☕️ President Xi hopes for "50 Golden Years" in China-Malaysia ties

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

72.5% – Malaysia experienced the highest rate of personal data leaks among key Asian markets in 2024, exposing a significant portion of its population to potential financial fraud and identity theft. This alarming figure, revealed in the Whoscall Annual Report, indicates widespread data compromise. Notably, while phone numbers were the most commonly leaked data, Malaysia also saw a high rate of name, address, and email leaks, highlighting a critical need for enhanced data security measures.

AUD3.5 tril (RM9.73 tril) – Australia's baby boomers are set to transfer this enormous sum to younger generations, primarily through inheritance, triggering a significant shift in wealth distribution. This "great wealth transfer" is poised to reshape societal financial landscapes, raising ethical considerations that extend beyond substantial inheritances to include even modest sums.

1,135 meters – Escape Penang has unveiled a new zip coaster, securing the Guinness World Record for the longest of its kind. This achievement adds to the park's existing record for the world's longest waterslide, making it a unique attraction in Malaysia. The nearly seven-minute ride descends 67 meters down a forested hill, offering an extended and thrilling experience.

3. IN MALAYSIA 🇲🇾

President Xi hopes for "50 Golden Years" in China-Malaysia ties
China’s President Xi Jinping, on his first visit to Malaysia in 12 years, expressed hopes of ushering in another "50 golden years" of bilateral relations between the two countries. Xi, who arrived at the invitation of King Sultan Ibrahim Sultan Iskandar, aims to deepen political trust and continue the development of the China-Malaysia community established in 2023. This visit also follows the 50th anniversary of diplomatic relations between China and Malaysia, established in 1974. The long-standing partnership sets a strong example for international cooperation, and Xi’s visit signifies a new chapter in our shared future. Nothing juicy so far.

MyCC takes action against childcare providers over price-fixing
The Malaysia Competition Commission (MyCC) has issued a proposed decision against 22 childcare providers in Kuala Lumpur and Selangor for allegedly engaging in price-fixing—potentially breaching Section 4 of the Competition Act 2010. MyCC found the companies had discussed and agreed to raise childcare fees during a meeting, later disseminating the agreement via a circular to other providers. While this remains a provisional finding, the implicated companies have 30 days to submit written responses and may present their case in person. A final ruling will follow the review of all evidence. As MyCC continues to promote fair competition under the Act, this case underscores the importance of curbing collusive practices that undermine consumer choice and affordability, especially in essential services like childcare.

PAS unveils futuristic design for new HQ
PAS treasurer and former architect Iskandar Abdul Samad has unveiled the initial design for the party’s upcoming convention hall and administrative centre in Cyberjaya, which will replace its current HQ in Jalan Raja Laut, KL. Embracing a futuristic aesthetic inspired by renowned architect Zaha Hadid, the design marks a shift from traditional expectations of "PAS-style" architecture. Iskandar views the project as a symbol of PAS’ ambition to lead Malaysia towards developed nation status and is open to feedback despite anticipated criticism from “old-school” professionals. Honestly, it’s a bold move and whether you love or hate the look, it signals that PAS is trying to rebrand itself for a more progressive future.

UiTM explains controversial KKK presentation
Universiti Teknologi Mara (UiTM) has clarified that the use of Ku Klux Klan (KKK)-style costumes in a student presentation was part of an assignment aimed at fostering critical thinking and raising awareness on global human rights violations, particularly racial discrimination. The presentation, conducted under the Contemporary Global and Legal Issues course at UiTM Dengkil, involved students depicting historical examples of racial hatred, including the KKK, to provide a deeper understanding of such issues. The university stressed that the session was held in a controlled, academic setting without offending religious or cultural sensitivities. While the viral footage (watch here) sparked public concern, UiTM urged that such activities be viewed within an educational context.

Founded in 1865, the KKK is an American Protestant-led Christian extremist, white supremacist, and far-right hate group that used to resort to terrorism, violence and acts of intimidation to oppress their victims, mostly African Americans, Jews and Catholics.

Business

• RM16.45 bil helicopter assembly project approved
  The Federal Government has approved an RM16.45 bil allocation for the development of a helicopter assembly factory at Melaka International Airport in Batu Berendam, to be led by Weststar Group, Malaysia and Southeast Asia’s largest helicopter operator. The facility, set to be completed within three years on a 6.88-hectare site, will also serve as a Maintenance, Repair and Overhaul (MRO) hub. Melaka Chief Minister Ab Rauf Yusoh said the project marks a major step forward for the state’s aerospace ambitions and assured that commercial flight operations at the airport will remain unaffected. Let’s hope the project flies, not just a flashy headline.

• Eco-shop’s IPO set to boost expansion plans
  Eco-Shop Marketing Bhd, a leading player in Malaysia’s value retail sector, is set to debut on the Main Market of Bursa Malaysia as it eyes expansion within the underpenetrated dollar store segment. With 358 outlets nationwide as of Mar 31 2025 including 22 Eco-Plus stores, the company aims to open around 70 new stores annually over the next five years, targeting suburban and rural communities. Founded in 2003, Eco-Shop leads the dollar store category by revenue and continues to attract value-driven consumers with a mix of house-brand and third-party products.

Shorts

1. KLIA immigration officers arrested for corruption

   Three Immigration officers stationed at KLIA have been remanded for seven days over alleged corruption involving over RM10mil, linked to a syndicate that allowed foreign nationals to bypass standard entry checks using a “counter setting” tactic. The suspects, all in their 40s and ranked KP2, were arrested by the MACC during simultaneous raids in Kuala Lumpur, Nilai and Johor Baru, which also uncovered jewellery, cash, and identified bank accounts. Investigations are ongoing. For a system that safeguards national borders, this kind of breach is not just corrupt - it's dangerously reckless.

2. Works Ministry eyes motorcycle lanes to improve road safety

   The Works Ministry is considering dedicated motorcycle lanes on future highways to reduce the country’s high rate of motorcycle-related fatalities, Works Minister Datuk Seri Alexander Nanta Linggi said at the South Korea-Malaysia Road and Construction Technology Cooperation Seminar today. In the meantime, the ministry is working with PLUS to create shelter areas for motorcyclists during bad weather. Nanta also addressed user concerns over navigation app inaccuracies on motorcycle lanes, urging tech players to step in.

4. AROUND THE WORLD 🌎

Tariff effect
Next in line for US tariffs : Pharmaceuticals and semiconductors
The pharmaceuticals and semiconductor sectors are currently not tariffed specifically by the US, but it looks like this will not be true for long. Trump’s administration has reportedly kicked off an investigation into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors. Trump has made use of Section 232 of the Trade Expansion Act of 1962 as justification for so-called sectoral tariffs aimed at boosting domestic production of these goods, with the justification that they are critical to national security. He had also made use of Section 232 investigations for imports of copper and lumber, and investigations completed in his first term formed the basis for tariffs rolled out on steel and aluminium and on the auto industry since his return to the White House in Jan.

China suppliers mock Trump tariffs with direct deals on TikTok
Buy ‘branded goods‘ straight from the “world’s factory” — apparently, this is the pitch to TikTok users in the US as Chinese influencers encourage them to buy goods from China. From Lululemon to Louis Vuitton, the influencers aim to “expose” how the vast majority of luxury or branded consumer goods are made in China’s factories for a fraction of their final retail price. An example is one influencer who claims that a China factory actually makes Lululemon yoga leggings for USD5 (RM22.06) to USD6 (RM26.48) even though they retail in the US for more than USD100. Nevertheless, while it is unclear how ordering directly from Chinese suppliers would allow consumers to sidestep the tariff, the duty waiver for small parcels that are sent to American homes is also being scrapped from May 2. Bloomberg has a short report but you can find the videos online where it has attracted some attention and a lot of reactions from American content creators.

Asia auto stocks surged after Trump said he is considering temporary exemption
Trump wants to “help” car companies with the tariffs, and so he recently said that he was considering a temporary exemption for the sector similar to the reprieve on key tech imports from China last week. Auto stocks in Asia closed sharply higher right after the announcement, including Toyota, Honda, Hyundai and Kia. A potential tariff reprieve for the auto industry would be a huge relief for the industry and its consumers. The auto supply chain is vast and spans numerous countries across the world, so any tariffs would have a knock-on impact on production and pricing. Seems like The Art of The Deal involves flip-flopings.

Harvard sees USD2.2 bil (RM9.71 bil) in funding frozen after defying Trump
Harvard University has recently been slapped with a fund freeze for refusing to feed the White House’s sweeping demands intending to crack down the campus for anti-semitism. It called for Harvard to change its governance, hiring practices and admissions procedures and ordered officials to shut diversity offices and cooperate with immigration authorities for screenings of international students. Harvard President Alan Garber promised the students and faculty to defy the government, insisting that the school would not “negotiate over its independence or its constitutional rights”. Trump’s Joint Task Force to Combat Anti-Semitism responded with a statement announcing a USD2.2 bil hold in multi-year grants, plus a freeze on USD60 mil in government contracts. On another note, while Harvard might have a massive USD53 bil endowment fund, the university can't really spend it like a bank account. About 70% of the annual distribution is restricted by donor terms to specific programs, departments, or purposes, according to the school.

The USD10 bil fund making money punting on natural disasters
Fermant Capital, a hedge fund specialising in catastrophe (CAT) bonds has made a name for itself by mastering natural disaster analysis and the resulting insurance payouts. CAT bonds are securitised financial instruments that allow insurance companies to transfer the risk of paying out claims for natural disasters to investors. If a major disaster occurs, the bond's principal is used for insurance. But if no disaster occurs or the damage is minor, the investor receives the principal back, along with high-yield coupons.

CAT bonds are attractive because they are largely uncorrelated with traditional assets like equities and government bonds, and their returns can sometimes reach as high as 20% annually. Fermant Capital is the world’s largest CAT bond investor, with assets under management of over USD10 bil. It employs many analysts, each with over 20 years of experience in catastrophe investing, including those with doctorates in physics and meteorology. They build proprietary climate simulations to predict the exact path of hurricanes, assess damage and evaluate the impact on bond prices.

Shorts 

1. Andalusia’s centuries-old olive groves threatened by solar farms 
   Nearly 100,000 olive trees in centuries-old olive groves in Andalusia, Spain are facing an existential threat as renewable energy firms plan to build multiple solar farms on the land. Local residents who have been working on the groves for generations are expressing their worry over losing their ancestral land. A loss of 500 hectares of olive groves would also mean losing more than EUR2 mil (RM10.02 mil) in annual revenues for the world’s top producer. With nearly 3,000 hours of sunshine per year, Andalusia is one of the Spanish regions with the highest number of solar panels. This helps make the country a European leader in green energy.

2. Afghan women banned from school now rely on carpet weaving for meagre income 
   Ever since the Taliban seized power in Afghanistan in 2021, girls over the age of 12 have been barred from education, while women, who were once in school and even had professional careers had to resort to carpet weaving to make ends meet. Carpet weaving is one of the limited jobs that women were allowed to do in the country. According to the UN, the livelihoods of about 1.2 to 1.5 mil Afghans depend on the carpet weaving industry, with women making up nearly 90% of the workforce. The Ministry of Industry and Commerce noted that in the first six months of 2024 alone, over 2.4 mil kg of carpets - worth USD8.7 mil (RM38.39 mil) were exported to countries such as Pakistan, India, Austria and the US, although it does not necessarily mean better wages for the weavers.

5. FOR YOUR EYES 📺

1. A tear-jerker ad for a headphone.

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2. “History doesn’t repeat, but it often rhymes” - Mark Twain.