☕️ Iran-inspired: Jakarta mulls Malacca Strait passage fee

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The RM10 bil mark and 3,000 stores nationwide – 2025 was a milestone year for 99 Speed Mart Retail Holdings Bhd in more ways than one. The retail chain passed the RM10 bil revenue milestone in its 2025 financial year, which ended Dec 31. The group also achieved its target of operating 3,000 outlets nationwide. The founder and CEO of 99 Speed Mart said the group would remain focused on expanding its footprint, with a target of opening 250 new outlets annually. In FY2025, the group posted a net profit of RM614.2 mil, a 25.3% increase, on revenue of RM11.4 bil, a 14.5% increase. At the end of the year, the group’s total outlet count stood at 3,037.

A 21% expansion in the e-commerce platform market – The sector’s rally in Singapore saw the e-commerce platform market reach a total monetary value of USD5.9 bil (RM23.31 bil) for 2025. The growth is in tandem with the regional trend in Southeast Asia, which saw platform gross merchandise value (GMV) reach USD157.6 bil. The metric measures the total monetary value of goods and services sold through a platform or marketplace over a specific time. Shopee was identified as the leading e-commerce platform in the city-state with a 52% share of the market. Lazada follows with 36%, while Amazon and TikTok Shop tied at 6% each.

Robots, drones could slash food delivery to USD1 (RM3.95) per order – According to British brokerage Barclays, the advent of lower delivery costs due to autonomous food delivery robots and drones could unlock billions of dollars in additional profits for the global food delivery industry. This comes as global platforms such as DoorDash are partnering with autonomous delivery operators, signalling a clear strategic shift. Currently, autonomous delivery costs range from USD5 to USD7, up to USD4 cheaper than traditional rider delivery. If robots could cut delivery costs down to USD1 per order, that implies potential savings of up to USD9. Barclays forecasts this sector could unlock about USD16 bil in annual global profitability for food delivery platforms.

 Watch how Zipline is building this future:

3. IN MALAYSIA 🇲🇾

Malaysia’s cashless payments get a major upgrade
WeChat Pay expands QR interoperability in Malaysia
Malaysia is now part of a wider regional move to make cross-border payments more seamless, with WeChat Pay rolling out a new feature that allows users to scan domestic QR codes across five Asian countries, including Malaysia. Travellers can now pay using DuitNow QR without switching apps, handling cash, or juggling multiple e-wallets. The system connects several national QR networks, including South Korea’s ZeroPay, Thailand’s PromptPay, Sri Lanka’s LANKAQR and Singapore’s SGQR+, all through a single scan.

The update means Chinese travellers can pay for everyday items in Malaysia such as food, retail and transport using their existing WeChat Pay setup. By linking into QR infrastructure already widely used locally, the system reduces friction in cross-border transactions and makes payments smoother for travellers. WeChat said the move is aimed at improving convenience while strengthening interoperability between regional digital payment systems.

Apple brings Tap to Pay to Malaysian merchants
Apple Inc. has officially launched Tap to Pay on iPhone in Malaysia, allowing merchants to turn an iPhone into a contactless payment terminal without extra hardware. The feature supports major payment networks including MyDebit, Visa, Mastercard, American Express, UnionPay and JCB, and can also accept payments from non-Apple smartphones and wearables.

Merchants need an iPhone 11 or newer running the latest iOS, along with support from payment service providers such as Stripe, HitPay, Fiuu, ADAPTIS and Zoho. The system is already being rolled out at retail locations, including Apple The Exchange TRX, the only Apple Store in Malaysia. With this, businesses can now accept contactless payments using just a phone instead of traditional point-of-sale machines.

Cost of ‘personal protection’ rises
The world’s biggest condom manufacturer, Karex, has warned that prices could rise by up to 30% or more if ongoing tensions linked to the Iran conflict continue to disrupt global supply chains. The Malaysia-based company, which produces over 5 bil condoms a year and supplies brands like Durex and Trojan as well as public health systems such as the NHS, says production costs have increased sharply since the conflict began. Chief executive Goh Miah Kiat said pressure is coming from higher raw material costs, especially oil-derived inputs used in latex production such as ammonia and silicone-based lubricants.

The disruption is linked to instability in the Strait of Hormuz, a key global shipping route that handles around a fifth of the world’s crude oil and liquified natural gas. The impact is now spreading beyond manufacturing, with higher freight costs pushing up airfares, now around 24% higher on average compared to a year ago. Other sectors are also affected, including fertiliser supply, helium used in chip production, and bottled water manufacturing. Your life and health are priceless, so no matter the cost, play it safe.

Steal big, steal little
RM230 mil NGO funds probe by MACC: The MACC has confirmed that around RM230 mil linked to an NGO involved public donations rather than zakat funds, with investigators alleging misuse of money meant for welfare purposes. The funds were collected through donation-based channels and commissions but did not reach intended beneficiaries, with some allegedly diverted for personal use including luxury purchases. Several individuals, including senior NGO figures, have been remanded as investigations continue. Authorities are expanding the probe to trace fund flows and ensure accountability in how public donations were handled.

Father jailed over RM404 supermarket theft: A father of two has been sentenced to one month in jail and fined RM300 after pleading guilty to stealing essential items from an AEON supermarket in Cheras. The 44-year-old e-hailing driver took 20 items worth RM404.22, including sardines, flour, dishwashing liquid, soap and air freshener on Apr 18. He was charged under Section 380 of the Penal Code, which carries a maximum jail term of 10 years and a fine, with an additional seven days if the RM300 fine is not paid. The defence highlighted his responsibility as a father of two school-going children, while the prosecution pushed for a deterrent sentence.

Selangor explores long-term water security options, with seawater
Selangor is studying the feasibility of building a seawater desalination plant to strengthen long-term water supply security. The proposal, discussed in the state assembly on Apr 22, could add around 300 mil litres per day if implemented. Two potential sites have been identified, but final approval will depend on technical, strategic and cost-related factors, including tariff impact.

The state currently has a water reserve margin of about 17.4%, or 1,130 mil litres per day, with total production capacity from 34 treatment plants at 6,500 mil litres per day, against demand of 5,370 mil litres per day. Demand is expected to rise by about 20% over the next five years. Major upcoming projects include Rasau Phases 1 and 2, Labohan Dagang Phase 2, and Langat 2 Phase 2, with completion timelines stretching to 2031.

4. AROUND THE WORLD 🌎

Travel woes
Iran seizes ships as Trump extends ceasefire with no set deadline
Iran seized two ships in the Strait of Hormuz for “maritime violations”, according to the Islamic Revolutionary Guard Corps. This marks the first time Iran has seized ships since the beginning of its conflict with the US and Israel.

The seizures follow US President Donald Trump’s announcement that the US has agreed to hold off its attacks on Iran at the request of Pakistani mediators, with no specific deadline. However, Trump said that the US blockade will stay, with two Iranian ships stopped so far. Iran considers the blockade an act of war and has said it will not reopen the strait as long as the US blockade continues.

Worsening supply may force EU to implement jet fuel redistribution
The EU is considering requiring countries to hold stockpiles of jet fuel and potentially redistribute it based on regional needs and shortages. According to EU Energy Commissioner Dan Jorgensen, this comes as concerns mount over possible shortages due to the Iran war, with the introduction of these rules being one of the measures proposed by the European Commission to address the energy fallout.

As it stands, German carrier Lufthansa has already scrubbed 20,000 uneconomic short-haul flights from its European summer schedule in a bid to save on jet fuel, which has doubled in price since the start of the Iran war. This move is expected to save Lufthansa about 40,000 tonnes of jet fuel and follows the shutdown of its Cityline regional unit and the grounding of 27 older aircraft.

Jakarta mulls Malacca Strait passage fee
Jakarta is reportedly thinking about taking a leaf from Iran’s book and is currently exploring the possibility of charging ships a fee for passing through the Strait of Malacca. According to Indonesia’s Finance Minister, the move aligns with Indonesian President Prabowo Subianto’s directive to position Indonesia as a central player in global trade. The minister also said that such a move would need to be coordinated with neighbouring countries, though he pointed out that Indonesia controls the largest share of the strategically vital waterway. According to a 2023 article by the Institute for Supply Management, the Strait of Malacca is the shortest route for ships travelling between Europe, the Middle East, and Africa on one side and East Asia on the other. About one-third of global trade passes through the strait, amounting to USD3.5 tril (RM13.83 tril) annually.

However, Malaysia, Singapore, and Indonesia are all parties to the UN Convention on the Law of the Sea (UNCLOS), which stipulates that all ships and aircraft enjoy the right of transit passage that shall not be impeded, as long as it is without delay or does not prejudice the sovereignty of coastal states. In short, if Indonesia were to start charging a fee, it would violate UNCLOS.

More motivation for Thailand to build its canal.

Watching for crime
Anthropic's Mythos sees unauthorised access
According to a source, a small group of unauthorised users has accessed Anthropic’s new Mythos AI model and been using it regularly, though not for cybersecurity purposes. This comes on the same day that Anthropic announced plans to provide access to Mythos to European banks soon. Cybersecurity experts view Mythos as posing significant challenges to the banking industry and its legacy technology systems, which prompted a series of warnings from regulators and policymakers alike. So far, a number of US banks have been given access to Mythos, while the rest of the industry races to catch up.

Online investment scam allegedly promoted by Malaysian costs victims RM8 bil
An alleged cross-border online investment scheme, reportedly promoted by a Malaysian, has left victims from several countries reporting massive losses that are believed to run into the billions. Lawyer Andy Yeoh, who is representing more than 300 victims, said that the overall losses could reach as high as RM8 bil. The scheme started in 2018, and drew investors from several countries and territories, including Malaysia, China, Taiwan, and South Korea, with the promise of a legal and stable opportunity offering consistent returns. The platform reportedly amassed about 970,000 accounts before ceasing operations in Sept 2025. However, concerns have arisen since 2021 when clients found they could not withdraw their money.

Italian man sentenced to seven months in jail for 'impossible' crime
An Italian man inadvertently sold a genuine Rolex to a Singaporean watch dealer when he attempted to cheat the dealer. Deepak Singh pleaded guilty to one attempt to cheat, and the court found that even though the Rolex GMT Saru timepiece was authentic, Singh’s clear intention to deceive was sufficient to constitute a crime. He was sentenced to seven months in jail. He initially bought the watch for EUR55,000 (RM255,000) from a friend, and was hoping to turn a tidy profit on the resale market by selling it for EUR90,000. However, acting on warnings from his friends, he sought a second opinion, which led him to believe he had been scammed with a counterfeit. Upon arriving in Singapore, he approached a shop to offer the watch at SGD94,700 (RM331,000), but requested a trade of three other Rolexes instead of cash. Bizarre case - read the link for more details.

Shorts:

1. SpaceX partners AI startup Cursor
   Elon Musk’s rocket and satellite company announced a partnership with AI coding firm Cursor, with the partnership including an option for SpaceX to buy the company for USD60 bil (RM237.15 bil) later this year. The move comes as SpaceX is looking to go public, shortly after it took over Musk’s AI outfit xAI. A combination of Cursor’s software and product expertise with SpaceX’s Colossus AI training supercomputer will enable the company to “build the world’s most useful models”. Btw, SpaceX also owns xAI, which in turn owns Grok and X (fka Twitter).

2. South Korean fighter jets collided due to pilots taking photos
   Investigations into a 2021 incident where two South Korean fighter jets collided in mid-air have revealed that the incident occurred because the pilots were too busy taking photos and videos. None of the pilots were injured, but the planes sustained damage that cost the military KRW880 mil (RM2.35 mil) in repairs. One of the pilots, who has since left the military, was made to pay a fine of KRW88 mil. The pilot had wanted to take photos to commemorate his last flight with his military unit, which was a widespread practice among pilots at the time.

5. FOR YOUR EYES 📺

1. From prisoner uniform colours, now Interpol notice colours.

2. What happens when you transfer money to the wrong person?

3. Need a morning wake-up kick? Watch these guys climbing trees 8-10 storeys high.