- No more subsidised eggs in the future
- MMC Port slated to be listed, projected to raise RM7 bil
- OpenAI opening its second Asian office in Singapore (duhh boring)
IN Malaysia
PM Anwar to ASEAN leaders – tak mau gado gado
During the 44th ASEAN Summit Plenary Session at Vientiane, Laos, PM Anwar Ibrahim asked ASEAN leaders to ignore things that could cause division within the ranks. PM Anwar added that ASEAN should be seen as united by the eyes of the world and to act as the beacon of peace, security and cooperation in the region. Malaysia will assume the ASEAN chairmanship effective next year, taking over the chair from Laos.
Source: https://theedgemalaysia.com/node/729554
National security and peace need to work at both ends, with soft diplomacy on one end, as what PM Anwar did as outlined above and of course, at the other end, stone-cold hard diplomacy is also necessary. In order to not be easily bullied by China in the South China Sea as what happening to the Philippines, Putrajaya will set up a new naval base in Bintulu, Sarawak, which is strategically located just 148km from Beting Patinggi Ali, one of the contested pile of land at the South China Sea. Despite having a new base in Bintulu will significantly reduce the response time to any threats at the South China Sea, however, more than half of Malaysia’s naval assets have already passed their expiry dates. Thus, a rampant military modernisation move is needed in all of Malaysia’s three military branches – navy, air force and the army.
Fortunately, the country’s air force is having better luck compared to our navy as Kuwait has given the conditional blessing to sell its F/A-18 Hornet fighter to Malaysia, and as many as 33 airframes will be offered to us. However, the acquisition of the low-mileage second-hand fighters will be contingent upon approval from the United States, the original supplier of the F/A-18 jets and the delivery of Kuwait’s new jets – the F/A-18E/F Super Hornets and Eurofighter Typhoon.
Source: https://www.eurasiantimes.com/kuwait-ok-to-sell-2nd-hand-f-a-18-hornets/
Next on the subsidy rationalisation list – eggs
Agriculture Minister Mohamad Sabu said that a proposal has been submitted by his ministry to the Finance Ministry on the possibility of eliminating the subsidy for chicken eggs grades A, B and C, given that if the supply of the eggs becomes stable. He stated that the proposed move away from subsidising chicken eggs will save RM100 mil per month. Since February 2022, Putrajaya has spent more than RM3 bil in subsidies for chicken and chicken eggs. With the elimination of egg subsidies, nasi bujang with telur dadar will transition itself from a humble food for the masses into makanan kayangan for the Bukit Damansara rich brats.
Source: https://m.malaysiakini.com/news/722000
In response to Mohamad Sabu’s statement, Sabah Agriculture, Fisheries and Food Industry Minister Dr Jeffrey Kitingan said that Sabah will seek an exemption from the Federal Government’s plan to end subsidies for grade A, B and C chicken eggs. Kitingan added that Sabah still needs the subsidies as it is still lagging behind compared to other more developed states.
Source: https://www.thestar.com.my/news/nation/2024/10/09/sabah-wants-exemption-from-planned-egg-subsidy-cut
Business news
- MMC Port Holdings Sdn Bhd, wholly owned by MMC Corporation, which in return Syed Mokhtar Al-Bukhary holds a majority stake in the latter, is mulling over the possibilities of an initial public offering (IPO) in Bursa Malaysia. The potential IPO could raise as much as RM7 bil for MMC Port, making this possible deal the biggest IPO in Malaysia in more than a decade. The IPO could take place as early as 2H2025, with an estimated valuation of MMC Port set at between RM24 bil to RM27 bil.
- World Bank is looking at Malaysia with an optimistic view as the Bank’s lead economist for Malaysia Dr Apurva Sanghi announced that it has raised the forecast for Malaysia’s economic growth for 2024 from 4.3% to 4.9%. The reason behind the growth rate revision is due to the country’s stronger-than-anticipated performance in the first half of the year which reflected robust growth in consumption, investment, and trade activity. Given that the USD/MYR exchange rate does not get above 4.54, Malaysia is on track to become a high-income nation by 2028.
- Penang will soon have its own light rail transport (LRT) line as the groundbreaking event for the RM10.5 bil project is slated in December. The first station to be built on the 29km long LRT line will be the Lebuh Macallum. Penang LRT will have 20 stations and is set to be completed by 2030. With LRT now coming to the North, perhaps the next economic powerhouse will be the North (Penang, Kedah) and not the South (Johor). Majulah Utara Demi Negara.
Around the S.E.A.
Indonesia is going bold
- Jakarta plans to deploy the widespread use of palm-oil-based B40 biodiesel, starting next year. Oil World senior analyst David Mielke stated that the move will bring imbalance to the global market as the plan will lead to additional use of 1.5 – 1.7 mil metric tons of palm oil. At the moment, Indonesia is the largest exporter of the commodity, with 54.84 mil metric tons exported in 2023, compared to the first runner-up, Malaysia which exported 18.55 mil metric tons in 2023.
- Indonesia Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has recently launched the country’s first lithium iron phosphate (LFP) cathode facility. The facility is built on an RM856 mil investment by PT LBM Energi Baru Indonesia. LFP is one of the main components in lithium-ion batteries, along with nickel cobalt manganese.
OpenAI will open its second Asia office in Singapore
In a disappointing move by Open AI to choose Singapore over Kedah (poor ang mo cannot enjoy cheap and delicious RM2 nasi lemak in Kedah), the company will set up its second Asian office in the island nation, after opening its first Asian office in Tokyo earlier this year. The rapid expansion by Open AI is driven by its achievement in securing billions of dollars in funding and credit, where the US-based company is valued at RM672.71 bil.
Source: https://theedgemalaysia.com/node/729541
For your EYES only
Universiti Teknologi PETRONAS (UTP) has been crowned as the first Malaysian university to rank among the top 250 globally in the Times Higher Education World University Rankings 2025, ahead of Universiti Malaya (UM). So, UM is not that great lah after all.
We are proud to announce that UTP is the 1st university in Malaysia to be ranked in the top 250 in the Times Higher Education (@timeshighered ) World University Rankings 2025! UTP continues to stand tall as the No. 1 university in Malaysia and No. 1 private university in ASEAN pic.twitter.com/YlNGtguiAh
— UTP (@UTPOfficial) October 8, 2024
