☕️ Take a 15-minute financial course if you want to take a RM100k+ personal loan

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Over USD35 bil (RM 144.9 bil). That’s how much US tariffs have cost global companies since US President Donald Trump put his levies in effect. His trade war has hiked US tariffs to their highest levels since the 1930s, and Trump has a habit of threatening more duties at the drop of a hat. However, companies are starting to adjust, especially with new trade deals offering some protection from the tariffs. Many companies have started to lower their earlier worst-case scenario forecasts following such deals, with some believing that the tariffs will be just another variable in business that needs to be managed.

241%. That’s the tariff that the US imposed on Iranian pistachios nearly 40 years ago. This is also the tariff that allowed small Californian farmers to build a new homegrown industry, leading to the US now supplying over 60% of the world’s pistachios, a USD5.6 bil (RM23.2 bil)market that is projected to grow to over USD7 bil by 2030. This is an example of a tariff working as intended, which is to protect an infant industry long enough for it to stand on its own. However, once the industry matured, consolidation followed, leaving only a handful of pistachio processors in California now dominating production. This is the same risk faced by American business owners hoping that Trump’s tariffs will offer them that same early protection.

EUR163.4 bil (RM785.3 bil). That’s the total of German imports and exports with China from Jan to Aug, pushing China to overtake the US as Germany’s largest trading partner. Germany’s trade with the US amounted to EUR162.8 bil, weighed down by higher tariffs on German exports to the US, with US demand for classic German export goods, such as cars and machinery, also falling. However, this also comes at a time when Germany is looking to reduce its reliance on China, with Berlin citing political differences and accusing Beijing of unfair practices.

3. IN MALAYSIA 🇲🇾

Loan sharks rampage over rejected offer
Loan sharks have taken intimidation to new extremes by setting fire to a house in Kluang belonging to the parents of a Singapore-based assistant manager after she backed out of a RM10,000 loan. The victim said the extortionists demanded SGD 20,000 (about RM64,000) and torched her parents’ home while her elderly parents and two young children were inside. Madness. Neighbours managed to put out the flames, but the harassment continued even after she paid over RM87,000 to appease them. MCA Public Services and Complaints Department head has warned the public to stay alert, saying ah longs have become increasingly violent. In another case, two sisters were harassed over their estranged father’s debts, their shop splashed with red paint and phones flooded with threats. Fed up after repaying about RM100,000 of his past loans, they’ve now officially disowned him.

Another RM1 bil recovered from 1MDB
Malaysia’s recovery of assets tied to the 1MDB scandal is entering its final stretch, with PM Anwar Ibrahim confirming that new inflows have added another RM1 bil to the total recovered so far. Speaking in Parliament, he said the process is ongoing in Switzerland, London, and other locations, managed by a dedicated committee. As of Oct, the Finance Ministry reported that RM20.73 bil had been recouped through settlements with financial institutions, including USD3.9 bil (RM16.14 bil) from Goldman Sachs, RM2.83 bil from AMMB Holdings, and USD330 mil from JPMorgan. MACC has recovered about RM8 bil in cash and assets, which have been channelled back into the government’s consolidated fund. In total, RM15.5 bil worth of cash, property, shares, and buildings have been seized since 2023 from corruption, leakages, and smuggling cases. Great that we have recovered this much, but when you factor in the opportunity costs, the loss is even greater.

15-minute financial education if you want to take RM100k+ personal loan
Starting Jan 2027, anyone applying for personal loans above RM100,000 will need to complete a 15-minute online financial education module under Bank Negara Malaysia’s new policy to promote responsible borrowing and financial awareness. Adapted from AKPK’s RumahKu programme, the module helps applicants assess affordability, debt levels, and financial readiness before taking on large loans. BNM will ban flat-rate and Rule of 78 interest calculations, requiring lenders to use the fairer reducing balance method, where interest is charged only on the remaining loan amount. Financial institutions will also have to disclose the effective interest or profit rate upfront, ensuring borrowers understand the real cost of financing. The move aligns with the bankruptcy threshold under the Insolvency Act and aims to curb excessive borrowing and prevent Malaysians from falling into unmanageable debt.

Shorts

1. Tycoon Tiong Hiew King passes away

   Sarawak timber tycoon and Rimbunan Hijau Group founder Tan Sri Tiong Hiew King has passed away at the age of 95. The billionaire businessman built one of Malaysia’s largest conglomerates with interests spanning forestry, plantations, media, and property. Born in Sibu in 1935, Tiong rose from humble beginnings as a rubber tapper to become one of the nation’s wealthiest men, with Forbes estimating his family’s fortune at around USD820 mil (RM3.5 bil). Beyond timber, he built an empire in Chinese-language media, owning popular titles such as Sin Chew Daily, China Press, and Nanyang Siang Pau. Btw, he was also legitly knighted in 2009 by the Queen, carrying the title Sir.

2. Defence Ministry’s patented innovations

   Malaysia’s Defence Ministry (MINDEF) has submitted ten innovations for patent registration with MyIPO, including a solar-powered water pump that filters clean water for disaster or conflict zones. The move is said to protect IP rights and highlights homegrown tech that’s saved millions and boosted defence readiness. At the 2025 Integrity and Innovation Day, MINDEF also celebrated the ministry’s personnel who bagged medals at international competitions and stressed that integrity and innovation go hand in hand.

3. Perodua’s first local EV coming soon

   Perodua is gearing up to launch its first fully Malaysian-made electric vehicle by the end of this month, PM Anwar Ibrahim announced during a visit to the automaker on Tuesday. Anwar, who also serves as Finance Minister, said the upcoming EV will be affordable, aligned with national requirements, and play a key role in advancing the country’s economic and sustainability goals. He added that the launch forms part of the broader National Agenda to boost local innovation and green mobility. Battle of the Malaysian EVs - coming soon.

4. Sabah revenue talks ahead

   Putrajaya has decided not to appeal the court ruling on Sabah’s 40% revenue entitlement and will instead move forward with direct negotiations with the state government. The decision shows a more conciliatory approach by the federal government in addressing Sabah’s long-standing demand for its share of federal revenue as outlined under the Malaysia Agreement 1963 (MA63).

4. AROUND THE WORLD 🌎

UAE refuses to join Gaza stabilisation force, Arab nations show doubt
Negotiations on the stabilisation force mandate in Gaza that began formally last week in New York will likely take a longer time and also carries a risk of a vacuum of power in Gaza. The latest statement by the UAE saying it would not participate because it did not yet see a clear legal framework for the force reflects the Arab state's doubts about the terms of a US-drafted resolution. The Arab states would like greater responsibilities to be given to a separate Palestinian civilian police force, but the draft places a duty on a US-directed stabilisation force to be the principal means of imposing security in Gaza after Israel has left the territory.

The US also proposes that it leads the force although it will not have many troops involved on the ground. It has already in effect taken control of the delivery of humanitarian aid into Gaza from a new civil military coordination centre based in Israel. Neither the UN nor the 15-strong security council are given a supervisory role over the stabilisation force, overseeing the implementation of the resolution, a point largely overlooked by the draft text. Nothing is specified about the funding of this stabilisation mission, which, according to the Americans, should be largely borne by Gulf states, with Saudi Arabia taking the lead. Meanwhile, Israel is seeking written guarantees from the US that it will be allowed to follow the pattern of Lebanon and reserve the right to re-enter Gaza if it believes disarmament is not taking place at the scale or pace it requires. A lot of this sounds really lopsided.

World leader antics
Japan and China embroiled in “quarrel” over Taiwan
Tension builds between Japan and China, after its newly minted PM Takaichi said that an attack on Taiwan by China could trigger the deployment of her country’s self-defence forces if the conflict posed an existential threat to Japan. She insisted that Tokyo could exercise its right to collective self-defence – or coming to the aid of an ally – and they had to “anticipate a worst-case scenario” in the Taiwan Strait. The Chinese consul general in Osaka responded to the remarks on X by posting a statement that sounds quite aggressive, prompting it to be taken down and labeled as “extremely inappropriate” by officials in Tokyo. The dispute comes soon after Takaichi, a conservative with hawkish views on China, met Chinese leader Xi Jinping at the Apec summit in South Korea, where they vowed to build “constructive and stable” relations. Nevertheless, Beijing has not really ruled out the use of force to annex Taiwan – a self-governing democracy it regards as a Chinese province – under what it calls “reunification”. Explains why Japan is so wary about it.
Fun fact: People’s Republic of China and Republic of China - which is China and which Taiwan?

Trump threatens BBC with USD1 bil lawsuit
Trump’s legal team is now threatening BBC with a USD1 bil (RM4.14 bil) lawsuit, over an allegedly “edited clip” in a documentary by the British national broadcaster. The team has demanded the retraction of “false, defamatory, disparaging, misleading, and inflammatory statements” contained in a Panorama documentary aired a week before the 2024 US presidential election. The threat has sent BBC into a public relations crisis and prompted the resignations of two top executives. The BBC documentary, titled Trump: A Second Chance?, has been mired in controversy since the leak of an internal memo that criticised producers for editing Trump’s remarks to make it appear that he had directly encouraged the Jan 6 2021 riot at the US Capitol. However, an expert said that despite his legal threat, Trump would find it difficult to prove defamation in the US, where the 1st Amendment provides expansive protections of speech. BBC is not the only media targeted by Trump - news outlets including The New York Times, The Wall Street Journal and ABC News also had recently faced lawsuits by his legal team. Watch the edit below - massive difference.

Nicolas Sarkozy released from prison pending appeal
70-year-old Nicolas Sarkozy, France’s ex-president, was released from prison after serving three weeks of a five-year sentence for criminal conspiracy. Sarkozy described his time behind bars as “very hard” and “exhausting”, insisting he had been the target of political vengeance. The court ruled that he will remain under judicial supervision pending an appeal against his conviction and banned from leaving France and could be required to wear an electronic tag while living at home. In Sept, Sarkozy was found guilty of criminal conspiracy for his role in efforts to secure funding for his 2007 presidential campaign from the late Libyan leader Muammar Gaddafi.

Shorts:

1. Terrorism law invoked in India to investigate Delhi Red Fort blast 
   13 people have been killed and 20 injured in a deadly car blast near New Delhi’s tourist hotspot Red Fort on Monday night. The tragedy prompted the government to begin investigations under the country’s Unlawful Activities (Prevention) Act, India’s main anti-terrorism law. It is used to investigate and prosecute acts related to “terrorism” and activities that threaten the sovereignty and integrity of the country. PM Narendra Modi who was visiting Bhutan during the attack vowed to bring to justice all those responsible for the explosion.

2. Klook files for US IPO 
   Travel booking platform Klook Technologies has reportedly filed for an initial public offering (IPO) in New York, seeking to raise USD300 mil (RM1.24 bil) to USD500 mil via the IPO. The company, backed by investors such as SoftBank Group and Goldman Sachs, was founded in Hong Kong in 2014, and reached unicorn status in 2018. The company posted a net loss of USD141.5 million on USD407.4 million revenue for the first nine months of 2025, versus a net loss of USD85.7 million on USD284 million revenue in the corresponding period a year earlier. It competes with other global travel booking sites such as Booking.com and Expedia, as well as China’s Trip.com and South Korea’s Yanolja. Klook plans to use proceeds from the offering to fund acquisitions or strategic investments, as well as for working capital and operating expenses.

3. Squid Game star acquitted of sexual misconduct 
   Golden Globe winner O Yeong Su, 81, (the oldest guy in the first season) has been acquitted of sexual misconduct charges by a court in South Korea, after being charged in 2022 with sexually assaulting a woman twice and found guilty in 2024. He was given an 8-month suspended prison sentence but appealed against the verdict, in which the court overturned his sentence and suggested that the alleged victim's memory may have been "distorted", considering how long ago the incident occurred. The victim spoke out against the verdict and said she will continue speaking for truth, backed by women's rights organisation Womenlink who criticised the ruling for concealing sexual violence in the theatre world.

5. FOR YOUR EYES 📺

1. EV vs Petrol, brought to you by Proton e.MAS 5.

2. In this interview with Cilisos, Transport Minister Anthony Loke shared that the government saves more than RM100 mil a year on the printing of physical license cards and road tax.

3. Meanwhile, this mum found RM767+ in her kid’s school bag, having saved all his RM15 per day pocket money without her knowing. Either he’s a really good saver or he’s dealing some biz in school.