- A record RM378 bil registered in 2024 for Malaysia
- USD12 bil of public funds looted in Indonesia
- Ukraine to pawn off half of its mineral rights to the US
IN Malaysia
A record-breaking RM378 bil in investments secured in 2024
Investment & Trade Minister Tengku Zafrul Aziz announced that the country has secured record investments of RM378.5 bil last year, an increase of 14.9% from the approved investments in 2023. The services sector contributed the lion share of the investment, where about 68% of the investments came from the sector alone. Tengku Zafrul also added that domestic investments stood at RM208.1 bil and foreign investments at RM170.4 bil. For 2025, Tengku Zafrul foresee 5% growth this year from 2024’s performance, with particular focus on securing investments from countries like Brazil in the aerospace and semiconductor sector, as well as Turkey in the automotive sector.
While on the helicopter view, all is good for the investment sphere in the country, but as usual, there are still ‘pekung di dada’. According to the Auditor-General’s Report 1/2025, subsidiaries of two major GLCs are incurring major losses. Those two GLCs are –
- Employees Provident Fund (EPF) – Nine EPF subsidiaries have suffered a total losses amounting to RM224.21 mil in 2023. Three EPF subsidiaries, namely KWASA Europe, KWASA Europe-I and Naungan Sentosa, suffered losses due to the capital structure of the subsidiaries, which are largely in the form of shareholder loans. EPF owns a total of 55 subsidiaries, of which 34 recorded profits in 2023.
- Lembaga Tabung Haji (LTH) – Two LTH investment holding subsidiaries in the UK – LTH Property Holdings 2 Ltd (LTHP2) & LTH Property Holdings 3 Ltd (LTHP3) registered a RM465.18 mil losses for FY2023 alone. The losses were due to impairment of investment properties, influenced by current interest rates and inflation in the UK. Perhaps LTH should just focus on Haji administration and outsource its investment arm.
Overall, of the federal government agencies’ 217 subsidiary companies, 131 recorded aggregate profits amounting to RM4.09 bil in FY2023, while the remaining 86 incurred losses totalling RM2.81 bil.
Solar energy is the hot thing in the market even Maxis jumped onto the bandwagon
Telecommunication giant Maxis has created a new vertical in its business as the company introduced the Maxis Home Solar subscription service, claiming that the offering will remove the large cost hurdle of purchasing and installing solar panels for customers in the Klang Valley. In its subscription model, customers need to only pay RM1,000 upfront to install the solar power system compared to having to spend between RM30,000 to RM50,000 to purchase and install such a system using the traditional model. However, nothing comes free as the customers will be tied down to a 10-year contract commitment, and early contract terminations will require that customers pay a prorated amount to buy out their solar system based on the remaining tenure.
The rush towards solar energy in Malaysia is not surprising as Putrajaya has been aggressively promoting solar energy via the introduction of large-scale solar projects (i.e. the LSS5, LSS5+ and LSS6). Cumulatively, these large-scale projects command at least RM15 bil in contracts in the next two years, which will significantly drive up activities in the renewable energy sector. Apart from these mega projects, the national grid will also receive a little tender loving care (TLC) via the RM42.8 bil transmission and distribution upgrades under the fourth regulatory period (RP4) (2025–2027), which will significantly accommodate greater renewable energy capacity. Good future ahead for solar energy in Malaysia.
Shorts
- More than 10 years after the disappearance of Malaysian Airlines flight MH370, a new search operation has been initiated by UK-based marine robotics company, Ocean Infinity. The new search will be conducted in a new location spanning 15,000 square kilometers on a ‘no find, no fee’ agreement with the Malaysian Government. You can track the latest progress of the search by clicking this link.
- Tourism Minister Tiong King Sing told the Parliament that there have been an outstanding 58,468 approvals under the Malaysia My Second Home (MM2H) program, updated as of the end of last year. From these new individuals that have called Malaysia their second home, these expatriates have also ‘invested’ more than RM455 mil in the country, via fixed savings accounts and property purchases.
Around the S.E.A.
Pertamina, the gold pot of the elites
Seven people were arrested in relation to the USD12 bil crude oil corruption scandal involving Indonesia’s state-owned oil and gas company Pertamina. Basically, ‘cheap’ crude oil produced by local contractors was exported and foreign crude oil was imported with ‘significantly higher prices’. Pertamina is legally required to source crude from domestic suppliers before relying on imports. However, between 2018 and 2023, the accused allegedly conspired to claim that crude oil supplied by Indonesian producers did not meet Pertamina refinery’s standards. According to the Jakarta Globe, the illegal crude oil trade between 2018 and 2023 resulted in an estimated state loss of USD11.9 bil. As a comparison, the 1MDB scandal led to the loss of more than USD4.5 bil. Indonesia memang always taknak kalah with Malaysia. In terms of the sheer scale of corruption scandal, dear Indonesia, the crown is yours.
Ukraine to sell its soul to the US
Ukraine Deputy PM Olha Stefanishnya has confirmed that both Ukraine and the US have agreed on a deal where Ukraine will contribute 50% of proceeds from the ‘future monetization’ of state-owned mineral resources, including oil, gas, and related logistics into a fund that will invest in projects within Ukraine. Important caveats about the deal are that joint ownership will be determined based on actual financial contributions, and while management will be shared, the US will have decision-making authority under its own laws. US President Donald Trump has framed the agreement as a way to strengthen Ukraine’s economy while ensuring the US ‘recoups the tens of billions of dollars and military equipment sent to Ukraine.’ If you think China’s Belt and Road Initiative (BRI) is outrageous, stay tuned for a US version of BRI policy on steroids under the Trump 2.0 administration.
Source: https://kyivindependent.com/breaking-kyiv-washington-reach-agreement-on-minerals-deal/
For your EYES only
Another day, almost another airline crash in the US.
These @SouthwestAir pilots are heroes—how did they react so quickly to the PJ zipping in front of them! 👏 pic.twitter.com/sZGPDZmVKd
— @jason (@Jason) February 25, 2025
