☕️ Parliament approves Online Safety Bill in bloc vote

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD24 bil has been raised by the World Bank to provide loans and grants to some of the world’s poorest nations, which it can leverage to generate USD100 bil in total spending power. Donor countries committed USD23.7 bil to replenish the bank’s concessional lending arm, the International Development Association (IDA), marking a slight increase from USD23.5 bil pledged during the previous fundraising round. This funding will support the 78 countries that need it most.

27,000 foreign nationals in Malaysia have taken advantage of the Migrant Repatriation Programme, which allows them to return home by paying a nominal fine. The programme, launched on March 1 and running until December 31, has seen RM13.12 mil in fines collected. Those wishing to return home under this initiative must pay a fine between RM300 and RM500, depending on the nature of their immigration offence, such as overstaying or breaching visa conditions. The World Bank estimates that between 1.2 mil and 3.5 mil undocumented migrants were in Malaysia between 2018 and 2020.

10th place is where Kuala Lumpur ranked among the top cities in the world for international arrivals, according to Euromonitor International. The city saw the highest growth in international arrivals from 2023 to 2024, with a 73% increase. Bangkok topped the list, followed by Istanbul, London, and Hong Kong. The global tourism industry experienced a 19% rise in international arrivals in 2024, with Europe leading the way, reaching 793 mil international trips.

3. IN MALAYSIA 🇲🇾

RM463 mil allocation to improve public transport services approved
According to a statement by Deputy PM Zahid Hamidi, the RM463 mil allocation announced in the 2025 budget has been approved by a Cabinet Committee meeting in preparation for hosting the ASEAN Summit in 2025 and Visit Malaysia 2026. The meeting, consisting of members tasked with Road Safety and Traffic Congestion, discussed factors surrounding road safety, traffic congestion, and ways to improve public transport adoption in Klang Valley and northern cities.

Some RM10 mil of the allocation is gazetted to increase the number of designated bus lanes, previously seen on Jalan Ampang, Jalan Genting Klang, and Jalan Klang Lama, as they have proved to increase the number of daily passengers by reducing travel time and improving commercial speed. The government is now expanding the service, with new special bus lanes planned in Penang and parts of Klang Valley, namely Jalan Ipoh, Jalan Cheras, and Jalan Gombak.

Zahid also noted that Prasarana’s Demand Responsive Transit (DRT) service implemented in June to improve last-mile connectivity helped reduce waiting times from 40 minutes to 13 minutes. The DRT service has 20 vans in operation, with plans to increase its fleet by 300 by July next year. It’s like Grab for high-density residential areas but with vans- just that they cost a couple of Ringgit per ride.

Zuraida receives a RM9.9 mil discount on damages claim to PKR
The Court of Appeal has deemed the RM10 mil claim in damages to PKR following Zuraida’s exit from the party as too “exorbitant”, reducing it to RM100,000 instead. The panel of judges found it unreasonable for Zuraida to bear the initial amount, considering 10 other PKR MPs left the party at around the same period, besides awarding Zuraida RM40,000 in costs. The former Ampang MP and Minister of Plantation Industries and Commodities welcomed the court’s decision and sarcastically said that she would consider the payment a “donation”, and would settle the amount in RM1 notes.

The suit was initiated by current Home Minister Saifuddin Nasution Ismail on behalf of the party after Zuraida’s involvement with the “Sheraton Move” that led to the collapse of the Pakatan Harapan government back in 2020. In it, Saifuddin claimed that Zuraida was breaching the terms and conditions of her agreement with the party set in motion after winning the 2018 Ampang parliamentary seat.

Parliament approves Online Safety Bill in bloc vote
The bill, tabled by Minister in the PM Department (Law and Institutional Reform) Azalina Othman, was read in Parliament on Tuesday and went on to receive 77 votes of support in the Dewan Rakyat against 55 opposing it. A staggering 90 MPs were absent, btw.

The bill aims to regulate harmful content by establishing an online safety committee and appeals tribunal, besides outlining responsibilities for online service and content providers. Azalina emphasized that the Bill was not intended to curb freedom of expression in the country, but to crackdown on harmful content such as cyberbullying and child exploitation as the Bill is aimed at online service providers by making them legally liable rather than individuals.

The passing of the bill raised concerns, particularly from the opposition bloc. Pasir Mas MP Ahmad Fadhli, in protest, attempted to invoke Standing Order 54(2) to refer the Bill to a parliamentary committee for further review but was struck down by Deputy Speaker Alice Lau, as invoking the Standing Order required a written notice to be submitted at least a day before a Bill being read for a second time in the Dewan Rakyat. Fadhli was stern in his opposition as he views the passing of the Bill as potentially leading Malaysia to a digital dictatorship he highlighted that it could constitute an overreach of regulatory powers granted to MCMC — the definition of online harmful content that the Bill was drafted to protect against was unclear, and the personas with deciding power of what constitutes as harmful content were still unknown.

Shorts

1. National AI Office to launch today
   In tandem with the first anniversary of the Digital Ministry’s first anniversary, the National AI Office or NAIO is set to be launched today by PM Anwar Ibrahim. NAIO received Cabinet approval back in August and is set to be the central authority driving Malaysia’s AI agenda. Part of NAIO’s responsibilities include enhancing Malaysia’s AI capabilities and facilitating Malaysia’s involvement in regional AI developments. Shamsul Izhan Majid, previously MCMC’s Chief Technology and Innovation Officer, is set to head the office as CEO.

2. Sarawak & PETRONAS found common ground over the gas distribution issue
   Sarawak has reached a solution with the national O&G custodian over gas distribution in the state, according to Premier Abang Johari Openg, with the aforementioned solution to be announced by PM Anwar Ibrahim soon. Abang Johari stated that two of the acts used in deciding Sarawak gas aggregation can co-exist- Sarawak relies on the state Oil Mining Ordinance, while PETRONAS the Petroleum Development Act. He also expressed regret that the matter has been blown up and that although PETRONAS might experience a hit to its bottom line due to Sarawak taking over as gas aggregator, it could be resolved.

3. “Mat rempit” to be a real term defined by the Transport Ministry

   As part of finalising amendments to the Road Transport Act 1987, the term will now be legally defined. Hasbi Habibollah, Deputy Transport Minister, said that the draft of the bill also constitutes methods to address reckless and dangerous motorcycle riding and illegal racing, and has been presented to the Attorney-General chambers.

4. AROUND THE WORLD 🌎

A Look At New Syria

1. Syria’s new leader 

   Mohammed al-Bashir will be taking charge of Syria as the caretaker prime minister with the backing of the former rebels who ousted President Bashar al-Assad. He will lead the interim authority until March 1, 2025. He has also promised to rebuild the nation with basic services and protection for citizens but faces a cash crunch as Syria lacks foreign currency. Still, the Syrian Central Bank was left mostly unscathed by looters in the direct aftermath of Assad’s ouster, though it remains unknown just how much money was stored in the main vault.

2. Bringing Syrians home

   The interim prime minister has also promised to bring home displaced Syrians, and incidentally, mere hours after Assad’s fall was announced, a “fierce political debate” started in Germany about what to do with the one million Syrian refugees there. The approaching snap elections have some politicians thinking of a tough stance, with conservatives and far-right politicians, as well as some far-left elements, arguing that the ouster of Assad, the reason the Syrians fled, should allow them to immediately return to Syria. Left-wing politicians have called them “out of touch with the situation in the Middle East”, with the blunter ones preferring “depraved scumbags”. On a side note, the German Defence Minister said that Syria was an example of how strategic partners can only rely on Moscow for as long as Putin needs them.

3. Free markets, but what type of society?

   For businesses, the interim authority has announced it will adopt a free-market model and integrate Syria into the global economy. This was welcome news for prominent Syrian businessmen, but concerns remained about whether the new Syria would be an open society or an Islamic state, considering the Islamist roots of the former rebels. Still, the current customs system there will be done away with, something traders and industrialists have been calling for. So long not another Afghanistan.

4. US seeks to help

   The US, which had suggested an inclusive, transitional government and offered advice to guide early efforts to that effect, has in turn asked the former rebels, the Hayat Tahrir al-Sham, for help in locating and freeing missing American journalist Austin Tice, as they liberated Syria’s prisons. Tice, earmarked as a top US priority, was abducted in Syria in 2012.

Leaders vs. the Law

1. Netanyahu's Day in Court

   The Israeli PM figuratively opened fire on journalists, claiming they had been hounding him for years due to his policies, which did not align with a push for a Palestinian state. He was on trial for charges of bribery, fraud, and breach of trust, to which he has pled not guilty, with his defence lawyer portraying the trial as biased, with Netanyahu the victim of a political witch-hunt (same playbook for politicians in courts). He also said that if he had “wanted good coverage”, as some of the charges indicated, he would have just “signalled toward a two-state solution”.

2. An Office Raid and Attempted Suicide by Underwear

   Police tried to search President Yoon Suk Yeol’s office, but failed to enter the main building, though the reason remains unclear. The attempt is seen as a significant escalation in the investigation against Yoon and top police and military officers for the martial law declaration last week. Yoon has also been fingered as the one to give the order to “drag out” lawmakers from the main chamber they had gathered in to vote down the martial law declaration, a testimony at odds with earlier statements claiming it was the then-Defence Minister, Kim Yong-hyun who issued the order. Kim has since resigned and been arrested. At the detention centre, he tried to commit suicide with a shirt and underwear, but his life is not currently in danger. He has also claimed full responsibility for the martial law crisis. North Korea also finally reported on the martial law declaration, and is surprisingly mostly accurate, though that could be due to the lack of commentary.

Health Matters

1. Offsetting colon cancer damage with anti-inflammatory foods

   A study, part of a project funded by a five-year USD3.1 mil grant to understand how food may influence cancer risk, has found that ultra-processed foods could be fueling a rise in colon cancer cases due to inflammatory compounds, as tumours were fueled by said compounds and a lack of compounds linked to healing. The researchers were looking for bioactive lipids, which can increase or decrease inflammation in the body, which formed a high proportion of tumour samples. However, said researchers also found that the same bioactive lipids, when consumed from healthy sources such as leafy greens, can help the body counteract inflammation. Next you are tempted to eat junk food, think of the preceding.

2. Another pandemic could cost the world USD13.6 tril

   Commercial insurance market Lloyd’s of London believed that the disruption across global industries, due to local lockdowns and worldwide travel restrictions, will cost the global economy USD13.6 tril over a five-year period, with the most severe scenario causing a loss of USD41.7 tril. The entity also stated that the insurance industry has since developed cover for new outbreaks of infectious diseases, the interruption or cancellation of events due to a pandemic, and for the development, storage, and transit of vaccines.

5. FOR YOUR EYES 📺

1. What you’re about to see may just ruin your lunch plans, sorry. Vegan-friendly material.

   

   Credits: Our World in Data

2. To all you overwhelmed salary people out there, here’s your Wrapped.

3. Many are furious over the FashionValet saga especially when things are seen from the surface. Let’s hear an interesting multifaceted perspective on this matter.