☕️ Government ordered to return 263-acre “Duta enclave” to the rightful owner

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

China’s youngest olympian, Zheng Haohao is only 11 years old. Zheng finished 18th in the preliminary round of the skateboarding competition with a best score of 63.19, missing the final. Australia's Arisa Trew, 14, won the final. The youngest Olympic athlete is Dimitrios Loundras who took team bronze in gymnastics in 1896 at the age of 10.

In 2022, Malaysia had 136,453 food and beverage (F&B) service establishments with a gross output value of RM99 bil, up from 167,490 establishments worth RM66.4 bil in 2015, according to the Department of Statistics Malaysia (DOSM). The Economic Census Report 2023 highlighted that food services led with 107,129 establishments (78.5%), followed by event catering services with 16,208 establishments (11.9%), and beverage services with 13,116 establishments (9.6%).

Increasing the replanting rate of older oil palm areas in Malaysia could boost the annual palm oil output by 2.5 mil tonnes, according to Plantation and Commodities Minister Johari Abdul Ghani. He highlighted concerns over the low replanting rate among independent smallholders, who cultivate 1.5 mil hectares. The national replanting rate is about 1.8%, well below the industry standard of 4-5%. Raising it to these standards would significantly enhance palm oil production — ensuring that Malaysia maintains its forest cover above 50% as part of the country’s climate commitment.

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3. IN MALAYSIA 🇲🇾

Government ordered to return 263.27-acre “Duta enclave” to the rightful owner
The Kuala Lumpur High Court has ruled in favour of the liquidator of Semantan Estate (1952) Sdn Bhd, allowing the transfer of the 263.27-acre "Duta enclave" land in Mukim Batu back to the company. This land — which can fit about 7,650 houses of 1,500 sq meters each — currently houses various landmark government complexes such as the Tun Razak hockey stadium, the National Archives, KL Syariah Court, LHDN, and possibly portions of the Federal Territory mosque. The liquidator are also seekng for mesne profit from 1957 to 2021, estimated to amount between RM3.1 bil and RM6.45 bil with simple interest, and RM13.242 bil with compound interest.

The decision, made by Judge Datuk Ahmad Shahrir Mohd Salleh, adheres to a 2009 order obtained by Semantan Estate. The court dismissed the government’s request for an adjournment of the hearing pending a proposed settlement on the issue. This case is one of the longest-standing civil land disputes since Malaysia's independence.

In 1956, the government acquired the 263.27-acre “Duta enclave” land from Semantan Estate for RM1.32 mil under the then-Land Acquisition Enactment. The purpose was to develop a diplomatic enclave. In 2009, the High Court ruled that the liquidator of Semantan Estate is the beneficial owner of the land. The court determined that the government had unlawfully taken possession of and trespassed on this land. Semantan Estate, founded by the Eng Lian Group (known for developing Bangsar) and Ng Chin Siu & Sons Rubber Estates Sdn Bhd (known for Desa Hartamas and Mont Kiara), represents the interests of two prominent land-owning families.

Tesla abandoning its plans in SEA
Tesla has reportedly decided to suspend its plans for a USD5 bil EV manufacturing hub in Thailand. The impact of this decision on Tesla’s plans for other Southeast Asian countries, including Malaysia and Indonesia, remains unclear. This decision comes after layoffs involving Tesla executives who visited Thailand in late 2023. The company will now focus on developing its charging stations in the region. Apparently, Tesla is not proceeding with building factories anywhere else except for China, America and Germany.

Tesla is facing multiple headwinds — falling car sales (despite lowering prices) and intense competition from Chinese brands. It’s no wonder why the biggest electric vehicle manufacturer is shifting the focus.

Shorts

1. Official portraits of the King and Queen will be distributed today
   The official portraits of Their Majesties Sultan Ibrahim and Raja Zarith Sofiah, the King and Queen of Malaysia, will be distributed beginning today. Communications Minister Fahmi Fadzil said the members of the public who wish to get the official portraits free of charge, can contact the state JaPen office or their district officers.

2. Civil servants to get up to 42.7% pay hike
   Government workers may get a pay raise of 15% to 42.7% with the new Public Service Remuneration System (SSPA), according to Communications Minister Fahmi Fadzil. He mentioned that those in lower job grades will get the biggest increases. Prime Minister Anwar Ibrahim said some early details about the new SSPA will be shared soon, and a full announcement will come with the Budget 2025 in October 2024.

3. Azizulhasni Awang on form in Paris
   Azizulhasni Awang, 36, rode in his best form, finishing in 9.402 seconds to rank 10th out of 30 riders in the men’s individual sprint qualifying round at the Saint Quentin en Yvelines Velodrome. He broke his own national record of 9.523 seconds, which he had set when he won gold at the Asian Championships in Nilai last year. Let’s hope for another medal for Malaysia from Azizul!

4. Selling off organs is apparently a thing in Malaysia
   The practice of selling organs is illegal in Malaysia, yet there is a page on Facebook called “Mencari Penderma Buah Pinggan” (Looking for kidney donors). A Malaysian has offered to sell a kidney or eye for RM250,000 to RM300,000 on the page because he wanted to reclaim family land that had been pawned off.

5. The price of diesel in Peninsular Malaysia to drop by 5 sen
   If you have a diesel vehicle, it’s time to head to the pumps as the retail price of diesel in Peninsular Malaysia will be RM3.30 per litre (from RM3.35) until Aug 14. However, the fuel price in Sabah, Sarawak, and Labuan remains at RM2.15 per litre during the same week.
   

4. AROUND THE WORLD 🌎

A new face for Hamas
Yahya Sinwar, Hamas’ top official in Gaza, has been appointed as the new leader of the group’s political bureau, following the assassination of the previous leader Ismail Haniyeh. Previously Hamas’ Gaza chief, his elevation to the top spot leads analysts to point out just how much Gaza occupies the group’s political vision. With regards to the peace talks, Sinwar is now considered the primary decider in any cease-fire, according to US Secretary of State Antony Blinken.

Sinwar was also identified by Israel as the mastermind behind the 7 October attack and played a leading role during Israel’s 2014 offensive into Gaza. He also founded the Al-Majd security apparatus, which tracked and killed Palestinians accused of providing information on Hamas to Israel’s secret service, and helped establish the Qassam Brigades, the armed wing of Hamas.

Meanwhile, a rights group has brought allegations against Israel, accusing the country of “setting up facilities dedicated to torturing Palestinians”. The Israeli human rights group B’Tselem collected testimonies from 55 Palestinians detailing the torture they were subjected to, and presented them in a report titled “Welcome to Hell”. The group claims at least 60 Palestinians have died in Israeli custody since 7 October, and called on the International Criminal Court to investigate.
View report: Welcome to Hell: The Israeli Prison System as a Network of Torture Camps

Also, South Africa’s genocide case against Israel at the International Court of Justice has a new supporter in the form of Turkey, who has submitted a declaration of intervention for the international community to “recognise and address the humanitarian crisis in Gaza”. Israel has repeatedly dismissed the accusations of genocide as baseless, arguing that its operations are conducted in self-defence.

Ukraine crosses the border, to Putin's displeasure
Intense battles between Ukrainian and Russian forces were reported in Russia’s Kursk region, with the event identified as one of the largest incursions into Russia since the conflict began in 2022. The Ukrainian forces were reportedly pushing for the town of Sudzha, the last operational trans-shipping point for Russian gas exports to Europe via Ukraine. The provocation for the Ukrainian attack is alleged to be the US elections, where Ukraine is concerned that, should Republican candidate Donald Trump win, he will end US support. Russian President Vladimir Putin called the Ukrainian incursion a “major provocation”, accusing them of the “indiscriminate shelling of civilians”. So what you’re saying is that the Russian “special military operation”  was not a “major provocation”?

Nobel laureate declared interim head of Bangladesh government
Bangladesh’s Nobel Prize holder Muhammad Yunus has been appointed the new leader of the country’s interim government, taking up the post after protesters proposed he be appointed. Yunus, who is currently in Paris, won his Nobel Prize for his work in “creating economic and social development from below” by pioneering microfinance in Bangladesh through his Grameen Bank. Interesting enough is that a court in Bangladesh overturned the conviction Yunus had in a case of labour law violations, where he failed to set up a welfare fund for workers of one of his companies.

Meanwhile, India has ordered the evacuation of non-essential staff from its consulates and embassy in Bangladesh, though diplomats are to remain and all missions are functional. This follows former Bangladesh PM Sheikh Hasina fleeing to India after her resignation following weeks of unrest. It has also surfaced that, the night before the protesters stormed Hasina’s palace, Bangladesh’s army chief had met with his generals and decided that their troops would not open fire on civilians to enforce a curfew, with army chief General Waker-uz-Zaman informing Hasina that the troops will be unable to implement the lockdown she called for.

The court of law
Americans doing what they do best — outsourcing. This time, accountability.

1. Teen sues Meta for Instagram addiction

   A teen from New York, aged 13, has filed a USD5 bil class-action lawsuit against Meta, alleging that Instagram deliberately addicted teens, claiming she has suffered from anxiety, depression, and lower grades following her use of the app. The lawsuit argues that Instagram has features designed to be addictive, such as “like” counts and “stories”, despite knowing the effect these could have on the mental health of teenagers, thus violating consumer protection laws. This also marks the latest in a series of cases against Meta linking social media to the teen mental health crisis.

2. Musk sues clients for X's loss of ad revenue

   Tesla CEO and X owner Elon Musk has filed a claim against Unilever, Mars, CVS Health, Orsted, and the World Federation of Advertisers trade federation, alleging that they unlawfully agreed to boycott X, leading to the loss of “billions of dollars” in revenue. Legal experts believe the case will fail since any collusion would be hard to prove. The lawsuit covers the period right after Musk bought X, and advertisers had shied away due to concerns at the time that the new owner was not serious enough about removing harmful content from the platform.

Shorts

1. Olympics sees first all-black podium in gymnastics in history The podium saw Brazil’s Rebeca Andrade taking the gold, with Americans Simone Biles and Jordan Chiles taking silver and bronze respectively. The US athletes paid homage to Andrade by “bowing to the queen” at the podium. The trio also marked the first all-black podium the Olympics has ever seen in men’s or women’s gymnastics.

2. Dell lays off 12,500, looks to AI
   The move to lay off 10% of its workforce is described as “streamlining layers of management, and will see even company veterans let go from the tech giant. Upper management is looking to focus its investments towards “unlocking the value of modern IT and AI”, and has a goal of reducing its workforce below 100,000 from about 120,000.

3. OpenAI sees haemorrhage of top-level names
   Sources have revealed that three more leaders at OpenAI have left the company. President Greg Brockman is taking an extended leave of absence through the end of the year, while Vice President of Consumer Product Peter Deng has left the company. Co-founder John Schulman has also left the firm to join rival AI firm Anthropic, claiming the difficult decision comes from his desire to return to hands-on technical work. With these departures, this means that of OpenAI’s 11 founders, only three are left at the company.

4. SoftBank unveils buyback plan

   Japan’s SoftBank has revealed its plans to buy back USD3.4 bil or 6.8% of its shares over the next 12 months, something shareholders have pushed for to bolster the investment firm’s stock price. However, sources revealed that this is a fraction of a larger share buyback plan of USD15 bil, a plan called for by US fund Elliott Management. SoftBank CFO Yoshimitsu Goto shared that, while there may be another share buyback programme in the future, the current plan was not influenced by external pressure.

5. FOR YOUR EYES 📺

1. How many people (over 15 years old) from each region have consumed alcohol in the past 12 months?

2. Bart Kwan slaying with Asian accents from Vietnamese to Japanese.

3. The cheapest brands to maintain according to Consumer Reports.