☕️ MAHB hacked - hackers demand USD10 mil

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Over 3.14 mil vehicles are projected to enter Pahang from Mar 27 to Apr 7 for Hari Raya Aidilfitri celebrations, according to state committee chairman Razali Kassim. The Kuala Lumpur-Karak Expressway will bear the brunt of the traffic, with 2.24 mil vehicles, while the East Coast Expressway 1 (LPT1) will see 903,000 vehicles. Peak traffic is expected on Apr 5 (216,000 vehicles on KL-Karak) and Apr 6 (119,000 on LPT1), highlighting the seasonal surge in travel during the festive period. Authorities are bracing for congestion and advising motorists to plan accordingly. If you’re travelling to the East Coast, brace yourself too!

50% of Netflix subscribers return within six months – Despite cancellations, Netflix has a strong "win-back" rate, with 50% of subscribers rejoining within six months and 61% returning within a year, according to data from analytics firm Antenna. This outperforms the weighted average of competitors like Apple TV+, Disney+, Hulu, and Max, where 34% of subscribers returned within six months and 45% within a year.

84% of Billboard Global 200 tracks went viral on TikTok first – TikTok has solidified its role as a major force in the music industry, with 84% of songs on the 2024 Billboard Global 200 chart first gaining traction through viral trends on the platform, according to a report by TikTok and Luminate. Another 12% of tracks went viral after charting, while only 4% saw no significant TikTok presence. The app also drives music streaming, with artists experiencing an 11% average increase in on-demand streams within three days of a TikTok video’s peak views. Additionally, American TikTok users are 68% more likely to subscribe to paid music streaming services than the national average, highlighting TikTok’s influence on music discovery and consumption.

3. IN MALAYSIA 🇲🇾

Hackers demand USD10 mil (RM44.36 mil) from MAHB
Prime Minister Anwar Ibrahim revealed that Malaysia Airports Holdings Bhd (MAHB) recently suffered a cyberattack, with hackers demanding US$10 mil. The government refused to pay, with Anwar saying he rejected the demand "in less than five seconds". The attack had a serious impact on MAHB’s digital system, prompting urgent discussions on cybersecurity measures. Anwar stressed the need for more funding for law enforcement and Bank Negara to strengthen cyber defences. With rising threats, Malaysia’s digital security is no longer an option, it’s a necessity.

Malaysia’s cyber defence gets serious
The Defence Ministry is considering a dedicated cyber force to tackle cyber threats and misinformation campaigns, aligning with efforts to modernise the Malaysian Armed Forces (ATM). Defence Minister Khaled Nordin said the unit would specialise in cyber threat intelligence, digital forensics, incident response, and active cyber defence to prevent and neutralise threats before they endanger national security. Under the Defence White Paper, the ministry aims to transform the ATM into a more agile and mission-ready force by 2030, addressing hybrid warfare, drone threats, terrorist incidents, and regional conflicts. The Science and Technology Research Institute for Defence has also pinpointed key areas requiring investment, including cyber and unmanned warfare. To support these upgrades, the ministry plans to propose raising defence spending to 1.5% of GDP by 2030, up from the current 1.1%, a move in line with regional trends. In today’s digital battlefield, wars aren’t just fought with weapons but with data, deception, and disruption. Malaysia’s defence must evolve accordingly.

Malaysia bans online sales of contact lenses
Malaysia’s Medical Device Authority (MDA) has officially banned their sale on e-commerce platforms, saying it’s a health and safety issue. Since these products are classified as medical devices under the Medical Devices Act 2012, they can only be sold by licensed opticians or optometrists, as required by the Optical Act 1991. MDA chief Dr P. Muralitharan made it clear: no approvals for ads or online sales, and those caught breaking the rule could face fines of up to RM200,000, two years in jail, or both.

Even online shopping giants aren’t off the hook, as the MDA is warning platforms not to list these products, promising strict enforcement. If you spot anyone still selling contact lenses online, you can report them through the MDA Feedback Management System (FEMES) or email [email protected]. With online shopping booming, this move raises big questions about where convenience ends and safety begins.

Kelantan’s Raya shutdown: A festive mandate or business overreach?
The Kelantan government has ordered all businesses, including supermarkets, fast-food chains, and convenience stores, to close on the first day of Hari Raya Aidilfitri, sparking criticism from politicians and business groups. Former law minister Zaid Ibrahim warned the move could expose the PAS-led administration to legal action, arguing that businesses pay licensing fees and were not informed of this requirement beforehand. He also criticized the government for interfering in personal choices, saying some may prefer to work and earn income instead of celebrating. Kelantan State executive council member Hilmi Abdullah defended the directive, stating that it aligns with long-standing local authority regulations to allow Muslim employees to celebrate Aidilfitri. He confirmed that businesses that defy the rule could face fines.

Critics also argued that the blanket closure lacks flexibility. Amanah’s Kota Lama assemblyperson Dr. Hafidzah Mustakim questioned whether essential services like clinics and petrol stations would also be affected. Meanwhile, Kelantan MCA called for a more balanced approach, saying some businesses rely on the holiday crowd for revenue and should be given the choice to stay open. Zaid took a harsher stance, calling the policy “crazy” and warning that such rigid governance could hurt businesses and inconvenience the public. He mocked the state's approach, saying, "At this rate, they’ll soon dictate when people can eat breakfast or go to sleep." At a time when Kelantan sees an influx of visitors during Raya, the ruling adds another layer to the ongoing debate over state regulations versus business freedom.

Astro’s eighth consecutive year of declining annual revenue
Astro Malaysia Holdings Bhd saw its operating profit shrink again as revenue fell for the eighth straight year. In the financial year ending Jan 31, 2025 (FY25), total revenue dropped 8% year-on-year (y-o-y) to RM3.08 bil, weighed down by lower subscription and advertising income. Despite this, net profit more than tripled to RM129.15 mil, thanks to reduced financing costs and the absence of losses from discontinued operations - so the improvements are partly from one-off sources. However, Astro did not declare a dividend.

For the fourth quarter (4Q25), net profit dropped 76.3% y-o-y to RM10.49 mil, while revenue fell 6.5% to RM766.41 mil. Television revenue declined 6.7% to RM716 mil, while radio earnings slipped 4.2% due to weaker ad spending. CEO Euan Daryl Smith highlighted a shift in customer trends, with pay-TV customer additions surging 52%, the highest in four years. Meanwhile, streaming platform sooka has doubled its VIP subscriber base and now boasts over a million monthly active users. Astro’s struggle to stay relevant is clear, but whether these strategies can reverse its long-term decline remains to be seen. View earnings here.

4. AROUND THE WORLD 🌎

White House mistakenly shares Yemen war plans with journalist 
News outlet The Atlantic has reported in an exclusive first-hand account that its editor-in-chief Jeffrey Goldberg was unexpectedly invited on Mar 13 to an encrypted chat group on Signal, called the "Houthi PC small group". 

Inside the chatroom were accounts said to be representing US VP JD Vance, Secretary of State Marco Rubio, CIA director John Ratcliffe, National Intelligence director Tulsi Gabbard, Treasury Secretary Scott Bessent, White House chief of staff Susie Wiles, and senior NSC officials. They appeared to be discussing details about the large-scale military strikes against Yemen's Houthis on Mar 15, hours before the attack began. The report also said that Defense Secretary Pete Hegseth posted operational details about the plan in the messaging group, "including information about targets, weapons the US would be deploying, and attack sequencing”.

Members of Congress in both parties erupted on Monday over the news, with some Democrats already calling for an investigation and potential repercussions against the national security officials involved in the blunder. Trump was unaware of the incident until he was briefed later, but the White House said that he continues to have the utmost confidence in his national security team, including national security adviser Mike Waltz.

Trump to impose 25-percent tariffs on countries that buy oil from Venezuela
It appears that Trump is moving on to “pounce” on Venezuela now, a country that has been his longtime target since his first term of presidency. Trump has recently announced that beginning Apr 2, any country that purchases oil or gas from Venezuela will face a 25% tariff in its trade with the US. The tariff appears designed not only to strike a blow against Venezuela but also against China, the US’ main economic rival and the largest consumer of Venezuelan energy products. Trump blames Venezuela for the waves of migrants fleeing its borders, saying — without evidence — that the country intentionally sent people to the US and constantly criticises its government led by President Nicolas Maduro.

“Fun” fact about Venezuela - the country boasts some of the largest crude oil reserves in the world, and it also has the largest natural gas deposits in South America. Its economy is largely reliant on energy exports. Trump’s administration has been asking Venezuela to accept deported undocumented migrants from the US, but Venezuela has largely refused to do so in the past. It also does not have any diplomatic relations with the US.

Businesses in peril:

• 23andMe’s bankruptcy puts 15 mil users’ DNA info on auction block
  23andMe has filed for bankruptcy and has proposed a May 14 auction for the sale of its assets, which include the genetic data of more than 15 mil customers who had sent their saliva to the company in hopes of finding lost relatives or discovering health risks. While existing bankruptcy law contains measures to protect the sensitive information of failed companies, the prospect of key genetic information being sold feeds into long-simmering unease around privacy and safety in the industry. 23andMe has filed customary motions seeking court approval to run a sale process for its assets and tap as much as USD35 mil (RM155.26 mil) in Chapter 11 financing. The company in court papers listed USD277.4 mil in assets and USD214.7 mil in liabilities.

• Vertical farming company Plenty files for bankruptcy after raising nearly USD1 Bil (RM4.44 bil)
  Another agritech company has filed for bankruptcy in the US - Plenty, a vertical farming startup has been reported to do so and has received a commitment for USD20.7 mil in debtor-in-possession financing as part of a proposed restructuring plan. It plans to continue to operate a strawberry farm in Virginia and a plant science R&D centre in Wyoming. Its last known valuation was USD1.9 bil at the time of a USD400 mil Series E financing round in Jan 2022, according to PitchBook. Since its 2014 inception, the company has raised nearly USD1 bil in funding from a variety of investors, including SoftBank Investment Advisers, Walmart, Bezos Expeditions, and Jeff Bezos as an angel investor.
  Learn: What is debtor-in-possession financing?

• More trouble for Tesla as China's BYD crosses USD100 bil (RM443.6 bil) barrier 
  Pressure continues to mount on Tesla. Its rival, Chinese EV giant BYD on Monday reported annual revenue of CNY777 bil for 2024, (roughly USD107 bil or RM474.65 bil). By contrast, Tesla's annual revenue last year was USD97.7 bil. In January, it sold nearly twice as many EVs as Tesla, which saw sales slump by 11% year-over-year. By early December, the Chinese carmaker had already surpassed its annual target, selling over 3.7 mil cars in 11 months, eclipsing its 3.6 mil goal with a month to spare. Ultimately, it sold 4.27 mil EVs in 2024. Tesla suffered its first annual sales decline in more than a decade. It delivered 1.79 mil vehicles in 2024, down 1% from 2023's 1.81 mil, despite a record-breaking 495,570 vehicle deliveries in Q4. For comparison, Tesla’s market cap is USD871.7 bil vs BYD’s USD157.4 bil — either one of them is mispriced or both are mispriced.

Shorts:

1. Oscar-winning Palestinian director attacked by Israeli settlers 
   Hamdan Ballal, a Palestinian director of Oscar-winning documentary No Other Land (trailer here) has been reportedly handed over to the Israeli military after a group of masked settlers attacked his house in the West Bank. He was left injured in his head and stomach, and witnesses reported that the Israeli soldiers even invaded the ambulance that was carrying him. Basel Adra, another of the directors, who are all from Israel and Palestine said that escalating settler violence might be a response to the international recognition won by the documentary.

2. HIV and AIDS deaths could increase globally amid US aid funding freeze 
   The United Nations AIDS agency has estimated that 2,000 new HIV infections a day across the world could occur in the next four years, with a tenfold increase of 6.3 mil additional AIDS deaths if US funding is not restored. The disruption to health funding and the impact on broader services has had a devastating impact on people living with HIV/AIDS as UNAIDS shut down many clinics and laid off thousands of health workers. UNAIDS, which coordinates the global response to preventing and treating HIV/AIDS, received USD50 mil (RM221.80 mil) in core funding last year from the US, representing 35% of the UN agency’s budget.

3. Massive sinkhole swallows motorcyclist in Seoul
   A man was found dead due to cardiac arrest, after being swallowed by a massive sinkhole while he was riding his motorcycle in Seoul. He was buried at a depth of approximately 90cm and was found still wearing his helmet and motorcycle boots. The sinkhole occurred at a site where extension work for a metro line was underway, which is believed could be one of the many contributing factors to the now 20m wide and 20m deep sinkhole. Investigations into the cause of it were still ongoing. Watch the incident here.

5. FOR YOUR EYES 📺

1. “What is this called?” trend feat. corporate employee.

2. The history of Xiaomi - from a phone to EV maker.

3. The FAQ Show community event this coming Saturday. Get your tickets here.