☕️ 10 corpses uncovered amid Klang River flood mitigation project

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

"Ne Zha 2" has achieved unprecedented global success, racking up an astounding USD2.14 bil in ticket sales within just four months. This makes it a world record-setter for both an animated film and a non-English film. Its triumph marks a historic moment, as it's the first movie from outside Hollywood studios to generate over USD1 billion in cumulative box-office sales. It also ranked as the 5th highest-grossing movie of all time, just above Star Wars: The Force Awakens. Malaysians, in particular, have shown exceptional enthusiasm for the film, purchasing RM50.3 mil worth of tickets since its local release on March 13.

At Microsoft's Build developer conference last month, the company's head of AI security accidentally leaked details of its significant partnership with retail giant Walmart. The incident occurred when a presentation was interrupted by protestors, leading the executive to inadvertently display a Teams message indicating Walmart was ready for Microsoft's Entra Web and AI Gateway services. The revealed document highlighted that Walmart had spent approximately USD580 mil (RM2.46 bil) on Microsoft's Azure cloud services between June 2023 and May 2024. Both Microsoft and Walmart have declined to comment on the accidental disclosure.

Ryanair boss Michael O'Leary is on track to pocket bonuses worth more than EUR100 mil, in what could reportedly be one of the largest pay-outs in European corporate history. This significant sum comes after shares in the budget airline closed above EUR21 for a 28th consecutive day in May, successfully meeting a key performance target. As part of the agreement, Mr. O'Leary will have the option to receive 10 million shares, valued at approximately EUR111.2 mil, provided he remains with the airline until the end of July 2028.

3. IN MALAYSIA 🇲🇾

RM26 mil major leakage by NGO, under investigation by MACC
An undisclosed non-governmental organisation (NGO) has been suspected of huge misappropriation of approximately RM26 mil in public donations by the Malaysian Anti-Corruption Commission (MACC). The misappropriation spanning a decade from 2015 to 2025 was discovered following the arrest of five individuals, including the NGO’s chairman, secretary, treasurer, finance officer, and another staff member. How was the fund misappropriated? Allegedly, it shared similar patterns seen in the Aman Palestin case. Funds meant for donation were transferred into personal bank accounts and used to purchase jewellery, vehicles, property, land, and cryptocurrency.

Not all is lost. MACC Chief Commissioner Azam Baki said assets worth more than RM8 mil, including RM1 million in cash, had been seized. Another RM5 mil in 14 bank accounts has been frozen as well. That’s a recovery rate of 50%, if successful.

10 corpses found along the Klang River, unintentionally
The project manager of the Klang River flood mitigation project under the Selangor Maritime Gateway initiative remains unfazed by the (aggregated) 10 corpses found in Klang River, as the discoveries are not isolated incidents, and have happened many times since work to widen and deepen the river began on November 1, 2022. On top of dead bodies, Landasan Lumayan Sdn Bhd managing director Syaiful Azmen Nordin, the hurdle to the project is the pollution of the river. Syaiful said the project has seen more than 918,936 cubic metres of matter, including sediment, garbage and rocks, extracted from the bottom of Sungai Klang — To help you visualise 918,936 cubic metres, think of it this way: it's enough volume to fill approximately 368 Olympic-sized swimming pools. If it were water, it would be over 900 mil litres!

SST expansion’s impact limited on spending behaviour, other factors weigh in
BIMB Securities believes the expansion of the sales & service tax (SST) will cost consumers an additional RM10 bil on a full-year basis. Therefore, its impact won’t disrupt overall spending behaviour as it represents 0.8% of Malaysia’s total domestic consumption of RM1.1 trillion in 2024. BIMB further added that higher petrol prices from the proposed retargeting of RON95 petrol subsidies and the potentially higher utility tariffs could weigh on consumer sentiment and dampen household spending.

On the other hand, RHB Research said the expansion of SST is negative for already subdued consumer sentiment, as SST will cause a rise in rental expenses. However, RHB has kept its “neutral” call on the consumer sector in its research report. The Malaysia Retailers Association (MRA) has urged the Ministry of Finance (MoF) to revoke the expansion the planned 8% SST on commercial rental and leasing services. The additional levy could strain business sustainability and fuel consumer price increases as rental expenses are among the largest fixed costs for many businesses.

Energy Stuff

Country’s golden goose, Petronas, finds new revenue stream in a green world
Petronas sees revenue potential in its foray into carbon capture and storage (CCS) activities as it ramps up to build an integrated CCS value chain. Its group chief financial officer (CFO), Liza Mustafa, believes CCS could replicate the company’s decarbonisation journey as floating liquefied natural gas (FLNG) once did. CCS has a complementary element — it could monetise high-CO₂ gas fields. The Kasawari CCS facility, located in Sarawak, is Petronas’s pilot project for tapping the potential of turning the cost-bearing activity into a revenue-generating stream. On top of just revenue generation, the long-term benefits include enhanced energy security, extended field life and support for Malaysia’s net-zero ambitions.

National Grid Upgrade: TNB Earmarks RM43 Billion for AI and Battery Storage
PM Anwar Ibrahim announced Tenaga Nasional Berhad's (TNB) significant investment of RM43 bil to enhance Malaysia's national power grid. This substantial allocation will fund the integration of Artificial Intelligence (AI) for optimised power management and the deployment of advanced battery storage systems. This strategic upgrade is designed to bolster the grid's resilience and flexibility, particularly as the nation transitions towards increased renewable energy adoption.

Shorts

1. Over RM250 mil allocated to upgrade Lumut Naval Base
   The largest naval base in Malaysia, Lumut Naval Base, is to receive RM250 mil worth of upgrades aimed at improving the well-being and welfare of security personnel. It has served as the Royal Malaysian Navy's (RMN) headquarters since September 9, 1984. These upgrades include RM100 mil for upgrading the 33kV high-voltage distribution system, RM65 mil for a specialist clinic complex and upgrading the armed forces hospital, RM23.3 mil for the replacement of Bulk Fuel Installation (BFI) operational tanks and RM66.5 mil for upgrading the operational jetty.

2. Even police personnel get their judgment day
   A total of 59 personnel from the Royal Malaysia Police (PDRM) have been dismissed in the first five months of 2025 due to disciplinary actions, with the majority of these cases being attributed to drug-related offences. In addition to dismissals, and 146 were suspended from duty between January and May 2025. The Integrity and Standard Compliance Department (JIPS) also received 2,637 complaints and reports regarding police conduct during this period. Furthermore, to facilitate public complaints and enhance transparency, PDRM's Integrity and Standard Compliance Department (JIPS) recently launched the Aduan JIPS mobile app (get it here) on June 4. The public is encouraged to utilise this new, accessible platform to report any instances of police misconduct, with assurances of whistleblower identity protection.
   

4. AROUND THE WORLD 🌎

Legislative headaches

Iran preps bill to exit nuclear non-proliferation treaty
Lawmakers in Iran are preparing a bill that could push the nation to leave the Nuclear Non-Proliferation Treaty, an agreement where countries are guaranteed the right to pursue civilian nuclear power, but have to cooperate with the UN’s nuclear watchdog, the IAEA, and forgo atomic weapons. However, Iran also reiterated its official stance against developing nuclear weapons. This follows the IAEA declaring Iran in violation of the treaty, with Israel also beginning its bombing of the country, claiming Iran was “on the verge of building a nuclear bomb”. The bill itself comes four days after Iran and Israel traded blows, with Israel claiming it is on its way to eliminating the nuclear and missile threat from Iran, and that the military campaign will escalate in the coming days.

Vietnam abolishes district level government
The national assembly approved amendments to Vietnam’s constitution, abolishing an entire level of government as part of a series of major reforms to the Vietnamese government. The amendment does away with district-level administration, reducing the governmental structure to two layers and saving billions of dollars in expenditure by paring down one in five public sector jobs. This follows several drastic job cuts this year alone, with a total of about 223,000 jobs slashed, 120,000 of which are due to the latest constitutional amendment.

A plane, a phone, and an app

Air India flight forced to land after technical issue
Shortly after the tragedy of Air India Flight 171, Air India made the headlines again, this time with one of its planes being forced to return and land at Hong Kong International Airport due to a suspected technical issue. Air India Flight 215 was bound for Delhi, but landed safely back in Hong Kong for a series of checks “as a matter of abundant precaution”.

Trump Organization enters phone market with Trump Mobile
The organisation announced the launch of a self-branded mobile service and a USD499 smartphone called Trump Mobile as part of a move to court conservative consumers with an alternative to major telco providers. The President’s son, who was present at the launch, added that the organisation is already looking at introducing “an entire package of products, including telemedicine for a flat monthly fee and roadside assistance.

WhatsApp to start showing more ads
The messaging platform will be rolling out three new features globally, with promises that the ads will not be shown in the same place as private chats, nor will the contents of their messages be used to decide which ads to display. Instead, the country, city, and language of the user will be used, along with how they interact with other ads. Meta sees this as a natural extension of the platform. Businesses will be able to advertise in a section called Updates to reach about 1.5 billion users globally, with WhatsApp eventually taking a 10% cut of any fees paid.

Shorts

1. Murder by mushroom: Australian mushroom murder suspect told "calculated lies"

   Erin Patterson, who is accused of murdering three lunch guests with a toxic mushroom-laced beef Wellington, was alleged to have engaged in “calculated deception” to lure her victims, cook the meal, then cover up. Patterson has denied all charges, claiming the poisoning happened by accident.

2. Death by swallowed bee: Billionaire dies after swallowing bee
   Sunjay Kapur, chairman of automotive tech firm Sona Comstar and ex-husband of Bollywood star Karisma Kapoor, died after swallowing a bee during a polo match in England. He collapsed after being stung in the mouth, going into anaphylactic shock, which triggered a fatal heart attack.

3. Blaise Metreweli appointed MI6's first female chief

   For the first time in its 116-year history, British intelligence section MI6 will see a female chief (aka James Bond’s boss), with Blaise Metreweli taking over from Sir Richard Moore. UK PM Starmer calls the appointment “historic”, with Metreweli herself “proud and honoured” to have been asked to lead. She is currently headinfg the crucial technology and innovation division that aims to keep the identities of secret agents secret.

4. Lewis Hamilton turns groundhog to roadkill, feels bad

   The F1 driver reports feeling “devastated” after running over a groundhog during the Canadian Grand Prix. The accident led to a hole in this car that eventually dragged Hamilton to sixth place on the leaderboard. Dashcam footage of the incident here. In a separate incident during the same race, F1 driver Pierre Gasly hit a rabbit. Looks like plenty of animals were harm in the making of this F1 race.

5. FOR YOUR EYES 📺

1. The good ol’ days.

2. A humanoid robot doing boring human work. Kinda disturbing for the future of work. As Bill Gates put it: "We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten".

3. A case study in the complexity of supply chain. The Chinese ecosystem is no longer about cheap labour anymore but the various knowledge base and expertise that it has built over the decades.