☕️ Petronas: Fuel supply secured through June

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD2.8 bil (RM11.06 bil) – That’s how much the global generative AI music market is expected to be worth by 2030, according to market consultancy Grand View Research. The firm also projected that the fastest-growing region will be the Asia-Pacific, led by China. While there are supporters who call AI music a driver of the industry’s next phase, copyright disputes remain a core issue. The challenges lie in the legality of training data, the copyright of AI-generated content, and the risk of infringement arising from AI outputs.

3% – That’s the percentage of people who can distinguish between AI-generated and human-composed songs, according to a survey by music streaming platform Deezer. The survey polled 9,000 participants across eight countries, including the US, Britain, and France. A total of 97% of respondents were unable to tell the difference. It also showed that most listeners want clear labelling on AI-generated music.

847 days – Eight years ago, that was the average time between the public disclosure of a software bug and an attack on that software. Last year, that time dropped to 23 days, and in 2026, most bugs are exploited within a day of disclosure. According to a cybersecurity expert, a race begins between hackers and people working to patch software vulnerabilities every time a bug is discovered. Looking at the shortening time between disclosure and attack, it suggests that AI is giving superpowers to hackers instead of the defenders. Malicious actors are using AI to not only find bugs at a rate never seen before, but also to exploit those bugs as quickly as they can.

3. IN MALAYSIA 🇲🇾

Fuel update
Malaysia moves to raise biodiesel blend
Malaysia has moved to raise its biodiesel mandate from B10 to B15, starting with a phased B12 rollout, as the government responds to ongoing global fuel supply pressures linked to the Middle East conflict. Economy Minister Akmal Nasrullah Mohd Nasir said recovery from the crisis is expected to take up to 18 months, prompting the country to speed up its biodiesel programme as part of a wider energy security strategy. The expansion will use existing blending infrastructure and will not involve additional costs.

Under the plan, biodiesel will play a bigger role in extending diesel supply availability, supported by phased upgrades of blending depots under RMK13 and a longer-term shift towards higher blends such as B20 and potentially B30 for commercial and public transport. Malaysia currently has a biodiesel production capacity of 2.36 mil tonnes per annum, more than double last year’s actual output of 975,207 tonnes, showing that the supply chain and infrastructure are already in place. The government said this capacity allows for gradual increases in blending levels without disrupting supply stability, while strengthening reliance on local renewable fuel sources. Officials also noted that existing fuel supplies are sufficient only until the end of May, making forward planning necessary as global energy markets remain volatile.

Palm-based fuel as energy option
Palm-based B100 biodiesel is emerging as a long-term option for Malaysia’s energy security, as global fuel supply concerns continue. FGV Biotechnologies chief executive officer Roziyatulshima Zamil said B100 refers to biodiesel made entirely from palm oil with no fossil fuel mix, unlike blends such as B10 or B20. She said the shift towards higher biodiesel use is supported by the National Biofuel Policy 2006 and the Biofuel Act 2007, aimed at reducing dependence on imported fuel while supporting local palm oil prices. She added that the government’s move to raise the national biodiesel blend to B15 is a positive step that can be implemented without extra cost.

Roziyatulshima said Malaysia’s palm oil production of about 20 mil tonnes a year is sufficient to support domestic demand of about 4 mil tonnes across food, oleochemicals, and fuel without supply issues. Biodiesel production capacity is estimated at 2.65 mil tonnes annually, enough to support gradual increases in blend mandates. She said raising the blend from B10 to B20 could save up to RM1.64 bil a year in fuel subsidies and reduce foreign currency outflows. FGV has also completed a 15-month pilot using B100 in passenger vehicles over more than 50,000 kilometres, with results showing stable engine performance and no major issues. She added that B100 could reduce greenhouse gas emissions by up to 67%, with rollout expected in phases to balance energy needs and food security.

Fuel supply secured through June
Petronas has confirmed that fuel supply across its nationwide station network is secured until the end of June 2026, extending its earlier projection that fuel will last until the end of May. In a statement, the national oil company said it is actively managing its supply chain to maintain sufficient stock amid the ongoing global energy crisis linked to the West Asia conflict. Petronas supplies about 50% of Malaysia’s fuel needs through Petronas Dagangan, while the remainder is covered by other oil companies operating in the country. The company urged the public to purchase fuel responsibly based on daily needs and avoid hoarding or panic buying to ensure continued access for all users.

Shorts:

1. RM100 mil syndicate uncovered in major raid
   Immigration authorities have dismantled a suspected human trafficking and document forgery syndicate in Kuala Lumpur, believed to have generated more than RM100 mil since 2019. A 43-year-old Nepali man, identified as Mahendra Jung Shah, also known as MJ, was arrested in Jalan Galloway after allegedly attempting to flee in a Nissan Sentra. Immigration director-general Datuk Zakaria Shaaban said nine people were detained, including Nepali, Indian and Bangladeshi nationals, as well as a local man and a Vietnamese permanent resident. The group is suspected of facilitating illegal foreign worker entry before supplying forged immigration documents for between RM5,000 and RM6,000 per person.

2. Johor braces for planned water cut
   Residents in Johor Bahru, Kota Tinggi, and Pontian are set to face a planned 23-hour water supply disruption next week, from 9am on Apr 21 to 8am on Apr 22. Johor water operator Ranhill SAJ said the shutdown is required for maintenance work at the Sungai Johor Water Treatment Plant. Affected areas include Tiram, Skudai, Bukit Indah, Iskandar Puteri, Kota Tinggi, and Pontian. The company advised households to store enough water, especially for premises without storage tanks, noting that stored water can typically last up to 24 hours under normal use. Full location details are available on its official Facebook page.

4. AROUND THE WORLD 🌎

Iran conflict: Iran demands compensation; Trump says war could end soon
US President Donald Trump said the war with Iran could end soon, adding that he does not think it would be necessary to extend the current two-week ceasefire. Supporting this is Vice President JD Vance, who led the US delegation at the negotiations, expressing optimism about where things stand despite the talks ending without a breakthrough.

Meanwhile, the US blockade has started to turn vessels back in the Strait of Hormuz, with eight Iran-linked oil tankers intercepted since the blockade began. However, shipping data also showed that the blockade seemed to make little difference, as at least eight ships, including three Iranian-linked tankers, appeared to have crossed the waterway.

On the Iranian side, Tehran has demanded that it be compensated for the destruction caused by the US and Israel’s attacks. Iran’s envoy to the UN claimed that five regional countries should pay compensation, based on the accusation that their territories were used for launching attacks on Iran. Iran also raised the idea of compensation for damages to be addressed through a Strait of Hormuz protocol, which would include a tax on ships passing through the waterway. An early estimate indicates that Iran has suffered about USD270 bil (RM1.07 tril) in direct and indirect damages since the start of the conflict.

US hosts rare Israel-Lebanon talks
The US also hosted the first direct talks between Israel and Lebanon in decades, with both sides reporting that discussions were positive. However, it was not immediately clear if they agreed to a framework for peace. According to the Israeli ambassador, a particularly positive outcome was how Lebanon has declared it will no longer be dominated by Hezbollah, which opens the way for further talks. In response, Hezbollah has called the Lebanese government’s decision to hold talks with Israel “a national sin” that would widen divisions in the country.

Trump lashes at Pope Leo again; Meloni defends Pope, ends Israel deal
Trump took another shot at Pope Leo XIV, calling for someone to tell Pope Leo about the killings of protesters by Iran and that “for Iran to have a nuclear bomb is absolutely unacceptable”. This comes after Pope Leo warned of the risk of democracies sliding into “majoritarian tyranny”. Italian leader Giorgia Meloni came to the Pope’s defence, calling Trump’s statements against the Pope unacceptable.

Meloni also suspended a defence cooperation deal with Israel in response to Israeli forces firing warning shots at Italian troops serving in Lebanon under a UN mandate. Israel made light of this, saying there was no security agreement. Instead, what they had was a memorandum of understanding that had “never contained any substantive content”.

Trump has also lobbed shots at Meloni, saying she lacks courage and has let Washington down. He said that she was “very different from what I thought”, a month after hailing her as a great leader.

It’s okay, Mr President, everyone makes mistakes. Including you for wanting to be Jesus, apparently. This post was taken down shortly after it went up:

Japan offers USD10 bil support to help neighbours secure oil
Japan will set up a financial framework worth about USD10 bil (RM39.55 bil) to help ASEAN countries procure energy resources and bolster stockpiles amid the ongoing energy crisis. The support, aimed at preventing knock-on effects on Japan’s own supply chains, would be channelled mainly through state-backed financial institutions. The support would be equivalent to about 1.2 bil barrels of oil, or about one year’s worth of ASEAN’s crude oil imports.

Spain approves amnesty programme to allow in 500,000 more immigrants
The approval opens the way for about 500,000 undocumented immigrants to apply for legal status starting Apr 16. The measure also makes Spain an outlier in Europe and many other parts of the world, where anti-immigration sentiments are festering. The programme has also drawn opposition and anger from political opponents and civil servants. Under the plan, those who meet certain conditions will be able to seek a one-year residency and work permit. Applicants must have arrived in Spain before Jan 1 and prove that they have been living in the country for at least five months with no criminal record.

Trump's pick for Fed Chair is apparently a betting man
Trump’s pick for the next Federal Reserve chair, Kevin Warsh, may very well be one of the wealthiest men to ever hold the job. The financier and bank executive is worth well over USD100 mil (RM395.5 mil), making him significantly wealthier than current Federal Reserve chair, Jerome Powell. Financial disclosures show that Warsh earned USD13.1 mil in consulting fees from various investment firms since the beginning of 2025, including USD10.2 mil from the Duquesne Family Office, the private investment firm of billionaire Stanley Druckenmiller (together with George Soros, they both “broke the Bank of England” in 1992, raking in a cool USD1 bil shorting the GBP). Warsh also has an investment in the prediction market platform Polymarket via an entity called “DCM Investments 10 LLC”. The entity also includes investments in more than 250 other companies, including SpaceX. Warsh’s other investments remain undisclosed.

Droning on
Ukraine captures Russian position using only ground robots and drones
Ukrainian President Volodymyr Zelenskyy announced that Ukrainian forces have successfully forced Russian soldiers to surrender using only aerial drones and ground robots without infantry involvement, in a first for the war. The drones captured the Russian position with no loss of human life on the Ukrainian side. According to Zelenskyy, Ukrainian ground robots have carried out more than 22,000 missions on the front lines over the last three months. He said that means “lives were saved more than 22,000 times when a robot went into the most dangerous areas instead of a warrior”.

Uber commits USD10 bil to robotaxi shift
From an asset-light to an asset-heavy business model. The ride-hailing giant has committed more than USD10 bil (RM39.55 bil) to buying thousands of autonomous vehicles and taking stakes in their developers, marking a break from its asset-light “gig economy” business model. This follows a surge in interest in driverless taxis in recent months after years of missed promises. Uber is positioning itself as a marketplace for multiple robotaxi operators and has partnered across much of the autonomous vehicle industry, with plans to launch robotaxi services in at least 28 cities by 2028.

5. FOR YOUR EYES 📺

Money in the sky

1. With the restructuring left and right, what exactly is Tony Fernandes’ Capital A exactly now? Hint: No longer an aviation business, but a food, engineering, digital platforms and logistics company. Take a tour of Capital A’s HQ here.

2. The famous observation deck of the Empire State Building in New York makes USD134 mil (RM529 mil) a year in revenue, and profit of USD99.5 mil in 2024 - more than the building makes in office rental. Read more here.

   

3. What happens if the recent Artemis II mission misses the moon? Hint: It’s like throwing a ball up into the air.