Morning Brief

Malaysian REITs are usually bought for steady income, but this year the sector has lagged the broader market by a wide margin. Rising bond yields and the end of the withholding tax break for retail investors have made REIT payouts look less attractive, and Budget 2027 didn’t bring that break back. So where does the sector go from here, and which corners still look promising? We speak to Aidil Puzi, Equity Research Analyst at RHB Investment Bank.

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Zetrix AI Founder Wong Thean Soon’s stake collapse below 2% has breached a covenant on its RM2 billion Sukuk. So what happens next?

Emmanuel Samarathisa, founder of The Malaysianist, joins The Morning Run to trace the four-step downfall of Zetrix, from market rumours that wiped out billions in capitalisation to systemic margin calls.

He highlights three critical areas demanding greater scrutiny, and addresses a critical question: who, if anyone, ultimately takes control of a listed concession holder with no controlling owner left?

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Israel heads to the polls on October 27 in an election that could determine Benjamin Netanyahu's political future and the influence of the country's far-right parties. With neither major political bloc assured of a governing majority, Arab-led parties could play a decisive role in forming the next government. We examine growing political mobilisation among Palestinian citizens of Israel, the potential concessions needed to secure their support, and whether a change in leadership would bring meaningful differences in policy towards Gaza, Palestinian statehood and the rights of Palestinians living in Israel.

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ASEAN stock markets have struggled to keep pace with their North Asian peers, with the MSCI ASEAN index underperforming the broader Asia ex-Japan benchmark by more than 10% this year. Yet performance across the region has been sharply divided, with Thailand and Singapore leading while Indonesia, Malaysia, Vietnam and the Philippines lag behind. We examine what's driving these differences, the impact of foreign fund outflows, why Malaysia's strong economic fundamentals have yet to translate into stock market gains, and whether ASEAN can attract investors beyond the AI-driven rally in North Asia.

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Malaysia's worsening haze is beginning to affect tourism, with inbound operators reporting cancelled trips, fewer group bookings and growing concerns among overseas travel agents. As unhealthy air quality disrupts outdoor activities and threatens visitor confidence, the industry faces another challenge in meeting its target of 47 million international visitors this year. We examine the financial impact on tourism businesses, whether lost bookings can be recovered, the risks to Malaysia's reputation as a travel destination and what measures are needed to protect the industry from recurring transboundary haze.

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The government has set up a task force led by the Attorney General to probe alleged “corporate mafia” activity, with a public report promised in three months. It brings together the MACC, police, Bank Negara, the SC and LHDN, though some of these agencies have themselves faced allegations. Can it stay independent, reach politically connected players, and protect minority shareholders who may have lost out? We speak to Anand Raj, President of the Malaysian Bar.

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The World Food Programme is cutting monthly food aid for 500,000 people in Gaza as funding runs dry. A year into the ceasefire, families still depend heavily on aid, and getting supplies in remains a struggle. With the WFP warning it needs US$450 million just to keep critical operations running for six months, who fills the gap? We speak to Dato’ Dr. Ahmad Faizal Mohd Perdaus, President of MERCY Malaysia.

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Americans head to the polls on November 3 in midterm elections that will determine control of Congress for the remainder of President Donald Trump's term. With his approval ratings under pressure, rising living costs frustrating voters and Democrats seeking to overturn narrow Republican majorities, both parties face a critical electoral test. We examine the key battleground states, shifting voter demographics, the importance of turnout and how the results could reshape Trump's ability to govern, influence his legislative agenda and set the direction of American politics over the next two years.

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The Registrar of Societies has deregistered Perikatan Nasional after ruling that the coalition's response to a show-cause notice failed to adequately address the concerns raised. Dr Syaza Shukri, Associate Professor of Political Science at the International Islamic University Malaysia, discusses how this latest development might reshape coalition politics and if it might impact upcoming elections.

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Forest and peat fires in Indonesia have once again brought the regional haze crisis into focus, raising questions about the role of plantation companies and the effectiveness of fire prevention efforts. Rashyid Redza Anwarudin, Chief Sustainability Officer of SD Guthrie Bhd, discusses the company's response and what more the palm oil industry can do to prevent recurring fires.

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China's economy grew 4.5% year-on-year in the third quarter, slightly ahead of expectations. Dig deeper and we see exports remaining a key growth driver, consumer spending is still subdued and the property downturn continues to weigh. Denise Cheok, Assistant Director and Economist at Moody's Analytics, examines China's economic outlook and the policy challenges facing Beijing.

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What began as student protests over teacher shortages and deteriorating school facilities has escalated into nationwide unrest, fuelled by anger over the cost of living and public services, leading to rioting and looting. Dr Benjamin Barton, Head of the School of Politics, International Relations & Economics, University of Nottingham Malaysia, shares his insights.

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Tesla's long-awaited Roadster is finally available for reservation in Malaysia, with deposits reaching more than RM1 million despite production not being expected until 2028. Promising extraordinary acceleration and even the ability to briefly leave the ground, the electric supercar raises questions about Tesla's ability to deliver after years of delays. We examine the financial risks for Malaysian buyers, potential import duties, regulatory hurdles and whether the Roadster can compete in Malaysia's luxury car market while Tesla faces growing competition from more affordable EVs.

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Malaysia's tech stocks just had a rough week as a global AI sell-off spooked investors. The worry centres on how AI infrastructure is being financed, with CoreWeave's borrowing costs surging and questions mounting over whether debt-funded data centre spending can keep going. If that cycle slows, the question is how hard Malaysia's semiconductor supply chain gets hit, and how fast.

Peter Lim, Chief Research Officer at Trident Analytics, breaks down the one financing detail he says actually matters for judging how risky this debt really is, and why he still isn't expecting a broader slowdown despite the volatility.

He walks through which part of Malaysia's chip industry sits closest to the AI action, and which sits furthest from it.

Along the way: why he thinks local tech valuations look expensive on one measure and attractive on another, and what that tension means for investors deciding whether to buy the dip.

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Indonesia's stock market plunged over 11% following an MSCI proposal to downgrade the country to Standalone Market status, alongside markets like Palestine and Lebanon, raising fears of billions in foreign capital outflows ahead of a final decision in June 2027. Meanwhile, South Korea's KOSPI remains under pressure, falling around 11% over the past week despite record earnings from semiconductor heavyweights Samsung Electronics and SK Hynix.

Terence Ng, Associate Director of Equities at AIIMAN Asset Management, examines the catalysts behind these regional moves.

He analyses the four macro forces pressuring the AI trade, explains why Samsung and SK Hynix's strong fundamentals failed to stem investor selling, and assesses whether Indonesia's MSCI review poses contagion risks for neighboring ASEAN markets.

Plus, an evaluation of TSMC's record third-quarter results and what data center power availability reveals about the longevity of the AI buildout.

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The IMF is warning of mounting global debt, rising borrowing costs and slowing growth across Asia, with the region's expansion forecast to ease from 4.8% this year to 4.4% in 2027. Higher energy prices, tighter financial conditions and uncertainty surrounding the AI investment boom are adding to the risks. We speak to Vishrut Rana, Senior Economist for Asia-Pacific at S&P Global Ratings, about the key concerns emerging from the IMF and World Bank meetings, China's economic slowdown, Malaysia's fiscal resilience and what lies ahead for the region.

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Malaysia's economy grew by a stronger-than-expected 5.3% in July and August, marking its second consecutive quarter of beating forecasts. Felicia Ling, Chief Economist at Hong Leong Investment Bank, discusses the key growth drivers, sectoral challenges and the outlook for economic growth and interest rates, amid current economic challenges.

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Budget 2027 trims Malaysia's fiscal deficit target to 3.3% of GDP from 3.6%, but credit rating agencies evaluate more than headline figures. With government debt projected near 74% of GDP in 2027, well above the 57% median for 'BBB'-rated sovereigns, The Morning Run speaks with Kathleen Chen, Associate Director in Fitch Ratings' Sovereigns team, to assess the budget.

She breaks down the fiscal levers Fitch is monitoring most closely and outlines what separates a credible, sustainable fiscal path from a fragile one.

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Budget 2027 extends the stamp duty waiver for first-time buyers of homes up to RM500,000, and widens it to cover purchases from abandoned housing projects. Developers have welcomed the incentives, but say rising construction costs, compliance charges and a higher minimum wage threaten to squeeze margins and push prices up. So will these measures actually make homes more affordable, or just cushion demand? We speak to Datuk Zaini Yusoff, President of the Real Estate and Housing Developers’ Association (REHDA) Malaysia.

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TSMC reported another record-breaking quarter driven by relentless demand for AI chips, with Q3 revenue surging 41% year-on-year to US$46.7 billion and net profit margins reaching an extraordinary 51%.

The Morning Run team breaks down TSMC’s latest earnings numbers.

The conversation examines the massive US$60 billion to US$64 billion capex budget, aggressive global expansion, and production bottlenecks, as well as what these developments mean for Malaysia's OSAT ecosystem. Plus, a look at the quiet cost behind TSMC's US expansion.

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Budget 2027 has been dubbed an SME-friendly budget, with RM57 billion in financing and guarantees, lower corporate tax rates and exemptions from the upcoming minimum wage increase. But with smaller businesses facing rising operating costs and tight profit margins, will these measures provide meaningful relief? We hear from Datuk William Ng, National President of SAMENTA, about access to financing, wage pressures, AI adoption and what the government must prioritise to help Malaysian SMEs become more competitive.

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Malaysia is considering allowing registered refugees to work in sectors facing critical labour shortages, potentially offering businesses much-needed workers while giving refugees a legal means of supporting themselves. But previous attempts have faced implementation challenges, and concerns remain over exploitation, job competition and border management. We speak to Joanne Chua, Executive Director of Asylum Access Malaysia, about the safeguards needed to make refugee employment viable, the gaps in Malaysia’s refugee protection framework and the implications of proposed repatriation arrangements with Myanmar.

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The Magnificent 7 label is cracking. Between 2023 and 2025, these mega-cap tech stocks returned roughly double the S&P 500 and accounted for a third of the index by weight. Today, that unified trajectory has reversed, the group is trailing the broader benchmark and stock performances are diverging, with Nvidia and Apple surging while Tesla remains in negative territory.

Dan Ives, Senior Managing Director and Analyst at Yorkville Ives & Co, joins us to break down why these tech giants now follow individual narratives rather than a single group trade.

He examines the tug-of-war between Meta's heavy AI CapEx and investor patience, Apple’s strategy to monetise AI without hyperscaler spending, and why Microsoft holds the edge over Amazon and Google.

Plus, a look at Nvidia’s valuation metrics and why a potential SpaceX deal could fundamentally redefine Tesla's future.

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Education remains the largest recipient of government spending in Budget 2027, with the Education Ministry allocated nearly RM69 billion, 4% more from 2026. Nina Adlan Disney, Managing Director of LeapEd Services, shares her insights into whether or not Budget 2027 adequately addresses the needs of students and teachers and what more is needed to improve the quality of education in Malaysia.

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Forest and peatland fires in Indonesia continue to damage the environment and send haze across Southeast Asia. A recent report by Greenpeace and Pantau Gambut has identified Malaysian and Singapore-linked companies among the entities connected to the fires. Albert Bansa, Greenpeace Malaysia Environmental Campaigner, takes us through the report.

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Budget 2027 sets Malaysia’s development expenditure at RM83 billion, a bump up from last year, yet below the 13th Malaysia Plan's annual average.

UOB Kay Hian Senior Equity Analyst Jack Goh joins us to evaluate where contract flow actually lands. The conversation dives into the post-election timing of major infrastructure rollouts, the distinct edge Borneo-based contractors hold over peninsular rivals for Sabah and Sarawak allocations, and how minimum wage hikes will hit builder margins. Plus, an examination of the two private-sector segments driving record order books while mega-projects remain on hold.

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In June, Amova Asset Management completed its acquisition of AHAM Capital. The Japanese asset manager now controls a business with over RM100 billion in assets under administration.

Stefanie Drews, President and CEO of Amova Asset Management Group, joins us to explain why an acquisition in Malaysia made sense over other Asian markets, what role AHAM will play in the group's broader regional strategy, and whether we could see the brands eventually merge under Amova.

Amova's CEO views Malaysia much like Japan: a market where household wealth sits largely in bank deposits rather than capital markets, presenting enormous long-term upside.

She also details the functional capabilities Amova plans to expand in Malaysia, the brand strategy ahead, and how key Shariah-compliant investment capabilities factor into Amova's bigger global plans.

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Malaysia's federal government has successfully narrowed its deficit to 3.6% of GDP, but the revenue-to-GDP ratio has slipped to 16.4%, the lowest in six years. Meanwhile, emoluments and pensions now consume 40% of government spending, retirement charges are climbing toward RM45 billion, and federal debt sits above 65% of GDP with a 60% target two years away.

Suhaimi Ilias, Group Chief Economist at Maybank Investment Bank, walks through the structural reality behind Malaysia's narrow tax base: why only a third of workers and around 10% of registered businesses actually pay income tax, and what that says about the economy's position. He explains the non-pensionable contract approach now being adopted for new civil service hires, and the role the Civil Service Retirement Fund is playing to partially cover pension costs. Along the way: whether the government can hit that 60% debt target by 2028, and the one arithmetic lever that would help get there faster.

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The Health Ministry will receive RM47.7 billion under Budget 2027, with more than 9,000 contract doctors set to be offered permanent positions and a new affordable MediAsas insurance plan due to launch in January. Dr Khor Swee Kheng, CEO of Angsana Health, assesses the budget's healthcare funding priorities, workforce challenges, the affordability of private healthcare and the reforms needed beyond simply spending more.

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Budget 2027 introduced incentives to broaden capital market access for Malaysia’s micro, small, and medium enterprises (MSMEs) and mid-tier companies (MTCs), including a RM270 million matching fund allocation for equity crowdfunding (ECF) and peer-to-peer (P2P) platforms. Datin Paduka Azalina Adham, Managing Director of the Securities Commission Malaysia (SC), joins The Morning Run to outline how these measures reinforce the SC’s Capital Market Masterplan.

She details the mechanics of the SC’s "funding escalator", a framework bridging early-stage crowdfunding to LEAP, ACE, and Main Market listings, alongside nationwide outreach campaigns and capacity-building programs like Elevate Programme and the Simplified ESG Guide.

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With US equities hovering near record highs, attention turns to Q3 earnings expectations for the S&P 500. As valuations remain resilient despite numerous headwinds, William Chang, Senior Client Portfolio Manager at Franklin Equity, joins The Morning Run to evaluate whether corporate earnings can continue to justify today’s lofty valuations

He examines how AI infrastructure investments, projected to reach $900 billion this year, are spilling into auxiliary sectors like industrials, materials, and electrification. He also assesses debt risks, Federal Reserve interest rate expectations, and return-on-investment timelines for mega-cap tech spending.

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Malaysia's stock market has struggled to sustain its gains this year, underperforming several regional peers. Can Budget 2027 provide the catalyst for a recovery? Alexander Chia, Head of Regional Equity Research at RHB Investment Bank, discusses the budget's implications for investors, the outlook for the FBM KLCI and where he sees opportunities in the market.

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Malaysia’s nearly RM460 billion Budget 2027 promises greater tax relief, higher minimum wages and continued development spending. But how does the opposition assess the government’s economic priorities, and what alternatives would it offer? We speak to PAS assemblyman and Kedah State Executive Councillor Prof. Haim Hilman Abdullah about the budget’s approach to living costs, taxation and wage growth, as well as whether opposition-governed states are receiving a fair share of federal development funding.

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Budget 2027 comes at a critical juncture for Prime Minister Datuk Seri Anwar Ibrahim, following electoral setbacks for Pakatan Harapan and growing calls from within the Unity government for an early general election. Ibrahim Suffian, Co-founder and Programmes Director of Merdeka Center shares his views about the political calculations behind the budget, the government's standing among Malay voters and the road to GE16.

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Budget 2027 introduced modest changes to Malaysia's tax landscape, but with the government projecting tax revenue to grow by 5.8% (RM16.3 billion), where will that revenue come from? Sim Kwang Gek, Country Tax Leader at Deloitte Malaysia, joins The Morning Run to unpack the tax adjustments, and how these policy shifts will impact the middle-income group, corporate profits, and the broader tax reform roadmap.

She analyses the practical benefits of expanded individual reliefs for the M40, the regional competitiveness of expanding the 30% top marginal rate threshold to include RM1 million earners, and why establishing a clear long-term direction for consumption tax remains critical.

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Budget 2027 is expected to focus on easing the cost of living and strengthening household incomes, but the government faces limited fiscal room to deliver meaningful relief. With middle-income Malaysians feeling increasingly squeezed, attention is turning to personal income tax reforms, housing affordability, cash transfers and the burden of SST. We speak to tax consultant SM Thanneermalai about which measures could make the biggest difference to household finances, and whether the government can balance immediate relief with longer-term fiscal sustainability.

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With Budget 2027 set to be tabled, Malaysia’s live entertainment industry is calling for more than just additional funding. Industry players want the government to abolish outdated entertainment duties, simplify concert approvals and address inconsistent regulations across states. We speak to Rizal Kamal of ALIFE Malaysia about how these reforms could lower costs for promoters and consumers, attract more international events and strengthen Malaysia’s position as a regional destination for live entertainment and tourism.

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The Hang Seng Biotech Index has outperformed the broader market this year, fuelled by a wave of out-licensing deals with Western drugmakers, stronger R&D capabilities and attractive valuations. Eight years after the first biotech listing in Hong Kong, a growing number of these companies are turning profitable and moving from clinical-stage developers into commercial drugmakers. But profitability remains uneven across the sector, and a new round of Fed tightening could weigh on valuations. Herald van der Linde, Head of Equity Strategy for Asia Pacific at HSBC, discusses how to value the sector, which healthcare sub-sectors he prefers, and the key catalysts and risks ahead.

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The Reserve Bank of India has raised its benchmark repo rate by 25 basis points to 5.5%, its first hike in nearly four years, and signalled that more tightening could follow. Inflation has stayed above the RBI’s 4% target for three straight months, driven by higher oil prices from the Iran war and a weak monsoon, while the rupee hovers near record lows. Yet the economy grew 7.8% in the April to June quarter, and India is on track to overtake Japan as the world’s fourth-largest economy. Lavanya Venkateswaran, Senior ASEAN and India Economist at OCBC Bank, discusses how far the RBI will go, the risks from energy prices and stalled US-India trade talks, and whether India can sustain its growth momentum.

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Sabah got RM6.9 billion in federal development money under Budget 2026. Even so, the Auditor-General found that only four of the 35 Pan Borneo Highway packages in Sabah were finished as of March 2026, and the project's cost has risen by RM1.1 billion to RM19 billion. With 16 of the 29 MA63 issues now resolved and Budget 2027 coming up, the state wants the rest of its 40% revenue entitlement, more doctors in rural areas, and private investment that creates better jobs for young people. We speak to Ariff Adi Putera Anwar, Research Associate at the Institute for Development Studies (Sabah), about what Putrajaya should deliver next.

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Paramount Skydance has completed its US$110 billion takeover of Warner Bros Discovery, creating a Hollywood giant with franchises including Harry Potter, DC and Game of Thrones. But the combined company faces an enormous US$80 billion debt burden, ambitious cost-cutting targets and declining traditional television audiences. Can Skydance successfully integrate HBO Max and Paramount+, compete with streaming rivals such as Netflix and Disney, and deliver the financial returns investors expect?

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Malaysia’s Parliamentary Services Act is now in force, with appointments to the new Parliamentary Service Council expected to move forward next week. The reform aims to give Parliament greater control over its staffing, finances and institutional resources, reducing its dependence on the Executive. But how quickly can these changes be implemented, what will they mean for MPs and parliamentary staff, and will greater administrative autonomy translate into meaningful legislative independence?

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Malaysia’s tourism industry entered 2026 with ambitious targets and substantial government support, but higher travel costs and geopolitical disruption have weighed on international arrivals. With Budget 2027 approaching and the Visit Malaysia campaign extended into next year, the industry is seeking further support ranging from promotion and infrastructure to tax relief and lower operating costs. Where should the government direct its tourism spending, and does Malaysia need to rethink its strategy for attracting visitors?

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34 years after it was repealed, the Parliamentary Services Act came back into force on October 1st, promising to free Parliament's administration from Executive control. But with key details still missing, from how "sufficient funding" is defined to who actually belongs to the parliamentary service, questions remain over whether the legislature has truly gained genuine independence.

Wo Chang Xi, Research Analyst at Sustainable Development Solutions Network Asia Asia and member of Projek SAMA, joins The Morning Run to break down why the Act is an important milestone that still falls short.

He discusses the urgent need for dedicated research services like an independent Parliamentary Budget Office, why the Parliamentary Service Council remains vulnerable to Executive influence, and what further standing order and funding reforms are needed to strengthen parliamentary scrutiny

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More than two decades after ASEAN adopted its transboundary haze agreement, fires in Indonesia are once again affecting air quality across the region, with Sarawak particularly badly hit. Malaysia is pushing for stronger regional coordination, while attention is also turning to the responsibility of companies linked to plantation fires across borders. We examine whether ASEAN’s existing approach has reached its limits, how corporate accountability could be strengthened, and what it would take to stop haze from becoming a recurring regional crisis.

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With Budget 2027 set to be tabled this Friday, Malaysia's semiconductor industry is pushing for bold measures to keep multinational investors expanding and help local suppliers climb the tech ladder. Amid a global race for capital and specialised talent, the Malaysia Semiconductor Industry Association (MSIA) has laid out six core priorities.

Dato' Seri Wong Siew Hai, President of MSIA, joins The Morning Run to detail what the chip sector needs from the upcoming budget. He addresses how to ease the friction of doing business, the urgency of expanding the STEM talent pool with foreign graduates, and why he remains confident in the AI boom despite warning shots of a global market correction.

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Brazil’s presidential election is heading to a second round after Flávio Bolsonaro finished ahead of incumbent Luiz Inácio Lula da Silva, highlighting the enduring strength of the conservative movement built by his father. The October 25 runoff could have consequences well beyond Brazil, shaping its relationships with the US and China, its role in BRICS, and its approach to trade and climate policy.

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As financial crime becomes increasingly sophisticated across Southeast Asia, criminal networks are using legitimate businesses, property and financial channels to move illicit funds. Cliff Lim, Director of Risk & Compliance, Southeast Asia at Dow Jones, assesses Malaysia’s AML framework and what more can be done to tackle cross-border financial crime.

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Formula 1’s surprise return to Sepang over the weekend delivered high-octane excitement, but behind the spectacle lies a bigger economic question. With hosting fees pegged at over RM300 million, if Malaysia rejoins the F1 calendar, can the event consistently draw the high-spending international tourists Malaysia would need to make this worthwhile?

Hannah Pearson, Founder of tourism consultancy Pear Anderson, joins The Morning Run to break down what the early tourism numbers actually tell us. She weighs in on whether viral complaints over 2-hour walks, gridlocked shuttle buses, and crowd control hurt Malaysia's reputation, and what it will take to make F1 financially worth it in the long run.

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S&P Global Ratings has affirmed Malaysia’s A-minus sovereign credit rating with a stable outlook, supported by steady economic growth and gradual fiscal consolidation. But the assessment also highlights vulnerabilities, including rising private-sector external borrowing and the risk that elevated oil prices could increase the government’s subsidy burden. We speak to S&P Global Ratings about what could strengthen or weaken Malaysia’s credit standing, and what it would take for the country to secure a ratings upgrade.

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With Budget 2027 set to be tabled this Friday, education is once again expected to be a major priority. Chan Soon Seng, CEO of Teach For Malaysia, talks about where education spending should be directed, strengthening teachers and school leadership, closing socioeconomic and geographical gaps, and ensuring funding translates into better outcomes.

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Global food prices have climbed to their highest level in nearly four years, with wheat, sugar, palm oil and other key commodities rising sharply amid weather disruptions and geopolitical tensions. Imran Yassin Yusof, Head of Research at MBSB Research, talks about what’s driving input costs which consumer stocks could emerge as winners or losers.

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Malaysia allocated RM46.5 billion to the Health Ministry under Budget 2026, but calls are growing for Budget 2027 to tackle deeper structural pressures facing the healthcare system. From an ageing population and workforce shortages to primary care, long-term care and healthcare financing, the challenge is increasingly about how money is spent rather than simply how much. What should the government prioritise, and could reforms such as a Health Service Commission and national health insurance deliver lasting change?

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Companies can now apply to list on both Bursa Malaysia and the Hong Kong Stock Exchange with one application and one listing document. The new process puts into effect the dual-listing framework that the Securities Commission Malaysia and Hong Kong's SFC agreed in July. So does this make Bursa more attractive, or do the bigger problems of liquidity, valuations and analyst coverage remain? We speak to Ng Zhu Hann, CEO & Founder of Tradeview Capital.

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China is stepping up efforts to revive its economy with lower interest rates, expanded lending and mortgage subsidies aimed at supporting homebuyers. But while manufacturing and exports are showing resilience, domestic demand, investment and the property sector remain weak, leaving the economy increasingly reliant on external demand. Can Beijing’s latest measures restore confidence at home, and what happens if China can no longer depend on exports to compensate for sluggish domestic growth?

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Nuclear power often conjures images of Chernobyl, Fukushima, and atomic weapons, but as Malaysia’s energy demand surges, is it time to reconsider nuclear power? Datuk N.K. Tong, Nuclear Energy Advocate, joins The Morning Run to discuss why shifting public perception away from fear and toward facts is crucial for the nation's energy security.

Datuk N.K. Tong breaks down why he thinks nuclear is one of the safest and most reliable base load energy sources, how small modular reactors (SMRs) could power industrial hubs, and why Malaysia is more prepared for nuclear adoption than most realise. Plus, he outlines what Budget 2027 should prioritise, funding regulators and talent over concrete, before a single reactor is built.

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US-China trade tensions are redrawing Asia’s shipping map, with container lines shifting capacity towards intra-Asian routes and Southeast Asia handling a growing share of Chinese trade. Malaysia could benefit from rising cargo flows and manufacturing relocation, but tariff changes, vessel oversupply and disruption in the Strait of Hormuz are making the outlook increasingly unpredictable. Can Southeast Asia turn these shifting trade flows into lasting investment, and what happens to shipping rates when geopolitical disruption eventually eases? We speak with Kenneth Loh (APAC Shipping & Logistics Analyst) from Bloomberg Intelligence for more insights.

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Cartels and bid-rigging happen behind closed doors, so the people most likely to catch them are insiders. Until now, though, they've had little to gain from speaking up and a job to lose. Amendments to Malaysia's competition laws are set to change that, with stronger protection and rewards for whistleblowers, and they're expected to be gazetted this year. We speak to Datuk Iskandar Ismail, CEO of the Malaysia Competition Commission (MyCC) on the matter.

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ASEAN and Canada are pushing to conclude negotiations on a long-awaited free trade agreement by November, with a deal covering not only tariffs but investment, services, digital trade and regional supply chains. But several ASEAN economies, including Malaysia, already enjoy preferential access to Canada through the CPTPP. What additional opportunities could an ASEAN-wide agreement create, who stands to benefit most, and will businesses actually use it?

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How could a single weekend of Formula 1 racing deliver over RM1 billion to Malaysia’s economy? Hong Leong Investment Bank economist Felicia Ling breaks down the numbers.

As Sepang steps in to host the rescheduled Bahrain Grand Prix during China’s lucrative Golden Week, Malaysia gets a rare, low-risk preview of F1’s revamped commercial power, without footing the usual USD 80 million price tag.

Felicia weighs in on which sectors stand to capture the biggest windfall, how high-spending foreign fans alter the traditional tourism equation, and what long-term branding value Malaysia actually gains from the global spotlight. Plus, what would it realistically take for an annual Malaysian Grand Prix to make financial sense on a permanent basis?

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The Reserve Bank of Australia has raised interest rates to a 15-year high of 4.60%, its fourth increase this year, as inflation remains stubbornly elevated despite weakening household spending and housing activity. Higher fuel prices and strong construction demand are complicating the central bank’s efforts to bring prices under control, while markets anticipate further tightening. How much more pain can Australian households absorb, and will interest rates need to reach 5% before inflation finally eases?

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Asian equities are having a strong year, but the headline gains mask increasingly divergent performances across the region. Raj Singh, Portfolio Manager at Principal Asset Management, looks at what is driving the differences between China, Japan, South Korea, Taiwan and Southeast Asia, and where he sees investment opportunities amid the AI boom.

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Malaysia’s proposed Freedom of Information Bill is under renewed scrutiny after civil society groups raised concerns over broad exemptions, existing secrecy laws and the effectiveness of its appeals process. A parliamentary townhall has now given stakeholders another opportunity to shape the legislation before it returns to Parliament. What needs to change for the Bill to deliver genuine access to information, and can Malaysia balance greater government transparency with legitimate safeguards?

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The explosion of global e-commerce platforms has transformed Malaysian retail, offering consumers unprecedented choice, but also flooding the domestic market with cheap foreign direct sellers. As local SMEs struggle to keep up, Dr. Chin Chee Seong, National President of the SME Association of Malaysia, joins The Morning Run to assess the real impact on domestic businesses.

Dr. Chin highlights which sectors are hitting a breaking point, pinpoints critical gaps in Malaysia's current regulatory framework, and shares insights on what must be done to level the playing field.

He also outlines key asks for SMEs ahead of Budget 2027.

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China’s new 134-kilometre Pinglu Canal gives its southwestern provinces a much shorter route to the sea and potentially closer access to Southeast Asian markets. For ASEAN, the waterway could open new opportunities to reach consumers in China’s interior, but it could also deepen a trade imbalance that already heavily favours Beijing. What will determine who benefits from this new trade corridor, and what does it mean for Malaysia and ASEAN’s economic relationship with China?

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US President Donald Trump and Chinese President Xi Jinping have met twice this year, with the latest talks producing agreements on trade, tariffs and AI. But major disagreements over technology, rare earths and Taiwan remain unresolved. Dr Benjamin Barton of the University of Nottingham Malaysia shares his insights into what the summit tells us about the direction of US-China relations.

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Malaysia's proposed Freedom of Information Bill has come under scrutiny from civil society groups and Parliament's Special Select Committee is now gathering public feedback. Arief Hamizan, an independent researcher on governance and civic space in Southeast Asia, shares his views on the FOI Bill's scope, exemptions, secrecy provisions and appeals process, and what would make it a meaningful right to information.

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As Malaysia approaches Budget 2027 tabling amid pre-election expectations, the government faces a delicate balancing act between expanding fiscal support and maintaining medium-term discipline. Dr Afzanizam Abdul Rashid, Chief Economist at Bank Muamalat, joins The Morning Run to evaluate the Madani government’s true fiscal room.

Dr Afzanizam examines how the Public Finance and Fiscal Responsibility Act (FRA) binds spending targets, assesses whether high fuel subsidy bills threaten deficit consolidation, and analyses whether strong first-half GDP growth offsets revenue pressures. He also provides his outlook for the Ringgit and Malaysian bond yields.

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Malaysia's redesigned MyKad hit an immediate snag: digital services including Touch 'n Go eWallet, three digital banks, and MyDigitalID all failed to recognise the new card during verification. Amin Ashaari, CEO and Co-Founder of SoyaCincau, joins The Morning Run to discuss the friction surrounding Malaysia’s updated national ID. 

He breaks down what his team's testing uncovered, where accountability lies between JPN and digital service providers, and why the reactive nature of every fix announced so far points to a preparation gap.

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Malaysia has revamped its Corporate Renewable Energy Supply Scheme, or CRESS, the programme that lets businesses buy green electricity straight from renewable energy developers. The changes include lower grid usage fees, a new 10-year power purchase agreement, and a deadline for plants to start operating by end-2028. That could improve developers' margins and meet the green power demand coming from data centres, but the timeline is tight. We speak to Royce Tan, Senior Analyst at MBSB Research, about whether the changes will get more companies buying green power, and his top picks in the utilities sector.

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Prolonged hot and dry weather is putting Malaysia’s poultry farms under growing pressure, with heat stress potentially slowing chicken growth, reducing egg production and increasing the cost of keeping birds cool. While extreme temperatures do not automatically mean shortages, more frequent and prolonged heat could test the resilience of the wider food supply chain. How vulnerable is Malaysia’s poultry industry, and what investments and government support are needed to help farmers adapt to a hotter climate?

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Bank Indonesia has kept its benchmark interest rate at 5.75% for a third consecutive meeting, balancing pressure on the rupiah against the need to support domestic growth. With oil above US$100, elevated US Treasury yields and lingering concerns over Indonesia’s policy direction weighing on investor confidence, the central bank faces a difficult external environment. Can it stabilise the rupiah without further tightening, and what could force another change in interest rates before the end of the year?

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Melaka's state assembly has been dissolved, setting up Malaysia's third state election this year. Barisan Nasional is defending the state after big wins in Johor and Negeri Sembilan, while Pakatan Harapan, which left the state government in July, is talking to Bersatu about a possible "PH Plus" alliance. We speak to Dr Syaza Shukri, Associate Professor of Political Science at International Islamic University Malaysia, about the shifting alliances, what Najib's conditional pardon means for UMNO, and the stakes for Anwar and Pakatan Harapan.

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Plantation stocks have beaten the KLCI by almost 20 per cent this year, helped by higher CPO prices and better June-quarter earnings. But palm oil exports are slowing and El Nino is shaping up to be the strongest on record, so can the rally last? We speak to Nadia Subhan, Research Analyst at Affin Hwang Investment Bank, about the second-quarter results, her CPO price forecasts for 2026 and 2027, and her top picks in the sector.

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Europe’s trade deficit with China has surpassed €1 billion a day, fuelling concerns that growing Chinese competition could accelerate the erosion of Europe’s industrial base. While the pressure is particularly visible in the automotive sector, Brussels argues the challenge is spreading across manufacturing and has promised to use its trade-policy tools to respond. With an October deadline approaching, can Europe address the imbalance without provoking Chinese retaliation and a broader trade war?

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The Education Ministry’s decision to remove the 30% Bumiputera equity requirement for private educational institutions under its purview has reignited a much broader debate over Malaysia’s Bumiputera economic policies. Dr Lee Hwok-Aun, Senior Fellow with the Malaysian Studies Programme at the ISEAS-Yusof Ishak Institute, takes a look at this five-decade-old policy.

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World leaders have gathered in New York for the UN General Assembly against the backdrop of the US-Iran conflict, the war in Ukraine and deepening divisions between the major powers. Donald Trump has used his address to defend American sovereignty and criticise international institutions, while China’s Xi Jinping is prioritising direct talks with Trump over attending the gathering. Can the UN still build meaningful consensus in an increasingly fragmented world, and what would genuine progress from this year’s General Debate actually look like?

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US President Donald Trump is set to meet Chinese President Xi Jinping at the White House, with trade, Taiwan, artificial intelligence and the war in Iran all adding to an already complex US-China relationship. Chong Ja Ian, Associate Professor of Political Science at the National University of Singapore, shares his insights.

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Negeri Sembilan is caught in a deepening constitutional standoff after Tuanku Muhriz Tuanku Munawir revoked the appointments of all state executive councillors, a move Menteri Besar Dato' Ismail Lasim argues should have no legal effect without the Menteri Besar’s advice. The dispute hinges on competing interpretations of Article 38 of the State Constitution, further complicated by unresolved questions surrounding earlier attempts to remove the Yang di-Pertuan Besar under Article 10.

Constitutional and litigation lawyer Surendra Ananth joins The Morning Run to unpack the cascading legal questions at play. Drawing on Federal Court precedent, including the landmark 1998 Dato Seri Anwar Ibrahim ruling, Surendra examines which side holds the stronger legal position and outlines potential paths toward a definitive resolution.

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Malaysia's average monthly salary rose 4% to RM3,803 in 2025, but the headline figure masks a deeper trend: Wage growth is decelerating, the gender pay gap is widening slightly, and youth unemployment sits at 10.2%, more than three times the national rate.

Wan Amirah Wan Usamah, Research Associate at the Khazanah Research Institute, joins The Morning Run to unpack the structural fault lines behind these numbers.

She details geographic wage concentration in the Klang Valley, the career penalties women face during prime caregiving years, and what targeted wage policy, employer-linked training, and progressive pay structures could mean for Malaysia's labor market moving forward.

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Convicted felon Dato' Seri Najib Razak's conditional pardon allowing him to serve the remainder of his SRC International sentence under house arrest has exposed fresh tensions within Malaysia's Unity Government. Dr Azmi Hassan, Senior Fellow at Nusantara Academy for Strategic Research, analyses these developments and the implications for Anwar Ibrahim's coalition.

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Germany’s political establishment is under growing pressure after another bruising set of state elections for Chancellor Friedrich Merz’s CDU. The far-right AfD emerged strongest in Mecklenburg-Western Pomerania, while the far-left Die Linke topped the vote in Berlin, highlighting growing fragmentation at both ends of the political spectrum. What is driving voters away from Germany’s mainstream parties, can the political firewall against the AfD hold, and what could these shifts mean for the country’s direction ahead of the 2029 federal election?

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As global trade fault lines deepen, Europe is quietly doubling down on Southeast Asia to build its economic resilience. With the EU-ASEAN relationship nearing the 50-year mark and Brussels' $10 billion Global Gateway pledge still to be fully deployed, Chris Humphrey, Executive Director of the EU-ASEAN Business Council, joins The Morning Run to preview the 12th EU-ASEAN Business Summit in Manila.

Chris outlines how European corporate optimism can be converted into tangible investment as ASEAN upgrades trade frameworks and negotiates digital trade principles with Brussels. He also examines where European capital can plug into the ASEAN Power Grid, imminent breakthroughs on the Philippines FTA alongside first-half 2027 timelines for Malaysia and Thailand, and how cross-border issues like haze impact investor perception.

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Twelve years became six. RM210 million became RM50 million. And now the convicted felon and corrupt criminal Datuk Seri Najib Razak could be going home to serve his sentence. Anand Raj, President of the Malaysian Bar Council, talks to us about what exactly does "house arrest" mean in Malaysia and if this creates a template that other prisoners could use.

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The government has temporarily raised the electricity subsidy threshold from 600kWh to 800kWh as hotter weather and the haze push household consumption higher. Associate Prof Ts Dr Amar Hisham Jaaffar, Programme Coordinator of Master in Energy Management at Universiti Tenaga Nasional, discusses the implications of this development.

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As Negeri Sembilan's constitutional crisis unfolds, former Minister of Law Tan Sri Syed Hamid Albar joins The Morning Run to help answer: who holds the ultimate power to dethrone or appoint a ruler?

Syed Hamid establishes three foundational principles for resolving the standoff, unpacks the mandatory inquiry requirements under Article 10 of the State Constitution, and explains why Executive Council resolutions cannot dictate royal succession. He also warns against allowing traditional institutions or the rule of law to be politicised for partisan advantage.

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The Houthis' capture of the port city of Mokka and key islands along Yemen's Red Sea coast has placed them at Saudi Arabia's strategic back door, threatening oil shipments through the Bab al-Mandeb Strait at a moment when the Strait of Hormuz is already paralysed. Mohd Amirul Asraf Othman, Research Scholar at the Centre for Arab and Islamic Studies at Australian National University (ANU), joins The Morning Run to analyse this dangerous escalation between Saudi Arabia and Ansar Allah.

Amirul unpacks the Houthis' "blockade-for-blockade" strategy along the Red Sea coast, which has forced Riyadh to shut down its vital East-West crude oil pipeline. He also details the geopolitical drivers behind the spark at Sana'a Airport, Washington’s appetite for getting involved, and whether China can help by persuading Iran to pull back its empowered Yemeni partners.

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Following the election of former player and administrator Datuk Abdul Ghani Hassan as President of the Football Association of Malaysia (FAM), Haresh Deol, Editor at Twentytwo13, joins The Morning Run to assess the road ahead for Malaysian football.

Haresh unpacks questions surrounding the election process following warnings from Asian Football Confederation (AFC) General Secretary Datuk Seri Windsor John Paul regarding electoral committee eligibility, the structural reforms within FAM’s executive committee, and the massive trust deficit haunting the national body.

He also discusses what genuine governance reform looks like, from financial transparency to restoring confidence among fans and commercial sponsors.

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Following Grab’s $1.49 billion majority-stake acquisition of Singapore-based BNPL provider Atome Financial, Vincent Fong, Chief Editor and Country Manager of Fintech News Malaysia, joins The Morning Run to break down the strategic implications for Southeast Asia's fintech ecosystem.

Vincent analyses how acquiring Atome immediately elevates Grab into a formidable second-place contender against market leader ShopeePay in key markets like Malaysia. He also details the potential funding synergies, the potential erosion of merchant promos in an emerging BNPL duopoly, and why standalone BNPL providers may soon face extinction across the region.

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Apple’s latest iPhone launch put smartphone pricing back in the spotlight, with price hikes extending even to older iPhone models. But rising device costs aren't just an Apple problem. Andrew Chan, Former Executive Director of the Malaysia Semiconductor Industry Association (MSIA), joins The Morning Run to examine how the AI boom is restructuring global semiconductor supply chains and pushing smartphone makers to raise prices across the board.

Andrew unpacks the dual cost pressures hitting consumer electronics, details critical supply chain bottlenecks, and evaluates whether consumers should expect higher prices for longer. He also weighs in on Malaysia's positioning in the global semiconductor landscape and whether the country is doing enough to capture higher-value opportunities.

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For decades, Kota Kinabalu Central Market has been where locals buy fresh fish and produce, and where tourists go to see the city's market culture up close. Now the Sabah government is thinking about moving it out of the city centre. That could change things for the traders who depend on it and for the tourism it brings in. We speak to Dr. Saizal Pinjaman, Director of the Centre for Economic Development and Policy at Universiti Malaysia Sabah, about what the move could mean.

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Japan has revised its second-quarter growth figures upwards, with business spending holding up despite high fuel prices. The better numbers have raised expectations that the Bank of Japan will raise interest rates on 18th September 2026, a day after the Fed raised its own. That could squeeze household budgets and company profits just as the economy was finding its feet. We speak to Naomi Fink, Chief Global Strategist and Chief Economist at Amova Asset Management, about what this means for Japan in the second half of the year.

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The latest Malaysia Retail Industry Report shows the sector expanding by 2.5% in the second quarter of 2026, even as the country’s economy grew by a stronger 6% during the same period. Dr Afendi Dahlan, Vice President of the Malaysia Retail Chain Association (MRCA), analyses these data points and what they say about strength of consumer demand.

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Xi Jinping’s first visit to India in seven years has raised hopes of a thaw between Asia’s two biggest powers, with Xi and Narendra Modi pledging to stabilise ties and work towards resolving their long-running border dispute. But deep mistrust remains, alongside a widening trade imbalance and strategic competition across the region. Is the latest rapprochement the beginning of a genuine structural shift in India-China relations, or simply a pragmatic response to an increasingly uncertain global order?

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Oil markets are facing a renewed supply squeeze as Saudi Arabia shuts its East-West Pipeline following a drone attack, while global inventories have already fallen by more than 500 million barrels since February. Claudio Galimberti, Chief Economist at Rystad Energy, share his insights into where oil prices are heading with the Strait of Hormuz situation remaining unresolved.

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Malaysia attracted RM218.5 billion in approved investments in the first half of 2026, with foreign investors accounting for almost 60% of the total and AI-related projects continuing to drive interest. But investment remains concentrated among a handful of countries and states, while a tougher global environment could test whether recent momentum can be sustained. Can Malaysia reach its RM382 billion target for the year, and how much of today’s investment pipeline will ultimately translate into jobs and real economic activity?

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The BRICS Summit in New Delhi brought together some of the world’s most powerful leaders, with members projecting unity despite divisions over conflicts in West Asia and the future of the global order. Malaysia, attending as a BRICS partner country, used the gathering to deepen bilateral ties, including growing cooperation with India in semiconductors and supply chains. What does Malaysia stand to gain from closer engagement with BRICS, and can Putrajaya strengthen these relationships without complicating its ties with Washington?

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UMNO has wrapped up its annual general assembly which saw PAS leaders attending, Pakatan Harapan partners notably absent, and UMNO President Datuk Seri Ahmad Zahid Hamidi calling for GE16 to be brought forward. Adib Zalkapli, Managing Director of Viewfinder Global Affairs, helps us unpack what UMNO's latest moves could mean for Malaysia's political landscape ahead of GE16.

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For decades, the Malaysia Agreement 1963 has been at the heart of Sabah and Sarawak's demands for greater rights, revenue and political representation. And now, we see Prime Minister Datuk Seri Anwar Ibrahim chairing the latest MA63 Implementation Action Council meeting. Ariff Adi Putera Anwar, Research Associate at the Institute for Development Studies (Sabah), discusses the significance of this development.

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