☕️ No more discounts for traffic fines: "the less you delay, the less you pay" principle

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

According to Altrata’s World Ultra Wealth Report 2025, the global ultra-rich now comprises 510,810 people worth a combined USD59.8 tril (RM252.9 tril). That’s double the size of the US GDP. Their collective wealth rose 6.7% in the first half of 2025, after a surge of 11.6% in 2024. This also marks the third strongest expansion in a decade. As the generational shift happens, the younger generations have also adjusted the investment playbook, shifting away from public equities and more toward real estate, luxury assets, and private holdings.

In the US in Sept, only 8% of paid job postings offered remote work, but these drew 35% of applications. This is consistent with the trend that workers prefer the flexibility of remote work arrangements, even as more big-name companies are pushing their return-to-office policies. Dropbox, which adopted its “virtual-first” model in 2021, reported that the average number of applicants per job has increased nearly sevenfold, with more than eight in ten applicants accepting the company’s employment offers, while attrition is the lowest in the company’s history.

Global EV sales hit a record high of 2.1 mil vehicles sold globally in Sept, driven by strong demand in the US, Europe, and China, according to research firm Rho Motion. This marks the first time global EV sales broke the two mil mark and is believed to be a signal that the EV boom is still ongoing, even as automakers start to roll back their EV plans. China, however, is not tapping the brakes on EVs, with over 7.5 mil sold in the country so far this year, more than the rest of the world combined.

3. IN MALAYSIA 🇲🇾

BNM to banks: don’t ghost your customers
BNM is tightening rules to make account closures under the Anti-Money Laundering Act (AMLA) more transparent. Banks must now issue written notices explaining why an account was closed without revealing sensitive details and outline how customers can appeal. This move is all about keeping money laundering in check while making sure customers aren’t treated unfairly. BNM has also introduced a uniform industry protocol with banks and the police to ensure consistent handling of suspected mule accounts, while continuing to monitor how banks deal with complaints to keep things fair and transparent.

No more discounts for traffic fines: pay early, pay less
Finally, some sense here. Starting next year, paying traffic fines should be a lot clearer for motorists as JPJ and the police introduce a standardised system. The old discount campaigns are being replaced with a “the less you delay, the less you pay” principle. 50% off if you pay within 15 days, 33% within 30, and full price after 60, with court action or blacklisting waiting for those who drag their feet. There’s a transition period from Nov 1 to Dec 30, 2025, letting people clear old fines at 50–70% off. The goal is basically to clear up the confusion between JPJ and the cops. Also, while RM640 mil has been collected since 2022, there’s still a whopping RM6.6 bil in unpaid summonses, and authorities are figuring out how to deal with the stubborn defaulters. We have enough laws. We just need real strict and consistent enforcement.

SIM card registration limit to curb scammers
Malaysia might soon limit prepaid SIM registrations to two per telco for locals and just two in total for foreigners to tackle online scams and digital misuse. The current five-SIM limit is under review, with new rules expected early next year after a public inquiry wraps up in Nov. The move comes amid rising concerns over scams and fake AI content, including doctored images of the Yang di-Pertuan Agong that were tricky to trace. From Jan 2022 to Oct 2025, the MCMC filed over 3,000 takedown requests for deepfakes and more than 55,000 for false content, most of which were removed. The commission is also planning stricter rules requiring service providers to have online safety plans and better age and ID checks to protect users, especially kids.

Shorts

1. Bandar Utama teen murder suspect charged in court
   A 14-year-old boy was charged in the Magistrate’s Court with the murder of a 16-year-old schoolgirl at a secondary school in Bandar Utama. The teenager nodded when the charge was read before Magistrate, accused of killing his schoolmate in a toilet. Because the case involves a minor, proceedings were held behind closed doors, with only his family allowed in court. No plea was recorded, as murder cases fall under the High Court’s jurisdiction. The charge, framed under Section 302 of the Penal Code, carries the death penalty upon conviction, though this would not apply as he is a minor, and instead will be imprisoned indefinitely at the pleasure of the sultans. The case will be mentioned again on Nov 21. On the day of the incident, the victim, Yap Shing Xuen, was found stabbed to death at SMK Bandar Utama 4 where the police later arrested the suspect and seized two knives and a kerambit.

2. Selangor schools try pickleball next year 
   Selangor plans to integrate pickleball in schools across the state next year to spark interest in the sport and nurture young talent. The programme will train teachers in coaching while introducing students to the game’s basics. The state is also looking to work with the Youth and Sports Ministry to gain official recognition for pickleball under the Malaysian Schools Sports Council, though the Malaysian Pickleball Association still needs to finalise key preparations. Even schools are not spared from this bubble - need to tap new demand to stop the bubble from popping.

3. Malaysia’s coffee king hits global finals 
   Jason Loo, a four-time Malaysia Barista Champion (2013, 2015, 2017 and 2024), is making history as one of six finalists at the World Barista Championship 2025 in Milan, the first time a Malaysian has reached this stage. Coffee fans nationwide will be cheering him on as he goes head-to-head with finalists from China, Japan, Denmark, Australia and Canada. Co-founder of Yellow Brick Road and Contour cafés, Loo first claimed the national title in 2013 under the guidance of the late Joey Mah, a veteran roaster and entrepreneur who passed away in 2022 - proof that great coffee talent runs deep, and a reminder that Malaysia’s coffee scene is finally getting its global spotlight. Also today, all ZUS Coffee outlets will be closed to celebrate its 1,000th outlet opening.

3. AirAsia RM299 deal for Sabahan voters
   AirAsia’s making it easier for Sabah voters to head home for polling day with fixed fares at RM299 one-way from Nov 26–28. The offer covers over 4,300 seats across eight routes including flights from KL, Johor Bahru, Penang, and Kota Bharu to Kota Kinabalu, Sandakan, Tawau, and Labuan. CEO Captain Fareh Mazputra said it’s the airline’s way of helping Sabahans get home to vote. Book your seats between Oct 22–26 on airasia.com or the AirAsia MOVE app.

4. AROUND THE WORLD 🌎

Scams, scams, and more scams
Thai deputy finance minister resigns over alleged scammer links
Deputy Finance Minister Vorapak Tanyawong’s resignation comes a day after Thai PM Anutin Charnvirakul asked him for a written response to allegations that he is linked to scam networks around the region. Vorapak, who was earlier tapped to lead a task force to follow the money trail of scam centres, denied the allegations that he and his wife had any such ties. He also plans to file a defamation complaint against people making those accusations, calling the allegations false, politically motivated, and part of an organised smear campaign. Both Vorapak and Anutin denied the presence of governmental pressure on the decision to resign.

Former UOB employee convicted of disclosing information to scammer
Former bank employee Cao Wenqing, 30, was convicted of 14 charges under the Computer Misuse Act and 13 charges under the Banking Act for disclosing information of more than 1,000 customers. The Chinese national was a junior officer at the time of the offences and had access to the customer database for her work, which involved mortgages for new and existing customers. She was approached by two unknown individuals who claimed to be Chinese police officers, who asked her for information on Chinese nationals in the database. She complied as she was worried about the “investigations” against her and felt pressured to do so. However, she knew her actions were illegal, but went ahead anyway. Cao will be sentenced in Dec. Sometimes we wonder how these scammers can target victims with so much funds. Now we know. And someone somewhere in local banks, is probably up to the same MO.

Meta introduces new scam detection, warning features to help older people
The features were rolled out on WhatsApp and Messenger as part of a broader initiative to crack down on online scams targeting older people. Meta said WhatsApp will start showing warnings when users try to share their screen during calls, while Messenger will have possible scam messages flagged. The tech giant said it detected and disrupted about 8 mil accounts engaging in scam operations during the first half of 2025, including those associated with scam centres. The firm also took action on over 21,000 Facebook Pages and accounts that were trying to trick people into sharing their information.

Crime case file updates
British grandmother on Indonesian death row to return to UK
Grandmother Lindsay Sandiford, 69, was sentenced to death in Bali in 2013 after almost 5kg of cocaine worth GBP1.6 mil (RM9 mil) was found in her suitcase when she arrived. She admitted to trafficking drugs but said she agreed to the crime because a drug syndicate threatened to kill her son. She will be returning to the UK alongside fellow British national Shahab Shahabadi, 35, who was serving a life sentence after being convicted of drug smuggling. Both are said to have been suffering from health problems.

Peru declares 30-day state of emergency to battle rising crime
President Jose Jeri declared a 30-day state of emergency in the Peruvian capital of Lima and the neighbouring province of Callao following protests that left one dead and over 100 injured. The measure, which was also approved by the Council of Ministers, authorises the deployment of the armed forces alongside the police to maintain public order. Jeri said the move was meant to have the nation take the offensive in the fight against crime. Note that former Peruvian President Boluarte imposed a similar state of emergency in Mar for the same reason. However, analysts reported that repeated emergency declarations have done little to reduce crime.

Tech news
OpenAI's new browser a clear shot at Google
The new Atlas web browser was launched in a surprise livestream, with OpenAI CEO Sam Altman telling the audience that AI represents a rare opportunity to “rethink what a browser can be”. Altman not only cast present-day browsers as old, but he also suggested that browsers were part of a whole package of goods about to be replaced by AI. Most of those services trace back to Google. The development of Atlas was an open secret in Silicon Valley, and it was clear from the beginning that it would be a potential threat to Google, despite Google’s work to integrate AI into the normal search experience.

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Meta to cut 600 roles in AI unit
The firm will be cutting about 600 of the thousands of roles in its Superintelligence Labs AI unit. An internal memo revealed that the cuts will affect the Facebook Artificial Intelligence Research unit, product-related AI, and AI infrastructure units. The move is meant to streamline decision-making and increase the responsibility, scope, and impact of each role, according to Meta’s chief AI officer, Alexandr Wang. Still, the firm is encouraging affected employees to apply for other jobs within Meta, with most workers expected to find a position internally.

Shorts:

1. Hermes appoints British designer to lead menswear segment 
   The French luxury fashion house has named Grace Wales Bonner as their new creative director for menswear. Bonner’s appointment also marks the first time a black woman has been named to lead design at a major fashion house. Bonner founded her own label in 2014, not long after graduating from London’s Central Saint Martins. She replaces Véronique Nichanian, who has been the company's artistic director of the menswear division for 37 years.

2. Mosquitoes found in Iceland for first time after record heat 
   The record-breaking heat experienced by Iceland this spring led to the discovery of mosquitoes in the country for the first time. The mosquitoes were later confirmed to be of the Culiseta annulata species, one of a few that can successfully survive the winter. The species is also common across parts of Europe and North Africa, though it is unclear how the mosquitoes reached Iceland. Iceland was one of only two mosquito-free havens in the world prior to the discovery. The other is Antarctica.

3. Over 40 dead in Ugandan multi-vehicle crash 
   Authorities confirmed that 46 have lost their lives after several vehicles crashed on a major highway in Uganda. The crash happened when two buses travelling in opposite directions met head-on while trying to overtake two other vehicles. One of them swerved in an attempt to avoid a crash but failed and caused a chain reaction in which other vehicles lost control and overturned.

5. FOR YOUR EYES 📺

1. Mr. Stingy on the Levels of Wealth in Malaysia. Read the thread below.

2. F1 in the sky could be something in the future - crashes will be next level. You can order one here for USD128k (RM541.2k). A lot easier if to afford one if you are at least Level 4, based on Mr Stingy’s wealth levels.

3. Just a man happily giving his cow and goat a ride in his car. Have a smile.

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