1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

More than 1,000% – The surge in memory-chip stocks due to the AI boom boosted SK Hynix to gain that much over 12 months, making it the latest Asian company to join the USD1 tril (RM4.05 tril) club after Micron Technology on Tuesday and Samsung Electronics earlier this month. This means the three leading makers of high-bandwidth memory (HBM) chips are all members of the exclusive club. Notably, the three companies accounted for virtually 100% of the global HBM market by revenue, with SK Hynix holding 57%, while Samsung and Micron followed with 22% and 21% respectively.
Fun fact: Micron also joined the club after a shoutout by US President Donald Trump, fuelling speculation that the US government could eventually take a stake in the firm.

USD4.95 tril (RM20.09 tril) – That was the total market capitalisation of Taiwan towards the end of May, powered by a rally in the world’s largest chipmaker, Taiwan Semiconductor Manufacturing Company (TSMC), which now accounts for more than 42% of the Taiwanese index, representing intense market concentration. The rally also pushed Taiwan’s stock market up to be the fifth-largest in the world, behind the US, mainland China, Japan, and Hong Kong. Conversely, India, which was previously fifth, saw a decline in market capitalisation to USD4.92 tril, dropping it into sixth place.

60 – To date, only that many films have ever surpassed USD1 bil (RM4.06 bil) at the box office. Leading the group is the 2009 sci-fi film Avatar, which grossed USD2.92 bil worldwide, followed by Avengers: Endgame with USD2.8 bil and Avatar: The Way of Water with USD2.34 bil. Notably, the director who has had the most billion-dollar-grossing films is James Cameron, whose movies appear in the list 4 times. These include the three Avatar films, along with Titanic, which was released in 1997. Check out the full list here.

3. IN MALAYSIA 🇲🇾

Gen Z holds the key to the upcoming state elections
Analysts say Gen Z voters could be the deciding factor in closely contested marginal seats in Negeri Sembilan and Johor if turnout is strong in the upcoming state elections. With Undi18 expanding the electorate, this group recorded about 75.6% turnout in GE15, and some believe that if participation rises above 80%, it could be enough to unseat incumbents or push parties towards more youth-focused policies. However, experts stress that Gen Z is not a single voting bloc, as views are shaped by ethnicity, region and personal concerns. Past analysis shows Malay Gen Z voters leaning towards Perikatan, while non-Malay youths tended to support Pakatan Harapan. Some may also shift towards UMNO or Bersatu, while others may abstain altogether, making them a volatile and unpredictable group of voters.

Merdeka Centre researchers note that early enthusiasm around youth voting has eased, with many young voters feeling that elections do not significantly improve daily life. Rising living costs, wage stagnation and limited job prospects continue to shape their concerns, but these do not always translate into consistent voting behaviour. Analysts say their impact is strongest in urban and suburban battleground seats, where small shifts in turnout can change results. Voting is often issue-based and influenced by peers and online information (and perhaps, disinformation), leading to transactional decisions, protest votes or abstention. While Gen Z represents a growing share of voters, their influence still depends heavily on turnout.

DBKL invites amendment requests for PTKL2040
DBKL has opened applications for amendments to the Kuala Lumpur Local Plan 2040 (PTKL2040) allowing landowners, developers and members of the public to propose changes to the city’s main development blueprint. PTKL2040 governs land use, zoning and development control across the capital, and is now open for structured review. Applicants must submit a letter of intent to DBKL’s city planning department by 5pm on Jul 10, along with justification for the proposed amendment, a clear site or location plan, and updated land title documents. Mayor Fadlun Mak Ujud said the process allows the city to respond to policy needs and economic challenges while maintaining structured urban planning under the Federal Territory Planning Act 1982.

He added that PTKL2040 translates the Kuala Lumpur Structure Plan 2040 into spatial policy, with amendments governed under Section 17(1) of the Act, which allows the mayor to revise or replace parts of the plan. Applicants are required to appoint a registered town planner to prepare a detailed proposal report based on the scope of their application. DBKL has also made the amendment manual available via its development planning portal. At the same time, new redevelopment incentive guidelines have been introduced, replacing frameworks from 2021 and 2023, aimed at streamlining urban renewal projects across Kuala Lumpur.

Selangor launches RM100 aid plan
Selangor has announced a support package that will see 50,000 low-income families receive RM100 a month for six months (RM30 mil in total) under the Kita Selangor Voucher initiative starting June 30. The RM140 mil programme is part of the state’s resilience strategy to help households manage rising costs, economic uncertainty and supply chain pressures. Eligible recipients will be identified through existing welfare databases such as Bingkas and the Implementation Coordination Unit, with lists to be reviewed on June 22 and 23 before payments begin.

The wider package also includes:

• RM30 monthly public transport subsidy for 50,000 users via the Nine application, covering demand-responsive transit and later expanding to LRT and KTM Komuter services.

• A free breakfast programme for 120,000 students across 965 schools under the Selangor Education Department and Selangor Islamic Religious Department.

• An additional RM5 mil allocation for the 2026 Jelajah Ehsan Rahmah programme, bringing the total to RM10 mil, with rollouts planned twice in each state constituency.

Shorts:

1. Free ATM withdrawals nationwide
   From Jul 1, banks in Malaysia will remove the RM1 interbank ATM and smart recycler machine withdrawal fee nationwide, allowing unlimited cash withdrawals across participating banks without extra charges. The move, announced by banking associations and Payments Network Malaysia, applies regardless of which bank issued the debit card. It aims to improve access to cash and reduce everyday banking costs for consumers.

2. LRT3 set to launch soon
   The LRT3 line is expected to begin operations within two weeks, with Transport Minister Anthony Loke confirming it is currently in trial operations and ready for service. The 37.8km line connects Bandar Utama to Johan Setia and is Malaysia’s largest light rail project. Despite earlier delays and rising penalty costs, the system is set to open towards the end of June.

4. AROUND THE WORLD 🌎

The Middle East
Finally, a US-Iran peace deal
After 3.5 months, the US and Iran have finally negotiated a ceasefire/peace deal that will reopen the Strait of Hormuz. Trump and Iran’s Deputy Foreign Minister Kazem Gharibabadi have confirmed that they will end all hostilities. Of course, there was boasting on Truth Social by Trump. He wrote, ‘Many presidents have tried to make peace with Iran, and all have failed before me. The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace.’

Meanwhile, Pakistani Prime Minister Shehbaz Sharif, who has acted as mediator, congratulated both countries for finding a diplomatic solution. He also extended his thanks to Saudi Arabia and Turkey for their contributions.

Now, the world awaits the official signing in Switzerland on June 19. Both the US and Iran have achieved a memorandum of understanding, which will enable both of them to negotiate on other matters, such as Iran’s nuclear program. This is expected to last for 60 days.

Trump’s message to the markets was clear with his post, ‘I authorise the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!’ Oil bulls are surely happy with this development. Let’s hope nothing happens until the signing ceremony.

Oil prices drop to USD80 per barrel
Good news for the oil markets. The Strait of Hormuz is expected to reopen after three months following an interim deal between the US and Iran. Brent was down to USD83 (RM336.18) per barrel, while West Texas Intermediate declined to below USD80 per barrel. However, traders and investors are adopting a cautious stance as nothing has been published about the deal yet. Iran has announced that the text will only be published after the signing ceremony on June 19.

Helima Croft, head of global commodity strategy at RBC Capital Markets, said in May that even with an end to the conflict, if Iran remains in control of the Strait of Hormuz, traffic will remain only at 60-70% of prewar shipping volumes.

Much work remains for both sides. Mines on the strait need to be cleared to ensure safe passage for ships. Refineries will also take some time to start back up and resume full production. However, this could be good news for inflation in the US and for the world in general. US inflation has just hit 4.2% in May, the highest it has ever been since Apr 2023 and Trump’s approval rating on the issue has also dropped rapidly.

US unfreezing USD12 bil in Iran assets
Well, the proof is in the pudding, maybe. Reportedly, the US is unfreezing USD12 bil (RM48.60 bil) in Iranian assets ahead of the negotiations. Another USD12 bil of assets will also be unfrozen during the 60-day negotiations. This has not been confirmed by the US or Trump yet.

According to Iranian officials, the final draft of the memorandum includes the following main points: 1) Iran and the US immediately end the Strait of Hormuz blockade, 2) The US agrees not to impose new sanctions, 3) The US will waive oil sanctions, 4) Iran agrees not to produce or acquire nuclear weapons, 5) Iran will maintain the current status of its nuclear program, refraining from expanding it further.

Trump’s 100% French wine tariff threat
Tariff threats and retaliation are back on the cards for Trump, even after the Supreme Court has declared most of them illegal. This time, he is threatening to impose 100% tariffs on French wines after France imposed a 3% digital tax on American technology giants. If you recall, Trump did the same thing last time, threatening 200% tariffs on wine and other alcoholic beverages from France and Europe, in Mar 2025 and Jan 2026.

Wine and spirits from Europe are currently subject to 15% tariff, and France has been lobbying hard to get it down to 0. It’s obvious why this is the case. According to OEC, France’s wine and hard alcohol exports to the US make up USD4.3 bil (RM17.42 bil) or about 8.2% of France’s total exports in 2024.

Xiaohongshu is ready for an IPO in Hong Kong
Xiaohongshu, a hyper-popular social media platform in China and sometimes called China’s Instagram, is reportedly ready to file a confidential IPO in Hong Kong by the end of June. When TikTok was banned in the US for a brief period of time, RedNote, its international version, became the most downloaded app in the US on Jan 14, 2025.

With Chinese tech listings booming in Hong Kong, Xiaohongshu might be capitalising on this craze. Xiaohongshu is valued at USD31 bil (RM125.56 bil) at its last valuation round and is reportedly profitable. It expects to generate USD3 bil in profits for the full year of 2025.

Others:

1. Royal crime! Norwegian prince convicted of rape
   Marius Borg Høiby, the 29-year-old son of Norway’s Crown Princess Mette-Marit, was found guilty of two counts of rape in 2018 and 2024. His sentence? Four years in prison. His lawyer intends to appeal this to reduce it to 18 months. He was cleared of two other counts of rape but found guilty of many of the other offences of which he had been accused. In total, Marius faced four counts of rape and several offences, including abuse and reckless behaviour. He did not make it easy for his lawyers because he filmed himself having sex with women who were asleep or drugged, and the court decided that these women did not have any means to resist him. He was also convicted of abusing his ex-girlfriend, Nora Haukland and for causing bodily harm to another partner, who was called the Frogner woman. He will also have to pay NOK640,000 (RM272,499) in compensation to four of the women.

2. UK bans social media for U-16s
   Taking a page from Australia’s playbook, UK Prime Minister Keir Starmer has announced that the country will ban social media for people under the age of 16 in the name of online child safety, starting in Spring 2027. The ban includes platforms like Snapchat, TikTok, YouTube, Instagram, Facebook and X, but excludes messaging apps like WhatsApp and Signal. It will also block livestreaming and communication with strangers for users under 16. The UK has seen some high-profile cases related to social media and self-harm. However, critics are arguing that this is ineffective. This will stifle access to age-appropriate content, and young people will likely find ways around the restrictions.

5. FOR YOUR EYES 📺

The Laws of The Roads

1. Blinders can get you fined.

Instagram post

2. White zebra, yellow zebra.

Instagram post

3. Madani gives you +10% more on your motor insurance - only if you are a safe driver.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD1.11 tril (RM4.46 tril) – That’s the net worth of the world’s richest man, who is also the world’s first trillionaire. Tesla and SpaceX founder Elon Musk cemented his status after SpaceX shares skyrocketed during its market debut, which was also marked as the biggest ever. SpaceX’s USD75 bil IPO sent the company’s value to USD2.2 tril following the listing exercise on the Nasdaq stock exchange. Its shares were reportedly offered at USD135 each, but trading opened at USD150 and hit a high of USD176.50. SpaceX President Gwynne Shotwell has also said that SpaceX and Tesla are working towards the same goals, and has not ruled out a merger in the future.
Fun fact: the IPO also revealed that SpaceX is holding almost 19,000 bitcoins, worth about USD1.45 bil.

More than 4,400 new millionaires – The SpaceX IPO also made millionaires of more than 4,400 current and former employees, around 400 of whom are reported to hold shares worth more than USD100 mil (RM405.76 mil). One example is welder Juan Hernandez, who has been working at SpaceX since 2015. His USD10,000 grant grew to USD880,000 at the IPO price, with the first-day high taking it to over USD1 mil. SpaceX paid its cooks, machinists, technicians, and cafeteria staff partly in equity instead of bigger salaries.

Twitter tweet

175% – Asian investors were largely locked out of the SpaceX IPO, but they still found a way to get around it by betting on companies linked to SpaceX, leading to surges of up to 175%. Taiwanese firm WNC Corp saw its shares surge that much, with Chin-Poon Industrial up 91% and Universal Microwave Technology up 147%. The three Taiwanese firms have said they supply parts used by SpaceX, helping them outperform even the TAIEX index, which is among the world’s best benchmarks this year with a 49% gain. In China, Sunway Communication, which supplies Starlink-related ground terminal components, is up 60% this year, while fellow Chinese firm Lens Technology has jumped 41%.

3. IN MALAYSIA 🇲🇾

Election, election, election

Johor and Negeri Sembilan state elections will not be held at the same time
The Election Commission (EC) chairman, Ramlan Harun, announced that the Johor and Negeri Sembilan state elections will be held on July 11 and August 1, respectively. Johor has over 2.7 mil eligible voters while Negeri Sembilan has close to 900,000 voters. An estimated RM86.8 mil is expected to be allocated for the Johor polls, while the estimated budget allocation for the Negeri Sembilan polls is RM80.6 mil. Voter turnout will be the key factor in deciding who will win. A lot of parties will contest the elections, but the fight will mainly be between the two components of the current Madani government - Pakatan Harapan (PH) and Barisan Nasional (BN). Universiti Malaya political analyst Mohammad Tawfik Yaakub said turnout in both elections was expected to increase compared with the last state polls but would likely remain below the 65% mark.

Hamzah announced the formation of Parti Wawasan Negara
Former Bersatu secretary general and Larut MP Hamzah Zainudin announced the formation of Parti Wawasan Negara, where he stated that the name was coined by PAS President Abdul Hadi Awang. Hamzah added that the party will hold its first general assembly this week and that it will contest the upcoming Johor and Negeri Sembilan state elections under the Perikatan Nasional (PN) logo. So, bye bye Bersatu and welcome Parti Wawasan Negara. However, Hamzah may find roadblocks in choosing the party name as a Sarawak-based party, Parti Sedar Rakyat (SEDAR) has urged the Registrar of Societies (ROS) to step up and address the potential overlap, as SEDAR has previously submitted an application in April 2026, to change the party name from SEDAR to Parti Wawasan Rakyat.

Musical Chairs

Tok Pa and Noh Omar return to UMNO
Political veterans, Mustapha Mohamed and Noh Omar set to return to UMNO, aiming to boost the party’s aspiration to regain traditional seats as supporting roles. Mustapa left UMNO in September 2018 after BN fell out of power in the May 2018 general election (GE14). He joined Bersatu a month later but quit the party in September 2023. Noh was sacked from UMNO in 2023 following a violation of party discipline during GE15. He later joined Bersatu but left the party in February.

Samsuri is no longer the Opposition Leader
After Hamzah Zainuddin’s Parti Wawasan Negara joined PN, the status quo was restored, and Hamzah was promoted again as the Opposition Leader, ending Ahmad Samsuri’s 28-day tenure. However, Ahmad Samsuri, who is also Terengganu Menteri Besar, will remain as PN chairman. No reason was given for the change of personnel for the Opposition Leader role.

Zaid Ibrahim joins PAS
In a surprise move, former law minister and UMNO member Zaid Ibrahim has applied for membership in PAS. PAS secretary-general Takiyuddin Hassan announced that Zaid's eventual membership will further solidify PAS at the national level. Zaid’s political journey has taken him from UMNO, from which he was expelled in 2008, to PKR, Parti Kita, DAP and back to UMNO in 2022.

Lee Chean Chung leaves PKR’s top post
After being blocked from accessing parliamentary funds, Petaling Jaya MP Lee Chean Chung has resigned from PKR’s Central Leadership Council due to his dissatisfaction with the party leadership and its handling of issues affecting elected representatives. Despite stepping down from the party leadership, Lee said he would continue serving as an ordinary party member and focus on his parliamentary responsibilities. He also appeared during Rafizi Ramli’s Parti Bersama launch.

Shorts

1. The remaining Highland Towers to be demolished

   The magistrate's court has approved the application by the Ampang Jaya Municipal Council (MPAJ) to demolish the abandoned Highland Towers Condominium. The Highland Towers initially consisted of three residential towers, before Tower 1 toppled over in December 1993, killing 48 people. It was later found that soil erosion caused by heavy rains had led to the collapse. The demolition of the remaining two towers will be carried out within this year.

2. M Nasir saman MyTeksi

   M Nasir and his company, Luncai Emas Sdn Bhd, are suing MyTeksi Sdn Bhd for using his name and brand ‘M Nasir’ through its social media accounts - @grabmy and @grabfoodmy. The plaintiffs are seeking general damages, exemplary damages of RM3 mil, aggravated damages of RM2 mil, interest and costs.

zuki (@zukimemo1) on Threads

1. Kisah ni bermula pada April 2025 bila ZUS Coffee buat kempen *billboard* kreatif guna ayat "ZUS Coffee Kegemaran M. Nasir". Tapi, rupanya ada tanda *asterisk* (*) kat nama tu sebab individu dalam iklan tu sebenarnya bukan artis legenda, tapi cikgu matematik dari Kedah yang nama sama dan suka menyanyi karaoke. 2. Tak lama lepas tu, Wonda Coffee pulak masuk jarum dengan buat *counter-marketing* guna papan iklan yang memaparkan Dato' M. Nasir yang betul.

Threads

2. Genting Properties unveils its RM80 bil Johor Tech Smart City

   Genting Property Sdn Bhd launched its Johor Tech Smart City, a 2,300-acre integrated development within the Johor-Singapore Special Economic Zone (JS-SEZ) in Kulai, Johor. The project has an estimated gross development value of RM80 bil. The new development will consist of a 500-acre AgTech Campus and a 1,700-acre Knowledge AI Campus. The development will also include a dedicated 100-acre solar farm to support its energy needs.

4. AROUND THE WORLD 🌎

Trump says yes, Iran says no. Again.
Trump has posted on Truth Social on Saturday that a new agreement with Iran will be signed on Sunday, and that the Strait of Hormuz will be immediately reopened after. However, Iran said not really, with its foreign ministry spokesperson saying on the same day, “to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow (Sunday)”.

Meanwhile, the apparent deal has prompted Israel’s dismay, where the Israel PM Netanyahu has clashed with Trump over US demands that Israel curb military action in Lebanon to allow Washington to reach a deal with Tehran. The Israeli military said Hezbollah had launched three projectiles towards northern Israel in what it described as a “blatant ceasefire violation”, and then proceeded to attack targets in Beirut’s southern suburbs, killing at least three people.

Thai Princess Bajrakitiyabha passes away
Thailand is in mourning for the passing of its beloved Princess Bajrakitiyabha Narendira Debyavati, the 47-year-old daughter of the current King Maha Vajiralongkorn. Princess Bajrakitiyabha has been in a coma since 2022, after collapsing while exercising her dogs. Her illness is believed to be due to a mycoplasma infection in her heart. The late princess played the most active public role of his children and had been given the rank of army general by her father, who is said to have trusted her quite significantly.

She was believed to potentially become the country’s first queen regnant and successor of her father, boosted by her senior royal status and extensive official duties, including a position as a diplomat in Austria and several roles within the United Nations. Princess Bajrakitiyabha was also a fitness enthusiast who often took part in long-distance runs. Now that she has passed, questions have been raised about the next royal succession, as King Vajiralongkorn has not really named anyone so far.  Discussion about the royal family is a highly sensitive issue in Thailand, where a strict lese-majeste law prohibits insults and criticism against the monarchy with a penalty of up to 15 years in prison.

A tool, good or bad, depends on how you use it

US orders Anthropic to block latest AI models for all foreign nationals
The US government has given official orders to Anthropic to block foreign access to its newly released cutting-edge software, Fable AI models Fable 5 and Mythos 5, citing national security concerns. The ban also affects foreigners currently in the US – including those working at Anthropic. The artificial intelligence behind Anthropic’s Mythos AI model is particularly adept at detecting software vulnerabilities, some of which have remained undiscovered for decades. Such capabilities have apparently raised concerns that AI could become a dangerous cyberweapon in the wrong hands. The Fable 5 model, released just this week, is based on Mythos technology, but its cybersecurity and biotechnology capabilities are blocked. Mythos 5 is the non-public full version, which should continue to be used only by the US government agencies and selected corporate partners to harden their systems.

UK police officer accused of creating AI evidence
The Derbyshire Police in the UK have launched a criminal investigation into an officer accused of using artificial intelligence (AI) systems to "create evidential material in a number of cases". No arrests have been made so far, but the accused Derbyshire Police officer has been removed from frontline duties, pending the outcome of the investigation.

The news came in the same week that a new national centre for AI in policing, called PoliceAI, was established in the UK. Who guards the guards now?

Extreme “sports”

Bungee jump gone wrong
A 21-year-old woman fell 40 metres to her death during a rope-jump or bungee jumping activity in São Paulo, Brazil, after operators failed to attach a safety line before releasing her. In a video that went viral, several people appeared to be carrying the victim to the jumping point, and seconds after release, shouts of alarm could be heard as people warned that the safety rope was missing. Authorities said 2 suspects tried to flee the scene after the accident, but were later found. A total of 6 people have been detained for questioning. Watch the incident here. Viewer discretion advised.

Yemeni 'Spider-Man' fell and died in volcanic crater
Al Qa'qa' bin Antar, 30, aka “Spider-Man of Yemen”, has fallen and died while scaling the steep walls of the Haradhat Damt volcanic crater in Al Dhale province in Yemen, without any safety ropes. The crater is estimated to be around 120 metres deep. The daredevil is known for documenting his daring ascents of cliffs, mountains and volcanic formations across Yemen, often climbing without ropes, harnesses or other protective equipment.

Bin Antar had built a large online following through his videos, becoming one of Yemen’s most recognisable adventure content creators. Civil Defence teams recovered his body on Saturday following a complex rescue operation that lasted nearly 24 hours. Watch the fall here. Warning - content might be distressing.

5. FOR YOUR EYES 📺

Banger content by top Malaysian financial influencers. BUT, if you see them promoting some investment schemes on social media, those are scammers impersonating them. We had an experience, in that one week, 3 people (2 from accomplished professions) came forward to inform us that they fell for investment scams impersonating of them below. Total damage - RM1.6 mil+!

1. When you buy a home, don’t forget to replace the R with L in MRTA. Brought to you by Mr Money.

Instagram post

2. Malls left, malls right, malls everywhere. The rationale is in the indirect economics. Brought to you by Ziet Invests.

3. Astro’s astronomically depressed prospects. Brought to you by Financial Faiz.

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Number one in Asia – DBS Group CEO Tan Su Shan has been named the most powerful woman in Asia on Fortune’s 2026 Most Powerful Women in Business list. The list, which is now in its 29th year, featured 100 women from the corporate world, who collectively lead 94 companies employing 11.8 mil people and generating USD7.3 tril (RM29.71 tril) in annual revenue. Topping the 2026 ranking is Jane Fraser, chair and CEO of Citigroup. Fraser made history in 2021 as the first woman to lead a major Wall Street bank. See the full list here.

JPY8.5 bil (RM215.6 mil) – That’s the estimated value of the home-delivery pizza market in Japan’s Fukuoka prefecture. Notably, Fukuoka is the only region in Japan where a company other than one of the three major chains holds the top position. The market leader in the prefecture is Pizza Cooc, run by Iwata Diners, which accounts for an estimated 40% to 50% of the market. The major chains have tried for over a decade to break Pizza Cooc’s hold on Fukuoka, to no avail. Pizza Cooc operates 33 stores across Fukuoka and neighbouring Saga prefecture, with plans for roughly 50 additional outlets.

44 added, 18 removed – The Securities Commission Malaysia crossed off 18 stocks and added 44 names to its list of Shariah-compliant securities. Among the names crossed off the list are social media marketing firm Foodie Media Bhd, contract manufacturer Globetronics Technology Bhd, and arcade machine trader Semico Capital Bhd. Additions include chip design firm SkyeChip Bhd, automated test equipment maker VisDynamics Holdings Bhd, and renewable energy firm Wasco Greenergy Bhd. A stock deemed non-compliant will usually trigger a sell-down by shareholders, especially those who adhere to Islamic investment principles. Stocks are marked non-compliant if they are involved in activities considered haram, such as gambling or alcohol, but also if they take on excessive interest-based debt.

3. IN MALAYSIA 🇲🇾

Regional Energy Security
PETRONAS will supply more fuel to Japan: PETRONAS signed a 20-year agreement with Japan’s biggest power generator, JERA, to supply Japan with 2 mil metric tons of liquefied natural gas (LNG) annually, starting from 2028. The deal was announced during the bilateral visit between Japanese PM Sanae Takaichi and PM Anwar Ibrahim.

At the moment, JERA currently buys 360,000 tons of LNG annually from Malaysia. It aims to maintain around 10% of its LNG ‌supply ⁠from Asia, including Indonesia and Papua New Guinea. Japan as a whole imports about 15% ​of its LNG from Malaysia, its second-largest supplier after Australia.

Putrajaya looking towards Africa and Turkey for more oil: Economy Minister Akmal Nasir announced that Malaysia is looking at Africa and Turkey for the black gold aka oil. At the same time, Malaysia is also mulling over the possibility of importing crude oil from the US and South America, as well as refined petroleum products from Singapore.

Akmal said crude oil differs in quality and characteristics across countries, procurement decisions must account for whether Malaysian refineries can process the oil supplies. As Malaysia deploys the ‘buy cheap, sell high’ commercial strategy, many domestic refineries, including those in Melaka and the Pengerang Integrated Complex (PIC), are purposely built to process heavier, more sour crude oils typically imported from the Middle East.

Up in the air: AirBorneo and AirAsia weathering challenges
Recently, AirBorneo announced that its flight disruptions were caused by multiple aircraft becoming unavailable at the same time due to scheduled maintenance and technical rectification work, compounded by delays in the delivery of key replacement parts. At the moment, AirBorneo operates eight ATR 72-500 aircraft and six DHC-6-400 Twin Otter aircraft, after taking over from MASwings Sdn Bhd. Guess the new paint job came first before the crucial maintenance.

AirBorneo CEO Megat Ardian Wira said that the airline has adopted a series of measures to improve fleet reliability, including expediting repairs, reviewing its existing maintenance and parts supply contracts, adding alternative supply partners and the introduction of new aircraft.

Meanwhile, another Malaysia-based airline, AirAsia, is also struggling as the low-cost airline is postponing its ‘Bahrain plan’, which involves launching services to London’s Gatwick airport via Bahrain. The budget carrier said it remains committed to opening a hub in Bahrain but needed to take a ‘measured approach’.

Shorts:

1. Isa Samad is no longer a Tan Sri
   The PM’s Department stated that the Yang di-Pertuan Agong had approved the decision to strip former FELDA chairman Isa Samad of his ‘Tan Sri’ title. At the moment, Isa is serving a prison sentence at Sungai Buloh prison after being convicted of an offence related to nine corruption charges involving RM3.09 mil. The withdrawal of Isa’s Panglima Setia Mahkota award was in accordance with the statutes for the withdrawal of honours from recipients who have been convicted of criminal offences.

2. NFA on Azam Baki’s ‘threat‘ on Albert Tei
   The Attorney-General’s Chambers has classified the police investigation into former MACC chief commissioner Azam Baki’s alleged threat against businessperson Albert Tei as ‘no further action’. AGC said that the decision was based on the fact that the element of criminal intimidation could not be established in the case. The businessperson alleged that Azam had threatened and attempted to stop him from exposing the Sabah corruption scandal in Nov 2024. Commenting on the AGC’s decision, Tei was obviously not happy with it and accused AGC of double standards.

3. Perodua launches a new concept car
   Perodua has now unveiled the Perodua C2 Concept during the KL International Mobility Show (KLIMS) 2026, which showcases Perodua’s design language for its second EV, which would be a B-segment sedan. Perodua is still betting that battery swapping will be a thing in the future.

Twitter tweet

4. AROUND THE WORLD 🌎

Trump vs the world
Albanians protest against Kushner resort
A massive crowd of Albanians have gathered in the capital, Tirana, in the largest protest yet against a luxury resort development backed by Trump’s son-in-law, Jared Kushner. It is said to be the ‌brainchild of Kushner and his wife, Ivanka Trump, who described falling in love with Albania a few years ago while visiting on a yacht.

The project, expected to cost about EUR5 ⁠bil (USD5.8 bil or RM23.59 bil), has provoked outrage in the Balkan country because of its location near a protected wetland home to flamingos, seals and sea turtle nesting sites. Dubbed the Flamingo Revolution, the protests erupted in the village of Zvernec on the southern coastline where the resort is planned, with critics raising concerns about a lack of transparency surrounding the plans designed by foreign investors.

The protests are also the latest test for PM Edi Rama, who has been in power since 2013 and whom many now blame for failing to eradicate widespread corruption or doing enough to improve basic services like healthcare.

Protest against Donruto
About 20,000 people have signed a petition on Change.org entitled Protect Japanese Manga, protesting against the official White House X account posting videos featuring unauthorised use of imagery from the popular Dragon Ball, Yu-Gi-Oh! and Naruto series.

The petition was first created in Mar after the White House posted a video that combined footage of US strikes on Iran with anime scenes. The petition was revived after manga fans were angry again over a post on Truth Social depicting Trump as the ninja Uzumaki Naruto from the Naruto franchise. This time, a pledge to redouble lobbying efforts with the Japanese government is also included.

Twitter tweet

Two men sentenced to death for 2015 Bangkok bombing
The Bangkok South Criminal Court has finally issued its long-delayed ruling for the Erawan shrine bombing trial, convicting two ethnic Uighur men of premeditated and attempted murder for their role in planting a bomb at the Erawan shrine in Bangkok’s commercial heart on Aug 17, 2015. The defendants, Chinese nationals Yusufu Mieraili and Bilal Mohammed, were charged with a variety of offences, including murder, attempted murder and illegal possession of explosive materials. Both have been sentenced to death. The case took more than 10 years to reach a verdict, with prosecutors collecting evidence from hundreds of witnesses. The Erawan shrine blast tore apart the site where worshippers and tourists had gathered, injuring more than 120 people and leaving the shrine littered with motorbike fragments and singed debris.

When a divorce is good to protect against bankruptcy
The liquidation of collapsed property developer China Evergrande Group has raised concerns among some partners at its former auditor, PricewaterhouseCoopers (PwC) China, about the potential impact on their own finances. Partners are reportedly exploring strategies to safeguard personal assets, in case legal and regulatory challenges facing the firms ever spill over into any financial or legal burdens for themselves.

Some are considering divorce as a means of shielding wealth, while another is cutting education budgets for their children as well as considering leaving the firm. Evergrande’s liquidators have claimed “negligence” and “misrepresentation” in the auditing work done by PwC’s mainland and Hong Kong affiliates for the failed property giant.

They are seeking CNY57 bil (RM34.23 bil) in a lawsuit against PricewaterhouseCoopers International Ltd and the affiliates. Although the case didn’t involve claims against the partners’ personal assets, the judge said in the ruling that any individual partner had an obligation to take steps to facilitate compliance.

Animal kingdom
5.3-million-year-old whale necropolis discovered by Chinese sub
Chinese scientists have discovered the world’s deepest and oldest known whale graveyard at the bottom of the Indian Ocean, with fossils dating back 5.3 mil years. When whales die and sink to the seafloor, their sunken bodies – called "whale falls" – provide a food source for deep-sea creatures and also form new ecosystems on the ocean floor.

The discovery revealed many different marine creatures living off the carcasses, such as jellyfish, brittle stars, bone-boring worms and molluscs called bivalves. The scientists also said that they discovered a new but extinct species of whale among the nearly 500 skeletons found along the 7,000m deep, and 1,200km-long corridor of bones. Fossils found during the trawling also suggest there could be others off South Africa, the Iberian Peninsula, and the Crozet Islands.

Read the full journal paper here.

Only four days of extreme rain killed 7% of the world’s rarest great apes
A recent study published in the CellPress journal has suggested that 58 out of the remaining 800 critically endangered Tapanuli orangutans (Pongo tapanuliensis) were killed after more than 1,000mm of rain fell over four days in Indonesia’s North Sumatra province in Nov 2025. This equates to 11% of the local population and 7% of the entire species.

Primatologists and conservationists say that the loss due to a single climate-induced landslide event is a devastating demographic shock to the world’s rarest great ape, and that this type of extreme weather is worrying for the future of the species. The Indonesian government has temporarily paused all major industrial activity in the Batang Toru area to allow scientists to investigate how best to secure the long-term survival of the Tapanuli orangutan while also assessing the parallel risks posed to human lives.
Learn: What is the difference between orangutans in Sumatra and the ones in Borneo?

5. FOR YOUR EYES 📺

1. A dietitian’s advice on what healthy eating (relatively) is at a mamak.

Instagram post

2. World Cup starts today. Match schedule, groups etc. - view here. And Erling Haaland promoting popular Chinese herbal tea and speaks Mandarin. Catchy tune.

Instagram post

3. Some reflection for the weekend. Have a good one ahead!

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD6.8 bil (RM26.98 bil) – Berkshire Hathaway Inc will be acquiring Taylor Morrison Home Corp in an all-cash deal at USD72.50 per share, a 24% premium to the home builder’s closing price at the end of May. This marks the first multibillion-dollar purchase made by Berkshire’s new chief executive, Greg Abel, since taking over from Warren Buffett. Taylor Morrison is one of the largest community developers and home builders in the US. Its existing management team will continue to lead the company post-acquisition. There is also speculation that the purchase is a signal of optimism in the US housing market, which is currently struggling under higher and volatile mortgage rates.

USD150 bil (RM609.27 bil) – NVIDIA CEO Jensen Huang revealed that the US chip giant will be increasing its annual investment in Taiwan to that amount, with Huang describing the island as the “epicentre of the AI revolution”. Taiwan’s economy soared last year on the back of skyrocketing exports of AI hardware. Huang also mentioned how Nvidia was spending between USD10 bil and USD15 bil a year in Taiwan just five years ago. The chip giant is currently building a new office in Taipei.

10 septillion years – There exists a theoretical problem that would take the world’s current fastest supercomputers that long to solve. However, Google’s cutting-edge quantum computer chip Willow is said to be able to solve the problem in five minutes. A team of scientists from King’s College London will also be the first UK academic research team to gain access to Willow. Google said the team “made a compelling research proposal”, leading the tech giant to extend an invitation. For reference, 10 septillion is 10,000,000,000,000,000,000,000,000 – that’s 25 zeroes.

3. IN MALAYSIA 🇲🇾

PH doesn’t want Bersatu too
PM Anwar Ibrahim has dismissed speculation that Bersatu could return to Pakatan Harapan (PH), saying the coalition does not operate on what he described as a “divorce and remarry” political cycle. Anwar said PH’s approach is based on consultation and cooperation, not shifting alliances or political manoeuvring. The comments come amid rumours that Bersatu may be exploring a return to PH following the breakdown of its cooperation with PAS. Anwar, who is also PH chairman, said he had not heard of such discussions and stressed that the priority remains stability within the federal unity government. He added that the cabinet leadership is committed to keeping the coalition strong and focused.

Anwar also said he would not support any move that could be seen as betraying existing partners (oh boy, didn’t the man learn betrayal is a must in Realpolitik 101), stressing that all current agreements must be respected to maintain trust and political stability. While acknowledging differences at state level, he said the federal government remains stable and continues to have strong backing from its component parties. The remarks follow PAS formally ending its cooperation with Bersatu after months of strained ties, although both parties remain under Perikatan Nasional. PAS president Abdul Hadi Awang has since indicated that the party is open to new political arrangements ahead of state elections and the 16th General Election, adding to ongoing speculation over shifting alliances.

Rosmah ordered to pay RM67 mil over missing jewellery
Rosmah Mansor has been ordered by the High Court to pay RM67.46 mil to Lebanese jeweller Global Royalty Trading SAL after being found liable over 43 pieces of jewellery that were not returned. The case involves 44 items handed to her in 2018 under a consignment arrangement for viewing, with only one piece later recovered. High Court judge Datuk Quay Chew Soon ruled that Rosmah did not purchase the jewellery and failed to return the remaining items, adding that she was responsible for accounting for them while they were in her custody. Once delivery and non-return were established, the burden shifted to her to explain what happened. The court said she did not discharge that burden.

Rosmah had argued the jewellery may have been seized during post-2018 election raids and blamed the police or government. However, the court found no evidence of seizure and dismissed her third-party claims against the IGP and the government. The judge also noted that key witnesses linked to handling and movement of the items were not called, weakening her defence. While a disputed page of the consignment document was rejected, the rest of the agreement was upheld.

Singapore court targets Capital A stakes
The Singapore High Court has ordered the seizure of Capital A Bhd’s Move Digital Sdn Bhd stakes in BigPay Pte Ltd and Teleport Everywhere Pte Ltd to enforce a partial arbitration award. The order, issued by the Sheriff of the Supreme Court of Singapore, covers Move Digital’s 99.56% stake in BigPay and 11.45% stake in Teleport, a key logistics arm and major revenue contributor. The action relates to a requirement for Move Digital to buy out BigPay co-founders Christopher Davison and Navin Rajagopalan’s minority stakes for USD14.736 mil (RM59.85 mil). The dispute dates back to 2021, when the founders filed arbitration claims alleging breach of shareholder agreements and minority oppression.
Learn: What is arbitration?

They originally sought up to USD183 mil, but a tribunal in Dec 2024 set the buyout at USD14.736 mil (RM59 mil). Capital A said Move Digital will challenge the enforcement, stating it believes it has grounds to contest the seizure. The group also confirmed RM24.13 mil had been advanced to BigPay for operations. Teleport is Capital A’s biggest contributor (about 40%) to group revenue in the first quarter ended Mar 31, bringing in RM308.65 mil out of RM766.59 mil.

Interfaith council rejects Selangor worship guidelines
A coalition representing Malaysia’s major non-Muslim faith groups has objected to Selangor’s 2025 planning guidelines for non-Muslim houses of worship, saying several requirements are too restrictive for smaller communities. The Malaysian Consultative Council of Buddhism, Christianity, Hinduism, Sikhism and Taoism (MCCBCHST), said one key concern is a rule requiring at least 5,000 residents or 1,250 housing units before land can be allocated. The council said this would disadvantage smaller communities, noting that even about 20 Sikh families would still require a place of worship for daily prayers. The group proposed lowering the threshold to 1,500 residents or 375 housing units, while retaining the minimum land allocation.

The group also objected to restrictions on locating houses of worship in commercial zones, converting existing buildings, and using residential properties for religious purposes, saying applications should be assessed case-by-case due to limited land availability. The council further raised concerns over a height limit of 72 ft or matching nearby mosques, saying this could raise equality and religious freedom issues.

4. AROUND THE WORLD 🌎

US strikes Iran after downed US helicopter
Oil markets are in for a ride again. The US has conducted military airstrikes against Iran at Bandar Abbas and Qeshm Island after the crash of an American helicopter near the Strait of Hormuz. Iran responded by launching attacks targeting Bahrain, Kuwait and a Jordanian air base that hosted American military forces. Trump attributed the downing of the helicopter to Iran, but Iran did not claim credit for it.

Meanwhile, Trump went on Truth Social and threatened Iran for ‘taking too long’ to reach a peace deal and that they would ‘pay a price’. This is Trump contradicting himself, as he announced to the world a day earlier that a deal could be reached in ‘two or three days’ and that the Strait of Hormuz would once again, ‘immediately reopen’.

Interestingly, Aaron Blake from CNN analysed how many times Trump claimed that ‘a deal is around the corner’ since Mar. Suffice to say, Trump’s concept of ‘around the corner’ might just be a very long corner that he mistook for a wall.

Anthropic releases Claude Fable 5 with ‘parental control’
Two months ago, Anthropic rolled out Mythos. It was an advanced AI model that detects security weaknesses in software. But it didn’t want ‘bad actors’ to take advantage of it to hack software and other applications. So, Anthropic released it to a limited number of users, which included big tech companies such as Apple, Microsoft, Nvidia and Amazon.

Fast forward to now, Anthropic released a similar Mythos-class model called Claude Fable 5 to its enterprise and paid subscribers. The catch is that it will come with ‘parental controls’. It will block responses in ‘high-risk areas’ such as cybersecurity and biology.

However, this release could be crucial as Anthropic had just filed for a listing on the US markets just last week. Investors are looking out for better AI models to justify the high valuations AI companies could be getting.

UN warns that we might need a bigger boat
The rate of sea-level rise has more than doubled, from 2.0mm per year in 2015 to 4.6mm per year in 2023, according to the United Nations. The culprit? Humans, of course. But specifically, pollution and overfishing have become ‘intensifying stressors’ and human-induced activities cause widespread biodiversity loss and put oceans under ‘severe strain’. 16% of the total increase in ocean heat since 1955 has occurred since 2018. In simple terms, the ocean has been heating up more over the past eight years. So, do we need a Noah’s Ark anytime soon?

Shorts:

1. GM’s plan to use EVs to power the grid
   GM is using the solar power model for EVs. In Malaysia, you can sell your excess energy, powered by your solar panels, back to Tenaga Nasional. GM wants to do the same thing for its EVs. It is releasing a software update that allows some vehicle owners to sell power back to the grid when electricity is in high demand. GM will then take a small cut of that sale. Not everything is set in stone, however. It is still in discussions with 10 utility players, and this is still in the pilot phase. GM hopes to commercially roll this out in the next few months in California, Texas, and Michigan.

2. Shopee to cut developer jobs for AI
   Shopee is pivoting harder into AI. Sea, its parent company, is laying off hundreds of developer jobs globally in favour of using more AI in the workplace. This amounts to about 8% of Shopee's developer workforce and affects roles such as quality assurance. Some are wondering whether this is ‘AI-washing’. Many companies, especially in the US, have been laying off workers while citing AI as replacing some job functions. But in reality, this has more to do with overhiring during the pandemic. The company gets bloated and needs to find a convenient excuse to cover this up. This does not seem to be the case, as Sea has aggressively hired in the past two years. Employee count increased from 62.7k in 2023 to 102.7k in 2025. But Sea could be getting nervous after its share price tanked by more than half from USD186.5 (RM758.98) in Aug 2025 to USD83 in June 2026. This could be its next bet to win back investor confidence.

5. FOR YOUR EYES 📺

1. Data centres in space? SpaceX gives a sneak peek. This better work to justify its sky-high valuation.

Twitter tweet

2. China’s Unitree performing on America’s Got Talent. Americans cheering, but Pentagon must be stressing.

Instagram post

3. What happens inside your voice box when you talk? Warning - some might find it graphic. Interesting video nonetheless.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

283% – Average monthly household expenditure on health-related insurance in Malaysia rose by that much in just two years. According to the Department of Statistics, households went from paying an average of RM24.13 in 2022 to RM92.46 in 2024, reflecting the extent of rising healthcare costs in the country. Economists say the spike in average spending is due to several factors besides rising healthcare costs, such as higher premiums and greater health awareness among Malaysians.

16% – The 2026 Global Medical Trend Rates Report by Aon showed that Malaysia’s medical inflation rate is projected to reach 16% this year. Among the six ASEAN countries in the report, Malaysia ranks second highest in terms of medical inflation, trailing only Indonesia, which is projected to see a rate of 16.9%. The 16% figure also marks Malaysia’s highest rate since 2021 and breaks a three-year plateau where medical inflation held steady at 15%.

More than 340,000 – That’s the number of Medical and Health Insurance/Takaful (MHIT) policies that were cancelled or surrendered by policyholders between Jan 2024 and Jun 2025, after coverage was repriced upwards to reflect medical inflation, making premiums unaffordable for those policyholders. The number accounts for about 5.2% of MHIT coverage, but this should also be viewed alongside other information, such as how only about 20% of the population has medical insurance coverage. Another notable figure is that about 13.7%, or 4.4 mil, of Malaysia’s population was aged 60 and above in 2025. With Malaysia expected to add about one mil elderly people every five years, it becomes concerning if a large number of elderly people are unable to afford medical insurance, not only for their quality of life, but also for the strain on public healthcare.

3. IN MALAYSIA 🇲🇾

Malaysia’s unpaid care work valued at RM379 bil annually
Looking after children, elderly parents or family members at home may not come with a paycheck, but the government says its economic value is too big to ignore. Women, Family and Community Development Minister Nancy Shukri said unpaid care and domestic work in Malaysia is estimated to be worth RM379 bil a year, yet around 3.2 mil Malaysians, mostly women, remain unable to fully participate in the workforce because of caregiving responsibilities.

The expansion of childcare, eldercare and support services is no longer just a social issue but an economic one, noting better care infrastructure could potentially contribute RM77 bil annually, or about 5% of GDP. The government is also working on national care standards for older persons and people with disabilities, which are expected to be introduced in Oct to improve quality, safety and consistency across care services.

Politics
PAS breaks up with Bersatu
The cracks within Perikatan Nasional appear to have widened, with PAS announcing that it is ending its political cooperation with Bersatu. The decision was made following a special meeting of the party’s central working committee, with PAS now set to reassess the future of its relationship with Bersatu based on current political developments.

While PAS says it remains committed to the broader goal of Muslim unity and is open to exploring electoral cooperation in future elections, the announcement marks a significant shift after months of tension between the two parties. The relationship has been strained since the Perlis Menteri Besar reshuffle late last year, with disagreements later spilling into leadership changes within Perikatan Nasional and growing public criticism between both camps.

UMNO says no more to PAS
Looks like Muafakat Nasional is staying firmly in the history books. Umno president Ahmad Zahid Hamidi has dismissed any possibility of reviving the Umno-PAS alliance, saying the chapter is closed for good, whether it is “MN 1.0 or 2.0”. Muafakat Nasional has since been registered as an NGO, and Zahid stressed that Umno has no intention of reviving the political cooperation.

On Negeri Sembilan, Zahid also confirmed that Barisan Nasional will contest all 36 state seats on its own in the upcoming election after Pakatan Harapan announced plans to field candidates in every constituency.

RON95 Budi95 quota stays at 200 litres* (t&c apply)
The 200-litre monthly fuel quota under the Budi Madani RON95 programme is staying put for now, with the government indicating that a review would only be considered if global oil prices surge to between USD200 (RM812.36) and USD300 a barrel. 

The quota was reduced from 300 litres to 200 litres in Apr as subsidy costs climbed amid disruptions to global oil supplies linked to the US-Iran conflict. Despite ongoing volatility in energy markets, the government will continue measures to cushion the impact on consumers and secure fuel supplies ahead of time. Eligible recipients under the Budi95 programme can currently purchase subsidised RON95 petrol at RM1.99 per litre.

Sime Darby Property launches RM1.25 bil fund for data centres and industrial assets
Sime Darby Property is making a bigger push into Malaysia’s fast-growing data centre and industrial sector with the launch of a new fund that could invest up to RM1.25 bil in projects within its own townships. The fund, called New Economy Venture, has already secured backing from EPF, LTAT and Great Eastern, with Sime Darby Property itself also committing capital. 

The move is part of the company’s strategy to generate more recurring income from high-demand assets such as data centres and warehouses, rather than relying solely on property sales. Two initial projects have already been lined up in the City of Elmina and Elmina Business Park, with construction expected to be completed in the second half of 2027. Sime Darby Property's investment arm currently manages assets worth RM4.4 bil.

Tanco extends slide as nearly RM6 bil in market value is wiped out
It’s been a rough few days for Tanco Holdings. The property developer’s shares plunged another 30%, extending a four-day sell-off that has wiped out nearly RM6 bil in market value since June 4. The stock closed at 80 sen after touching its daily lower limit and is now back around levels last seen in Sept 2025. 

The sharp drop also triggered an automatic suspension of intraday short selling. Amid the slide, executive director Edwin Tan Kium Suan purchased 7.64 mil shares at the day’s lowest price. Tanco stated there are ongoing discussions and negotiations involving the company, but nothing concrete enough to announce yet. The dramatic fall comes after a strong run earlier this year, when the stock surged more than 50% by the end of May despite questions from some market watchers about its rapid rise.

Shorts:

1. Police warnings on fake BTS ticket scams
   Ain’t just fake love - it’s fake tickets now.. Bukit Aman is warning fans to be cautious after spotting a rise in fake ticket offers online, especially for coveted categories like VIP, Soundcheck and Priority Access. Many of these deals appear before official sales even begin, often backed by claims of insider access, special quotas or convincing-looking booking screenshots. The catch? Once the money is transferred, the tickets never arrive and the seller disappears. So far, 41 cases involving losses of nearly RM96,000 have been reported (average RM2.34k per case!). For ARMYs hoping to secure a seat, this is probably one of those times where sticking to official ticketing channels is the safest move.

2. Young Malaysian pair claims another top 10 scalp at Australian Open
   Malaysia’s rising women’s doubles pair, Low Zi Yu and Noraqilah Maisarah Ramdan, have pulled off another impressive upset at the Australian Open, taking down Taiwan’s world number eight pair Hsieh Pei Shan-Hung En Tzu in a hard-fought three-game match. The win marks their second victory over a world top 10 pair this year, adding to their growing reputation as one of the country’s most exciting young badminton partnerships. It also served as sweet revenge after the Taiwanese duo knocked them out of the Badminton Asia Championships earlier this year. At just 15 and 19 years old respectively, Zi Yu and Noraqilah continue to punch above their ranking and are quickly becoming a pair to watch on the international stage.

3. Government mulls stricter action on graphic accident videos online
   That graphic accident video that keeps popping up on your feed? The government may soon want social media platforms to treat that as a form of online harm. The proposal comes after the recent Kedah crash that claimed six lives, with dashcam footage of the incident spreading widely across social media. Beyond concerns about upsetting viewers, there are also questions about the impact on victims’ families and whether such content could interfere with investigations. One challenge, however, is that platforms do not always catch harmful content written in local languages, making moderation trickier.

4. AROUND THE WORLD 🌎

IPO Talk
OpenAI opens its books ahead of IPO
It’s one blockbuster after another. OpenAI has confidentially filed for an IPO with the US Securities and Exchange Commission. Goldman Sachs and Morgan Stanley are helping OpenAI to list, possibly in the autumn/fall period (Oct–Dec). However, OpenAI has not confirmed exactly when. Just last week, Anthropic also did the same thing, and was valued at about USD965 bil (RM3.92 tril) after it closed its latest funding round.

And yes, the elephant in the room. Elon Musk is also preparing to list SpaceX at a valuation of USD1.75 tril with the first trading day possibly on June 12. What do they all have in common? They are all heavily involved with the AI boom. OpenAI’s ChatGPT is the most recognisable AI model out there.

The big question for OpenAI is how its financials are looking. Previously, the company was reportedly missing internal revenue and user targets. And of course, investors want to know how much of a loss OpenAI has sustained until now.

SpaceX, from its prospectus, has lost USD41 bil in total and is expected to lose even more as it seeks to increase investments into AI. OpenAI’s books are probably going to be heavily scrutinised once they are released for public viewing.

Perplexity AI still wants to list in 2028
Perplexity AI is sticking to its plan to go public in 2028 despite potential moves by competitors, such as OpenAI and Anthropic, to list this year. Investors are wondering whether Perplexity could change its mind depending on the interest in these two companies. SpaceX listing this week would definitely give an indication to OpenAI and Anthropic on investor interest.

You’re on the list! US accuses Baba, BYD and Baidu
In the Pentagon’s latest 1260H list, the US has accused Alibaba, BYD and Baidu of ‘supporting China’s military’. All three companies opposed this designation and would seek all means to remove themselves from the list.

While the list doesn’t really have immediate legal repercussions, it does have an impact on investor sentiment. The 1260H is used as a warning to US investors and is typically a prelude to trade restrictions.

The US uses the list to restrict companies’ ability to contract with the US military or receive research funding. In Feb, these three companies were included but removed shortly after.

Starbucks targets the afternoon crowd
Starbucks is trying to bring in the afternoon crowd by … blending its Refresher drinks? It is expanding its Refresher line, which is estimated to be worth USD2 bil (RM8.12 bil) as it seeks to turn the company around after slumping for the past few years. New CEO Brian Niccol is trying to catch on to Gen-Z and millennial trends on social media by introducing new beverages and reverting to Starbucks’ traditional values that brought it so much success.

The Refresher is iced juice and tea drinks mixed with fruits and is highly customisable. As the summer season approaches, it hopes to capitalise on the afternoon crowds that are increasingly driven by Instagram and TikTok trends.

First-ever elixir of life?
More than 2,000 years ago, Emperor Shih Huang Ti ordered a nationwide hunt for the elixir of life. He did not succeed. If he were alive today, he would have been thrilled to find that Boston-based biotech startup Life Biosciences has injected the world’s first-ever reverse-ageing drug into a human.

Here’s how it works. It activates three genes that ‘partially reprogramme’ old cells, prompting them to behave as if they were younger. This is done to rejuvenate old organs. In the case of glaucoma, which can cause blindness, it could activate proteins to enable regeneration of the optic nerves that connect the eye to the brain. If it is successful, it could change how the medical industry treats diseases.

Sam Bankman-Fried banking on Trump pardon
Sam Bankman-Fried is betting on an unlikely move - trying to get a Trump pardon. He is currently in jail for fraud in his cryptocurrency company, FTX, and is serving 25 years behind bars. He has submitted an application for a pardon to the Department of Justice. To be clear, he’s seeking a “pardon after completion of sentence”, meaning he would be forgiven after he serves his jail sentence, instead of a commutation, which is a shortening of a criminal sentence.

FTX collapsed in 2022, as Sam was using customer deposits as though they were his own funds. Earlier in the year, Trump was actually asked whether he would pardon Sam. He just said no.

Iran fans' World Cup ticket allocation revoked
Geopolitics extends into sports. Iran’s allocation of fan tickets for the World Cup was revoked days before the tournament. The World Cup is being held in the US, Canada and Mexico. Iran is accusing the US of denying visas to key members of the football team’s staff. The Iranian football team also relocated its training camp to Mexico from Tucson, Arizona, claiming the US was unwilling to host them.

Iran’s football federation, according to FIFA regulations, was entitled to receive 8% of tickets for their matches to distribute to supporters. The US said that anyone with links to the Islamic Revolutionary Guard Corps (IRGC) would face entry restrictions.

5. FOR YOUR EYES 📺

1. Crazy Rich Asians. Inside the USD30 mil wedding of a Chinese billionaire casino heir and supermodel. The first wedding to be held in 1,000 years at the historic Mont Saint Michael Abbey in the Normandy region of France.

Instagram post

2. Buying a home soon? How about changing your mind and not buying from them instead?

Instagram post

3. Which brands you thought came from another country?

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD80,000 (RM322,360) – Before the Iran conflict, that’s how much it would cost for a private one-way charter flight from Singapore to Hangzhou on a Gulfstream G550. Now, passengers have to pay another USD8,000 for a fuel surcharge. To address rising fuel prices, private jet services have taken to offering a “jetpooling” option, which allows different groups of travellers to share a jet. A private jet service in Singapore shared that this option has allowed the company to maintain the cost per passenger at about USD20,000.

3.9 mil flights – That was the total number of private jet flights in 2025, up 4% year-on-year, proof of the growing popularity of private jet travel. This is linked to the ever-increasing number of ultra-high-net-worth individuals (UHNWIs) worth more than USD30 mil (RM120.89 mil), with jet usage exploding in new financial centres as global wealth becomes increasingly mobile. Private jet travellers are also opting for chartered aircraft rather than owning private planes, with rates starting from USD6,500 an hour.

193 – The United Nations has that many member states, and some travellers have taken it upon themselves to be “country counters” and try to visit them all. In 2025, a record 82 people claimed to have achieved the feat. One expert believes part of the attraction of this challenge is the impact of social media, and the bragging rights such a feat would afford travellers.

Instagram post

3. IN MALAYSIA 🇲🇾

Major graft charge & asset declaration
Major corruption probe may soon lead to charges: Another day, another graft case. The MACC has completed a major investigation into the alleged misappropriation of public funds, with one individual expected to be charged soon under Section 409 of the Penal Code for criminal breach of trust. The case, carried out under Ops Sutra, involves the alleged misuse of public funds channelled through an institution to several organisations, including NGOs.

According to MACC chief commissioner Abd Halim Aman, the investigation found that hundreds of millions of ringgit were allegedly siphoned off through a network of companies set up by the individual at the centre of the probe. The alleged modus operandi involved setting up multiple companies after receiving funds and moving money for personal benefit, alongside claims of forged documents and breaches of procedures and regulations.

MACC has recorded statements from 40 witnesses and identified two main suspects, although focus has so far been placed on one individual. Authorities have also frozen assets including houses, land, company premises, luxury vehicles, gold bars, watches, handbags, and cash in both local and foreign currencies. In addition, 76 accounts linked to individuals and organisations have been frozen, totalling RM158 mil, bringing the total value of frozen and seized assets to RM186.6 mil.

Asset declarations ordered for all officers: In a separate move to strengthen internal accountability, the MACC chief has ordered all commission officers to declare or update their assets within one month of receiving official notice. Abd Halim said the directive is part of early reforms under his leadership to strengthen integrity and restore public confidence in the institution.

He added that he would be the first to complete the declaration process. The commission also stressed it will not bow to pressure from any side, whether public opinion, media scrutiny or political influence, stating that justice and the rule of law will be applied without compromise.

Abd Halim also warned that even minor misconduct could damage the organisation’s reputation, urging officers to uphold strength in capability and trustworthiness in conduct, values linked to public service ethics and religious guidance. He said integrity must be demonstrated through actions, not just statements, and reminded staff to avoid arrogance while remaining mindful that their decisions are under public scrutiny.

Politics Focus
Noh Omar returns to Umno: Former Bersatu Supreme Council member Noh Omar has quit the party and rejoined Umno and the Barisan Nasional coalition, ending his Bersatu membership without submitting a formal resignation letter. Noh, who was sacked from Umno in 2023 for party discipline issues during the 15th General Election, had joined Bersatu in Jul 2024 before making this return.

Speaking at the launch of Barisan Nasional's Johor election machinery in Iskandar Puteri, he said his decision was influenced by respect for Johor Umno’s stance on contesting elections independently, as highlighted by caretaker Johor Menteri Besar Datuk Onn Hafiz Ghazi.

400 civil servants join Bersama: Rafizi Ramli claimed that around 400 senior government officials have joined Parti Bersama Malaysia, with Putrajaya-based civil servants among the party’s top membership entries. Speaking in Melaka, he said top civil servants can join political parties but are not allowed to hold party positions.

He added that Bersama now has over 24,000 members nationwide, raising about RM500,000 in fees and RM250,000 through crowdfunding. Rafizi also said the party is preparing for the Melaka state election, expected after polls in Johor and Negeri Sembilan, with candidate announcements likely as early as Aug.

PH eyes more than 20 seats in Negeri Sembilan: Negeri Sembilan PH is aiming to win more than 20 state seats in the upcoming state election, according to DAP chairman Anthony Loke. He said the target builds on PH’s performance in GE14 when it won 20 seats and helped form the state government. Loke said all component parties are focused on defending the state administration following the dissolution of the State Legislative Assembly on June 5. He also confirmed he will defend the Chennah seat, while all DAP incumbents are ready to defend the 11 seats they currently hold.

No fuel subsidy cuts planned
PM Anwar Ibrahim has ruled out any slashing of fuel subsidies, saying the government will continue absorbing rising costs to avoid burdening the public. Speaking at the launch of the Madani Rakan Muda Programme in Sungai Petani on June 7, he said Malaysia is currently spending between RM3 bil and RM7 bil a month depending on global oil prices. He added that even at RM4 bil a month, the total could reach RM40 bil over 10 months but said this is still necessary to keep prices stable.

Anwar also rejected proposals to fund subsidies through borrowing, warning that it would leave future generations with a heavier burden. Instead, he said the government is relying on austerity measures and efforts to reduce leakage in public funds. He added that current policies have helped keep RON95 petrol at RM1.99 per litre, among the lowest globally.

Another take is the election season - cutting subsidies won’t win votes.

4. AROUND THE WORLD 🌎

The Middle East
Iran and Israel trade strikes
Here we go again. Iran and Israel traded strikes while Iran and the US seem close to a peace deal. Reportedly, Iran launched 30 missile strikes against Israel after Israel struck Beirut, Lebanon. And Israel retaliated by targeting a petrochemical factory in the city of Mahshahr and truck-based missile launchers. It was attempting to target sites that produce ballistic missiles.

Trump immediately jumped into action, posting on Truth Social that “Israel and Iran must immediately stop shooting”. Trump reportedly is ‘very close’ to concluding negotiations with Iran and wasn’t too happy with Israel’s actions. He said that Israeli PM Benjamin Netanyahu would have to accept any deal the U.S. is putting forward and that he ‘calls all the shots’.

But Iran isn’t buying it. It ultimately said that the Israeli regime would not have taken any action without coordination with the US. And it also warned Israel that any further hostile and aggressive acts would be met with “much more severe and crushing measures than before.”

Iran ends attacks against Israel, but the Houthis are in
As quickly as the strikes happened, Iran announced that it was ‘ending all military operations’. Maybe Trump did have clout towards this, as it happened right after he went on social media to ask both Iran and Israel to stop shooting. Diplomats also chimed in. Pakistan PM Shehbaz Sharif urged all sides to ‘exercise restraint and give peace a little more chance’. He is currently the key mediator in the conflict. Meanwhile, the EU’s representative for foreign affairs asked the parties involved to ‘sit down to a negotiation table and agree’.

However, the Houthis, who are aligned with Iran in Yemen, have now vowed to ban Israeli maritime navigation in the Red Sea. They also launched rockets at central Israel at the same time. Yahya Saree, the spokesperson for the Houthis, warned that ‘escalation will be met with escalations’. The Houthis have, in the past, attacked Israeli ships over the Gaza conflict, but stopped after the Gaza ceasefire in Nov 2025.

7.8-magnitude earthquake hits Southern Philippines
Tragedy in the Philippines. At least 32 people are reportedly dead, although official confirmation is still pending, from the 7.8-magnitude earthquake across Mindanao in the south of the Philippines. The earthquake hit 20km off the coast of Sarangani province and initially prompted tsunami warnings. Those warnings have since been cancelled. Buildings collapsed, while landslides were widespread. Here’s a quick snapshot of where it happened and how severe it was.

As there are still threats of aftershocks, citizens have been warned to avoid entering damaged houses and other infrastructure. There were reported power outages while many were advised to seek high ground. The tremors were felt as far as Manado on the Indonesian island of Sulawesi and North Maluku provinces. President Ferdinand Marcos said that evacuation centres are ready and routes are being cleared for rescue operations. Here is a recording of how severe it was:

Instagram post

Google buys computing power from SpaceX
SpaceX is currently one of the most sought-after companies in private markets and it just secured a USD920 mil (RM3.75 bil) per month deal from Google. Google will use about 110,000 Nvidia graphics processing units (GPUs) as well as other components that are housed in SpaceX’s data centres. It will start from Oct 2026 to June 2029. Alphabet, the parent company of Google, has invested several times in SpaceX and reportedly holds about 6% of the company. If this sounds familiar, yes, this is an example of a ‘circular deal’ that was popularised by Jensen Huang of NVIDIA.

However, it comes with a catch. With AI chips in severe shortage, SpaceX said that if it fails to provide the required GPUs and components by Sept 30, Google can end the deal or accept the amount of GPUs provided at a reduced fee.

Medtech
AI designs ‘world-first’ super vaccine
This is how AI should be used. A team of researchers at the University of Cambridge have successfully used AI to design a ‘new type’ of vaccine that could protect against a broad range of diseases and prevent pandemics. This first vaccine was engineered to work on all types of coronaviruses. Still in the early phases, the team is already developing separate vaccines that could tackle Ebola and the flu.

The AI was used to scan for potential threats from the known genetic codes of viruses and create a ‘super-antigen’ that could train immune systems against all types of viruses. Trials were conducted on 39 people, and the results were ‘modest’. A second group consisting of 200 people is now participating in trials.

Ultra-processed foods causing colon cancer?
Dr. Ning Jin’s research has shown that the modern diet laced with ultra-processed foods lacks omega-3 fatty acids and contains high levels of omega-6 fatty acids, distinguishing young colon cancer from traditional ones. Jin's latest work is bolstering her theory that ultra-processed foods ignite an "inflammatory metabolic pathway" that can make cancer more aggressive.

Furthermore, Rachel Purcell’s research also shows that the presence of a specific kind of toxic E. coli is more common in young colon cancer patients. The research suggests certain gut bacteria may reduce the body's ability to fight cancer.

The takeaway? Eat more fatty fish, nuts and seeds, and avoid ultra-processed food.

5. FOR YOUR EYES 📺

1. What are the top US stocks EPF own? See the full SEC filing here as at Q1 2026. Total of 70 positions worth USD13.2 bil (RM53.7 bil).

Instagram post

2. What happens to your EPF when you no longer exist?

Instagram post

3. Gold mining underwater - next level. Even more impressive - using gears they DIY themselves. Full documentary here.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

1 mil members – PKR saw its membership surpass the 1 mil mark, firmly maintaining its position as the core party of the unity government. According to party information chief Fahmi Fadzil, the party gained more than 5,000 new members organically over the past two months despite not carrying out any recruitment programmes. This follows news that Parti Bersama Malaysia saw 18,000 membership applications within a week of its launch, with 46% coming from individuals who had never previously aligned themselves with any political party.

132 – That’s how many rheumatologists Malaysia has across both the public and private sectors. The ideal ratio, according to the Ministry of Health, is for there to be two rheumatologists for every 100,000 people. This means Malaysia needs about 684 of these specialists who treat arthritis, gout, and autoimmune diseases like lupus. About eight to ten new rheumatologists are expected to qualify each year.

7,919 – That’s how many notices were issued to litterbugs in six states under a new community service framework, according to Housing and Local Government Minister Nga Kor Ming. The minister is now pushing for the remaining states to adopt the system. Under the system, individuals caught littering are required to perform community service as corrective punishment. Offenders face fines of up to RM2,000, and courts can impose community service for up to six months, involving up to 12 hours of work.

3. IN MALAYSIA 🇲🇾

Lost hiker found after 2 weeks
Jaslinda Suludin, the hiker who went missing after she solo-climbed up Gunung Batu Putih mountain in Perak for the last two weeks, has been found. According to the Perak Forestry Mountain Guide coordinator, Muzafar Mohamad, Jaslinda was found within the search zone that rescuers had been combing throughout the operation. Muzafar added that the terrain is extremely challenging, filled with valleys, waterfalls and difficult ground. Jaslinda suffered minor injuries as she fell several times, including falls of around five metres and three metres while crossing rivers and difficult terrain.

The previous search for Jaslinda was under immense public criticism, as the public questioned the amount of machinery and rescuers that were deployed to look for someone who got lost while taking part in the Trans Spencer Chapman expedition. Tapah police chief Abdul Malik Hasim stated that a total of 116 personnel from agencies such as the police, the fire and rescue department, the forestry department, and the General Operations Force had been mobilised. Several rescuers sustained injuries during the operation.

How to survive 101:

Two universities were rocked by bomb threats
Taylor’s University’s spokesman said that its campus in Subang Jaya was evacuated on Friday due to a ‘security incident’ and the university’s emergency response protocols had been activated. The campus was closed for around five hours, and the police later confirmed that the campus is safe to resume operations. The day before, Monash University’s Subang Jaya campus also received an alleged bomb threat, and the police have deemed the campus safe, following a comprehensive security check.

The police still could not identify the source of the threats. But, just humour us for this. Back in university days, there was always this myth dubbed ‘Pass by Catastrophe’, where a catastrophic event results in automatic passing grades. Obviously, it’s false, but maybe some students tried to test this urban legend.

Election watch: Melaka to wait and see, but not ruling out elections concurrently with N9, Johor
Melaka Chief Minister Ab Rauf Yusoh announced that he has not ruled out the possibility of Melaka having its state elections simultaneously with elections in Johor and Negeri Sembilan. However, Rauf added that the Melaka state government is not in a hurry to dissolve the assembly, noting that its term only expires at the end of the year. Rauf, who is also the Melaka UMNO liaison chairman, said that he would rather focus on assisting Barisan Nasional (BN)’s campaign machinery in the Johor and Negeri Sembilan elections.

Shorts

1. AG is reviewing two investigations involving Azam Baki

   Attorney General Mohd Dusuki Mokhtar said that no decision has been made regarding two investigation papers on former Malaysian Anti-Corruption Commission (MACC) chief commissioner Azam Baki, which the AGC has received from the police. Mohd Dusuki added that AGC needs some time to review the documents. The first paper is related to the Bloomberg article that allegedly contained defamatory statements regarding the shareholding of Velocity Capital Partner Bhd, while the second case concerns allegations of abuse of power and criminal intimidation involving businessman Albert Tei.

2. Malaysia may get more gas from Turkmenistan

   PM Anwar Ibrahim announced that Malaysia has the potential to secure access to a gas field zone in Turkmenistan. This central Asian country is regarded as among the largest gas fields in the world. Negotiations have been ongoing between PETRONAS and the Government of Turkmenistan, and a deal is set to be signed by PM Anwar in mid-June. Turkmenistan holds the world’s fourth-largest natural gas reserves, estimated at roughly 50 tril cubic meters. Among the major gas fields in the country is the Galkynysh gas field, which is the second-largest gas field in the world. Here’s Turkmenistan on map - neighbour to Iran.

3. Malls must now have their own recycling facilities

   Housing and Local Government Minister Nga Kor Ming said that all shopping malls will be required to provide recycling facilities, effective June, as part of the conditions for their license applications and renewal with the local authorities. He added that enforcement will be done in phases to provide some grace period for the mall operators. Nga said the initiative was significant as Malaysia generates more than 39,000 tonnes of solid waste daily.

4. AROUND THE WORLD 🌎

Xi goes North Korea
Chinese President Xi Jinping has not really travelled abroad in recent times, but today he has travelled to Pyongyang, North Korea. Analysts weigh in on the significance of the visit and say that Beijing most likely wants to reassert its influence over North Korea and prevent Pyongyang from leaning too heavily toward Moscow. One way in which China might try to contain Russia’s shadow over North Korea is by amping up its own economic support for Pyongyang. “Offering North Korea economic incentives” might be the plan. Meanwhile, South Korea hopes that Xi’s trip will “play a constructive role in addressing issues related to the Korean Peninsula”. This could suggest that Seoul may have lobbied the Chinese leader to try to smooth over relations between the South and the North. Xi may also be alarmed by other security developments in East Asia, including news of a possible military-logistics ‌‌‌‌‌‌‌‌support pact between South Korea and Japan.

The dark side of AI

Anthropic urges AI labs to pause, lest humans lose control
Claude owner Anthropic has warned that AI technology is improving so quickly that there’s a risk humans would lose control. It called for a collaboration between the world’s top artificial intelligence companies to come up with a coordinated way to pause development of advanced AI systems. It said that such a mechanism is needed because, without it, a slowdown in AI development could let the “least cautious” players catch up and add to pressure on companies and governments as they make tough choices about AI safety. The warning came after a different warning from a team of researchers at the University of Toronto, who showed how AI tools could be used to create a new kind of AI “worm” that adapts its hacking strategy as it spreads from device to device and takes over a vast computing network. Fears that advanced AI systems may get out of human control and cause societal harm have risen as the technology becomes increasingly capable, but regulation has been slow, especially in the US, where most leading AI labs are based.

Woman won religious exemption from using AI at work
A software engineer, Erin Maus, who adopts the Unitarian Universalist religion - a liberal religious tradition characterised by its commitment to theological diversity, inclusivity, and social justice - has been given an exemption from using AI at work, citing environmental and ethical objections to AI that don’t align with her religious beliefs. She even consulted an employment lawyer and her local chapter’s minister to help make her case, and was granted the accommodation in mid-May. As more religious groups wrestle with AI’s ethical implications, some employment lawyers see a potential workplace conundrum. A recent study from an HR software company, Cornerstone, has revealed that nearly a third of workers harbour negative feelings like anxiety, uncertainty, and resistance toward AI.

Beware of ChatGPT shopping scams
Ask Silver, a scam-checking service, has revealed that cloned shopping sites have been showing up in search results on ChatGPT, and shoppers who ask the AI bot for recommendations could become victims of scams. The service said that the large language model (LLM) that powers ChatGPT may have been “poisoned” with malicious content that is inserted into the information an AI learns from, such as through cloned webpages put up by the fraudster. Experts remind people not to assume a website is genuine just because it is recommended by an AI tool. When shopping online, watch out for cloned sites by looking at their address, and be aware of extra words in the title, such as “official” or “deals”. Fraudulent sites will often only take payment by bank transfer, which is an immediate red flag and have large discounts on items. It is also better to go directly to retailers’ websites when you can, rather than following links.

Men vs Nature

49 stranded and died of thirst in the Sahara Desert
A truck full of people returning from Mali for Eid al-Adha ran out of water and became stranded in the Sahara Desert, killing at least 49 people who died of thirst. The area is a major border crossing point between Niger and Algeria, and also a remote part of the Sahara desert in northern Niger. 2 people survived and managed to trek across the desert to Assamaka town, where they alerted the authorities. Local NGO said they have been warning travellers about the risk of immigrating across the desert, and that such incidents are not unusual. The desert in Niger remains a major transit corridor for migrants from across West Africa trying to reach Europe, repeatedly defying the risks associated with the perilous journey, and often forced to pass through unstable areas in order to survive or seek better living conditions.
Learn:  How big is the Sahara Desert?

How to survive 102

Sherpa guide lost on Everest found alive
A Nepali mountain guide, Dawa Sherpa, who was thought to be dead after going missing on Mount Everest, has crawled back to base camp just as his second day of funeral rites began. He was last seen on May 29, around the “death zone” region, where the pressure is so low that oxygen levels are insufficient for sustained human survival. Dawa was spotted as he crawled down the snowy slopes called the Yellow Band around the Khumbu icefall at 7,200 metres. He had frostbite on his hands but appeared to be in good health. He nearly contributed to the stats - five people died during this year’s climbing season, with more than 300 dying since records began in the 1920s.

Instagram post

Shorts

1. No Chinese and HK investors allowed for on SpaceX IPO

   Underwriters on SpaceX’s USD75 bil (RM302.7 bil) initial public offering (IPO) have been told not to accept orders from investors in Hong Kong and China, due to US regulatory and compliance risks. In recent times, US technology and artificial intelligence companies have become increasingly cautious about accepting capital from Chinese investors. The shift marks a contrast with the previous decade, when Chinese venture capital firms, private equity funds, family offices and wealthy individuals were active investors in Silicon Valley start-ups.

2. Don Quijote to sell fan-cooled clothes to beat hot summer

   Japan’s popular discount store Don Quijote, aka Don Don Donki in Malaysia, has unveiled clothing with built-in fans to help consumers cope with soaring summer temperatures. The company demonstrated a Reebok cooling vest it had developed, featuring fans, that would sell for JPY9,899 (RM 249) and can be charged using a portable power bank. Don Quijote will also be selling hats with built-in fans that can be charged via solar power or USB, as well as adding a fan to a blanket, with the cooled fabric helping to lower both temperature and humidity for users.

5. FOR YOUR EYES 📺

World Cup fever is starting soon. Kicks off this 11 June to 19 July in the US, Mexico and Canada.

1. Norway national team photoshoot. Here's the story of how it was shot.

Instagram post

2. Popular livestreamer iShowSpeed did a World Cup music video. 29 mil+ views and counting.

3. CR7 x King James

Instagram post

4. Remember Joga Bonito with Brazilian legends? Today’s version: RIP the Script. From the comments: ‘Nike didn’t just make a commercial, they made the Avengers Endgame of sports’.

5. Apart from Iran playing in the World Cup in the US, another major controversy is how ridiculous the prices are for the tickets. So bad that Trump even said he wouldn’t pay for it.

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

7.9% – Japanese-language content accounted for that share of the global market in 2025, according to US research firm Parrot Analytics. The study, which analysed data from 90 countries and regions covering 2020 to 2025, also found that Chinese-language content accounted for 4.1%, while Korean-language content accounted for 2.9%. English-language content held a market share of 61.6%. The finding comes as Japan was ranked third overall in a 2026 soft power index by UK research firm Brand Finance, which also found that Japan is not fully leveraging the popularity of its anime and manga to create tangible economic benefits. Soft power refers to a nation’s ability to spread its influence through culture and economic strength. The country with the most soft power is the US, followed by China, according to the UK study.

USD181 mil (RM723.11 mil) – One of Jackson Pollock’s artworks, described as one of history’s “first truly abstract paintings”, was sold at auction for that much. The piece, titled Number 7A, 1948, broke the record for the highest price achieved by a Pollock work at auction, surpassing the record set by Number 17, 1951, which sold for USD61.2 mil. The painting is also now the fourth-most-expensive artwork ever sold at auction. See the painting here.

EUR55 mil (RM255.56 mil) – That’s how much the Spanish government has to refund singer Shakira after the national high court ruled that the money was improperly collected in a dispute over her taxes. The court acquitted Shakira of tax fraud, saying tax authorities failed to prove she spent 183 days in Spain in 2011, the minimum period required for an individual to be considered a tax resident. However, the tax agency intends to appeal to the Supreme Court, and no payment will be made until a final ruling is issued.

Together with Mr Money

Want to trade your 9-to-5 to build your own empire⁉️

Join Us for raw, honest talk on the pros, cons, and hidden realities of taking the entrepreneurial leap.

Slots limited - get your tickets here.

3. IN MALAYSIA 🇲🇾

Election season is here!
PM Anwar indirectly dismissed rumours of a snap election
PM Anwar Ibrahim did not give a straight answer when asked about the possibility of calling a snap general election, coinciding with the Johor state election. Instead, PM Anwar stated that he is focusing on his work. Two weeks ago, during the Pakatan Harapan convention, he said he would meet with party leaders to discuss the possibility of a snap general election.

Negeri Sembilan to follow Johor in having its state election
In an 11.30pm press conference at his residence, Negeri Sembilan Menteri Besar Aminuddin Harun announced the dissolution of the state legislative assembly on June 5, thus making way for snap polls. It was also rumoured that Pakatan Harapan (PH) had decided on the number of seats each party will contest - PKR to contest 16 seats, DAP with 11 seats and Amanah with 9 seats.

Previously, in the last state polls, PH won 17 seats, Barisan Nasional (BN) 14, and Perikatan Nasional (PN) five. The call for a snap election has intensified since the end of Apr, after BN assemblymen withdrew support for Aminuddin’s government, prompted by Aminuddin’s response to the recent state royal crisis.

Instagram post

There is no such thing as Madani in Johor
BN chief and Deputy PM Ahmad Zahid Hamidi said that BN will still stick to its decision to contest all 56 state seats in the upcoming Johor election. Zahid added that BN is in the midst of finalising the list of candidates.

He said the lineup will consist of incumbents and new faces, while keeping to BN’s philosophy of fielding winnable and likeable candidates. Zahid’s statement clashes with what PM Anwar stated previously, that he intended to meet Zahid for negotiations. If no deal is reached, it will likely have a ripple effect that could lead to the federal government fracturing.

PAS attempts to rekindle old romance
PAS deputy president Tuan Ibrahim Tuan Man has called for another attempt at uniting major Malay-based political parties, particularly with UMNO, under the Muafakat Nasional (MN) banner. Tuan Ibrahim mooted that the proposed renewed cooperation can start in Johor and be expanded nationwide.

The MN coalition (between PAS and UMNO) was created in 2018, following the fall of BN’s monopoly at the federal level. However, the pact went south in 2022 after UMNO decided to back Anwar Ibrahim as the PM.

Improvements for future travels
MAHB to spend RM11 bil for upgrades
Malaysia Airports Holdings Bhd (MAHB) announced that over the next five years, the airport operator will allocate RM11 bil to expand capacity and upgrade infrastructure across its airport network. The multi-billion-ringgit capital expenditure spending includes the KLIA development plan to increase capacity beyond 100 million passengers annually, the expansion of Penang International Airport from 6.5 mil to 12 mil passengers annually, and the upgrades of Kota Kinabalu International Airport (KKIA), pushing its annual capacity to 12 mil passengers from the current 9 mil passengers annually. For comparison, the construction cost of KLIA Terminal 2 was RM4.5 bil back then.

Malaysians can now apply for a decade-long passport
Putrajaya has just launched the 10-year passport, after formalising the change under the Fees (Passports and Visas) (Amendment) Order 2026, gazetted by the federal government, replacing the previous five-year validity period for most passports. Under the new system, Malaysians can apply for the 10-year passport for a RM350 fee. Previously, it was RM200 for a five-year passport. Senior citizens aged 60 and above will now pay RM175, while persons with disabilities (OKU) with a valid OKU card, as well as Immigration Department officers and staff, are exempted.

Shorts:

1. FAM is ‘almost’ a complete failure

   Based on a four-month audit conducted by the Asian Football Confederation (AFC), the regional body concluded that the FA of Malaysia (FAM) has severe weaknesses across governance, finance, legal affairs, football development and administration. AFC Deputy General Secretary Vahid Kardany said FAM was rated largely at the Pre-Intermediate level — Level Two on AFC's five-tier organisational maturity scale. Kardany also mentioned that FAM members had not formally approved annual budgets since 2016, despite it being a statutory requirement. He also added that FAM failed to raise money commercially as two-thirds of its income in 2024 came from AFC and FIFA grants, making FAM basically a grantpreneur.

2. 19 aspects to be green lit before nuclear power can be used in Malaysia
   The Energy Commission CEO, Siti Safinah Salleh, revealed that Malaysia’s decision on whether to launch a nuclear power program will depend on its level of preparedness across 19 key areas. The 19 key areas (view here) were not plucked from the sky, as it refers to the International Atomic Energy Agency’s (IAEA) Milestones Approach, which outlines 19 infrastructure issues a country must evaluate before deciding whether to launch a nuclear power programme. Nuclear power is being considered as part of Malaysia's strategy to meet its 2050 net-zero carbon emission targets.

4. AROUND THE WORLD 🌎

How money is illegally moved out of China
China’s capital control is known as the world’s strictest (overseas transfers limited to USD50,000 (RM200,650) per year per individual), but demand for overseas assets, as well as the rapid accumulation of private wealth, has fuelled a vast underground industry dedicated to circumventing capital controls. Concerns about China’s economic outlook and President Xi Jinping’s drive to reduce inequality have also prompted many wealthy Chinese families to seek a financial foothold overseas.

Here are some of the most common ways mainlanders circumvent the government’s strict rules to get money out of China:

• Smuggling cash across the border, often concealed in suitcases, vehicles and on boats.

• Smurfing – recruiting people on the mainland who have not used their annual foreign-exchange quota and then having brokers move them overseas in a series of seemingly legitimate transfers.

• Mirror transfers or underground banking.

• Inflated or fraudulent invoices by manipulating import contracts that require payments to be settled overseas.

• Refund schemes, where a person or business in China uses a mainland bank card to buy expensive goods from an overseas merchant before later obtaining refunds or settling transactions outside the normal banking system, allowing the money to end up offshore.

• Cryptocurrency.

TS: Taylor Swift or 'Toy Story 5?
Taylor Swift has confirmed a long-simmering speculation this week when she announced her new single for the "Toy Story 5" soundtrack, "I Knew It, I Knew You," will be released this Friday (aka today), much to the excitement of devoted Swiftie detectives who had collected Easter Eggs from across the internet that hinted at the collaboration for months.

The marketing strategy is said to be ripped straight from Swift's favourite promotional playbook - manufacturing hoopla, whipping her loyal fans into a frenzy while barely lifting a finger, then channelling that anticipation into merchandise sales. Both Swift and Toy Story have endeared themselves to audiences through true creative genius, and together, Swift and "Toy Story" are the perfect storm of mass consumer appeal.

Check out the billboard promotion of Toy Story 5 that caught Chicago by surprise:

Instagram post

Kalshi wants small businesses to hedge like Wall Street
Kalshi, a US federally regulated prediction market company, is using a local New York City bar to show off its hedging capabilities. Hedging is a risk management strategy that traditionally helps large companies and investment funds offset losses by taking opposing positions in an existing investment. In this case, the bar is promising customers that if the Knicks win their first game against the Spurs, it will pay for everyone’s tab. The bar placed a USD5,000 (RM20,065) trade on Kalshi for Wednesday night’s game one of the seven-game NBA Finals.

If the Knicks win, customers win a free meal, and the bar collects over USD13,000 from its Kalshi contract. If the team loses, the bar loses money from the contract, but profits from the expected big crowd. Kalshi’s move came after states continued to push for aggressive regulation on prediction market platforms, particularly targeting the platforms for operating as illegal sports betting operations.

Content creator tried to use a YouTube alibi to get away with murder
A brutal killer in Ireland almost walked away a free man after murdering his pregnant girlfriend and using his livestream on YouTube as an alibi - until cyber experts blew it to pieces. Stephen McCullagh was found guilty of murder after a five-week trial earlier this year and sentenced to a minimum of 31 years.

Investigators said that what appeared to be a live stream was actually a secretly pre-recorded six-hour gaming session that he then played out as live to give him cover to travel from Lisburn to Lurgan in disguise, to kill his pregnant girlfriend and then get home before the stream ended. Interestingly, police had initially believed McCullagh's alibi because YouTube had earlier confirmed it had played out as a live broadcast, in which he was ruled out as a suspect. Eventually, he got caught thanks to a software. This would make a good Crime Scene Investigation (CSI) episode. Remember this - clever clever squirrel jump, one day fall to the ground also.

Argentina erupts in protests after another femicide
Argentinians have taken to the streets in angry protests, following yet another femicide, this time of 14-year-old Agostina Vega, who was sexually assaulted and hanged, with her body dismembered with a kitchen knife. She was killed at her friend’s home on May 23, and her remains were found in a drainage ditch Saturday, a week after her disappearance.

Thousands of protesters gathered for the annual “Ni Una Menos” (Not One Woman Less) demonstration in downtown Buenos Aires, holding posters with the faces and names of women who’ve been killed or disappeared in recent years, including Agostina. Her case brought renewed energy and purpose to the protest, amplifying demands for government action and intensifying criticism of President Javier Milei.
Learn: What is femicide, and is it still happening in modern society?

Shorts:

1. Dalai Lama clinches his first Grammy award
   Tibetan spiritual leader Dalai Lama has won his first Grammy Award for his spoken-word album, Meditations: The Reflections of His Holiness the Dalai Lama. He won the award in the Best Audiobook, Narration, and Storytelling Recording category. The album features his spoken teachings with music, turning decades of talks into a structured listening experience. The album was produced by Kabir Sehgal, an accomplished author, composer and musician, with 13 Grammy Awards, five Latin Grammy Awards, and multiple Emmy Awards to his name.

2. Man City threatens legal action against Real Madrid
   Manchester City plans to take legal action against Real Madrid presidential ⁠candidate Enrique Riquelme after he said that he would sign Norwegian striker Erling Haaland to the club if he is elected as the president. The Premier League club said there is “no chance of it happening”, although Riquelme said that Haaland had a release clause and wanted to move to the Spanish club. A joint statement from the Premier League Golden Boot winner’s father, Alfie Haaland, and his agent, Rafaela Pimenta, swiftly ⁠rejected the suggestion, describing it as “all very entertaining but not true”. In fact, Haaland signed a new nine-and-a-half-year contract in Jan 2025.

5. FOR YOUR EYES 📺

1. There’s cheating, and there’s micro-cheating.

Instagram post

2. Do you remember when you properly hugged your parents?

Instagram post

3. A good comic by @abamapam. For Gen Zs, if you have not heard of this Malay classic Kau Ilhamku, give it a try here.

Instagram post

Have a good weekend folks!

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

860,000 pigs – Sarawak aims to grow its pig population to that number by 2030 from 350,000 in 2025. The industry is projected to generate RM1.29 bil annually. The State Government is pursuing the expansion as part of efforts to modernise and strengthen Sarawak’s livestock sector. Infrastructure development is already underway, with 10 hectares cleared and basic facilities expected to be completed by 2028. Btw, do you know what is babi air?

17.3 mil square metres – Malaysia’s mall footprint covers that much area and is only expanding further as fresh retail spaces are already in the works. Contributing to this expansion is roughly 1.3 mil square feet of net lettable retail space from two upcoming major malls, Ombak KLCC and 118 Mall. The current mall footprint of 17.3 mil sqm is spread across 988 shopping complexes as at end-June 2025, with an occupancy rate of 79%.

34 new malls – That’s the number of new complexes in the pipeline for Malaysia, mostly concentrated in Selangor, Kuala Lumpur, and Johor. The continued expansion of malls in Johor is largely aimed at Singaporeans, who were the top source of international tourists in Malaysia in 2024. Malaysia is also targeting 22 mil Singaporean visitors for Visit Malaysia Year 2026, with malls in the state allocating more space to dining options and moving beyond cinemas and department stores as default anchors.

3. IN MALAYSIA 🇲🇾

Election fever
Bersama confirms Johor poll debut: Bersama has confirmed it will contest the Johor state election, with leaders Rafizi Ramli and Nik Nazmi Nik Ahmad saying the party will decide its target seats in a meeting with state representatives. The decision follows discussions involving leaders and selected members nationwide. Relaunched on May 17, the party said the Johor polls will be its first major test as it looks to introduce itself to voters and build its election machinery. It aims to use the contest to assess its strengths and weaknesses ahead of future elections.

As part of early mobilisation, Bersama will kick off a nationwide tour in Johor on June 6 at 8pm at the Danga Bay Convention Centre. The tour, called the Kancil Tour, will highlight the party’s 12-point agenda, with each state focusing on a different priority. After Johor, the tour moves to Melaka on June 7 before heading to Selangor on Jul 18. Bersama said the campaign will help it connect with voters and build momentum ahead of the Johor polls.

Talk of N9 assembly dissolution grows: Speculation over a possible dissolution of the Negeri Sembilan state legislative assembly intensified after Menteri Besar Aminuddin Harun abruptly cancelled his weekly post-exco media conference scheduled for 1.30pm on Wednesday at Wisma Negeri. His press secretary Ahmad Shahrir Mohd Shah said the briefing was called off due to “important and urgent” matters, without giving further details.

The last-minute cancellation fuelled political chatter that the state government could be preparing to dissolve the assembly ahead of a state election. Earlier, he had an almost two-hour audience with Yang di-Pertuan Besar Tuanku Muhriz Tuanku Munawir at Istana Hinggap. The timing added to political discussion after Pakatan Harapan assemblymen and state leaders held a special meeting on Tuesday, June 2 at the Mentri Besar’s official residence.

Business
AirAsia Philippines ordered to halt operations: The Civil Aviation Authority of the Philippines (CAAP) has ordered Philippines AirAsia to cease operations at all airports under its jurisdiction over alleged unpaid airport-related charges amounting to PHP271.94 mil (RM17 mil). The directive, issued on June 2 by CAAP director-general Lt Gen Raul L Del Rosario, requires the airline to stop operations within three calendar days of receipt.

The regulator said the amount covers air navigation charges, landing and parking fees, passenger service charges and other airport-related assessments. It added that despite repeated billing statements and a formal demand letter dated May 11, no payment or settlement had been received, leaving the airline in default. AirAsia Philippines said it continues to operate as normal, with flights unaffected, subject to routine conditions such as weather. The airline did not address the alleged debt or the order.

RGB wins UAE gaming licence: RGB International Bhd has secured a vendor licence from the United Arab Emirates, allowing it to supply electronic gaming machines in the country as part of its regional expansion strategy. The approval, granted after an application submitted about a year ago, positions the company ahead of the expected launch of the UAE’s first legal casino at Wynn Al Marjan Island in 2027.

According to executive director Ganaser Kaliappen, the licence enables RGB to operate as an approved vendor for machines as well as related services and maintenance in the region, following payment of around RM10,000 in processing fees. RGB, which supplies gaming and amusement machines across several Asian markets, is targeting about 3,000-unit sales this year after securing around 2,000 orders so far. It delivered 1,924 units last year. The company said demand remains supported by machine-replacement cycles, with the Philippines, Malaysia and Cambodia accounting for significant annual replacement needs across their installed bases. Industry-wide, about 8% to 12% of installed gaming machines are replaced annually.

Alliance Bank, 99 Speed Mart launch 0% instalment plan: Alliance Bank Malaysia Bhd has partnered with 99 Speed Mart Retail Holdings Bhd to introduce a 0% instalment payment plan for bulk purchases via the 99 Bulksales platform (visit here). The scheme, integrated from June, allows credit cardholders including business users to convert purchases of RM500 and above into a three-month interest-free instalment plan.

The companies said the initiative helps SMEs manage cash flow, reduce upfront payment pressure and improve inventory management, while also supporting households with larger spending needs.

Shorts:

1. Azam Baki to sue Albert Tei
   Former MACC chief Azam Baki will proceed with legal action against businessman Albert Tei, instructing his lawyers to issue a legal notice over alleged intimidation claims. The move comes as police continue investigations under criminal intimidation provisions, with Azam having his statement recorded at Bukit Aman earlier as part of the probe. The dispute stems from allegations linked to attempts to expose an alleged corruption scandal involving political figures in Sabah.

2. Another PKR MP loses government funds access
   Petaling Jaya MP Lee Chean Chung says he is the second PKR lawmaker to lose access to the MyKhas constituency funds portal without explanation since May 29. He has questioned whether the move is linked to internal party discipline, while calling for transparency from the authorities and PKR leadership. Lee previously attended the Bersama launch event along with other PKR members, including Wong Chen.

4. AROUND THE WORLD 🌎

Thaksin set for royal pardon in Thailand political saga
Former Thai PM Thaksin Shinawatra is set to receive a royal pardon, paving the way for his release from the remainder of his prison sentence. Thailand’s justice minister confirmed that Thaksin, who was granted parole earlier this year after serving eight months, is among those selected for clemency in conjunction with Queen Suthida’s birthday on June 3. The 76-year-old billionaire had just over three months left on a one-year sentence that was due to end in Sept.

His legal journey has been anything but straightforward, from returning to Thailand in 2023 after 15 years of self-imposed exile, to spending months in hospital, receiving a sentence reduction, and later being ordered back into custody by the Supreme Court. There are still a few steps to go before it’s final, and the move just adds another twist to his long and controversial political journey.

If you doom scroll, don’t feel too bad
Ever opened your phone “just for a second” and ended up scrolling way longer than planned? That’s actually pretty common, with people estimating that more than a third of their phone time isn’t even intentional but happens while drifting between apps and feeds. On average, people spend around four hours a day on their phones, and it’s not just about self-control; phone design, constant notifications and endless scrolling features all play a role in pulling attention back in.

Many users already know about screen time tools but don’t use them consistently, and researchers also note that people aren’t very accurate at judging their own usage, so real habits may differ from what surveys show. While scrolling isn’t always seen as negative, since it can be relaxing or a quick distraction, the bigger concern is whether it actually leaves people feeling better or just more drained, highlighting how easily phone use slips into autopilot without us noticing.

AI
Instagram fixes AI flaw after reported account hacks
Instagram says it has fixed an issue where hackers were reportedly able to trick its AI support tool into helping them access other users’ accounts. The claims, shared online through screenshots and videos, suggest the chatbot could be misused to change emails and passwords by pretending to be the account owner and using location-based prompts. The problem has now been resolved and affected accounts are being secured, while also denying claims that world leaders were affected, calling them “totally false.”

The issue gained attention online after reports linked it to a wave of account takeovers, including a verified account once used by former US president Barack Obama, which reportedly posted content before being recovered. It’s still not clear how many users were affected, but the incident has raised concerns about how much control AI tools should have when it comes to sensitive account recovery.

Nvidia CEO says AI boom is delivering “insane” return
Nvidia CEO Jensen Huang says investors who backed the AI boom are seeing “insane” returns, pushing back against worries that massive spending on AI might not pay off. Speaking at a closed-door event in Taipei, he said the return on investment in AI has only recently “reset” and is now “insanely profitable,” arguing that questioning its value would soon look outdated. Huang also pointed to the huge amount of value already created by AI and highlighted how demand is spreading across chipmakers, data centre players and financial backers funding the ecosystem. His comments come as debate continues over whether the AI surge is sustainable or edging into bubble territory, especially with trillions already flowing into infrastructure and related technologies.

Alphabet raises USD80 bil in major AI funding push
Even the mighty Google needs to raise funding. Google parent Alphabet Inc is planning to raise about USD80 bil (RM317 bil) through a mix of share sales and financing deals as it steps up spending on AI infrastructure. The package includes a USD40 bil programme to sell shares gradually from the third quarter, another USD30 bil in share and convertible stock offerings, and a USD10 bil deal linked to Warren Buffett’s Berkshire Hathaway. It’s one of the biggest equity-raising moves ever and shows how aggressively big tech is pushing into AI.

The money will go into expanding its AI infrastructure, including its in-house chips that compete with Nvidia Corp, as the company leans into strong demand for AI services. Alphabet says it’s growing fast on AI, but analysts warn spending could still climb as investors back both big tech and newer AI players.

Gulf tensions flare again as strikes hit Kuwait
Things heated up again in the Gulf, with fresh strikes on multiple fronts adding pressure to an already shaky ceasefire. Kuwait took a direct hit from Iranian drones and missiles that damaged airport facilities, killed one person and injured more than 60, briefly shutting down operations at Kuwait International Airport before flights restarted after safety checks.

Bahrain also reported intercepting missiles and drones, while Iran said it had struck US-linked military targets in the region, including the US Fifth Fleet headquarters, the main US naval command base in Bahrain that oversees operations in the Gulf region. The US said some missiles aimed at Kuwait missed, and it later struck near Qeshm Island in response. The back-and-forth sent oil prices up more than 2%, especially as the Strait of Hormuz stays largely disrupted and talks between Washington and Tehran continue to stall despite earlier hints of a possible deal.

5. FOR YOUR EYES 📺

Food: Art & Science

1. Why is sushi served with wasabi? Flavour, and also, protection.

Instagram post

2. The Art of The Egg

Instagram post

3. Honey, even after thousands of years, won’t expire - the science behind it.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

10,781 units – According to the Department of Statistics, that was the number of new e-motorcycles registered in 2025, a mere 1.53% of the 704,714 new motorcycles registered that year. By comparison, electric vehicles accounted for 5.15% of the 870,327 cars registered last year at 44,813 units. From 2015 to 2025, electric car adoption expanded at an average annual rate of 95%, while e-motorcycles grew at a slower pace of 45%. The gap has continued into 2026, with electric cars recording 14,591 registrations as of 31 Mar compared to just 2,764 e-motorcycles.

246,229 vehicles – Chinese EV maker Nio recalled that number of vehicles earlier this year due to a software issue that posed safety hazards. This marked the largest recall by a Chinese electric vehicle maker and included models ES8, ES6, and EC6 that were manufactured between Mar 16, 2018, and Jan 16, 2023. The total number of vehicles recalled is equivalent to roughly three-quarters of Nio’s 2025 sales volume. The software issue could have led to a brief blackout of the instrument cluster and central control screen.

99% of fares – Ride-hailing platform inDrive recently concluded a campaign under which it charged drivers a commission rate of just 1%, meaning drivers kept 99% of their fares throughout the campaign. Currently, the standard commission rate for e-hailing in the country is legally capped at 20% of the driver’s fare, while taxis using e-hailing apps have a 10% cap. Most platforms operate near the legal maximum.

Together with FSMOne

Get Exposure to Global Companies from Just RM100
Want to invest in global companies like Apple, Microsoft, NVIDIA, Amazon, Google and Tesla — without needing a large capital upfront?

With ETF RSP on FSMOne, you can start auto-investing from just RM100/month into LSE, US and HK fractional ETFs. Enjoy 0 processing fees while building your portfolio gradually across 500+ top companies through a single ETF.

Start small, invest consistently, and build global exposure over time with FSMOne ETF RSP.

Start investing in ETFs - sign up here.

3. IN MALAYSIA 🇲🇾

Moving Malaysia
KLIA Aerotrain back to 24-hour service after upgrades
KLIA Terminal 1’s aerotrain is officially back to operating around the clock, with full 24-hour service resuming on June 1 after completing a Comprehensive Action Plan (CAP) overseen by the Transport Ministry, the Land Public Transport Agency (APAD) and independent railway assessors.

CAP, which began in Nov 2025, involved inspection and rectification works, system testing, validation and trial operations, including 24-hour and 48-hour endurance tests under both passenger and non-passenger conditions. The aerotrain has also recorded 100% service availability since Jan 2026. While the service will continue operating 24/7, routine maintenance will still take place daily between 12am and 5am, with one train remaining in service during that period to ensure passengers can continue travelling between terminals. Only if there’s a Polymarket to bet on when the next breakdown is.

Aeroline exits Kuala Lumpur routes over terminal rules and costs
Aeroline is pulling out of Kuala Lumpur entirely after being directed to operate only from licensed terminals such as 1 Utama, LaLaport and IOI City Mall. The premium coach operator said the available options do not fit its business model, arguing that higher terminal charges and operational costs would eventually be passed on to passengers, undermining its long-standing focus on value and service quality.

The facilities available would make it difficult to offer the experience customers are used to, including lounge access, refreshments and personalised check-in support. The company had earlier shifted to TRX as a temporary setup, but said the latest directive left it with no real option. The move means Kuala Lumpur will no longer serve as a boarding or drop-off point for Aeroline’s routes to destinations such as Singapore and Penang.

Social media ads to require identity verification under new scam rules
All advertisers using sponsored ads on social media platforms will have to verify their identities, as part of new rules aimed at curbing online scams. The requirement falls under the Risk Mitigation Code (RMC), which comes into force on June 1 under the Online Safety Act 2025, and applies to major platform providers with more than 8 mil users in Malaysia. The move is meant to tackle cases where scammers use sponsored posts featuring well-known personalities to push fake investments, gambling content and other frauds, while hiding who actually paid for the ads.

Platforms will now be required to verify both individuals and companies before allowing them to run paid ads. The government has also introduced age-verification rules for users under 16, requiring identity documents such as MyKad or passports during registration, alongside a Child Protection Code to strengthen online safety.

The election wave starts: Johor State Assembly dissolved, paving way for state election
Johor’s State Legislative Assembly has been dissolved, clearing the way for a fresh state election in what feels like a pretty quick political reset. The announcement was made by Johor Menteri Besar Onn Hafiz Ghazi on Monday after receiving consent from the Regent of Johor, Tunku Mahkota Ismail, earlier the same day. The move is meant to pave the way for the democratic process once the Election Commission sets the dates. 

Onn Hafiz also stressed the need for a stable and strong government, while urging all parties to stay respectful and mature during the campaign period. In the 2022 election, Barisan Nasional secured a super majority win - 40 of 56 seats, followed by Pakatan Harapan with 12, Perikatan Nasional with three and Muda with one.

Shorts:

1. Perlis MB under probe after viral video of cow shooting incident

   Perlis Menteri Besar Abu Bakar Hamzah has come under scrutiny after a video showing him shooting a cow before an Aidiladha sacrifice went viral online. Abu Bakar defended the move, saying the animal had become aggressive after breaking loose and posed a safety risk to those present. He said the cow was shot in the leg to stop it before being slaughtered. The clip can be viewed here - from the limited context in this video, the cow doesn’t seem to be in mengamuk state. Unsurprisingly, it has sparked plenty of debate online, with many questioning whether the situation could have been handled differently. Police have since opened an investigation and are looking into the firearm and ammunition used, with Abu Bakar expected to give a statement.

2. Vincent Tan considering sale of remaining Prudential Malaysia stake

   Billionaire Tan Sri Vincent Tan is reportedly exploring a sale of his remaining 30% stake in Prudential Assurance Malaysia, just months after offloading a 19% holding, part of a settlement with Prudential plc. Apparently, early discussions are underway and could value the insurer at RM20 bil or more, although no deal is guaranteed at this stage. Following last year’s agreement, Prudential holds 70% of the company, the maximum foreign ownership allowed under Malaysian insurance rules, meaning any buyer of Tan’s stake would need to be Malaysian.

3. Conspiracy surrounds “Konspirasi” after sudden pull from cinemas
   Local action thriller Konspirasi, which carries MACC-inspired themes, has been pulled from cinemas just seven days into its planned two-week run that started on May 21, even though it was screened in around 120 cinemas nationwide. According to Finas, the decision came after the producer, Elepfilm Entertainment Sdn Bhd, requested that screenings stop from May 28, and was not due to any order from authorities or cinema operators. The sudden move has raised some curiosity in the industry, especially as the film was still being promoted around the same time. Director Ghaz Abu Bakar said he was only informed via text message and was left without a clear explanation, even though the film was expected to run for the full two-week period. Funny enough, previously outgoing MACC chief Azam Baki attended the movie’s special premiere.

4. AROUND THE WORLD 🌎

News from the UN
UN warns 80% chance of El Niño from June to Aug
The World Meteorological Organisation (WMO), a UN agency, has announced an 80% chance of the El Niño phenomenon developing between June and Aug, and has called for preparedness, especially in climate-sensitive sectors like agriculture, water management, energy and health.

El Niño is a natural climate phenomenon that warms surface temperatures in the central and eastern equatorial Pacific Ocean, bringing worldwide changes in winds, pressure and rainfall patterns that lead to intensified floods, droughts and heatwaves in many regions. It typically occurs every two to seven years and lasts around nine to 12 months. In Southeast Asia, countries such as Vietnam, Thailand, Malaysia, Indonesia and the Philippines can see reduced rainfall and higher temperatures. In Asia at large, fewer typhoons form in the western part of the ocean near Asia, and more form farther east towards the International Date Line.

UN announces Israel and Russia on blacklist for sexual violence in warzones
The UN has officially added Israel and Russia to a blacklist for sexual violence in war zones for the first time. It verified 31 cases of sexual violence perpetrated by Israeli forces against Palestinians from Gaza and the West Bank. In Russia, it identified 310 instances of conflict-related sexual violence.

The UN confirmed that the acts, committed by officers from the Israeli and Russian armed and security forces, were carried out against men, women and children, which included rape, gang rape, forced nudity, and violence to genitals. Israel rejected the allegations of sexual abuse and intended to break off relations with Secretary General António Guterres’ office, while Russia welcomed the report, saying it was "a crucial step on the painful road to truth and accountability".

Sports:
Steph Curry x Li-Ning
Golden State Warriors point guard Steph Curry has reportedly signed a deal with Chinese sports brand Li-Ning, under which they will collaborate on new products and launch Curry brand signature chain of shops in the US and China. It marks a major step in Li-Ning's push to become an international brand, alongside other Chinese sportswear labels like Anta.

Curry joins the growing list of the National Basketball Association (NBA) stars that have signed with Chinese brands, including Dwyane Wade and Jimmy Butler with Li-Ning and Klay Thompson and Kyrie Irving, who are partnered with Anta. Curry is one of the most recognised names in basketball, a four-time NBA champion, and widely regarded as one of the best shooters in NBA history. Deal value was not disclosed, but the earlier Under Armour deal was rumoured to be north of USD1 bil.

Serena Williams is coming back
Women’s tennis GOAT Serena Williams has confirmed her comeback after leaving the tennis arena for almost four years. The 23-time Grand Slam winner and mother of two will compete in women’s doubles at this month’s Queen’s Club Championships in the United Kingdom, after gaining a wildcard entry for the competition, which is seen as a warm-up for Wimbledon, the year’s third Grand Slam. Williams won seven Wimbledon titles and six at the US Open before stepping away from the game in 2022. In doubles, she won six titles at Wimbledon and two at the US Open – all with her older sister Venus Williams.

Serena made a cheeky announcement about her return on Instagram - everyone is too excited for her return.

Instagram post

Health & Medicine
Five Ebola patients healed in Congo outbreak
The Democratic Republic of the Congo’s (DRC) latest Ebola outbreak has recorded 263 confirmed cases, 42 confirmed deaths and 349 suspected cases to date. While most previous outbreaks were caused by a virus called Ebola Zaire, this one is caused by the Bundibugyo strain, which currently has no approved vaccines or treatments. 

Nevertheless, the World Health Organisation (WHO) has hailed the recovery of five people infected with the rare strain, which can kill up to 50% of those infected. Medics in DRC continue to struggle with Ebola amid mounting public anger over stringent health protocols for dealing with victims’ bodies and the presence of armed groups on its territory.

New study allows breast cancer patients to safely avoid chemotherapy
A new study led by University College London (UCL) has revealed a way to distinguish between breast cancer patients who are likely to benefit from the infamous chemotherapy treatment and those who are not. Chemotherapy is commonly offered to breast cancer patients, but is also known to cause fatigue, nausea, hair loss, a weakened immune system and fertility issues.

The findings have enabled scientists to develop a DNA test that allows doctors to identify patients who are unlikely to benefit from chemotherapy, and don't need to go through all that unpleasantness for nothing.

5. FOR YOUR EYES 📺

1. A series of explosions

   1. SpaceX competitor, Blue Origin (founded by Amazon founder Jeff Bezos) saw its rocket go kaboom after a failed launch.

   2. A large explosion at a fireworks factory in Malta.

      Fortunately, in both cases, no casualties have been reported - so far.

2. Why so many tornadoes in the US?

Instagram post

3. A reminder to self - be grateful, as things could be worse. But never despair, keep fightin’.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Here’s a reminder that mental health awareness should last the year, rather than just for one month.

One in eight people globally – More than 1 bil people are currently living with a mental health condition, according to the World Health Organisation. These conditions, which affect how people feel, think, and behave, are widespread and on the rise globally, with anxiety and depressive disorders among the most common types. The COVID-19 pandemic also led to a surge in the incidence of mental health disorders globally, particularly anxiety and depression. Anxiety remains the most common disorder, with an estimated 359 mil people affected globally. This is over 50% higher than the figure recorded in 1990.

4 US cents (about 16 sen) – Low-income countries were reported to spend that much per person on mental health, with lower-middle-income countries reporting an average of 34 US cents per capita, according to the WHO Mental Health Atlas 2024, which collected data from 75 countries. High-income countries reported spending USD65.89 per person on mental health. This highlighted the scarcity of treatment in low- and middle-income countries. Full report here.

Every 43 seconds – According to an analysis published in the medical journal The Lancet, about 740,000 suicides are reported annually, about one death every 43 seconds on average. Suicide is the 17th leading cause of death across all age ranges. It is the third leading cause of death among people aged 15 to 29 globally, and the second leading cause of death among 15-to-29-year-old women. Also, more men die by suicide than women, with the incidence among men about four times higher than among women globally in 2021.

If you ever feel like you need some help, please know that there are always people willing to lend a hand. Befrienders KL provides nationwide support at their hotline 03-7627 2929, and there’s also the Talian Kasih Hotline at 15999. This is also a reminder to check in on your friends and loved ones.

3. IN MALAYSIA 🇲🇾

Task force for derailed LRT
The Transport Ministry has set up a special task force to look into the LRT train that was derailed near the Chan Sow Lin station on May 28. Fortunately, no one was injured and the 25 passengers on board were safely evacuated.

Transport Minister Anthony Loke said he had directed the task force’s findings be submitted to the Cabinet as soon as possible and for the report to be made public. Loke has also told the Land Public Transport Agency (APAD) to take the maximum punitive action against Prasarana Malaysia Bhd in relation to this incident.

Train derailments are typically caused by a combination of factors. The primary causes usually include structural track defects (such as broken rails or misaligned switches), mechanical failures (like overheated wheel bearings or broken axles), and human error (such as speeding or ignoring signals).

The power move
TNB to spend RM43 bil to modernise the grid
Tenaga Nasional Bhd Chief Grid Officer (CGO) Hasmarizal Hassan stated that at the core of TNB’s RM43 bil grid modernisation programme is the need to keep up with the country’s growing data centre demand, with Johor as one of the key active clusters under the programme. Hasmarizal also added that under TNB’s Green Lane Pathway, 33 data centre projects have benefitted from the reduction of the grid connection timeline, down from 36 months to 12 months.

Malaysia’s surging power demand covered by gas
According to data from Malaysia’s Grid System Operator (GSO), despite the electricity demand in Peninsular Malaysia surging 11.5% year-on-year basis in Apr, the increased demand is powered mainly by liquefied natural gas (LNG), with gas-fired power generation rising 28.3% in May. Coal-fired output declined by 4.8% within the same period, going against the regional trend of neighbouring countries burning more coal to make up for liquefied natural gas (LNG) shortages due to the US-Israeli war on Iran. To address the rising demand, PETRONAS shipped 446,000 tonnes of LNG from its offshore gas fields to Peninsular Malaysia this year, nearly three times the 150,000 tonnes that were shipped in all of 2025.
Learn: Malaysia’s power mix.

Business news
i
UOA Group co-founder and UOA Development Bhd executive director and MD Kong Chong Soon @ Chi Suim, or better known as CS Kong, has passed away at the age of 85. His co-founder, Kong Pak Lim, will assume the role of MD until a successor is formally appointed. Both of them co-founded United Overseas Australia Ltd (UOA) in 1987.

Why is the name United Overseas Australia if the company was founded by Malaysians? The name United Overseas Australia Ltd (UOA Group) reflects the company's dual roots: it was founded and incorporated in Australia to raise funds and was later listed on the Australian Securities Exchange (ASX), but its parent group and core business operations are based primarily in Malaysia.

Eligible Malaysians can now travel visa-free to Canada
The High Commission of Canada in Malaysia has announced that Canada has expanded visa-free air travel access for eligible Malaysians starting Tuesday (May 26). Eligible Malaysians can apply for an electronic travel authorisation (eTA) instead of a traditional visa when flying to or transiting through the country.

So who are these eligible Malaysians? They are those who have held a Canadian temporary resident visa (TRV) within the last 10 years or who currently hold a valid US non-immigrant visa. The eTA is valid for up to five years, or until the traveller’s passport expires, whichever comes first.

Shorts:

1. Job hopping is not Gen Z's fault
   PNB Research Institute (PNBRI) concluded that job hopping among young Malaysians is mainly caused by poor job quality and not poor work ethic. Among the factors that triggered a job hop were low pay, limited career growth, and jobs that did not match qualifications. Evidently, in Q3 2025, 74.3% of workers aged 15-24 were in roles below their qualification level, much higher than the national average of 35.5%, and this gap has been widening since 2017. However, the underemployment trend subsides as workers get older. PNBRI also highlighted that digital platforms, salary transparency tools, and professional networks have made it easier for workers to find and switch jobs quickly.

2. Finally, a general hospital in PJ might be coming
   Apparently, cyberbullying your government sorta works as after intense blowback from netizens recently, Health Minister Dzulkefly Ahmad announced that a six-hectare site in Taman Medan has been identified to house a public hospital to serve the high-density population of the Petaling Jaya-Subang-Puchong corridor. At the moment, there is an existing modern sports complex on the site called X Park PJ South. The ministry plans to build a 500-bed hospital on the site and has instructed the Selangor Health Department to inspect it this week and conduct an evaluation.

3. LFL: Pahang royals’ decree unconstitutional
   Lawyers for Liberty (LFL) director Zaid Malek has opined that the Pahang crown prince’s recent decree requiring the armed forces to obtain royal assent before conducting military exercises in the state is constitutionally baseless. The act of dictating the conduct of military exercises is not one of the matters in which a ruler may act at his own discretion, as per Part 1, Section 1(2) of the Eighth Schedule of the Federal Constitution. Zaid added that, for example, if the state government acts upon the decree as if it were binding, it may lead to a precedent that we do not want. In that case, the federal government can and must challenge the decree in court.

4. AROUND THE WORLD 🌎

US and Iran “tarik tali” game continues
Deal or no deal?: Despite Tehran and Washington signalling progress towards a deal late last week, Tehran cautioned on Monday that a deal was "not imminent" while Trump said he had instructed his negotiators "not to rush into" a deal. Trump said that while Tehran was "very much intent" on reaching an agreement to end the conflict, he also added that "so far they haven't gotten there". His remarks came after Iranian state TV reported details of a draft agreement, which included reopening the Strait of Hormuz and the withdrawal of US forces from the region, and a possibility of Iran and Oman jointly controlling the Strait of Hormuz. The White House called it a "complete fabrication".

I strike you; you strike me: Following US strikes on southern Iran on Monday, Iran's Islamic Revolutionary Guard Corps (IRGC) had said that it targeted an American air base in the region yesterday but did not specify which base or country. However, Kuwait, which hosts a US base, said it had intercepted "hostile missile and drone threats". The US military said Iran had launched a ballistic missile towards Kuwait that was successfully intercepted by Kuwaiti forces, without specifying whether it was aimed at its military base.

Trump threatens Oman: When asked about the idea of Oman and Iran overseeing trade on the Strait of Hormuz, Trump appeared to threaten Oman with military force if it collaborated with Iran. While there was initial speculation that he might have misspoken and said “Oman” instead of “Iran”, the US State Department later shared the comment on social media, with a transcript of the quote that referred to the Arab country. However, Oman, known for its neutrality, has not said it wants to join Iran in controlling Hormuz. Critics quickly slammed Trump’s remarks as reckless, likening the US president’s comments to those of a “mafia boss”.

Tech & AI
Meta enters ‘paid era’ with subscription plans
Socmed giant Meta Platforms has announced that it will introduce a USD3 to USD4 (RM11.93 to RM15.91) monthly subscription across its three flagship social media platforms, Instagram, Facebook, and WhatsApp, which will provide select personalised features. Instagram Plus and Facebook Plus will be priced at USD3.99 per month, while WhatsApp Plus will cost USD2.99 per month. The company will also begin testing a paid AI subscription service in June, rolling out in Singapore, Guatemala and Bolivia first, with plans for more countries later.

The Meta AI basic tier is priced at USD7.99 per month, while a more advanced tier, called Meta One Premium, will cost USD19.99 per month. Meta is actively looking for ways to offset hundreds of billions of dollars in AI investments. These subscription plans are believed to contribute to the cause, albeit subscriptions currently make up a very small portion of Meta’s total business.

YouTube to flag AI-generated content
YouTube has recently announced that it will start to automatically detect AI-generated content and flag the information to viewers on its platform. Currently, creators are required to self-report if they have used generative AI tools, but YouTube will now automatically apply a label if they fail to do so. 

However, creators will be able to challenge the new flags if they think their content has been unfairly labelled as AI. Many online spaces are flooded with AI-generated images, video or audio, which are becoming increasingly difficult to distinguish from human creations as the tools become more capable.

JD.com vows to protect its workers from losing their jobs to AI or robots
JD.com founder Liu Qiangdong, one of China’s largest employers with more than 900,000 workers on its payroll, said that he will do everything possible to safeguard his thousands of staff, including blue-collar workers, from losing their jobs to AI and robotics. The online retailer has also set up more than 80 training bases around the country, saying they will serve to retrain workers with skills such as maintenance and servicing of automated systems.

Chinese companies are racing to implement AI systems as part of a state-directed push to dominate the new technology, but Chinese Communist Party planners are racing to maintain stability in the labour market as the country grapples with a slowing economy and elevated youth unemployment.

Shorts:

1. A ‘golden’ CIA agent
   David Rush, a man who was once a senior CIA official, has been arrested after the FBI found USD40 mil (RM159.12 mil) worth of gold bars at his home. The FBI also seized USD2 mil in cash and around 35 luxury watches this month from his home in Virginia, according to court documents. Rush also provided false information about his education and military background in his job application, including lying about obtaining university degrees and serving as a pilot in the Navy. Why does he have so much gold? Because he claimed it as a work-related expense. Why would the government allow for it? To make covert payments, or even illegal activities - read more here.

2. Blond Bangladeshi buffalo nicknamed ‘Donald Trump’ saved from Eid sacrifice
   Sometimes it's lucky to be “Trump” — a rare albino buffalo in Bangladesh who gained the moniker “Donald Trump” for its distinctive blond tuft has been spared from Eid al-Adha sacrifice after a last-minute government intervention. The ministry said that it was due to security concerns and an unusual level of public interest, and that it would be moved to a national zoo in Dhaka. Albino buffaloes are rare in Bangladesh, and most cattle are dark, making it special, but it's probably the nickname that saved Buffalo Trump’s life.

   Check out this photo of “Trump” — any resemblance?

Instagram post

5. FOR YOUR EYES 📺

1. Dementia is amongst the worst kinds of sickness that can afflict our loved ones - the body is there, but the person isn’t. One of the early signs of dementia is the decline in the sense of smell. Learn more here. Don’t give up - there is still way to reduce the risk.

Instagram post

2. What’s nicer than a drone show? A failed drone show - beautiful mess in the sky.

Instagram post

3. Spy stuff- what's real, what isn’t in spy shows, according to a former CIA officer.

Have a good and safe long weekend ahead!

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

44 sick projects – According to Deputy Minister of Works Ahmad Maslan, only 44, or 5%, of the 851 government projects currently under construction are categorised as sick projects. He said that the majority of delays were due to weaknesses of contractors, particularly in terms of scheduling, planning, and cash flow. He added that there are only eight really serious projects that are expected to require contract termination. The total value of the 851 projects is RM49.5 bil.

1,961 men – Women, Family and Community Development Deputy Minister Lim Hui Ying said that 1,961, or about one in four, of the 7,391 domestic violence cases reported nationwide in 2025 involved male victims. The number of reported domestic violence cases has also been on the rise, with 1,955 cases recorded as of Mar this year. Victims of domestic violence are urged to reach out to the 24-hour Talian Kasih Help Line at 15999, send a WhatsApp message to 019261 5999, use the Help Line app, or seek assistance at the nearest police station or hospital.

More than 70 mil warnings sent – Over the past two years, that many warnings have been sent to people attempting to access child sexual abuse material online. The messages were sent as part of Project Intercept, a partnership between the Lucy Faithfull Foundation, a child protection charity and tech firms including Google, TikTok, and Meta. The messages highlight the illegality of viewing the material and direct users to support services aimed at changing behaviour. Nearly 700,000 people subsequently accessed those services. This represents a conversion rate of less than 1%.

3. IN MALAYSIA 🇲🇾

Wong Chen axed from MDV role
Subang MP Wong Chen has revealed that he was abruptly removed as non-executive chairperson of Malaysia Debt Ventures (MDV), just days after losing access to the MyKhas government funds portal. In a Facebook post, Wong said he only found out about the termination of his role moments before he was due to chair an MDV board meeting on May 26. According to him, MDV management informed him that the Finance Ministry had issued a letter dated May 25, stating that his tenure would end on May 31. Wong claimed the ministry neither contacted him directly nor provided any explanation for the decision. Despite the sudden exit, he described his nearly three-year stint at MDV as meaningful, saying the institution had managed to recover financially under tighter governance reforms. Wong said MDV recorded losses of RM18.6 mil in 2022, with losses widening to RM56.6 mil in 2023 before returning to a modest profit of RM3.4 mil in 2024. He also claimed profits more than doubled in 2025, although the figures have yet to be officially released.

The latest development comes amid growing questions over Wong’s blocked access to the MyKhas online portal, a system managed under the PM’s Department for constituency development allocations and related matters. Wong said he first detected the issue on May 20 and raised it with the department’s Implementation Coordination Unit (ICU) shortly after but has yet to receive any response. He added that other Selangor government backbenchers, including PKR MPs linked to the Bersama political gathering (Wong Chen was there too) launched by Rafizi Ramli and Nik Nazmi Nik Ahmad, were still able to access the portal. Meanwhile, Anwar Ibrahim and Second Finance Minister Amir Hamzah Azizan have yet to respond publicly to the issue.

Corporate gains and shakeups
Petronas takes over PRefChem: Petronas is set to take full control of Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd, collectively known as PRefChem, after agreeing to acquire Saudi Aramco’s stake in the Johor-based joint venture. The deal brings an end to the 50:50 partnership formed in 2017 under the Refinery and Petrochemical Integrated Development project in the Pengerang Integrated Complex. Once completed, PRefChem will become a wholly owned subsidiary of Petronas, strengthening its downstream operations across refining and petrochemicals. The financial terms were not disclosed, although Aramco originally invested around USD7 bil (RM27.8 bil) for half its share.

Sunway profit soars on IPO windfall: At the same time, Sunway Bhd delivered a sharp jump in earnings for the first quarter ended Mar 31, posting a net profit of RM9.4 bil, largely driven by a RM9.1 bil fair value gain (aka paper gain) from the listing of Sunway Healthcare Holdings Bhd. Stripping out the accounting gain, underlying performance still showed strong growth, with pre-tax profit rising 52% year-on-year to RM462.4 mil on revenue of RM2.56 bil.

Growth was supported by contributions across property development, construction and healthcare, including robust project launches in Singapore and steady demand for its property portfolio. The construction segment continued to gain momentum with RM3.59 bil in new contracts secured during the quarter, while its data centre-related projects expanded further with new hyperscale clients. Healthcare operations also recorded improved efficiency and higher earnings before interest, tax, depreciation and amortisation, supported by the ramp-up of new medical centres. View earnings here.

Shorts:

1. Genting toll fees start May 28
   Motorists heading to Genting Highlands will soon have to pay entry charges starting May 28 under a new system introduced by Lingkaran Cekap Sdn Bhd. Cars and vans will be charged RM5 per entry, while taxis pay RM3.30, buses RM5, medium lorries RM15 and heavy lorries RM25. The charges apply via Genting Sempah and Gohtong Jaya entry points, with selected vehicles using licence plate recognition lanes. Emergency vehicles and motorcycles are exempted, while permanent residents can apply for discounts or a six-month season pass from June 28, offering reduced rates or unlimited entry.

Instagram post

2. Fuel prices ease from May 28 to June 3
   Fuel prices in Peninsular Malaysia will be lower from May 28 to June 3 with the Finance Ministry announcing reductions across key petrol and diesel grades. RON97 will drop by 20 sen to RM4.65 per litre, while unsubsidised RON95 will fall by 15 sen to RM3.92 per litre. Diesel will also ease by 10 sen to RM4.87 per litre. The government said targeted subsidies remain in place, with RON95 under Budi95 at RM1.99 per litre and selected diesel and petrol schemes continuing at controlled rates, while urging the public to use fuel prudently to support supply stability.

Twitter tweet

4. AROUND THE WORLD 🌎

Is there even a ceasefire? US and Iran attack again
Offence is the best defence, or is it the other way around? No one really knows anymore. Iran accused the U.S. of violating the ceasefire by launching ‘defensive strikes’ at Iran's southern Hormozgan province. Iran then retaliated by launching drones and missiles at Gulf States that had U.S. bases. US Secretary of State Marco Rubio said that the Strait of Hormuz had to be open ‘one way or the other’. Meanwhile, US Central Command said that the strikes were intended to ‘protect our troops from threats posed by Iranian troops’. Iran’s reply? ‘Death to America’ and ‘Death to Israel’. The ceasefire has been in place for seven weeks since Apr. But both the U.S. and Iran are still trading blows and blaming each other for instigating the attacks.

Negotiations are still ongoing; reportedly, both are making progress toward a memorandum of understanding to reopen the Strait of Hormuz. More complex negotiations, especially over Iran’s nuclear weapons, can be held after that. Meanwhile, despite the ceasefire between Israel and Lebanon, Israel is still launching ‘self-defense’ strikes against Hezbollah. Ceasefires are apparently just “you cease, I fire”, as the joke goes.

China curbs travel for top AI talents
China doesn’t want its top AI talents to leave, literally. It is restricting overseas trips for top AI professionals in the country, and those who want to travel will need government approval. China has done this before for its top professors, nuclear scientists and executives at state firms. It seems that it is worried that its AI technologies might be leaked overseas or copied. Many of its AI talents are working in private startups and big tech companies like Alibaba, Tencent, Baidu, etc. Chinese AI models have recently gained prominence, with the likes of DeepSeek sparking a revolution in China’s technology industry.

As a result, valuations and listings of China’s AI-related companies boomed. Valuations rose to dizzying heights, as investors snapped up every Tom, Dick and Harry related to the AI boom. Hence, AI talents are in hot demand. Recruitment platform Zhilian Zhaopin reported that listings for AI product managers rose by 81%, while AI engineers and trainers increased by 17%. China’s government is looking at this and probably thinking, ‘better keep our workers within the borders’.

The New Nokia
Nokia — the once-giant of the mobile phone industry. At one point, it held over 40% of market share. But Apple changed the game in the late 2000s, and smartphones decimated Nokia’s position. Nokia these days is different from the Nokia of old. Its optical equipment business is now booming as data centres use its technology to transfer data. Investors leapt to the company as part of the AI gold rush. NVIDIA has even invested USD1 bil (RM3.97 bil) in Nokia, and it will explore how to use Nokia’s data centre technology in its own infrastructure. Share price is up by 140% this year.

The thing is, this AI and cloud business segment accounts for only 8% of its revenue. More than half of its revenue is still tied up in mobile networks, where it is continuing to decline. However, investors are willing to look past this and focus on its future outlook that could ride the AI boom even harder.

The Ferrari EV is here
A much-anticipated unveiling turned out to be a meme fest. Ferrari unveiled its first electric vehicle, the Ferrari Luce EV, and the whole internet clowned on it. It is priced at EUR550,000 (RM2.5 mil), and some say it looks like a ‘Chinese knockoff Tesla’. If you are not in the car industry, just be assured that this is the ultimate insult for a luxury sports car. Ferrari is well-known for its flashy and aggressive design that oozes style, luxury and most importantly, gives the owners bragging rights. But its fans are now comparing it to a tame EV car that has lost its identity. The Ferrari Luce was developed with Jony Ive and Marc Newson at LoveFrom. Jony Ive used to be Apple’s design chief, and he was responsible for many of the iconic designs for Apple that include the 2007 iPhone, iMac, iPod, MacBook, and many others. Despite his legendary status, this was not it. Even former Ferrari chairman Luca di Montezemolo was in disbelief and said, “at least the Chinese won’t copy this’. Check out the car here.

Twitter tweet

Shorts:

1. Thailand’s 21-day quarantine for Congo, Uganda arrivals
   Thailand is worried about Ebola. Worried to the point that the government has mandated a 21-day quarantine for anyone arriving from the Democratic Republic of Congo and Uganda. It doesn’t matter whether you are transiting or do not have symptoms; Thailand is not taking any chances. So far, it has not reported any cases of Ebola within the country. But this is concerning for a country that relies heavily on tourism. Tourism contributes around 10% to 20% of the country’s gross domestic product. An outbreak could significantly affect Thailand.

2. Italian court sides with hotel that refuses to serve tap water
   Is this a case of human rights or Karen gone wild? A woman from Rome, Italy, has sued the 5-star Dolomites hotel, Hotel Sassongher in Corvara, Italy, for refusing to provide tap water for her. The restaurant there offered to sell her a EUR7 (RM32.33) bottle of mineral water instead. Her argument? The restaurant in the hotel has ‘violated her consumer rights’ and caused her ‘damage, including financial and moral harm’. The case went all the way to Italy’s highest court, where it promptly ruled that Italian laws and regulations did not mandate venues to provide tap water to guests and that the decision to serve it was up to individual venues. Who knew tap water was such an issue?

5. FOR YOUR EYES 📺

1. Old vs New MyKad.

Instagram post

2. Renew your passport fast, in under 15 mins.

Instagram post

3. Once upon a time, polygamy was legal for non-Muslims until 1982.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Mt Everest Special

32 Mt Everest climbs – Renowned Nepali guide Kami Rita Sherpa, 56, broke his own record for the most Mt Everest climbs, which he set last year, when he completed his 32nd climb. Kami Rita, also known as ‘Everest Man’, first summited the world’s highest mountain in 1994 while working for a commercial expedition, and has since guided clients climbing the mountain almost every year, even reaching the summit twice in some years.

11 Mt Everest summits – Another renowned Nepali guide, Lhakpa Sherpa, 52, also set a new women’s record with an 11th summit of the world’s highest mountain. Lhakpa, nicknamed the Mountain Queen, was also the first Nepali woman to successfully summit and descend Mt Everest. She first stood on top of the mountain in 2000.

20 trips to the top – Kenton Cool, 52, set a new record after summiting Mt Everest for the 20th time, becoming the first non-Nepali climber to reach the top of the world’s highest mountain that many times. Cool first summited Mt Everest in 2004 and has since joined an expedition almost every year. Another recent Mt Everest record was more than 270 climbers attempted the mountain via Nepal’s southern route, the most in a single day. However, voices are calling to limit activity and improve safety on the mountain after reports that two more climbers died during their descent.

3. IN MALAYSIA 🇲🇾

51 arrested in drug and gay party raid
Police arrested 51 men during a series of overnight raids at a luxury hotel in Kuala Lumpur, linked to drug abuse and a private party gathering. Bukit Aman Narcotics Crime Investigation Department director Hussein Omar Khan said the operation, carried out between 2.35am and 5am, involved 23 locals and 28 foreign nationals aged between 21 and 52. We are more curious - which hotel?

Authorities also seized various drugs worth RM103,070, including MDMA, Ecstasy, and ketamine. Initial urine tests found that 36 individuals tested positive for drugs. Police also revealed that a man believed to be involved in the gathering was found unconscious in the hotel lobby and was later confirmed dead at Kuala Lumpur Hospital.

Batu Ferringhi beach crisis deepens
Severe coastal erosion at Batu Ferringhi has left the once-busy beachfront noticeably quieter, even during the school holiday period. A recent check over the weekend found fewer visitors swimming or picnicking along the stretch, with parts of the shoreline now significantly narrowed. Several century-old casuarina trees have collapsed this year, while sandbags used as wave barriers have been washed away by strong currents. Walkways near the beach are now considered at risk as the embankment continues to weaken. Visitors returning after previous trips said the change was clearly visible, pointing out that the beach now appears narrower and less accessible, with exposed sand patches and signs of structural damage along the coast.

Tourism operators and beach users have raised concerns over safety and falling visitor numbers. Water sports operators said both local and foreign tourists are becoming more cautious about activities due to the changing shoreline. Some visitors who planned short stays based on earlier experiences said they were disappointed, noting that online images no longer reflect the current condition. Earlier reports had warned that Penang’s coastline could face long-term loss if erosion continues unchecked, with projections suggesting parts of the shoreline may be permanently affected within 10 to 20 years. Marine experts have also noted that coastal erosion in the area is no longer a seasonal issue but a continuing environmental challenge. See how the beach looks now:

Social finance gets capital market treatment
The government has launched Malaysia’s first Social Exchange platform, aiming to expand how the capital market supports social enterprises and community-driven initiatives beyond traditional donation-based fundraising. Deputy Finance Minister Liew Chin Tong said the platform is designed to build a more structured social finance ecosystem, helping channel resources into areas such as social enterprises, environmental initiatives, and community resilience programmes. He said the initiative also responds to wider pressures, including youth wage concerns, an ageing population, and climate-related challenges, while ensuring more inclusive allocation of capital.

He said the long-term goal is to evolve the Social Exchange into part of a broader “social market”, where commercial mechanisms are used to achieve social outcomes. He added that while the current phase focuses on charitable fundraising, future expansion could include environmental conservation projects and improved access to water. Meanwhile, Securities Commission chairman Mohammad Faiz Azmi said the platform aims to improve transparency, accountability, and trust in fundraising, particularly amid rising concerns over donation governance. The Social Exchange currently includes eight non-profit organisations covering areas such as healthcare access, youth programmes, food security, and environmental sustainability. LC Wakaful Digital Sdn Bhd has been appointed as the first platform operator through its Impakrintas system (view projects and visit site here). The government has also allocated a RM2 mil grant under Budget 2026 to support onboarding costs and introduced tax parity incentives for eligible donors and participating organisations.

Loan sharks outsource dirty work to food delivery riders
Food delivery riders are being drawn into illegal moneylending syndicates after falling for online side job offers promising fast cash, according to reports following a joint Malaysian-Singaporean police crackdown involving 35 arrests. Authorities said some riders were recruited through social media and Telegram groups under the guise of simple delivery tasks, with payouts advertised at up to SGD100 (RM308) per job and parcels described as “surprise gifts”. Many were allegedly used as runners for cross-border loan shark operations without knowing the real purpose of the deliveries.

The Persatuan Perpaduan Rakan Penghantar Malaysia said riders are becoming easy targets due to shrinking earnings on official delivery platforms, which push them to look for alternative income. Its chairman, Haris Fadillah Arsyad, said syndicates exploit this financial pressure by disguising illegal work as normal delivery gigs, which makes them appear legitimate at first glance. He added that riders often assume such jobs are safe due to frequent advertisements circulating online. Police have confirmed that some of those arrested were local riders allegedly acting as couriers for Singapore-based loan shark groups. The arrests were carried out in a joint operation with the Singapore Police Force.

Government weighs filial care law
The government is studying a proposal to introduce a filial responsibility law that would require children to care for their elderly parents, with the Women, Family and Community Development Ministry reviewing both legal and non-legal options. Its minister Nancy Shukri said the proposal is being carefully assessed, with alternatives such as strengthening caregiver support systems also under consideration. Speaking at an event in Kuching, she said some countries have introduced similar laws but with limited success, adding that Malaysia must take a realistic approach that does not place excessive financial pressure on families.

Nancy said affordability remains a key concern, noting that many children may struggle to support ageing parents due to rising living costs, and added that the government is focusing on improving care systems rather than relying solely on legal obligations. Existing measures include the Welfare Department’s Spektrum programme, which provides caregiver training, as well as home help services for elderly citizens. She said the priority is to ensure older people can age with dignity through training, psychosocial support, and community assistance. Earlier, Deputy Prime Minister Ahmad Zahid Hamidi said the ministry had been tasked with preparing a policy paper on the proposal within six months, as part of wider efforts to address challenges linked to an ageing population in Malaysia.

4. AROUND THE WORLD 🌎

In China
China’s deadliest coal mine blast kills 82
The deadliest coal mine explosion in 15 years ripped through the Liushenyu coal mine in Shanxi province. It has claimed at least 82 people, injuring 120 more. Tongzhou Group, the company operating the Liushenyu coal mine, did not comment and is now under investigation by the authorities. The Chinese authorities have pledged to conduct a ‘rigorous’ investigation, stating that Tongzhou had committed ‘serious illegal violations’. The state media has highlighted several ‘violations’.

• Workers did not bring mandatory tracking devices.

• Blueprints of the coal mine did not match.

• The number of people in the mine was double the company’s official count.

In 2025, Tongzhou received two administrative penalties for safety violations. Authorities seem willing to allow Tongzhou to take the blame, as social media and online criticisms have centred on the company. In the 2000s, deadly accidents were common in China. The state media only reported them if casualties were high. However, the government has, in recent years, tried to clean up the industry by bringing in international standards for safety. Rescue efforts are ongoing at the mine, with two people still reported missing.

Huawei could be rivalling TSMC
Forget Moore’s Law, Huawei is now talking about its very own Tau Scaling Law. Huawei announced that it has found a ‘new pathway’ to produce 1.4 nm chips by 2031 with its own ‘LogicFolding’ technology, in collaboration with SMIC. TSMC said it plans to produce them by 2028. Right now, there is about a five-year gap between the capabilities of TSMC and Huawei. Huawei wants to shorten that gap.

If Huawei is able to mass-produce them, this could change how the industry looks at ASML Holding NV’s state-of-the-art extreme ultraviolet (EUV) lithography machines. Currently, EUV machines are critical for any chipmakers to mass-produce chips smaller than 5nm. Huawei’s self-aligned quadruple patterning, or SAQP technology, if successful and viable, could allow it to mass-produce without EUV. However, the devil is in the details, and time will tell whether Huawei will be successful.

Li Jiaying, the first Hong Kong astronaut in space
It is a monumental achievement. Li Jiaying is the first Hong Kong astronaut to travel into space and dock with the Tiangong Space Station along with two others - Zhu Yangzhu and Zhang Ziyuan. She is a 43-year-old police officer and a mother of three.

Her role? Payload scientist. They are tasked with investigating the effects of microgravity on the human body and conducting other experiments. This is important. Scientists have found that being in space for a long time could lead to muscle and bone complications, cardiovascular changes, and a weaker immune system. Their findings are important as China aims to achieve a crewed lunar landing by 2028.
Here is a short on how astronauts are after they return:

Meanwhile, Indonesia has banned Polymarket
Was it an issue of morality or simply sensitivity? Indonesia recently banned Polymarket when a bet on the possible early end of President Prabowo Subianto’s tenure made its rounds on Indonesia’s social media. The authorities immediately sprang into action and labelled it as a form of online gambling. They are also tracking social media accounts that promote the platform. Would it have attracted attention if the bet never became popular? We will never know.

The bet was launched on May 21 when Prabowo tightened government control on the country’s major exports. People are wondering now whether there’s any credibility or transparency to the former general’s policies. Odds are highest at 12% for Prabowo’s presidency to end in Dec 2026. And judging by the government’s action, there might be some truth to this. View the Polymarket bet here.

Cinema & Oil

1. Is IMAX up for sale?
   IMAX could be up for sale, according to a source. The movie theatre technology company reportedly held ‘preliminary talks’ through middlemen, but there were no official pitches for the company. A hint from CEO Rich Gelfond last Dec could be important: “IMAX is an incredibly valuable player, either as a wholly differentiated publicly-traded company or as part of a larger company.” Wedbush Senior Vice President of Equity Research Alicia Reese suggested that potential buyers could include Netflix, Apple, Sony or private equity players. Netflix could be a potential buyer, considering that it recently backed out from a deal to acquire Warner Bros, after Paramount hijacked it with a much higher offer price. It could also be exploring cinemas to release their films first, before putting them on its streaming platform. It is doing this for the new film, Narnia: The Magician’s Nephew. The company’s market cap stands at USD2.15 bil.

2. Oil is at ‘tank bottom’
   Alarm bells are ringing across Asia. Veteran market strategist Jeff Currie said that oil markets are nearing minimum operating levels in Asia, with Europe and the U.S. likely being the next. Summer is coming. The global oil market could face a more severe supply crunch as demand for power and oil could peak to power everyone’s air-conditioning to escape the heat. Imports from the US are not sustainable as the US is drawing them from its Strategic Petroleum Reserve. Currie thinks the only solution to this would be for the Strait of Hormuz to reopen. But even then, it could take time for markets to get back to normal.

5. FOR YOUR EYES 📺

1. Get a morning wake-up kick watching this. A paraglider got hit by a plane and survived to post it on her IG.

2. Body language says a lot silently.

3. When Nicol David meets Yao Ming. Like AI went wrong, but it’s real.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD645 bil (RM2.57 tril) – Singapore is now officially Southeast Asia’s largest stock market with its market capitalisation reaching that amount on the back of investor endorsement of the city-state’s market reforms. At the same time, Indonesia, the previous largest market, fell well over 30% from a peak in January to USD618 bil. Analysts believe the strong Singapore dollar, together with the government’s initiatives to revive the market, will drive funds towards the city-state.

156 outlets – Local shoe retailer Shellys Marketing Sdn Bhd, which owns homegrown brand XES Shoes, recently opened its 156th outlet in Sungai Siput, Perak. The firm, which was founded in 2002, now sells more than 1,000 products across mass-market, lifestyle, and activewear segments. Another recent development is the acquisition of a controlling stake by Malaysia’s state-owned private equity firm, Ekuinas. Ekuinas believes the shoe retailer has “significant headroom” to expand into underpenetrated states. Deal value not disclosed. 

10 consecutive loss-making quarters – Berjaya Food Bhd reported another loss-making quarter, marking a 10th consecutive quarter in the red, though the latest quarter saw losses narrow to RM37.19 mil due to cost control and store closures. Revenue for the latest quarter rose to RM119.14 mil, largely driven by overseas operations. Although costs and expenses continue to outpace the group’s marginal revenue growth, Berjaya Food is optimistic on its prospects. The group runs Starbucks, Krispy Kreme and Paris Baguette in Malaysia.

Together with FSMOne

Get Exposure to Global Companies from Just RM100
Want to invest in global companies like Apple, Microsoft, NVIDIA, Amazon, Google and Tesla — without needing a large capital upfront?

With ETF RSP on FSMOne, you can start auto-investing from just RM100/month into LSE, US and HK fractional ETFs. Enjoy 0 processing fees while building your portfolio gradually across 500+ top companies through a single ETF.

Start small, invest consistently, and build global exposure over time with FSMOne ETF RSP.

Start investing in ETFs - sign up here.

3. IN MALAYSIA 🇲🇾

Political chess moves are being made

PAS to review its partnership with Bersatu
PAS president Abdul Hadi Awang announced that PAS will review its relationship with Bersatu following several disagreements within Perikatan Nasional (PN). Apparently, Bersatu blocked the inclusion of other Malay-Muslim parties and non-extremist non-Muslim parties into PN, which upsets PAS. Hadi also concurred that PAS will not go solo in GE16 as they are the chairman of PN; however, the party may review Bersatu’s membership status in PN in the period leading up to the general election. Hadi also revealed that during previous state elections and by-elections, Bersatu demanded many seats despite lacking sufficient machinery on the ground. In the end, PAS members did all the work.

Anwar vs Rafizi
Acknowledging the threat of his former deputy, Rafizi Ramli, PM Anwar has said that he has taken over Pandan as his adopted parliamentary constituency following the departure of its former MP, Rafizi, from the party. Additionally, PM Anwar’s senior political adviser, Tengku Zafrul Abdul Aziz, has been appointed as PKR’s monitoring officer for the Pandan constituency. This is not the first time PKR has experienced incumbent MPs leaving the party, as Azmin Ali and Zuraida Kamaruddin did the same previously, for the Gombak and Ampang constituencies, respectively.

Rafizi’s Bersama is using Johor as its testing ground
We can safely say Barisan Nasional (BN) will win the Johor state elections by a landslide, as Rafizi Ramli’s Malaysian United Party (Bersama) has announced the creation of a pro-tem committee, ahead of the Johor state election. Previously, when BN announced it would go lone ranger for the state election, it was predicted that PH might assemble an honourable fight. But, with Bersama in the mix, PH and Bersama will be splitting the same voters’ pool, while BN will run away with the win. Johor Bersama joint interim committee chairman Abd Hamid Ali said the state has recorded more than 2,800 new members from various backgrounds following the party’s establishment last week, where the majority of the members were from PKR. Bersama Johor stated that the party is prepared to contest in all 56 Johor state constituencies. Who is funding Bersama? It is not cheap to contest in elections, as according to the Institute for Democracy and Economic Affairs (IDEAS), a party spends an average of RM1 mil during an election period. At the scale of a state election, you definitely need 50x that.

Urban B40 are at the brink of a crisis
According to Think City’s ‘From Roof to Resilience’ report, which polled 2,884 people across 10 public housing communities in the Klang Valley, the report revealed that almost 75% are vulnerable to economic shocks - nearly 20% of households surveyed said they had no savings at all, while 56% said they had enough savings to last only one to three months. While the public housing dubbed PPR is meant as an interim measure for the urban poor to stay while they climb the income ladder, the current reality may lead PPR to turn from a temporary shelter into a permanent one. 

The situation has led to multigenerational households, where grandparents, parents and children live under the same roof, with most respondents saying they have lived in public housing for over 30 years. To make matters worse, living conditions for most PPR residents surveyed appeared to have either stagnated or further declined since the Covid-19 pandemic. 3 out of 4 people surveyed said that their stress levels had either not improved or had worsened since the pandemic. The suicide rates at the PPRs were more than three times the national average, where the PPRs reported 20 cases per 100,000 people annually.

Shorts

1. KWAP is the new substantial shareholder of AEON Co

   Kumpulan Wang Persaraan Diperbadankan (KWAP) recently spent RM1.82 mil to increase its stake in AEON Co (M) Bhd to 3.08%. KWAP is not the only government-linked investment company (GLIC) that invested in AEON Co, as the Employees Provident Fund (EPF) and Lembaga Tabung Haji also hold substantial stakes in the company, with 7.61% and 5.09% respectively. AEON Co reported a net profit of RM83.7 mil for 1QFY2026 against a RM1.24 bil revenue, up 23% from RM68.1 mil a year earlier, thanks to higher sales of better-margin products and higher income from its property management services segment.

2. Farm Fresh to acquire another ice cream brand

   After acquiring a controlling stake in two ice cream makers, Sin Wah and Inside Scoop, Farm Fresh announced the acquisition of a Sabah ice cream company that produces ice cream under the Amelia brand. The deal will provide immediate access to a distribution network comprising 25 trucks and about 3,500 freezers across Kota Kinabalu, Tawau and Inanam. On top of that, Farm Fresh also plans to utilise the space in the Amelia factory to run a pasteurised line for the East Malaysia and Brunei markets. The plan by Farm Fresh is clear: to go downstream, to dominate the domestic ice cream market via strategic M&As. So, bye-bye Nestle and Wall’s soon?

3. Age verification needed for social media soon

   Deputy Communications Minister Teo Nie Ching announced that social media users will need to upload official government-issued documents (IC or passport) for age verification, starting June 1. The move was decided to prevent users under the age of 16 from opening social media accounts. However, Putrajaya will provide a reasonable period for social media platforms to implement the age verification process for existing accounts before enforcement action is taken.

4. AROUND THE WORLD 🌎

US-Iran war: Seems like a real deal is coming

What US is saying: Trump announced on Saturday that a memorandum of understanding between the US and Iran will come soon, with various media in the US and Iran saying that it could yield a phased framework for ending months of fighting, reopening of the strategic waterway and lifting a US blockade on Iran. Also, plans for Iran’s stockpile of enriched uranium, which Washington has insisted it give up, would be negotiated within 30 to 60 days.

What Iran is saying: Looks like the messaging is finally consistent between the US and Iran. Iran’s Fars news agency said yesterday that the draft agreement also stipulates that the US and its allies will not attack Iran or its allies. In return, Iran pledges not to launch any preemptive attacks on the US or its allies.

But damage done: Nevertheless, while the deal would bring relief to markets, it would not immediately quell a global energy crisis, which has driven up the costs of fuel, fertiliser and plastics. According to the head of the United Arab Emirates’ state oil firm, Adnoc, even if the war ended now, full oil flows through the strait would not return before the first or second quarter of 2027.

Airbus, Air France guilty of manslaughter in 2009 crash
A French appeals court has found Airbus and Air France guilty of corporate manslaughter in the 2009 Rio de Janeiro-Paris crash that killed 228 people – the worst aviation disaster in the country’s history. The court ordered a payment of EUR 225,000 for each passenger (at least EUR51.3 mil in total), the maximum fine possible for such charges. Although the penalties are largely symbolic, they capped an eight-week trial that victims’ families saw as a last chance to find justice two years after a lower court acquitted Airbus and Air France. The crash happened in June 2009, when flight AF447 disappeared from radar screens as it headed from Rio de Janeiro to Paris. Investigators found the pilots had pushed the jet into a climb as it struggled with sensors blocked with ice during a mid-Atlantic storm. The plane stalled and crashed into the ocean. A deep-sea search has finally uncovered the plane’s black boxes - but only two years later. Both companies have repeatedly denied all charges.
Learn: What is the difference between manslaughter vs murder? 

Alberta: Should I stay or should I go?
A restless independence movement has been growing in the oil-rich province of Alberta in Canada, built on a long-held sense that Alberta is overlooked by decision-makers in Ottawa. Premier Danielle Smith has announced that the province will hold a referendum on whether it should remain in Canada or move ahead with a second binding vote on separation, marking the first significant test of the country’s unity in decades. It came after a citizen-led petition calling for separation gathered more than 300,000 signatures early this year, and a separate petition advocating that Alberta stay gathered more than 400,000. It’s not the first time that Canada’s unity has come under pressure - Quebec has voted twice against independence, the last time in 1995, which ended with a razor-thin 50.58% to 49.22% “no” vote.

Learn: Did you know that Catalonia in Spain and California in the US also attempted to separate? Catalonia is one of Spain’s wealthiest and most productive regions, with a history of 1,000 years, while there have been at least 220 attempts to break up California since it became the 31st state of the US in 1850.

Who knows, might happen with certain states in Malaysia too, anything is possible.

Shorts

1. 10 countries ‘at risk’ of Ebola outbreak

   The Africa Centres for Disease Control and Prevention (Africa CDC) said on Saturday that 10 African nations are “at risk” of the Ebola virus disease outbreak, following an outbreak in the Democratic Republic of Congo. The countries include Rwanda, Kenya, Tanzania, Angola, Burundi, the Central African Republic, the Republic of Congo, Ethiopia, South Sudan and Zambia - all these countries border the DR Congo and Uganda, except Ethiopia. A funding appeal for over USD 314 mil has been made to finance response interventions, largely intended for Congo and Uganda, for treatment, surveillance, and prevention of the epidemic. The WHO has raised the alert level to “very high”.

2. White House suspected gunman shot dead

   The White House, with Donald Trump inside, was sent into lockdown as a gunman reportedly approached the security checkpoint and began opening fire at security officers on Saturday. The gunman was shot dead shortly after, and a bystander was reportedly shot during the shooting. The shooting came nearly a month after an attempted assassination of the president on Apr 25 as he attended the annual White House Correspondents’ Association dinner at a Washington hotel. Watch incident here.

3. Uber proposes Delivery Hero takeover at USD 11.6 bil valuation

   Uber Technologies Inc has offered to take over German company Delivery Hero SE, in a deal that would value the delivery company at about EUR 10 bil (USD 11.6 bil) as it seeks to ramp up competition with DoorDash Inc outside the US. Analysts say that Delivery Hero could fetch between USD 15 bil and USD 18 bil from the deal, and such a takeover would sharply expand Uber’s footprint in emerging markets, strengthening the US company’s global position.

5. FOR YOUR EYES 📺

Animals - the wild side, the beautiful side

1. Jumanji. Two one-horned rhinos were filmed fighting on a public road at the edge of Chitwan National Park, Nepal.

Instagram post

2. Two elephants clashed at India’s Dubare Elephant Camp, leading to the death of a tourist, raising concerns over wildlife tourism.

Instagram post

3. A beautiful moment captured - humpback whale giving birth.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD28.3 mil (RM99.25 mil) a year – Star footballer Lionel Messi remains the highest-paid player in Major League Soccer, earning that amount annually at his current club, Inter Miami. Messi recently signed a contract extension with Inter Miami, which will keep him at the club through the 2028 season. Messi’s salary is also more than double that of the next-highest-paid player, Son Heung-min. Son, who signed with Los Angeles FC last Aug, has a base salary of USD10.36 mil, with a total guaranteed compensation of USD11.2 mil.

14-1 – Football team Johor Darul Ta’zim (JDT) scored a total of 14 goals in their recent match against Kelantan’s The Real Warriors, capping a stellar season for the club. Not only did the victory secure JDT’s 12th consecutive Super League title with an unbeaten run, the team also matched the world record for most unbeaten league matches at 108. The team now shares that distinction with the Ivory Coast club ASEC Mimosas, which established the record in 1994.

10 seconds to disaster – In a recent match between Al-Nassr and Al-Hilal, the top two teams in the Saudi Pro League, Cristiano Ronaldo, who captains Al-Nassr, could only watch in dismay as Al-Hilal celebrated an own-goal by Al-Nassr keeper Bento in the final 10 seconds of the match, ending it in a 1-1 draw. Winning the match would have secured the league title for Al-Nassr. Still, Ronaldo’s team currently holds a five-point advantage with one round left in the league standings. However, the draw has left Al-Hilal with a slim chance of snatching the title for themselves.

Twitter tweet

3. IN MALAYSIA 🇲🇾

The Selangor Royal dilemma
Pakatan Harapan (PH) politicians are contradicting themselves when it comes to the decree issued by the Selangor Sultan Sharafuddin Idris Shah, which advised all Selangor assemblymen, especially Seri Kembangan assemblyman Wong Siew Ki of DAP and former Selangor executive councillor Ronnie Liu Tian Khiew, to visit Dataran Selangor twice a month to read and understand the Rukun Negara displayed. The decree was not unprompted but stemmed from the kerfuffle over Selangor’s proposed large-scale pig farming project in Bukit Tagar. While the statement given by the Selangor King is noticeable, the responses by the politicians are even more interesting -

Selangor MB warns against ‘selective loyalty’
Selangor MB Amirudin Shari warns others not to disregard the Selangor ruler’s views, even when they conflict with their respective political interests. He added that one should not sow hatred between races or question the framework of the Constitution for political gain.

Tengku Zafrul said the decree is not binding
Former minister and a current PKR member, Tengku Zafrul Abdul Aziz, said that the Selangor ruler’s remarks should not be misconstrued as a binding decree or political interference. Tengku Zafrul added that the Selangor sultan’s words should be seen as a call to bring the people closer together, strengthen harmony, and distance the state and country from a political culture that divides society to achieve a narrow agenda.

Tony Pua said Malaysia practices a constitutional monarchy system
Soon after the Selangor Sultan issued the decree, DAP veteran Tony Pua stated via a Facebook post that he is loyal to the king and country and will abide by the rule of law based on our supreme Constitution but not decrees. His statement was not received well by many parties, as some 59 police reports have been lodged against him nationwide. The Selangor police chief, Comm Shazeli Kahar, said that investigations are being conducted and Pua will be called in to give a statement.

Business news
Batu Kawan Bhd acquires a substantial stake in MKH Bhd
Batu Kawan Bhd through its wholly-owned subsidiary Ehitmore Holdings Sdn Bhd will spend RM549.8 mil or RM2 per share to acquire a 47.7% stake in MKH Bhd. With that, Batu Kawan also triggered the mandatory general offer (MGO) of RM2 per share for MKH, with the intention to privatise the company should it secure a 90% stake. Additionally, MKH and its subsidiaries collectively hold a 65.3% stake in MKH Oil Palm (MKHOP). When the proposed MGO for MKH becomes unconditional, Batu Kawan will be obliged to undertake an MGO for MKHOP at 64.78 sen. However, the group intends to maintain MKH Oil Palm’s listing on the Main Market. The acquisition, including the 47.7% stake purchase and MGO, will cost Batu Kawan up to RM1.15 bil and it will be funded by bank borrowings.
Fun fact: Batu Kawan controls one of the nation’s largest oil palm plantation companies, Kuala Lumpur Kepong Bhd (KLK - market cap of RM22.5 bil)

Transport Ministry - three Borneo air routes not Public Service Obligations (PSO)
After the Sarawak State Government blamed Putrajaya for the absence of AirBorneo flight services for the Kuching-Sibu, Kuching-Miri and Kuching-Bintulu routes, the Transport Ministry said that the three routes do not meet the criteria under the definition of Public Service Obligations (PSO), as the routes are also commercially operated by AirAsia or Malaysia Airlines and between two major cities. Thus, flights on these routes should not receive subsidies, similar to any inter-city flight in Peninsular Malaysia.

MOT added that if AirBorneo wants to operate the three routes, the company can submit applications to provide flight services on a commercial basis and not as PSO. In Malaysia, Public Service Obligations (PSO) refer to government-mandated requirements for companies to provide essential services to remote or economically non-viable areas in exchange for state subsidies.

Shorts:

1. US denies ‘campur tangan’ in Norway’s cancelled missile sale to Malaysia
   Washington denied claims that the US played a role in Norway’s decision to cancel a missile sale to Malaysia, as the missile contains American-made components, placing them under US export restrictions. Washington reiterated that it supports the acquisition of the missile by Malaysia. Based on the statement given by the chargé d’affaires of the US embassy in Malaysia, David H Gamble, the United States facilitated the integration of necessary guidance components for NSM to Kongsberg in 2024 to ensure delivery of the system to Malaysia. Previously, Norway cancelled the USD146.4 mil (RM580.1 mil) deal due to tightening oversight of its defence technology in response to major shifts in European and global security, despite Putrajaya having paid 95% of the contract value.

2. NFA on IJM Chairman
   The Malaysian Anti-Corruption Commission (MACC) new chief commissioner, Abd Halim Aman stated that the MACC’s investigation into IJM chairman Krishnan Tan had been classified as ‘no further action’ after finding no elements of criminal conduct, misconduct or breaches of corporate governance. Krishnan Tan was previously accused of laundering RM2.5 bil in funds. In a separate matter, Abd Halim said that the investigation related to Sunway Bhd’s bid to take over IJM Corp Bhd is still ongoing, even though two months ago, Sunway claimed that it had received formal notification from MACC that the company did nothing wrong.

3. No by-elections for Pandan and Setiawangsa
   After former ministers Rafizi Ramli and Nik Nazmi Nik Ahmad vacated their parliamentary seats, Election Commission (EC) chairman Ramlan Harun has confirmed that no by-elections will be held for the Pandan and Setiawangsa parliamentary seats. His statement is also supported by the Dewan Rakyat Speaker, Dr Johari Abdul, in line with Article 54(1) of the Federal Constitution. A casual vacancy doesn't automatically trigger a by-election once the current parliamentary term has already crossed the three-year mark. GE15 was held in Nov 2022, so Parliament passed that threshold in Nov 2025. There is, however, a discretionary escape hatch. Under the second provision of Article 54(1), the Speaker can still notify the Election Commission that a by-election is necessary if the vacancy affects the numerical strength of the ruling majority.

4. AROUND THE WORLD 🌎

SpaceX Specials
SpaceX files for historic USD75 bil IPO
Elon Musk’s SpaceX has filed for the largest-ever initial public offering (IPO) which would eclipse the USD29.4 bil (RM116.49 bil) IPO record set by Saudi Aramco in 2019. The company targets a staggering USD75 bil in its listing, at a valuation of more than USD2 tril.

Interestingly, SpaceX’s S-1 paperwork, a required step before an initial public offering, lays out a sweeping vision for Musk's future space empire. Parts of it read like a sci-fi manifesto, with a blueprint for an extraterrestrial economy that includes:

• Point-to-point travel on Earth

• Space tourism

• Passenger and cargo transport to the moon and Mars

• Energy production on the moon and Mars

• Manufacturing on the moon and Mars

• In-orbit manufacturing

• Asteroid mining

Much of the sci-fi-like technology SpaceX detailed is "unproven" or does not yet exist, so they have been excluded from formal market estimates because their timing and scale are uncertain. Still, SpaceX said they could one day represent "multi-trillion-dollar economic opportunities."

Flying from Kuala Lumpur to Kuala London under an hour - SpaceX shows the future:

First trillionaire in the making
The filing also revealed billions in losses and a super-voting share plan that will allow Musk to keep the rocket, satellite and AI giant under his control. Based on the implied share count in the filing, Musk's two performance awards could be worth roughly USD737 bil if fully vested. Also, as the Chief Technical Officer and Chairman of the board, Musk holds 85.1% of the combined voting power on company matters, based on his 5,569,053,075 shares.

A solid revenue stream: SpaceX has recently inked a deal with Anthropic, which agreed to pay USD1.25 bil a month (USD15 bil per year) through May 2029 for SpaceX's Colossus and Colossus 2 data centres to run tools for Anthropic’s growing customer base. SpaceX expects more similar deals in the future.

Collateral wins from the IPO: Antonio Gracias, one of Elon Musk's oldest friends and closest business allies, is said to be gaining a massive multi-billion-dollar windfall from SpaceX's IPO. Gracias owns more than 500 mil shares of SpaceX stock through investment firms affiliated with his private equity firm, Valor Equity Partners. Based on a conservative estimate, those holdings would be worth roughly USD91.6 bil.

Shorts:

1. NVIDIA shares slide despite USD58.3 bil profit
   NVIDIA has delivered another huge quarterly profit and a sales outlook that topped analyst estimates, with its first-quarter profit hitting USD58.3 bil (RM231.01 bil) on revenue of USD81.6 bil (71.4% net margins!). The company also announced a USD80 bil share buyback programme. However, NVIDIA shares fell 1.3% in extended trading on May 20 after a lukewarm investor reaction, as some investors are not convinced that its AI computing sector will endure into 2027 and 2028. NVIDIA now faces growing competition across Silicon Valley, with Advanced Micro Devices (AMD) having rival processors, and Broadcom and Alphabet’s Google are attacking the market with their own technology.

2. Lawsuit over, OpenAI to file for IPO soon
   ChatGPT creator OpenAI is reportedly working with Goldman Sachs and Morgan Stanley on a confidential IPO filing as soon as May 22, now that the lawsuit filed by Elon Musk has been rejected by a jury. OpenAI has been laying the groundwork to go public as soon as 2026 as part of a broader effort to raise more capital and pay for its costly push for more chips, data centres and talent. The IPO could value the company at as much as USD1 tril (RM3.96 tril).

3. Pizza Hut's franchisee sues the company for a problematic AI system
   Franchisee Chaac Pizza Northeast has filed a lawsuit against Pizza Hut and accuses it of forcing stores to adopt its new AI system, Dragontail, which has apparently turned what was once a speedy delivery system into a “cold, late-arriving mess”. The AI system is a delivery-management platform that Pizza Hut described as using AI to "optimise" food delivery, but Chaac alleges the system caused "cascading operational breakdowns and customer dissatisfaction". Chaac said that the fallout exceeded USD100 mil (RM396.24 mil) in lost business and enterprise value, and is seeking more than USD100 mil in damages, plus attorneys' fees and other relief.

5. FOR YOUR EYES 📺

KYF - Know Your Food

1. 1 base product - milk. X derivatives.

Instagram post

2. Turns out, some types of sugar can be healthy (relatively).

3. KYC - know your coffee beyond the standard latte, americano, capuccino.

Build your dreams. Make flying carpets. Have a good weekend!

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

35th place – Universiti Teknologi Petronas climbed eight places to become the 35th-ranked university in Asia in the Times Higher Education Asia University Rankings 2026. This marks the first time a Malaysian university has entered the top 40 in Asia. However, Universiti Malaya slipped a spot to 65th, remaining Malaysia’s second-highest-ranked institution. This year’s rankings featured 27 Malaysian institutions, with a record six universities claiming places among the top 100, double last year’s tally. The rankings featured 929 universities from 36 countries/territories. China’s Tsinghua University took first place for the eighth consecutive year. View the rankings here.

HKD300,000 (RM152,358.99) – HSBC Holdings is reviewing a longstanding perk where it covered school fees for a swath of bankers in Hong Kong, which is the largest market for the British lender. It is the only major hub where mid-level staff and above are entitled to a subsidy that covers 95% of school fees up to HKD220,000 for each child in primary school and HKD300,000 per child in secondary school annually. This perk has cost the financial institution tens of millions of dollars a year and has become a source of tension at the head office in London, as the perk is not offered anywhere else. However, the perk is now under review as HSBC Holdings looks to cut costs to hit a USD1.5 bil (RM5.97 bil) cost-saving target in the first half of 2026.

USD500 mil (SGD649 mil or RM1.99 bil) – In late 2025, the National University of Singapore was reported to be divesting at least that amount in private equity and real estate funds to manage liquidity and rebalance its China exposure. At the time, the university reported total funds and reserves of more than USD15 bil, a large portion of which was its endowment fund. Harvard University holds the title of having the world’s largest endowment among universities at USD56.9 bil in 2025 on the back of strong investment returns. Meanwhile, UM’s endowment fund was last reported to have raised funds of RM220 mil in Dec 2024. It aims to raise a total of RM1 bil.

Together with Teach For Malaysia

What are your 90,000 hours really for?
Nearly 60% of Malaysian students fail to meet baseline proficiency in Mathematics and Reading.

1 in 6 children experiences mental health problems.

These are not distant problems. Malaysia needs people ready to lead where it matters most.

The Teach For Malaysia Fellowship is recruiting our best and brightest talents to fight this wicked problem.

Ready to step up as a leader? Apply today.
Know someone who should? Refer them here.

3. IN MALAYSIA 🇲🇾

Mega fraud scandal
US fraud case hits TM former staff: Three former Telekom Malaysia Bhd employees have been charged in the US over an alleged scheme involving nearly RM80 mil of company funds. The US Department of Justice said Mohd Hafiz Lockman, Mohd Yuzaimi Yusof and Khanh Thuong Nguyen, who were linked to the company’s US subsidiary, face charges of wire fraud conspiracy, wire fraud and aggravated identity theft. Investigators allege the trio used forged records, false statements and impersonation tactics to mislead suppliers, auditors and internal teams, diverting more than USD20 mil (RM79.38 mil) through multiple linked fraudulent transactions.

The misconduct was uncovered during an internal probe by Telekom Malaysia, which later self-reported the matter to US authorities and will not face charges due to full cooperation. Hafiz was arrested at San Francisco International Airport on Apr 20, 2026, while the other two surrendered shortly after. If convicted, they face up to 20 years in prison for each fraud-related charge and a further two years for identity theft.

Sabah water director jailed and fined RM284.3 mil: A former Sabah Water Department director has been sentenced to eight years in jail and fined RM284.3 mil after being found guilty of 12 money laundering charges involving more than RM45 mil in public funds. The case has been described as the “rare of the rarest”. The offences took place between Oct 4 and Nov 8, 2016, across Sabah and Kuala Lumpur. The court heard that the funds were systematically siphoned off, affecting water supply projects meant for communities facing long-term shortages. He faces an additional 78 months in prison if the fine is not paid. His wife and a former deputy director were acquitted, while the court granted a stay of execution pending appeal, with bail set at RM500,000 secured by a land grant.

Chips up, traffic down
SkyeChip soars, Oppstar crashes: SkyeChip Bhd made a strong Main Market debut on May 20 after raising RM352 mil, with its stock briefly jumping to RM3.80, more than four times its IPO price of 88 sen, before closing at RM2.21 (up 151.1% - still awesome!). The semiconductor design firm, backed by major institutional investors, saw heavy trading and a valuation of RM3.97 bil, with most IPO proceeds going into research and development and no offer for sale (i.e. cashing out) by existing shareholders. At the same time, Oppstar Bhd shares dropped as much as 24.8% before closing 21.21% lower at 65 sen, despite earlier gains this year. The contrast came as investors reacted to shifting momentum in Malaysia’s chip design sector.

Sunway launches RM100 mil upgrade for Subang traffic flow: Sunway Property has started traffic improvement works worth more than RM100 mil at the Persiaran Kewajipan roundabout in Subang Jaya, with completion targeted by the end of 2026. The project is being carried out with Majlis Bandaraya Subang Jaya to improve connectivity across Bandar Sunway, Subang Jaya and the USJ corridor. Upgrades include three AI-powered smart traffic lights, lane widening and redesigned U-turn routes to ease congestion, including changes linking SS15 to Bandar Sunway and USJ Taipan. The developer said the works are aimed at improving traffic flow and road safety for daily commuters. A hundred bucks for a roundabout. Still trying to digest this amount.

Zara Zya recounts ‘casting couch’ experiences in entertainment industry
Popular actress Zara Zya has spoken about difficult experiences she faced at the start of her acting career, saying that professional meetings and auditions sometimes turned into uncomfortable situations involving inappropriate demands. She recalled one incident at a karaoke lounge where she was invited to discuss acting work, but the discussion reportedly shifted into a request for her to undress under the guise of an audition. She also described a pattern where bringing a friend or family member to casting sessions often led to rejection, which made her question the nature of some opportunities. In another case, she said she was invited to a meeting that turned out to be different from what was promised, involving unexpected individuals. Zara, now an established figure in the industry, said these incidents happened when she was still new, financially vulnerable, and still learning to navigate the entertainment world.

For those unfamiliar, casting couch refers to the exploitation of aspiring actors or performers in the entertainment industry, where a person in a position of power, such as a director, producer or casting agent offers roles or career advancement in exchange for sexual favours. Similar allegations have surfaced globally over the years, especially during the #MeToo movement in Hollywood (read here), where powerful industry figures were accused of abusing their positions. (For example, Harvey Weinstein).

Shorts:

1. Chelsea set for Malaysia clash with JDT
   Chelsea, the reigning FIFA Club World Cup champions, will face Johor Darul Ta’zim (JDT) in a friendly on Aug 11 at Sultan Ibrahim Stadium in Johor. The match, organised by TEG Sport, will serve as a pre-season test for both sides, with ticket prices ranging from RM154 to RM1,254. Get your tickets here.

2. Malaysia has six-month medicine buffer
   Pharmaniaga Bhd says Malaysia’s public healthcare system has about six months of pharmaceutical buffer stock across suppliers, hospitals and the company itself. Managing director Datuk Zulkifli Jafar said the group has boosted advance procurement and forward orders, while monitoring supply and costs through a dedicated task force to ensure stable medicine availability nationwide.

4. AROUND THE WORLD 🌎

Iran threatens war beyond the Middle East
The Revolutionary Guard had some strong words for the US if it attacks again: ‘If aggression against Iran is repeated, the promised war will extend beyond the region this time.’ This came after Trump said that he was ‘an hour away from the decision to go today’, referring to a new bombing campaign on Iran. But in usual TACO (Trump Always Chickens Out) fashion, Trump put it off at the last minute to give Iran some time for diplomacy.

This week, about 54 tankers passed through the Strait of Hormuz, twice the number from last week. Notably, two Chinese oil tankers carrying 4 mil barrels exited. Iran seems to be tolerant of countries that it deems to be ‘friendly’. China was Iran’s biggest buyer of crude oil in 2025, taking up more than 80% of Iran’s oil exports.

Trump says war with Iran will ‘end quickly’
Stoking the fire is a dangerous thing. But that’s what Trump did. He commented again that the war with Iran will ‘end quickly’. Oil prices are down by 2% as a result, but many still wonder whether Trump’s words hold any weight at this point. JD Vance said that there had been some progress on the talks, but Iran still holds strong to its initial demands.

Some research houses are already projecting things to get a lot worse. Citi analysts expect oil prices to rise to USD120 (RM476.30) per barrel. Meanwhile, Wood Mackenzie went for the doomsday scenario, where it projects that prices could reach USD200 per barrel if the Strait of Hormuz remains closed until the end of the year.

Meanwhile, Trump’s approval rating sinks to a low
Trump’s approval rating has sunk to a second-term low of 37%, at least according to the New York Times (NYT). Americans are unhappy about going to war in the Middle East, and the state of the US economy. Two-thirds of voters think that going to war was the wrong decision, and the same percentage thinks that Trump is not doing a good job on the economic front. Generally, Republicans still support Trump, but more are switching camps. Just bear in mind that the NYT has generally been more left-leaning and more critical of Trump and Republican policies. 

Learn more about political polarisation in the US.

Thank you for the USD10 bil investment, Mr. Adani
President Trump is a ‘businessman’ through and through. The US has dropped criminal charges against Indian billionaire, Gautam Adani, after he pledged a USD10 bil (RM39.69 bil) investment in the US. Adani is India’s second-richest billionaire and 17th in the world with a net worth of USD108 bil.

Adani was charged with bribing Indian officials to secure contracts and allegedly lying to US investors to obtain the largest solar energy project in India. This case was initiated during former President Joe Biden’s administration, but it seems like the Department of Justice will not proceed with prosecuting Adani. However, this will still require a sign-off from a judge. There is one glaring point here. Adani appointed a new lawyer to his team, Robert J Giuffra Jr, who is also a personal lawyer for President Trump. Coincidence?

Shorts:

1. Arsenal trusted the process and finally won

   ‘Trust the process’. Famous words from Mikel Arteta that became a meme when Arsenal were runners-up to the English Premier League (EPL) three years in a row. But it has now delivered Arsenal’s first EPL title in 22 years. Arsenal has finally won the league. And it came from Manchester City drawing against Bournemouth. Arsenal will now play its final game of the EPL season at Crystal Palace and will be crowned as champions. Arsene Wenger will be mightily proud of Mikel Arteta. After all, Mikel Arteta played under Wenger at Arsenal.

   Loyal Arsenal fans can finally cry their tears of joy now after 22 years.

Instagram post

2. Deepfake AIs are on another level now

   Can you imagine several Singaporean ministers and Mr Lawrence Wong himself, being in a Zoom call with you? They look and sound exactly like the real person, but they are not. They are AI deepfakes who are asking you to donate money to ‘help with the cause’. A Zoom call has been exposed by the Singaporean police for impersonating government officials. They are trying to raise awareness of deepfake AIs that look very convincing now. One victim has already lost SGD4.9 mil (RM17.2 mil) to scammers who were soliciting donations to the Strait of Hormuz crisis - the scammers probably couldn’t believe their luck. In another case in Hong Kong, a finance worker at a multinational firm also lost USD25 mil (RM99.23 mil) to fraudsters impersonating a chief financial officer.

   Take a look at the deepfake video here. Seeing is no longer believing.

3. All of Google’s NEW releases!

   The Google I/O 2026 event was a hit. The announcements are driving everyone wild. Its Gemini AI model is always at the top of everyone’s list, and you will be glad to know that its Gemini 3.5 Flash model is here. It is marketed as not just a text generator but also to execute multi-step workflows, maintain software projects, prepare documents, coordinate subagents and handle longer-running tasks. It also unveiled Gemini Spark, a new personal AI agent, which will be integrated into many of Google’s applications, such as Gmail and Google Docs. Lastly, Google also unveiled its Samsung ‘Intelligent Eyewear’ glasses that interact with your phone and AI assistants using voice commands.

5. FOR YOUR EYES 📺

About smart glasses

1. Despite cameras all over the place, are we ready for smart glasses?

2. An interesting perspective on photography and looking as acts of power.

3. The next time you submit your leave application, do it like a Netflix documentary.

Instagram post

4. Hang in there for a bit more - the long, long weekend is coming next week! Holiday combo of Hari Raya Haji, Agong’s birthday and Wesak Day.

Twitter tweet

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM1,400 psf – That’s how much land costs in prime locations on Penang island by the end of Apr 2026, a marked increase from RM800 to RM900 psf in 2022. This premium pricing is driven by the scarcity of development land on the island. However, the high-end property market in Penang, particularly for homes priced above RM1 mil, has seen a noticeable uptick. An industry expert said that local demand remains robust, with homebuyers showing sustained confidence in the market.

RM1.136 bil – Penang’s medical tourism sector strengthened its position as a regional healthcare powerhouse by generating that much in revenue in 2025, boosted by a sharp rise in foreign patient arrivals. The sector recorded 527,176 foreign patients that year, up 25.94% from 418,608 in 2024. The revenue was generated by 16 private hospitals in the state and represented a 26.6% increase from 2024’s RM898 mil.

RM1.8 bil – Malaysia’s medical device industry contributes that much to the nation’s gross domestic product (GDP) each year as of Oct 2025, according to Health Minister Dr Dzulkefly Ahmad. He added that the sector has also created more than 130,000 high-skilled jobs. Malaysia’s medical device exports rose by 31% to RM37 bil in 2024. The industry has also drawn investor attention, with a total of RM20 bil in domestic and foreign investments between 2021 and 2024.

Together with FSMOne

More Time to Claim Your RM25 New User Reward
Haven’t opened your FSMOne account yet? Here’s your chance to start.

Our RM25 New User Reward has been extended till 29 May 2026. Open an FSMOne account today and take your first step towards building your investment portfolio across unit trusts, ETFs, bonds, stocks, and more - all on one platform.

Start your investing journey with FSMOne and enjoy your reward before the campaign ends.

Open account now - start here.

3. IN MALAYSIA 🇲🇾

Malaysia issues RM1 bil compensation claim over cancelled NSM deal
Following Norway’s cancellation of the Naval Strike Missile (NSM) export licence, the Ministry of Defence (Mindef) has now issued a notice of demand to the Norwegian manufacturer seeking compensation. The claim covers both direct and indirect losses, with about EUR126 mil (RM583.47 mil) already paid and total compensation sought reaching around RM1 bil. The move comes after Norway revoked the export licence under new rules limiting defence exports to NATO members and selected partners, excluding Malaysia. Culprit? US. The missile contains a US-made gyroscope component that measures and maintains missile on course to its target, which Uncle Sam has restricted the sale.

Crime watch
Teen passengers allegedly attack e-hailing driver over fare in Melaka
A late-night e-hailing trip in Melaka turned violent on May 14 after a group of teenagers allegedly attacked their driver over a fare payment. The 41-year-old woman had picked up two boys aged 15 and 17, along with two 14-year-old girls, in Bukit Rambai after midnight for a ride to Kuala Sungai Baru town. The situation escalated when one passenger asked her to stop near a forest, saying he needed to meet someone and did not have money for online payment. The group allegedly assaulted the driver with solid objects while another suspect reached from the back seat to choke her and threatened her not to seek help. 

The victim managed to escape and drove away before filing a police report. She sustained swelling, bruises and scratches on her neck, with a medical examination confirming the injuries were caused by an assault. Police detained all four teenagers later that evening, and the case is being investigated under Section 324 of the Penal Code.

Male sexual harassment cases rising past 1,000 since 2024
Reports of sexual harassment involving male victims are climbing in Malaysia, with more than 1,000 complaints lodged with the Women, Family and Community Development Ministry since 2024, according to minister Nancy Shukri. Police data shows the same pattern, with cases rising from 477 in 2022 to 1,038 in 2025, a sharp jump showing how widespread the issue is. Some cases involve blatant unwanted physical contact, including one at a shopping complex, where a male shopper was allegedly grabbed from behind by a salesperson near a fitting room. 

Complaints have also reached the Tribunal for Anti-Sexual Harassment, which has recorded three male victim cases, with some rulings already in favour of complainants. The rise in reports suggests more victims are speaking up, and frankly, it is about time, because behaviour like this should not be brushed off as a joke or “harmless”. Families are urged to listen when children speak up about harassment, noting that some are now seeking help through channels such as the Talian Kasih 15999 or even digital tools like ChatGPT. 

Upin Ipin War: Malaysia vs Indonesia
Les’ Copaque Production has fired back at viral claims suggesting Upin & Ipin may have originated from Indonesia. Founder Burhanuddin Md Radzi dismissed the allegations as completely untrue, stressing the series has been fully developed and produced locally since 2007. The claims came from a viral video alleging that an Indonesian animation concept called “Si Arifin” existed first and was later acquired by Malaysia, something the studio strongly denies, saying no licence was ever sold or purchased and there is no link to the creator behind the claim. Les’ Copaque maintains the animated twins are an original Malaysian creation and firmly its intellectual property, shutting down the online controversy circulating across social media.

On a happier note, Les’ Copaque is also set to bring Upin & Ipin into real life with a theme park project in Genting Highlands. The development, a joint effort with King’s Park Management Sdn Bhd, has been in the works for years and is now moving closer to reality!

Our Money

EPF reports 51% jump in investment income, but….
Employees Provident Fund (EPF) said its investment income rose 51% year-on-year to RM27.73 bil in Q1 FY2026 after taking profits early to lock in gains before expected global market volatility. In simple terms, it sold some investments earlier than usual to secure returns while conditions were still good. EPF warned that this strong performance may not continue in the coming quarters as some of the gains were brought forward from later in the year. By segment, Simpanan Konvensional made RM22.63 bil, while Simpanan Shariah contributed RM5.1 bil. The biggest contributor was equities (company shares), which rose 88% to RM20.34 bil, followed by bonds and other fixed income at RM6.76 bil. International investments made up 55% of total income, showing the role of global markets. Read full announcement here.

SC and Bursa propose opening LEAP Market to retail investors with RM250k cap
The Securities Commission and Bursa Malaysia are proposing changes to the LEAP Market that could allow retail investors to trade on it for the first time since 2017. If approved, individuals can invest but with a limit of RM250,000 in total exposure, including RM100,000 per issuer in the primary market and RM100,000 per broker in the secondary market. The plan, known as LEAP Market 2.0, also includes easier fundraising routes for smaller companies, simpler disclosure rules and smoother upgrades to the ACE Market after at least two years, without needing an exit offer. Advisers may also be allowed to receive up to 50% of their fees in shares, under set limits. The SC said the changes aim to help more mid-sized companies raise funds and improve access to capital, while Bursa said it will widen participation but keep investor protection in place. Public feedback is also open until June 15. LEAP is the smallest market after ACE and Main Market.

4. AROUND THE WORLD 🌎

Sam Altman 1-0 Elon Musk
Elon Musk’s attempt to play the moral guardian of AI has backfired after a California jury tossed out his lawsuit against OpenAI and Sam Altman. Despite three weeks of testimony from tech heavyweights like Microsoft’s Satya Nadella, the jury took just two hours to reach a unanimous verdict — Musk simply waited too long to sue. Under the statute of limitations, his claims had already expired, meaning the court didn't even need to look at whether Altman actually deceived him. So, Musk lost on technical grounds.
Learn: What is statute of limitations?

The drama stems from Musk’s USD38 mil (RM151.16 mil) donation during OpenAI’s early days, which he claims was contingent on the company remaining a non-profit. Musk accused Altman of "looting a charity" by pivoting to a for-profit model with Microsoft’s backing, but Altman fired back in court, alleging Musk actually wanted total control for himself, even suggesting the company should pass to his children like a family heirloom. With legal experts noting that jury verdicts are notoriously difficult to overturn, Musk’s promised appeal looks like a long shot. Turns out even the world’s richest man can’t outrun a ticking clock.

'Ebola has tortured us': Fear as DR Congo outbreak spreads
The Democratic Republic of the Congo is facing a nightmare scenario as a new Ebola outbreak accelerates faster than health officials can track. While the official death toll stands at 131 with 513 suspected cases, the reality on the ground is likely much grimmer. Modelling from the MRC Centre for Global Infectious Disease Analysis suggests "substantial" under-detection, warning that the true number of cases could already exceed 1,000. The situation has crossed borders too, with one death already recorded in Uganda and a suspected case reaching Goma, a city of 850,000 people.

What makes this particularly scary is that we are dealing with the rare Bundibugyo strain, for which there is currently no approved vaccine. Unlike the Zaire strain that caused the massive 2014-2016 West Africa crisis, medical teams are essentially flying blind here. WHO representative Dr. Anne Ancia noted that the epicentre in Ituri province is a high-security risk zone with constant population movement, making contact tracing nearly impossible. Local residents have described the virus as "torture," with victims dying rapidly while communities scramble for basic supplies like face masks and clean water.

With Rwanda closing its borders and Uganda banning handshakes and hugging, the region is on high alert. Even the US is currently evacuating several citizens who were exposed. In a conflict-heavy region where health systems are already gasping for air, an invisible killer that liquefies organs is the last thing anyone needs. It’s a stark reminder that while the rest of the world has moved on to other headlines, some regions are still fighting for the most basic right to breathe without fear.

StanChart to cut more than 7,000 “lower-value human capital”, steps up AI adoption
Standard Chartered is trimming its headcount by more than 7,000 roles over the next four years as it leans heavily into artificial intelligence and automation. The bank plans to slash 15% of its corporate function roles by 2030, a move that CEO Bill Winters describes not as "cost-cutting," but as replacing "lower-value human capital" with technology. While the bank is currently riding high on record wealth revenue and hitting its 2026 financial targets a year early, the back-office staff in hubs like Kuala Lumpur, Chennai, and Bangalore are the ones facing the chopping block.

This pivot marks one of the first times a major global lender has explicitly linked mass redundancies to the AI revolution. For StanChart, which employs nearly 82,000 people globally, the goal is to transform into a slimmer, more profitable machine while fending off cyber threats and navigating geopolitical risks that already forced a USD190 mil (RM755.78 mil) provision for the Middle East conflict.

Trump holds off on bombing Iran after Gulf allies plead for time
Donald Trump has temporarily hit the pause button on a planned military strike against Iran, scheduled for a Tuesday rollout, after Gulf allies requested more room for diplomacy. The US President revealed that leaders from Saudi Arabia, Qatar, and the UAE specifically asked him to "hold off" on the bombardment, hoping that a deal can be reached to prevent further regional chaos. While Trump claims the delay is "hopefully maybe forever," the stakes remain incredibly high as the Strait of Hormuz, a chokepoint for 20% of global oil, remains effectively closed. Brent crude responded by dipping 1.4% to USD110.50 (RM439.55) a barrel, though prices are still up over 50% since this conflict kicked off. 

On one hand, Trump wants to stop Iran’s nuclear ambitions; on the other, the war is trashing the global economy and sending US pump prices to a four-year high just before the Nov midterms. Iran isn't exactly playing nice either, demanding an end to port blockades and war reparations while continuing to enrich uranium. Even as these "discussions" happen, things are literally on fire, the UAE’s Barakah nuclear plant was recently hit by a drone, forcing emergency generators into action.

A bit more on the mid-term elections:

Shorts:

1. Thailand shortens the welcome mat

   Thailand is officially cutting back on its generous 60-day visa-free stays, barely a year after extending them to lure tourists back. The Cabinet decided to slash the limit for over 90 countries, including the US and much of Europe, down to 30 or even 15 days on a case-by-country basis. While tourism accounts for over 10% of Thailand’s GDP, the government says the open-door policy has been exploited by transnational criminals involved in drug trafficking and illegal businesses. Foreign arrivals dipped 3.4% in Q1 2024 compared to last year, yet authorities are prioritising security over easy entry. No impact on Malaysians as we still get to enjoy the 30-day visa exemption like before.

2. Starbucks Korea sacks CEO over "Tank Day" PR disaster

   Starbucks Korea recently learned that history lessons are just as important as latte art after sacking CEO Sohn Jeong-hyun over a disastrous marketing campaign. The coffee chain launched a "Tank Day" promotion for large-volume tumblers on the exact anniversary of the 1980 Gwangju Uprising, a bloody crackdown where the military used actual tanks to crush pro-democracy protesters, leaving hundreds dead. To make matters worse, the ads featured the word "tak," a sound effect famously used by 1980s police to cover up the torture-death of a student activist. President Lee Jae Myung called the move "inhumane," and parent company Shinsegae didn't wait for the steam to settle before firing Sohn.

5. FOR YOUR EYES 📺

1. Rafizi on his breakup with Anwar.

Twitter tweet

2. The history of kongsi gelap. Involved the Chinese, British, and even the Malay royalty.

Instagram post

3. Check your earlobes. Might signal whether you are getting heart attack.

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD42 bil (RM165.88 bil) – Cash costs tied directly to employee stock awards from Meta’s free cash flow in 2025, a whopping 96%. According to the Wall Street Journal, Meta reported spending USD23.6 bil on share buybacks to offset dilution. In 2025, Meta bought back 40 mil shares, of which 90% were necessary to counter the dilution from employees selling their stock awards. Currently, Meta is targeting a USD9 tril valuation, with a new stock option programme planned to incentivise executives.

USD6.6 bil (RM26.07 bil) – OpenAI recently allowed employees to sell that much in shares in a recent financing, making them some of the earliest financial winners of the AI boom. More than 600 current and former employees sold their shares for up to USD30 mil per person, the limit allowed by OpenAI. This event is seen as a preview of times to come, as employees of OpenAI and Anthropic may soon get the chance to unload their stock, since the two AI giants are gearing up for some of the largest IPOs in history.

67% accuracy – In the future, an early diagnosis in the emergency room may not come from a human caregiver. Researchers at the Dana-Farber Cancer Institute found that large language models (LLMs) often outperformed physicians at diagnosing complex and potentially life-threatening conditions, with an accuracy rate of 67% compared to human physicians, who scored between 50% and 55%.

Twitter tweet

Together with Volvo x Mr Money

What is your life worth to the people waiting for you at home?
Before you speed, text, or “just take a quick risk”, think of the people who still expect you to come home.

Volvo partnered with Mr Money to develop the Selamat calculator to show what your absence could mean - not just in ringgit, but in the lives that depend on you.

Because being safe is not about fear. It is about making it back.

Learn more here.

3. IN MALAYSIA 🇲🇾

Malaysia throws lifeline to airlines amid Iran war
Malaysia has introduced measures to support its aviation sector as airlines face rising costs linked to the Iran war. The government has granted a 60-day extension for navigation fees and charges, along with exemptions on aircraft parking fees. It has also allowed a two-month deferment for passenger boarding bridge and check-in counter costs. RM5 mil has been allocated for flight ticket rebates, supporting 100,000 Malaysians travelling between Peninsular Malaysia, Sabah, Sarawak and Labuan. The rebate runs from May to June to ease domestic travel costs and support demand on key routes.

Jet fuel prices have climbed from USD85–USD90 (RM338.04–RM357.93) per barrel to between USD150 and USD200 following disruption linked to the Iran war. Fuel now accounts for up to 25% of airline operating costs, forcing fare increases and revised financial forecasts. AirAsia X reported a RM154.9 mil net loss in the first quarter of 2026, while Singapore Airlines said higher fuel costs have yet to fully feed through into its operations and will be clearer in upcoming results.

Melaka hints at early state polls
Melaka Chief Minister Ab Rauf Yusoh has indicated that the state election could take place within the next four months. He said the timing needs to avoid coming too close to the end of the state legislative assembly term in Dec, especially as the campaign period could overlap with Ramadan and Hari Raya Aidilfitri. He added that discussions are still ongoing and no final decision has been made.

Ab Rauf also said Melaka Umno has not decided whether to contest alone or in coalition with other parties, noting that an announcement will be made at the appropriate time. He said groundwork for the election has already been ongoing since last year and suggested public support remains positive for the current Barisan-led state government. More than 190 individuals from the Masjid Tanah parliamentary constituency have also joined Umno through Rumah Bangsa, as Barisan prepares for the next state polls following its 21-seat win in the 2021 election.

Party wars: PKR vs Bersama
PKR eyes RM10 mil action against Rafizi and Nik Nazmi: PKR is reviewing whether to enforce a RM10 mil bond against former deputy president Rafizi Ramli and former vice president Nik Nazmi Nik Ahmad, after claiming the pair joined Parti Bersama Malaysia before formally vacating their parliamentary seats. PKR secretary general Dr Fuziah Salleh said the party has evidence, including a timestamp from May 17, showing their membership in Bersama, which it argues amounts to party hopping under its constitution.

Rafizi and Nik Nazmi have said they are not bound by the clause, stating their resignation from Parliament would come before leaving PKR. Both MPs, representing Pandan and Setiawangsa, also announced they are taking over Bersama as their new political platform. PKR has referred the matter to legal advisers and will discuss further action at a political bureau meeting, while also reviewing the attendance of other MPs at the Bersama launch event.

Bersama unveils bold reform agenda: At the same time, Bersama has also unveiled a 12-point reform agenda covering welfare, wages, education, housing, healthcare and governance. The party says it aims to replace what it sees as outdated approaches from BN, Pakatan Harapan and Perikatan Nasional, and build a more modern system.

Key proposals include:
• Monthly automatic government aid for all households based on income and dependents
• Consolidation of welfare agencies under one Social Security Ministry
• Minimum 5% annual GDP and real wage growth target
• Free preschool for children aged four to five within 10 years
• Large-scale industrialised housing to cap prices at four times household income
• Doctor-to-patient ratio reduced to 1:300 by 2030
• Education reforms targeting upper quartile Pisa (Programme for International Student Assessment) rankings
• Greater university autonomy and expanded skills accreditation pathways
• Decentralisation of power from the PM to Parliament
• Capping migrant workers at 5% of the workforce
The party also links its plan to strengthening SME growth, green energy transition and tighter controls on rent-seeking practices.

Twitter tweet

All about ‘power’
TNB unveils first national grid battery storage system: Tenaga Nasional Bhd has launched Malaysia’s first battery energy storage system connected to the national grid, marking a key milestone in the country’s energy transition. The Santong Battery Energy Storage System in Dungun has a capacity of 100 MW and 400 MWh and is designed to improve grid stability, especially on the East Coast, by balancing supply and demand in real time. The project was officiated by Deputy Prime Minister and Energy Transition and Water Transformation Minister Fadillah Yusof and began operations on Apr 16 after being built on a 1.2 hectare site.

TNB said the system works like a smart energy bank, storing electricity from renewable sources such as large-scale solar farms and hybrid hydro floating solar projects before releasing it when needed. It uses liquid cooling technology and grid forming capabilities to improve efficiency and support wider renewable integration. The facility can supply electricity equivalent to around 40,000 households and was completed in 309 days, in line with Malaysia’s National Energy Transition Roadmap.

Sarawak eyes regional power exports: Sarawak is also expanding its role in regional electricity trade as part of the Borneo Power Grid and Asean Power Grid plans. The state is targeting at least 30 MW of exports to Brunei, currently at the feasibility stage, while progressing towards a 1 GW export deal to Singapore after receiving conditional approval from the Energy Market Authority on Oct 17, 2025.

Officials said commercial talks and technical planning are underway following approvals from Malaysia’s National Security Council and Singapore’s Maritime and Port Authority. Sarawak is also exploring a 1 GW export to the rest of Malaysia, while continuing existing exports of 30 MW to Sabah and 100 MW to West Kalimantan.

4. AROUND THE WORLD 🌎

Forget Warren Buffett, Trump knows all the ins and outs
Investors used to crowd into Berkshire Hathaway’s quarterly meetings. They were excited to learn from Warren Buffett and Charlie Munger (rest in peace) about how to pick stocks for the long-term. Trump has changed that. In his latest financial disclosure, the industry was flabbergasted. He and his financial advisors made 3,700 trades in Q1 2026 alone, moving money in and out of companies in a document that spans more than 100 pages. Investors looked at this, and understandably said, ‘Isn’t this a conflict of interest — but on steroids?’

In a very Trump fashion, his spokesman, David Ingle, said ‘Trump only acts in the best interest of the American public. There is no conflict of interest.’ His disclosures reveal that he made deals in NVIDIA, Oracle, Microsoft, Boeing, Costco, eBay, Abbott, Uber, AT&T, Dollar Tree, and others. Forget Warren Buffett. Trump has access to extensive insider knowledge from government and corporate circles through his dealings with CEOs, government officials, etc. How this is legal is anyone’s guess. U.S. Presidents typically sell most of their holdings when they take office to avoid conflicts of interest, but it seems that the law does not apply to Trump.

AP x Swatch craze forces it to close stores
A new craze is in town, and it’s from Swatch. The company teamed up with Audemars Piguet (AP), a luxury watchmaker, to roll out the Royal Pop pocket watch. It got so popular that stores in Manchester and Liverpool were forced to close due to ‘safety’ concerns as people rushed to buy the GBP335 (RM1,782.04) pocket watch for the second day of the sale. Stores in Birmingham, Sheffield, Glasgow, Cardiff and London were closed on the first day of sales and the same happened across the world (including Malaysia). Royal Pop was inspired by the Pop Art movement of the 1950s and 1960s. Vintage and retro designs are making a comeback as people want that sense of nostalgia.

Chup - how to pronounce AP here.

However, when too many people showed up, chaos ensued. Queues were around the block, as people got impatient. Police and security officers were called to Swatch outlets to ensure safety. Swatch had to ask people not to crowd the outlets, but this is not helped by the fact that you can’t buy the watch online. And scalpers jumped at it. Some of the watches were being resold online for up to GBP16,000. In any case, Swatch could be gaining big.

Watch the chaos erupting across the world here, and in Malaysia here. Now, compare it to the Japanese. Lots of respect for them.

Instagram post

Labour strike at Samsung looms
There is a long shadow cast across Samsung’s headquarters now. Samsung workers could be striking again on May 21. More than 47,000 could participate in it, to ask for more pay and bonuses after Samsung reported that its profits rose by 8-fold in Q1 2026, driven by its AI gains. The union is looking for 15% of Samsung’s operating profit to be distributed as performance bonuses. Other than that, it wants the removal of bonus payout caps and a formalised bonus structure. Samsung offered 10% and a one-time performance bonus.

This issue is so heated now that the South Korean President, Lee Jae Myung, has now commented, calling for both workers' rights and management rights to be respected. After all, Samsung contributes about 23% of South Korea’s exports and 26% of the whole stock market. This strike could be very bad for the South Korean economy. On Apr 23, 40,000 Samsung workers went on strike, causing a 58% drop in foundry production. The union plans to have an 18-day strike starting from May 21, which could cost Samsung an estimated USD28 bil (RM111.36 bil).

Shorts:

1. Drone strikes cause fire at UAE nuclear plant
   Three drones struck one of the UAE’s nuclear plants. Two were intercepted, but the last one caused a fire at an electrical generator outside of Barakah Nuclear Power Plant in Abu Dhabi. Luckily, no one was hurt, and there is no impact on radiological safety. The UAE has blamed Iran, and understandably so. Iran has reportedly been launching attacks against the UAE after the Iran-U.S. conflict started in Mar. The UAE has also reportedly retaliated against Iran.
   After the attack, Trump commented that ‘the clock is ticking’ to Iran and warned that if Iran does not move fast in negotiations, ‘there will be nothing left’. Iran, of course, replied that they were not intimidated.

2. Drake drops three albums and breaks record
   Kendrick Lamar is probably lurking at the corner. Drake just released three albums simultaneously titled Iceman, Habibti, and Maid of Honour. There are 40 songs in total across the albums (listen here), and he has released seven music videos on YouTube. And of course, Drake had some diss tracks for Kendrick, reigniting the feud that captured millions of listeners in the US and around the world in 2024. Kendrick seemed to have won after his diss track “Not Like Us” nabbed him a Grammy. However, Drake is also making waves now. His album releases have broken the single-day record on Spotify. Music fans are in for a good treat, yet again.

5. FOR YOUR EYES 📺

Social matters

1. Abortion - is it legal in Malaysia?

Instagram post

2. One country, 2 different types of tolerance separated by the South China Sea. And only one of it is the true type of tolerance we really need.

Instagram post

3. TIL: Capybara in BM is ‘babi air’. So is it ok to touch one?

Instagram post

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD5.2 tril (RM20.4 tril) of gold – Morgan Stanley estimates that Indian households hold that much of the precious metal in the form of rings, bangles, necklaces, and bars. Considering current international prices, the amount is the equivalent of about 34,600 tonnes of gold. This tracks as India is the world’s second-largest consumer of gold after China, and imports between 600 and 800 tonnes of the precious metal every year.

24.8 mil passengers – China’s railway network moved that many passengers on May 1, setting a new single-day record, according to data from the China State Railway Group. The Labour Day holiday led to more passengers taking the opportunity to travel, leading some lines to add new trains to handle the holiday surge. China’s tourism market remains a bright spot in domestic demand, lending some momentum to a national economy pressured by weak consumption and a prolonged property downturn.

USD135 bil (RM531.3 bil) – Netflix spent that much over the past decade to make its films and TV shows. Over that time, the productions employed over 425,000 people in more than 50 countries, including extras, day labourers, and vendors ranging from caterers to historical advisers. This data was made available on a website called the Netflix Effect, which the company is using to show how it boosts local economies. Check out the website here.

3. IN MALAYSIA 🇲🇾

Nicotine is back on the Poisons List
The High Court has decided to overturn the government’s 2023 exemption of liquid and gel nicotine used in vape and e-cigarette products from the Poisons List. Back then, Putrajaya decided on the exemption to allow the products to be taxed. From April 2023 until August 2025, Putrajaya has collected RM209.5 mil from the vape tax. However, the amount is still lower compared to what the government spent on treating patients suffering from e-cigarette or vaping product use-associated lung injury (EVALI) in 2024 alone (RM223.5 mil). Before the High Court’s decision, the vape tax was RM0.40 per millilitre, and there is a plan to increase the tax to RM4 per millilitre. The Malaysian Pharmacists Society (MPS) has welcomed the High Court’s decision, and its president, Amrahi Buang, said that the ruling was a major victory for public health and sends a clear signal that public health safeguards should not be sacrificed for administrative convenience or fiscal objectives.

While one PKR MP, Hassan Abdul Karim, urged Putrajaya to adhere to the High Court’s decision, former Health Minister, who is also a PKR MP, Zaliha Mustafa, defended Putrajaya’s decision in 2023 and stated that the Ministry of Health (MOH) would appeal the ruling at the Court of Appeal. Zaliha added that the exemption made in 2023 was done to capitalise (and tax) the vape black market and bring the vape industry into a regulated framework so that the authorities can monitor, tax and control the product.

View MOH’s Poisons List here.

Gearing up for GE16

BN to go solo in Johor
Johor Chief Minister cum Johor BN Chief Onn Hafiz Ghazi, announced that the Barisan Nasional (BN) will contest all 56 seats in the upcoming Johor State Election. Johor will be seen as a litmus test of whether BN want to continue its partnership with Pakatan Harapan (PH) for GE16. Onn Hafiz added that the decision to contest all 56 seats in the next Johor state election is a “clear offer to the people that we are ready to continue to form a stable, strong government and fully serve the development of the state and the welfare of Johor”. For your information, Onn Hafiz’s decision is not a surprise, as while PH and BN collaborate at the federal level as part of the unity government, political dynamics in Johor have completely decoupled, and PH acts as the Opposition in Johor. Johor’s state election is only due by mid-2027, but there is growing talk of Johor UMNO leaders pushing for polls as early as August or September.

Responding to Onn Hafiz’s statement and speaking at the PH Convention at Johor Bahru yesterday, Johor PH chief Aminolhuda Hassan stated that PH will also contest in 56 state constituencies in the upcoming polls. He added that Johor BN lost in the 2018 election, and it is possible that this can happen again in the upcoming state election.

Rafizi and Nik Nazmi to take over Parti Bersama Malaysia (Bersama)
PKR MPs and former ministers, Rafizi Ramli and Nik Nazmi Nik Ahmad, will be taking over Parti Bersama Malaysia (Bersama - Malaysia United Party). Bersama is a Penang-based party registered in 2016. They also revealed a new kancil (mousedeer) logo for the party, replacing the one originally used. Additionally, Rafizi announced that both he and Nik Nazmi will vacate their Parliament seats on Monday, send resignation letters to PKR, and join Bersama as members on Tuesday. Will Rafizi inspire an exodus of PKR? During Rafizi’s announcement in Petaling Jaya, which coincides with the PH Convention in Johor Bahru, six other PKR MPs were in attendance, namely Bakhtiar Wan Chik (Balik Pulau), Wong Chen (Subang), Rodziah Ismail (Ampang), S Kesavan (Sungai Siput), Zahir Hassan (Wangsa Maju) and Lee Chea Chun (Petaling Jaya).

Teacher’s Day Special - 12 new initiatives for teachers
During the 55th national-level Teachers’ Day Celebration in Ipoh, Perak, the Education Minister, Fadhlina Sidek, announced 12 initiatives to empower and strengthen the role of teachers. Below are among the 12 initiatives:

• Google Certified Educator (GCE) Level 1 and Level 2 certification courses would continue to be offered free of charge to all teachers, which costs RM140 per teacher for both certifications;

• The ministry would offer a special federal training award (such as Master’s and PhD programmes) to teachers serving in schools in hardship areas;

• The ministry would also expand the federal teaching scholarship to school leaders pursuing Master’s degrees;

• The introduction of the Network Offline Digital Environment (NODE), aimed at ensuring digital learning could continue even without internet access, with an allocation of RM1 mil;

• RM169 mil had been allocated to provide devices to schools to further strengthen co-curricular activities next year;

• An additional RM100 mil has been allocated for the maintenance and upgrading of teachers’ rooms nationwide, while RM50 mil has been set aside for the maintenance of teachers’ quarters;

• The abolishment of the manual co-curricular recording system, with schools given the autonomy to manage co-curricular records;

• RM10.5 mil had been allocated to provide additional reading materials for all 10,515 preschool classes nationwide;

• RM122.4 mil has been channelled directly to schools to implement STEM, TVET and co-curricular programs;

• Tun Hussein Onn Teacher Foundation would provide RM1,000 assistance to teachers whose children obtained 10As in the Sijil Pelajaran Malaysia (SPM) 2025 examination;

• 50% discount for the first six months of school canteen rental payments will be enforced to maintain affordable and quality food for the school community.

National Teacher Crisis in the making?
The announcements above come at a crucial time as the country has been losing more than 12,000 teachers per annum, either to optional or compulsory retirement. Among the main factors driving teachers to opt for early retirement, loss of interest was the biggest contributor at 61.98%. Other factors included family-related reasons (19.57%), health issues (8.57%), workload (7.61%) and personal problems (2.27%). The Education Ministry also struggled to recruit more teachers to replace soon-to-retire teachers as the teachers aged 51 to 55 years old, amounting to 67,954 individuals, eclipsed the number of teachers aged 21 to 25 years old (13,968).

4. AROUND THE WORLD 🌎

Trump-Xi meet - a nothingburger
US President Donald Trump’s visit to Beijing ended on Friday, with no breakthroughs on trade or tangible help from Beijing to end the Iran war. Nevertheless, Trump has heaps of praise for Xi Jinping, who warmly welcomed him to China. In an interview, Trump said that he will decide on a pending arms sale to Taiwan after speaking to Taiwan's President Lai Ching-te. Xi earlier gave Trump a stern warning that any mishandling of the Taiwan issue could lead the US into a conflict. While Trump searched for immediate business wins, such as a deal to sell Boeing jets that did not impress investors, Xi talked up a long-term reset and pact to maintain stable trade ties with Washington, underscoring their differing priorities. Xi pushed the new term to describe the relationship as “constructive strategic stability” — a sharp departure from the framing of “strategic competition” used by former US president Joe Biden, which Beijing disliked.

Thank you, next
Next, President Xi Jinping is set to host President Vladimir Putin in Beijing from May 19 to May 20. Putin’s visit at the invitation of the Chinese leader “is timed to coincide with the 25th anniversary of the signing of the Treaty on Good-Neighbourliness, Friendship and Cooperation, which is fundamental for interstate relations”, said the Kremlin. That’s a real fancy name for a treaty. The pact was signed by ex-Chinese president Jiang Zemin and Putin in 2001, committing Russia and China to a long-term strategic partnership and formalised economic cooperation in a number of areas. Following the talks, Russia and China plan to sign a joint statement and several bilateral intergovernmental agreements and other documents.

AI

Anthropic’s Mythos managed to breach Apple’s tight security
Researchers with Calif, a Palo Alto-based security research company has said that they have discovered a new way of bypassing Apple’s state-of-the-art security technology while testing a version of Anthropic’s Mythos AI software. AI models from companies such as Anthropic and OpenAI have improved enough in recent months that many cybersecurity experts are now warning of a Bugmageddon, an unprecedented rash of security vulnerability discoveries that could cause headaches for the technology staffers who must patch them, and also represent an unprecedented cybersecurity risk. Apple, which is deploying and testing frontier AI models to test and patch vulnerabilities, is reviewing the Calif report to validate its findings. To recap, Anthropic limited its release of its Mythos model as it could identify software vulnerabilities autonomously, making it too dangerous for public release.

Elon Musk: “I’m not selling any shares”
SpaceX, a rocket, satellite and artificial intelligence company owned by Elon Musk, has reportedly planned to file for its IPO as soon as Wednesday with an IPO date of June 12, albeit confidentially, and is seeking to raise as much as USD75 bil (RM296.21 bil - 2.2x Maybanks) at a valuation of more than USD2 tril, which would be the largest IPO of all time. However, Elon Musk said that he is not selling any SpaceX shares.

Tragedy

Ebola outbreak in DR Congo kills 80, WHO declares global health emergency
The World Health Organisation (WHO) has declared an Ebola outbreak in the DR Congo’s eastern Ituri province, a public health emergency of international concern. The location has seen around 246 suspected cases and 80 deaths, but does not meet the criteria of a pandemic emergency. However, WHO warned that it could potentially be “a much larger outbreak” than what is currently being detected and reported, with significant risk of local and regional spread. Countries bordering the DR Congo are considered high risk due to trade and travel. Ebola was first discovered in 1976 in what is now DR Congo, and is thought to have spread from bats - reminds you of anything? There is no cure or vaccine for the viral disease, and it spreads through direct contact with bodily fluids and through broken skin, causing severe bleeding and organ failure.

8 died in fatal train collision in Bangkok
8 people have lost their lives, and 30 others were injured in a terrible collision between a freight train and a bus in bustling Bangkok on Saturday. Images on social media show the train approaching a level crossing at a moderate speed before colliding with the bus, which instantly burst into flames. Investigations were promptly made after the incident, in which the bus driver and the freight train driver were charged with reckless driving causing death. Authorities said that the crash occurred when barrier arms could not be lowered because vehicles had stopped on the level crossing, a violation of road rules prohibiting stopping within five metres of rail crossings.

Watch the incident here. (Viewer discretion advised)

Five Italian divers 1 Maldives rescuer died in the Maldives
Five scuba divers have died while exploring caves at a depth of 50 meters in the Maldives, a tragedy believed to be the worst single diving accident in the tiny Indian Ocean nation. Authorities reported rough weather in the area, but the cause of the accident is still under investigation. The recovery operation was still ongoing at the time of writing, but sadly, one Maldivian military diver has died from decompression sickness in the high-risk operation. The recreational diving limit in the Maldives is 30 metres. Experts warned that diving deeper could cause divers to become disoriented or lost, particularly when sediment clouds reduce visibility.

5. FOR YOUR EYES 📺

Sports: Eat, Run, Stack

1. Why are competitive eaters so much fitter than normal people? The science of competitive eating.

2. TIL: Sports stacking (i.e. cup stacking) is a recognised sport in Malaysia. Team Malaysia is amongst the top 3 in the world. The speed is surreal.

Instagram post

3. A National Geographic documentary on Iten, Kenya (aka Home of Champions), where marathon champions are made. The town is roughly 2.4 km above sea level - takes training literally to a next level. View map here.

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

New 100-goal frontline minted – Since the 2013-14 season, there have been only five times when a front three in football scored more than 100 goals, of which three were achieved by the same trio, making it a rare feat. The latest trio to reach this milestone consists of Harry Kane, Michael Olise, and Luis Díaz, Bayern Munich’s front three. Barcelona’s front line of Lionel Messi, Luis Suárez, and Neymar achieved over 100 goals in three back-to-back seasons from 2014-15 to 2016-17, scoring 122, 131, and 111 goals. The other trio to score 100 goals in a season was Real Madrid’s front line of Gareth Bale, Cristiano Ronaldo, and Karim Benzema in the 2014-15 season.

1,338,544 runners – That number marks a new record in the number of applicants looking to participate in the 2027 London Marathon via the public ballot. The results will be announced later this Jul, with the marathon taking place in late Apr. The number of applications shattered last year’s record of 1,133,813. The 2026 marathon had a record 59,830 finishers, was named the biggest annual one-day fundraising event in the world (raised about GBP150 mil (RM796.1 mil)), witnessed Kenya’s Sabastian Sawe become the first man to run a sub-two-hour marathon in a competitive race, and saw Ethiopia’s Tigst Assefa break the women’s world record for a marathon.

54.33 seconds – That’s the new record for the women’s 100m butterfly, set by American swimmer Gretchen Walsh. This is also the fourth time Walsh has beaten her personal best to lower her own world record, which was previously 54.60 seconds. With her newest record, triple world champion Walsh is officially over a second faster than the second-fastest woman in the history of the event. Walsh is also the proud holder of more than a third of all sub-56-second swims in the event’s history.

Together with FSMOne

More Time to Claim Your RM25 New User Reward
Haven’t opened your FSMOne account yet? Here’s your chance to start.

Our RM25 New User Reward has been extended till 29 May 2026. Open an FSMOne account today and take your first step towards building your investment portfolio across unit trusts, ETFs, bonds, stocks, and more - all on one platform.

Start your investing journey with FSMOne and enjoy your reward before the campaign ends.

Open an account now - start here.

3. IN MALAYSIA 🇲🇾

Malaysia objects to Norway blocking NSM missile export
PM Anwar Ibrahim has voiced strong objections to Norway after it revoked the export licence for the Naval Strike Missile (NSM) system linked to Malaysia’s naval upgrade programme. In a statement, he said the issue was raised directly with Norwegian PM Jonas Gahr Støre, stressing that Malaysia had fully honoured its obligations since the deal was signed in 2018. He described the move as one that could seriously affect Malaysia’s defence readiness, especially the Royal Malaysian Navy’s Littoral Combat Ship (LCS) modernisation plans, while also raising concerns over the wider regional balance.

He added that agreements of this nature should be treated as firm commitments, not something that can be withdrawn abruptly, warning that such actions could affect confidence in long-term defence partnerships. The export licence withdrawal comes under Norway’s tightened export control policy. The NSM contract, signed in Apr 2018 with Kongsberg Defence & Aerospace, was valued at EUR124 mil (RM571.9 mil) and was meant to equip six LCS vessels. The development leaves Malaysia’s LCS modernisation plans facing renewed uncertainty as authorities assess the way forward.

Defence ministry sets up committees after missile deal cancellation
The Defence Ministry has formed two committees following the cancellation of the Naval Strike Missile (NSM) deal, one to look into legal action and compensation claims, and another to identify replacement missile systems for the Royal Malaysian Navy’s Littoral Combat Ships (LCS). Defence Minister Mohamed Khaled Nordin said Malaysia has already paid nearly 95% of the contract value, more than RM500 mil. He added that the replacement system must be compatible with the ships’ existing systems, and integration could take several months before it is fully ready for use.

Malaysia considers EV truck incentives amid high diesel costs
Transport Minister Anthony Loke said the government is looking at incentives to push more transport operators to switch to electric trucks as part of efforts to cut diesel subsidy costs and support Malaysia’s net-zero target by 2050. He said the biggest hurdle right now is cost, with EV trucks still about two to three times more expensive than diesel ones, which is why options like tax exemptions are being discussed.

Another major challenge is charging coverage, especially for long-distance routes, with current EV ranges at around 300-400 km compared to trips of up to 800-900 km like Kedah to Johor, meaning multiple charging stops would still be needed along the way. The shift, however, will depend on whether the ecosystem can catch up.

Did you know Tesla has EV trucks?

1 bil streams later, Yuna makes Malaysian history!
Malaysian singer Yuna has just hit a major milestone, becoming the first Malaysian artist to cross 1 bil streams on Spotify, a moment she says still feels a bit unreal. The 40-year-old said she never set out chasing numbers, explaining that she’s always focused on making music she genuinely enjoys. At a press conference, she admitted she only learned about the milestone after fans started flooding her with congratulatory messages. 

While she described it as a “dream come true,” she also said it feels like a fresh start creatively, pushing her to think about what comes next in her music journey. The milestone is seen as a shared achievement with fans worldwide, with strong streaming numbers from the US, Malaysia, Indonesia, Singapore and Australia.

Malaysian factories on alert as raw material crunch deepens
Malaysian factories could start seeing production slowdowns as early as June, with raw material shortages expected to bite harder if the Middle East conflict continues to disrupt supply chains, says PM’s economic adviser Nurhisham Hussein (watch BFM interview below). Manufacturers may need to cut overtime and reduce shifts as inputs run low. Many factories only have enough raw materials to last about two months. The impact could become more visible around June or Jul, when older stock runs out while new supplies are still delayed or unsuitable.

The concerns come amid ongoing tensions around the Strait of Hormuz, a major global shipping route for energy and industrial goods as disruptions there can quickly ripple through global supply chains, including Malaysia. Locally, manufacturers are already seeing tighter supply conditions for key inputs such as petrochemicals, metals and packaging materials.

Twitter tweet

4. AROUND THE WORLD 🌎

When Xi met Donny: what happened
Two hours after meeting Trump in Beijing, China’s President Xi Jinping warned of “clashes and even conflicts” with the US over Taiwan. Xi added that Taiwan was “the most important issue in China-US relations” and hopes the US will reduce its levels of support for the self-governing island, which China claims as part of its territory. Xi has made “unification” with Taiwan a core priority for his legacy and has not ruled out the use of force to achieve that aim.

Nevertheless, in opening remarks, Xi noted that 2026 marked 250 years of US independence and said that stability in the US-China relationship was necessary for the world. Beijing hopes to use the meeting to recalibrate US-China ties and lay the foundation for a stable and, optimistically, predictable trade relationship going forward. Meanwhile, the US seems to focus more on getting Beijing to help on the Iran crisis (China buys 90% of Iran’s exported oil). The Trump administration has also talked of establishing a “board of trade” with China to address commercial differences between the countries, but it is not clear what concrete outcomes will be achieved at this week’s talks.

The Southeast Asian Connection
Mass sex abuse allegations in Indonesia boarding school
Ndholo Kusumo Islamic girls' boarding school in Central Java has been forced to close down after its caretaker is suspected of sexually abusing dozens of female students over the course of several years. Founder and caretaker, 58-year-old Kiai Ashari, has faced allegations of sexual abuse and is thought to have a history of abuse dating back to 2022. One victim has now filed an official complaint against Ashari, suggesting as many as 50 others fell prey to the caretaker's sexual violence.

The case has provoked outrage in Indonesia and highlights a systemic issue of sexual abuse in Islamic boarding schools across the country. The PBNU Anti-Sexual Violence Unit (SAKA) said that cases of sexual violence in Islamic boarding schools usually follow a similar pattern, often normalising, tolerating, and even allowing actions such as touching, hugging and kissing students, which could lead to an environment that promotes sexual violence.

Philippine e-wallet Mynt aiming for USD8 bil valuation in IPO
Mynt, which operates Philippines’s top e-wallet app, GCash, is planning to file for a domestic listing as early as Jul and is seeking a valuation of at least USD8 bil (RM31.4 bil). If completed, the offering would rival the roughly USD1 bil raised by food company Monde Nissin in 2021, the Philippines' largest IPO to date.

GCash is used by 94 mil Filipinos in a country with a population of nearly 120 mil- that’s about 78% of the population. Users of the app can purchase prepaid mobile data packages, pay bills, send and receive money, access savings, as well as loans and insurance services. Interestingly, Mynt was founded in 2015 as a partnership between Globe Telecom, Ayala Corp and Ant Financial, now known as Ant Group. Ant Group also happens to be a major strategic partner, holding roughly 43% to 49% of TNG Digital in Malaysia. TNG Digital is also planning an IPO after crossing a USD1 bil valuation last year.

Shorts:

1. Your favourite chocolate might be “shrinkflating” you
   Mondelez, owner of popular Swiss chocolate bar Milka, has been accused of “shrinkflation” - a sneaky move made by manufacturers where product sizes are reduced, but prices stay the same. Consumer rights group in Germany alleged that the company had deceived shoppers by cutting the weight of Milka’s classic Alpine Milk bar from 100g to 90g without significantly altering the distinctive purple packaging. While Mondelez said that it did inform customers via its website and social media channels, the German court ruled that a clear notice should have been included on the packaging to avoid confusion. In 2016, Mondelez also faced backlash after widening the gaps between Toblerone’s triangular chunks, before reverting to its original shape two years later. Don’t mess with chocolate lovers!

2. Another cruise crisis: Gastroenteritis on board
   1,233 passengers and 514 crew have been prohibited from leaving a British cruise ship Ambition, after nearly 50 suspected gastroenteritis cases were reported on board. The ship is docked in the southwestern city of Bordeaux, after travelling from Belfast and Liverpool. The regional health authority said there was no indication the apparent stomach flu outbreak was linked to a hantavirus cluster reported on the luxury ship MV Hondius, which had travelled between Argentina and the Canary Islands. Gastroenteritis, often referred to as stomach flu, commonly causes vomiting and diarrhoea. While highly contagious, it is usually not serious, although it can sometimes lead to complications such as dehydration.

3. Carrick at the wheel?
   Former United midfielder Michael Carrick, 44, is expected to be recommended to Sir Jim Ratcliffe as the permanent boss of Manchester United soon, following his success at securing qualification for next season's Champions League during his stint as caretaker head coach. Carrick has won 10 of his 15 matches in charge, losing just twice, to guide United from seventh to third in the Premier League table. No Premier League club has won more than the 33 points Manchester United have collected since his appointment. He also oversaw victories over title contenders Manchester City and Arsenal as he won each of his first four matches in charge.

5. FOR YOUR EYES 📺

Weekend for parenting

1. Child brain expert ranks and explains best cartoons for child’s brain development.

Instagram post

2. Entitlement explained by a certified parenting coach. Entitlement isn’t about the child getting everything they want, but about not being able to handle it when they don’t get things they want. Low frustration tolerance.

Instagram post

3. A sports medicine physician explaining whether your child should specialise early in one sport or play multiple sports?

Instagram post

A joke for parents. Comparing Ms Rachel character to porn, setting unrealistic expectations of women. Have a good laugh and happy weekend!

Instagram post