☕️ Targeted RON95 petrol subsidy to start end of this month

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

AI firm Anthropic has agreed to settle a class-action lawsuit brought by authors who allege the company illegally used their books to train its AI models. The settlement involves the firm paying over USD1.5 bil (RM6.3 bil) to the authors, in what would be the “largest publicly reported copyright recovery in history” if approved by a federal judge. The amount will see authors receive about USD3,000 (RM12,654) for each pirated book used to train Anthropic’s large language models. Lawyers for the firm and the authors themselves estimate that there are about 465,000 books in the database used to train Claude, Anthropic’s popular chatbot. According to the settlement terms, the firm could still be held liable if it used pirated books in the future. This also sets a new standard for AI companies in terms of compensating copyright holders.
Learn: What is class-action

Remember country-specific web domains? Like .us for the US, .uk for the UK, and .my for Malaysia? Well, the Caribbean island of Anguilla (view map here) really hit the jackpot when you consider its web domain is .ai. This domain name has turned out to be a moneymaker for the country, as AI founders are willing to pay to register .ai domains, with one example being HubSpot co-founder Dharmesh Shah, who paid the country USD700,000 (about RM3 mil) to secure the you.ai domain. Anguilla has been making millions of dollars this way, considering the number of .ai domains have reached 859,000 as of Aug, compared to about 40,000 at the start of 2020. The International Monetary Fund also reported that Anguilla made USD32 mil (RM135 mil) in 2023 through .ai domain registrations alone.

Chinese social media firm Xiaohongshu is on track to triple its profit to USD3 bil (RM12.7 bil) in 2025 as it works towards a potential public listing. The Shanghai-based startup with a recent valuation of USD31 bil (RM130.8 bil) carved a space for itself in the US at the start of 2025 as an alternative to TikTok, at a time when the ByteDance app was under threat of being banned from the country. Xiaohongshu, known as Rednote outside China, is widely known as China’s best analogue to Instagram, and the company has worked to expand along similar lines. Currently, it has 300 mil monthly active users and a loyal following that treats the app as their daily source of news and diversions. Now, the app is strengthening its e-commerce offerings via tie-ups with Alibaba and JD.com.

3. IN MALAYSIA 🇲🇾

Security Threats at Petronas LNG Facilities in Bintulu
Security has been stepped up at all Petronas liquefied natural gas (LNG) facilities after one of its officers in Bintulu, Sarawak, received threats via SMS from an unknown sender, Inspector-General of Police Mohd Khalid Ismail confirmed yesterday. The officer lodged a police report, prompting the National Security Council (NSC) to order immediate tightening of security while investigations get underway. Police teams across state contingents are also monitoring Petronas sites to ensure safety remains intact.

The NSC stated the move was an immediate precaution to allow security forces and relevant agencies to carry out investigations swiftly. The public has been urged not to speculate as updates will be shared from time to time, while national security agencies remain on high alert and have already put in place measures to deal with any possible risks.

MACC Field Day

Last week, MACC said it will provide updates on high-profile cases on Tuesday. Here we go:

Anwar’s ex-aide cleared of Sabah mining scandal
PM Anwar Ibrahim’s former aide, Farhash Wafa Salvador Rizal Mubarak, has been cleared of alleged involvement in the Sabah mining scandal after investigations confirmed no exploration licence was ever issued to his company. The Attorney-General’s Chambers reviewed the case and found no grounds for charges under the MACC Act, Penal Code or any other law, adding that “no governance issue” arose. Although a firm linked to Farhash applied for a licence in Mar 2023, the application was terminated in 2024 when it failed to submit the required documents, meaning no exploration took place. The case closure follows a 2024 report by MalaysiaNow that published documents allegedly linking Farhash to mining rights in a Sabah forest reserve, claims he dismissed as fake, taking legal action against the portal and lodging a police report. Sabah Mineral Management Sdn Bhd and its CEO, Natasha Sim, have also sought court gag orders against MalaysiaNow and its editor over the reports.

Ops Sky: bank officers face charges on RM700 mil corruption and money-laundering case
20 bank officers will face charges over a corruption and money-laundering syndicate involving RM700 mil in loans for civil servants, stated MACC chief Azam Baki. The officers are expected to be charged under the MACC Act by the end of this month or early Oct, as part of the agency’s ongoing Ops Sky probe. Investigators have also secured an agreement to recover RM250 mil in cash linked to the case. Ops Sky, launched in Jan, saw over 10 arrests, the seizure of 4,000 documents, and the freezing of 98 bank accounts holding more than RM17 mil, with the MACC now moving into the prosecution phase.

Probe into Mahathir’s assets with UK cooperation
MACC is seeking help from UK authorities to obtain details on assets allegedly linked to ex-PM Dr Mahathir Mohamad, as part of a probe that has been running since 2022 when Anwar Ibrahim took office. The investigation stems from asset declarations by Mahathir’s sons, Mokhzani and Mirzan, who earlier this year declared holdings worth over RM1 bil and RM246 mil respectively. Mahathir, now 100, has denied wrongdoing, claiming he is accused of abusing his position for personal gain, an offence under Section 23 of the MACC Act that carries up to 20 years’ jail and fines of five times the alleged gratification.

Ismail Sabri, aide, drop challenge in MACC’s RM169 mil forfeiture case
Ex-PM Ismail Sabri Yaakob and his former political secretary, Mohammad Anuar Mohd Yunus, will not contest the MACC bid to forfeit over RM169 mil in cash seized during a corruption and money-laundering probe. The decision, conveyed in a letter to the Sessions Court, means the funds, which include stacks of Malaysian ringgit alongside foreign currencies such as US dollars, Swiss francs, euros, yen, dirham and even gold bars worth about RM7 mil could be absorbed into government coffers if no third-party claims emerge by Oct 1. The money was uncovered earlier this year in raids on properties linked to Ismail Sabri’s aides, whom MACC detained as part of its sweeping investigation. The commission maintains that the cash was tied to offences under the MACC Act, though both men, now excused from court proceedings, have been questioned multiple times over their asset declarations.

Shorts

1. Targeted RON95 petrol subsidy to start end of this month

   The targeted RON95 petrol subsidy will be introduced at the end of this month, with eligibility determined through the Padu database and payments made via MyKad at petrol stations. Priced at RM1.99 per litre as announced by PM Anwar Ibrahim, the scheme is designed to curb leakages while ensuring genuine recipients benefit.

2. HASiL reminds property owners of RPGT reporting rules

   Anyone involved in a property transfer in Malaysia whether buying, selling, or assigning ownership must report the transaction to the Inland Revenue Board (HASiL) within 60 days for Real Property Gains Tax (RPGT) purposes. Reports must be filed via the MyTax portal, with late submissions facing penalties, and failure to file potentially leading to fines of up to RM5,000, jail of up to a year, or both. RPGT is imposed on capital gains from property sales, with tax rates starting at 30% if sold within three years, 20% in the fourth year, 15% in the fifth, and exemptions applying from the sixth year onwards, varying across individuals, companies and foreigners.

4. AROUND THE WORLD 🌎

Asia unrest:
Deadly Nepal Gen-Z protests, PM resigns
Thousands of Nepalese who call themselves Generation Z took to the streets of Kathmandu yesterday, in protest of Nepal government’s decision to ban social media, prompting the authorities to respond with water cannons, batons and rubber bullets. At least 19 people were killed in the protests and dozens injured. Last week, authorities ordered the blocking of 26 social media platforms for not complying with a deadline to register with Nepal's Ministry of Communication and Information Technology. The government has said social media platforms need to be regulated to tackle fake news, hate speech and online fraud, but demonstrators were not having it and was further fueled by the authoritarian attitude of the government. Many in Nepal think corruption is rampant, with the government also facing criticism for failing to deliver on promises to address the country's longstanding economic issues. Following the mass protests, Nepal lifted the social media ban and Prime Minister Khadga Prasad Sharma Oli has also resigned. View scenes from the ground here.

Indonesia’s long-serving finance minister removed from cabinet
Indonesia’s President Prabowo Subianto has reshuffled his cabinet, and Sri Mulyani Indrawati, one of the longest-serving finance ministers in Indonesia is now out of office. The abrupt removal has stunned markets, as investors fear the hard-fought fiscal credibility could be eroded by the populist spending plans under President Prabowo Subianto. It also sent the rupiah plunging over 1% in early trading on Tuesday, prompting Bank Indonesia to intervene in a bid to stabilize the currency. Sri Mulyani is widely viewed by global investors as crucial to their bets in Southeast Asia's biggest economy, and is considered the lynchpin behind improving Indonesia's fiscal performance and winning investor approval. Sri Mulyani has been replaced with economist Purbaya Yudhi Sadewa, who has promised accelerated growth in the country, despite grappling with widespread protests and unrest that have raged for two weeks.

More jail time for Thaksin Shinawatra
The Thailand Supreme Court has ruled that Thaksin Shinawatra must serve one year in jail because his detention in a VIP wing of a hospital in lieu of prison was unlawful, in another major blow for a powerful family that has dominated Thai politics for decades. On his return from 15 years of self-imposed exile in 2023, Thaksin spent only a few hours in prison before being transferred to hospital complaining of heart trouble and chest pains, prompting widespread scepticism and public outrage. Judges had said that Thaksin did not actually have any severe illness and that he had intentionally prolonged his hospital stay. The 76-year-old power-broker is experiencing a period of political reckoning after his daughter and protégé Paetongtarn Shinawatra was sacked as prime minister by a court on Aug 29 – the sixth premier from or backed by the Shinawatra family to be removed by the judiciary or military.

Showbiz:
Actors and directors pledge not to work with complicit Israeli film groups
Good news out of Tinseltown - a collective group of actors, directors and other film industry professionals have signed a new pledge vowing not to work with Israeli film institutions they say are “implicated in genocide and apartheid against the Palestinian people”. Signatories include film-makers Yorgos Lanthimos, Ava DuVernay, Asif Kapadia, Boots Riley and Joshua Oppenheimer; and actors Olivia Colman, Mark Ruffalo, Tilda Swinton, among others. The pledge had 1,200 signers as of Sunday night. Signatories are committed not to screen films, appear at or otherwise work with what it considers complicit institutions – including festivals, cinemas, broadcasters and production companies. The pledge became one of the most prominent cultural boycott efforts announced against Israel since the assault on Gaza started, coming nearly one year after more than 1,000 writers announced a similar pledge.

OpenAI to support production of AI-made animated feature film
The upcoming Cannes Film Festival in May will potentially be witnessing the first feature-length AI-made animated film “Critterz,” a story about forest creatures who go on an adventure after their village is disrupted by a stranger. OpenAI aims to prove that generative artificial intelligence can make movies faster and cheaper than Hollywood does today and has agreed to lend its tools and computing resources to the creation of the movie. Led by Chad Nelson, a creative specialist at OpenAI who is also the creator of the characters, the production team is attempting to make the movie in about nine months instead of the three years it would typically take. “Critterz” has a budget of less than USD30 mil (RM126.18 mil), far less than what animated films typically cost. The production team plans to cast human actors for character voices and hire artists to draw sketches that are fed into OpenAI’s tools, including GPT-5 and image-generating models.

Happening in London:
Tube strike over hours, pay
The London underground (aka the “Tube”) train strike continued for the second day yesterday, prompting commuters to choose bikes, buses and boats to get to their daily destinations. The staff strike called by the National Union of Rail, Maritime and Transport Workers (RMT) union centres on pay, fatigue management and shift patterns. Transport for London has offered a 3.4% pay rise, but the union is pushing for a reduction in working hours. Analysts estimates the strikes will have a direct impact on the London economy of GBP230 mil (RM1.4 bil), and cost millions more indirectly.

Banksy mural criticising Britain’s crackdown on protests
Banksy is back at it again - the anonymous street artist has unveiled a fresh mural on London’s High Court depicting a bewigged judge bringing down a gavel on a protester sprawled on the ground, clutching a blood-stained placard. It was painted days after nearly 900 people were detained during a protest in London opposing the government’s move to designate the activist network Palestine Action a “terrorist organisation”. Banksy is renowned to use his work to highlight Palestinian struggles, including murals painted on walls in the occupied West Bank.

5. FOR YOUR EYES 📺

The Arts, The Culture

1. If you enjoy Queen’s Bohemian Rhapsody, here’s an awesome flashmob in Paris.

itsjuliencohen

5M followers

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2. Heard of reverse graffiti? Check out this unique art by Marcus, a Singaporean, utilising water and pressure washer.

channelnewsasia

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3. So much love for ais kacang so much so this Swedish sells it back in Stockhom. Stall name? Lean Green Ais Kacang Machines. Price? 60 Swedish krona = RM27.

wawawandering

641 followers

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