☕️ What’s next for Rafizi?

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Malaysians are reportedly facing the highest burden of rising food prices in Southeast Asia, with data from the US Department of Agriculture (USDA) Economic Research Service indicating an expenditure of USD1,940 (RM8,224) per person per year on food at home in 2023. This figure, which is not adjusted for inflation or cost of living differences, is equivalent to RM8,848 based on Bank Negara Malaysia's 2023 exchange rate. Singapore followed with USD1,831, trailed by Thailand (USD1,108), the Philippines (USD1,070), and Cambodia (USD898).

China's BeiDou navigation system has emerged as a robust alternative to the American-developed Global Positioning System (GPS). BeiDou is supported by 56 satellites, nearly double the number used by GPS, and operates with the aid of 120 ground stations, significantly more than GPS's 11. This multi-layered approach, with BeiDou operating across three orbital layers compared to GPS's sole reliance on medium-Earth orbit satellites, provides BeiDou with greater resilience and more stable and wider coverage, according to Dana Goward of the Resilient Navigation and Timing Foundation. GPS, initially developed by the US Department of Defence, was fully opened for civilian use by President Bill Clinton in 2000, becoming a free global utility integral to various industries, including air transport, shipping, trucking, and global finance, where its precise timestamps synchronise banks and exchanges.

British retailer Marks & Spencer anticipates that a cyberattack, which halted online order processing and led to empty store shelves, will cost the company approximately GBP300 mil (RM1.7 bil). M&S stated that the disruption from the “highly sophisticated and targeted cyber attack,” initially reported around the Easter weekend, is expected to persist until July. The company had to suspend online shopping, severely impacting online sales of food, home goods, and beauty products. The attack forced M&S to revert to manual, pen-and-paper methods to manage billions of pounds worth of fresh food, drinks, and clothing after its automated stock systems were shut down.

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3. IN MALAYSIA 🇲🇾

What’s next for Rafizi?
Despite a previous statement by Rafizi Ramli that he will let go of his ministerial position if he loses the PKR party election, Communications Minister cum PKR information chief Fahmi Fadzil said that there has been no confirmed ‘Here We Go!’ for Rafizi Ramli to Cold Storage FC. Rafizi, also in his capacity as the Economy Minister, was seen attending the second day of the 46th ASEAN Summit and related meetings.

While the PKR party is still hush-hush on the next status for Rafizi, it will not be for long as PKR president Anwar Ibrahim has summoned the party’s newly elected leadership to meet and have a post-mortem of last week’s internal polls and decide on appointed office bearers. PKR VP, Amirudin Shari, also stated that the new ‘position’ for Rafizi is also listed as one of the agenda items of the meeting. Among the appointed positions in PKR are the secretary-general as well as additional vice-presidents.

While Rafizi’s future status is still in limbo, PKR's newly crowned deputy president, Nurul Izzah Anwar, has made her first move as PKR's No.2 by putting a 13-seat target for the upcoming Sabah state elections. Nurul Izzah’s intention for PKR to contest in 13 seats has ruffled a few feathers, particularly Parti Solidariti Tanah Airku (STAR) leader, Anuar Ghani, claiming that Nurul Izzah’s statement was a ‘direct challenge’ to Sabah’s political autonomy and undermined the spirit of MA63. At the moment, PKR only has two seats in the 73-seat Sabah state assembly. However, the 13-seat target is not a far cry, as previously, PKR made way for Warisan, where the latter occupies 23 seats currently.

To all newly minted PKR leaders, please remember your ‘Reformasi’ ideals and not being consumed by the current power that you have. An interesting fact touted by the G25 group of prominent retired civil servants is that even religiosity has proven to be an insufficient deterrent against corruption. Despite outward displays of faith, rampant corruption continues to erode Malaysia’s institutions and future, G25 member Johan Ariffin Samad said. So, dear PKR leaders, remember your principles or else the repercussions will be seen in the next GE.

Highway news: NPE economic benefits, welcoming KEC and compensation for road users
IJM Corp Bhd announced that the recently confirmed RM1.4 bil New Pantai Expressway (NPE) extension will generate RM5.6 bil in projected economic spillover, especially at the Bangsar fringe area. The 15km new highway will connect the Pantai Dalam Toll Plaza to the Jalan Istana interchange via Jalan Syed Putra and will divert up to 40% of traffic from Jalan Bangsar into central Kuala Lumpur. The project is a fully private initiative and will be fully funded by IJM Corp.

Works Minister Alexander Nanta Linggi welcomes local industry players and Korea Expressway Corporation (KEC) to strengthen infrastructure performance, capacity building and knowledge exchange on smart highway management and digital construction technologies. KEC is a South Korean national expressway agency that is responsible for the construction, operation and maintenance of over 5,000km of expressways across the country. As a comparison, PLUS operates about 1,130 km of highways on the west coast of Peninsular Malaysia.

Johor executive councillor for Public Works, Transport, Infrastructure and Communication, Mohammad Fazli Mohamad Salleh, stated that Johor road users can claim compensation if they are involved in accidents caused by poor road surfaces. Motorists can submit the claim to the concession company responsible for maintaining the route. Recently, the Johor Bharu Sessions Court awarded RM721,000 to a motorist who suffered losses linked to road damage.

Talking about highways, are highways the solution for traffic jams, especially for inner city areas? According to one study, increasing road capacity is not an efficient solution to manage congestion because average travel speed does not change substantially with an increase in the road network capacity. So, perhaps we need to seriously manage the influx of private cars and improve public transport to manage traffic jams, as Malaysia now has more cars than people, 38.7 mil vehicles compared to a population of 34.1 mil.

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Will FGV Holdings see a better future?
Felda chairperson Ahmad Shabery Cheek said that the planned takeover of FGV Holdings Bhd’s remaining shares by Felda to make the former private again will strengthen FGV’s financial position. Felda, which owns 82% of FGV Holdings, will work together with the other biggest shareholder, the Pahang State Government, which owns 5%, to achieve the 90% threshold set by Bursa Malaysia to delist FGV Holdings. Besides the Pahang government, other parties acting in concert include Felda’s wholly owned subsidiary, Felda Asset Holdings Company Sdn Bhd.

BIMB Securities Research recommends that the remaining investors of FGV Holdings accept Felda’s unconditional voluntary takeover offer, priced at RM1.30 per share, approximately a 10% premium over the one-year volume-weighted average market price (VWAMP).

As the Pahang State Government is and will become a prominent player behind FGV Holdings, perhaps it is high time to propose the local breeding of wagyu meat. Recently, a Kelantan-based company called KelFarm, with the support of the Kelantan State Government, built a closed barn for 120–150 cows and focuses on sustainable research to grow local wagyu production dubbed ‘Kelgyu’.

Maybe, when the Pahang State Government can call its wagyu meat as ‘Pagyu’.

4. AROUND THE WORLD 🌎

Liverpool FC victory celebration cut short by rampaging car
It was supposed to be a merry occasion for the Liverpool FC football fans on Monday, as they came together and celebrated the club’s Premier League victory in the city centre. As hundreds of thousands of fans basked in the glory, a speeding car driven by a 53-year-old white British man rammed into the crowd, knocking people off and eventually injuring some 27 people, including four children. Four people are in serious condition and still “very, very ill in hospital”, according to authorities. Police were quick to act and came up with a description of the man they arrested, and they also said that it was not treated as an act of terrorism. The quick identification could have also been a possible decision by the police to prevent misinformation from flooding social media — a sensible move to prevent another episode of riots and targeting of the wrong people, like what happened in July 2024, after the stabbing incident in Southport.
Watch the incident here (warning - disturbing).

Nuclear world:

North Korea calls Trump’s Golden Dome a threat to nuclear security
Pyongyang has issued a statement calling out US President Donald Trump’s “Golden Dome” missile shield as a “very dangerous threat” aimed at threatening the strategic security of the nuclear weapons states and risking a nuclear war in space. It also said that the US is “hell-bent on the moves to militarise outer space”. Well, given the situation, it is pretty understandable why North Korea said that - according to analysts, the North’s strong reaction suggests it views the Golden Dome as capable of significantly weakening the effectiveness of its nuclear arsenal, including its Intercontinental Ballistic Missile (ICBM). If the US completes its new missile defence programme, the North will be forced to develop alternative means to counter it. Nevertheless, analysts also said that Trump’s Golden Dome would actually cost the country significant technical and political challenges, and could come at a hefty price tag. China also expressed concern with the dome, while Russia said it's a “sovereign matter” for the US, softening its tone after also previously slamming the idea as destabilising.

US-Iran nuclear talks progress, but Bibi needs to listen to Trump
Days after the US and Iranian officials held their fifth round of nuclear talks in Rome, the US reminded Israel that they need to be on the same page on how to approach Iran. Trump had suggested that the talks were progressing well, but apparently, Israel has been sceptical about it, claiming for years that Iran is on the cusp of acquiring a nuclear bomb. Note that they also consider Iran as a major threat. Tehran denies that they are acquiring such bombs, but they do have plans to enrich its own uranium to create nuclear fuel. Now, Trump is adamant that he will never let Iran have a nuclear bomb, but it looks like he needs to convince Netanyahu about it. Meanwhile, Iranian Minister of Foreign Affairs Abbas Araghchi said that the Israeli PM is “desperate to dictate what the US can and cannot do”. Sounds like a complicated teenage relationship, these three parties.

Money, Money, Money

Venture capitalists experimenting with AI investments
A new investing style is emerging among venture capitalists (VC), often likened to private equity roll-ups (PE style). Rather than funding startups, they are acquiring mature businesses and optimising them with AI to serve more customers through automation. Interestingly, this approach could be a surprising benefit to the multitudes of AI startups already backed by VC. If a VC marries the older businesses with new technology, AI startups wanting to serve these industries would essentially gain instant access to large, established clients, which also means that it would be helpful when new startups have difficulties securing customers on their own.

Euro could be a viable alternative to US dollar
European Central Bank’s President Christine Lagarde has recently said that due to the erratic economic policy of the US that has so far spooked global investors, the Euro could actually become a viable alternative as the global standard currency for international trade. Calling it an opening for a “global euro moment”, Lagarde added that investors seek geopolitical assurance in another form - investing in the assets of regions that are reliable security partners and can honour alliances with hard power. However, it is still a long road for the Euro - its role has been stagnant for decades since the EU financial institute remains unfinished and governments have shown little appetite to embark on more integration.

Shorts

1. Thailand F1 street race might happen in 2028
   Thailand is pursuing its ambition to host the Formula One race by 2028, an endeavour that will bring in USD600 mil (RM2.54 bil) to the kingdom if it comes into fruition. The race will most likely run on the streets of the capital, Bangkok, and Thai PM Paetongtarn Shinawatra was seriously discussing it with motorsport bosses at the Monaco Grand Prix. Formula One in South East Asia only runs in Singapore so far, dubbed as the toughest race of the season because of the intense heat and humidity. Well, it might be even tougher in Thailand, considering its recent climate, no?

2. Macron “joking around” with wife became new muse for conspiracy theorists 
   In a video that became viral on Monday, the world witnessed the French President Emmanuel Macron being shoved quite forcefully in the face by his wife, Brigitte Macron, as they prepared to disembark from the plane in Hanoi. Macron told reporters he and his wife were “joking around” and it was something they do all the time, but of course, it was enough to start a new wave of discussion among conspiracy theorists. This was not the first time Macron became prey — earlier this month, conspiracy theorists said he was using drugs with fellow European leaders, claiming a crumpled tissue was a bag of cocaine. Watch the video below with an interesting analysis on body language- the man actually did get quite a hard shove, yikes.

5. FOR YOUR EYES 📺

1. I was trying to learn sign language and stumbled across this video - a sign language interpreter that went viral during Rihanna’s Super Bowl performance 2 years ago. Sign language meets R&B. Anyways, basic Malaysian Sign Language here. If you are into R&B, hip-hop, you sure know how to add some swag to “I’m from Malaysia”.

2. How the BBC makes these amazing documentaries.

3. Wednesday laugh - diss on the United Nations.

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