☕️ MACC cleaning house — major suspect charged soon, all officers to declare assets

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD80,000 (RM322,360) – Before the Iran conflict, that’s how much it would cost for a private one-way charter flight from Singapore to Hangzhou on a Gulfstream G550. Now, passengers have to pay another USD8,000 for a fuel surcharge. To address rising fuel prices, private jet services have taken to offering a “jetpooling” option, which allows different groups of travellers to share a jet. A private jet service in Singapore shared that this option has allowed the company to maintain the cost per passenger at about USD20,000.

3.9 mil flights – That was the total number of private jet flights in 2025, up 4% year-on-year, proof of the growing popularity of private jet travel. This is linked to the ever-increasing number of ultra-high-net-worth individuals (UHNWIs) worth more than USD30 mil (RM120.89 mil), with jet usage exploding in new financial centres as global wealth becomes increasingly mobile. Private jet travellers are also opting for chartered aircraft rather than owning private planes, with rates starting from USD6,500 an hour.

193 – The United Nations has that many member states, and some travellers have taken it upon themselves to be “country counters” and try to visit them all. In 2025, a record 82 people claimed to have achieved the feat. One expert believes part of the attraction of this challenge is the impact of social media, and the bragging rights such a feat would afford travellers.

3. IN MALAYSIA 🇲🇾

Major graft charge & asset declaration
Major corruption probe may soon lead to charges: Another day, another graft case. The MACC has completed a major investigation into the alleged misappropriation of public funds, with one individual expected to be charged soon under Section 409 of the Penal Code for criminal breach of trust. The case, carried out under Ops Sutra, involves the alleged misuse of public funds channelled through an institution to several organisations, including NGOs.

According to MACC chief commissioner Abd Halim Aman, the investigation found that hundreds of millions of ringgit were allegedly siphoned off through a network of companies set up by the individual at the centre of the probe. The alleged modus operandi involved setting up multiple companies after receiving funds and moving money for personal benefit, alongside claims of forged documents and breaches of procedures and regulations.

MACC has recorded statements from 40 witnesses and identified two main suspects, although focus has so far been placed on one individual. Authorities have also frozen assets including houses, land, company premises, luxury vehicles, gold bars, watches, handbags, and cash in both local and foreign currencies. In addition, 76 accounts linked to individuals and organisations have been frozen, totalling RM158 mil, bringing the total value of frozen and seized assets to RM186.6 mil.

Asset declarations ordered for all officers: In a separate move to strengthen internal accountability, the MACC chief has ordered all commission officers to declare or update their assets within one month of receiving official notice. Abd Halim said the directive is part of early reforms under his leadership to strengthen integrity and restore public confidence in the institution.

He added that he would be the first to complete the declaration process. The commission also stressed it will not bow to pressure from any side, whether public opinion, media scrutiny or political influence, stating that justice and the rule of law will be applied without compromise.

Abd Halim also warned that even minor misconduct could damage the organisation’s reputation, urging officers to uphold strength in capability and trustworthiness in conduct, values linked to public service ethics and religious guidance. He said integrity must be demonstrated through actions, not just statements, and reminded staff to avoid arrogance while remaining mindful that their decisions are under public scrutiny.

Politics Focus
Noh Omar returns to Umno: Former Bersatu Supreme Council member Noh Omar has quit the party and rejoined Umno and the Barisan Nasional coalition, ending his Bersatu membership without submitting a formal resignation letter. Noh, who was sacked from Umno in 2023 for party discipline issues during the 15th General Election, had joined Bersatu in Jul 2024 before making this return.

Speaking at the launch of Barisan Nasional's Johor election machinery in Iskandar Puteri, he said his decision was influenced by respect for Johor Umno’s stance on contesting elections independently, as highlighted by caretaker Johor Menteri Besar Datuk Onn Hafiz Ghazi.

400 civil servants join Bersama: Rafizi Ramli claimed that around 400 senior government officials have joined Parti Bersama Malaysia, with Putrajaya-based civil servants among the party’s top membership entries. Speaking in Melaka, he said top civil servants can join political parties but are not allowed to hold party positions.

He added that Bersama now has over 24,000 members nationwide, raising about RM500,000 in fees and RM250,000 through crowdfunding. Rafizi also said the party is preparing for the Melaka state election, expected after polls in Johor and Negeri Sembilan, with candidate announcements likely as early as Aug.

PH eyes more than 20 seats in Negeri Sembilan: Negeri Sembilan PH is aiming to win more than 20 state seats in the upcoming state election, according to DAP chairman Anthony Loke. He said the target builds on PH’s performance in GE14 when it won 20 seats and helped form the state government. Loke said all component parties are focused on defending the state administration following the dissolution of the State Legislative Assembly on June 5. He also confirmed he will defend the Chennah seat, while all DAP incumbents are ready to defend the 11 seats they currently hold.

No fuel subsidy cuts planned
PM Anwar Ibrahim has ruled out any slashing of fuel subsidies, saying the government will continue absorbing rising costs to avoid burdening the public. Speaking at the launch of the Madani Rakan Muda Programme in Sungai Petani on June 7, he said Malaysia is currently spending between RM3 bil and RM7 bil a month depending on global oil prices. He added that even at RM4 bil a month, the total could reach RM40 bil over 10 months but said this is still necessary to keep prices stable.

Anwar also rejected proposals to fund subsidies through borrowing, warning that it would leave future generations with a heavier burden. Instead, he said the government is relying on austerity measures and efforts to reduce leakage in public funds. He added that current policies have helped keep RON95 petrol at RM1.99 per litre, among the lowest globally.

Another take is the election season - cutting subsidies won’t win votes.

4. AROUND THE WORLD 🌎

The Middle East
Iran and Israel trade strikes
Here we go again. Iran and Israel traded strikes while Iran and the US seem close to a peace deal. Reportedly, Iran launched 30 missile strikes against Israel after Israel struck Beirut, Lebanon. And Israel retaliated by targeting a petrochemical factory in the city of Mahshahr and truck-based missile launchers. It was attempting to target sites that produce ballistic missiles.

Trump immediately jumped into action, posting on Truth Social that “Israel and Iran must immediately stop shooting”. Trump reportedly is ‘very close’ to concluding negotiations with Iran and wasn’t too happy with Israel’s actions. He said that Israeli PM Benjamin Netanyahu would have to accept any deal the U.S. is putting forward and that he ‘calls all the shots’.

But Iran isn’t buying it. It ultimately said that the Israeli regime would not have taken any action without coordination with the US. And it also warned Israel that any further hostile and aggressive acts would be met with “much more severe and crushing measures than before.”

Iran ends attacks against Israel, but the Houthis are in
As quickly as the strikes happened, Iran announced that it was ‘ending all military operations’. Maybe Trump did have clout towards this, as it happened right after he went on social media to ask both Iran and Israel to stop shooting. Diplomats also chimed in. Pakistan PM Shehbaz Sharif urged all sides to ‘exercise restraint and give peace a little more chance’. He is currently the key mediator in the conflict. Meanwhile, the EU’s representative for foreign affairs asked the parties involved to ‘sit down to a negotiation table and agree’.

However, the Houthis, who are aligned with Iran in Yemen, have now vowed to ban Israeli maritime navigation in the Red Sea. They also launched rockets at central Israel at the same time. Yahya Saree, the spokesperson for the Houthis, warned that ‘escalation will be met with escalations’. The Houthis have, in the past, attacked Israeli ships over the Gaza conflict, but stopped after the Gaza ceasefire in Nov 2025.

7.8-magnitude earthquake hits Southern Philippines
Tragedy in the Philippines. At least 32 people are reportedly dead, although official confirmation is still pending, from the 7.8-magnitude earthquake across Mindanao in the south of the Philippines. The earthquake hit 20km off the coast of Sarangani province and initially prompted tsunami warnings. Those warnings have since been cancelled. Buildings collapsed, while landslides were widespread. Here’s a quick snapshot of where it happened and how severe it was.

As there are still threats of aftershocks, citizens have been warned to avoid entering damaged houses and other infrastructure. There were reported power outages while many were advised to seek high ground. The tremors were felt as far as Manado on the Indonesian island of Sulawesi and North Maluku provinces. President Ferdinand Marcos said that evacuation centres are ready and routes are being cleared for rescue operations. Here is a recording of how severe it was:

Google buys computing power from SpaceX
SpaceX is currently one of the most sought-after companies in private markets and it just secured a USD920 mil (RM3.75 bil) per month deal from Google. Google will use about 110,000 Nvidia graphics processing units (GPUs) as well as other components that are housed in SpaceX’s data centres. It will start from Oct 2026 to June 2029. Alphabet, the parent company of Google, has invested several times in SpaceX and reportedly holds about 6% of the company. If this sounds familiar, yes, this is an example of a ‘circular deal’ that was popularised by Jensen Huang of NVIDIA.

However, it comes with a catch. With AI chips in severe shortage, SpaceX said that if it fails to provide the required GPUs and components by Sept 30, Google can end the deal or accept the amount of GPUs provided at a reduced fee.

Medtech
AI designs ‘world-first’ super vaccine
This is how AI should be used. A team of researchers at the University of Cambridge have successfully used AI to design a ‘new type’ of vaccine that could protect against a broad range of diseases and prevent pandemics. This first vaccine was engineered to work on all types of coronaviruses. Still in the early phases, the team is already developing separate vaccines that could tackle Ebola and the flu.

The AI was used to scan for potential threats from the known genetic codes of viruses and create a ‘super-antigen’ that could train immune systems against all types of viruses. Trials were conducted on 39 people, and the results were ‘modest’. A second group consisting of 200 people is now participating in trials.

Ultra-processed foods causing colon cancer?
Dr. Ning Jin’s research has shown that the modern diet laced with ultra-processed foods lacks omega-3 fatty acids and contains high levels of omega-6 fatty acids, distinguishing young colon cancer from traditional ones. Jin's latest work is bolstering her theory that ultra-processed foods ignite an "inflammatory metabolic pathway" that can make cancer more aggressive.

Furthermore, Rachel Purcell’s research also shows that the presence of a specific kind of toxic E. coli is more common in young colon cancer patients. The research suggests certain gut bacteria may reduce the body's ability to fight cancer.

The takeaway? Eat more fatty fish, nuts and seeds, and avoid ultra-processed food.

5. FOR YOUR EYES 📺

1. What are the top US stocks EPF own? See the full SEC filing here as at Q1 2026. Total of 70 positions worth USD13.2 bil (RM53.7 bil).

2. What happens to your EPF when you no longer exist?

3. Gold mining underwater - next level. Even more impressive - using gears they DIY themselves. Full documentary here.