☕️ PMX on KKB by-election, Najib's house arrest

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1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The Fisheries Department's aquaculture division senior director, Datuk Azahari Othman, highlighted Malaysia's potential to become a leading player in the global ornamental fish industry. He noted that Malaysia is already one of the top producers and exporters of ornamental fish in both southern Asia and worldwide. In 2022, Malaysia produced approximately 234 mil ornamental fish valued at around RM453 mil. Azahari mentioned that Malaysia produces various ornamental fish species, including goldfish, betta, discus, and arowana.

100 MPs (out of 650 seats) in the United Kingdom are choosing to stand down (i.e. retire from politics) in the next general election slated to happen in 2025. The average age of all retiring MPs is 59.2 years old, which is almost the same as the average age of retirement in 2019, which was 60.5 years old. Yes to fewer old lawmakers. In Malaysia, Malaysians have indicated a preference for a younger Parliament based on GE15 — the number of MPs below the age of 50 grew to 84 or 37.8% of the 222-member Dewan Rakyat, up from 72 (32.4%) in GE15. The median age of MPs dipped slightly to 52.4 compared to 53.4 in GE14.

The US Consumer Financial Protection Bureau (CFPB) has implemented a new rule to reduce credit card late fees, limiting them to USD8 for first violations and USD41 for subsequent violations. According to an economic impact study by IMPLAN, lowering the late fee limit is projected to increase household expenditures by over USD2.7 bil annually, boost the US GDP by USD3.6 bil, and support nearly 34,000 jobs each year. The CFPB estimates that credit card late fees currently amount to about USD12 bil annually, and the new rule could potentially save Americans up to USD9 bil per year.

3. IN MALAYSIA 🇲🇾

What PM Anwar has to say

1. Kuala Kubu Bharu by-election: PM Anwar Ibrahim stated that MIC will support the campaigning in Kuala Kubu Bharu, contrary to the rumours that the Indian-based party will not help with campaigning if the candidate is not from Barisan Nasional (BN). PM Anwar Ibrahim added that he had spoken to MIC president Vigneswaran about this and the latter had reassured him that MIC would not just be a bystander. The polling date falls on May 11.

   In further news regarding the by-election, BN chairman Mohamad Hasan told the media that the political parties in the unity government have an understanding that the candidate in any by-election will be from the party that won the seat in the last general election. The Kuala Kubu Bharu seat was left vacant after the previous incumbent, DAP assemblyman Lee Kee Hiong, passed away last month.

2. Najib’s house arrest: PM Anwar said that Putrajaya will not question the authority of the King as the Pardons Board chair to decide on former prime minister Najib Razak’s house detention. What is the definition of a house detention within the Malaysian legal framework? According to several lawyers, ‘house arrest’ or ‘house detention’ is not an existing alternative to imprisonment in Malaysia. However, lawyer Andrew Khoo pointed out that Section 43 of the Prison Act 1995 allows for the release of any prisoner ‘on licence’, but it is ‘subjected to any regulation made by the minister’.

   PM Anwar reiterated that since the country’s independence, the federal government has not violated the role and power of the Malay rulers. While PM Anwar may forget, history speaks for itself. There have been several instances where the federal government and the royals tussle. In 1983, former PM Tun Dr Mahathir pushed through several amendments to the Federal Constitution, including setting a 60-day limit for the King to veto a law and limiting his right to declare a state of emergency. In 1993, sultans no longer had legal immunity after the federal constitution was amended again, which stated that sultans who violated the law could be prosecuted in a special court.
   Read: Mahathir’s conflicts with royalty: A history

EV war starts to intensify

1. Naza Automotive Holdings (Naza) and Gentari Green Mobility had formalised a partnership to enable Naza to become a formidable player in the electric vehicle (EV) space. With this partnership, Gentari will initiate the deployment of EV chargers at properties owned by the Naza. Last month, Naza announced that the company will open a new ‘smart’ brand dealership in Petaling Jaya.

2. While talking about the ‘smart’ brand, smart Malaysia (Pro-Net) previewed the upcoming smart #3 at the KL Car Free Morning last weekend. The smart #3 is the second model from the smart Automobile joint venture between Geely and Mercedes-Benz. The irony of previewing a car at a car-free event.

Shorts

1. RM1,000 tax relief for 103 types of sports from 2025 onwards
   Sports Minister Hannah Yeoh announced that 103 types of sports will enjoy tax relief of up to RM1,000 for training and purchase of equipment from next year. Yeoh added that a one-off session or a series of training sessions held in a structured manner, such as classes, clinics, courses or workshops, are eligible for the relief. Below is the list of sports covered under the tax relief program.

2. CGS-CIMB Securities is now called CGS International
   Following CGS International Holdings Ltd’s acquisition of CIMB Group’s stake in the two parties’ joint venture in December 2023, the stockbroker rebranded its name. Moving forward, CGS International targets to double its revenue to USD700 mil by 2030. The acquisition of CIMB Group’s residual stake in the joint venture saw CIMB pocket RM780 mil from the deal. Despite the exit from the joint venture with CGS, CIMB will still be in the stockbroking business after CIMB acquired a 100% stake in KAF Equities Sdn Bhd.

3. Bersih claims KPKT is buying votes in KKB by-election
   Last week, Housing and Local Government (KPKT) Minister Nga Kor Ming announced the allocation of RM5.21 mil to upgrade public infrastructure facilities during his visit to Kuala Kubu Baru. Bersih, the electoral watchdog, said that the move violated its 3C guidelines — No Conditions, No Campaign and No Candidates. Bersih considers the special allocation announced by the minister as an attempt to buy votes by using the government’s undue influence on Kuala Kubu Baru voters.

4. AROUND THE WORLD 🌎

In the US - big yay for Ukraine, big nay for TikTok

• TikTok ban - halfway there
  The possible end is near for ByteDance’s TikTok operation in the US after the House voted in favour of a bill to ban TikTok last Saturday. The bill now heads to the Senate, where it is also expected to pass and will subsequently be signed by President Joe Biden, who has signalled his intent to sign. American politicians have long been concerned about the security of TikTok because ByteDance is obligated to share data with the Chinese government. Well, it’s quite a legitimate concern because an estimated 170 million users are from the United States alone.

  There’s a condition to the bill (although perceived as forced) — ByteDance is given a year to secure American ownership or eventually face a domestic ban. TikTok’s company leadership is fearing the worst and is expected to challenge it in court, besides possible legal challenges from its users and creators.

• US makes it rain USD60 bil+ on Ukraine
  The House of Representatives on Saturday also passed a more than USD60 bil bill to provide military and economic aid to Ukraine, which is now facing ammo shortages and insufficient air defences amid its war with Russia. This marks the first time the House had approved billions of dollars in Ukraine aid since Dec 2022, when the Democrats were still controlling the chamber.

  It didn’t come easy, though - the bill finally came after months of delay and staunch opposition from the hard right, and it passed despite a solid majority of Republicans voting against the bill (a 311-112 margin). Apparently, the bill also allows the US administration to confiscate seized Russian assets (aka weaponise its financial system) and transfer them to Ukraine to fund reconstruction, which Russia perceived would tarnish the image of the US.

  Russia is clearly pissed — Kremlin said it would enact retaliatory measures towards the move and criticised the military assistance to Kyiv as a direct sponsorship of terrorist activity.
  Learn: What does the weaponisation of global finance mean for US dollar dominance?

USD30 mil Easter Day heist in LA and still no clues so far
Last Easter weekend marks the day a bunch of thieves in Los Angeles pulled off a cash heist at a GardaWorld warehouse in Sylmar, walking away quietly into the night with a staggering USD 30 mil in cash without setting off any single alarm. Weeks after the heist, investigators are still baffled and have only a few leads on the crime. Technically, it is considered a burglary as it does not have any aspect of force or fear. The heist has left the public stunned and, for some (or perhaps many), quite impressed with the professional and highly sophisticated operation that befits the plot of a cinematic Tinseltown movie.

LA is known as the bank robbery capital of the world, according to Joan Renner, an investigative crime historian, but this has only happened since the USD19 mil cash heist in 1997. Statistics have also shown that armed bank robberies, complete with a demand note and use of a weapon – have declined 60% over the past 15 years in the US and typically net only USD7,500 on average.

Science explains why time flies as we age
A study published in 2019 explains why time flies as we grow older. If you may, there are two kind of times - mind time and clock time. The study explains the physics behind changing senses of time and reveals why the years seem to fly by the older we get. It elaborates on the Mind’s Eye - the physical mental-image processing time and the rapidity of images that we take in every day.

The rate at which we process images that we perceive decreases as our body ages and transforms in terms of physical features, vision, brain complexity, and degradation of the neural pathways that transmit information. All these shifts lead to the sense of time speeding up, hence the feeling of “time flying” a lot faster as we grow older.

In this context, there are ways to ‘slow down’ time, or rather our mind time, by taking care of ourselves with rest and ample sleep to reduce brain fatigue.
Read study: Why the days seem shorter as we get older

Shorts

1. Next pandemic likely to be caused by flu virus
   57% of senior disease experts now think that a strain of flu virus will be the cause of the next global outbreak of deadly infectious illness, according to a recent international survey carried out among 187 senior scientists. This is based on long-term research that indicates that the influenza virus is constantly evolving and mutating, causing “little pandemics” every winter but still within control because they are not virulent enough (albeit not the case forever). Scientists are recently wary of the H5N1 virus that could transfer from farm animals to humans. A disease that can be transmitted between species from animals to humans is known as zoonotic disease.

2. Thailand aspires to build the next tallest tower in the world
   Talks of the construction of a mixed-use “super tall tower” in Thailand are in the midst as Thai Prime Minister Srettha Thavisin and a group of Middle Eastern and Chinese companies, including Emaar Group, Broad Group and Vatone Group. The group is interested in setting up the mega project in Bangkok after PM Srettha “challenged” them if they could build a tower that is even taller than the Burj Khalifa in Dubai (which was actually built by Emaar Group). Seems like the challenge was accepted. Prime Minister Srettha said that this tower project could help bring in more visitors to Thailand, where tourism accounts for 12% of its gross domestic product (GDP).

3. The Tortured Poets Department breaks Spotify stream record
   In a 31-track album named The Tortured Poets Department, filled with stories of heartbreaks, anger and closure, Swift has swiftly (pun-intended) broke Spotify’s record of most-streamed artist AND record in just a single day. She announced the arrival of her 11th studio album live on stage during the Grammy Awards in February. Tracks are thought to include her story about her six-year relationship with Joe Alwyn and a brief fling with The 1975’s Matty Healy last year. Juicy.

5. FOR YOUR EYES 📺

1. Why is it that we always only have 2 choices to choose from? We need a third force. A comic by By Faizati - check out other artwork here

2. An orthopaedic surgeon used the USD3,499 (RM16,7k) Apple Vision Pro to aid a surgery on a patient.