☕️ Oil crisis in SEA (ex-Malaysia)

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD35 bil (RM137.59 bil) – That’s the value of the compensation package GameStop put together for CEO Ryan Cohen. Whether Cohen gets it depends on whether he can meet the targets set, which include lifting the struggling video game retailer’s market value more than tenfold to USD100 bil and sharply boosting the firm’s profits to hit USD10 bil in cumulative performance EBITDA. Hitting these targets would require a significant shift at GameStop, as the brick-and-mortar store operator has lost millions in revenue in recent years because gamers are increasingly buying games online. Annual revenue has fallen by more than 35% since 2022, with GameStop’s share price also down 80% from its 2021 peak.

100-year bonds – Google reportedly plans to issue bonds of this duration, just months after issuing a 50-year bond. This indicates that investors are willing to wait that long to get their money back. In contrast, the US government usually borrows money for a maximum of 30 years. The interest rate for Google’s 50-year bond is only 1 percentage point higher than that of a US 30-year bond, but Google gets an extra 20 years to pay it off. A company is now seen as just as safe an option as the world’s largest economy, which goes around bombing others.

SGD30 mil (RM92.53 mil) – The Value Unlock initiative will provide this amount as a booster shot for Singapore-listed firms to improve corporate strategy and investor relations. The funds will be disbursed through two grants, the Equip Grant and the Elevate Grant. This initiative was announced in Nov 2025 as a means to revive Singapore’s stock market. As of mid-Dec, there were 614 companies listed across the Main and Catalist boards of the Singapore Exchange. Of these firms, 353 were trading at a price-to-book ratio of less than 1. This means that 57% of Singapore’s listed companies were trading below their book value.

3. IN MALAYSIA 🇲🇾

Social tension cases
Government warns against provocateurs stirring racial tension
PKR VP R. Ramanan (also HR Minister) said individuals believed to be acting as provocateurs are attempting to stir racial tension in Malaysia, adding that the issue will be raised at the Cabinet level for appropriate action. Recent incidents, particularly on social media and in public spaces, show how minor matters are being amplified into racial narratives that risk inflaming divisions.

Ramanan said authorities must also identify those financing such activities, stressing that Malaysia has legal channels for grievances and that disputes should be handled through police reports and the courts. He argued that some parties are exploiting sensitive issues despite the country’s improving economic indicators, including unemployment at about 2.9% and a strengthening ringgit under PM Anwar Ibrahim’s administration.

Police investigate preacher and related attack cases
Penang police are investigating preacher Zamri Vinoth for sedition over a Mar 8 TikTok livestream that allegedly contained threatening, provocative, and racist remarks. The probe is also being conducted under the Communications and Multimedia Act 1998 for misuse of network facilities.

In a related development, four more men were arrested over a Mar 7 attack on Zamri, bringing the total detained to six. The suspects, local men aged 29 to 31 with past criminal records, have been remanded for two days to assist investigations. Separately, Selangor police confirmed an attack on activist S Chandrasegaran, also known as Cikgu Chandra, after he claimed masked men damaged a vehicle at his home and that three of his cars were set on fire in a pre-dawn incident.

Biz
Tourism minister sells full stake in Timberwell Bhd after takeover
Tourism, Arts and Culture Minister Tiong King Sing has sold his entire stake in Timberwell Bhd after accepting a takeover offer from the company’s largest shareholder, Wong Wai Foo. A Bursa Malaysia filing on Friday showed that 14.2 mil shares, representing nearly 16% of the company, were sold at 90 sen each, valuing the deal at about RM12.8 mil. The sale came after the mandatory takeover offer became unconditional, with Wong and parties acting in concert holding 54.95% of the company, surpassing the 50% threshold. The offer was triggered in Jan when Wong emerged as Timberwell’s single largest shareholder and he has indicated plans to retain the company’s listing status.

Timberwell, based in Sabah, is involved in timber harvesting and rehabilitation activities. The group has recorded losses for three consecutive financial years from FY2023 to FY2025, including a net loss of RM644,000 on revenue of RM14.34 mil in FY2025. Timberwell’s market capitalisation stands at about RM79.7 mil.

Penang adds new flights to Phuket, Senai, and Qingdao
Penang is set to add three new direct flight routes this month, strengthening its tourism and economic links with regional and domestic destinations. State Tourism and Creative Economy Committee chairman Wong Hon Wai said AirAsia will launch a Phuket-Penang service starting Mar 13, operating four weekly flights in its initial phase, while Batik Air will begin the Senai-Penang route on Mar 18 with one daily flight. In addition, Qingdao Airlines is scheduled to start a Qingdao-Penang service on Mar 31, with Chongqing Airlines expected to introduce a Chongqing-Penang route in Apr. The new connections come as part of efforts to expand Penang’s aviation network during the early months of Visit Malaysia 2026 and strengthen its role as a gateway to northern Malaysia and an international tourism hub.

The Azam Baki saga continues

SC chairman declines comment on alleged “corporate mafia” links
Securities Commission Malaysia chairman Mohammad Faiz Azmi declined to comment on whether the regulator would investigate allegations of “corporate mafia” links, citing legal restrictions under Section 148 of the Securities Commission Act 1993. He also said the provision prohibits officials from disclosing confidential information related to their duties, including ongoing investigations, warning that doing so could lead to jail. A Bloomberg report alleged that executives and shareholders of companies listed on Bursa Malaysia were pressured to resign or sell shares at steep discounts to connected businessmen, allegedly involving senior MACC officials. The MACC and its chief commissioner, Azam Baki, have denied the claims. Civil society group Bersih and DAP have called for further scrutiny, including a royal commission of inquiry.

PM skips question on MACC chief Azam Baki’s contract renewal
PM Anwar Ibrahim declined to comment on whether Azam Baki’s contract as chief commissioner would be renewed when it expires on May 12. Asked about a Straits Times report claiming Azam’s term might not be extended, Anwar did not give a direct answer and left the venue after briefly responding. He was attending an International Women’s Day event at the Malaysia International Trade and Exhibition Centre (MITEC).

4. AROUND THE WORLD 🌎

Oil worries continue:
Trump says war might end soon, considers lifting oil sanctions: As economic and political pressure mounts over the Iran war, Trump said on Monday that he thinks the war would resolve “very soon”, and that he would consider waiving oil-related sanctions to ease the shortage. However, no additional specifics were given, beyond acknowledging he had discussed the topic with Russian President Vladimir Putin earlier. Trump is said to be considering a range of options to address surging oil and gas prices, including releasing emergency stockpiles, pausing federal gas tax collections and the Treasury Department’s involvement in the oil futures market. Treasury Secretary Scott Bessent had previously suggested the US could waive more sanctions on Russian oil, after moving last week to temporarily allow Indian refiners to purchase more Russian oil. Saudi Aramco, the world's top oil exporter, warned of "catastrophic consequences" for global oil markets if the war continued to disrupt shipping in the Strait of Hormuz. How the dynamics have changed. 

Iran says it will decide end of war: Meanwhile, Iran's Revolutionary Guards said on Tuesday they would not let any oil be shipped from the Middle East if US and Israeli attacks continue, adding that they would determine the end of the war. Iranian Foreign Minister Abbas Araqchi said Tehran was unlikely to resume talks with the US after a “very bitter experience” when they were attacked mid-negotiations. In response, Trump said that the US would hit Iran much harder, as much as “20 times harder” if it blocked exports. At least 1,332 Iranian civilians have been killed and thousands wounded, according to Iran's UN ambassador, since the US and Israel began air and missile strikes across Iran at the end of Feb.

Russia is ready to leverage the oil crisis: President Putin has said that Russia is ready to conditionally supply oil and gas to Europe. He added that if European buyers suddenly decide to reorient themselves and provide Russia with long-term, sustainable cooperation, free from political pressures, then Russia will not refuse it and will be ready to work with the Europeans. The EU have spent the past four years sharply reducing its reliance on Russian oil and gas in response to Moscow’s war in Ukraine and subsequent European Union and Group of Seven (G7) sanctions, but it seems like the situation is not as straightforward anymore. In desperate times like these, will the EU reconsider?

SEA fuel situation:
In Thailand: The Thai government has instructed most of its agencies to adopt full work-from-home arrangements starting immediately, in its effort to reduce energy consumption amid heightened supply risks. Government officials are also urged to
suspend non-essential overseas travel for the time being, allowing only essential international meetings. The Energy Ministry has also proposed additional energy-reduction measures, such as dressing lightly and setting air-conditioning temperatures at 26 to 27 degrees Celsius. Thailand relies heavily on imported crude oil, particularly from the Middle East. It currently consumes about 124 mil litres of refined oil per day. As of Mar 5, the country held roughly 8 bil litres in oil reserves, enough to cover about two months of demand without new supplies.

In the Philippines: Long queues are seen forming at petrol stations as residents race to fill their tanks ahead of an expected surge in petrol prices. Fuel costs will tick up between 17 and 24 pesos (USD0.29 or RM1.14 to USD0.40 or RM1.57) per litre this week. The ferries that tens of thousands rely on each day to traverse the archipelago nation of 116 mil were also in the process of hiking fares. President Ferdinand Marcos last week announced a shift to a four-day work week for non-essential government employees while ordering agencies to cut their fuel and power consumption by 10-20%. He also called on Congress to authorise him to reduce excise taxes on petroleum products if the price of crude oil breaches USD80 per barrel. West Texas Intermediate, the main US oil benchmark, and Brent crude prices both sit north of USD110 a barrel at the time of writing.

In Vietnam: Local businesses in Vietnam are being told to encourage their employees to work from home as part of the government's efforts to save on fuel amid supply disruptions and price surges. Prices for gasoline in the country have risen by 32%, diesel by 56% and kerosene by 80% since the end of last month. Vietnam has also decided to remove import tariffs on fuel, effective until the end of Apr. The country is also one of the worst hit by fuel disruptions since the US-Israeli war on Iran began, as it relies heavily on energy imports from the Middle East.

Oil producer advantage for Malaysia: Malaysian Investment Development Authority chairman Tengku Zafrul Abdul Aziz has reaffirmed that the country’s status as an oil producer is helping the government protect the public from the impact of rising energy prices. PM Anwar Ibrahim has also pledged that the government will do its utmost to keep RON95 petrol at RM1.99 per litre despite rising global oil prices. In 2025, Malaysia produced about 184 mil barrels of crude oil and condensate. Comforting news - but for how long?

Futuristic tech for good
Predator-spotting laser tech keeps public spaces safe for women
A laser technology tool is currently being developed by Createc in the UK, aiming to quickly identify behaviour like lurking and tailing someone in public spaces, with the aim of creating safer public spaces for women. The tool is based on a system the company already uses to monitor crowds at airports and railway stations, including King's Cross in London. It tracks people using laser technology, displaying each person as a dot on a screen. If unusual behaviours are detected, security teams on the ground are alerted and can check if there is a problem. The system is able to detect specific patterns of behaviour in predators, such as loitering in an area or following someone.

AI, but using human brain cells
Scientists at an Australian-based biotech start-up, Cortical Labs, are currently working on two small data centres that are run by lab-grown human brain cells. Instead of racks of servers running on conventional processors, the facilities in Melbourne and Singapore will house biological computers known as CL1 units powered by neurons put onto silicon. The experiment could one day challenge chips from the likes of Nvidia Corp and address problems arising from powering artificial intelligence (AI), such as high electricity and water demands that negatively impact the planet. Compared to AI processors, neurons use very little energy, with each CL1 unit said to use less power than a handheld calculator.

5. FOR YOUR EYES 📺

Geography

1. Arctic vs Antarctica.

2. How did the S&P 500 perform after global conflicts?

3. Catching up with the times - trending lingos.