☕️ The Rs of PKR deny they are the RM9.5 mil 'Mr. R'

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD1.2 mil (RM4.75 mil) – That’s how much KPMG’s UK partners received for 2025, up 11% from the previous financial year. The bonus pool for rank-and-file employees also increased by 18%, though this was lower than 2024’s 20% rise. KPMG is often considered the underdog of the Big Four, as it is the youngest and the smallest by global revenue and number of employees. The firm is also facing a dwindling number of senior leaders despite the higher payouts, having seen four consecutive years of declining partner numbers. Deloitte remains the most lucrative, with UK partners paying USD1.4 mil in 2025. PwC’s UK partners were paid USD1.19 mil, while EY’s UK partners were paid just over USD1 mil.

2.63 mil – That’s how many Chinese cyberattacks occurred daily in 2025, according to Taiwan’s National Security Bureau. The attacks targeted key infrastructure from hospitals to banks, marking a 6% increase from 2024. The bureau added that some of these cyberattacks were synchronised with military drills as part of “hybrid threats” meant to paralyse the island. The bureau’s report said the Chinese attacks included distributed denial-of-service (DDoS) attacks meant to disrupt Taiwan’s daily life, as well as man-in-the-middle attacks to steal information and penetrate the island’s telecommunications networks.

RM1.62 – That’s the average price on grey markets for verifying a fake Malaysian account, allowing it to bypass security measures by online services. A year-long study by Cambridge University researchers shed light on the online marketplace, in which vendors buy SIM cards in bulk to sell verification services. The verified accounts are often fake and used to perpetrate online fraud and manipulation. Factors affecting the price include the service asking for the verification, the level of demand, and the SIM card used. The data collected can be viewed here.

3. IN MALAYSIA 🇲🇾

Fuel rules tighten amid subsidy misuse crackdown
Permit-only fuel purchases enforced: The Ministry of Domestic Trade and Cost of Living Malaysia (KPDN) has reinforced that only permit holders may purchase petrol or diesel in containers, under stricter Control of Supplies Act 1961. Fuel sales at petrol stations are intended strictly for refuelling vehicle tanks unless buyers obtain special approval via the official permit system. Permits are available to selected sectors including agriculture, emergency services, tourism, and small-scale construction. Purchases typically start from 20 litres and are subject to approved limits. The move follows a recent incident in Skudai where subsidised RON95 petrol was allegedly filled into a container beyond permitted limits, prompting an investigation and review of station compliance.

MyKad blocks for subsidy abuse: Meanwhile, the Ministry of Finance (MOF) has taken a firm stance against misuse of fuel subsidies, announcing that individuals caught abusing the Budi Madani RON95 programme will have their MyKad blocked from accessing the subsidy. The action comes after a viral case involving petrol being filled into containers instead of vehicle tanks, which authorities say undermines targeted subsidy efforts (watch video here). Officials stressed that enforcement will continue to be stepped up, with the public encouraged to report suspicious activity.

Empire Sushi gears up for RM254 mil IPO
Empire Premium Food Bhd, which operates the Empire Sushi chain, is preparing for its Main Market listing, aiming to raise RM254 mil via an initial public offering at 70 sen per share. Of the total, RM152.6 mil will go to the company and RM101.5 mil to co-founders Jordan Tan and Nicole Lim (kaching). The listing is set for Apr 17, 2026, giving the company a market capitalisation of around RM770 mil. Empire Premium currently runs 143 outlets, mostly takeaway-focused, and reported a net profit of RM37.92 mil on revenue of RM235.6 mil for the financial year ended Mar 31, 2025.

Key points of the IPO and business plans include:

1. 56 new outlets planned over the next three years, targeting high-traffic locations such as shopping centres, airports, and transit hubs.

2. RM79.1 mil (51.8% of proceeds) for expansion, RM52.1 mil for working capital, RM12.6 mil for outlet upgrades.

3. Same-store sales growth of 3% to 5%, quarterly menu refreshes, wastage maintained at 7%, majority of outlets halal-certified.

4. Capital expenditure per outlet ranges from RM550,000 (grab-and-go) to RM1 mil (quick dine-in) with an average payback period of nine months.

Weather shifts bring storms and heat
Stormy transition phase begins: MetMalaysia has said the inter-monsoon phase will start on Mar 29, 2026, and continue until May, bringing short bursts of thunderstorms, heavy rain, and strong winds across many areas. The west and interior of Peninsular Malaysia, as well as parts of Sabah and Sarawak, are expected to be affected. This phase marks the end of the Northeast Monsoon and is driven by weak winds from various directions, creating conditions for thunderstorm clouds to form. These storms may trigger flash floods, landslides, fallen trees and lightning strikes, with risks of hail and even tornado-like events. Stay safe. Don’t park under the trees.

Heat to linger despite incoming rain: At the same time, hot and dry weather is expected to persist until June, as Malaysia enters the final phase of the monsoon cycle. While rainfall will increase gradually from the end of Mar, many areas have recorded below-normal levels, with some locations experiencing more than two weeks without rain. Northern regions such as Kedah remain more exposed to higher temperatures due to wind patterns. Incoming showers may bring slight relief, but conditions are expected to stay warm.

Another form of drought until May:

Shorts

1. Ramanan denies he is the RM9.5 mil ‘Mr R’?
   Human Resources Minister R Ramanan has strongly denied claims he received RM9.5 mil linked to a so-called corporate mafia case, saying he has never met businessman Victor Chin and demanding proof. The issue quickly escalated into a public spat, with Ramanan criticising Rafizi Ramli, while Rafizi hinted in a video (watch here), that the identity of “Mr R” could be uncovered, with further responses expected soon.

2. Grab rolls out women-only option
   Grab Malaysia has introduced a women-only ride option in the Klang Valley, currently in beta. The feature matches women passengers with verified women driver-partners through advance booking and was launched alongside International Women’s Day 2026. Grab says the option enhances safety and comfort for women, while a parallel campaign encourages more women to become driver-partners with flexible earning opportunities and rewards, including fuel vouchers and a grand prize.

4. AROUND THE WORLD 🌎

How goes the war?
BlackRock CEO warns of global recession if oil reaches USD150
Larry Fink, CEO of asset management firm BlackRock, warned that oil prices could reach USD150 (RM594.75) per barrel and cause a global recession even if the war ends, as long as Iran “remains a threat to trade”. He said that if Iran continues to threaten the Strait of Hormuz, the world could have “years of above USD100, closer to USD150 oil”. This follows the US sending Iran a 15-point proposal aimed at ending the war, raising prospects of a ceasefire. BlackRock is the world’s largest asset manager with AUM of USD14 tril.

Philippine president declares national energy emergency
Philippine President Ferdinand Marcos Jr. has declared a national energy emergency in response to what he called an “imminent danger” to the country’s energy supply, namely the Iran conflict. The declaration came ahead of a strike planned by transport workers, commuters, and consumer groups to protest rising fuel prices and what they say is the administration’s failure to respond swiftly. Marcos Jr said the year-long emergency would enable the government to implement responsive and coordinated measures to address the disruptions, such as procuring fuel and petroleum products and paying part of the contract amount in advance if necessary. However, critics have accused the administration of lacking a unified and coordinated response to mitigate the fallout from the surge in oil prices.

Is the West repeating Red Sea history in the Strait of Hormuz?
As the Western allies attempt to negotiate protection for shipping in the Strait of Hormuz, it should be noted that there was a similar effort in the region years earlier. This effort was to secure the Red Sea against the Houthis in Yemen. It was costly, with four ships being sunk and more than USD1 bil (RM3.97 bil) in weapons expended. However, the result was a route that the shipping industry still largely avoids. The Strait of Hormuz represents a more complex scenario, with the shipping lane responsible for about 20% of the world’s oil and liquefied natural gas supply. It is also being blocked by Iran, a more formidable adversary than the Houthis. The US faces a better-supplied, more heavily armed force this time, and it might take months of combined mine-clearing, patrols, and escorts to erode the threat of Iran’s Islamic Revolutionary Guard Corps.

Chips to the dollar
Arm Holdings to sell in-house chips, targets USD15 bil in five years
Chip designer and SoftBank-majority owned Arm will begin selling its own chips for the first time, adding a business it expects to generate about USD15 bil (RM59.48 bil) annually within five years. Arm’s AGI CPU already has the first major customer, Meta, Facebook’s parent company. Taiwan Semiconductor Manufacturing Company will produce the chips. Arm expects the chip business to eclipse sales from its current operations, which focus on selling chip designs. It estimates that total sales will reach about USD25 bil in five years, five times the firm’s current sales level.

Sources: SK Hynix files for US listing, could raise up to USD14 bil
South Korean chipmaker SK Hynix is reportedly planning a confidential filing to list shares in the US in the second half of 2026, in a move that could raise up to USD14 bil (RM55.51 bil). The firm would list between 2% and 3% of its total shares, with the proceeds to finance chipmaking factories in South Korea’s Yongin city and the US state of Indiana. This share issue, based on SK Hynix’s market capitalisation, amounts to between USD9.6 bil and USD14.4 bil. At the time of writing, SK Hynix had a market capitalisation of KRW709.14 tril (USD473.4 bil or RM1.87 tril) - that’s a tad bigger than Malaysia’s 2025 GDP of USD470 bil.

Shorts:

1. Bill Cosby found guilty (again)
   After a nearly two-week trial, a US jury found stand-up comedian and TV superstar Bill Cosby guilty of drugging and sexually assaulting a woman in 1972, with the court awarding Donna Motsinger USD59.25 mil (RM234.93 mil). Motsinger filed the lawsuit in 2023. Cosby was among the first celebrities convicted after the popularisation of the #MeToo movement. He has settled several similar lawsuits and has been ordered to pay in others since 2017, but Monday’s award is likely the most he has had to pay in a case. He denied all allegations from at least 60 women.

2. Salah says farewell to Liverpool
   Liverpool forward Mohamed Salah will be leaving the club at the end of the season. According to the club, the early announcement was Salah being transparent about his future as a show of respect and gratitude to his supporters. There are no reported details on where he will go. Salah established himself as one of Liverpool’s greatest players, helping the club to two Premier League titles, the Champions League, the FIFA Club World Cup, the UEFA Super Cup, the FA Cup, and two League Cups, as well as an FA Community Shield. Some of Salah’s beautiful goals:

5. FOR YOUR EYES 📺

What money gets you

1. Selangor's richest address.

2. The cost of private schools.

3. Rolls-Royce Droptail. Only four units in the world. Costs more than USD30 mil (RM118.9 mil). One of them in Malaysia.