☕️ Series of Explosions, Earthquakes, and Accidents

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

0.97 – Singapore's total fertility rate remained unchanged in 2024, despite the Year of the Dragon, highlighting persistent challenges in boosting birth rates. While resident births saw a slight increase to 30,800, this did not translate to a higher TFR, reflecting evolving attitudes among young couples. What this means is that the average number of children each woman has is less than what is needed to replace those in the population who die.

85 mil – The London Eye has carried this many visitors since its opening in March 2000 (a quarter of a century ago!), transforming the city's skyline and becoming a centrepiece for New Year's Eve celebrations. The iconic landmark exists only because architects Julia Barfield and her late husband David Marks refused to abandon their vision after losing the official Millennium structure competition. Determined to see their "Millennium Wheel" realised, the pair secured crucial public support, media coverage, and financial backing. Despite setbacks, their persistence paid off, forever altering London's visual identity and creating what has become one of the city's most recognised attractions.

35% – Goldman Sachs has significantly increased its US recession probability (from 20%), citing Trump's tariffs and market volatility. They now anticipate more aggressive rate cuts from the Federal Reserve and the European Central Bank. The firm also revised its S&P 500 year-end target downward for the second time this month to 5,700, reflecting growing economic concerns. The new target is the lowest among Wall Street brokerages, indicating a more pessimistic outlook. They also cut the US GDP growth forecast for 2025 to 1.5%.

3. IN MALAYSIA 🇲🇾

Prioritising service to the nation over Raya

50-member rescue team to Myanmar
In response to the devastating earthquake that rocked Myanmar, which left more than 1,600 people killed and at least 139 more missing, Malaysia has dispatched 50 members of the Special Malaysia Disaster Assistance and Rescue Team (SMART) under National Disaster Management Agency (NADMA) on the eve of Raya to take part in the search and rescue (SAR) operations. Going with them is SAR equipment which includes two five-tonne trucks and a four-wheel-drive. They will be flown in two Royal Malaysian Air Force (RMAF) A400M aircrafts.
One of the SMART team members, PBK I Mohd Idris Hassan said - “I was preparing to return home for Raya to Tanah Merah, Kelantan when I received an instruction on Friday (Mar 28). Without hesitation, I made my way to the SMART headquarters within an hour to get ready to go to Myanmar.”

Just to highlight how competent our SMART team is, personnel is sourced from the best-of-the-best in the Malaysian Armed Forces, the Royal Malaysian Police, and the Fire and Rescue Department. Every member has to pass an 11-week special course, and SMART has United Nations' INSARAG certification. SMART is the second Disaster Relief team to have this certification in Southeast Asia after the Singaporean Disaster Assistance and Rescue Team. Just a few days after being deployed to Myanmar, the SMART team retrieved the bodies of two victims from two separate sites - a collapsed private school and a ruined shoplot.

Apart from manpower assistance, Malaysia also announced RM10 mil humanitarian aid to help those affected by the earthquake in Myanmar. PM Anwar Ibrahim stated that the contribution reflects Malaysia’s responsibility and solidarity as the 2025 ASEAN chair, adding that he has instructed Foreign Minister Mohamad Hasan to lead a humanitarian mission to Myanmar.

Although Malaysia is situated outside the Pacific Ring of Fire (where earthquakes normally happen), the country is still not safe from earthquakes, especially in the state of Sabah. Notably, Sabah has recorded several earthquakes over the past few decades with magnitudes between 6.0 and 6.3 on the Richter scale (the one that just happened in Myanmar is 7.7). Fortunately, according to the Malaysian Bumiputera Contractors Association (PKBM) president Azman Yusoff, almost all new high-rise buildings in Malaysia have adopted earthquake-resistant materials and designs. One of the key design elements is the use of spring isolators, which enable earthquake-resistant buildings to detach their foundations from ground movements. This flexibility helps absorb seismic energy, reducing the risk of structural collapse during earthquakes.
Fun fact: Peninsular Malaysia also had its share of earthquakes, with epicentres in Bukit Tinggi, Pahang, Kenyir Dam, Kuala Pilah, Manjung and Temenggor, ranging from magnitudes 1.6 to 4.6, occurred in 1984, 1985, 1987, 2007, 2009, 2010 and 2013.

Additionally, if earthquakes do happen (knock on wood), the Malaysian Meteorological Department (MetMalaysia) has the ability to issue warnings within eight minutes, thanks to a network of 80 seismic sensors it operates nationwide, on top of 83 tsunami sirens located in areas vulnerable to tsunamis.

Gas pipeline inferno in Puchong
78 fire department personnel and 22 assets were mobilised yesterday after a nuclear mushroom-shaped ball (view here) of fire erupted in Puchong’s Putra Heights that was triggered by an erupted Petronas gas pipeline. Since then, Petronas has closed the valve on the burning pipeline. With the pipeline shut off, the fire is expected to burn until the remaining gas is exhausted. As of yesterday, there were a total of 112 victims, where 63 of them injured. 49 residential homes were damaged due to the outrageous heat created by the ball of fire. However, the writing was on the wall as months before, residents had raised the alarm, claiming that the nearby construction of shop lots had encroached on Petronas’ gas pipe land reserve, suggesting that such trespassing could lead to the same incident that happened yesterday. View the incident here.

We would like to take this opportunity to thank the brave men and women who choose to serve the public over the joy of celebrating with families and friends.

Another deadly Raya on the road
Bukit Aman Traffic Investigation and Enforcement Department reported that between Mar 28 and Mar 29, a total of 4,362 road accidents have been recorded nationwide, with 39 fatalities. Home Minister Saifuddin Nasution stated that about 6,800 police personnel are on duty throughout the Aidilfitri festive period to ensure smooth traffic.

The 39 fatalities did not include the family of three who were killed on Mar 30 at the Kuala Lumpur-Karak Expressway, after a lorry from the opposite lane skidded and veered into four vehicles, including a Honda Accord which was at the front of the pack. Bentong police chief Zaiham Kahar said that the driver of the lorry, a 52-year-old man, was remanded to assist in the investigation under Section 41(1) of the Road Transport Act 1987 for causing death by reckless or dangerous driving. The driver has a record of four offences but tested negative for drugs. Here’s a dashcam video of the incident:

4. AROUND THE WORLD 🌎

Bangladesh's urgent hunt for billions in stolen wealth
After the collapse of the Awami League government in 2024, Bangladesh’s new central bank governor Ahsan Mansur is racing to track down billions of dollars allegedly laundered abroad by political and business elites. Bangladesh Bank has launched 11 specialist teams to trace assets held by 11 powerful families across the UK, UAE, US, Malaysia, and Singapore. One family alone is suspected of smuggling USD15 bil (RM66.56 bil) out of the country, with nearly 90% of a bank’s deposits withdrawn, nearly causing its collapse.

Mansur is working with UK authorities to locate USD25 bil allegedly funneled into London real estate. Among the targets is Saifuzzaman Chowdhury, the former Minister of Land, whose family reportedly owns over 360 luxury apartments in the UK. Bangladesh’s Anti-Corruption Commission has frozen 40 of his bank accounts and imposed a travel ban, but efforts are underway to seize his overseas properties. Chowdhury, however, calls this a politically motivated “witch-hunt”, insisting his wealth was acquired legally. Mansur is also pushing for investigations into the lawyers, bankers, and real estate agents who facilitated these illicit transfers. The UK government is cooperating, but the task is complex and slow-moving.

Meanwhile, US assistance has stalled after President Trump froze USAID funding, preventing a team of US investigators from deploying to Dhaka. To accelerate the recovery, Bangladesh Bank is considering plea bargains or even an amnesty scheme for those willing to provide evidence against key figures.

On Trump

• Trump shifts stance on Putin, threatens economic consequences over Ukraine
  Donald Trump has expressed anger towards Russian President Vladimir Putin after weeks of ceasefire negotiations in Ukraine. In an NBC interview, Trump criticised Putin for questioning Ukrainian President Volodymyr Zelenskyy’s credibility and threatened secondary tariffs of up to 50% on countries buying Russian oil if Moscow fails to agree to a ceasefire. Previously, Trump had pressured Zelenskyy for concessions while taking a softer approach towards Putin. However, his latest remarks suggest a shift, marking the first serious US warning of economic consequences for Russia’s continued aggression. Despite this, he maintained that he has a “very good relationship” with Putin and believes the Russian leader will keep his word. Trump also accused Zelenskyy of trying to renegotiate a minerals deal with the US, warning of “big problems” if he does. He reiterated that Ukraine would not be joining NATO.

• Trump suggests possible third term despite constitutional limits
  Donald Trump has said he is “not joking” about seeking a third term as US president, despite the 22nd Amendment barring anyone from serving more than two terms. In an interview with NBC News, Trump hinted at possible legal or political manoeuvres, stating, “There are methods which you could do it” but declined to elaborate. When asked if his VP JD Vance could temporarily assume office before stepping aside to allow his return, Trump acknowledged, “That’s one approach,” adding, “But there are others, too.” His remarks fuel speculation over whether he intends to challenge constitutional norms, potentially igniting fierce legal and political battles.

Natural Disasters

• Myanmar earthquake: over 1,600 dead as chaos hampers rescue efforts
  More than 1,600 people have died in Myanmar after a devastating earthquake flattened much of Mandalay, the country’s second-largest city. Rescue efforts are slow, with survivors desperately digging through rubble by hand due to a critical lack of equipment. Many remain trapped under collapsed buildings, including up to 90 people in a 12-storey apartment block. Among the dead are 12 preschool children and their teacher, found buried under a kindergarten. Roads and bridges are wrecked, cutting off rescue teams, while hospitals struggle with shortages of trauma kits, blood supplies, and medicine. The military junta, weakened by a four-year civil war, has appealed for international aid but continues air strikes against rebel groups, bombing areas near the quake’s epicentre just hours after disaster struck. Myanmar’s people are facing two disasters at once; one from nature and another, man-made. View a series of footage here.

• Bangkok skyscraper collapse sparks questions
  A Bangkok high-rise, built by China Railway No. 10 Engineering Group for Thailand’s state audit office, collapsed on Mar 28 following a 7.7-magnitude earthquake (view here). It was the only building in the city to fully collapse and over 100 workers were on-site when the structure crumbled. Despite Myanmar suffering far greater devastation, with over 1,600 deaths, the Bangkok disaster has captured widespread attention due to its location near Chatuchak Market.
  The collapse sparked public outrage and scrutiny over construction quality and government contracting processes. Adding to the controversy, are rumblings against Chinese investments in Thailand.

• South Korea wildfires: man suspected of starting deadly blaze
  South Korean authorities are investigating a 56-year-old man suspected of sparking a deadly wildfire that killed 30 people and scorched over 48,000 hectares an area nearly 80% the size of Seoul. The blaze, which destroyed 4,000 structures, including the historic Goun Temple, reportedly began when the suspect attempted to burn tree branches near a family grave using a cigarette lighter. His daughter’s account aligns with investigators' findings, though he denies the charges. Fuelled by dry winds and unseasonably warm conditions, the fire raged for ten days before being fully contained, though smaller blazes continue to reignite. Most victims were elderly, and thousands remain displaced.

Biz

• Elon Musk buys X from Elon Musk
  Elon Musk’s artificial intelligence firm, xAI, has acquired X (formerly Twitter) in an all-stock deal worth USD33 bil (RM146.44 bil), with an overall valuation of USD45 bil, including USD12 bil in debt. The transaction, USD1 bil higher than Musk’s 2022 Twitter takeover, consolidates his ventures and supposedly strengthens xAI’s ability to train its Grok AI model. Musk announced the deal on X, stating the combined entity would now be valued at USD80 bil.

• OpenAI secures record-breaking investment
  OpenAI, that owns ChatGPT, has secured a record-breaking USD40 bil (RM177.50 bil) funding round, valuing the company at an unprecedented USD300 bil, almost double its previous valuation of USD157 bil. Led by SoftBank Group Corp, which is initially investing USD7.5 bil, the round also includes Microsoft, Coatue Management, Altimeter Capital, and Thrive Capital, with a second tranche of USD30 bil set for late 2025. OpenAI, expecting to more than triple its revenue to USD12.7 bil this year, has seen rapid user growth, driven by new features like image generation and the Sora video tool. CEO Sam Altman highlighted ChatGPT’s staggering expansion, noting the platform now gains a million users per hour.

5. FOR YOUR EYES 📺

1. More from MKBHD on drone deliveries

2. Europe’s space dream turned into ashes as its first orbital flight to originate from Europe exploded less than a minute after takeoff from Norway. With the scenic Norwegian background, the explosion was kinda cinematic.

3. Pikachu spotted at anti-government protest in Turkey.