☕️ Air India Flight 171 crash investigation updates

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Let’s start the week with some auction results. The original Birkin bag (yes, the first one ever), the template for the most sought-after accessory in the fashion world, was bought for EUR8.6 mil (RM42.8 mil), marking it as the most valuable handbag ever sold at auction. The buyer was Valuence Japan, the company behind luxury and vintage trading firm Allu, participating by phone through a representative. The auction at Sotheby’s in Paris saw an “electrifying” 10-minute bidding war between “nine determined collectors”. The original bag, made of black leather, was designed by the boss of luxury fashion house Hermès on a flight. Sitting next to him was singer Jane Birkin, who spilled her belongings on the flight and asked why Hermès didn’t make bigger bags. Check out the auction action here.

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Still on record-breaking purchases, Liverpool signed German international midfielder Florian Wirtz from Bayer Leverkusen. The transfer fee? Up to GBP116 mil (RM666.6 mil), making the 22-year-old midfielder the most expensive player in the history of British football. This happened after Liverpool secured its 20th Premier League title, with the club offering a guaranteed GBP100 mil (RM574.7 mil) with an additional GBP16 mil (RM92 mil) in potential add-ons. Worth watching highlights of his play here.

Referrals from ChatGPT to news publishers are growing, but not enough to counter the drop in clicks, as users are increasingly getting their news directly from AI or AI-powered search results. According to digital market intelligence firm Similarweb, the number of news searches on the web that result in no click-throughs to news websites has grown from 56% to about 69% between May 2024, when Google’s AI Overviews was launched, to May 2025. Organic traffic declined, dropping to under 1.7 bil from over 2.3 bil at its peak in mid-2024. Simply put, AI is causing people to not click on news links, since they summarise the news.

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3. IN MALAYSIA 🇲🇾

Healthcare matters 

MOH has plans to address the nurse shortage
Health Minister Dr Dzulkefly Ahmad announced that his ministry has launched a multi-pronged strategy to fill up the 14,000 nursing vacancies:

First prong - to increase the annual intake at the ministry’s training institutes and the number of appointments by 100% and 25% respectively.

Second prong - to lift the moratorium on private nursing programs.

Third prong - to relax the entry requirements for nursing diploma programs from five credits to three in the Sijil Pelajaran Malaysia (SPM) examination from January 2025 to December 2026.

Fourth prong - as an interim measure, the ministry is also allowing private healthcare facilities to recruit foreign-trained nurses under strict conditions (60% ceiling of nurses to be local, mandatory passing of the Malaysian Nursing Board qualification examination, and full compliance with employment conditions). Okay, nurses, kawtim. Now, we go to the matter of doctors. Sarawak deputy premier Dr Sim Kui Hian felt that Putrajaya failed to address the basic economic issue, which is relatively low salaries. Quoting Dr Sim, “We cannot continue with the notion that ‘we are cheap and good’. In 2025, we are good, but we need to be paid better.” It isn’t too far away down south to get better pay for both Malaysian doctors and nurses. 

No-go for the 45-hour work week 
The Health Ministry decided to do a u-turn and exempted over 82,000 frontline healthcare workers from the controversial 45-hour work week. The exemption covers approximately 82,637 healthcare workers from five critical service schemes under the Health Ministry, who now need to work only 42 hours a week.

Vaping is becoming the next pandemic
Deputy Health Minister Lukanisman Awang Sauni stated that while the country managed to cut the adult smoking rate from 22.4% in 2019 to 19.8% in 2023, however, it seems that the ex-smokers have now shifted from cigarettes to vaping. During the same period, vape use has increased from 4.9% to 5.1%. Even more concerning is the growing number of children, or underage persons, taking up electronic smoking products. As Lukanisman said, this is not just a health issue but a social one. Making vape products look like familiar products, such as a cassette, also does not help in bucking this unhealthy trend. From one poison to another poison.
Learn: Epidemic, Endemic, Pandemic: What are the differences?

Bangi hospital ordered to vacate its premises
Hospital Islam Az-Zahrah, owned by Medi-Circle Sdn Bhd, is facing an asset seizure as the hospital failed to make the full payment of RM8.32 mil, originating from a medical negligence case of a premature baby girl in 2003. Health Minister Dr Dzulkefly Ahmad said that he will not intervene as the seizure action was a result of a civil suit and court process. The hospital has two weeks to transfer its patients to other healthcare facilities.

Judicial Appointments Commission (JAC) meeting minutes leaked
Responding to the leaked excerpts of the alleged Judicial Appointments Commission (JAC) meeting minutes, PN chief whip Takiyuddin Hassan is calling out Putrajaya to clear the air. Among the key sticking points from the leaked documents are:

1) whether JAC chairperson and former chief justice Tengku Maimun Tuan Mat had exercised her casting vote to break a purported deadlock in nominating a candidate for a top judicial post;

2) questions on the outcome of the subsequent JAC meeting, noting that Section 13(1) of the JAC Act 2009 requires the commission to meet at least once a month. The leaked minutes were dated in May 2025.

Check out this thread for ‘more’ news on the leak.

In responding to the alleged leaked JAC meeting minutes, Communications Minister Fahmi Fadzil stated that PM Anwar Ibrahim is likely to mull over this matter during this week’s Cabinet meeting. Fahmi also added that he was unsure whether the leaked document was authentic, and if it was real, the Official Secrets Act (OSA) would apply, so all parties need to be wary. This is not the first time the judiciary arm is under water. Click here to view the details of the 1988 Purge and the Lingam Tapes. Even old boring judges also know how to create spicy dramas eh. Possibly popular TV drama series ‘The Suits’ needs to a remake. Call this sequel ‘The Robes’.

Shorts

1. FRIM is now a UNESCO World Heritage Site 
   Tourism, Arts and Culture Ministry (Motac) has announced that the Forest Research Institute Malaysia’s (FRIM) Selangor Forest Park has been officially listed as a UNESCO World Heritage Site. FRIM Selangor Forest Park is a unique site and represents one of the earliest large-scale tropical forest ecosystem restoration efforts through the replanting of trees in a former tin mining area. With this latest listing, Malaysia now has six UNESCO World Heritage Sites. Our ASEAN neighbour, Cambodia, also has three ‘unique’ locations in the country, which were former sites used by Cambodia’s brutal Khmer Rouge regime for torture and execution, as UNESCO sites.
   Fun fact: There are 1,223 sites UNESCO Heritage sites located in 168 countries. 

2. PKR says no to Selangor’s parking privatisation
   PKR MP William Leong has joined the choir lauding against the Selangor government’s plan to privatise street parking operations in four local authorities, namely, Petaling Jaya City Council (MBPJ), Subang Jaya City Council (MBSJ), Shah Alam City Council (MBSA), and Selayang Municipal Council (MPS). Leong questioned whether the respective local councils have the legal power to appoint a private company, Rantaian Mesra Sdn Bhd, in the first place, to manage the parking in the state, under a 10-year concession. Under the privatisation plan, the concessionaire will receive 50%, while the remaining half will go to the state, 40% to the councils and 10% to Menteri Besar Selangor (Incorporated) (MBI Selangor).

4. AROUND THE WORLD 🌎

Air India Flight 171 crash investigation unravels
The preliminary report into the deadly crash of Air India Flight 171 in Ahmedabad in June has surfaced, shedding light into the cause of the crash and potential blunder by the pilots. The chilling discovery detailed that just seconds after take-off, both of Boeing 787 Dreamliner's fuel-control switches abruptly moved to the "cut-off" position, starving the engines of fuel and triggering total power loss. However, the switch to “cut-off” mode is typically done only after landing. Experts are saying that the lever-lock fuel switches are designed to prevent accidental activation - they must be pulled up to unlock before flipping. It has been a safety feature since the 1950s and highly reliable. In the cockpit voice recording, one of the pilots is heard asking the other why the fuel was cut off, to which he answered that he did not do so.

Another interesting point in the investigation is that in December 2018, the US Federal Aviation Administration apparently issued a Special Airworthiness Information Bulletin (SAIB) highlighting that some Boeing 737 fuel control switches were installed with the locking feature disengaged. While the issue was noted, it wasn't deemed an unsafe condition requiring an Airworthiness Directive (AD) - a legally enforceable regulation to correct unsafe conditions in a product. The same switch design is used in Air India Flight 171 plane. As the SAIB was advisory, Air India did not perform the recommended inspections. The investigation continues.

Increased tariffs on EU and Mexico
As the Aug 1 deadline approaches, negotiations between Mexico and the European Union (EU) are going nowhere. Things got much more difficult as Trump announced brand new tariffs to be imposed on the two biggest US trade partners at 30%. He said that it is due to Mexico’s role in undocumented migration and illicit drugs flowing into the US, as well as a trade imbalance with the EU, respectively. The new tariff marked a steeper figure than the tariffs unveiled in April. The EU said that they are prepared to take the necessary steps to safeguard its interests, “including the adoption of proportionate countermeasures if required”.

Internally, the bloc is under conflicting pressures as country members have different inclinations. Meanwhile, the Mexican government said that the new tariffs are unfair. Trump’s collection of tariffs since taking office has generated billions of dollars in new revenue for the US government. According to latest US Treasury data, revenues had shot past USD100 bil in the federal fiscal year to June - all at the expense of the global economy and markets that have been rollercoaster ever since.

Talk Talk Money

OpenAI lost Windsurf to Google
Hopes of OpenAI to acquire viral AI coding startup Windsurf for USD3bil went into the drain as CEO Varun Mohan alongside some of his top people goes to Google DeepMind, who reportedly paid USD2.4 bil to license Windsurf’s technology and hire its top employees. It is believed that the hiring will significantly boost Google’s ability to build AI coding tools, even though it is not taking a stake in Windsurf and will not have any control over the company. As part of the deal, Google will have a nonexclusive license to certain Windsurf technology, meaning the AI coding startup remains free to license its technology to others. Windsurf has been one of the hottest AI coding startups on the market thanks to its rapid growth. In April, the startup’s annual recurring revenue (ARR) reached about USD100mil, up from about USD40mil months earlier - hence attracting suitors such as OpenAI and apparently Google.
Learn: What is ARR?

US Department of Defense becomes a stock investor
MP Materials Corporation, a company that owns and operates the only rare earth mine in the US had its stock surging as much as 60% following news that the US Department of Defense was taking a massive stake in the company. Apparently DoD has agreed to purchase USD400mil of the company’s newly created preferred shares, and a warrant that will give it the ability to buy more of MP's common stock in the future. As of July 9, the Pentagon's total investment would represent a roughly 15% stake in MP Materials, making it the largest shareholder. The move is believed to be part of the Trump administration's effort to reduce critical mineral dependence on China and doubling down on its efforts to strengthen the domestic critical mineral supply chain. Rare earth minerals are crucial for many areas of technology, including electronics, defense systems, and robotics. MP Materials’ market cap stands at USD7.4 bil.

Shorts

1. How about a vacation house in Saudi?

   Non-Saudis are now allowed to own properties in the oil-rich Kingdom, following a recently approved law that will take effect from Jan 2026. The new regulation is described as a natural progression of real estate reforms designed to stimulate sector growth and encourage foreign direct investment, which will increase property supply by drawing investors and development firms to Saudi markets. Property ownership will be permitted in specific geographical zones, particularly Riyadh and Jeddah, while special conditions apply to ownership in Makkah and Madinah.

2. Formula 1 on Apple next year

   Fancy watching Formula1 on Apple TV? It might happen next year as the iPhone maker bids for the US rights to stream the high-adrenaline Formula 1 races beginning 2026. The company has bid at least USD150mil to earn the rights following its huge success with its "F1: The Movie" film starring Brad Pitt, that has grossed over USD300mil worldwide as of Friday. It is said that current license holder Walt Disney’s ESPN will not try to match or beat it, although there’s not much comments from Apple and Formula 1 so far.

1. “Betray the nation and the nation will not keep you” - Cambodia

   125 politicians in the National Assembly of Cambodia have unanimously supported a constitutional change that allows the Cambodian government to revoke citizenship from those deemed to have conspired with foreign powers. The legislation will swiftly be brought to parliament and will be soon made use by the government. Human rights activists fear that the legislation will be abused to crackdown on government critics and make them stateless. Amnesty International condemned the change on Friday, urging the international community to criticise Cambodia over the decision.

5. FOR YOUR EYES 📺

Beautiful nature

1. Astronaut spotting Sprite, or Transcient Luminous Events from space. View from the ground here.

2. Tornado chasers. If they are in your neighbourhood, you know you are in trouble.

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3. A new drone POV by DJI, scaling up Mount Everest.