☕️ MACC seizes RM620 mil in properties, assets in fibre network probe

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

For those in the US who enjoy that succulent A5 wagyu beef, well, they have something else to be mad at Trump about. As a result of the US president’s tariff game, Japan’s wagyu beef industry saw a 20% year-on-year drop in April, leading producers to look instead to greener pastures like Europe and the Middle East. Japan’s total exports of wagyu beef in 2024 came up to about USD446 mil (RM1.89 bil). Of this total, the US accounted for 21% of that, which is about USD93.7 mil (RM397 mil). While the impact of the tariffs is impossible to predict, some producers are still hopeful that the large population and high income of the US could still mean a large potential demand, even with high tariffs.

One of Xiaomi Corp’s happy memories has to be during the launch of their second car, the YU7. It is a sports utility vehicle meant to compete with Tesla’s Model Y in China. Featuring a price tag of RMB253,500 (RM150,000), the YU7 drew 289,000 orders in its first hour of availability. This was “better-than-expected”, with Xiaomi’s shares jumping 8% to a lifetime high following the high number or orders. The YU7’s debut price is also a whole RMB10,000 (RM5,915.53) cheaper than Tesla’s Model 7.

The East Coast Rail Link (ECRL) may have led to some traffic hiccups, but has overall been a boon to local companies. According to Malaysia Rail Link Sdn Bhd chairman Shamsul Azri Abu Bakar, the value of contracts awarded to local companies involved in the ECRL project has reached RM18.57 bil, surpassing the initial target of RM10.8 bil. The project has involved 3,300 local companies between 2017 to May 2025. RM3.4 bil or about 97% of the RM3.5 bil target for ECRL civil works were also awarded to Bumiputera contractors, consultants, and suppliers.

3. IN MALAYSIA 🇲🇾

MACC seizes RM620 mil in properties, assets in fibre network probe
In the Malaysian Anti-Corruption Commission (MACC) investigation into an alleged corruption case related to a fibre network development project in 2012, the anti-graft body has seized RM620 mil worth of properties and other assets as part of the ongoing probe. The individuals involved were believed to have laundered RM75 mil to secure a loan approval of RM400 mil for the project. The director of the company with the title of “Datuk Wira” has been remanded by the authority. Although the company involved in the corruption was not mentioned, a quick search on the Net provides some clues to this mystery.

Are Malaysians’ morals crumbling?

• Pagoh gang rape
  Muar police announced that two local men, of which one is a teenager, were arrested by the police in connection with a gang robbery and gang rape near an oil palm plantation in Pagoh, Johor. The duo attacked a couple that were lepaking near the estate, assaulted the male victim and gang raped the female.

• Serial sexual assault suspect nabbed
  As the saying goes, sepandai-pandai tupai melompat, akhirnya jatuh juga, as police have arrested the on-the-run suspected Pakistani serial sexual offender in Kuala Nerang, Kedah. The 25-year-old foreigner allegedly sexually assaulted four boys in Shah Alam, aged 9, 13, 14, and 19. The suspect reportedly initiated contact by asking for assistance or requesting help to book an e-hailing ride. When the victims were distracted, he would grab them from behind before proceeding with the assault.

• “CEO Batu” stands trial for flashing minor
  22-year-old social media influencer Iqbal Muhammad, better known as “CEO Batu”, pleaded not guilty to flashing a 13-year-old girl. Iqbal was charged under Section 15(a)(i) of the Sexual Offences Against Children Act 2017, which provides for a maximum prison sentence of 10 years, a fine not exceeding RM20,000, or both, upon conviction. He was granted a reduced bail of RM6,000 due to the fact that he cannot earn income as an influencer anymore, as the authorities had banned his social media accounts and seized his mobile phone.

• Father sexually abused his two children
  The Kota Kinabalu Sessions Court has sentenced a security guard to 26 years’ jail for sexually abusing his two children, where one of the children, aged 12, is currently five months pregnant due to the abuse. The predator was exposed when the teacher of one of the children suspected that she was pregnant. After learning of the incident, the victim's mother, who is also currently pregnant, lodged a police report against her husband. Mother of the year for having balls of steel.

PSA

• KTM closes rail section for track work
  KTM has announced that there will be no KTM Komuter train service from Port Klang to Subang Jaya on Sunday, July 13, as they will be upgrading the sewerage system of the rail track. The rail operator will be providing shuttle buses at the affected stations. KTM must have chosen a Sunday to perform essential track work to minimise any disruption on weekdays, some rare, good thinking there.

• KL-Karak Highway section will be closed for 55 days
  Concessionaire AFA Prime has announced a major lane closure on the KL-Karak Highway (Kuantan-bound) to make way for East Coast Rail Link (ECRL) construction work. Throughout this period (now until August 31), a diversion will be activated on the stretch, which means that traffic will be affected in both directions.

Shorts

1. Local cybersecurity firm LGMS expands
   Malaysian-based cybersecurity services group, LGMS Bhd, has dished out RM22.68 mil to acquire a 27% stake in Antarex Holdings Sdn Bhd, in its move to strengthen its regional footprint and product offerings in the cybersecurity domain. However, the acquisition is contingent on Antarex completing its internal reorganisation, including the full acquisition of Singapore-based Antarex Cyber Pte Ltd and IPDC Solutions Pte Ltd. The deal also comes with a profit guarantee of RM24.5 mil in cumulative profit after tax for the enlarged Antarex group over three financial years from FY2026 to FY2028 (RM7 mil in FY2026, RM8.5 mil in FY2027 and RM9 mil in FY2028). The acquisition is also part of LGMS’ game plan as it prepares to transfer to the Main Market of Bursa Malaysia.

2. Tun Mahathir turns centenarian
   Happy 100th Birthday, Tun Dr Mahathir, and for being alive and older than sliced bread. In his interview with Singapore’s The Straits Times, merely two days before his birthday, the negarawan said, despite his years of public service, he regrets resigning as premier in 2003 and believes his successors wasted 17 years, admitting flaws in choosing them, including current leader PM Anwar Ibrahim.
   Read: When was sliced bread invented?

4. AROUND THE WORLD 🌎

Is Albanese’s truth on Gaza too much for the US?
The Trump administration has imposed sanctions on Francesca Albanese, a UN special rapporteur on the occupied Palestinian territory, for doing her job in documenting Israel’s abuses against Palestinians during its war on Gaza. Albanese has been a leading global voice in calling for action to end Israel’s human rights violations. Most recently, she called out European governments for allowing Israeli PM Netanyahu - wanted by the International Criminal Court (ICC) for war crime charges – to use their airspace while travelling. Her latest report also documented the role of international companies, including US firms, in the Israeli assault on Gaza, which she describes as a genocide. The US has accused Albanese of waging a “campaign of political and economic warfare against the US and Israel”, and even called her “anti-Semitic”. Albanese remains defiant when asked for a comment, citing that that she is “busy reminding member states of their obligations to stop and punish genocide. And those who profit from it.” Head of the Center for International Policy (CIP) said that such sanctions on a UN expert signals that the US is acting like dictators, while the secretary-general of Amnesty International reminded that Special Rapporteurs like Albanese are independent experts, not appointed to please governments or to be popular but to deliver their mandate and deserve to be protected.

American Eagle spots new resources in African territories
The US is setting its eyes on West Africa for its rich natural resources, as it seeks to strengthen economic ties with the mineral-rich region even as it denies aid and hits nations with 10% import tariffs. Trump hosted leaders from Senegal, Liberia, Guinea-Bissau, Mauritania, and Gabon in the White House for a trade-focused summit. Trump gushed about the continent’s “vibrant places, very valuable lands, great minerals, great oil deposits”. He was then rewarded with personal praise as each leader offered their approval when asked by an African media outlet if Trump should win a Nobel Peace Prize. Note that all five of the countries invited enjoy rich natural resources, including manganese – a key mineral in the production of stainless steel and batteries – iron ore, gold, diamonds, lithium and cobalt. Ironically, those countries will see no mercy as the US has curbed USAID to Africa and slapped 10% tariffs on the region. West Africa is expected to be among the regions hardest hit by the aid cuts, which are likely to lead to more than 14 mil additional deaths globally by 2030. The region also struggles with drug trafficking and immigration into the US. A potential US travel ban impacting Gabon, Liberia, Mauritania, and Senegal was reported in June, as part of a larger list of 36 countries facing scrutiny by the Trump administration.

Biz news
Ferrero-flavoured cereal? Sounds yum.
Italian chocolate company Ferrero is reportedly going to acquire legacy breakfast cereals company WK Kellogg for roughly USD3 bil, which could happen as soon as this week, sending the shares of WK Kellogg up 30% on Wednesday. The cereal company spun off into a standalone company in 2023 and has roughly USD1.5 bil in market cap. The acquisition would deepen Ferrero with its ambitions in the US market as it introduces a new array of products to appeal to US consumers.

AI saves Microsoft USD600 mil as firm slashes thousands of jobs
Microsoft is quite enthusiastic at promoting how AI has brought positive returns to the company, despite having to terminate thousands of its employees. Its chief commercial officer said AI has saved Microsoft more than USD500 mil in 2024 in its call centres alone, indicating that the tool is boosting productivity in the workplace. 35% of the code for new products at Microsoft is now generated by AI which accelerates launch times. Nevertheless, AI implementation has fuelled replacement anxiety among many workers in the tech industry. Microsoft has announced cuts of about 15,000 employees in 2025, with a wave of layoffs last week targeting customer-facing roles like sales.

Shorts

1. Indian bridge tragedy leaves 9 dead

   At least nine people have died and five others injured following the collapse of a bridge in India’s western Gujarat state. A section of the Gambhira Bridge gave way and caused several vehicles to fall into the Mahisagar river below. The bridge was constructed in 1985. India’s infrastructure has long been marred by safety concerns, sometimes leading to major disasters on highways and bridges. Only last week, seven engineers were suspended in Bhopal for coming up with a ridiculously-designed 90-degree-turn bridge that cost USD2.3 mil. It was said that the design of the bridge bounced multiple times between the parties in charge for the past 7 years. Baffling.

2. When power is more important than people’s lives

   Up to 1,400 people were killed as part of the attempt by ex-Bangladeshi PM Sheikh Hasina’s government to crush a student-led uprising in August last year, and Bangladesh’s former inspector general of police (IGP) Chowdhury Abdullah Mamun has pleaded guilty to committing crimes against humanity during the crackdown operation. Hasina eventually fled by helicopter to India as the protests ended her 15-year rule. She faces at least five charges at Bangladesh’s International Crimes Tribunal, including “abetment, incitement, complicity, facilitation, conspiracy, and failure to prevent mass murder during the July uprising”. Prosecutors say that Hasina held overall command responsibility for the violence.

3. OpenAI to release a Google Chrome contender soon

   The coming weeks could witness OpenAI’s release of an AI-powered web browser, aimed at challenging Google Chrome. Much like other browsers, including Perplexity’s Comet and The Browser Company’s Di, OpenAI’s browser is said to use AI to rethink how users browse the web. The browser will supposedly keep user interactions inside ChatGPT instead of linking out to websites and may integrate Operator, the company’s web-browsing AI agent, as a key feature. OpenAI likely wants to get direct access to user data and have the freedom to create novel user experiences that aren’t intermediated by Google.

5. FOR YOUR EYES 📺

Trailers trailers

1. Alice in Borderland back for Season 3

2. Wednesday Season 2: Part 1 coming soon this Aug 6.

Here’s a massive drone light show in Chongqing, China, to end the week. Happy weekend folks! Bitcoin new ATH btw.