Most debates about democracy ask whether democracy is superior to the alternatives. Supporters point to freedom, representation and legitimacy. Critics point to voter ignorance, populism, short-termism and political dysfunction. Others look at countries governed by technocrats or strong states and ask whether expertise and competence might sometimes produce better outcomes than electoral politics.

Tong's Portfolio: Who governs the governors?

For years, the people building the world’s most powerful artificial intelligence systems have warned us that AI could eventually become dangerous. Yet, they continued to race ahead, building companies now worth hundreds of billions — and, in some cases, associated with technology groups worth trillions — of US dollars each.

Tong's Portfolio - First, win the AI race. Then, stop the race?

Malaysia’s economy grew 6% year-on-year in the second quarter of 2026. That is the second-fastest pace of growth ...

Tong's Portfolio - Malaysia’s economy is growing faster than expected — but the people are not feeling it. Why?

The pace of progress in artificial intelligence (AI) has been extraordinary. Just a year ago, generative AI was still largely used as a chatbot — useful for answering questions, summarising documents or generating snippets of code. Today, tools such as Anthropic’s Claude Code and OpenAI’s Codex can operate much more like agents: they can read files, write and modify codes, run programs, debug errors and carry out multi-step tasks with relatively little human intervention.

Tong's Portfolio - AI is changing investing — but not its rules

Every investment is a bet.

When investors buy shares because they expect corporate earnings to exceed expectations, they are betting. When traders buy oil futures because they believe conflict in the Middle East will disrupt supply, they are betting. Venture capitalists funding an artificial intelligence (AI) start-up are betting. Banks financing a new factory are betting.

Tong's Portfolio - The political economy of gambling: Who decides which bets society accepts?

Malaysia has a growing pension sustainability problem. We have all read the headlines. Pension payments totalled RM38.6 billio...

Tong's Portfolio - The long shadow of Malaysia’s civil service hiring boom

Is rising leverage in the US equity market combined with elevated valuations a warning sign for investors? Per FINRA (Financial Industry Regulatory Authority), total US investor margin debt just reached an all-time high of US$1.5 trillion in June, up by nearly 50% from this time last year and more than double from the start of 2024.

Tong's Portfolio - Leverage won’t cause the next sell-off ... but it could make it worse

Malaysian initial public offerings (IPOs) do not generally perform well beyond their first few days of trading and, sometimes, not even during that period. We have examined and written extensively about the reasons for this disappointing performance, including a valuation methodology that does a poor job of valuing companies because it is backward-looking, focusing on historical profits rather than future growth potential.

Tong's Portfolio - Public markets, private gains: Why the best years of growth increasingly happen before companies go public

The National Automotive Policy (NAP) 2020 and the New Industrial Master Plan (NIMP) 2030 envision Malaysia as an automotive production and export hub for next-generation vehicles, targeting Asean and the wider Asian market. This dovetails with the nation’s broader industrial development plan to raise economic complexity, create high-value job opportunities and deepen domestic linkages.

Tong's Portfolio - The road not taken: Lessons from Malaysia’s automotive industry

Running frontier artificial intelligence (AI) is not cheap. For a time, “token maxxing” was the corporate mantra du jour. Earlier this year, companies encouraged employees to maximise their AI usage by consuming as many tokens as possible. Tokens, in this context, refer to the basic unit of computing. The assumption was that greater AI utilisation would translate into greater productivity — never mind that the relationship between AI usage and output quality is not necessarily linear.

Tong's Portfolio - Open-weight AI: Who wins when intelligence gets cheap?

Micro, small and medium enterprises (MSMEs) will be temporarily exempted from any new minimum wage increase, Entrepreneur and Cooperatives Development Minister Steven Sim Chee Keong said on Wednesday.

MSMEs temporarily exempted from new minimum wage hike, says minister

Taiwan's TSMC, the world's largest contract chipmaker, is evaluating a potential investment in Texas to expand chip production in the US, two sources familiar with the matter said.

TSMC evaluating potential Texas investment — Reuters

A nascent recovery in Chinese oil demand has begun to falter, as continued fighting in the Middle East and limited Iranian supply keep crude prices too high for private refiners, prompting some analysts to trim forecasts for the coming months.

China oil comeback loses steam as Iran war drags on

Nidec Corp reported deep impairments and accounting restatement charges in the first detailed look at the cost of a long-running accounting and governance crisis that’s engulfed one of the world’s top makers of electric motors and raised questions about its survival.

Nidec reveals accounting charges, impairments in restatement

Kuala Lumpur International Airport (KLIA) is expected to welcome three or four new airlines by the end of this year, with discussions already at an advanced stage.

KLIA set to welcome three or four new airlines by year-end — MAHB MD

Selangor Menteri Besar Datuk Seri Amirudin Shari will seek details and advice from the state legal adviser following the High Court's decision that 50 Taman Sri Muda residents had succeeded in their suit over the major floods that hit in December 2021.

Selangor MB says might appeal after court rules in favour of Taman Sri Muda residents over 2021 floods 

Oil prices steadied on Wednesday but remained on track for a big monthly gain as US-Iran talks aimed at ending their war stalled, while tight fuel markets continued to underpin prices despite recovering Middle East crude supplies.

Oil steadies as stalled US-Iran talks offset supply recovery

Public Bank Bhd’s (KL:PBBANK) wholly-owned subsidiary, Public Mutual Bhd, has declared distributions totalling more than RM61 million for two funds for the financial year ended Sept 30, 2026.

Public Mutual declares distributions of over RM61m for two funds

Global bonds inched higher on Wednesday but were set for their worst month in years, hit by a mix of deteriorating government finances, a glut of debt issuance and rising inflation as the seven-month-old US-Israeli war on Iran keeps energy costs elevated.

Bonds set for bruising September, but global stocks remain resilient

Opec+ oil-producing countries are likely to keep their oil production targets steady for November when they meet on Sunday, two sources with knowledge of the matter told Reuters.

Opec+ oil producers set to keep output targets steady at Sunday meeting — Reuters

KUALA LUMPUR (Sept 30): Former prime minister Tun Dr Mahathir Mohamad was admitted to the National Heart Institute (IJN) on Tuesday (Sept 29) for observation, his son&nbsp;Tan Sri Mokhzani Mahathir&nbsp;said.

Mahathir admitted to IJN for observation, says Mokhzani

KUALA LUMPUR (Sept 30): Express Rail Link Sdn Bhd (ERL) will revise its KLIA Ekspres and KLIA Transit fares effective Jan 1, 2027, marking the first adjustment since 2016 after significant rises in operating and maintenance costs.&nbsp;

ERL to raise KLIA Ekspres and KLIA Transit fares from January 2027

KUALA LUMPUR (Sept 30): Datuk Faizoull Ahmad, a former director general of the Federal Land Development Authority (Felda), has been charged with cheating the board 12 years ago.

Former director general charged with cheating Felda, claims trial

Hengyuan Refining Company Bhd (KL:HENGYUAN) fell over 20% in morning trade on Wednesday, prompting a suspension in the intraday short selling of the stock.

Hengyuan drops more than 20%, short-selling suspended

Oil prices steadied on Wednesday but remained on track for a big monthly gain as US-Iran talks aimed at ending their war stalled, while tight fuel markets continued to underpin prices despite recovering Middle East crude supplies.

YTL Power International Bhd’s (KL:YTLPOWR) share price has risen by 72.7% year to date. The gains come as its data centre (DC) segment has begun reporting standalone earnings, while its water and sewerage segment has strengthened and power generation has shown signs of stabilisation. In addition,...

How much more upside for YTL Power?

Gamuda Bhd (KL:GAMUDA) hit a 10-month high in early trade on Wednesday after its joint venture with SD Guthrie Bhd (KL:SDG) and Gentari Sdn Bhd signed a term sheet with a US-based technology company for a 680MW renewable energy project in Perak.

Gamuda hits 10-month high on renewable energy venture with SD Guthrie

VS Industry Bhd (KL:VS) hit a two-month high on Wednesday after the electronic manufacturing services provider reported a narrower-than-expected quarterly loss.

VS Industry hits two-month high after smaller 4Q and full-year loss surprise

WASHINGTON (Sept 29): US President Donald Trump on Tuesday said tech executives agreed to establish voluntary standards for AI and reiterated his support for rapid expansion of data centres, as concerns mount over AI safety and the industry's growing footprint in communities.

Trump, AI CEOs sign voluntary safety pact, back data centre expansion

Singapore’s sovereign wealth fund GIC Pte Ltd has acquired 16 hotels in Japan operated by Marriott International Inc for about ¥125 billion (US$800 million or RM3.25 billion), according to people familiar with the matter.

Singapore's GIC acquires 16 Marriott-run hotels in Japan amid tourism boom — Bloomberg

KUALA LUMPUR (Sept 30): AEON Credit Service (M) Bhd (KL:AEONCR) fell to a 10-month low while analysts turned cautious following a weaker-than-expected quarter at the consumer finance firm.

AEON Credit falls to 10-month low as 2Q results underwhelm investors, analysts

Digital wealth platform Cashku announced a distribution partnership with Kenanga Investors Bhd (KIB) to offer investors selected funds with no sales charge and a minimum investment amount of RM10.

Cashku teams up with Kenanga Investors to offer funds from RM10 with no sales charge

The High Court has allowed Prime Minister Datuk Seri Anwar Ibrahim's application for determination of preliminary issues before the commencement of a sexual assault civil case brought against him by his former aide Muhammed Yusoff Rawther.

Anwar’s pre-trial bid allowed in Yusoff Rawther sexual assault suit, but evidence must be orally given

Global bonds inched higher on Wednesday but were set for their worst month in years, hit by a mix of deteriorating government finances, a glut of debt issuance and rising inflation as the seven-month-old US-Israeli war on Iran keeps energy costs elevated.

Micro, small and medium enterprises (MSMEs) will be temporarily exempted from any new minimum wage increase, Entrepreneur and Cooperatives Development Minister Steven Sim Chee Keong said on Wednesday.

MILWAUKEE (Sept 29): US Trade Representative Jamieson Greer said on Tuesday that the Trump administration will take into consideration tariff caps negotiated in trade deals with countries as it weighs potential new duties in an investigation on excess industrial capacity.

US trade chief to consider trade deal tariff caps in excess capacity probe

Singapore and Kuala Lumpur are choking under severe haze spewing from wildfires in neighbouring Indonesia, with air quality deteriorating dramatically ahead of major sporting events.

Singapore, Malaysia cloaked in haze before key sports events

UK Prime Minister Andy Burnham said he could campaign to take Britain back into the European Union (EU) at the next general election, reopening the country’s debate on its relationship with the continent a decade on from the Brexit vote.

Burnham says Britain could rejoin EU after next election

Here's a heads up on what to look out for today.

YOUR DAY AHEAD: Sept 30, 2026 

KUALA LUMPUR (Sept 30): KIP Real Estate Investment Trust (KL:KIPREIT) acquired its 20th property with the completion of its RM435 million acquisition of Setapak Central Mall, which delivers an attractive yield of 7.2%.&nbsp;

Tong Kooi Ong

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