☕️ Post-Cabinet Reshuffling Syndrome: Anwar rules out snap elections, PAS complains, Johari to renegotiate trade deal

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

According to the Malaysian Employers Federation, companies are forecasting average salary increments of 5.33% for executives and 5.01% for non-executives in 2026. Average bonuses of 2.16 months for executives and 2.02 months for non-executives are also projected. However, performance remains the primary determinant of salary increases, followed by a company’s financial capacity and annual review cycles. For 2025, the organisation reported that 82% of companies awarded bonuses, with averages of 2.17 months for executives and 1.96 months for non-executives. Nearly 90% of companies granted salary increases, averaging 5.03% for executives and 4.65% for non-executives.

In response, the SME Association of Malaysia said that the survey was not representative of small and medium enterprises, which made up 98% of the 1.2 mil registered companies in Malaysia. Staff were unlikely to receive a two-month bonus or a significant raise in 2026 due to an overall drop in business this year. The association’s president disagreed with the two-month bonus and 5% increment, stating that it was a tough time and that staff were being retrenched. He did agree that there would be a small increase in wages, but not as high as 5%.

Meanwhile, Singapore saw an increase in median salary to SGD5,775 (RM18,261) in 2025, up from SGD5,500 in 2024. This marks a healthy increase of 4.3% in real terms, due to the currently low inflation faced by the city-state. With the income increase averaging out to 3.9%, this means that Singapore is on track to hit a median salary of SGD6,000 in 2026. This means that half of Singaporean citizens and permanent residents would earn at least that much. Hitting the SGD6,000 mark in 2026 would make it a 50% jump since 2016, and just four years since Singapore’s median income crossed the SGD5,000 mark.
Learn: Difference between mean, median, mode

3. IN MALAYSIA 🇲🇾

Post-Cabinet Refreshing Syndrome
PM Anwar Ibrahim has ruled out the possibility of snap general elections in 2026, saying his focus remains on implementing reforms and addressing the rising cost of living. Speaking to editors and senior journalists at Seri Perdana, Anwar emphasised that elections are still a long way off and called it “atrocious” to reject ministers based on race - more below.

Several newly appointed ministers have been in the spotlight:

• Hannah Yeoh, Federal Territories Minister, is the first non-Malay in this role. She oversees Kuala Lumpur City Hall and urban development policies. Yeoh was previously Minister for Youth and Sports and the first female Speaker of a Malaysian state parliament. Social media reactions are mixed, with some questioning her appointment and others hoping that she can address operational issues more effectively. Her deputy, Lo Su Fui, Tawau MP and clearly a Chinese too, supports urban development management in Kuala Lumpur and other city areas.

• PAS, naturally, has a lot to say about FT appointments. The party criticised Yeoh and Lo’s appointments, saying that they strengthen DAP dominance in urban areas, risk marginalising communities, and erode unity. DAP Youth called the remarks racially inflammatory. Meanwhile, Anwar highlighted that the appointments reflect government policy and service rather than playing at party politics. Salah DAP lagi.

• Marhamah Rosli, Deputy Minister in the Prime Minister’s Department (Religious Affairs), faced scrutiny over her involvement in a fundraising campaign (Justice for Zara), alleged links to a gold investment scam, and supposed ties to the New Age Movement. Her uncle, former PKR leader and Islamic preacher Badrulamin Bahron clarified that all fundraising activities were authorised and accounted for, and that she was also a victim in the gold scam.

• Johari Abdul Ghani, Minister of Investment, Trade and Industry, plans to review Malaysia’s trade agreements with the United States, renegotiate unfair terms, and focus on supporting SMEs while strengthening the economy amid global changes. Is he implying that the recent trade negotiation by his predecessor was not optimal?

Perodua debuts Traz
Perodua has officially launched its new urban SUV, the Traz, with prices starting from RM76,100 and topping out at RM82,000 without insurance. Designed as a five-seater for city drivers and families, the Traz complements the Aruz and Ativa in Perodua’s SUV line-up. Developed at a cost of RM563.3 mil, it is built at Perodua’s Sungai Choh plant in Rawang with 95% local content. Deliveries kick off this month with around 1,000 units, rising to 1,900 per month from Jan. The Traz, billed as Perodua’s most user-friendly model yet, carries the tagline “Engineered Simply” and features a power back door with kick sensor and rear air-conditioning vents.

Top Glove ramps up, reactivating 4 factories
Top Glove has announced plans to reactivate four previously idle glove factories following a strong rebound in demand and a sharp rise in quarterly profit. The reactivation will add about 6 bil pieces to annual production, bringing running capacity closer to pre-pandemic levels. For the quarter ended Nov 30, the group posted a net profit of RM38.58 mil, up from RM5.47 mil a year earlier, marking its fifth consecutive profitable quarter. View earnings here.

Revenue dipped slightly due to lower average selling prices and a stronger ringgit, but higher plant utilisation helped improve cost efficiency. Production costs have been reduced by around 20% over the past two years, allowing Top Glove to compete more closely with Chinese manufacturers. Current utilisation is 70% to 80%, and the company aims to raise capacity further as more lines come back online. Its market cap stands at RM5.3 bil now. It peaked during the Covid-19 pandemic around RM70 bil - down 92.4%. Gone are the good old days.

FIFA imposes fresh sanctions on FAM
Malaysia’s national football team suffered another blow after FIFA imposed sanctions on the Football Association of Malaysia. The ruling confirmed that Malaysia’s results in three Tier 1 international matches have been overturned to 3‑0 defeats due to fielding ineligible players.

The matches affected were a 1‑1 draw against Cape Verde on May 29, a 2‑1 win over Singapore on Sept 4, and a 1‑0 victory against Palestine on Sept 8. FAM has also been fined a further CHF10,000 (RM51,290). 

The saga began months ago when FIFA’s Disciplinary Committee found FAM in breach of Article 19 of the FIFA Disciplinary Code for using seven heritage players under suspension. The Appeals Committee upheld the ruling on Nov 3, which included a fine of CHF350,000, and 12‑month suspensions for each player.

FAM subsequently lodged an appeal with the Court of Arbitration for Sport (CAS). Following this, FAM will request written grounds for the ruling before deciding on further action.

4. AROUND THE WORLD 🌎

The ravages of war
Israel to advance 9,000 new housing units in bid to occupy Palestinian land
Israeli authorities are expected to advance plans to build 9,000 new housing units in an illegal settlement on the site of the abandoned Qalandiya airport in occupied East Jerusalem, with the move viewed as another attempt to cut off Palestinian lands from each other and to block any possibility of the emergence of a contiguous Palestinian state.

The move is also reminiscent of a similar plan to undermine Palestinian statehood. Should the buildings go up, it would build an Israeli enclave in an area where hundreds of thousands of Palestinians live in close proximity. This would block the development of a key area, which Israeli authorities have designated as ‘state land’.

Cambodia accuses Thailand of chemical weapons use
Cambodia accused Thailand of using chemical agents after Cambodian soldiers along the border were forced to retreat while reporting respiratory problems. The problems seemingly started after Thai aircraft dropped what the soldiers described as ‘poisonous water’. Cambodia’s Ministry of Defence has claimed on an almost daily basis that the Thai military was using ‘toxic gas’, which the ministry called a clear violation of international law.

However, Cambodian authorities have not named the suspected gas, provided evidence, or said whether they have formally protested to international authorities. The Thai Air Force denied ever using chemical weapons and called reports claiming this ‘fake news’ meant to discredit the military force.

Big money
Waymo looks to raise over USD15 bil at near USD100 bil valuation
Google parent Alphabet’s autonomous driving unit Waymo is currently in discussions to raise over USD15 bil (RM61.3 bil), with a supposed valuation of almost USD100 bil in a financing round led by Alphabet. The robotaxi maker discussed raising billions in equity from external backers as well as Alphabet. A previous investment round saw Waymo valued at about USD45 bil. 

A valuation increase would underscore Waymo’s emergence as a market leader in driverless technology. Waymo has reportedly achieved an annual run rate above USD350 mil.

OpenAI in talks to raise at least USD10 bil from Amazon
The ChatGPT parent is in initial discussions to raise at least USD10 bil (RM40.9 bil) from Amazon, with an agreement to use Amazon’s chips as part of the deal. Said deal could value OpenAI upwards of USD500 bil and would see the firm adopt Amazon’s Trainium chip.

This is a potential win for Amazon, which has been looking to expand its AI industry presence and compete with Nvidia. This potential deal also comes after OpenAI and Amazon announced a deal in which Amazon Web Services will supply OpenAI with USD38 bil of cloud computing power over seven years. That deal centred on hundreds of thousands of Nvidia chips. Interestingly, Amazon is also a significant investor in OpenAI’s competitor, Anthropic, with an estimated 15-19% stake.

Ford cancels USD6.5 bil EV battery deal with LG Energy Solution
The automaker cancelled the USD6.5 bil (RM26.6 bil) deal with the South Korean battery maker after it decided it was killing several EV models, in yet another example of the auto industry’s retreat from battery-powered models in the face of US President Donald Trump’s policies and weakening EV demand.

Ford announced it will be taking a USD19.5 bil write-down as a result. This also follows South Korean battery maker SK On announcing its decision to end its joint venture with Ford for US-based battery factories. Ford and SK On had invested USD11.4 bil to build the battery plants in 2022.

Coursera to acquire Udemy, forming USD2.5 bil firm to target AI training
The online education platform will be acquiring its rival in an all-stock deal, which would value the combined company at USD2.5 bil (RM10.2 bil). This comes as the online education industry consolidates after a post-pandemic slowdown and heightened investor scrutiny. Udemy shareholders would receive 0.8 shares of Coursera for each share they held. The two firms are betting that a combined platform will be better positioned to capture corporate demand for workforce training, particularly as employers look to reskill workers amid rapid advances in generative AI.

Essay cheating at universities an open secret
Essay cheating is not only still widespread at UK universities, but it has even evolved into a million-pound illegal industry. The fact that there were severe penalties for students caught submitting work that was not their own did not seem to deter those willing to pay money for essay-writing companies to get their work done for them.

Such companies are easy to find online and usually charge about GBP20 (RM109) per 1,000 words. Notably, it was not illegal to cheat at university, but since 2022, it has been a criminal offence to provide, arrange, or advertise cheating services for financial gain to students taking qualifications at any post-16 educational institution in England.

According to one enterprising individual, he has made millions from the industry, having started when he was still working as a barrister in 2003. He now boasts a company that uses a worldwide network of about 3,000 freelancers, some of whom are reportedly lecturers, covering a variety of topics.

This former barrister revealed that his prices started at GBP200, but larger orders for doctorate or master's level essays could cost up to GBP20,000. He also denies breaking the law, claiming the essays he provides are meant to be model essays for the students to base their own work on.

Shorts:

1. Warner Bros Discovery rejects Paramount bid 
   Paramount Skydance’s hostile USD108.4 bil (RM443.2 bil) bid was rejected, with Warner Bros Discovery saying it failed to provide adequate financing assurances. Paramount had also consistently misled Warner Bros shareholders that the cash offer of USD30 per share was fully guaranteed by the Ellison family. The Warner Bros board stated that the offer was inferior to Netflix’s merger agreement, with Netflix welcoming the decision.

2. Delhi restricts vehicles, office attendance in attempt to combat pollution 
   Authorities in India’s capital rolled out new strict measures in a bid to curb pollution, including a ban on vehicles not compliant with the latest emission control norms and regulating attendance in both private and government offices. This comes as the Commission for Air Quality Management invoked stage four of the graded response action plan for Delhi. Now, older diesel lorries are banned from entering the city, with construction projects suspended. Hybrid schooling is also imposed, while all offices would operate with 50% attendance as mandated by the Commission for Air Quality Management (CAQM). The air quality index in the Delhi region, home to 30 mil people, has been in the severe category for the past few days, often crossing the 450-mark.

5. FOR YOUR EYES 📺

Beauty, Property, Adrenaline…

1. The young Michelle Yeoh. back in 1997. In the same year, she was chosen by People as one of the “50 Most Beautiful People in the World”.

2. Property investment - Asian’s favourite-st asset ever. Can touch, can see, can feel. Warren Buffett’s explains why he avoids real estate investments.

3. A skydiver saw his parachute caught on the tail of a plane. Fortunately, he survived to tell the tale. Warning - not for the faint of heart.

..and Happeness - a lesson in caring for the happiness of others.