☕️ Weekend of disasters: Collapsed shoplots, fallen trees, flash floods

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM3.3 bil – The upcoming Rapid Transit System Link in Johor Bahru could spur Singaporeans to spend that much more each year in Malaysia. This is according to a study jointly commissioned by the Singapore Business Federation, Restaurant Association of Singapore and Singapore Retailers Association. The study projected that the rail line could lead to a 51% jump in outbound trips by Singapore consumers looking for cheaper groceries, medicine, dining, and beauty services in Johor Bahru. Both public and private transport users expect to increase trip frequency by up to 70% once the rail service begins. Of course it goes both ways - a projected incremental spending of SGD756 mil in Singapore, resulting in net inflow for Malaysia.
Read the full study here.

930,000km – That’s the total Mean Kilometres Between Failures (MKBF) for all LRT and MRT lines as of May 2026. This is the indicator used to measure the system’s reliability, according to Transport Minister Anthony Loke. The metric is calculated based on the distance travelled by trains before a failure occurs that results in a delay of more than five minutes, using a 12-month moving average. As of May 2026, there have only been 12 service disruptions recorded for the year, excluding monorail services. In comparison, 2025 saw 28 disruptions with a total MKBF of 790,000km, while 2024 saw 64 disruptions with a total MKBF of 330,300km. According to the minister, the data shows that service has improved over the years.

Nearly 2km – When German semiconductor giant Infineon Technologies held a walk-in recruitment drive at Holiday Inn Melaka in a bid to fill 500 positions, a queue of hopeful job seekers started forming before dawn. The line ultimately stretched to nearly 2km with more than 1,000 people showing up. Infineon was seeking production operators and technicians, offering a starting salary of RM3,500, which is double the minimum wage of RM1,700 per month.

3. IN MALAYSIA 🇲🇾

No wealth tax plans - for now
The government currently has no plans to introduce a 2% wealth tax on high-net-worth individuals, saying the proposal requires further study due to the country’s relatively small and limited tax base. The Finance Ministry (MOF) said any wealth tax would need to be carefully examined, as exemptions and reliefs could reduce the amount of revenue collected. The idea of introducing a wealth tax has previously been discussed in Malaysia as part of efforts to create a more progressive tax system and reduce socioeconomic inequality. However, the government said it will continue focusing on targeted measures that require those with greater financial capacity to contribute more.

In some ways, there’s already some form of wealth tax. MOF said it has expanded the tax base through measures including the capital gains tax on the disposal of unlisted shares, dividend tax on income exceeding RM100,000, and taxes on profit distributions above RM100,000 received by partners in limited liability partnerships.

The global debate over taxing wealth has also gained attention, with countries adopting different approaches. South Korea recently saw the Samsung family complete a record KRW12 tril (~RM33 bil) inheritance tax payment linked to the estate of late Samsung chairman Lee Kun-hee, who died in October 2020. The payment was made over five years through six instalments under South Korea’s 50% inheritance tax rate, one of the highest in the world.

KWAP’s eFishery saga

It was fraud, said PM Anwar: PM Anwar Ibrahim told Parliament that KWAP’s investment went through the required governance processes, including financial statement verification by internationally recognised auditors and independent due diligence carried out by the investor consortium. However, he said eFishery’s management manipulated its financial reports, deceiving KWAP and other major investors, including Temasek, SoftBank, 42XFund and Northstar. In 2023, eFishery raised USD200 mil through its Series D funding round, with KWAP investing USD47.7 mil, or about RM200 mil. The company later became involved in one of Southeast Asia’s biggest start-up scandals after allegations of financial misconduct surfaced. On April 29, 2026, eFishery founder and chief executive officer Gibran Huzaifah was sentenced to nine years in prison in Indonesia after being found guilty of embezzlement and money laundering. Following the scandal, KWAP and other investors have started legal action to recover their funds.

But MACC is investigating anyway: The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into KWAP’s RM200 mil investment loss in Indonesian aquaculture technology start-up eFishery. A special investigation team was formed on July 17 to look into the case, with MACC saying the probe will be carried out fairly, transparently and according to existing laws. The agency also urged the public not to speculate, warning that unverified claims could affect the integrity of the investigation. Even if it isn’t graft, there has to be someone who needs to bear accountability.

Weekend of disasters

Melaka shoplot collapses without warning: A 40-year-old double-storey shoplot in Taman Kota Laksamana, Melaka, suddenly collapsed on July 18, sending traders and passers-by rushing to safety. The building, which was reportedly undergoing renovation and believed to have been used for swiftlet farming, collapsed at about 4.30pm and damaged two vehicles parked nearby. Traders said they noticed warning signs before the collapse, with one witness claiming the structure started leaning about 15 minutes earlier. Fortunately, no one was trapped or injured, while authorities are investigating the cause of the collapse. Watch incident here. Mark Wahlberg wasn’t anywhere close; otherwise it could be a movie set.

Fallen tree kills driver in Kuala Lumpur: A large tree fell onto two vehicles near the Singapore High Commission along Jalan Tun Razak, Kuala Lumpur, on July 18, killing a 43-year-old driver and leaving seven others hospitalised. The incident happened at about 10.20pm, with police saying the second vehicle was carrying seven family members, including a two-year-old child and a two-month-old infant. None of them suffered physical injuries, but they were sent to hospital for treatment following the incident. Heartbreaking. Watch incident here.

Heavy rain sparks flash floods in Klang Valley: Heavy rain triggered flash floods in parts of the Klang Valley, including areas around Petaling Jaya, on July 18. The Selangor Fire and Rescue Department received a distress call at 4.35pm after flooding was reported at Medan Selera 223 in Section 51A, where floodwaters reached about 2m deep. However, water levels had started receding when rescuers arrived, with no casualties or evacuations reported. Videos shared online also showed flooding around Amway Malaysia’s headquarters and several roads in Petaling Jaya following the downpour (watch video here). Traders at the 223 food court said the latest flood was the third incident this year, with vendors calling for a permanent solution to the drainage issue after suffering losses from damaged equipment and stock. How long until our urban development will catch up with the changing climate?

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4. AROUND THE WORLD 🌎

US x China AI race heats up

China launches global AI cooperation WAICO: Beijing has now successfully formed a new global coalition of 29 nations called the World Artificial Intelligence Cooperation Organisation (WAICO), raising itself further in the AI world order. Headquartered in Shanghai, WAICO’s 29 member founding countries include several major Global South nations, including Indonesia, Brazil, Malaysia, South Africa, Senegal, Russia and Pakistan. The aim is to form an inter-governmental organisation to promote international cooperation and develop AI regulation across countries, and to ensure the technology is beneficial and safe for humans. President Xi urged countries to cooperate on AI and ensure no country dominates the technology. Analysts speculate that Beijing will likely use the alliance to shape how AI policies are framed at the UN.

DeepSeek 2.0 moment is here: This time around, the shock is brought by China’s Moonshot with its release of its Kimi K3 model last week, a model that matches Anthropic's Claude Fable and OpenAI's GPT-5.6. Kimi K3 packs 2.8 tril parameters, making it the largest open model ever released. Moonshot, an Alibaba-backed startup, will let anyone download it free from July 27. The debut of Kimi K3 now threatens the American AI boom, and brings back the AI bubble question among investors. Recap here when DeepSeek first launched last year and how it rattled the market.

Iran suggests MoU ‘suspended’
An Iranian negotiator has said that the memorandum of understanding (MoU) between Tehran and Washington is now effectively “suspended”, amid US violations and attacks over the past weeks. 50 people have been killed and more than 500 injured in strikes by the US this month. The attacks also left 10,000 people without water after a desalination plant was hit. Iran’s Supreme Leader, Mojtaba Khamenei, warned that Tehran would inflict “unforgettable lessons” on the US over its continued attacks. Seems like Trump is in a rush to reduce oil and gas prices ahead of crucial midterm elections in November. But his repeated threats and attacks on Iran have so far failed to persuade Tehran to surrender to his terms or even to return to negotiations. Apa lagi Trump mau?

Meanwhile in Iran:

New York’s Mamdani plans to arrest Netanyahu during city visit
NYC Mayor Zohran Mamdani is consulting with city authorities over the possibility of arresting Israeli PM Benjamin Netanyahu if he visits the city for the UN General Assembly in September. Netanyahu is currently the subject of an International Criminal Court (ICC) arrest warrant for possible crimes against humanity in Gaza, but he is still at large. An outspoken supporter of the Palestinian cause, Mamdani was the target of frequent Islamophobic vitriol and insults during his campaign for mayor. When asked about Mamdani’s call for arrest, Netanyahu told radio personality Sid Rosenberg that he thinks Mamdani secretly “hates America”.

Shorts

1. Taco Bell removes lettuce due to diarrhoea outbreak
   Popular US fast food chain Taco Bell has decided to remove lettuce from its US menu due to a possible link to an outbreak of explosive diarrhoea caused by a parasite. The Centers for Disease Control and Prevention (CDC) said that 1,645 people in five US states who had "exposure" to Taco Bell have been infected by cyclosporiasis, a parasitic infection that spreads through contaminated food or water. No deaths have been reported, but 94 people have been hospitalised due to the infections. This parasite is notoriously difficult to trace, and symptoms take about 2 weeks to surface.

2. First atmosphere found on Earth-like planet 
   A new paper published in the journal Science has indicated that researchers had found the first atmosphere surrounding an Earth-like, rocky planet orbiting the habitable zone of a distant star, aka the Goldilocks Zone. The discovery provides the strongest evidence yet that worlds with conditions similar to Earth could exist beyond our solar system. Dubbed LHS 1140 b, the planet is 48 light-years from Earth and is orbiting a red star much smaller and cooler than our Sun.

3. Japan loosens royal succession rule, but ban on female emperors remains

   The Japanese parliament has approved a bill allowing its royal family to adopt distant male relatives over the age of 15 and let its women keep their royal status after marrying outside the family. The bill came amid concerns over the dwindling size of the imperial family, but it does not change the law barring women from ascending the throne. This means that Princess Aiko, the only child of the current emperor, is still not eligible to succeed the throne. Japan has the world's oldest continuous hereditary monarchy, with a lineage that's believed to span more than 2,600 years. Even the royal family is not immune to Japan’s population crisis.

5. FOR YOUR EYES 📺

In the Terminator franchise, Judgement Day is the day artificial intelligence becomes self-aware and launches a nuclear holocaust. J-Day officially falls on Aug 29, 1997 - but it got altered several times. 30 years late maybe?

1. MMA but robots version. Guess who was there to witness the fight? Donnie Yen. This time next year, the robots are going to advance even further taking us one step closer to Terminator.

2. A humanoid robot won’t be the first one to chase you, but a dog on wheels with a gun on its back will.

3. The future looks scary, but in the near term, at least drones can still do good work for humanity, as in the case of DJI and Mont Qomolangma (Tibetan) / Sagarmatha (Nepal). Take a wild guess what mountain this is?