☕️ Political Financing Bill: Taking aim at money, power, and perception

1. MARKET SUMMARY 📈

RM hits its highest in 7 years, now below RM4 to a Trump dollar. Gold is still not taking a break, breaking the USD5,000 mark, and even exceeding USD5,100. As for Bitcoin and crypto - still on a long winter break.

2. NUMBERS AT A GLANCE 🔢

US advertiser spending on creators was expected to hit USD37 bil (RM146.72 bil) in 2025, according to the Interactive Advertising Bureau. However, most of the ad money is going to a relatively narrow segment of top talent. A study by CreatorIQ showed that 62% of total ad payment volume in 2025 went to the top 10% of creators, with the top 1% taking 21% of the total. This is up from 2023, when the top 10% took 53% of total ad payments, with 15% of the total going to the top 1%. The study also showed that brands are shifting more of their marketing dollars to creators, with payments more than doubling over the past two years.

Fancy being a consultant at a top firm? You are not the only one. McKinsey receives about 1 mil résumés a year, while EY received over 4 mil applications in 2023. In the end, the former only hired fewer than 1%, while the latter only brought on about 140,000 people. So what does it take to get hired at major consulting firms? Strong problem-solving skills. McKinsey and PricewaterhouseCoopers both look for candidates with such skills who are also committed to continuing to build new skills throughout their careers.

Recruitment and employer data show that young workers in Malaysia often change jobs within 18 months of starting a new role. According to the Malaysian Employers Federation, a significant share of Gen Z and millennials in the Malaysian labour market plan to resign within a year, reflecting a strong job-switching trend. The highest turnover is among employees in their 20s. However, this trend is not uniform across all industries. Sectors with clearer career pathways, structured training, and strong engagement practices were found to experience lower attrition, even among younger employees. A good infographic by The Star can be found here.

3. IN MALAYSIA 🇲🇾

Political Financing Bill: Taking aim at money, power, and perception

What the Bill proposes: The government is moving closer to tabling a Political Financing Bill, with mandatory public disclosure of political party finances among the key proposals under consideration. Deputy Law Minister M Kulasegaran said the draft is shaped following 20 engagement sessions with government agencies, business chambers, civil society groups, NGOs, and academics. Other proposals include public funding for political parties, caps on political donations, restrictions on eligible donors, and clearer rules on how funds are received and reported.

Why it’s needed: The push for the Bill has intensified amid concerns over political funding transparency, particularly after reports that former PM Najib Razak received funds in his personal accounts during the multibillion-ringgit 1MDB scandal. Kulasegaran said the Bill also tackles perceptions that companies funding political parties later benefit from government contracts, aiming to strengthen transparency and integrity in public procurement.

How it is shaped and studied: Kulasegaran added that the government is studying political-financing laws implemented in other countries over the past few decades to guide policy design. A public perception study led by the International Islamic University Malaysia (IIUM), in collaboration with civil society groups, is ongoing. Its findings will inform policy parameters before recommendations are referred to the Dewan Rakyat Special Select Committee on Human Rights, Elections, and Institutional Reforms. Learn how the US does it here.

110% property financing - brought to you by RHB x EXSIM
EXSIM Group has teamed up with RHB Banking Group to roll out the newly enhanced RHB Green Home Financing Guarantee Programme (visit here for more info), making it the first property developer in Malaysia to partner with the bank under this initiative. The programme offers up to 110% financing for buyers of eligible green-certified residential developments, covering not only the full property value but also an additional 10% for costs such as Mortgage Reducing Term Assurance (MRTA) or Credit Level Term Assurance (CLTA) and other entry expenses. The scheme is currently available across 17 EXSIM developments, including The Fiddlewooz at KL Metropolis, D’Clover Residences, D’Terra Residences, D’Tessera Residences and Hugoz Suites at Kuala Lumpur City Centre. This partnership aims to make green-certified homes more accessible without limiting financial flexibility for buyers. Greener home, heavier loans - not sure if that’s a good trade-off. 

Rafizi: Government’s revenue might be overstated
Former Economy Minister Rafizi Ramli told Parliament that the government’s revenue figures may be overstated because they include tax collections that should eventually be returned to taxpayers. He explained that Malaysia uses cash-based accounting (as opposed to accrual accounting), meaning that revenue is recorded when tax is collected, without deducting excess amounts pending refunds. Based on the Federal Government Financial Statements for 2024, Rafizi said the reported RM322 bil in revenue includes RM33.3 bil in outstanding tax refunds. If these liabilities were properly accounted for, the fiscal deficit for 2024 could be closer to 5.8–6.0% of gross domestic product, rather than the official 4.1%.
Learn: Accrual accounting vs cash basis accounting

Rafizi said delays in tax refunds have long been a concern, particularly for companies and SMEs that rely on cash flow. While the government has increased the tax refund allocation to RM4 bil to speed up payments, he questioned whether this was sufficient given how refund liabilities have grown. Outstanding refunds rose from RM14.6 bil in 2020 to RM33.3 bil in 2024, an increase of more than 120% over four years. Rafizi said refunds for 2025 could climb even higher if the trend continues, urging the Finance Ministry to fully disclose the country’s true fiscal position and raise questions about whether delays are due to administrative inefficiencies or a deliberate policy choice to present a smaller deficit.

Perak plastic bag ban kicks off March 1
Perak will officially ban single-use plastic bags from Mar 1, marking a shift away from the long-running 20 sen charge. State Environment Committee chairman Teh Kok Lim said businesses will no longer be allowed to sell single-use plastic bags and must instead offer reusable alternatives. Enforcement action will be taken against those who ignore the rule. He explained that the earlier charge was intended to raise awareness rather than generate revenue. While many businesses, particularly supermarkets, are prepared, Teh stressed that a change in consumer habits is also crucial. The ban, initially planned for January, will be followed by a six-month transition period, with full enforcement starting Sep 1.

4. AROUND THE WORLD 🌎

Trump vs JPMorgan, CEO: Sues for USD5 bil over alleged debanking
US President Donald Trump has filed a USD5 bil (RM19.83 bil) lawsuit against America’s largest bank, JPMorgan Chase, and its CEO Jamie Dimon, alleging that they debanked him by closing several accounts belonging to him and his hospitality companies, in a bid to further a political agenda. The lawsuit also accused the bank of violating its own policies by singling out Trump. JPMorgan has denied the accusations that it closes accounts for political or religious reasons. Trump also accused Dimon of ordering a malicious ‘blacklist’ to warn other banks against doing business with the Trump Organisation, Trump’s family members, and Trump himself. JPMorgan defended itself, saying it closes accounts that pose legal or regulatory risk to the bank.

In Southeast Asia

Thailand steps up traveller screening amid Nipah virus concerns
The Thai Public Health Ministry confirmed that no cases of the Nipah virus have ever been detected in the country. However, in response to heightened concerns about the virus, the ministry has implemented targeted screenings of travellers on direct flights from affected areas. This concern comes from outbreaks overseas, particularly in Bangladesh and the Indian state of West Bengal. Nipah is a deadly virus with no vaccine or cure and is considered a high-risk pathogen by the World Health Organisation.

Philippine ferry accident claims 15 lives
The ferry, which was on its way to Jolo in the Sulu province, met with an accident in the southern Philippines, leaving 15 dead. However, relatively calm waters have helped to speed up search and rescue operations, with 316 people rescued as a result. Still, 28 remain missing. Southern Mindanao District Coast Guard Commander Romel Dua said an investigation was underway to determine the cause of the accident. Another official said that most survivors were doing well, but several elderly passengers needed emergency medical care. Authorities were also in the process of cross-checking the passenger manifest as rescue efforts proceeded.

Philippine mayor survives armed ambush, credits armoured Toyota
Shariff Aguak mayor Datu Akmad Mitra Ampatuan survived an early morning ambush thanks to his bulletproof Toyota SUV. When unidentified attackers fired a rocket-propelled grenade and other high-powered weapons at his convoy, the vehicle seemingly shrugged off the blast. The mayor escaped unscathed, but two members of his security detail were wounded. Following the attack, combined police, military, and community watch forces hunted down the attackers, which led to a gunfight that left the three assailants dead. Police are still investigating the identities and motives of the attackers. This also marks the third assassination attempt on the mayor’s life in recent years. Watch the incident here.

Shorts

1. Ukraine’s Zelenskyy says US security guarantees ‘100% ready’ to be signed

   Ukrainian President Volodymyr Zelenskyy said that an agreement on US security guarantees for Ukraine is ‘100% ready’ to be sent to the US Congress and Ukrainian parliament for ratification. This follows a meeting between Ukrainian and Russian negotiators in Abu Dhabi to discuss Washington’s framework for ending the almost four-year-old war. As an aside, with many Ukrainians freezing due to Russian attacks on power plants, a Czech movement was started to raise funds to buy generators, heaters, and batteries for Ukraine. In just five days, the grassroots effort raised more than USD6 mil (RM23.79 mil).

2. Top China general accused of leaking nuclear secrets to the US

   Top Chinese general Zhang Youxia, who was one of President Xi Jinping’s closest allies, has been accused of passing secret information about the country’s nuclear weapons programme to the US, according to the Wall Street Journal. Authorities also accused him of accepting bribes for official acts, including the promotion of an officer to the post of defence minister.

3. China warns citizens against visits to Japan during upcoming break

   Beijing has issued a warning to its citizens, advising them not to travel to Japan during the upcoming Lunar New Year break, the country’s longest public holiday. The government cited a ‘surge in crimes targeting Chinese citizens’ and earthquakes, with the Chinese foreign ministry saying that Chinese nationals ‘face serious security threats’ in Japan. Similar warnings were previously issued following remarks by Japanese PM Sanae Takaichi late last year that a Chinese attack on Taiwan could trigger a military response from Tokyo. This statement infuriated Beijing, which responded with export curbs, flight cancellations, and vitriolic state media commentary. And Beijing took back its pandas too, as both of the last 2 pandas departed Japan back to motherland today.

5. FOR YOUR EYES 📺

Life Wisdom

1. James Clear’s mental model in making decisions, treating it in 3 ways: hats, haircuts, and tattoos.

2. Building patience - understanding intent, context matters.

3. More wisdom - banger of a collection.

Happy Tuesday - enjoy the below by @themokumentary.