☕️ Anwar’s Madani giveaways: What you’re getting

1. MARKET SUMMARY 📈

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2. NUMBERS AT A GLANCE 🔢

Goldman Sachs believes the property crisis in China is still far from hitting rock bottom, even though it is already in its fourth year. Home prices have fallen 20% over that period, and are expected to fall 10% more before bottoming out in 2027. The Goldman Sachs report was based on an analysis of housing bust episodes across 15 economies since 1960, which found that the median housing price correction is 30% over six years. The firm defines housing busts as a decline of 20% from cyclical peaks.

Then there’s this not-so-little mystery from China, where a USD33 bil (RM139.5 bil) fortune collapsed in days, namely, the fortune of Yat-Gai Au, the CEO and majority stakeholder of Regencell Bioscience Holdings Ltd, a Nasdaq-listed, Cayman Islands-incorporated traditional Chinese medicine company. Little is known about the small, money-losing company, other than that its shares exploded 82,000% higher (that’s 820x if you are wondering) out of nowhere and suddenly making Au, who holds an 86% stake, richer on paper than some tycoons.

Still, China is getting popular again, among sovereign wealth funds, that is. 59% of said funds are now calling China a priority emerging-market region. 88% of funds in the Asia-Pacific region and 80% of those in Africa expect to increase China asset allocations over the next five years. Digital technology, software, advanced manufacturing and automation, along with clean energy and green tech, are the most attractive sectors, according to wealth funds.

3. IN MALAYSIA 🇲🇾

Anwar’s Madani giveaways: What you’re getting

RM100 aid for all adults, petrol price cut & new public holiday announced
PM Anwar announced a one-off RM100 cash handout to all Malaysian adults aged 18 and above under the Sumbangan Asas Rahmah programme, in conjunction with Independence Day. The RM2 bil initiative, channelled via MyKad and usable between Aug 31 and Dec 31 at over 4,100 participating stores for essential goods, is expected to benefit 22 mil people. Anwar said this marks the first time such aid is given to every adult citizen individually. He also announced a new public holiday on Sep 15 (long weekend - Sep 15 is a Monday, and Sep 16 is also a public holiday) as well as the price drop of RON95 petrol to RM1.99 per litre for eligible motorists under the government’s subsidy retargeting plan, with full details due by end Sep. Meanwhile, allocation for Madani Rahmah Sales has been doubled to RM600 mil to expand reach and coverage.

Gov’t absorbs RM500m to freeze toll hikes on 10 highways
The government will absorb over RM500 mil in compensation to highway concessionaires this year to maintain toll rates at 10 major expressways, Works Minister Alexander Nanta Linggi confirmed. The decision, announced by PM Anwar Ibrahim as a gesture of appreciation to Malaysians, will benefit around 941,000 daily commuters, particularly those travelling to work. While toll hikes were previously agreed upon under earlier concession deals, the Madani government chose to defer them in light of current cost of living pressures. Nanta emphasised the decision was made responsibly to ensure road safety and uninterrupted operations. Affected highways include LATAR, DUKE, MEX and LPT2, with operators ranging from public-listed firms like Taliworks, Ekovest and Bina Puri, to entities under the Ministry of Finance and PLUS Malaysia. No such thing as free lunch after all - taxpayers’ are still paying albeit indirectly.

Analysts say cash aid won’t derail budget, but subsidy reform crucial
Malaysia can afford its latest RM2.3 bil package of cash handouts and support measures without derailing Budget 2025 targets, according to Fitch Ratings and S&P Global. The spending, equal to around 0.1% of GDP, was described as manageable, but analysts warned that delays in subsidy reforms especially for RON95 petrol could hurt fiscal consolidation efforts. Fitch cautioned that failure to narrow the deficit could threaten Malaysia’s aim of hitting a 3% fiscal gap by 2028, potentially affecting its investment-grade credit rating. While current ratings by Fitch (BBB+), S&P (A-), and Moody’s (A3) remain stable, all eyes are on the government’s next steps in rationalising subsidies, a step seen as critical to reducing operating expenditure and long-term debt risks.

IMF: Malaysia financially resilient despite external headwinds
Malaysia remains well-positioned to weather global financial shocks, thanks to its resilient financial system and flexible markets, the International Monetary Fund (IMF) said in its 2025 External Sector Report. The report reiterated that the country’s net international investment position (NIIP), which averaged 2.6% of GDP over the past decade, peaked at 5.4% at end-2023 due to pandemic-era current account surpluses, before dipping to -0.6% by end-2024 following increased investment liabilities. External debt rose modestly to 69.7% of GDP, but remains manageable, with a third in RM and 42.8% comprising stable forms like intragroup bank borrowing and trade credits. While the current account surplus narrowed slightly in 2024 due to higher imports, the IMF expects it to rise gradually in the medium term as tourism recovers.
Learn: What is Net International Investment Position

Anwar links Mossad threats and US tariffs to Malaysia’s Palestine stance
Malaysia is ramping up security measures in the midst of threats from foreign intelligence agencies, including Israel’s Mossad (think CIA of Israel), following its vocal stance on the Palestinian issue, Anwar told Parliament on Jul 10. Intelligence briefings revealed Mossad-linked arms smuggling activities, with a Malaysian couple recently arrested for aiding such operations from Thailand. Anwar confirmed that the Home Ministry is enhancing its monitoring capabilities and reaffirmed Malaysia’s commitment to speaking out against injustices in the Middle East, despite potential consequences. He also linked the US' imposition of a 25% tariff set to take effect Aug 1 to Malaysia’s firm position, calling the move unilateral and contrary to WTO rules.

As the rakyat welcomes these goodies, however, they are curious whether it was also a subtle birthday message for a certain former prime minister?

With the political calendar never short of symbolism, Anwar's latest string of announcements comes just in time for the birthday of former premier Najib Razak...

Auditor general appointment sparks constitutional clash in Parliament
Opposition MPs sparked a heated constitutional debate in the Dewan Rakyat on Jul 10 over Wan Suraya Wan Mohd Radzi’s appointment as auditor general, with PN’s Takiyuddin Hassan questioning its legality under Article 105(4) of the Federal Constitution due to her continued status as a civil servant. He argued this could compromise the independence of the post and potentially invalidate all audit actions taken during her tenure, including the newly tabled Auditor General’s Report 2025 Series 2. Wan Suraya, appointed in June 2023, is still listed as an administrative and diplomatic officer (PTD), prompting concerns about executive influence over a role meant to ensure financial oversight. Government MP Sim Tze Tzin defended the appointment, citing royal consent and precedent, but others like Ronald Kiandee and Radzi Jidin argued it undermines the auditor general’s neutrality especially with the latest report exposing RM48 bil in irregular spending (2020–2024) involving Felcra, UKM, and the Armed Forces.

Kuala Kubu Baru forest fire burns 22ha
A forest fire that broke out in the Kuala Kubu Baru Forest Reserve yesterday has now scorched about 22ha (56 acres), spreading rapidly overnight. The Selangor Fire and Rescue Department received the alert at 6.34pm and arrived on site at 7.12pm, but efforts were initially stalled due to the lack of access roads. Entry was only secured around 10pm, but firefighting had to be delayed until the following morning due to safety concerns and limited water sources. As of 2pm today, ground crews were still battling the blaze, with aerial support from the department’s air unit expected to assist containment.

4. AROUND THE WORLD 🌎

UN Special Rapporteur alleges Israel of "femi-genocide"
UN Special Rapporteur Reem Alsalem has called for immediate global action to halt what she alleged is an unfolding “femi-genocide” in Gaza. She claims that what is happening to Palestinian women and girls is not “collateral damage of war”, but rather the “intentional destruction” of their lives and bodies because they are Palestinian women. Alsalem’s recent report stated that Israel is deliberately killing Palestinian women and children with the intent to destroy them and the continuity of the Palestinian people. Of the 57,680 Palestinians killed by Jul 9, 67% were women and girls.

Trump slaps 15% tariff on Japan, calls it "massive deal"
After months of talks, Trump proclaimed that a “massive” trade deal has been struck with Japan. This deal involves the US slapping a 15% tariff on Japan, while Japan is to invest USD550 bil (RM2.3 tril) in the US “at Trump’s direction”. Japan also has to open up to US exports of cars, rice, and certain agricultural products. The “largest deal ever made” will also create “hundreds of thousands of jobs”, according to the US president. The two nations have also agreed to form a joint venture to exploit liquified natural gas in Alaska. However, the 50% tariffs on Japanese steel and aluminium, which have been a sticking point in the negotiations, were not covered in the deal and will remain in place.

Dollars and Tech

Replit CEO apologises after product goes rogue
The CEO of popular AI coding tool Replit has apologised after an incident of the AI tool going rogue went viral. A user was using the tool when, out of nowhere, it deleted an entire database of the user’s work. The tool called its error “catastrophic”, but admitted to bypassing protections that the user had in place to protect the database. Replit has issued an update where the tool’s reproduction and development databases are now separated, walling off the AI agent from changing the production database. Thankfully, the user’s work was recovered, contrary to the AI tool’s claims that the deletion was irreversible.

OpenAI inks USD30 bil (RM126.82 bil) per year deal with Oracle
ChatGPT parent OpenAI inked the deal with Oracle for data centre services, with OpenAI CEO Sam Altman confirming the details of the deal, though not the amount involved. However, the SEC filing by Oracle reveals it signed a cloud deal that would generate “USD30 bil a year in revenue”, though it did not report the nature of the services provided. The news still sent Oracle’s stock skyrocketing, making founder and CTO Larry Ellison the second richest person in the world. Now, the truth is out, and OpenAI has explained that the Oracle deal is for 4.5 gigawatts of capacity, as part of the Stargate data-centre-building project. 4.5 gigawatts is enough to power about 4 mil homes.

Singapore's digital banks find niche, narrow losses
Singapore’s three digital banks that serve retail customers – Trust Bank, GXS Bank, and MariBank – all appear on track to shape up, more than two years after they started operations. However, an analyst opined that their path to profitability remains challenging, considering the competitive nature of Singapore’s market. As it stands, digital banks generally target underserved needs like new borrowers and SMEs, and are rapidly expanding into investment products and SME lending to increase income. However, this risks competition from established banks.
View chart: Total income, total expenses and net loss of these digital banks

Shorts:

1. Rock star, Mini4WD creator, and renowned defence attorney pass away 
   Legendary Black Sabbath front man Ozzy Osbourne, 76, Mini4WD creator Shunsaku Tamiya, 90, and prominent defence attorney Roy Black, 80, have passed away. Osbourne and his family also pioneered reality TV with their show “The Osbournes”, while Tamiya served as the chairman of the Tamiya company since 1984. Did you know Osbourne once bit a bat’s head off live on stage? Now, why is Roy Black worthy of a mention here? He’s the lawyer who defended the infamous child sex offender Jeffrey Epstein. #conspiracytheory

2. Pakistan cracks down on big cat owners
   Big cats, including lions, tigers, pumas, cheetahs, and jaguars, have been sold for decades in Pakistan. However, authorities laid down the law after a pet lion escaped and attacked a woman and her two children (warning:graphic - watch here). Among the stricter regulations is that owners need to pay a one-time registration fee of PKR50,000 (RM742.56) per animal, while farms are to keep a maximum of 10 big cats from no more than two species.

5. FOR YOUR EYES 📺

Today on houses

1. Japanese-inspired waterfront house.

2. IKAN Residence at Janda Baik.

atf.homecity

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3. Spaceship on sea.

rayan_atb

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