☕️ First 100% Malaysian EV - Perodua's QV-E at RM80,000

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The Louvre Museum in Paris is overhauling its security and is making tourists pay for it. This takes the form of a 45% hike for most non-EU visitors, according to a recent board decision. The hike takes effect mid-January 2026, with tourists from countries like the US, UK, and China having to pay EUR32 (RM153) to enter the museum. This is expected to raise between EUR15 mil and EUR20 mil annually to fund the overhaul the museum needs. This follows a brazen heist in October, where a gang stole some of the French crown jewels and fled within minutes.

On a historical note, researchers in Israel are hoping to make new discoveries about Jewish history by loading a digital database of manuscripts stretching back a thousand years into a new transcription tool that uses AI. The tool will allow researchers to access and analyse the whole collection of over 400,000 documents far more quickly, while allowing them to cross-reference names or words and assemble fragments into fuller documents. The collection of documents, called the Cairo Geniza, is the biggest collection of medieval Jewish documents in the world. However, only a fraction of it has been thoroughly researched.

Back to expensive art, Hokusai’s The Great Wave (you know the classic Japanese wave painting?) was recently auctioned off in Hong Kong for HKD21.7 mil (RM11.5 mil), almost three times its high estimate. This also set a new record for this woodblock print by the artist who crafted the “Thirty-Six Views of Mount Fuji” series. The iconic, instantly recognisable piece was part of a series of art pieces auctioned, where price records were broken, reportedly due to a billionaire’s spat. Another piece that saw a record-breaking price was Kitagawa Utamaro’s large-scale Fukagawa In Snow painting, sold for HKD55.27 mil. Check out the art pieces here and here.

3. IN MALAYSIA 🇲🇾

Perodua enters the EV game with QV-E
Perodua has officially launched its first fully electric vehicle, the QV-E, marking a major milestone for the national carmaker and the country’s growing EV ecosystem. Priced at RM80,000 without insurance and excluding the battery, the model was developed with an investment of RM800 mil, 266,000 man-hours on R&D and the involvement of more than 100 local experts. The model is billed as the first 100% Malaysian EV. The launch in KL was attended by PM Anwar Ibrahim, who highlighted the achievement as a testament to local talent under the New Industrial Master Plan 2030, where Perodua was appointed to lead the nation’s EV development. The QV E comes with a lithium iron phosphate battery rated at 52.5 kWh, offering up to 445 kilometres of range depending on driving conditions and zooms to 100 kmph in 7.5 seconds. Kinda sleek looking.

Subscribe for power: A standout feature of the QV E is its new battery ownership model through Perodua’s Battery As A Service (BAAS) programme. Since the battery is not included in the purchase price, customers instead enter a nine-year leasing agreement with a monthly payment of RM275 (RM3,300 per year).

Why subscription: This setup helps Perodua manage battery disposal at the end of its lifespan while keeping the vehicle’s resale value stable.

How it affects the loan: The vehicle loan remains a separate arrangement with the bank, and for as long as the loan is active, the battery lease is combined into a single monthly payment. Once the car loan ends, owners continue paying the remaining lease directly to Perodua through its app.

Lifetime guarantee: The leased battery comes with a lifetime performance guarantee, ensuring it maintains more than 70% state of health. The system also includes a built-in tracker to support breakdown assistance and manage end of life processes, giving owners long-term confidence and proper support throughout the vehicle’s lifespan.

Under construction: Anti-Bullying Law
The bill is tabled for first reading in Dewan Rakyat yesterday, with debate set for Dec 3 during the second and third readings. Highlights of the bill:

New anti-bullying law and tribunal: Malaysia is set to get a new anti-bullying law, and it’s not just words on paper. The law, tabled in the Dewan Rakyat by Minister in the PM’s Department Azalina Othman, will create an Anti-Bullying Tribunal to handle complaints, prevent bullying, and ensure victims get justice. Bullying is defined broadly, covering physical harm, verbal abuse, social isolation, and even online harassment, so nothing gets missed.

Tribunal composition and expertise: The tribunal will be led by a president and deputy president from the legal service, with at least five experienced lawyers and five experts in child development, psychology, or restorative justice. Its powers are wide-ranging. It can order bullies to apologise, remove harmful content online, reimburse victims, or even pay up to RM250,000 in compensation. Parents or guardians might also be asked to attend counselling or support programmes.

Penalties and broader jurisdiction: If someone ignores a tribunal order, there are serious consequences. They could face fines, double the compensation amount, up to two years in jail, and even daily fines for continuing non-compliance. The law also allows the tribunal to hear cases from outside schools or institutions, so no child slips through the cracks. This new approach makes bullying accountability clear and ensures victims have a strong path to justice.

WeChat mini programmes set to expand in Malaysia
Probably the first-ever successful superapp. Tencent Holdings Ltd is planning to expand its WeChat mini programme ecosystem in Malaysia as local businesses show growing interest in AI adoption and cross-border digital services. The mini programmes are applications that run directly within the WeChat super app, allowing users to access payment functions, e-commerce tools, and customer engagement features without needing separate mobile apps. They have already gained strong traction in China, Singapore, and other markets and Malaysia is next in line after successful pilots in Singapore and Macau. The WeChat mini programmes in Malaysia will be integrated with Tencent’s cross-border payment framework, Global Checkout, which includes local payment options such as DuitNow.

WeChat Pay or e-wallet soon? Tencent emphasises that it is “prioritising collaboration over competition” for now, focusing on empowering local payment systems rather than reintroducing WeChat Pay (ceased operations here in Aug 2024). Read between the lines - seems like one will come soon. When not if. Also, FOMO. It’s archrival, Alibaba, is already in the game here via TNG Digital through its affiliate Ant Financial.

Shorts

1. KWAP’s RM2 bil fund for a cooler future

   Malaysia’s public pension fund KWAP has launched Dana Iklim+, a RM2 billion climate investment fund aimed at driving the country’s shift to a low-carbon, climate-resilient economy. The fund invests across infrastructure, private equity, real estate and nature-based solutions while promoting ESG practices, climate research and talent development. It seeks market returns, supports net zero goals and accelerates sustainable growth for Malaysia. RM2 bil is slightly more than 1% of the fund’s total assets of more than RM190 bil.

2. What’s next, Zaf?

   Tengku Zafrul will step down as Miti minister on Dec 2 (today) and assume a new position, which PM Anwar will announce on Dec 3. Anwar praised Zafrul’s leadership in Miti, Mida and Matrade, highlighting his achievements in expanding international trade networks, while assuring that Malaysia’s relations with China remain strong. Zafrul has served 2 terms as a senator since 2020, under 3 PMs.

4. AROUND THE WORLD 🌎

Maneh, maneh, maneh

Money matters

Litigation financing - even lawsuit is an investable asset
The litigation finance industry is about having third-party investors channelling capital to lawyers who are chasing corporate malfeasance. However, the USD20 bil (RM82.6 bil) litigation finance industry is now facing a pullback from hedge funds and other capital sources. This has led some firms to suspend fundraising rounds, while others are looking into alternative means of cash generation. The industry saw huge growth predicted as recently as January 2024, but has since faced obstacles in the form of regulatory changes, lower payouts, and longer trial times. Litigation finance firms warn that a shrinking industry leaves consumers and workers less able to defend themselves against large corporations engaging in activities that cause environmental and social harm.
Learn more: What is litigation financing? 

However, there are some unusual cases involving litigation funding, where a lack of transparency can obscure the true motives behind litigation cases. One example is the Sulu heirs’ case against Malaysia, worth USD14.9 bil. Litigation funder Therium reportedly agreed to cover the legal costs of the arbitration. However, the opaque funding structure and profit-driven motives of Therium have raised serious ethical questions. At the same time, the case exposed the dangers of litigation funding in sovereignty cases. Basically, the case revolved around the Sulu heirs’ claim on Sabah, and Therium offered to front the costs. If the heirs won, they would still have been impoverished, while Therium would have successfully extorted Malaysia of billions of dollars.

Swiss reject millionaire inheritance tax, fearing wealth exodus
Switzerland voted to reject a 50% inheritance tax on super-rich residents, following threats by wealthy entrepreneurs to leave the country, with 82% of the voters opposing the plan. The tax was launched as a way of raising funds to fight climate change, and would have been introduced on all assets, which an individual passes on or gifts, that exceed CHF50 mil (USD62.3 mil or RM257.3 mil). This would have hit about 2,500 people in Switzerland, the top 0.03% of the country. The nation also has a high density of billionaires - at 9 billionaires per mil inhabitants, 5x the average in western Europe, according to a UBS study.
CHF = Swiss Franc

However, a prominent Swiss billionaire called for higher taxation of the rich, even as Switzerland overwhelmingly rejected the inheritance tax. Alfred Gantner, co-founder of private equity firm Partners Group, stated that the increasing concentration of wealth was a global issue. He proposed the idea of a progressive wealth tax instead of an inheritance tax, which he said is easily circumvented. Gantner is listed at number 1045 in the 2025 Forbes Billionaires list with an estimated net worth of USD3.5 bil.

Crime and security

South Korea police report 120,000 home cameras were hacked for sexploitation footage
South Korean authorities have arrested four people for allegedly hacking over 120,000 video cameras in homes and businesses and using the footage to make sexually exploitative materials for an overseas website. They hacked the cameras by exploiting vulnerabilities like simple passwords. Some of the locations hacked include private homes, karaoke rooms, a pilates studio, and a gynaecologist’s clinic. The four suspects were working independently and did not conspire. The authorities have called for those using such cameras to immediately and regularly change their access passwords.

Four men in Australia face drug, child sexual abuse charges
The four men were primarily charged with alleged involvement in a satanic child sexual abuse material ring. The alleged leader, Landon Germanotta-Mills, was charged with numerous offences, including possession of child abuse material, making such material available, and disseminating and possessing bestiality material. The others faced charges of possessing, making, or accessing child abuse material, along with drug possession.

India orders smartphone makers to preload state-owned cyber safety app
On safety, India’s telecoms ministry has privately asked smartphone makers to preload all devices with a state-owned cybersecurity app that cannot be deleted. The smartphone makers have 90 days to ensure that the Sanchar Saathi app is pre-installed, while devices already in the supply chain should have the app installed as part of software updates. However, this move is likely to antagonise Apple and privacy advocates. The tech giant has internal policies that prohibit the installation of any government or third-party app before the sale of a smartphone, and has historically refused such requests from governments. Notably, India is one of the world’s largest telephone markets, with over 1.2 bil subscribers.

Shorts

1. Google to start building data centres in space in 2027, says CEO
   Following a previous announcement unveiling Project Suncatcher, Google CEO Sundar Pichai revealed that the company could start putting solar-powered data centres in space as soon as 2027. The tech giant will be starting with tiny racks of machines in satellites for testing, before scaling from there. Pichai predicts that it will be normal to build extraterrestrial data centres.

2. Oxford names “rage bait” word of the year 2025

   Rage bait, defined as online content that is deliberately designed to elicit anger or outrage by being frustrating, provocative, or offensive, was awarded the title after narrowly beating out two other shortlisted terms, namely aura farming and biohack, in a public vote. Cambridge selected parasocial as its 2025 word of the year, with the word defined as a relationship felt by someone between themselves and a famous person they do not know. Prime example - Taylor Swift and Travis Kelce’s engagement. Collins went with “vibe coding”, which is the art of making an app or website by describing it to AI rather than by writing the code manually.

3. Japanese singer stopped mid-show amid China-Japan tensions

   Maki Otsuki was in the middle of performing a theme for the One Piece anime during the Bandai Namco Festival 2025 in Shanghai, when the music was stopped, and she was escorted off the stage. Her management later said it was due to unavoidable circumstances. However, this was merely one of several Japanese music events in China that have been abruptly cancelled following diplomatic tensions between China and Japan over the issue of using force in Taiwan. Another performance that was axed was a concert by Ayumi Hamasaki, who continued to perform to an empty 14,000-seat stadium as an appreciation for the people who helped make her current Asia tour a reality. Watch the awkward moment here.

5. FOR YOUR EYES 📺

Maneh, maneh, maneh

1. Gen Zs are more financially disciplined than earlier generations? Read more here.

2. It’s not cheap to be poor. This term is called the poverty premium - the extra costs people on low incomes and in poverty pay for essential products and services. Minor inconveniences to most of us here is a threatening situation for them. One good example - poorer people have to pay higher interest rates when borrowing money.

3. Whilst you are not poor and have some disposable income, learn how to manage it using the 3M method.