☕️ 'Gay Party': A dead man, drugs found, and 51 arrested

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Mt Everest Special

32 Mt Everest climbs – Renowned Nepali guide Kami Rita Sherpa, 56, broke his own record for the most Mt Everest climbs, which he set last year, when he completed his 32nd climb. Kami Rita, also known as ‘Everest Man’, first summited the world’s highest mountain in 1994 while working for a commercial expedition, and has since guided clients climbing the mountain almost every year, even reaching the summit twice in some years.

11 Mt Everest summits – Another renowned Nepali guide, Lhakpa Sherpa, 52, also set a new women’s record with an 11th summit of the world’s highest mountain. Lhakpa, nicknamed the Mountain Queen, was also the first Nepali woman to successfully summit and descend Mt Everest. She first stood on top of the mountain in 2000.

20 trips to the top – Kenton Cool, 52, set a new record after summiting Mt Everest for the 20th time, becoming the first non-Nepali climber to reach the top of the world’s highest mountain that many times. Cool first summited Mt Everest in 2004 and has since joined an expedition almost every year. Another recent Mt Everest record was more than 270 climbers attempted the mountain via Nepal’s southern route, the most in a single day. However, voices are calling to limit activity and improve safety on the mountain after reports that two more climbers died during their descent.

3. IN MALAYSIA 🇲🇾

51 arrested in drug and gay party raid
Police arrested 51 men during a series of overnight raids at a luxury hotel in Kuala Lumpur, linked to drug abuse and a private party gathering. Bukit Aman Narcotics Crime Investigation Department director Hussein Omar Khan said the operation, carried out between 2.35am and 5am, involved 23 locals and 28 foreign nationals aged between 21 and 52. We are more curious - which hotel?

Authorities also seized various drugs worth RM103,070, including MDMA, Ecstasy, and ketamine. Initial urine tests found that 36 individuals tested positive for drugs. Police also revealed that a man believed to be involved in the gathering was found unconscious in the hotel lobby and was later confirmed dead at Kuala Lumpur Hospital.

Batu Ferringhi beach crisis deepens
Severe coastal erosion at Batu Ferringhi has left the once-busy beachfront noticeably quieter, even during the school holiday period. A recent check over the weekend found fewer visitors swimming or picnicking along the stretch, with parts of the shoreline now significantly narrowed. Several century-old casuarina trees have collapsed this year, while sandbags used as wave barriers have been washed away by strong currents. Walkways near the beach are now considered at risk as the embankment continues to weaken. Visitors returning after previous trips said the change was clearly visible, pointing out that the beach now appears narrower and less accessible, with exposed sand patches and signs of structural damage along the coast.

Tourism operators and beach users have raised concerns over safety and falling visitor numbers. Water sports operators said both local and foreign tourists are becoming more cautious about activities due to the changing shoreline. Some visitors who planned short stays based on earlier experiences said they were disappointed, noting that online images no longer reflect the current condition. Earlier reports had warned that Penang’s coastline could face long-term loss if erosion continues unchecked, with projections suggesting parts of the shoreline may be permanently affected within 10 to 20 years. Marine experts have also noted that coastal erosion in the area is no longer a seasonal issue but a continuing environmental challenge. See how the beach looks now:

Social finance gets capital market treatment
The government has launched Malaysia’s first Social Exchange platform, aiming to expand how the capital market supports social enterprises and community-driven initiatives beyond traditional donation-based fundraising. Deputy Finance Minister Liew Chin Tong said the platform is designed to build a more structured social finance ecosystem, helping channel resources into areas such as social enterprises, environmental initiatives, and community resilience programmes. He said the initiative also responds to wider pressures, including youth wage concerns, an ageing population, and climate-related challenges, while ensuring more inclusive allocation of capital.

He said the long-term goal is to evolve the Social Exchange into part of a broader “social market”, where commercial mechanisms are used to achieve social outcomes. He added that while the current phase focuses on charitable fundraising, future expansion could include environmental conservation projects and improved access to water. Meanwhile, Securities Commission chairman Mohammad Faiz Azmi said the platform aims to improve transparency, accountability, and trust in fundraising, particularly amid rising concerns over donation governance. The Social Exchange currently includes eight non-profit organisations covering areas such as healthcare access, youth programmes, food security, and environmental sustainability. LC Wakaful Digital Sdn Bhd has been appointed as the first platform operator through its Impakrintas system (view projects and visit site here). The government has also allocated a RM2 mil grant under Budget 2026 to support onboarding costs and introduced tax parity incentives for eligible donors and participating organisations.

Loan sharks outsource dirty work to food delivery riders
Food delivery riders are being drawn into illegal moneylending syndicates after falling for online side job offers promising fast cash, according to reports following a joint Malaysian-Singaporean police crackdown involving 35 arrests. Authorities said some riders were recruited through social media and Telegram groups under the guise of simple delivery tasks, with payouts advertised at up to SGD100 (RM308) per job and parcels described as “surprise gifts”. Many were allegedly used as runners for cross-border loan shark operations without knowing the real purpose of the deliveries.

The Persatuan Perpaduan Rakan Penghantar Malaysia said riders are becoming easy targets due to shrinking earnings on official delivery platforms, which push them to look for alternative income. Its chairman, Haris Fadillah Arsyad, said syndicates exploit this financial pressure by disguising illegal work as normal delivery gigs, which makes them appear legitimate at first glance. He added that riders often assume such jobs are safe due to frequent advertisements circulating online. Police have confirmed that some of those arrested were local riders allegedly acting as couriers for Singapore-based loan shark groups. The arrests were carried out in a joint operation with the Singapore Police Force.

Government weighs filial care law
The government is studying a proposal to introduce a filial responsibility law that would require children to care for their elderly parents, with the Women, Family and Community Development Ministry reviewing both legal and non-legal options. Its minister Nancy Shukri said the proposal is being carefully assessed, with alternatives such as strengthening caregiver support systems also under consideration. Speaking at an event in Kuching, she said some countries have introduced similar laws but with limited success, adding that Malaysia must take a realistic approach that does not place excessive financial pressure on families.

Nancy said affordability remains a key concern, noting that many children may struggle to support ageing parents due to rising living costs, and added that the government is focusing on improving care systems rather than relying solely on legal obligations. Existing measures include the Welfare Department’s Spektrum programme, which provides caregiver training, as well as home help services for elderly citizens. She said the priority is to ensure older people can age with dignity through training, psychosocial support, and community assistance. Earlier, Deputy Prime Minister Ahmad Zahid Hamidi said the ministry had been tasked with preparing a policy paper on the proposal within six months, as part of wider efforts to address challenges linked to an ageing population in Malaysia.

4. AROUND THE WORLD 🌎

In China
China’s deadliest coal mine blast kills 82
The deadliest coal mine explosion in 15 years ripped through the Liushenyu coal mine in Shanxi province. It has claimed at least 82 people, injuring 120 more. Tongzhou Group, the company operating the Liushenyu coal mine, did not comment and is now under investigation by the authorities. The Chinese authorities have pledged to conduct a ‘rigorous’ investigation, stating that Tongzhou had committed ‘serious illegal violations’. The state media has highlighted several ‘violations’.

• Workers did not bring mandatory tracking devices.

• Blueprints of the coal mine did not match.

• The number of people in the mine was double the company’s official count.

In 2025, Tongzhou received two administrative penalties for safety violations. Authorities seem willing to allow Tongzhou to take the blame, as social media and online criticisms have centred on the company. In the 2000s, deadly accidents were common in China. The state media only reported them if casualties were high. However, the government has, in recent years, tried to clean up the industry by bringing in international standards for safety. Rescue efforts are ongoing at the mine, with two people still reported missing.

Huawei could be rivalling TSMC
Forget Moore’s Law, Huawei is now talking about its very own Tau Scaling Law. Huawei announced that it has found a ‘new pathway’ to produce 1.4 nm chips by 2031 with its own ‘LogicFolding’ technology, in collaboration with SMIC. TSMC said it plans to produce them by 2028. Right now, there is about a five-year gap between the capabilities of TSMC and Huawei. Huawei wants to shorten that gap.

If Huawei is able to mass-produce them, this could change how the industry looks at ASML Holding NV’s state-of-the-art extreme ultraviolet (EUV) lithography machines. Currently, EUV machines are critical for any chipmakers to mass-produce chips smaller than 5nm. Huawei’s self-aligned quadruple patterning, or SAQP technology, if successful and viable, could allow it to mass-produce without EUV. However, the devil is in the details, and time will tell whether Huawei will be successful.

Li Jiaying, the first Hong Kong astronaut in space
It is a monumental achievement. Li Jiaying is the first Hong Kong astronaut to travel into space and dock with the Tiangong Space Station along with two others - Zhu Yangzhu and Zhang Ziyuan. She is a 43-year-old police officer and a mother of three.

Her role? Payload scientist. They are tasked with investigating the effects of microgravity on the human body and conducting other experiments. This is important. Scientists have found that being in space for a long time could lead to muscle and bone complications, cardiovascular changes, and a weaker immune system. Their findings are important as China aims to achieve a crewed lunar landing by 2028.
Here is a short on how astronauts are after they return:

Meanwhile, Indonesia has banned Polymarket
Was it an issue of morality or simply sensitivity? Indonesia recently banned Polymarket when a bet on the possible early end of President Prabowo Subianto’s tenure made its rounds on Indonesia’s social media. The authorities immediately sprang into action and labelled it as a form of online gambling. They are also tracking social media accounts that promote the platform. Would it have attracted attention if the bet never became popular? We will never know.

The bet was launched on May 21 when Prabowo tightened government control on the country’s major exports. People are wondering now whether there’s any credibility or transparency to the former general’s policies. Odds are highest at 12% for Prabowo’s presidency to end in Dec 2026. And judging by the government’s action, there might be some truth to this. View the Polymarket bet here.

Cinema & Oil

1. Is IMAX up for sale?
   IMAX could be up for sale, according to a source. The movie theatre technology company reportedly held ‘preliminary talks’ through middlemen, but there were no official pitches for the company. A hint from CEO Rich Gelfond last Dec could be important: “IMAX is an incredibly valuable player, either as a wholly differentiated publicly-traded company or as part of a larger company.” Wedbush Senior Vice President of Equity Research Alicia Reese suggested that potential buyers could include Netflix, Apple, Sony or private equity players. Netflix could be a potential buyer, considering that it recently backed out from a deal to acquire Warner Bros, after Paramount hijacked it with a much higher offer price. It could also be exploring cinemas to release their films first, before putting them on its streaming platform. It is doing this for the new film, Narnia: The Magician’s Nephew. The company’s market cap stands at USD2.15 bil.

2. Oil is at ‘tank bottom’
   Alarm bells are ringing across Asia. Veteran market strategist Jeff Currie said that oil markets are nearing minimum operating levels in Asia, with Europe and the U.S. likely being the next. Summer is coming. The global oil market could face a more severe supply crunch as demand for power and oil could peak to power everyone’s air-conditioning to escape the heat. Imports from the US are not sustainable as the US is drawing them from its Strategic Petroleum Reserve. Currie thinks the only solution to this would be for the Strait of Hormuz to reopen. But even then, it could take time for markets to get back to normal.

5. FOR YOUR EYES 📺

1. Get a morning wake-up kick watching this. A paraglider got hit by a plane and survived to post it on her IG.

2. Body language says a lot silently.

3. When Nicol David meets Yao Ming. Like AI went wrong, but it’s real.