☕️ Party wars: PKR vs Bersama

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD42 bil (RM165.88 bil) – Cash costs tied directly to employee stock awards from Meta’s free cash flow in 2025, a whopping 96%. According to the Wall Street Journal, Meta reported spending USD23.6 bil on share buybacks to offset dilution. In 2025, Meta bought back 40 mil shares, of which 90% were necessary to counter the dilution from employees selling their stock awards. Currently, Meta is targeting a USD9 tril valuation, with a new stock option programme planned to incentivise executives.

USD6.6 bil (RM26.07 bil) – OpenAI recently allowed employees to sell that much in shares in a recent financing, making them some of the earliest financial winners of the AI boom. More than 600 current and former employees sold their shares for up to USD30 mil per person, the limit allowed by OpenAI. This event is seen as a preview of times to come, as employees of OpenAI and Anthropic may soon get the chance to unload their stock, since the two AI giants are gearing up for some of the largest IPOs in history.

67% accuracy – In the future, an early diagnosis in the emergency room may not come from a human caregiver. Researchers at the Dana-Farber Cancer Institute found that large language models (LLMs) often outperformed physicians at diagnosing complex and potentially life-threatening conditions, with an accuracy rate of 67% compared to human physicians, who scored between 50% and 55%.

Together with Volvo x Mr Money

What is your life worth to the people waiting for you at home?
Before you speed, text, or “just take a quick risk”, think of the people who still expect you to come home.

Volvo partnered with Mr Money to develop the Selamat calculator to show what your absence could mean - not just in ringgit, but in the lives that depend on you.

Because being safe is not about fear. It is about making it back.

Learn more here.

3. IN MALAYSIA 🇲🇾

Malaysia throws lifeline to airlines amid Iran war
Malaysia has introduced measures to support its aviation sector as airlines face rising costs linked to the Iran war. The government has granted a 60-day extension for navigation fees and charges, along with exemptions on aircraft parking fees. It has also allowed a two-month deferment for passenger boarding bridge and check-in counter costs. RM5 mil has been allocated for flight ticket rebates, supporting 100,000 Malaysians travelling between Peninsular Malaysia, Sabah, Sarawak and Labuan. The rebate runs from May to June to ease domestic travel costs and support demand on key routes.

Jet fuel prices have climbed from USD85–USD90 (RM338.04–RM357.93) per barrel to between USD150 and USD200 following disruption linked to the Iran war. Fuel now accounts for up to 25% of airline operating costs, forcing fare increases and revised financial forecasts. AirAsia X reported a RM154.9 mil net loss in the first quarter of 2026, while Singapore Airlines said higher fuel costs have yet to fully feed through into its operations and will be clearer in upcoming results.

Melaka hints at early state polls
Melaka Chief Minister Ab Rauf Yusoh has indicated that the state election could take place within the next four months. He said the timing needs to avoid coming too close to the end of the state legislative assembly term in Dec, especially as the campaign period could overlap with Ramadan and Hari Raya Aidilfitri. He added that discussions are still ongoing and no final decision has been made.

Ab Rauf also said Melaka Umno has not decided whether to contest alone or in coalition with other parties, noting that an announcement will be made at the appropriate time. He said groundwork for the election has already been ongoing since last year and suggested public support remains positive for the current Barisan-led state government. More than 190 individuals from the Masjid Tanah parliamentary constituency have also joined Umno through Rumah Bangsa, as Barisan prepares for the next state polls following its 21-seat win in the 2021 election.

Party wars: PKR vs Bersama
PKR eyes RM10 mil action against Rafizi and Nik Nazmi: PKR is reviewing whether to enforce a RM10 mil bond against former deputy president Rafizi Ramli and former vice president Nik Nazmi Nik Ahmad, after claiming the pair joined Parti Bersama Malaysia before formally vacating their parliamentary seats. PKR secretary general Dr Fuziah Salleh said the party has evidence, including a timestamp from May 17, showing their membership in Bersama, which it argues amounts to party hopping under its constitution.

Rafizi and Nik Nazmi have said they are not bound by the clause, stating their resignation from Parliament would come before leaving PKR. Both MPs, representing Pandan and Setiawangsa, also announced they are taking over Bersama as their new political platform. PKR has referred the matter to legal advisers and will discuss further action at a political bureau meeting, while also reviewing the attendance of other MPs at the Bersama launch event.

Bersama unveils bold reform agenda: At the same time, Bersama has also unveiled a 12-point reform agenda covering welfare, wages, education, housing, healthcare and governance. The party says it aims to replace what it sees as outdated approaches from BN, Pakatan Harapan and Perikatan Nasional, and build a more modern system.

Key proposals include:
• Monthly automatic government aid for all households based on income and dependents
• Consolidation of welfare agencies under one Social Security Ministry
• Minimum 5% annual GDP and real wage growth target
• Free preschool for children aged four to five within 10 years
• Large-scale industrialised housing to cap prices at four times household income
• Doctor-to-patient ratio reduced to 1:300 by 2030
• Education reforms targeting upper quartile Pisa (Programme for International Student Assessment) rankings
• Greater university autonomy and expanded skills accreditation pathways
• Decentralisation of power from the PM to Parliament
• Capping migrant workers at 5% of the workforce
The party also links its plan to strengthening SME growth, green energy transition and tighter controls on rent-seeking practices.

All about ‘power’
TNB unveils first national grid battery storage system: Tenaga Nasional Bhd has launched Malaysia’s first battery energy storage system connected to the national grid, marking a key milestone in the country’s energy transition. The Santong Battery Energy Storage System in Dungun has a capacity of 100 MW and 400 MWh and is designed to improve grid stability, especially on the East Coast, by balancing supply and demand in real time. The project was officiated by Deputy Prime Minister and Energy Transition and Water Transformation Minister Fadillah Yusof and began operations on Apr 16 after being built on a 1.2 hectare site.

TNB said the system works like a smart energy bank, storing electricity from renewable sources such as large-scale solar farms and hybrid hydro floating solar projects before releasing it when needed. It uses liquid cooling technology and grid forming capabilities to improve efficiency and support wider renewable integration. The facility can supply electricity equivalent to around 40,000 households and was completed in 309 days, in line with Malaysia’s National Energy Transition Roadmap.

Sarawak eyes regional power exports: Sarawak is also expanding its role in regional electricity trade as part of the Borneo Power Grid and Asean Power Grid plans. The state is targeting at least 30 MW of exports to Brunei, currently at the feasibility stage, while progressing towards a 1 GW export deal to Singapore after receiving conditional approval from the Energy Market Authority on Oct 17, 2025.

Officials said commercial talks and technical planning are underway following approvals from Malaysia’s National Security Council and Singapore’s Maritime and Port Authority. Sarawak is also exploring a 1 GW export to the rest of Malaysia, while continuing existing exports of 30 MW to Sabah and 100 MW to West Kalimantan.

4. AROUND THE WORLD 🌎

Forget Warren Buffett, Trump knows all the ins and outs
Investors used to crowd into Berkshire Hathaway’s quarterly meetings. They were excited to learn from Warren Buffett and Charlie Munger (rest in peace) about how to pick stocks for the long-term. Trump has changed that. In his latest financial disclosure, the industry was flabbergasted. He and his financial advisors made 3,700 trades in Q1 2026 alone, moving money in and out of companies in a document that spans more than 100 pages. Investors looked at this, and understandably said, ‘Isn’t this a conflict of interest — but on steroids?’

In a very Trump fashion, his spokesman, David Ingle, said ‘Trump only acts in the best interest of the American public. There is no conflict of interest.’ His disclosures reveal that he made deals in NVIDIA, Oracle, Microsoft, Boeing, Costco, eBay, Abbott, Uber, AT&T, Dollar Tree, and others. Forget Warren Buffett. Trump has access to extensive insider knowledge from government and corporate circles through his dealings with CEOs, government officials, etc. How this is legal is anyone’s guess. U.S. Presidents typically sell most of their holdings when they take office to avoid conflicts of interest, but it seems that the law does not apply to Trump.

AP x Swatch craze forces it to close stores
A new craze is in town, and it’s from Swatch. The company teamed up with Audemars Piguet (AP), a luxury watchmaker, to roll out the Royal Pop pocket watch. It got so popular that stores in Manchester and Liverpool were forced to close due to ‘safety’ concerns as people rushed to buy the GBP335 (RM1,782.04) pocket watch for the second day of the sale. Stores in Birmingham, Sheffield, Glasgow, Cardiff and London were closed on the first day of sales and the same happened across the world (including Malaysia). Royal Pop was inspired by the Pop Art movement of the 1950s and 1960s. Vintage and retro designs are making a comeback as people want that sense of nostalgia.

Chup - how to pronounce AP here.

However, when too many people showed up, chaos ensued. Queues were around the block, as people got impatient. Police and security officers were called to Swatch outlets to ensure safety. Swatch had to ask people not to crowd the outlets, but this is not helped by the fact that you can’t buy the watch online. And scalpers jumped at it. Some of the watches were being resold online for up to GBP16,000. In any case, Swatch could be gaining big.

Watch the chaos erupting across the world here, and in Malaysia here. Now, compare it to the Japanese. Lots of respect for them.

Labour strike at Samsung looms
There is a long shadow cast across Samsung’s headquarters now. Samsung workers could be striking again on May 21. More than 47,000 could participate in it, to ask for more pay and bonuses after Samsung reported that its profits rose by 8-fold in Q1 2026, driven by its AI gains. The union is looking for 15% of Samsung’s operating profit to be distributed as performance bonuses. Other than that, it wants the removal of bonus payout caps and a formalised bonus structure. Samsung offered 10% and a one-time performance bonus.

This issue is so heated now that the South Korean President, Lee Jae Myung, has now commented, calling for both workers' rights and management rights to be respected. After all, Samsung contributes about 23% of South Korea’s exports and 26% of the whole stock market. This strike could be very bad for the South Korean economy. On Apr 23, 40,000 Samsung workers went on strike, causing a 58% drop in foundry production. The union plans to have an 18-day strike starting from May 21, which could cost Samsung an estimated USD28 bil (RM111.36 bil).

Shorts:

1. Drone strikes cause fire at UAE nuclear plant
   Three drones struck one of the UAE’s nuclear plants. Two were intercepted, but the last one caused a fire at an electrical generator outside of Barakah Nuclear Power Plant in Abu Dhabi. Luckily, no one was hurt, and there is no impact on radiological safety. The UAE has blamed Iran, and understandably so. Iran has reportedly been launching attacks against the UAE after the Iran-U.S. conflict started in Mar. The UAE has also reportedly retaliated against Iran.
   After the attack, Trump commented that ‘the clock is ticking’ to Iran and warned that if Iran does not move fast in negotiations, ‘there will be nothing left’. Iran, of course, replied that they were not intimidated.

2. Drake drops three albums and breaks record
   Kendrick Lamar is probably lurking at the corner. Drake just released three albums simultaneously titled Iceman, Habibti, and Maid of Honour. There are 40 songs in total across the albums (listen here), and he has released seven music videos on YouTube. And of course, Drake had some diss tracks for Kendrick, reigniting the feud that captured millions of listeners in the US and around the world in 2024. Kendrick seemed to have won after his diss track “Not Like Us” nabbed him a Grammy. However, Drake is also making waves now. His album releases have broken the single-day record on Spotify. Music fans are in for a good treat, yet again.

5. FOR YOUR EYES 📺

Social matters

1. Abortion - is it legal in Malaysia?

2. One country, 2 different types of tolerance separated by the South China Sea. And only one of it is the true type of tolerance we really need.

3. TIL: Capybara in BM is ‘babi air’. So is it ok to touch one?