☕️ Setia Alam Mall shooting: gunman held family captive for 45 minutes

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

US President Donald Trump has ordered US Treasury Secretary Scott Bessent to stop minting one-cent coins, or pennies, according to a post on his Truth Social media account. The debate over the cost-effectiveness of pennies has been ongoing in the US. According to the US Mint’s 2024 annual report, it costs 3.69 cents to produce and distribute a single penny, which is more than its actual value. While critics argue that the coin wastes money and resources, supporters claim it helps keep prices lower and aids in fundraising for charities. The penny has the best return on investment!

Over 3,000 F&B establishments in Singapore closed in 2024, marking the highest number in almost two decades since 2005. Analysts attribute the slowdown in the F&B industry to the strong Singapore dollar, which encourages Singaporeans to spend more abroad, and weaker tourism demand from China. Despite this, new F&B openings still outpaced closures, with 3,793 new establishments opening last year, according to CNA.

Ne Zha 2, an animated film about a boy who battles demons with magical powers, raked in more than RMB8 bil (USD1.1 bil) during the week-long Lunar New Year holiday, making it China’s highest-grossing film ever (and a source of national pride). The movie has been hailed as a symbol of progress in Chinese film and shows how locally-made films are becoming competitive globally. Ne Zha 2 also set the record for the first movie to gross USD1 bil in a single market. The first movie was released in 2019, raking in USD725 mil and is China’s 5th highest-grossing film of all time. Watch the trailer here (subtitled). Looks epic.

3. IN MALAYSIA 🇲🇾

Corruption Perception: More Work Needed, Malaysia

57th in CPI? No surprise
Malaysia remained stagnant with a ranking of 57th in the 2024 Corruption Perception Index (CPI), holding the position two years in a row. The Center to Combat Corruption & Cronyism (C4) said this was unsurprising, with its CEO pointing out that rhetoric is useless without “action, reforms, and necessary changes”. 

Punishment discounts and high-profile discharges are likely culprits
The Transparency International Malaysia (TI-M) president also pointed to slow institutional reforms as a contributing factor but said another factor could be the punishment discounts and discharges in high-profile cases. Yet another factor could be how businesses still felt corruption was a problem in the public sector, one of the biggest stumbling blocks in Malaysia raising its score in the CPI.

Government reiterates commitment to improving CPI score
In response to the score, the Malaysian government reiterated its commitment to improving global perception of the country’s governance efficiency and transparency, with the 2024 score now serving as a benchmark for Malaysia to reach the Top 25 in the CPI by 2033 (higher odds of us striking Berjaya Toto 6.58 multi-million jackpot than this happening). A task force was already formed in October 2024 to drive strategic reforms to up the score, with six focus groups established to analyse the data from CPI surveys to shape future strategies. 

Bullet points on local shootings

• Setia Alam Mall shooting: Gunman held family captive for 45 minutes

  According to the father of the family of six, the suspect accosted them in the parking area, firing his gun at the wall to prove it was real. This led to a “terrifying 45 minutes” as they were forced at gunpoint to drive the suspect away from the mall. The suspect instructed them to drop him off near the Pandamaran exit of the Kesas Expressway, taking with him the memory card of their dashcam. Police investigations so far have revealed the suspect is a drug criminal who was likely under the influence at the time of the shooting. Investigations also revealed that the suspect opened fire on the janitor because he was angry after being asked to move his belongings.

• Couple chase down shooters in Kluang for licence plate

  A married couple was shot at four times by the assailants when the housewife answered the door to three men approaching their home. All four shots missed, and the couple gave chase in the hopes of getting their assailants’ license plate number to aid police in their investigations, leading to the three men firing two more shots at the couple. Police are currently monitoring the couple’s home and report that one of eight suspects has been arrested, with the hunt ongoing for the remaining suspects.

Politics and Policies

• Customs Dept collects RM65.6 bil net revenue, proof of reforms working

  The amount collected in 2024 blew past the government’s initial target of RM56 bil for the department. According to the Cuepacs president, the department’s success in collecting the amount in 2024 reflects the government’s commitment to strengthening public administration. The initiatives applied to the department included the provision of human resources along with digitalisation and automation systems, increasing the efficiency of tax collection and expediting administrative processes. Also applauded was the Customs Department’s director-general, Datuk Anis Rizana Mohd Zainudin, for her leadership in steering and empowering the department.

• MoF dismisses reports of 2026 car price hikes

  The Ministry of Finance has refuted reports about a significant increase in vehicle prices in 2026 due to new excise tax regulations, stating that the ministry, along with the Investment, Trade, and Industry Ministry (MITI) and the automotive industry, were still reviewing the vehicle valuation method with no final decision yet. Speaking of MITI Minister Tengku Zafrul has spoken up about whether or not he is leaving Umno, stating that he will only make an official announcement after discussions with Umno president Ahmad Zahid Hamidi.

• Communications and Multimedia Act amendments kick in

  The amendment bill for the act, which promises “a safer and more sustainable internet ecosystem for users”, kicks in today. The amendments introduced stricter penalties for the sale of pornographic and paedophilic content, pushing the sentence to a maximum prison sentence of five years, a fine of up to RM500,000, or both for offences that involved children under 18. For Section 211, the changes were also made to point to the content application service provider while adjusting verbiage to better apply to current developments.

Shorts

1. Sabah is on track to be SEA's energy hub with an RM8.88 bil project

   The Sipitang Oil and Gas Industrial Park (SOGIP) energy hub project is expected to create more opportunities for collaboration, innovation, and development in the oil and gas sector, and will facilitate a steady supply of natural gas and other lower-carbon fuels, in turn bridging the transition from fossil fuel dependency to renewable energy sources. The strategic collaboration between Sabah Oil and Gas Development Corporation (SOGDC) and Gibson Shipbrokers Ltd will be executed in two phases. Not bad, the number quite ‘ong’.

2. Malaysia and Turkey exchange 11 MoUs

   The 11 Memoranda of Understanding (MOUs) will see the two nations enhancing cooperation in several sectors, such as energy transition, disaster management, scientific collaboration, defence cooperation, trade, media, and smart city solutions. Turkey was Malaysia’s third-largest trading partner in 2024, with total trade recorded at RM24.13 bil. And what did this win our PM? A brand new car!

3. Police foil durian sapling smuggling operation

   The attempt to smuggle 3,000 “Black Thorn” durian saplings worth about RM900,000 from Thailand was foiled in an operation on Sunday. The items, which were meant for an orchard in Perak, were seized and handed over to the Rantau Panjang police station along with the suspect, a 44-year-old male.

4. AROUND THE WORLD 🌎

Ceasefire may not hold in Gaza 
Hamas, through its spokesperson Abu Obeida, said that it will delay the release of more Israeli captives until further notice due to Israel's multiple violations of the ceasefire in Gaza. Hamas said that it has been monitoring the violations, which include delaying the return of displaced persons to northern Gaza, targeting them with shelling and gunfire in various areas of the Gaza Strip, and failing to allow the entry of relief materials in all forms as agreed upon.

However, they have reaffirmed the group’s commitment to the terms of the agreement as long as Israel adheres to them, highlighting that the resistance has fulfilled all its obligations.

As a response to the statement, Israel has swiftly called upon their military to prepare for any possible scenario in Gaza. Many fear that the ceasefire will not hold any longer.

Meanwhile, the US has also responded - President Trump said that the ceasefire deal should be cancelled if all the Israeli captives are now not released by Saturday, and “all hell breaks loose”. It might sound like a personal opinion since the US once said that Israel will decide for itself. But Trump is also known for repeatedly calling for an ethnic cleansing in Gaza and the US is Israel’s biggest ally.

Separately, Trump has also reiterated his commitment to his absurd plans of buying and owning Gaza, treating it like a “big real estate site” and suggesting that other countries in the Middle East could be tasked with redevelopment while the US owns it.

OpenAI takeover attempt 
Elon Musk has successfully round up a consortium offering a staggering USD 97.4 bil (RM435.38 bil) to buy the nonprofit that controls OpenAI. The consortium includes his AI startup xAI, Baron Capital Group, Valor Management, Altreides Management, Vy Fund III, Emanuel Capital Management, and Eight Partners.

Apparently, OpenAI is now trying to transition from a nonprofit entity into a for-profit entity, which it says is required to secure the capital needed for developing the best AI models. Musk, who co-founded OpenAI with Altman in 2015 as a nonprofit, is not happy about it, which led him to sue OpenAI last year, arguing that they violated contract provisions by putting profit ahead of the public good in the push to advance AI.

Experts are saying that Musk’s offer should significantly complicate OpenAI’s current fundraising and the process of converting into a for-profit corporation, especially if it prefers to sell it to somebody else for less money. OpenAI was valued at USD 157 bil in its last funding round, cementing its status as one of the most valuable private companies in the world.

It did not take long for OpenAI CEO Sam Altman to respond to this - he officially told his staff that the company has no interest in Musk’s “supposed bid”.

BYD said it is integrating with DeepSeek AI, Xpeng and Geely shares crashes
China’s auto giant BYD has recently unveiled its plans to roll out its advanced self-driving technology named “God’s Eye” on almost all of its models, including the budget models priced below USD10,000(RM44,700). The company said it will integrate its system with DeepSeek software, which will include features such as remote parking and autonomous highway navigation previously found on more expensive vehicles.

BYD is Tesla's biggest rival in China and increasingly abroad. The announcement led analysts to suggest a new price war might be on the horizon in an already hyper-competitive industry in China. The market has seen a prolonged price war among dozens of EV producers desperate to grab market share in the country.

Following the announcement, shares in rival Chinese automakers Xpeng and Geely Auto tumbled on Tuesday, as much as 8.4% and 11.1%, respectively, both in the biggest one-day percentage decline since Oct 8, 2024. Meanwhile, BYD's Hong Kong-listed shares rose 4.5% to reach a record high before trimming gains and lasted up 0.4%.

China, the world's largest auto market, has already in the past three years been in the throes of a vicious price war that has forced foreign automakers to restructure their operations and smaller startups to retreat.

Shorts

1. Monkey blamed for island-wide power outage in Sri Lanka 
   The island nation of Sri Lanka had experienced an island-wide power outage last Sunday, in which its Energy Minister had only one thing to blame: a monkey. Apparently, the monkey had come into contact with its grid transformer, causing an imbalance in the system. Sri Lankans are quick to make fun of the incident on social media, while some made more serious remarks calling attention to the reliability of the country’s power grid. It is said that engineers have been warning consecutive governments for years to upgrade the power infrastructure, lest more blackouts in the future.

2. Man wants to buy landfill where he lost Bitcoin fortune 
   James Howells, who lost GBP 620 mil (RM3.4 bil) worth of Bitcoin, said that he is ready to purchase a landfill area where he believes his hard drive containing 8,000 bitcoins resides, after being accidentally thrown out by his ex-girlfriend. The city council won’t let him do it and plans to close the landfill and redevelop the site as a solar farm in the near future. He tried to sue the city council to get access to the site or get USD 495 mil in compensation, but his case was dismissed by a judge. Howells is not yet giving up and plans to appeal against the judge’s decision.

5. FOR YOUR EYES 📺

1. An average tourist probably spends about two to three hours visiting the Pyramids in Egypt. Mr. Beast, on the other hand, spent 100 hours discovering all the nooks and crannies.

2. The CNY season is almost over — if you had a bit of “bad luck” this year, you might want to understand why.