☕️ Trump's China tariff now "up to 245%"

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

80-fold – The cost of developing new drugs has surged by this magnitude since 1950, illustrating the phenomenon known as Eroom's Law, which starkly contrasts with Moore's Law. This pattern, showing that the number of drugs approved per billion dollars of R&D halves every nine years highlights the increasing difficulty of pharmaceutical innovation. Costs, which were around USD5 mil (RM22.05 mil) per drug in the 1960s, escalated to USD1.3 bil by the mid-2000s, suggesting that achieving breakthroughs is becoming progressively more challenging.

80% – Bundling has emerged as a potent strategy for streaming services to rival Netflix, as evidenced by this customer retention rate achieved by services offering combined packages. According to new data from the analytics company Antenna, this surpassed Netflix's 74% retention rate during the same period. Disney's bundle with Max and Hulu demonstrated superior retention compared to its individual streaming platforms, reinforcing the appeal of consolidated offerings in a competitive market.

USD1.2 bil (RM5.3 bil) – A USD5 mil redesign investment salvaged the Sonic the Hedgehog film franchise, resulting in this massive global box office revenue — a 240x return on investment. Paramount's decision to delay the 2020 release and revamp the title character proved highly successful, transforming a potential flop into a lucrative series. The studio now plans to capitalise on this momentum with a fourth installment, scheduled for release in 2027.

3. IN MALAYSIA 🇲🇾

Banking on Borneo: Sarawak eyes bold merger with AmBank
A potential merger between Affin Bank and AmBank may be underway. The Sarawak government, Affin's largest shareholder, is reportedly eyeing a stake in AmBank via founder Azman Hashim’s 11.83% holding, valued at RM2.07 bil. While talks are ongoing, pricing and Sarawak’s wish for Affin to lead the merged entity remain key hurdles. A successful deal would create Malaysia’s fourth-largest banking group, with Sarawak expected to hold up to 20% of the merged institution. Meanwhile, Sarawak is also exploring stakes in Bank Muamalat and Kuwait Finance House (KFH), though interest in Islamic banking appears lukewarm. If realised, this consolidation could mark a bold push by Sarawak to wield greater influence in national banking, raising both strategic potential and questions about regional power dynamics.

Smash hit: Lee Chong Wei named Johor’s sports ambassador
Badminton icon Datuk Lee Chong Wei will be officially appointed as Johor’s Sports Ambassador this Friday, Apr 18, through an MoU with the Johor Sports Council at Thistle Hotel, backed by Regent Tunku Ismail Sultan Ibrahim. The move, part of Johor’s 2030 vision to become a national sports powerhouse, will see the three-time Olympic silver medallist mentoring athletes and championing sports initiatives across the state. State Sports Committee chairman Mohd Hairi Mad Shah and Council director Mohd Ekmaluddin Ishak affirmed the appointment as a serious step towards youth development and global athletic recognition. Chong Wei’s legacy lends weight to Johor’s ambitions, proof that sporting icons still have a vital role in shaping the future of Malaysian sports.

Beggar shift swap goes viral
A viral video (watch here) showing two masked men believed to be foreign beggars exchanging “shifts” outside a shopping mall in Pahang has reignited public concern over organised street begging, with one man handing over a coin container and another retrieving his slippers before taking over the spot. The incident, reminiscent of a job handover, drew both outrage and mockery online, with netizens joking about punch cards and EPF contributions. Pahang Welfare Department director Khairul Amri Ahmad confirmed enforcement officers would investigate the individuals. This follows a similar 2023 case involving a local beggar found owning a Proton X70. As public sympathy wanes, the episode underscores the need for tighter regulation to curb what increasingly looks like a lucrative and coordinated exploitation of goodwill.

Flag fumble: Sin Chew probed over missing crescent
The Home Ministry has issued a show-cause letter and launched an investigation into Sin Chew Daily after the newspaper published a front-page illustration of the Malaysian flag without the Islamic crescent symbol, calling it a serious professional lapse with the potential to incite disharmony. Citing the flag’s importance to national identity and unity, the Ministry warned of possible legal action under the Emblems and Names Act 1963 and the Printing Presses and Publications Act 1984. While Sin Chew has since apologised in three languages, the incident underscores the sensitivities surrounding national symbols in Malaysia’s multiracial context, a reminder that media accuracy is not just editorial, but existential.

No letters, just doubt: MACC didn’t see Najib’s Saudi proof
The High Court heard that the MACC team sent to Saudi Arabia in 2015 to verify Najib Razak’s claim of receiving a royal donation never saw the original letters allegedly confirming transfers of billions into his account, key to the 1MDB probe. Testifying in Najib’s ongoing corruption trial, MACC senior officer Mohd Hafaz Nazar said the team recorded statements from a Saudi prince’s aide and Jho Low associate Eric Tan, both based on pre-written statutory declarations with no supporting documents or follow-up queries. Najib claims four letters from Saudi royalty, pledging over USD1.2 bil (RM5.29 bil) and GBP50 mil between 2011–2014, justify the funds. He faces abuse of power and money laundering charges involving RM2.3 bil. That no originals were produced raises further doubts over the donation narrative central to Najib’s defence.

Malaysia-China ink 31 deals in power-packed visit
Malaysia and China signed 31 MOUs, Notes, and cooperation agreements across key sectors including security, trade, transport, education, agriculture, digital tech, and panda conservation, during a document exchange at Seri Perdana on Apr 16, witnessed by PM Anwar Ibrahim and President Xi Jinping. Highlights include mutual visa exemption, a joint defence dialogue, railway cooperation, twin industrial park upgrades, and media-tourism collaboration. This marks Xi’s first visit to Malaysia since 2013, signalling strengthened bilateral ties amid a shifting global landscape with the sheer breadth of agreements reflecting both countries’ intent to deepen strategic engagement on multiple fronts.
Btw, watch Dato Siti Nurhaliza performing Teresa Teng’s classic ‘The Moon Represents My Heart’ during the Welcoming Dinner for President Xi.

4. AROUND THE WORLD 🌎

Trump's Tariffs, the new breakfast special
White House note: China tariff now "up to 245%"
A White House fact sheet reveals the US President Trump has upped the ante against China again with an “up to 245%” tariff as a result of China’s retaliatory actions. This covers the 125% reciprocal tariff, the initial 20% fentanyl tariff, and new tariffs on specific goods that will be between 7.5% to 100%. China has responded, stating that the US started the trade war. A Chinese Foreign Ministry spokesperson said China does not want to fight these wars, but is not afraid to. Chinese President Xi, currently on a Southeast Asia diplomatic trip, called for Asian nations to unite in overcoming the “countercurrents of unilateralism and protectionism”. Today is his last day in Malaysia before he heads to Cambodia. Let’s see who will touch the 888% huat threshold first.
View infographic: Visualising China’s Dependence on US Trade

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Trump is watching whatever talks happen with China very closely, even as he announced he will be personally attending a meeting between Japanese and US trade officials, likely to show how eager he is to oversee negotiations triggered by his tariffs. Also, the White House is shrinking the pool of media outlets that can follow the President to report on his statements, following the loss of a court challenge by the Associated Press. Wire services like Reuters and Bloomberg have also lost their customary spots. So much for the freedom of the press.

The Art of The Flip-Flop Deal: Chipmakers sound alarm over new curbs
Chip stocks were hit hard when Washington revealed that there are now new restrictions on chipmakers looking to export their chips to China, with Nvidia and AMD affected and signalling writedowns. The restriction requires companies to have a licence to export to China “for the indefinite future”. Nvidia was hit the hardest, warning that it will have to report about USD5.5 bil (RM24.26 bil) in writedowns for the quarter, especially since it had designed and manufactured its H20 chip specifically to comply with the previous set of restrictions. China generated USD17 billion in revenue, or 13% of Nvidia's total sales, in its last fiscal year that ended on Jan 26.

AMD expects a hit of up to USD800 mil due to the new curbs as well. To cap things off, ASML, the world’s biggest supplier of computer chip-making equipment, said the tariffs increase uncertainty around its outlook for 2025 and 2026, though it still believes the AI race will continue to drive its growth. By the way, Nvidia could also be in trouble for failing to warn some of its major customers about the new restrictions.

Biden speaks up, lambasts Trump's policies
Meanwhile, former US President Joe Biden has delivered his first major speech since leaving office, speaking against the “breathtaking level of destruction” that has been caused by the cuts to the federal workforce. The Social Security Administration, which handles disability and retirement benefits, was mentioned by name, with Biden saying Trump’s administration had “taken a hatchet” to the agency. The SSA responded by posting on X that Biden was lying about the agency’s reform efforts, even as there are reports that Social Security recipients have complained about long call wait times and portal outages.

Israel offers terms for truce
Israel proposed a 45-day truce in Gaza to allow hostage releases and potentially begin indirect talks to end the war, with terms that require Hamas to release 10 living hostages in exchange for over a thousand Palestinians detained since the war began. Israeli forces would withdraw to positions prior to the breakdown of the original ceasefire agreement, while the distribution of humanitarian aid would resume and work on rebuilding infrastructure would start. Talks would also begin with Egyptian and Qatari mediators and the US to discuss a permanent end to the war. Hamas would also have to release deceased hostages and provide proof of life of the remaining living hostages. Hamas, which said it was studying the proposal, had already rejected one of the terms, which requires it to lay down its arms.

In the meantime, Israeli troops will remain in the buffer zones they have created in Gaza, zones that have forced over 2 mil Palestinians into ever smaller areas in the south and along the coastline. Defence Minister Israel Katz said Israeli troops will remain in the buffer zones even after any settlement to end the war, in contradiction to the offered proposal. Katz also said the refusal of Hamas to lay down its arms is a clear indicator of how far the two sides are from any ceasefire agreement. This is, of course, coming from the guy who blocked humanitarian aid from entering Gaza.

Shorts

1. UK decides definition of woman 
   The UK Supreme Court has unanimously ruled that a woman is defined by biological sex under its anti-discrimination law, siding with the For Women Scotland campaign group, which had brought a case against the Scottish government, arguing that sex-based protections should only apply to people who are born female. However, the court also stressed that transgender people will still be protected under the anti-discrimination law.

2. Singapore election to happen in May 
   The elections will be held on May 3, 2025, and will be the first electoral test for the city-state’s new PM, Lawrence Wong. Voters are expected to keep Wong’s party in power. It should also be noted that the People’s Action Party has won every election since Singapore was granted self rule in 1959.

3. Basilica architect "on road to sainthood" 
   The Vatican put Antoni Gaudí on the path to sainthood to recognise his “heroic virtues”, with Pope Francis authorising a decree that declared the architect “venerable”. Gaudí, nicknamed “God’s architect” by some, is the designer of one of Spain’s most famous religious sites and tourist attractions — the unfinished Sagrada Familia basilica (view here) in Barcelona.

4. Colossal squid filmed for first time in natural environment 
   The 30cm-long juvenile colossal squid is the first of its species to be filmed in its natural environment since the species was discovered 100 years ago. The footage was recorded by a team of scientists at a depth of 600m, near the South Sandwich Islands in the South Atlantic Ocean. This particular species of squid can grow up to 7m in length and weigh up to 500kg, making them the heaviest invertebrate on the planet.

5. FOR YOUR EYES 📺

1. Durex ad - #1 always.

2. Jack Sparrow’s POV - majestic view of Antartica by nature photographer drew.simms.

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3. When there are 2-day pullbacks of 10% or more (Thanks Trump), it’s usually followed by sweet, nice returns one year later.