Pigs, Politics, and the Peculiar Politics of Smell

 

If a university business student were assigned a SWOT analysis on pig farming in Malaysia, they would probably begin with an apology to their lecturer — not because the topic lacks data, but because it comes with a fragrance of controversy that refuses to stay inside PowerPoint slides. Few industries illustrate the intersection of economics, culture, religion, land scarcity, and public policy as vividly as pig farming. It is, quite literally, a case study you can smell from afar.

 

Source: https://en.wikipedia.org

 

Strengths

Historically, pig farming in Peninsular Malaysia was a surprisingly robust business. Before urbanisation swallowed vast tracts of agricultural land, the country was once a net exporter of pork. Farmers operated close to major consumer markets, transport costs were low, and supply chains were efficient. From a purely commercial perspective, pigs are excellent livestock assets. They convert feed efficiently, reproduce quickly, and generate high-value protein products. Unlike durians, they do not wait years to mature. Unlike oil palm, they do not require decades of land commitment.

 

In short, pigs are what economists call “fast-cycle assets” — the equivalent of a blue-chip stock that pays dividends quarterly. Sarawak today demonstrates this strength perfectly. Its modern farms operate like sterile laboratories, complete with biosecurity systems, disinfected vehicles, and workers dressed like surgeons preparing for an operation rather than farmers preparing for breakfast.  And importantly, the market exists just across a narrow stretch of water: Singapore, one of the world’s most reliable pork importers. Few businesses enjoy a neighbour that wealthy, that hungry, and that geographically convenient.

 

Weaknesses

The weaknesses, however, are painfully obvious. Pig farming is a business that competes not just with other industries, but with public sentiment. Odour complaints, environmental concerns, water pollution issues, and disease risks make it one of the least politically attractive agricultural sectors. No politician ever won an election promising to expand pig farms. Add to this Malaysia’s socio-religious sensitivities, particularly in highly urbanised West Coast states, and the industry faces an unusual challenge: its economic logic is often overshadowed by cultural discomfort.

In many places, pigs are not merely livestock. They are a political liability with hooves. Then there is disease risk. The memory of the Nipah virus outbreak still lingers like a cautionary tale in agricultural textbooks. African Swine Fever remains a constant threat. In business terms, pig farming carries what analysts call “catastrophic risk exposure.”

 

Opportunities

Ironically, the very factors weakening pig farming in the peninsula are creating enormous opportunities elsewhere. Sarawak’s rise illustrates the classic principle of economic displacement. When one region restricts production due to land competition or social pressures, another region with fewer constraints fills the gap. It is textbook comparative advantage — David Ricardo would have approved, even if he might have requested a less aromatic example.

Sarawak’s demographic composition, land availability, and policy support create a near-perfect environment for the industry. The state government openly encourages investment, viewing pig farming not as a nuisance but as a legitimate economic driver.

 

Modern technology also transforms the sector. Closed-house systems eliminate odour, improve animal health, and enhance productivity. In other words, pig farming is evolving from a rustic backyard activity into a highly controlled agro-industrial enterprise. It is more like a climate-controlled protein factory.

 

Threats

Still, threats loom large. The biggest is not disease, nor imports, nor market volatility.

It is perception. Pig farming sits at the intersection of environmental activism, religious sensitivities, urban land scarcity, and royal directives — a combination that would give any business consultant nightmares.

 

At the national level, Malaysia now imports roughly one-third of its pork supply. This dependence exposes the country to external price shocks — an irony for a nation that once exported the very same product. Pig farming, in the end, is not merely about pork. It is a mirror reflecting Malaysia’s broader developmental tensions — between urban growth and agricultural preservation, between cultural sensitivities and economic pragmatism, between environmental protection and food security.

 

A business student might conclude their SWOT report with a neat recommendation: modernise, relocate, consolidate, and integrate technology. The success of this industry depends not only on market forces or production efficiency — but on whether society can tolerate its smell. And that, unfortunately, is not something you can fix with a deodoriser or a business model.

 

Reference:

OPINION | Pigs, Politics, and the Peculiar Economics of Smell: A SWOT Analysis of Malaysia’s Most Sensitive Livestock, Mihar Dias, Newswav, 22 Feb 2026

Plenty of Graduates but No Jobs?

 

A mismatch that’s been years in the making. Plenty of graduates, not enough jobs: Malaysia’s real skills crisis. The result? Underemployment, frustration, and a whole lot of wasted potential. Blaming students for choosing courses misses the point entirely. The better question is: why are they making these choices in the first place? 

The system is letting them down. For starters, universities are often stuck in the past. Curricula are outdated, overly theoretical, and slow to change. There is a serious disconnect between what is taught in lecture halls and what is needed in the real world. And the link between academia and industry? Weak at best.

 

Source: https://en.wikipedia.org

Then there is TVET—technical and vocational education and training. We desperately need skilled technicians, engineers, and trade specialists. But let’s be honest: TVET still carries a stigma. Society continues to equate success with a university degree rather than hands-on skills. The result is a lopsided system—critical sectors crying out for talent while degree holders compete for a shrinking pool of office jobs. 

A significant portion of jobs in Malaysia remains low-skilled. These roles do not allow graduates to fully utilise what they have learned. As a result, many end up underemployed and working in positions that do not match their training or potential. Over time, this erodes motivation, creativity, and the country’s ability to compete globally. 

Then there are the skills employers consistently demand: critical thinking, problem-solving, adaptability, and communication. Many graduates struggle in these areas, largely because they have been trained to memorise and repeat rather than to question and create. English proficiency is another persistent barrier, especially in an increasingly globalised economy.

It needs to happen now. 

First, education must be reformed. Curricula should be developed with meaningful industry input, not in isolation. Internships, apprenticeships, and real-world projects should be core components of learning, not optional add-ons. 

Second, we need to stop looking down on TVET. It must be repositioned as a prestigious and viable pathway. This requires sustained investment and a national effort to reshape public perception. Countries that succeed in this area recognise that all forms of skilled work have value. 

Third, the government must step up—not as a bystander, but as a strategic planner. It should actively forecast future skills needs and align education policies accordingly. Incentives should be provided to companies that invest in training and upskilling their workforce, rather than simply lamenting the lack of “job-ready” graduates.

 

Fourth, career guidance in schools must be strengthened. Students should not be told simply to “follow their passion” without context. They need access to real data about the job market to make informed, realistic choices. 

Finally, we must rethink what success looks like. A degree is not the sole measure of a person’s worth. Competence, adaptability, and a willingness to learn continuously matter just as much, if not more. 

Malaysia has talent. Plenty of it. What we lack is alignment. Alignment between education and industry. Between what young people aspire to and what opportunities actually exist. Between policy and reality. Until we fix that, we will continue blaming students for choosing the “wrong skills” while ignoring the deeper, systemic failure. It is time for action—not to blame our youth, but to build a system that finally works for them. 

And the first business of today is to sack the present Minister of Education – never in the field of education was so much owed by so few to so many! 

Reference:

OPINION | Plenty of graduates, not enough jobs: Malaysia’s real skills crisis, K. T. Maran, https://newswav.com, 20 April 2026

Jailed for Two Cans of Sardines?

 

A father of two was sentenced to one month in jail and fined RM300 by the Kuala Lumpur Magistrates’ Court yesterday recently after pleading guilty to stealing various daily necessities, including two tins of sardines. 

As reported in the Malay Mail (citing Utusan Malaysia), Magistrate Faezahnoor Hassan handed down the sentence after Mohd Rashid Mohd Noh, 44, admitted to the charge when it was read to him. The e-hailing driver faces an additional seven days’ jail if he fails to pay the fine.

 

Source: https://en.wikipedia.org 

According to the charge, Rashid stole 20 items – including two tins of sardines, all-purpose flour, dishwashing liquid, bath soap and an air freshener – worth RM404.22 from an Aeon supermarket in Taman Maluri, Cheras at 8.10pm on April 18. 

The offence was charged under Section 380 of the Penal Code which carries a maximum jail term of up to 10 years and a possible fine. For repeat offences, offenders may face imprisonment as well as a fine or whipping. During proceedings, deputy public prosecutor Nor Farhana Mohd Poad urged the court to impose a sentence that would serve as a lesson to the accused. 

One commenter seemed to be suggesting that compassion be exercised in this case as the defendant was stealing to feed his kids. However, it was pointed out the difficulty in measuring compassion and that laws exist to keep society functioning in an orderly manner. It was hoped that the magistrate would know how best to handle this when sentencing. Some form of assistance for the accused was also mooted here as it does appear that this is a crime driven by economic circumstance. 

The sense of injustice was reflected in a comment that highlighted graft-related cases involving tens or hundreds of millions of ringgit are let free after “returning” the money or paying a meagre fine. Moreover, there were also those who stole billions, yet their cases are classified as “NFA (No Further Action)” by the authorities. 

Some commenters further alluded to cases involving VVIPs that got swept under the carpet, suggesting that the law treats citizens differently in Malaysia based on status. However, it was pointed out by a sceptical observer that NOT all the items shoplifted were “daily essentials”. These include items such as hair dye, air freshener and shampoo which indicate that perhaps “feeding the kids” was NOT the primary motivation in the theft. 

There is thus a fine balancing act. How does one apply the law to prevent chaos and mayhem while considering economic realities that forces a person to steal? The powers-that-be must also be mindful of the public perception that the big fish accused of serious crimes involving eye-watering sums of money seem to get away with their wrongdoings. Meanwhile, a lowly Grab driver struggling to feed his family is thrown in jail for shoplifting essentials such as tins of sardines and detergent. Rightly or wrongly, the comments reflect what many Malaysians are feeling now – there is one set of law for the rich and powerful, another for the struggling citizen. 

Reference:

“2 cans of sardine among 20 stolen items not concrete proof jailed father of two intended to feed family”, Focus Malaysia, 22 April 2026

Happy Labour Day!

 

Malaysia: Has the Future Arrived?

 

Low Zi Yu-Noraqilah Maisarah Ramdan pulled off a huge upset against world No 7 duo Rin Iwanaga-Kie Nakanishi in the final Group B match of the Uber Cup Finals 2026 between Malaysia and Japan recently. At 19-16 down in the decider, they were not supposed to believe. Not against the world No 7 pair. Not on a stage this big. Not at 15 and 18. 

But belief, it turned out, did not care about rankings. On a tense night at the Uber Cup, Malaysia may have lost the tie but in those final, breathless moments, something far more significant took shape.

 

Source: https://en.wikipedia.org

Low Zi Yu and Noraqilah Maisarah Ramdan arrived as underdogs, ranked No 143 in the world and playing on a stage that typically belongs to experience. Across the net stood Japan’s world No 7 pairing of Rin Iwanaga and Kie Nakanishi: established, composed, expected to deliver. 

The script was clear. Until it wasn’t. Zi Yu, tall and steady beyond her 15 years, and the pint-sized but fearless 18-year-old Noraqilah refused to follow it. They took the opening game 21-17, lost the second 12-21, and found themselves staring at defeat at 19-16 in the decider. That was where the match should have ended. Instead, it sharpened. 

One point. Then another. Then another. Five straight points. A 21-19 victory that did more than secure Malaysia’s only point of the tie. It altered the mood of it. 

There was no wild celebration, no sense of disbelief. Just a composure that suggested they had expected themselves to find a way. But for a pair stepping into their first major team competition, it was enough. They had just beaten a top-10 pair on one of badminton’s biggest stages, and were already thinking about what comes next. Malaysia would go on to lose the Group B tie 4-1 to three-time champions Japan. But even within that result were signs of resistance. 

Two teenagers, playing without fear, had offered a glimpse of what lies ahead. At 19-16 down, they did not look at the scoreboard. They played the next point. Then the next. And somewhere in that surge, Malaysian sport saw what it might become. I dare say this is what Malaysia could become! And there was no race or religion, no special privileges, just two fighters on the field of battle, looking out for each other as one. That’s the spirit of the new Malaysia we always dream about! 

Reference:

At 19-16 down, Malaysia’s badminton future refused to wait, Frankie D’Cruz, FMT, 28 April 2026

Malaysia’s Economy Grew 5.3% in Q1 2026

 

Malaysia's economy grew 5.3 per cent in the first quarter from a year earlier. Slight moderation from its pace at the end of 2025. In the final quarter of 2025, gross domestic product had expanded by 6.3 per cent, the fastest pace in three years, driven by higher domestic demand, exports and investments. 

The rise in the January-to-March period was driven by sustained growth in the manufacturing, services and construction sectors, though momentum has slowed compared to the previous quarter. (Based on DOSM statement) 

The mining and quarrying sector declined 1.1 per cent in the quarter due to lower production, particularly of crude oil and natural gas.   Final first quarter figures are expected to be released on May 15.  

Source: https://de.wikipedia.org

The economy expanded 5.2 per cent last year, surpassing expectations as the country posted record values of trade and approved investments. However, Bank Negara Malaysia has warned that supply disruptions and higher fuel prices caused by prolonged conflict in the Middle East would pose risks to its growth and inflation outlook. 

On Apr 9, the World Bank raised Malaysia’s 2026 growth forecast to 4.4 per cent from 4.1 per cent, despite increasing global uncertainties. 

Consumer price rose by 1.7 per cent in March from a year earlier, matching the median forecast by analysts and ticking up from the 1.4 per cent increase the previous month. 

Prices of coal and natural gas, which contributed 92% of Peninsular Malaysia’s energy mix in 2025, have been on the rise following the Middle East conflict as gas supply from the region gets cut off while countries ramp up coal-fired power generation as well. 

Brent, the global benchmark for crude oil, is still above US$100 per barrel, while the most traded Newcastle coal futures have jumped to 2024 highs at US$142 per tonne. Natural gas prices, meanwhile, have retreated from the recent surge driven by the Iran war.

While 80% of natural gas for the power sector comes from domestic supply with price caps, there will be impact from global price increases. The balance 20% is imported, largely from Australia, and subjected to market prices. 

Malaysia’s automatic fuel adjustment mechanism is expected to provide rebates up until July, based on the latest forecast by Tenaga Nasional Bhd. 

Diesel is up, other energy prices up, food items up, transport cost up, wages down! We are in a difficult situation and Madani’s greatest weapon is subsidies. Agreed that it is useful in the short-term, we need more medium to long-term measures: 

-no tax for imports of EVs for 10 years;

-all residential units have a one-time 50% capex subsidy for energy-efficient solar panels.;

-transport vehicles are CNG or hydrogen powered?

-fertilizer plants and food farming are incentivised for self-sufficiency; and

-AI driven technology promoted in agriculture, construction and services. 

References:

Malaysia’s economy grew 5.3% year-on-year in Q1 2026, office advance estimate shows, CNA, 17 April 2026 

Malaysians should brace for gradual rise in electricity prices, says Energy Commission, Adam Aziz, theedgemalaysia.com, 1 April 2026

Is PLUS’ Concession Not Lucrative?

 

The general perception is that PLUS Malaysia Bhd is sitting on a lucrative toll concession. The reality is toll collections are barely enough to cover expenses, including payments to bondholders and maintenance costs. A nagging question is how PLUS, which has been operating highways since 1988, has yet to fully redeem the bonds that were issued to fund the construction of the North-South Expressway.

It should be noted that PLUS’ concession was extended by 20 years following the Pakatan Harapan victory in the 2018 general election. This in turn resulted in the abolition of PLUS’ 18% tariff hike as per its concession agreement. 

PLUS spends RM400 million to RM500 million per year on maintenance. The Malaysian Highway Authority has a very high standard when it comes to the maintenance of expressways. As a result, the cost of maintaining the highways is high. The government, when it decided to keep PLUS with Khazanah Nasional Bhd (51% stake) and the Employees Provident Fund (EPF) (49%), sought to explain that there were several considerations, such as the terrain of the highway when maintenance costs are looked at. 

PLUS has not given decent dividends to its two shareholders over the years and the payment is not hefty because of its financials. A check with the Companies Commission of Malaysia reveals that PLUS suffered three straight years of losses, from FY2021 to FY2023. In FY2023 ended Dec 31, it suffered an after-tax loss of RM148.35 million on the back of RM3.63 billion in revenue. In FY2022, it suffered an after-tax loss of RM247.31 million on RM3.36 billion in revenue. At end-2023, PLUS had total assets of RM28.44 million, while its total liabilities were pegged at RM38.8 billion. The highway concessionaire had accumulated losses of RM10.41 billion.

 

PLUS has total debts of about RM30.2 billion. A significant portion of this, approximately RM11 billion, is guaranteed by the Malaysian government, substantially lowering the company's credit risk. The company has an RM25.2 billion Islamic Medium-Term Notes Programme with a AAAIS(s) rating and a stable outlook from MARC Ratings. This rating reflects a government Letter of Undertaking to cover any cash shortfalls, ensuring debt obligations are met. 

PLUS has five concessions under its belt. The first is Projek Lebuhraya Utara-Selatan Bhd, whose operations comprise the 772km North-South Expressway, New Klang Valley Expressway, Federal Highway Route 2 and the Seremban-Port Dickson Highway. 

Traffic levels saw a post-pandemic surge, rising 7% year-on-year in 2023 and 3.5% in 2024. Future growth is expected to normalize to a historical range of 1% to 1.5% per annum from 2025. As of 2025, the toll fare for a Class 1 vehicle (car) from Kuala Lumpur to Penang is RM45.70, and to Johor Bahru is RM42.30. The current concession agreement does not involve any toll rate hikes for the next 20 years, with a key condition being the maintenance of current rates until the end of the concession period. 

The second concession is Expressway Lingkaran Tengah Sdn Bhd, the operator of the North-South Expressway Central Link. The third concession is Linkedua (M) Bhd, which owns the Malaysia-Singapore Second Link Expressway. The fourth is Konsortium Lebuh Raya Butterworth-Kulim Sdn Bhd, which operates the Butterworth-Kulim Expressway, and the fifth is Penang Bridge Sdn Bhd. 

PLUS has ample liquidity, reflected by cash and cash equivalents of RM3.9 billion as at end-July 2024 as well as strong cash flow generation that averaged RM2.1 billion p.a. over the past four years, provide the toll concessionaire with considerable capacity to meet projected capex and financial obligations over the next 12 months. PLUS expects to remain financially self-sufficient, projecting — under its base case — an average LoU FSCR of 3.18x with a minimum of 2.41x (FY2038) throughout the sukuk tenure, above the covenanted 2.0x. MARC Ratings’ sensitised case assumes zero traffic growth, under which the LoU FSCR could fall below 2.0x from year 2030 (FSCR of 1.8x) and would require the government support to cover the shortfall. However, as historically demonstrated, PLUS has the flexibility to adjust its capex plan as necessary to support its credit metrics. 

There is still a need for a restructuring exercise for PLUS – it has to sell loss-making entities (concessions) to third parties, reduce debt significantly and seek Government support (or cash infusion) to maintain long-term viability. Otherwise, there is no dividend to Khazanah and EPF – which is detrimental to EPF contributors! 

References:

Cover Story: PLUS’ concession not as lucrative as perceived, says UEM Group MD, Jose Barrock, The Edge Malaysia, 19 Dec 2024 

MARC Credit Analysis Report dated 6 November 2024