield, with Ukrainian forces retreating on all fronts. If this is true, that means Russia took about 1% of Ukraine’s land area this year, with Russia now holding nearly 20% in total. A top Russian diplomat also told Russian news agencies that the momentum for peace from the Putin-Trump talks in Aug have largely been exhausted.

Russia's central bank calls out violations in state asset grab
Russia’s central bank has ruled that the state has violated the rights of minority shareholders in some asset seizures Moscow has made in relation to Russia’s conflict in Ukraine. Tens of billions of dollars’ worth of assets owned by foreign investors and Russian billionaires have changed hands, mostly after being seized by the state. Some of the Russian elite are showing signs of backlash, especially among the technocrats who were credited with saving the Russian economy from collapse amid the toughest sanctions ever imposed on a major economy. Several business executives, along with central bank and finance ministry officials are already questioning these seizures, which they see as a move to a Soviet-style command structure, where all resources are mobilised towards military victory in Ukraine.

Money matters
SoftBank to buy ABB robotics unit for USD5.4 bil
In a bid to bolster its AI plays, Japan’s SoftBank Group has agreed to buy the robotics division of Swiss engineering firm ABB for USD5.4 bil (RM22.76 bil). The deal is still subject to global regulatory approval, and it also means that ABB will no longer look to spin off its robotics business as a separately listed company. This also marks the next step in SoftBank founder Masayoshi Son’s plan for Artificial Super Intelligence (ASI). This is his idea of AI that is 10,000 times smarter than humans. Other acquisitions along the path to this goal include chip designer Arm, as well as a major stake in OpenAI.

Meanwhile, Tesla’s humanoid robot Optimus made an appearance at Tron: Ares premiere, striking kung fu moves:

teslamotors

9M followers

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Aluminium plant fire to hit Ford by up to USD1 bil
The fire is expected to affect production of Ford Motor’s F-150 truck for months, in turn costing the carmaker up to USD1 bil (RM4.21 bil) in earnings. The aluminium factory that suffered the fire is expected to be down until the first quarter of 2026, affecting the supply of the metal, which is used to make most of the body of the F-150. This also marks the latest challenge faced by the automaker, which has been affected by elevated steel and aluminium prices, a fast-changing trade environment, and a battered supplier base. While other automakers are likely to be affected by the fire, Ford is expected to be the worst hit.

Science and society wins
Renewables now world's biggest source of electricity
In the first half of 2025, for the first time in history, renewable energy overtook coal as the world’s leading source of electricity, according to global energy think tank Ember. Despite growing electricity demand, the growth in solar and wind was strong enough to not only meet 100% of the extra electricity demand but even push down coal and gas use. However, it is developing countries that are leading the charge here, while richer nations are relying more than before on fossil fuels for electricity generation. Still, this is proof that renewable energy can keep pace with demand growth.

Trio win Chemistry Nobel prize for new form of molecular architecture
Scientists Susumu Kitagawa, Richard Robson, and Omar Yaghi bagged the 2025 Nobel chemistry prize for developing a new form of molecular architecture, which can produce materials that can help tackle challenges such as climate change and the lack of fresh water. The architecture contains large spaces for gases and other chemicals to flow through and can be used to harvest water from desert air, capture carbon dioxide, or store toxic gases. The material is being likened to Hermione’s handbag from the Harry Potter series, as it can store huge amounts of gas in a tiny volume. The winners shared the SEK11 mil (USD1.2 mil or RM5.06 mil) prize.

DBS CEO is Fortune's most powerful woman in Asia
The CEO of Singapore’s DBS Bank has been named the most powerful woman in Asia in Fortune’s 2025 list. She took over the reins in Mar 2025 and has since grown the bank’s business in the areas of consumer banking, wealth management, and international banking. A separate list, Fortune’s first “Most Influential Women” list, features other inspirational women who have become leaders and role models in their field, including athletes such as Alexandra Eala and actresses like Malaysia’s own Michelle Yeoh.

Check out the Most Powerful Women list here.

Shorts:

1. At least 24 killed in Myanmar paraglider attack 
   An army motorised paraglider dropped two bombs into a group of protesters, leaving at least 24 killed and a further 47 wounded. This attack on a peaceful protest is just one of hundreds of similar airstrikes that have been carried out this year by Myanmar’s armed forces. Support from China and Russia has lent a technological edge to the ruling military junta, while the insurgents have had to give up many of the territorial gains made over the past two years.

2. One iPhone leads police to phone-snatcher gang 
   UK police say they have dismantled an international gang suspected of smuggling 40,000 stolen mobile phones from the UK to China in the past year, believed to be responsible for exporting up to 40% of all stolen phones in London. This was the UK’s largest ever operation against phone thefts, with 18 arrested and over 2,000 stolen devices discovered. There were also raids on 28 properties in London and Hertfordshire. The investigation was triggered after a victim traced their stolen phone in 2024, following the trail to a warehouse near Heathrow Airport, where the phone was found in a box with 894 other phones, almost all of which were stolen. The number of stolen phones almost tripled in the last 4 years, from 28,609 in 2020 to 80,588 in 2024.

5. FOR YOUR EYES 📺

1. Interesting hacks, especially the one at the 15-second mark - to make a ‘glove’ out of tissue for finger food.

2. Take a tour of a bungalow in Damansara Heights. Nice, modern layout with an even nicer price tag at “only RM28 mil” according to Charles, the channel host.

3. The story of Genting Bhd’s stock performance going down, down, down.