☕️ A theory on why Malays accept corrupt leaders - Dr Tajuddin Rasdi

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD235 bil (RM960.19 bil) – That’s the total value of Nvidia’s approved share buyback following the USD150 bil increase in its existing share buyback authorisation, making Nvidia the new record holder of the largest-ever buyback, dethroning Apple, which held the previous record of USD110 bil, authorised in 2024. Nvidia CEO Jensen Huang shared that the company was “generating a lot of cash” and that this will continue in the coming years. As of Jul 26, the company had a total of USD99 bil in cash and other liquid investments such as stocks and bonds, up from about USD63 bil six months prior. With regard to the share buyback plan, Nvidia expects to complete the exercise by 2028.

184 – That is the number of Indian men who are currently on the boards of Fortune 500 and S&P 500 companies, a number that has tripled since 2018, outpacing increases for women, Black, and Hispanic directors, according to data from James Drury Partners. This surge, which was capped by a record 16 Indian men joining S&P 500 boards in 2026, follows companies putting increased emphasis on directors with chief executive or operating experience — credentials that many Indian business leaders have accumulated after decades in the US. These men have taken up directorships in companies such as Walmart, Southwest Airlines, and Western Digital, with Indian men now leading about a dozen blue-chip companies, including Alphabet, Microsoft, and Procter & Gamble.

7 – Football club Manchester United recently reported that many consecutive annual losses after taxes, with the latest financial year resulting in a reported loss of GBP43 mil (RM232.2 mil). This comes despite the club reporting a record-breaking revenue of GBP677.6 mil, up 1.7% from the previous year. Co-owner Jim Ratcliffe has been making cuts to operating costs to offset contractual payments to sacked manager Ruben Amorim and a big increase in loan repayments. The club’s accounts showed they paid GBP8.2 mil in exceptional items, mostly related to the departure of Amorim. Manchester United also paid GBP63.5 mil to acquire land adjacent to stadium site Old Trafford, where they plan to build a new 100,000-capacity arena.

3. IN MALAYSIA 🇲🇾

About banks
CIMB weighs sale of Philippines business
CIMB Group is reportedly exploring a sale of its Philippines business as the Malaysian banking group looks to focus its resources on larger markets with stronger growth potential. According to people familiar with the matter, CIMB has approached potential buyers, with the business potentially valued at up to USD200 mil (RM817 mil). However, discussions are still ongoing and CIMB could ultimately decide not to go ahead with the sale. The bank entered the Philippines in 2018 and had grown its customer base there to 10 mil by Sept 2025. The possible exit also comes as CIMB shifts capital away from businesses that are not performing as strongly, having already announced the sale of its automotive financing portfolio in Thailand earlier this year. CIMB continues to have a presence across several regional markets, including Indonesia, Singapore, Thailand, Cambodia and Vietnam.

Banks to introduce fraud alerts before transactions
Malaysian banks are working on a new fraud alert system that could warn customers about suspicious transactions before they send their money. BNM governor said selected banks are expected to test the feature in the first half of 2027 before it is rolled out more widely. The alerts are meant to give customers a chance to stop, check and verify a transaction when potential fraud risks are detected.

The move comes as scams remain a major problem, with Malaysia’s financial sector already blocking around RM1.9 bil in attempted fraudulent transactions this year, compared with RM1.2 bil for the whole of 2025. PayNet has also flagged more than 1,600 suspicious accounts, many of which were later assessed as posing potential mule-account risks. While the extra warnings could make some transactions slightly less seamless, BNM said the added step is needed to better protect customers, particularly from scams where victims are tricked into authorising the payments themselves.

Healthcare
Doctor no-shows highlight Sabah’s infrastructure gaps
The failure of some newly posted doctors to report for duty in Sabah and Sarawak has renewed attention on the challenges of working in East Malaysia. Sabah STAR president Dr Jeffrey Kitingan said the issue goes beyond a shortage of doctors, pointing to unreliable water and electricity, limited internet access, inadequate housing, high travel costs and the difficulty of relocating families as factors that can make rural postings less attractive.

He called for better infrastructure and stronger support for frontline workers, warning that doctor shortages could mean longer waiting times for patients and more pressure on existing staff. The issue has also put the spotlight on Budget 2027, with Sabah leaders calling for better healthcare facilities, accommodation and incentives to attract and retain doctors in the state.

Health Ministry looks into impact of long-distance doctor postings
The Health Ministry is looking at whether long-distance postings are taking a toll on the families of medical officers, including whether prolonged separation from spouses and children could be contributing to family breakdowns. Health Minister Dr Dzulkefly Ahmad said the ministry currently does not have specific data on the issue and is considering a baseline study to better understand its impact.

Around 74% of posting applications have been accommodated so far, while others could not be fulfilled mainly due to a lack of vacancies. He also addressed workplace bullying, saying 730 complaints have been received since Oct 2022, although only four were found to involve bullying and action was taken. He added that whistleblowers who report such cases will be protected.

A day in the life of a doctor in rural Sabah:

‘Primetime’ banned from Malaysian cinemas
Malaysian moviegoers will no longer get to see Primetime in cinemas after the Film Censorship Board banned the psychological thriller from a local release. The film, starring Robert Pattinson, was initially scheduled to open on Oct 1 before being postponed to Oct 8 and eventually pulled altogether. Distributor Antenna Entertainment and cinema chain GSC have confirmed the cancellation, although neither they nor the censorship board have explained the reason behind the ban. The film follows a television host and his team as they use hidden cameras and decoys to confront men suspected of seeking sexual encounters with minors and is inspired by Chris Hansen and his controversial reality series To Catch a Predator. The film premiered at the Venice Film Festival before getting a wider US cinema release on Sept 25, and currently holds an 86% critics’ score on Rotten Tomatoes. Trying to think hard what wrong ideas the board thinks this movie will inspire here.

Why do some Malays still back Umno despite corruption scandals?
An opinion piece has offered a theory on why Umno and former Prime Minister Najib Razak continue to receive support from some Malay voters despite corruption controversies. Academic Tajuddin Rasdi spells out the 5 factors that could be at play, including how directly people feel the impact of taxes and public debt, the large Malay presence in the civil service, political patronage and a lack of understanding about how corruption affects public spending. He also points to religious and political messaging, arguing that corruption may sometimes receive less attention than other moral issues, while longstanding fears of DAP have encouraged some voters to continue backing Malay-based parties. Tajuddin argues that these factors can make the financial consequences of corruption feel distant from everyday life. However, the piece is the writer’s personal theory rather than research finding, and FMT states that his views do not necessarily represent the publication. Read the piece, worth it.

4. AROUND THE WORLD 🌎

Outrage in Japan after US Marine arrested in Okinawa woman killing
About 100 people have participated in a rally in Okinawa, Japan, as news spread that a US Marine had allegedly killed a 39-year-old Okinawan woman, Anna Yagi, at a hotel in the city and stolen her wallet. The murder is the latest in a string of crimes involving US personnel on Okinawa - something that is not uncommon in the island prefecture and has constantly triggered Okinawa protests.

But what are these US military personnel doing in Okinawa?

About 54,000 US military personnel, including 18,000 Marines, are stationed in Japan, with the majority of these forces based in Okinawa. The island came under US administrative control at the end of World War II and was returned to Japan in 1972. Okinawa hosts about 70% of US military facilities in the country, established under a bilateral security treaty and the 1951 Status of Forces Agreement (SOFA). Tokyo and Washington view Okinawa as key in deterring potential military aggression from China. Interestingly, it is also only about 100 km away from Taiwan. Explains why they are still around after WWII.

There is a long history of crimes, including rapes, assaults, hit-and-run and drunk-driving accidents allegedly committed by US personnel in Okinawa. According to the Yomiuri Shimbun newspaper, about 6,000 US military personnel have been arrested since 1972. In 2024, the number of arrests hit 80, the highest in 20 years. Such a high price to pay for “national security”.

Historical fact: Okinawa was actually an independent trading nation called the Ryukyu Kingdom before Japan annexed it in 1879.

In Europe
Spain’s Pedro Sanchez calls snap elections in Nov
Spain’s PM Pedro Sanchez has announced a snap general election that would take place on Nov 29, after Parliament rejected housing relief measures proposed by his minority government. However, the election is quite a risky move for Sanchez — opinion polls suggest that a coalition led by the conservative People’s Party (PP), with support from the far-right Vox party, is the most likely outcome in the election. If Sanchez loses the election, it will also mark the end of one of Europe’s last left-leaning governments as the far right continues to gain ground across the continent.
Learn: What is a snap election?

Poorly conditioned schools led to violent teenage protests in France
France has been shaken by a wave of demonstrations by teenage students at high schools, or lycées, since late Sept. The protests have erupted into clashes with police, with more than 200 students injured in the violence. Their demands: better classroom conditions. Students were seen blocking the entrances to hundreds of schools around the country, complaining of teacher absences, overloaded timetables, dilapidated classrooms and buildings ill-adapted to rising temperatures, among other grievances. While the demands sound fair, such violent protests have led to 24 damaged schools. A teenager has lost his hand after picking up a grenade fired by the riot police, and another teenager lost one eye after suffering serious head injuries.

Shorts:

1. Kenya confirms first Ebola death
   A Kenyan citizen who has been living in the Democratic Republic of the Congo for the past seven years has died of Ebola, marking Kenya’s first-ever case of the deadly virus. The WHO has recorded 4,082 deaths out of 8,463 cases in the current outbreak, making it the largest ever recorded in DR Congo, where Ebola was first discovered. The current outbreak in DR Congo has been caused by the Bundibugyo species of Ebola, which is relatively rare, with no approved vaccine or treatment. The deceased Kenyan national had tested positive for the Bundibugyo species.

2. 7-Eleven exits India
   7-Eleven - the global chain of convenience stores best known for quick grab-and-go snacks - has closed all of its convenience stores in India in Sept, after five years of operation in the country. The brand launched its first Indian outlet in Mumbai in Oct 2021, eventually expanding to a peak of around 60 locations. Although there was no official word as to why the closure happened, the Nikkei and Yomiuri dailies - Japan’s national daily newspapers - reported that the company had struggled against severe competition from local Indian retailers.

3. Cats are friends, not food
   12 men have been arrested in Vietnam after allegedly confessing to stealing and selling around 2,700 cats meant to be slaughtered for food. According to the animal protection organisation Humane World for Animals, an estimated 5 mil dogs and 1 mil cats are captured, stolen, trafficked and slaughtered for meat in Vietnam every year. While it is legal to consume dog and cat meat in Vietnam, vendors require a permit that shows the origin of the animals. However, campaigners say that attitude towards consuming the meat is shifting in Vietnam — a 2023 survey commissioned by Humane World for Animals found growing public opposition, particularly among younger people and pet owners, with 71% backing a ban on the consumption and trade of cat meat.

5. FOR YOUR EYES 📺

Learn, understand, help
We live in our own bubble. Let’s learn to be less ignorant, be kinder.

1. TIL: A baby hatch is a secure, anonymous facility where parents (typically mothers) can safely surrender a newborn baby they are unable to care for, instead of abandoning them in unsafe environment. No baby dumping. Great initiative by OrphanCare Foundation. 765 babies saved since 2008. More about them here.

2. Understand the colours to understand how to help.

3. Someone looks and acts normal, then swears or makes sudden movements. It’s not their choice to behave in that manner. Nor are they possessed. This is Tourette’s syndrome, a neurological disorder that causes sudden, involuntary physical movements and sounds known as tics. Meet Chew, telling the story of his life living with Tourette’s - follow his journey here. Thanks for creating the awareness.