☕️PM Anwar to announce national oil supply continuity plan soon

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD4.8 mil (RM18.82 mil) – EV giant Tesla spent this much in 2025 on security for CEO Elon Musk, an increase of over 70% from the 2024 security bill of USD2.8 mil. In the first two months of 2026, Musk’s security already cost Tesla USD1.3 mil, up from USD500,000 during the same period in 2025. This increase follows growing concerns about threats to high-profile executives. Notably, this is not the total cost of Musk’s security, just Tesla’s part of it. Musk’s other companies, including SpaceX and xAI, also pay for a portion of the security bill as part of efforts to manage risks tied to his high profile.

RM500 mil – Public Bank Bhd’s digitalisation push, which includes refining its digital offerings, streamlining operational processes, and enhancing productivity, will cost the bank this amount every year. CEO Tay Ah Lek said that digitalisation remains a key growth driver for the bank, adding that the expenditure is closely watched to ensure no overspending happens. Other Malaysian banks have been stepping up their investments in technology systems as well in what is effectively an AI arms race. Despite this digitalisation effort, the bank has no plans to rationalise its 314 domestic branches.

10 losses – National badminton men’s doubles pair Aaron Chia-Soh Wooi Yik have recorded that many losses against former world No. 1 pair Liang Weikeng-Wang Chang from China, with the most recent being the Thomas Cup Finals quarter-final on May 1. They lost 22-24, 14-21 to the Chinese team. However, Captain Aaron said that the Malaysian team went in as the underdogs with nothing to lose and did their best. Aaron-Wooi Yik are the world No. 2, and have only won three of the 13 bouts they have played against the Chinese team.

3. IN MALAYSIA 🇲🇾

The state of oil in Malaysia

The national oil supply continuity plan will be announced in mid-May
Economy Minister Akmal Nasrullah stated that PM Anwar will announce a plan to ensure continuity of oil supplies by the middle of the month. The government had previously assured that current supplies could last until June. Apart from securing additional sources of fuel, where PETRONAS mainly spearheads efforts, Putrajaya will fast-track the implementation of B15 biodiesel on June 1 to help extend Malaysia’s diesel supply. In addition to domestic efforts, the government is also looking at regional cooperation as an important approach to strengthening energy supply resilience.

In echoing Akmal’s statement, Singapore’s PM Lawrence Wong also said that ASEAN leaders have initiated discussions on the idea of establishing regional fuel stockpiles. Wong added that there is already a stockpile for rice under ASEAN Plus Three, so the question is, would we be able to do something similar for energy? The ASEAN Plus Three (APT) is a cooperative framework comprising the 10 ASEAN member states plus China, Japan, and South Korea. However, Investment & Trade Minister Johari Abdul Ghani said that Malaysia is not able to sell oil to other ASEAN countries, as we are still importing about 400,000 barrels of crude oil per day. Nonetheless, Johari said, when it comes to liquefied natural gas (LNG), Malaysia is still a net exporter.

Putrajaya to review the subsidies to TX income groups
PM Anwar Ibrahim said that Putrajaya is still pushing forward with its plan for a more comprehensive targeted subsidies, particularly rationalising RON95 fuel subsidies and whether it should apply to the T5, T10, T15 or T20 income groups. He said the proposal was currently being reviewed by the Crisis Management Task Force under the National Economic Action Council (NEAC), chaired by Mohd Hassan Marican. Economists have previously estimated that excluding the T20 group from the Budi95 subsidy programme could save the government up to RM1.5 bil a month.

Sarawak - the emerging country state
While most rakyat are being prudent due to the current supply-side crisis, Sarawak is capitalising on its deep pockets, as Sarawak Premier Abang Johari said that the state plans to take over more strategic entities and assets of the federal government to strengthen the state’s economy in line with the Post-Covid-19 Development Strategy 2030 (PCDS 2030). So far, Sarawak has taken over the Bakun Dam, MASwings Sdn Bhd, established Petroleum Sarawak Bhd (Petros) and has become the largest shareholder of Affin Bank Bhd. The logic is to spread the state dominance over key entities in order to create and retain highly skilled jobs for Sarawakians.

In related news, Transport Minister Anthony Loke stated that Putrajaya is in the final stage of handing over Bintulu Port to the Sarawak State Government to seal the RM1.8 bil deal. He said the draft final agreement has been completed and is now awaiting Cabinet approval before the official handover can take place. On the other hand, in order to support the newly created AirBorneo, which is also the new name for the acquired MASwings, Putrajaya has approved RM445 mil to upgrade the Miri Airport. Miri Airport is currently the second busiest airport in Sarawak and will be a major hub for AirBorneo’s Rural Air Services (RAS).

Shorts

1. The King is invited to Russia’s Victory Day

   King of Malaysia, Sultan Ibrahim, became the first Malaysian Head of State to be invited as a Guest of Honour to the 81st Anniversary of Victory Day celebrations in Moscow. Victory Day is celebrated annually with a full ceremony in Moscow to commemorate the Soviet Union’s victory in World War II from 1941 to 1945. As a sign of appreciation for the honour, Sultan Ibrahim has invited Russian President Vladimir Putin to visit Malaysia next year to mark the 60th anniversary of diplomatic relations between the two countries.

2. TNG Digital now has diversified

   For the first time since the launch of TNG eWallet in March 2018, which has now become the most widely used e-wallet, the company has derived half of its revenue from services beyond payments. Now, about 50% of TNG Digital’s revenue comes from non-payment services, such as wealth management and insurance, and business-to-business (B2B) offerings, which have higher margins. Evidently, the company recorded a profit after tax of RM103.23 mil on revenue of RM707.3 mil for FY2025, the first time the company was profitable for the full year. With a verified customer base of 26 mil, TNG Digital is, by far, the biggest e-wallet operator in Malaysia in terms of user base.

4. AROUND THE WORLD 🌎

About the wars

Israel built a covert military base in Iraq for Iran war
The Wall Street Journal reported that Israel has apparently set up a clandestine military outpost in the Iraqi desert to support its air campaign against Iran, which housed special forces and served as a logistical hub for the Israeli air force. It was done with the knowledge of the US just before the start of the US-Israeli war against Iran. The base was almost discovered in early March after Iraqi state media said a local shepherd reported unusual military activity, including helicopter movements in the area. Iraqi troops were dispatched to investigate, but Israeli forces used airstrikes to keep them at a distance and prevent the site from being discovered.

Putin thinks that Russia-Ukraine war is ending soon
Putin said that he thinks that the Russia-Ukraine war is “coming to an end”, in a statement that he made just hours after the parade on the May 9 national holiday celebrating the Soviet Union's victory over Nazi Germany in World War Two. He also said he would be willing to negotiate new security arrangements for Europe, and that his preferred negotiating partner would be Germany's former Chancellor, Gerhard Schroeder.

Putin has set out his view of the causes of the war, blaming "globalist" Western leaders who had promised NATO would not expand eastward after the 1989 fall of the Berlin Wall, but then tried to draw Ukraine into the European Union's orbit. The Russian troops have been fighting in Ukraine for well over four years - longer than Soviet forces fought in World War Two, known in Russia as the Great Patriotic War of 1941-1945.

Business

Saudi Aramco reports 26% profits jump 
Despite grappling with attacks on its infrastructure amid the war, Saudi Arabia’s state oil company Aramco reported soaring profits hitting USD33.6 bil in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to USD115.5 bil. The company CEO said that their east-west pipeline has proven to be a critical supply artery (bypasses Strait of Hormuz - view here) that helps to mitigate the impact of a global energy shock and provides relief to customers affected by shipping constraints in the Strait of Hormuz. The pipeline has now reached its maximum capacity of 7 mil barrels of oil per day. Saudi Arabia relies heavily on Aramco’s dividends to fund domestic spending. The government directly owns more than 80% of the business, while its sovereign investor, the Public Investment Fund, holds 16%.

Honda expected to report its first annual loss in 69 years
Japanese automobile giant Honda Motor is expected to report an operating loss of approximately JPY 400 bil for the fiscal year ending March, a situation heavily impacted by problems in its electric vehicle business. Honda went public in 1957 and has, in the 69 years since, never reported a full-year annual loss. The company survived a bubble burst in the 90s, but now, what it could not survive is the combination of higher tariffs, elevated energy prices, and outsized EV investments that didn’t result in vehicles that would be competitive in either China or the US. The company is aiming to secure an operating profit for the current fiscal year on the back of anticipated growth in motorcycle sales, mainly in Asia, and benefits from the weak yen, even as EV-related losses persist.

Shorts

1. UFO secret files released
   The Pentagon has released more than 160 secret files related to reported sightings of unidentified flying objects (UFOs), which include reports on flying saucers and discs, and one sighting claimed to resemble the Eye of Sauron from The Lord of the Rings. In February, Trump directed US federal agencies to begin identifying and releasing the files related to UFOs and aliens, saying the move was "based on the tremendous interest shown". Interest in UFOs has been renewed in recent years as the US government investigated numerous reports of seemingly supernatural aircraft, amid worries that adversaries could be testing highly advanced technologies.

   Watch a glimpse of the UFOs:

2. Three hikers dead in Indonesia volcano eruption

   2 Singaporean and 1 Indonesian hiker have died in an eruption on Mount Dukono (view map here) volcano in Indonesia, where they have entered a no-go zone despite warnings from the authorities. The eruption sent an ash cloud about 10km into the air, with a reported “booming sound”. 20 hikers were on the slopes when disaster struck, with 15 climbers safely descended at the time of writing. The group’s guide and a porter were taken to the police station and could face criminal charges for taking hikers into a prohibited area. Indonesia has nearly 130 active volcanoes, and Mount Dukono is currently on level 2 of its four-tiered alert system.
   In an unrelated incident, watch an interesting drone POV here of a lava fall at Mt Merapi.

3. Frontier Airlines kills runway trespasser 

   A Frontier Airlines plane bound for Los Angeles has fatally struck a person who had jumped a perimeter fence onto the runway at Denver International Airport last Friday. The incident triggered smoke in the Airbus A321's cabin, but the Denver Fire Department quickly extinguished the fire. All 224 passengers on board were evacuated by inflatable emergency slides as a matter of precaution, with 12 of them reporting minor injuries. The person was believed to have been hit when the plane was moving at a “high speed” on the runway. Commercial airliners typically take off at speeds between 240 and 290 km/h.

5. FOR YOUR EYES 📺

MJ Special

1. Michael Jackson’s biopic Michael is now out and has grossed USD500 mil globally so far. Trailer below.

2. Movie turned concert - scene at this special screening by TGV.

3. Q: Why did Michael’s skin turn white as he grew older?
   A: He suffered from a medical condition called vitiligo that causes depigmentation of parts of the skin, resulting in white spots.

4. That time the legend was in KL in 1996.

Some workout at your desk - learn how to do the moonwalk here.