☕️ MACC seeks to seize RM3 Bil in offshore assets linked to Daim

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The Trump administration promised it would open up 58 mil acres of back country in national forests to road construction and development by repealing a “roadless rule” established during the Clinton administration in 2001. The rule preserved the wild nature of nearly a third of the land in national regulations, but the rule is now being called “outdated” by Agriculture Secretary Brooke Rollins. Environmental groups will be challenging the plan. The announcement comes as the Trump administration is moving to significantly increase logging in the US. The plan has been welcomed by timber firms.

Meanwhile, another part of the world plans to add more trees. Frim Inc Sdn Bhd has signed a memorandum of understanding with DMELL Global Sdn Bhd to explore the supply of trees in support of the Saudi Green Initiative. The support was formalised through two memoranda of understanding at the Forest Research Institute Malaysia (FRIM). The Saudi Green Initiative targets the planting of 10 bil trees by 2030 with plans to reach 40 billion trees across the Middle East by 2040. If the deal is finalised, Frim Inc will be supplying up to 8 mil trees per year until 2030.

Japan’s Ministry of Agriculture, Forestry and Fisheries, Japanese restaurant sites overseas totalled about 187,000 in 2023, more than tripling in 10 years. Japan’s influx of foreign visitors after the pandemic has led to an increased international awareness of Japanese cuisine and major chains, a development viewed by companies as an opportunity for global growth. Some major restaurant chains include Marugame Udon, conveyor belt sushi chain Sushiro, and noodle chain Tsujita.

3. IN MALAYSIA 🇲🇾

Strengthening Legal Protections

Malaysia criminalises doxxing and cyberbullying under amended Penal Code
Malaysia has enforced amendments to the Penal Code and Criminal Procedure Code to address both physical and cyberbullying. Passed in the Dewan Rakyat on Dec 10, 2024 and the Dewan Negara on Dec 16, 2024, the new laws introduce Sections 507B to 507G, which criminalise threatening, insulting or defamatory communications that cause emotional harm. Doxxing, defined as sharing someone’s personal information without consent is now officially classified as a serious offence punishable by up to three years’ imprisonment. The reforms are part of broader efforts to modernise the justice system and offer better protection to vulnerable groups such as children and individuals facing harassment, while ensuring enforcement is balanced with respect for freedom of expression.

The criminalisation of doxxing has been welcomed by legal experts and advocacy groups as a necessary step in safeguarding victims of online abuse, especially women and girls. While the move is seen as long overdue, experts have urged authorities to apply the law carefully, cautioning against vague interpretations that could risk curbing legitimate speech. They also stressed the importance of survivor support systems, public awareness, and clear enforcement guidelines to ensure the law protects without being misused.

The MACC vs Daim Saga continues

MACC seeks to seize RM3 Bil in offshore assets linked to Daim
Malaysia’s anti-corruption agency is believed to be tied to the late Tun Daim Zainuddin, his widow Toh Puan Na’imah Khalid and their associates. The Malaysian Anti-Corruption Commission (MACC), working with agencies like the UK’s National Crime Agency and the IACCC, has identified high-value assets in jurisdictions including the UK, US, Switzerland, Singapore, Jersey, and several offshore financial centres. A restraining order has been secured for RM758 million in the UK, with applications ongoing for RM1.15 bil in Jersey and RM540 mil in Singapore.

As part of its ongoing probe into the 58-storey Ilham Tower (estimated to be worth between RM1.5 bil to RM2 bil), the MACC has issued asset declaration notices to 22 individuals linked to Daim’s family and close associates. The notices, issued on July 10,2025 under Section 36(1) of the MACC Act 2009, compel the disclosure of all domestic and foreign assets. This follows the seizure of Ilham Tower on June 5, 2025 and a subsequent forfeiture application filed without prosecution. The High Court has fixed Aug 6, 2025 to mention the case. Statements have already been recorded from Daim’s widow and son, with a second son expected to be questioned soon. All are shareholders in Ilham Baru Sdn Bhd, the company identified as the tower’s beneficial owner.

Malaysia tightens AI chip export controls amid global trade tensions
Malaysia has announced that any export or transhipment of high-performance AI chips from the US will now require prior approval through a strategic trade permit. This decision comes as part of efforts to tighten control over sensitive technologies and prevent misuse, particularly amid growing global concerns around chip exports. Companies involved will need to notify the authorities at least 30 days in advance if they suspect the items could be used in ways that breach export control rules. This shift follows increasing pressure from Washington to prevent advanced chips from ending up in unauthorised hands, especially in China. Now, will Malaysia get a discount on the 25% tariff? 

Shorts

1. Legal community rallies for judicial independence in peaceful march

   In a strong display of unity, lawyers, politicians, activists and members of the public marched peacefully from the Palace of Justice to the PM’s Office, calling for greater judicial independence and reform. Holding placards and voicing concerns, participants submitted a memorandum urging transparency in the justice system, as police watched on. The Bar Council-led walk saw support from civil society groups and political figures, including PKR deputy president Nurul Izzah (awkward), all united in the belief that the courts must be protected from external interference. Despite its quiet nature, the message was unambiguous the legal community is standing firm in defence of judicial integrity. Watch the video here with one of the participants blasting Mission Impossible soundtrack.

2. Gareth Bale backs takeover bid to revive Cardiff City FC

   Gareth Bale has confirmed that an investment group he’s involved with has submitted a new offer to take full control of Cardiff City Football Club. An earlier offer of GBP40 mil (RM230 mil) was made.The former Wales and Real Madrid star believes he’s the right person to help guide the League One side back to the Premier League. He stated the group is confident in the fairness of their proposal and hopes the current owners will give it serious consideration. A source close to Bale said he intends to take an active and substantial role, not just lending his name, reflecting his strong personal commitment to the club. Why is this news under local? Because the consortium, which includes British and American investors, awaits a decision from current owner, Berjaya’s Vincent Tan.

3. CIMB triples sustainable finance target to RM300 bil by 2030

   CIMB Group has raised its sustainable finance target to RM300 bil by 2030, tripling its earlier goal to support clients transitioning to a low-carbon and more inclusive economy. Under its Forward30 strategy, follows a successful RM117 bil mobilisation between 2021 and 2024. CEO Novan Amirudin said the bank is focused on creating real-world impact by financing activities that reduce emissions, protect ecosystems and deliver social value. CIMB will also help clients manage sustainability risks like carbon pricing and rising energy costs, while offering green financing for SMEs and individuals. Programmes such as GreenBizReady and special financing for green homes and vehicles are part of the bank’s push to build long-term resilience and ensure no one is left behind.
   So what exactly is ‘sustainability’? UN defines it here.

4. AROUND THE WORLD 🌎

Israel - killing left and right

IDF missile "malfunctions", kills six children
At least eight Palestinians, of whom six were children, were killed when an Israeli missile hit the water distribution point in Nuseirat refugee camp. The missile, which also injured 17 others, had malfunctioned, causing it to fall “dozens of metres from the target”, which was an Islamic Jihad militant in the area. The IDF expressed “regret” that uninvolved civilians were harmed, adding that the incident was under review. Wonder if the US will say anything now, considering they are the largest supplier of Israel’s weapons?

Iranian President wounded while escaping Israeli attack
Masoud Pezeshkian, President of Iran, had actually suffered minor leg injuries in an Israeli air strike on a meeting of the Supreme National Security Council on June 15. The attack, now marked as an assassination attempt, targeted the heads of the three branches of government – executive, legislative, and judicial – in an effort to overthrow the Iranian government. During the attack, missiles struck the entrances and exits of the meeting’s venue, blocking escape routes and cutting off airflow. Iranian officials had escaped through a pre-designated emergency hatch.

Spotlight on Elon Musk

SpaceX pumps USD2 bil into xAI
The aerospace firm committed USD2 bil to xAI as part of a USD5 bil equity round, tying Musk’s empire of companies closer. The investment follows xAI’s merger with social media platform X, and values the combined company at USD113 bil, with chatbot Grok now powering Starlink support. Despite recent controversies involving Grok’s responses, Musk continues to call it the “smartest AI in the world”, with xAI continuing its heavy spending on model training and infrastructure. However, Musk has stated clearly that he does not support a merger between xAI and Tesla, though he would gladly welcome Tesla’s investment in xAI.

Elmo's X account hacked, profanity and racism posted
In other X news, the account of beloved Sesame Street character Elmo was hacked, with the account posting a series of antisemitic and profane comments, which have now been deleted. A spokesperson decried the messages as “disgusting” and said the company is working to restore full control. The account was active for about 30 minutes, after which it has not posted.

UK: Wins and losses

Chelsea hoist FIFA Club World Cup after 3-0 win
English Premier League team Chelsea thrashed European champions Paris Saint-Germain 3-0, allowing the underdog Blues to lift the FIFA Club World Cup. Player of the match Cole Palmer scored twice before setting up Joao Pedro for the third goal, all within the first half of the game. Heavy favourite PSG ended the game a man short after a red card was issued in the 84th minute to Joao Neves. The match, played at the MetLife Stadium in New Jersey, US, was witnessed by US President Trump. Watch the goals and highlights here.

BBC documentary breaches own guidelines
An internal review discovered that a BBC documentary about children’s lives in Gaza, narrated by the 13-year-old son of a Hamas official, breached the broadcaster’s own editorial guidelines on accuracy. The piece, made by independent production company HOYO Films and titled “Gaza: How To Survive A War Zone”, was removed from BBC’s online platform five days after it was broadcast due to “serious flaws”. However, no other guidelines, including those on impartiality, were breached. There was also no evidence that outside interests “inappropriately impacted on the programme”.

Shorts

1. Gisèle Pelicot, rape survivor, knighted with France's top honour

   The Frenchwoman was named knight of the Legion of Honour ahead of France’s Bastille Day. Pelicot attended almost every day of her mass-rape trial last year, waiving her right to anonymity during the high-profile trial in hopes of inspiring other rape victims. According to French President Emmanuel Macron, she displayed a “dignity and courage that moved and inspired France and the world”. She survived a horrible sexual assault by her own husband - read the story here. Warning: super graphic. 

2. Cameroonian Paul Biya, 92, to run for re-election

   The world’s oldest serving head of state, Cameroonian President Paul Biya, has announced that his 92-year-old self will be running for re-election in this year’s presidential vote. He came to power more than 40 years ago in 1982 after the resignation of his predecessor. However, his health is the subject of frequent speculation, though the discussion of his health is banned by the government, calling it a matter of national security. Biya was the one who scrapped term limits in 2008, allowing him to run indefinitely. Old men and their power; a worldwide phenomenon, apparently.

5. FOR YOUR EYES 📺

On Animals

1. Nuan Nuan, a panda that was once a Malaysian PR, now back in China, went gangster on a peacock, completely destroying its feathers. This reminds us of Kung Fu Panda 2 (Po vs Shen - watch here) If you are curious, growing back its tail feathers is called a molting process, and takes about 7 months to regrow longer and fuller, in time for the next mating season.

2. Discovered this interesting orangutan river safari by Seek Sophie at Tanjung Puting, Indonesia (south of Borneo Island - view map here).

3. Shark vs flying stingray

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