☕️ PKR: Bringing back the RM10 mil bond

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Ten airstrikes and 104 Gazans dead. That is the price Israel exacted for the life of a soldier it lost during the ceasefire period as of the end of October. According to the Gaza health ministry, 46 children and 20 women were among the 104 killed. Of course, Israel claimed its strikes targeted dozens of militants and were precision attacks against terrorist infrastructure that posed a threat to its troops in Gaza.

During the border closures between Pakistan and Afghanistan when fighting broke out between the two neighbours, it was estimated that the blocked trade and transit cost each side USD1 mil per day. In times of peace, the 2,600km-long border between the two countries witnessed an annual trade volume of about USD2.3 bil, made up mostly of fresh fruit, vegetables, minerals, medicine, wheat, rice, sugar, meat, and dairy products, most of which are perishables. With trade blocked, containers of these easily-spoiled goods are stranded on both sides of the border, leading to food wastage even as more containers of fresh produce arrive daily.

Eight more countries have been added to a UK Foreign Office list warning of the risk of counterfeit or tainted alcoholic drinks being served there. Ecuador, Japan, Kenya, Mexico, Nigeria, Peru, Russia, and Uganda joined the list. British nationals going abroad to countries on the list are advised to purchase sealed drinks from licensed establishments and avoid homemade alcohol and pre-mixed spirits. Travellers were also advised to watch out for the warning signs of methanol poisoning, which include nausea, vomiting, dizziness, and confusion. The list previously covered Thailand, Laos, Vietnam, Cambodia, Indonesia, Turkey, Costa Rica, and Fiji, and follows several high-profile cases, including the death of six tourists in Laos last year.
Learn: What is methanol poisoning?

3. IN MALAYSIA 🇲🇾

PKR: Bringing back the RM10 mil bond
PKR has recently made headlines with two major developments involving party discipline and leadership changes. All 10 candidates for the 17th Sabah state election have signed loyalty pledges, each backed by an RM10 mil bond. The move is intended to ensure that candidates remain committed to the party, voters, and their constituencies. PKR secretary-general Datuk Dr Fuziah Salleh emphasized the importance of full commitment, while PM Anwar formally introduced the candidates at an event. The party will contest 23 out of 73 state seats in Sabah. The pledges are designed to keep candidates aligned with party decisions and objectives during the election period.

But, this bond didn’t work before as intended, if you can recall. The RM10 mil bond system mirrors an earlier case involving former PKR vice-president Datuk Zuraida Kamaruddin, who faced a similar bond after allegedly breaching party rules post-election. The High Court initially ruled in favour of PKR, ordering Zuraida to pay the full RM10 million, but the Court of Appeal later reduced the amount to RM100,000. PKR has obtained leave from the Federal Court to appeal the reduction. The legal question in this appeal centers on whether a court can override an admitted sum in a financial bond to determine if it constitutes reasonable compensation, considering the circumstances and relationship between the parties. The Federal Court will hear the case at a future date.

Seven ‘Malaysian’ players eye legal action after FAM scandal
The seven naturalised Malaysian footballers caught up in a FIFA suspension are now thinking about taking legal action against FAM. Sources say foreign lawyers are already chatting with the players about suing over what has been confirmed as an admin slip that got them banned for a year. The move is also about clearing their names so they can find new clubs once the suspension ends. The whole drama started after FIFA fined FAM around RM1.8 million and slapped the players with over RM10,000 fines each along with a twelve-month ban. These 7 players all played in Malaysia’s Asian Cup qualifier against Vietnam back in June, which triggered a complaint about their eligibility.

FIFA said both FAM and the players broke Article 22 of its code, which deals with forgery and falsifying documents. FAM says it was just a technical error by its staff. Their appeal got rejected by FIFA on Nov 3, so the fines and bans are fully confirmed. FAM has hinted it might take the case to the Court of Arbitration for Sport. The ban has already hit the players hard. Gabriel Arrocha, also known as Gabriel Palmero, lost his spot at Club Deportivo Tenerife and had his loan with Unionistas de Salamanca terminated.

Shorts

1. Police to probe viral video of lewd remarks
   A viral video has landed a social media influencer in hot water after he allegedly made lewd comments at a Bukit Bintang restaurant. Russian model Alisa Kasimova, 26, filed a police report after friends urged her to speak up for her safety. The influencer has apologised, blaming carelessness and online hype. Police are now waiting for Alisa to return from Bali on Nov 20 to record her statement. Watch the incident here.

2. PSA: Northeast monsoon hits Malaysia this thursday

   The 2025/2026 Northeast Monsoon is set to start this Thursday, November 13, and last until March, with five to seven heavy rain episodes expected. MetMalaysia warns prolonged rain could cause flooding in low-lying and riverside areas, while strong northeasterly winds may lead to rough seas and higher sea levels. The public is advised to stay updated and prepared. So sila sediakan payung sebelum hujan. In this case, sediakan diri sebelum banjir.

4. AROUND THE WORLD 🌎

ASEAN Drama

Thailand suspends peace deal with Cambodia after landmine injures two soldiers
The Thailand-Cambodia peace deal is now hanging by a thread after two Thai soldiers were seriously injured in a landmine explosion near the border, prompting Thai PM Anutin Charnvirakul to suspend the agreement barely a month after it was signed. The Thai PM said that everything that is being done will stop until there is more clarity. He added that the incident shows that the hostility has not decreased as expected, meaning no further progress on peace can be made. The suspension comes as both sides had been preparing to withdraw heavy weapons from border zones and begin joint landmine clearance operations between November and December.

Over 50 injured by explosions at Jakarta school mosque
Authorities have identified a student, 17, as the suspected perpetrator behind the explosive device that injured over 50 during Friday prayers. The victims were mostly students. Police Chief Listyo Sigit Prabowo said that an investigation is underway, including into how the suspect assembled the bomb and carried out the attack. The suspect was described as a loner who often made drawings depicting violence, and he was found lying on the ground following the explosion. Images from the Indonesian state news agency Antara revealed the presence of two objects shaped like firearms. These were later confirmed to be toy guns. However, one of them had the messages “14 words. For Agartha.” and “Brenton Tarrant. Welcome to Hell.” etched on it. Tarrant is the perpetrator of a 2019 mass shooting at a mosque and Islamic centre in New Zealand that killed 51 and injured dozens more. “14 words” likely refers to the most popular white supremacist slogan in the world. Agartha could be a reference to a legendary city supposedly hidden beneath the Earth’s surface.

In response to this event, President Prabowo Subianto has ordered his cabinet to look into restrictions on video games like PUBG: Battlegrounds after receiving updates about the police investigation into the act. According to State Secretary Prasetyo Hadi, games like PUBG have many different kinds of weapons and are easy to learn, while psychologically normalising violence.

Indonesia grants national hero status to Suharto
Indonesia awarded the title of national hero to the late President Suharto, who was forced out of office in 1998 by violent protests that ended a three-decade rule marred by accusations of mass human rights violations, corruption, and nepotism. This happened despite protests by pro-democracy activists and the families of those affected by Suharto’s iron-fisted rule. The award was presented to Suharto’s daughter and son by his former son-in-law, President Prabowo Subianto. They had a portrait of Suharto right next to a portrait of labour activist Marsinah, who was kidnapped and murdered during Suharto’s rule. Marsinah was also awarded the title of national hero, but something just feels wrong here.

Trump suggests using tariff revenue for relief cheques
US President Donald Trump announced that his administration will be using revenue from tariffs to issue USD2,000 cheques to “everyone except high-income people”. The idea is reminiscent of pandemic-era relief checks, and this is not the first time Trump has floated this idea. However, while the move would offer short-term relief, it would likely lead to long-term pain for the average consumer, who has to face higher prices due to the tariffs themselves. For Trump, the tariffs seem to be a catch-all solution to multiple problems, but putting all those cheques in the hands of the American people will make it that much harder for the Trump administration to resolve the debt crisis. Even if Trump is serious, he would need Congressional approval. This is the same Congress that is so divided that the government has been shut down for 40 days because they cannot come to an agreement.

Still, a major step has been taken toward reopening the government. A group of moderate Democrats broke with their party leaders and voted to support a deal to end the record-breaking shutdown. The vote became 60-40 on a procedural measure to advance a bill to the House. However, the House also needs to approve the bill before it can be sent on to Trump to be signed, a process that could still take several days.

Business talk

1. Grab to invest USD60 mil in remote driving firm

   The regional e-hailing giant will invest the amount in remote-driving firm Vay Technology, which relies on teledrivers to steer its cars to a potential customer, who can then self-drive the vehicle. This marks an attempt by Grab to leverage its ride-hailing platform to tap into autonomous vehicles, which are largely seen as the future of mobility. Should Vay hit certain milestones, Grab has promised it will invest a further USD350 mil within the first year. The milestones include customer revenue, US cities covered, technology and safety standards, and regulatory approval for operating in additional US cities. Vay launched its first commercial service in Las Vegas in January last year.

2. Gojek parent’s shares set to soar on rumoured Danantara involvement in merger

   Gojek parent GoTo’s shares surged to the highest level in three months after an Indonesian government official said that Indonesian sovereign wealth fund Danantara is set to be involved in a plan to combine GoTo with rival Grab. This led to a near-10% increase in share price for GoTo. So far, while there have been on-and-off talks, no merger has materialised. Still, the words of the official mean that the proposed merger is still on the table, according to an analyst.

3. Jay Chou’s mother invests USD8 mil in K-pop star’s management company

   M-pop meets K-pop. Star Plus Legend Holdings, an entertainment firm co-founded by Taiwanese pop star Jay Chou’s mother and his business partner, will be acquiring a 7% stake in K-pop star G-Dragon’s management company Galaxy. The deal, with an implied valuation of USD114 mil, will be made through a specialised industry investment fund targeting cross-border entertainment ventures. The investment targets strategic collaborations between the Taiwanese and Korean entertainment markets, and could mean an expansion by Chou into the lucrative K-pop industry.

Shorts

1. Two presidential assassination plots foiled, says Syria
   Senior officials claimed that two separate Islamic State plots to assassinate President Ahmed al-Sharaa were foiled over the last few months, with the plots underlining the threat Sharaa faces as he tries to consolidate power. The plots also come as Sharaa is set to lead Syria to join a US-led global anti-Islamic State coalition. Over the weekend, the Syrian interior ministry also launched a nationwide campaign targeting Islamic State cells across the country, resulting in over 70 arrests.

2. Olympics closer to banning transgender women

   The International Olympic Committee is moving closer to a ban on transgender women from female categories across all sports, with rumblings that a ban could happen as early as next year. The committee denied this, saying no decisions have been taken yet, but the expected outcome is that a ban will be introduced. This would make the Olympics the latest to ban transgender women from competing in the female category, after similar rulings that segregate transgender women were made by World Rugby, World Aquatics, the Rugby Football League, the Rugby Football Union, and World Athletics.

3. Singapore to impose sustainable aviation fuel levy starting Oct 2026

   Passengers flying out of the city-state from Oct 1, 2026, onwards will be subject to a Sustainable Aviation Fuel levy of between SGD1 and SGD41.60 (RM132.85). This ruling from the Civil Aviation Authority of Singapore will apply to any flight tickets sold from April 1, 2026. The amount charged is on a per-passenger basis and depends on the distance travelled and the cabin class of travel. The distance is categorised into four geographical bands, with Southeast Asian nations coming under Band 1. The levy will also apply to cargo shipments on a per-kilogram basis, which is also subject to the same geographical bands.

5. FOR YOUR EYES 📺

1. Rare to watch a football match in such heavy snow, coupled with a fantastic bicycle kick goal. #canadianpremierleague

2. Communication is important to avoid confusion. But nvm, let’s make meeting room names confusing. Take a tour of Facebook-parent Meta APAC HQ.