☕️ Experts propose tax on vacant homes to curb speculation

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

David Beckham's long-held dream of a knighthood has become a reality, as King Charles III announced his inclusion in the Birthday Honours list last month. This prestigious recognition marks the culmination of years spent cultivating a global brand at the "intersection of sport, fashion, and business." Sociologist Ellis Cashmore notes that Beckham is now best known not for his football prowess, but for being "Beckham, the brand," a brand estimated by The Times newspaper's 2025 ranking to be worth a staggering GBP500 mil (RM2.9 bil). Furthermore, Beckham has dedicated two decades as a UNICEF ambassador, highlighting his significant charitable contributions alongside his commercial successes. Behind his empire, there is some drama. Read here.

The SPM 2024 Examination Results Analysis Report revealed that 84,025 candidates failed Mathematics, representing 22.4% of the 375,115 who sat for the subject. A high Mathematics failure rate in Malaysia's Sijil Pelajaran Malaysia (SPM) examinations demands a systematic approach to intervention, according to the Malaysian Association for Education. Secretary Hamidi Mookkaiyah stated that improving pass rates requires a coordinated effort from curriculum designers, teachers, students, parents, and policymakers.

Vietnam's lawmakers have approved a significant hike in taxes on beer and strong alcoholic beverages, set to reach 90% by 2031 from the current 65%. Under the new legislation, the tax rate for liquor with over 20% alcohol content and all beers will increase by five percentage points annually starting in 2027 until it hits the 90% mark. According to a report by Kirin Holdings, Vietnam ranked seventh globally in beer consumption in 2022. Why the intervention? Possibly because Vietnam’s Health Ministry's deadly statistic — nearly 41,000 Vietnamese people die each year due to alcohol consumption.
Fun fact: Malaysia’s excise rate on beer ranks second-highest in the world, behind Norway. View ranking here.

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3. IN MALAYSIA 🇲🇾

TikTok’s PK Battle under scrutiny amid child safety concerns
MCMC has summoned TikTok to explain the controversial “Player Knockout Battle” (PK Battle), a live-streaming feature where users compete for virtual gifts that can be converted into cash. The trend has sparked alarm among parents, particularly over the participation of children, who are reportedly spending money, including misusing their parents’ money, to gain online popularity. Communications Minister Fahmi Fadzil emphasised recent media reports of such cases, warning that the practice resembles digital gambling and reinforces the urgency of safeguarding young users. The government is considering a social media ban for children under 13, expressing concerns that young users are unable to fully grasp the risks associated with online trends. TikTok, being a licensed platform in Malaysia, has been instructed to meet with authorities this week to assess the risk of content involving minors and outline the steps to address the issue.

Experts push for vacancy tax to curb property speculation
Housing experts are urging the government to introduce a vacancy tax to curb speculation and address the growing number of empty homes, which is driving up property prices and limiting access for genuine buyers. Khazanah Research Institute’s K Theebalakshmi stated that house prices rose by 5.8% annually from 2010 to 2022, above the ideal 3%-4%, due in part to investors holding units vacant. Nearly 20% of homes in Selangor and Penang were unoccupied in 2020, and as of mid-2024, over 22,000 completed homes worth RM14.24 bil remained unsold for more than nine months. Drawing on global examples, she said a vacancy tax of 1%-3% could help rebalance the market. A professor from Universiti Sains Malaysia (USM) added that such a tax, along with stricter resale rules and penalties for leaving affordable units vacant, could deter flipping and hoarding, especially in the RM300,000–RM500,000 range.
How do you define ‘vacant’? How vacant is vacant?

We are free to protest! Federal Court strikes down the assembly act provision as unconstitutional
The Federal Court declared that Section 9(5) of the Peaceful Assembly Act 2012 is unconstitutional, deeming it a disproportionate restriction on the right to peaceful assembly under Article 10(1)(b) of the Federal Constitution. Chief Justice Tengku Maimun Tuan Mat, delivering the unanimous decision of a 5 member panel, said the provision effectively criminalised failure to give police five days’ notice, amounting to a prohibition rather than a reasonable regulation. The ruling came from a constitutional challenge by former Muda secretary-general Amir Hadi, who was charged in 2022 for organising a 200-person protest outside Kuala Lumpur’s Sogo complex over the littoral combat ship scandal. He faced a fine of up to RM10,000 under the provision, which the High Court later referred to the apex court. His case will now return to the High Court for disposal in line with the judgment.

Malaysia eyes 2026 launch for rocket facility in Sabah or Pahang
The Science, Technology and Innovation Ministry has been assessing proposals from Sabah and Pahang to identify viable locations for a future rocket launch facility, with construction hoped to begin by 2026. Minister Chang Lih Kang confirmed that detailed feasibility studies are underway, involving comprehensive evaluations before any decision is made. He highlighted the global shortage of launch sites amid rising demand for satellite services, now essential across sectors from telecommunications to automotive and consumer electronics. Malaysia is well-positioned geographically and industrially, with no active volcanoes, low seismic risk, and a strong electronics base, and crucially, being close to the equator allows the launch to leverage on Earth’s rotational speed, which is greatest at the equator, to get an extra boost launching eastwards. The proposals align with earlier ambitions to establish Southeast Asia’s first launch site. During the MOSTI Tech Talks series at public universities, Chang reiterated the ministry’s ongoing outreach to universities aimed at raising scientific awareness and encouraging careers in science and technology.

Shorts

1. US visa applicants must make social media public

   Malaysian students and exchange participants applying for entry into the US must now ensure their social media accounts are open to public viewing, as part of stricter security checks introduced by the US government. This condition covers those applying under the F, M, and J visa categories. The Kuala Lumpur US Embassy clarified that this change supports broader identity verification efforts and helps authorities assess security risks more thoroughly. Social media activity is now treated as a key part of the background screening process. This requirement builds on rules introduced in 2019, when visa applicants were first asked to submit their social media usernames. Meanwhile, visa appointment scheduling for these categories, which had been paused in late May, is set to resume soon, with applicants advised to refer to official channels for updates.

2. Petronas pipeline review follows Putra Heights explosion 
   PETRONAS has identified sections of its 2,680km gas pipeline network that may be at risk of the same issue which triggered the explosion in Putra Heights, prompting the Department of Occupational Safety and Health (DOSH) to issue directives for immediate action. The potentially affected areas stretch from Kerteh to Segamat and extend to the Singapore and Thailand borders, as well as the Pengerang-Segamat line. While exact locations were not disclosed, it had been confirmed that PETRONAS has begun exploring both short and long-term solutions in collaboration with authorities. This development follows the devastating Putra Heights blast, where investigations revealed the ground beneath the pipeline had collapsed.

4. AROUND THE WORLD 🌎

Musk-Trump tantrum (again)
Elon Musk is not quite done with his distaste over Trump’s shiny ”Big Beautiful Bill”, causing him to renew his criticism over the bill again as the US Senators gathered to vote on the bill amendments on Monday. The 940-page bill proposed tax breaks and sweeping cuts to healthcare and food programmes, which garnered strong criticism from the Democratic Party as well as some members of Trump’s Republican Party. Musk has been calling out the bill for adding to the federal deficit USD3.3 tril (RM13.85 tril) and said it undermines the work the Department of Government Efficiency (DOGE) did to cut back government spending. This time, the Tesla and SpaceX CEO also vowed to unseat lawmakers who support the bill, and even called for the formation of a new America Party (President Musk? But impossible since Musk wasn’t naturally born in the US, which is a presidential requirement). So did Trump respond? Of course he did. The President attacked the amount of government subsidies the entrepreneur is receiving, saying that without the subsidies, Musk would probably have to close up shop and head back home to South Africa. Oof. He also called for the review of the subsidies that Musk’s companies have received, to save the federal government “BIG” money.

“Out of office” for Thai PM Paetongtarn
Meanwhile in Thailand, PM Paetongtarn’s political turmoil took a turn for the worse as the country’s Constitutional Court temporarily suspended her from office until it ruled on a petition seeking her to be ousted for alleged ethical violations. The petitioners allege that her comments made in a leaked phone call with former Cambodian leader Hun Sen constitute a violation of ethical standards, where she allegedly criticised the Thai army’s role in a border standoff with Cambodia. PM Paetongtarn has barely made one year in office, and her popularity has dropped dramatically to single digits in a recent opinion poll, with Thai people rallying on the streets to demand her resignation. The situation may further sour investor sentiment toward an already declining value of Thai assets, with the country’s benchmark index dropping about 22%, making it one of the worst-performing major stock markets globally.

Planet Earth

Things to consider when travelling to Japan: a megaquake
Japan is bracing for a long-anticipated megaquake measuring at magnitude 8 to 9 on the Richter scale along a seabed zone named Nankai Trough, off Japan's southwest Pacific coast. It estimates that the economy could lose as much as USD1.81 tril (RM7.56 tril, 4-5x our economy btw) in such an event, which could also trigger devastating tsunamis, the collapse of hundreds of buildings and potentially kill about 300,000 people. The chance of the megaquake happening is now at 80%, where under the worst-case scenario, Japan is likely to see 1.23 mil evacuees or 1% of its total population. In 2011, a magnitude 9 earthquake hit Japan, triggering a huge tsunami and triple reactor meltdowns at a nuclear power plant in northeast Japan.

Europe swelters in summer heatwave 
Extreme heat is becoming the new norm in Europe, as the planet heats up and continents struggle with heat waves this summer. The heatwave has engulfed southern Europe, with punishing temperatures reaching highs of 46 degrees Celsius in Spain and placed almost the entirety of mainland France under alert. In Turkey, more than 50,000 people have been evacuated due to forest fires. 7 out of 18 regions in Portugal are under red warnings of “extreme risk”. In Germany, temperatures were approaching 40 degrees Celsius, causing concerns for forest fires. 21 out of 27 Italy's major cities were placed on the highest heat alert on Sunday, with hospital admissions increased by 20%. No country is spared from climate change; we are all entering a new world now.

Shorts

1. Never too old for anything - 58-year-old crime finally solved
   In a cold-case closure à la Netflix’s Dept Q series, a 92-year-old British man, Ryland Headley, was finally sentenced to life in prison for a rape and murder committed in 1967. Dubbed the UK's oldest solved cold case, Headley was convicted of raping and killing 75-year-old Louisa Dunne after breaking into her house. Headley was also convicted for breaking into the homes of two elderly widows in 1977 and raping them. Police reopened Dunne's case in 2023 and matched DNA from the victim's skirt and other items from the original probe to Headley, who spent around two years in prison for his 1977 crimes. For true crime fans, more details here on how the case was solved.

2. Hackers for hire to assassinate 
   Apparently, hackers are like assassins these days. Criminal organisations like the Mexican Sinaloa drug cartel, led by infamous kingpin Joaquín “El Chapo” Guzmán, could hire one to track down sources or witnesses working with authorities. The 2018 incident was disclosed in a recent report by the Department of Justice in the US, where somehow the hacker was “able to use” official’s mobile phone number to obtain calls made and received, as well as geolocation data associated with the official’s phone therefore leading to the intelligence for the cartel. The irony is that the same hacker could also be hired by the authorities to do the job in reverse.

5. FOR YOUR EYES 📺

We talk money today

1. A different take on the magic of compounding, with regards to wealth building. I am a true believer in this magic (not just with money), but Mr Simple Bob has a point too.

2. Why it’s easier to get richer after your net worth explodes after RM100k (compounding plays a part too).
   “The first USD100k is a bitch, but you gotta do it. I don’t care what you have to do, find a way to get your hands on USD100k” - Charlie Munger

Mid-week now! Here’s an elephant in uniform proper to give you happy vibes.

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