☕️ Zafrul’s next chapter: Mida chairman

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The number of orangutans in Sarawak’s Ulu Sungai Menyang special conservation area has increased over the last decade. The latest population assessment, carried out this year, estimated the population at around 167 individuals, compared to 115 recorded in 2014. This marks a positive trajectory, but the Sarawak Forestry Corporation said that challenges remain, as the Bornean orangutan is still listed as critically endangered by the International Union for Conservation of Nature. The entity said that continued vigilance is essential, with long-term protection a priority.

Of the approximately 6,500 land mammal species identified in the world today, just 10 species account for around 40% of wild mammal biomass, or total weight. The remaining 99.85% of species make up the other 60%. Leading the top ten is the white-tailed deer, which accounts for 12% of the total weight of land mammals, followed by wild boar at 8%, and the African savanna elephant at 6%. Notably, most of the list are even-hoofed mammals, with the mule deer, moose, red deer, and European roe deer collectively making up 7.8% of the group’s total weight.

In another form of scarcity, global supplies of the rare earth element yttrium are running low due to Chinese export restrictions, leading to fears of shortages and surging costs that could hit the aerospace, energy, and semiconductor sectors. So far, European prices for yttrium oxide, used to make heat-shield coatings, have risen 4,400% to USD270 (RM1,116) per kg. Meanwhile, Chinese prices are at around USD7 per kg. This is about 16% higher, but is currently falling, according to data firm Argus. Fun fact, the US currently imports all of its yttrium, with 93% coming directly from China, and the rest made from material that was first processed in China. Still, Indiana-based ReElement Technologies hopes to change that soon, with its target of producing over 80% of the US’ yttrium oxide needs by Mar 2026.

Weekly Money Tips with Ryt Bank

Make your money leak less when you travel
That tiny “extra” fee on every overseas swipe adds up faster than the holiday bill itself.

One fix: use a card that charges the real exchange rate. Ryt Card does that and quietly gives 1.2% cashback* on overseas and local spending. No drama, no annual fees.

If you keep a balance parked inside, it earns up to 4% p.a., paid daily - your money working while you are on holiday.

Get started here.

*For in-store, card-present transactions only

3. IN MALAYSIA 🇲🇾

Perodua QV-E battery rules explained
Pay up or don’t start: Perodua has cleared up confusion around its new QV-E electric car, especially regarding the battery rental. The car itself costs RM80,000 on the road, not including insurance, but the battery isn’t included—it’s leased separately under Perodua’s Battery as a Service scheme. You’ll pay RM275 a month for nine years, with the first three months upfront before you can drive the car off the lot. Miss two months in a row, and Perodua can remotely disable the battery, so your car won’t start. Miss three months, and the battery lease is cancelled completely. At the end of the nine years, you can sign up for a new lease with a bigger battery, and if your current battery is still over 70% healthy, you can keep using it without paying anything until it drops below that level.

Syariah clause confusion cleared: Another thing that caused a stir was a clause in the lease that said the battery and car had to be used in a Syariah-compliant way. Perodua has now confirmed this was just a mix-up and was never meant to restrict how owners use their cars. The clause has been removed, and the company explained that the battery lease follows the Syariah-based Operating Ijarah system, which is just a standard way to handle rental-style agreements. Now the bak kut teh crowd is back to considering.

MyKad aid plan under review
The government is looking at moving away from blanket subsidies and shifting towards a more targeted system using MyKad-based social aid, according to Deputy Finance Minister Lim Hui Ying. The main focus right now is to make sure the Sumbangan Asas Rahmah, or Sara, programme runs smoothly, as it forms the basis for this move. Government support has already started going digital, with platforms like the Welfare Department’s e-Bantuan system using clear eligibility rules. This allows payments to go straight into recipients’ bank accounts via electronic funds transfer.

Lim said the aim is to make sure aid reaches the people who actually qualify, with MyKad acting as a form of identity verification so that only Malaysian citizens get subsidised benefits. This year, the government has set aside RM13 bil for both Sumbangan Tunai Rahmah and Sara, up from RM10 bil in 2024.

According to Lim, this spending helped support Malaysia’s 5.9% economic growth in the second quarter of last year. She noted that the combination of a strong labour market, low unemployment, low inflation, and targeted financial assistance has played a role in supporting household purchasing power.

PSA: Your RM100 Sara aid expiring this Dec 31

MEX II needs RM449 mil to finish

RM449 mil price tag for MEX II: On Dec 2, Works Minister Alexander Nanta Linggi revealed that finishing the MEX II project is expected to cost around RM449 mil, though it could go higher due to inflation, repairs, and other delays. The completion date and toll rates are still undecided, with the receivers and managers team working on a full financial and traffic review to make sure the project makes sense. The extension is part of the 13th Malaysia Plan and will improve the link between Putrajaya and KLIA once it’s done.

Construction delays and funding issues: The Maju Expressway extension, or MEX II, is a 16.8km three-lane dual carriageway connecting the MEX Putrajaya Interchange to KLIA. Work started in 2016 with a target to finish in late 2019, but money problems caused delays. MEX II Sdn Bhd, a Maju Holdings subsidiary, funded it with a RM1.3 bil sukuk. By Mar 2023, 89% of the work was complete, but only RM30 mil was left, and the MACC was investigating RM360 mil in alleged false claims. MEX II Sdn Bhd defaulted on its sukuk payments in 2021, received a default notice in Jan 2022, and went into receivership in May 2022.

The legal trouble: Maju Holdings has recently drawn public attention after its owner, Tan Sri Abu Sahid Mohamed, and former director Datuk Yap Wee Leong were separately charged with criminal breach of trust and money laundering involving the MEX II project. Abu Sahid is facing charges linked to misused MEX II funds, while Yap is accused of filing RM360 mil in false progress claims.

Shorts

1. Zafrul’s next chapter: Mida chairman 
   Tengku Zafrul Abdul Aziz has been appointed as chairman of Malaysian Investment Development Authority (Mida) for a two-year term, starting Dec 3. He recently finished his tenure as Miti minister and senator. Known for overseeing record investment inflows, Zafrul brings experience in finance, trade, and policy. Mida says his leadership will strengthen Malaysia’s investment promotion and keep its growth momentum going.

2. Ex-PM aide, businessman to face graft charges 
   Shamsul Iskandar, former senior political secretary to the PM, and businessman Albert Tei are set to be charged for corruption, facing five counts under the MACC Act 2009. The case involves alleged bribes linked to Sabah state assembly funds. Sofia Rini Buyong, initially arrested, will not be prosecuted as she is a prosecution witness.

3. MH370 search set to restart Dec 30 
   The deep-sea search for missing Malaysia Airlines flight MH370 is set to restart on Dec 30. Ocean Infinity will conduct seabed operations for 55 days in areas most likely to have the wreckage. The search is on a no-find, no-fee basis, and if the plane is located, the company will receive USD 70 mil (RM288.61 mil).

4. The passenger who cried bomb 
   On Dec 2, a KLIA Terminal 1 flight was hit with a hoax bomb threat, but it was quickly confirmed as a false alarm. Airport security and the bomb disposal unit checked the area thoroughly, keeping all passengers safe. The suspect is now in police custody, the flight departed on schedule, and airport operations carried on without any disruption.

4. AROUND THE WORLD 🌎

Trump, Taiwan, and China
Trump signs new legislation for better Taiwan ties, upsets Beijing 
The new legislation, called the Taiwan Assurance Act, will see the US State Department carrying out reviews of contacts with Taiwan at least once every five years, which involves the regular review and update of guidelines on how the US officially interacts with Taipei. This follows the actions of then Secretary of State Mike Pompeo in 2021 during the first Trump administration, when he lifted restrictions on contacts between US officials and their Taiwanese counterparts, which were put in place after Washington recognised Beijing in 1979.

The law has been met with approval and thanks from Taiwan and opposition from Beijing. Beijing firmly opposed any form of official contact between the US and the “Taiwan region of China”, calling the Taiwan question the first red line that must not be crossed in China-US relations. Beijing further warned the US that it should exercise “the utmost prudence in handling the Taiwan question, to stop all official interactions between the US and Taiwan, and not to send any wrong signals to Taiwan independence separatist forces."

Money matters
Digital bank GXS axes 10% of workforce
The Singapore-based digital bank, backed by Grab Holdings and telco Singtel, will be cutting 82 jobs across the group, according to a message to employees by the group chief executive. The cut follows a strategic review in its markets of Malaysia, Singapore, and India, which has identified which roles were critical and essential for the bank to grow further. Still, impacted employees will be provided with financial, professional, and medical coverage support during the transition period. This includes severance and goodwill payments, extended medical coverage for three months, career transition support and counselling services, as well as garden leave to allow the affected staff to look for a new job. The bank posted a loss of SGD214.3 mil (RM682.1 mil) for its 2024 financial year, a widened loss from the preceding year.

As an aside, the digital bank did note that the job cuts will not affect its Malaysian operations, as the bank believes the Malaysian team is adequately staffed. GX Bank Malaysia is one of five operational digital banks in Malaysia, alongside AEON Bank, Boost Bank, KAF Digital Bank, and Ryt Bank. These five collectively serve 1.97 mil customers, with recorded deposits totalling RM3.1 bil as of Sept.

AI startup Anthropic plans IPO as early as 2026
Anthropic, which is backed by Alphabet’s Google and Amazon.com, has reportedly hired law firm Wilson Sonsini to prepare for an IPO that could take place as early as 2026. The Financial Times reported that the AI startup, which is behind AI assistant Claude, has also entered discussions with major investment banks. However, the talks are in early stages and informal, meaning Anthropic is still far from selecting its IPO underwriters. It was also reported that Anthropic is currently negotiating a private funding round that could give the AI startup a valuation of over USD300 bil (RM1.2 tril).

Foxconn, Luxshare to expand Vietnamese game console production
A subsidiary of Taiwan’s Foxconn, Fushan Technology, is seeking a permit to expand production in Vietnam to make up to 4.8 mil Microsoft Xbox consoles a year. This is an expansion to Foxconn’s current capacity of 4 mil gaming devices per year at a factory in northern Vietnam under a separate subsidiary, EV Foxconn. At the same time, China’s Luxshare is looking to produce up to 4.5 mil gaming devices at a factory in Vietnam starting next year, though no brands were indicated. Both companies have submitted documents to the Bac Ninh provincial authority, where they intend to set up their facilities. Fushan Technology is also looking to increase its mobile phone manufacturing capability by 30 mil units to a total of 140 mil as part of the expansion, while upping its wearables and accessories production as well. This comes as Foxconn’s Bac Ninh factory looks to expand from an existing USD520 mil (RM2.1 bil) investment.

Dell founder puts up USD6.25 bil (RM25.77 bil) to give 25 mil American kids Trump accounts
The philanthropic gift from Michael and Susan Dell will provide 25 mil American kids USD250 (RM1,031) each to jumpstart an investment account for their futures. This builds on the Invest America initiative, better known as Trump accounts, created earlier this year as part of President Donald Trump’s One Big Beautiful Bill Act. Under the initiative, the government will automatically seed an account with USD1,000 (RM4.12k) for each child born between 2025 and 2028. The Dells’ gift will fund an additional 25 mil children aged 10 and under who were not already eligible for the government money. The money will be invested in diversified, low-cost index funds, and will not be accessible until the child turns 18. And the magic of compounding will take care the rest of it.

5. FOR YOUR EYES 📺

How it’s made

1. Yeo’s chrysanthemum tea

2. Chicken eggs

Since we are off on Friday, bonus content for the weekend - music stuff!

3. Few Siberian girls blending tradition with the modern to create folk pop music. Catchy, danceable. The full music video here.

4. Random find on my Youtube feed but enjoyed every moment of it. Few Sri Lankan guys jamming to the acoustic version of Hotel California by Eagles, surrounded by mangroves.

5. Few white guys jamming to the Game of Thrones soundtrack on the electric guitar with guitarists from Audioslave/Rage Against The Machine, Anthrax, Extreme etc.