☕️ Part 2: MACC Chief Azam Baki in another shareholding controversy

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

More than three mil cattle. That’s what Malaysia needs by 2040 to meet domestic meat and dairy supply demands. According to Agriculture and Food Security Ministry secretary-general Isham Ishak, developing the ruminant industry is a key focus of the long-term plan to strengthen the agri-food sector. Various initiatives, including breeding programmes, cattle importation, and feedlot schemes, are being implemented to achieve the goal of more than three million cattle. He expects the sector’s self-sufficiency ratio to reach 50% by 2030. As of 2025, Malaysia had 886,000 cattle - about 30% there.

Nearly 140,000 cases. That was the number of snake capture cases recorded nationwide in 2025. Snake captures were one of the highest categories of incidents handled by the Civil Defence Force, alongside medical emergencies and road accidents. The number was based on an estimated average of about 10,000 cases per state annually, and highlighted the persistent and worrying presence of snakes in residential areas. Authorities expect the upward trend to continue, particularly with the recent hot weather. Rapid development is also a key contributing factor to the increase in cases, as snakes tend to move closer to human settlements when their natural habitats are disturbed.

468 rivers. At the end of 2025, that was the number of clean rivers, a decline from the 486 recorded at the end of 2024, according to the Natural Resources and Environment Sustainability Ministry. There are also concerns that the number of rivers with Class III or ‘moderate’ water quality increased to 171 from 161, while 33 rivers were considered Class IV or ‘slightly polluted’, compared to 25 in 2024. However, there were no Class V or ‘polluted’ rivers recorded in 2025. The figures are based on the 672 rivers monitored by the ministry. Both immediate and long-term measures are being taken to counter this trend of river pollution, including strengthening environmental legislation and enforcement, as well as reviewing regulations for water pollution control and water quality standards.

3. IN MALAYSIA 🇲🇾

Part 2: MACC Chief Azam Baki in another shareholding controversy

Additional shares raise compliance questions: MACC chief commissioner Azam Baki is again under scrutiny following disclosures of further shareholdings that may exceed civil service limits. In Malaysiakini’s findings the Companies Commission of Malaysia (CCM) records show that as of Jan 13, Azam held more than 4.52 mil shares in Awanbiru Technology Berhad, representing a 1.08% stake valued at approximately RM1.38 mil. Earlier, Bloomberg reported that he owned 17.7 mil shares in Bursa-listed Velocity Capital Partner Bhd, worth about RM800,000. It remains unclear whether any exemption was granted, and the timing of certain transactions has not been disclosed. Malaysiakini reported that Azam is no longer listed as a shareholder in Awanbiru Technology, prompting further enquiries with the Companies Commission.

Calls for independent probe and resignation: The disclosures have prompted political responses. Bukit Gelugor MP Ramkarpal Singh called for an independent investigation, stating that the matter extends beyond asset declaration while Public Accounts Committee chairperson Mas Ermieyati Samsudin said Azam should step down if found to have breached the RM100,000 limit, citing the need to safeguard the commission’s credibility.

Azam Baki has instructed his lawyers to issue a letter of demand to Bloomberg, describing the report as “misleading” and “defamatory” and accusing the media outlet for not properly verifying the facts, regarding the timelines of his share ownership and asset declarations.

Budi95: The RM2.5 bil savings, no full liberalisation 

Budi95 projected to save RM2.5 bil: The Budi95 fuel subsidy programme, rolled out in September last year, is projected to deliver RM2.5 bil in savings this year, depending on global crude oil prices and foreign exchange rates, PM Anwar said. The savings will be channeled back to Malaysians through assistance programmes such as Sumbangan Tunai Rahmah and Sumbangan Asas Rahmah, or Sara, with RM200 mil already distributed to around 2 mil recipients in the second rollout. Eligible Malaysians can purchase RON95 at RM1.99 per litre, with average monthly usage estimated at 100 litres and 90% of users consuming fewer than 200 litres. With roughly 3.1 mil daily transactions, or 96 mil monthly, the programme is operating smoothly. Anwar added that the subsidy is necessary to manage inherited debt and fiscal deficits sustainably, while ensuring that the rights and welfare of the rakyat remain protected.

Controlled subsidy model retained: The government has rejected calls to fully liberalise RON95 fuel prices, opting instead for a controlled and targeted subsidy model. Prime Minister Anwar Ibrahim said earlier proposals to limit subsidies to households earning below RM13,000 a month would have excluded civil servants, farmers and smallholders. A RM25,000 threshold would have affected only around 2% of users. Fuel subsidies differ from electricity and diesel, which are concentrated among industrial and commercial users.

Malaysia’s palm oil sector at “crisis” point
Malaysia’s palm oil sector is at a “crisis” point, facing slowing growth, stagnating yields and declining profitability, according to SD Guthrie Bhd group managing director Mohd Haris Mohd Arshad. Speaking at the 37th Palm and Lauric Oils Price Outlook Conference, he highlighted ageing plantations and intensifying competition from other vegetable oils, particularly soybean oil, whose global production has grown sixfold compared with palm oil. Malaysia’s average replanting rate stands at about 2% annually, below the optimal 5%, leaving many estates operating beyond its peak productivity. Heavy reliance on foreign labour continues to pose structural risks. Palm oil, including its related products is big business for Malaysia with exports of RM112.5 bil in 2025, up from RM109.39 bil in 2024.

Mohd Haris suggested mechanisation of non-harvesting tasks such as estate maintenance, fertiliser application and pest control, alongside the adoption of fast-maturing planting materials, to improve efficiency. At the conference, panellists also discussed the EU-Indonesia Comprehensive Economic Partnership Agreement, which could give Indonesian refined palm oil a 9% to 12.8% price advantage. Negotiations for an EU-Malaysia free trade agreement are ongoing, with discussions expected to conclude by 2027.

Tune Talk readying for IPO, Air Asia X flies to London again

Tune Talk: The mobile virtual network operator (MVNO) with 1 mil subscribers introduced an employee share trust scheme ahead of its planned initial public offering. A MVNO does not own any infrastructure and piggybacks on an existing player’s network (Celcome’s, in Tune Talk’s case, having paid the former RM1 bil in network charges from 2020 to 2023). Its CEO Gurtaj Singh Padda has placed 4.15% of the company’s issued share capital into a trust managed by appointed trustees. The scheme allows employees to participate in the company’s growth through dividends, performance-based rewards and financial assistance where necessary. The company is majority owned by Padda with about 43%, while CelcomDigi Mobile Sdn Bhd holds 35%. Tune Group, controlled by Tony Fernandes and Kamarudin Meranun, used to own a 20.69%, but since has reduced its stake to 3.25% after a shareholder dispute. Tune Talk, targeting lower-to middle-income prepaid users, recorded a profit after tax of RM30.39 mil on revenue of RM434.17 mil in FY2024.

Air Asia X to London: AirAsia X Bhd, part of the Capital A aviation group led by Tony Fernandes, will launch a new Kuala Lumpur to Bahrain to London route in June, marking Bahrain as its first hub outside Asia. Operated by its A330 fleet, the service reconnects Malaysia to London after a decade-long pause and expands its global network following the consolidation of all AirAsia-branded airlines under AirAsia X.

4. AROUND THE WORLD 🌎

Crime in SEA

Cambodia closes nearly 200 scam centres
Authorities sealed off about 190 locations, closing almost 200 scam centres in a crackdown on transnational fraud in recent weeks. A total of 173 senior crime figures were arrested, with 11,000 workers deported in a campaign that began late last year, following the extradition of a China-born alleged scam kingpin by China. Since then, thousands of scam workers, some of them trafficking victims confined in brutal conditions, have fled compounds and are looking to return home, resulting in what Amnesty International has called a humanitarian crisis.

Myanmar army leader accuses world leaders of ignoring junta’s deadly airstrikes
General Yawd Serk, chairperson of the Restoration Council of Shan State, blamed the international community for failing to stop the turmoil as the military junta stepped up its bombing campaigns across the country. He cited data from the Myanmar Peace Monitor, which reported that airstrikes have hit more than 1,000 civilian locations in 15 months. Since late 2024, air attacks have killed at least 1,728 civilians, with the junta claiming it is targeting terrorists. Yawd Serk also claimed that China is the only country to have intervened in Myanmar, though he refused to elaborate. China has acted as a powerbroker, backing some groups, then pressing them to halt offensives to stabilise the junta, which Beijing views as a guarantor of security for Belt and Road infrastructure projects.

The big business of music IPs

Britney Spears sells rights to entire music catalogue in USD200 mil deal
The 44-year-old singer is said to have inked the deal with independent music publisher Primary Wave, with sources saying the catalogue was sold for USD200 mil (RM783 mil). This follows an announcement by Spears that she would ‘never return to the music industry’, with her last song being a duet with Elton John, released in 2022. Details of the sale have not been made public. Spears is the latest in a series of artists who have sold their catalogues, with the singer joining other names such as Bruce Springsteen, Justin Bieber, Justin Timberlake, and Shakira. Spears is one of the best-selling female artists, with more than 150 mil records sold worldwide. Primary Wave has also acquired rights to the estates of Prince and Whitney Houston.

Sony, Singapore’s GIC to invest USD2 bil in music through JV
Sony Music Group and Singapore sovereign wealth fund GIC will form a joint venture to acquire music copyrights, with plans to invest between USD2 bil (RM7.86 bil) and USD3 bil. Sony’s music division will manage the acquired catalogues, while GIC will be providing capital and investment expertise. Sony has been acquiring high-profile music catalogues, often with third-party financing. Some of the catalogues include those of Bruce Springsteen, Queen, and Pink Floyd. The JV capitalises on the surge in music copyright values over the past decade, driven by paid streaming. Investors are looking at music as a stable asset in uncertain economic times.

ByteDance developing AI chip, in talks with Samsung for manufacturing
TikTok parent ByteDance is reportedly developing an AI chip, codenamed SeedChip, and is in talks with Samsung Electronics to manufacture it. This comes as ByteDance looks to secure a supply of advanced processors. ByteDance aims to receive sample chips by end-March, and plans to produce 100,000 units of the chip this year. This would mark a milestone for ByteDance, which has long sought to develop chips to support its AI workloads. The tech giant plans to spend over CNY160 bil (RM90.63 bil) on AI-related procurement this year, with more than half allocated to purchasing Nvidia chips, including H200 models, and advancing its in-house chip.

Shorts

1. Heineken to cut 6,000 jobs on low beer demand

   The brewer said it would cut up to 6,000 jobs from its global workforce and set lower expectations for 2026 profit growth than last year, due in large part to weak demand for its offerings. The job cuts make up almost 7% of the firm’s 87,000-strong global workforce. Heineken is the world’s No. 2 brewer by market value (EUR44.5 bil) and is currently looking for a new CEO following the surprise resignation of Dolf van den Brink in January.

2. Record heat and wildfires in Southern Hemisphere in 2026 so far, more heat to follow

   Countries across the Southern Hemisphere have seen record heat and raging wildfires at the start of 2026, with scientists predicting that even more extreme temperatures could lie ahead. Global temperatures could even reach a new annual high, following three of the hottest years on record. This year is forecast to be about 1.46 degrees Celsius above pre-industrial levels, which would make it the fourth consecutive year to be higher than 1.4 degrees Celsius above pre-industrial levels.

5. FOR YOUR EYES 📺

1. ‘Sandiwara’ trailer, a short film featuring Michelle Yeoh, Michelle Yeoh, and Michelle Yeoh. She’s…everything everywhere all at once.

2. The animal that doesn’t make biological sense - a mammal that lays eggs, goes blind and deaf underwater, and sweats milk. Learn more here.

3. The Coke Files - this content creator perfectly replicating the Coca-Cola recipe. The company’s market cap stands at USD330 bil. Hope he’s still alive.