☕️ Up to 81.24% - US places new import duties on solar panels from Malaysia and three countries

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

70% (USD7 bil or RM30.74 bil) – Malaysia has recovered this significant portion of the USD10 bil stolen in the 1MDB corruption scandal. This follows the recent return of USD3.2 mil in assets linked to associates of Jho Low. Despite these recoveries nearly seven years after the scandal's exposure, Malaysia continues its efforts to reclaim the remaining stolen assets. Yet, a convicted criminal related to the scandal is still seeking house arrest.

In 1995, almost half of India’s population still lived below the international poverty line by the World Bank’s standards. According to an analysis of recent survey data, only 1% of India's households fell below the international poverty line in 2024, indicating a significant reduction in extreme poverty. The international poverty line, currently USD2.15 (RM9.50) a day at purchasing-power parity, highlights India's remarkable progress in poverty alleviation over the past three decades. This data comes from surveys released in June 2024 and Jan 2025, providing long-awaited insights into India's economic development.

13 mil pints – This is the approximate global consumption of Guinness, Ireland's iconic stout, annually, with St. Patrick's Day being a significant driver. Beyond seasonal peaks and sports sponsorships like the Six Nations, the 250-year-old beverage is experiencing a resurgence in popularity. Its appeal in an era of “mindful drinking” stems from its lower alcohol and calorie content, as well as reduced fizziness compared to lagers. Guinness even released a 0% stout in 2021.
Btw, 1 pint = 473 ml

3. IN MALAYSIA 🇲🇾

Up to 81.24% - US places new import duties on solar panels from Malaysia and three countries
Malaysia, alongside three other ASEAN countries, Cambodia, Thailand, and Vietnam, will be subjected to new anti-dumping duties. Alongside these import duties come accusations from the US, alleging that the ASEAN countries involved benefited from unfair pricing and subsidies from China. In 2023, Malaysia exported USD1.9 bil (RM8.3 bil) worth of solar products to the US, while receiving subsidies averaging 34.4%.

Malaysia’s base rate is the lowest at 8.59% for antidumping and countervailing duties (CVD) amongst its neighbours, however, certain Malaysian companies were slapped with rates as high as 81.24% due to uncooperative behaviour during investigations.

According to the US Department of Commerce, imports from Malaysia were tied to their companies receiving subsidies from China. This applied to the other three countries as well. Among the first of many CVD investigations, the US Department of Commerce alleges concrete proof of transnational subsidies received by Southeast Asian companies.

This follows a case filed by the American Alliance for Solar Manufacturing Trade Committee in the last year, with the primary complaint that Southeast Asian production plants owned by Chinese manufacturers dump large amounts of solar products in the US.

Following that, due to reciprocal tariffs by the US government, PM Anwar Ibrahim has confirmed a special parliamentary sitting to discuss the tariffs imposed on the nation, to be held on May 5. The Prime Minister’s office has issued a notification pertaining to the session, with members of Parliament awaiting the official announcement from Anwar.

Shoutout to our neighbours: Cambodia’s duties as Snoop Dogg high as 3,521%, Vietnam (395.9%) and Thailand (375.2%).

Three Pos Malaysia’s workers’ unions condemned for ‘siding’ with the controversial CEO
Three workers’ unions representing the delivery staff members employed at the government-linked postal service Pos Malaysia have recently come under fire from local netizens, as the statement they issued on Apr 22 seemed to be defending the CEO of Pos Malaysia, Charles Brewer.

The Union of Pos Malaysia Uniformed Staff (Upus), Upus Sarawak, and their Sabah chapter called Keppses’s joint statement not only defended the CEO, but also stated that he did not intend to insult or offend, and that he is committed to the fostering of a healthy environment for the delivery staff. The unions further went on to state that the CEO has a very good relationship with them, and thus, they strongly support his leadership.

The controversy in question, very quickly summarised by screenshots were leaked of an employee raising the question of when his torn uniform would be replaced, and UK-born CEO Charles Brewer retorted that the employee should consider himself fortunate that he received a uniform at all, and did not work at a ‘foreign’ postal service that did not provide uniforms at all.

In a separate news:

Four cats died in ‘suspicious blaze’ following kitten dismemberment at Unimas
A woman in Miri, owner of 13 cats, has filed a police report, believing that a human had intentionally set three of her cats ablaze. The three felines were burned alive, and a fourth cat nearby passed from excessive smoke inhalation. All four cats were kept in cages outside of the owner’s home. Michelle Nelly Simon, the owner, stated that of her 13 cats, five would stay in the house, while eight remained outside in cages.

Michelle recounts the night it occurred, stating her family had recently finished their dinner at 11pm. At around 1.20am, she smelled smoke and assumed her neighbours might still be doing a BBQ, but upon stepping out of her room, she was shocked by the amount of smoke in her kitchen. She now seeks justice for the dead felines, whom she considers family members.

This follows the Bandar Kuching MP, Dr Kelvin Yii, calling for greater transparency and a deeper probe into the case of a dismembered kitten within the Unimas campus. The injuries, which seemed to be clean-cut mutilations, were dismissed by Unimas’ internal investigation, claiming it to be caused by a male cat.

Shorts

1. Visa-free travel for Chinese tourists extended for five years, China to reciprocate

   The Visa Liberalisation Plan, which allows Visa-free travel for Chinese tourists visiting Malaysia for 90 days, has been extended for another 5 years, with a condition that it could be extended again when that 5-year period ends. The same would be reciprocated for Malaysian tourists visiting China in kind. This follows Chinese President Xi Jinping’s state visit to Malaysia last week. Last year, Malaysia recorded 4 mil Chinese tourists, and as of April this year, 900k have been recorded so far.

2. Education Minister announces inclusion of elective ASEAN languages in schools

   Education Minister Fadhlina Sidek has announced that schools will now provide a plethora of elective languages, including Mandarin, Tamil, and ASEAN languages, which are not limited to but include Thai, Khmer, and Vietnamese. In an effort to bolster intra-ASEAN collaboration, Fadhlina states that the move will aim to equip the next generation of Malaysians with multilingual skills and cultural fluency. Great to foster such unity, but practicality-wise, we are better off doubling down on our English and Mandarin.

4. AROUND THE WORLD 🌎

Back-off, Trump!
Political interference with the Fed would mean worse inflation and higher unemployment
Trump now has his eyes on the US Federal Reserve (Fed), pressuring the central bank to lower interest rates and criticising its chairman, Jerome Powell, whom he appointed in 2018, on Truth Social. Responding to the interference, Chicago Fed President Austan Goolsbee said that the government’s meddling with the Federal Reserve's ability to independently set interest rates could result in dire consequences for the economy. Economists have warned that if the Fed cuts interest rates prematurely, it could lead to a fresh bout of inflation and undermine the central bank's credibility to maintain stable prices. That dynamic could potentially lead to stagflation, a worst-case scenario where the economy slows while inflation stays high. Trump reportedly spoke to his advisors in 2018 about potentially removing Powell from the Fed, and in 2019, he asked White House lawyers to look into the matter.
Stagflation is an economic nightmare when recession meets recession. Learn more here.

More than 100 US universities issue joint letter condemning Trump’s ‘political interference’
A day after Harvard University sued the Trump administration for threatening to cut funding and impose political supervision, more than 100 US universities and colleges have collectively signed a joint letter condemning the Trump administration's interference. The letter is also signed by Ivy League institutions Princeton and Brown, saying that they “speak with one voice against the unprecedented government overreach and political interference now endangering American higher education”. Trump’s war against universities has seen him threaten to cut federal funding over policies meant to encourage diversity among students and staff. He has also pursued a wide-ranging immigration crackdown that has expanded to foreign students, revoking their visas, often for little or no reason. The White House has publicly justified its campaign against universities as a reaction to uncontrolled “anti-Semitism” and the desire to reverse diversity programmes aimed at addressing the historical oppression of minorities.

Business

• Advisory firms Baker Tilly and Moss Adams set to merge in USD7bil (RM30.74 bil) deal
  US leading advisory, tax and assurance firm, Baker Tilly, has announced that it will be merging with Seattle’s wealth management firm Moss Adams in a USD7 bil deal, marking a significant advancement in the mid-market for both firms. The merger will also create the sixth-largest advisory Certified Public Accounting firm in the US. The deal comes at a challenging time for mergers and acquisitions in the US, with dealmakers adopting a "wait-and-see" approach amid uncertainty surrounding President Trump's tariff policies. Both parties are optimistic about the merger, with Moss Adam’s CEO saying that the resources, geographic reach, and go-to-market strength of the combined firm magnify opportunities for their people to grow.

• Why robots can’t easily make a pair of Nike
  Trump may want to bring back manufacturing to the US, but with a high labour cost, shoe companies like Nike would have to find ways to replace human workers with machines. No such thing as flexible, low-cost contract manufacturers like in China, that use armies of labourers to churn out an array of products for American consumers. They also need to rely on machines to do work that only humans can adapt to do. Nike tried automation before - in 2015, the company poured millions into an ambitious effort to partly automate what has always been a highly labour-intensive industry. It found ways to use robots to do some of the tasks in shoemaking, which quickly ran into trouble as they found out that the robots struggled to do the work and could not handle the soft, squishy and stretchy parts that are integral to the design. Eventually, they had to hire humans again, which then swelled to 5,000 personnel and cost more than a similar workforce in Vietnam. Machines can only undertake designs that are simple and easy to replicate, something not particularly easy for design-oriented shoes like Nike which has a huge variety of shoes, and with its designers having nearly unlimited freedom to create new ones.

Shorts:

1. Vatican doc said Pope Francis died of cerebral stroke and heart failure 
   The death certificate of the late Pope Francis has been issued by the Vatican, stating that the 88-year-old pontiff died of cerebral stroke and irreversible heart failure after a coma. He had suffered various ailments during his 12-year papacy, including arterial hypertension, multiple bronchiectases and type 2 diabetes, which was not previously disclosed. Despite his worsening condition, Pope Francis made the effort to be present for Easter worshippers just a day before he died, and took the opportunity for a final call for peace and ceasefire in Gaza.

2. Irish-American Cardinal Kevin Farrell is the acting head of the Vatican 

   Meanwhile, before the conclave happens and a new Pope is appointed, a “camerlengo” will take charge to run the Vatican, which usually happens after the death or resignation of a Pope. Irish-American Cardinal Kevin Farrell is the appointed camerlengo now, nominated by Pope Francis in 2019. As camerlengo, Cardinal Farrell will be tasked with making arrangements for the conclave and the centuries-old ceremonies to mourn Pope Francis. He will also preside over the certification of Pope Francis's death, laying his body into the coffin and leading a procession moving the pope's body from the chapel of the Domus Santa Marta to St Peter's Basilica.

3. Over 60,000 Myanmar students must retake exams 
   An unexpected consequence of the recent earthquake - thousands of unfortunate students in Myanmar have to re-sit for university entrance exams at Mandalay University again, after their papers were destroyed in a fire following Myanmar’s 7.7 magnitude earthquake last month. The blaze destroyed more than 375,000 individual papers from students in the regions of Mandalay and Sagaing, both badly hit by the Mar 28 tremor. The matriculation exams are particularly important for teenagers as it determine the course of their future studies.

5. FOR YOUR EYES 📺

1. If you are starting your investing journey, hear this out from Encik Buffett.

2. Ray Dalio’s model on the rise and fall of an empire.

   

   Source: Principles for Dealing With The Changi3. ng World Order (PDF)

3. Something light-hearted for mid-week. A kid learning how to pronounce ADABI — what rhymes with it?