☕️ DAP quits Melaka state government

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD445 (RM1,811.59) – FIFA will be selling pieces of the pitch from the World Cup final, with fans able to buy small sections of the turf for that amount per piece. FIFA’s online shop describes it as “owning a genuine piece of football history”. The piece of the pitch will be permanently preserved in acrylic with a USB keepsake. Sadly, delivery is only available within the US and Europe, and the item is sold out already. Here’s the link, though a VPN might be needed to view the item.

Three – That’s the number of people who have won the World Cup both as a player and as a manager. The first to do so was Mario Zagallo of Brazil, who won the World Cup as a player in 1958 and 1962, as a manager in 1970, and as an assistant in 1994. Next was Germany’s Franz Beckenbauer, who won as a player in 1974 and as a manager in 1990. The latest entry to this exclusive club is Didier Deschamps, who won as a player in 1998 and as a manager in 2018, and is still the manager now.

USD7,380 (RM30,043.98) – Those who want a ticket to the World Cup final may still be able to grab one of the nearly 1,200 available. However, the tickets start from over RM30,000, for category two and can go even higher if the seat is in the lower deck or the Trophy Lounge, which includes food and drinks. Lower deck tickets are priced between USD19,995 and USD32,970, while Trophy Lounge tickets cost up to USD34,500.
Fun fact: There is a resale market for World Cup final tickets, with the most expensive ticket coming in at USD11,499,998.85, or just shy of USD12 mil.

3. IN MALAYSIA 🇲🇾

Rosmah sues Harith Iskander
A legal battle is brewing between Rosmah Mansor and comedian Harith Iskander over jokes made during one of his stand-up shows earlier this year. Rosmah is suing Harith, claiming a comedy segment that briefly showed her image alongside mythical creatures amounted to body shaming and damaged her reputation after clips of the performance spread on social media. She is seeking RM10 mil in damages, along with an apology and complete removal of the content from all platforms.

Harith has denied the allegations, arguing the performance was a satirical comedy routine that should be viewed in its full context rather than through short, edited TikTok clips. He also says audience members were informed the show was comedy, recordings were prohibited, and the performance is protected as artistic expression under the Federal Constitution's guarantee of freedom of speech.

Home Ministry probes Network School
The Home Ministry launched an investigation into the Network School in Forest City following allegations that Israeli nationals took part in its programmes using second passports. The project was founded by former Coinbase chief technology officer, Balaji Srinivasan (kinda big name in Silicon Valley - more about him here), who describes Network School as a residential community for entrepreneurs and digital nomads, with Malaysia chosen as its first location.

In a recent interview, Balaji said he has invested around RM100 mil into the project. The ministry said police and the Immigration Department are working to verify the identities and nationalities of those involved, the validity of their travel documents and whether they complied with Malaysia's immigration laws. Authorities are coordinating with other government agencies to review the school's operations and determine if any laws or security regulations were breached. Firm action will be taken if investigations uncover offences involving immigration rules, false declarations or matters affecting national security. If you're interested in learning more about the vision behind Network School, you can watch Balaji's interview with Shahril Hamdan here: Keris & Silicon – Balaji Srinivasan on Network School.

Politics
DAP quits Melaka state government
DAP has decided to leave the Melaka state government after the state assembly passed a constitutional amendment allowing up to seven unelected individuals to be appointed as state assemblymen. The party said the move goes against democratic principles and that it could not continue serving in the administration after voting against the proposal.

As a result, DAP's state executive councillor, deputy exco members, deputy speaker, as well as its appointees in village committees and local councils, will step down from their positions. The decision comes amid growing tensions between Pakatan Harapan and Barisan Nasional following the recent Johor state election, with Melaka expected to head to the polls later this year.

Anwar rejects early election calls
PM Anwar Ibrahim dismissed calls for an early general election, saying the current government still has a mandate to govern and that Malaysians are looking for stability rather than more political uncertainty. Responding to questions from the opposition, he also brushed aside suggestions that Parliament should be dissolved early, urging critics not to be overly confident and to allow the government to continue carrying out its mandate.

Biz
Foodie Media posts stronger quarterly profit
Foodie Media posted a net profit of RM4.1 mil for its third quarter, with growth supported by stronger content revenue and the expansion of its event management business. The company said it deliberately accepted lower profit margins for its first large-scale event, Monie Fest, as part of a long-term strategy to build its brand and grow the festival into an annual flagship event. Revenue rose to RM13.9 mil during the quarter, driven by contributions from both Monie Fest and its content segment. The company has 45 brands (view brands here) with combined following of 50 mil followers. View earnings here.

Stratus Global IPO oversubscribed 128.82 times
Hot space - good time to list. The company does automated material handling systems for the semiconductor industry. Investor demand has been strong for Stratus Global Holdings ahead of its Bursa Malaysia debut, with the company's IPO oversubscribed by 128.82 times by public investors after receiving applications for 3.25 bil shares despite offering just 25 mil shares. Another notable point is that existing shareholders are not cashing out any of their stakes through the listing, meaning all RM285 mil raised will go directly towards expanding production facilities, research and development, overseas growth and working capital. In other words, no cashing out by existing shareholders. The Penang-based factory automation specialist is scheduled to make its Main Market debut on Jul 21, 2026 with an IPO market cap of RM1 bil. Skyechip is another same same but different player in the industry, which went public not too long ago, went to the moon on its IPO day - nearly 4x.

4. AROUND THE WORLD 🌎

Trump: Pay us 20% for “guarding” the Strait of Hormuz
The US said it was reinstating a naval blockade on Iran and would seek reimbursement equivalent to 20% of the value of all cargo shipped through the Strait of Hormuz, after Tehran claimed it had closed the vital waterway. Trump said that it was intended to cover “any costs necessary to do the job of providing safety and security to this very volatile section of the World” and even considered calling themselves the “Guardian angel of the strait”. Iran's Revolutionary Guards said that the only way to restore regular shipping traffic through the strait was to end US military interventions in the waterway, and warned that continued interference could lead to greater incidents in the global oil and gas sector.

The past week has seen West Asia rocked by US and Iranian attacks on a scale unseen since the Apr ceasefire. Tehran said it would stop complying with a framework agreement to halt the fighting if Washington failed to meet its commitments but said they are still talking with mediators from Qatar, Pakistan and Oman. The escalation has cast doubt on an interim US-Iranian agreement signed last month to reopen the strait and halt hostilities while the sides pursued a further 60 days of negotiations.

Dinosaur fossils: For science or vanity?
Yesterday, one of the largest and most complete T-Rex skeletons discovered to date was auctioned by Sotheby’s in New York, with an estimated sale price of between USD20 mil (RM81.56 mil) and USD30 mil. Nicknamed “Gus”, it was undoubtedly a huge find, but mostly a win for billionaire collectors, rather than for science.

The trend of fossils being marketed and sold like rare artworks has raised concerns within the scientific community, which argues that a fossil that is not kept as part of a museum collection cannot be studied and is therefore lost to research. Scientists treat fossils as precious data, where they can go back and forth to verify scientific findings and should always be accessible to the community. While a private owner can always loan his or her fossil for research, the risk of it being recalled at any time is always present, and therefore the principles of availability and replicability are not guaranteed.

Biz:
Shein going IPO, but numbers don’t look good
Things are not looking good for Shein — the fast-fashion retailer’s global web traffic, app downloads and US sales have either stagnated or declined further this year, according to a Bloomberg analysis, raising questions about the sustainability of Shein’s cheap and trendy business model. The company’s global web traffic growth slowed from more than 60% year-on-year in the second half of 2025 to about 30% earlier this year, before easing to single digits in June. All this could force Shein to accept a lower valuation in its long-awaited IPO, where investors were seen pushing for a valuation of about USD30 bil (RM122.34 bil), down from USD66 bil in a 2023 funding round and as much as USD100 bil in 2022.

US states sue Paramount’s Warner Bros Discovery deal
California and 11 states including New York, Arizona and Minnesota have collectively sued to block Paramount's USD110 bil (RM448.58 bil) acquisition of Warner Bros Discovery, alleging the deal would create a media behemoth that would harm theatres and television distributors, raising prices for consumers and making wages less competitive for workers.

Critics said that Paramount's political connections to Republican President Donald Trump have smoothed the path to clearance last month by the US Department of Justice. The lawsuit will likely take months for a ruling on the states' claims, causing a delay that could rack up hundreds of millions of dollars in costs for Paramount.

Suspicions over England vs Argentina referee
As England prepares to improve on its modern-era World Cup semi-final record (having lost to Croatia in 2018 and West Germany in 1990), the referee in charge of today’s game against Argentina has raised some eyebrows because he apparently has some kind of history with Lionel Messi. The Moroccan-born referee Ismail Elfath was on duty for Inter Miami's 2023 Leagues Cup final victory over Nashville SC, where Messi scored in normal time and converted during the penalty shootout. Since Messi's move to the United States, Elfath has officiated four matches involving the Argentine, with Messi winning every time.

5. FOR YOUR EYES 📺

Beautiful Negaraku

1. River ride in Taman Negara, 130 mil years old, older than the Amazon, outlived T-Rex.

2. Mt. Kinabalu, when it rains.

3. A rare encounter by diving instructor Irwan Ismail (IG here - view collection of his diving experience), witnessing 100-150 pilot whales in Pulau Tioman.