☕️ Justice served for Zulfarhan who was brutally tortured, murdered at military college

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Floods in Malaysia caused massive losses amounting to RM7.9 bil between 2021 and 2023, with 2021 recording the highest losses at RM6.1 bil (77.2%), according to Deputy Prime Minister Ahmad Zahid Hamidi. Floods are the most common natural disaster in the country, displacing about 900,000 victims between 2017 and 2023. The year 2021 saw the highest displacement, with 208,672 victims, making up 23.3% of the total number recorded in the seven years.

Malaysia was recently ranked as the 5th most dangerous city for tourists in ASEAN by Forbes Advisor. The ranking was built on seven metrics, Malaysia scored lowest for crime risk — this metric reflects the overall level of crime in each city. This didn’t sit well with the Home Ministry as Home Minister Saifuddin Nasution Ismail said the report contradicts the 2024 Global Global Peace Index (GPI), which ranked Malaysia as the top 10 most peaceful countries this year. View the full ranking here.

USD600 mil (RM2.8 bil) — the estimated cost of the wedding of Anant Ambani, the youngest son of Mukesh Ambani. The five-month-long wedding extravaganza began in March and featured a prenuptial bash with Rihanna performing at a private wildlife sanctuary within Ambani’s refinery complex on India’s western coast. The celebrations concluded with consecutive galas in Mumbai, attended by Bollywood stars and the Kardashians. Prior events included a Justin Bieber headlined function, a European cruise party with the Backstreet Boys in Italy, and Katy Perry joining in Cannes. But hey, what’s USD600 mil when you have a networth of USD115.6 bil? Mathematically, it just means a rounding error.

3. IN MALAYSIA 🇲🇾

Justice served for Zulfarhan
The six former UPNM students (now 28 years old) involved in the brutal murder of navy cadet Zulfarhan Osman Zulkarnain seven years ago (warning — a graphic description of his torture that led to his death) were sentenced to the death penalty by the Court of Appeal (CoA). The High Court initially convicted them for the offence of causing death with no intent to kill and sentenced them to 18 years imprisonment, but the CoA unanimously found them guilty of murder. Despite the abolishment of the mandatory death penalty by a parliamentary enactment last year, the CoA found only the death sentence appropriate and thus, reinstated for this case.

From how unremorseful the criminals were, laughing and smiling, we’d say the court is spot on. The CoA also increased the jail sentence for 12 others involved in injuring Zulfarhan from three years to four years. Defence counsel Hisham Teik & Co will, however, bring this case to the Federal Court. Zulfarhan had dreams of captaining a navy ship one day. A dream is all that remains. Watch his parents’ reaction to the renewed conviction here.

All (but not all) kinds of funding for school allowed, says MOE
Minister of Education Fadhlina Sidek says that all sources of fundraising for schools are allowed, as long as it complies with the Ministry’s guidelines. The comment pertains to a fundraiser organised by an alcoholic beverage company for vernacular schools– to which the ministry emphasised that the guidelines prohibit donations from gambling, tobacco, drugs, alcohol and the likes. DAP Sec-Gen Anthony Loke explained that the breweries have organised such programmes for the past 30 years without any issues, but are now politicised by PAS and stirring up a non-issue. PAS in a nutshell, innit?

Meanwhile, Putrajaya is considering enacting a Charities Act and setting up a Charities Commission to curb any misuse of donations. According to Law Minister Azalina Othman, they’re conducting a feasibility study which began in May with UKM, IIUM, the Malaysian Bar, NGOs and relevant agencies. Let’s hope the committee will not be misused too.

Six-year-old Albertine found, fifth suspect arrested
Six-year-old Albertine Leo Jia Hui, kidnapped during an event in Johor Bahru last Saturday was found safe at a hotel in Batang Kali on July 23. The police found her at the budget hotel at 4.30am following public information, and arrested a 31-year-old man who was with the victim in the room. Well done to the police force! The man is the fifth suspect– four suspects, aged between 28 and 55, were brought in earlier. Johor police Chief Comm M. Kumar says the police are still investigating the case, the motive is yet to be known as no ransom demand was made and the suspects have no ties to the victim and family. Regardless of their motive, these people are sick.

Tropicana Gardens Mall acquired by IOI for RM608 mil
IOI Properties Group Bhd is acquiring Tropicana Gardens Mall from Tropicana Corp Bhd for RM608 mil in cash. Tropicana Indah Sdn Bhd, an indirect 70%-owned subsidiary of Tropicana entered the sale and purchase agreement with IOI Mall Damansara Sdn Bhd, a wholly-owned subsidiary of IOI Properties. This will be IOI’s third asset purchase in the last 8 months. IOI Properties recently acquired W Kuala Lumpur Hotel for RM270 mil and Courtyard by Marriott Penang for RM165 mil, both investment assets sold by Tropicana. Tropicana says that the divestment allows them to monetise their investment property and help with the group’s debt, thus providing more financial flexibility in the future.

4. AROUND THE WORLD 🌎

China flexes its geopolitlcal power in Palestine
The announcement that the 14 Palestinian factions, including Hamas and the Fatah faction led by Palestinian President Mahmoud Abbas, will be “ending their divisions” to form an interim national unity government was made by China’s Foreign Ministry, upon the conclusion of reconciliation talks held there. The agreement follows previous unsuccessful efforts by Egypt and other Arab countries, with the newly-inked “Beijing Declaration” ending 17 years of power-sharing conflict between Hamas and the Fatah faction. Israeli PM Benjamin Netanyahu slammed Abbas for the decision, saying Abbas has revealed “his true face” in embracing the “murderers and rapists of Hamas”.

Meanwhile, Israel’s Parliament has issued preliminary approval to a bill that declares the UN Relief and Works Agency for Palestinian Refugees (UNRWA) a terrorist organisation and that Israel will be severing relations with the agency. This marks the latest step in Israel’s campaign against the agency, accused by Israeli leaders of collaborating with Hamas, going so far as to say “hundreds of UNRWA staff” are members of terrorist groups, including Hamas and Islamic Jihad, but has provided no proof so far.

"Brat" Kamala Harris secures Democrat support; Congress forms task force to investigate Trump assassination attempt
Incumbent US Vice President Kamala Harris has secured the support of a majority of Democrat delegates, which will win her the nomination as the party’s presidential candidate. However, this will only be official after a roll call vote before the Democratic National Convention in Chicago next month. So far, no one has stepped forward to contest Harris, who has embraced her “brat” status to reach out to younger voters. 

In the meantime, the US Congress is forming a bipartisan task force to investigate the attempted assassination of Republican presidential nominee Donald Trump. The US Secret Service has come under intense scrutiny and scathing criticism following the shooting, with Secret Service Director Kimberly Cheatle being called on to resign. Cheatle acknowledged that the shooting represented the agency’s “most significant operational failure” in a decade, but has pushed back against the calls for her to step down. She succumbed and stepped down.

Google's about-turns: cookie policy backtracking and Wiz deal reversal
Tech giant Google will be going back on its decision to remove third-party cookies from its Chrome browser, with the reversal coming after years of promises to phase out the user-tracking packers of code. This also follows concerns from advertisers – which make up Google’s largest revenue source – saying that not having cookies would limit their ability to collect information to personalise ads, making them reliant on Google’s database. This brought scrutiny from the UK’s Competition and Markets Authority, due to concerns that the move would impede competition in digital advertising. Now, the tech giant will allow users to “make an informed choice” that applies across their web browsing that they can adjust at any time.

Google’s offer to acquire Israeli cybersecurity firm Wiz for USD23 bil has been declined, with Wiz instead looking to go public. The deal would have been Google’s largest-ever acquisition. An internal memo by Wiz CEO Assaf Rappaport revealed that the company would go back to its original plan of an IPO, with a goal of an annual recurring revenue of USD1 bil.

Blood-thinner antidote possible sigh of relief for poorer rural areas 
Snakebites are an epidemic among the poorer rural areas of low – to middle-income nations in Africa, South Asia, and Southeast Asia, killing 138,000 a year, with cobras accounting for a majority of the bites in parts of Africa and India. However, a cheap, accessible blood-thinner called Heparin could be the relief needed for those victims and communities. After it is repurposed, it will be a more general-use antidote for the venom of several cobra species, compared to how an antivenom only works for one species of snake. The repurposed Heparin can also help prevent necrosis – where the tissue around the bite dies and turns black – while antivenoms do not.

Business highlights

• Kakao founder arrested over share price manipulation

  Brian Kim Beom-su, the founder of South Korean tech giant Kakao Corp, has been arrested for manipulating share prices during its acquisition of SM Entertainment, the agency known for fostering numerous K-pop superstars. He stands accused of colluding with a private equity firm to buy USD173 mil worth of shares to inflate SM Entertainment’s stock price to prevent its takeover by rival entertainment agency Hybe Corp (BTS’s agency). Hybe withdrew its offer to acquire a 14.8% stake in SM Entertainment as a result of the price inflation, allowing Kakao to secure a nearly 40% stake instead.

• Successful early trial of obesity pill boosts Roche Holding's stocks

  Swiss drugmaker Roche Holding saw its market value appreciate by USD16.8 bil following the successful early trial of a weight loss pill. This also marks the latest market value gain for drugmakers addressing obesity from positive results of early-stage tests, which total USD93 bil so far this year. The drive comes from investors wanting a slice of a pie that could reach a value of USD130 bil by 2030, according to Goldman Sachs. The article also offers a word of caution, reminding investors that pharmaceutical development is fickle in nature and that a successful early-stage trial is not a confirmation that a drug will reach the market.

  As an aside, pharma giant Pfizer has announced it will be investing USD743 mil to expand its facility in Singapore. The expansion of the automated active pharmaceutical ingredient manufacturing facility is also expected to generate more than 250 new highly-skilled jobs to add to its current workforce there.

Shorts:

1. Narcos La Oceano - Brazilian sharks test positive for cocaine 
   Sharpnose sharks tested off the coast of Brazil showed high levels of cocaine in their muscles and livers, as much as 100 times higher than previously reported for other aquatic creatures. It is believed cocaine is making its way into the waters from illegal labs making the drug or through the excrement of drug users. Another possible source is from packs of cocaine lost or dumped by traffickers at sea, though this is less likely. 

2. Musk: Tesla to make humanoid robots next year
   Tesla CEO Elon Musk announced that the automaker will start producing and using humanoid robots next year, with plans to sell the robots in 2026. Musk has previously stated that he expected the Optimus robots to be ready for internal use in Tesla factories by the end of this year.

3. John Wick star's new novel explores mortality 
   Keanu Reeves, of Matrix and John Wick fame, just released a novel written in collaboration with science fiction author China Miéville. Titled “The Book of Elsewhere”, the novel tells the tale of an immortal warrior who wants to be able to die and is based on the BRZRKR comic series – pronounced “berserker” – created by Reeves. The movie star also admitted to contemplating mortality, which has helped him to better appreciate every day.

5. FOR YOUR EYES 📺

1. What Google bought

2. What Microsoft bought

3. Ok, something less serious. Throwback to the time Godzilla and Snickers (yes, the chocolate bar) made an advertisement together.