☕️ Rafizi and 8 PKR MPs call for RCI on recent judicial appointments

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Amid the highly competitive landscape of China’s on-demand delivery market, delivery giant Meituan reported a record high of over 120 mil orders placed in a single day, the highest since its founding in 2010. The surge actually overwhelmed the firm’s servers briefly, leading to temporary outages in some areas. It was also reported that 83%, or 100 mil orders, were food deliveries. This comes as Meituan faces the intensified efforts of China’s e-commerce giants to carve a bigger slice of the instant delivery market for themselves, which include aggressive price cuts and subsidies. Meituan has responded with deep discounts in the price war to hold on to its 70% control of China’s food delivery market. In 2023, Meituan reported a revenue of RMB337.6 bil (RM199.3 bil) and a profit of RMB35.8 bil (RM21.1 bil)

More young workers are looking for social security support due to their livelihoods being significantly impacted by non-communicable diseases (NCDs). According to PERKESO Group CEO Mohammed Azman Aziz Mohammed, the average age of applicants is getting younger, with the number of workers in their 30s requesting benefits surging 107% over the past decade from 260 in 2014 to 537 in 2024. Also noted was a similar pattern in debilitating NCDs like stroke, diabetes, and heart disease. Of note is that each year, around 230,000 employees become eligible for PERKESO’s Health Screening Programme as they turn 40, though only 18% take the opportunity.

After 15 years, British rock band Oasis will be reuniting for a performance for the first time since an explosive argument led to one of the two Gallagher brothers, who founded the group, leaving the band. Their reunion tour, which promises staggering revenues, could see each of the Gallagher brothers walk away with up to GBP50 mil (RM388.2 mil) in their pockets. This is while Liam Gallagher insists that money is “way down the list” of reasons the brothers reunited. So far, almost 1.4 mil tickets have been sold for the UK shows, bringing in about GBP240 mil. Not included are potential merchandise sales, which include T-shirts, puzzles, even baby clothes and tableware. These, along with six pop-up shops across the UK and Ireland, could push total revenue to around GBP400 mil. Tickets went on sale in August last year, with a lot of fans outraged by the “dynamic pricing” of the tickets, which saw some prices rise up to GBP350. So far, the blame is being pushed to Oasis’ promoter. Sadly, no new album, just classics.

3. IN MALAYSIA 🇲🇾

Former Economy Minister Rafizi and Co. urge RCI
Since resigning from his post as Economy Minister, Rafizi Ramli has wasted no time in sharing his candid thoughts on the internal affairs of his political party, PKR (watch here), as well as certain moves made by the Government (such as the Cabinet’s plan to revamp the 13th Malaysian Plan). However, more recently, Rafizi and eight other PKR MPs were reported to have signed a statement, calling for a Royal Commission of Inquiry (RCI) to be formed to investigate the allegations surrounding the recent judicial appointments.

To recap: the Government did not name a successor nor grant the customary six-month term extension to former Chief Justice Tun Tengku Maimun Tuan Mat and Court of Appeal President Tan Sri Abang Iskandar Bang Hashim, both of whom have reached the retirement age of 66. Instead, their roles are now temporarily assumed by Chief Judge of Malaya Tan Sri Hasnah Mohamed Hashim and Federal Court judge Datuk Zabariah Mohd Yusof respectively. What’s notable is that both judges have also reached retirement age, and are each serving a six-month extension. If the Yang di-Pertuan Agong allows for a RCI to be convened (read: acting on the Prime Minister’s advice), commissioners (usually retired judges) can be appointed to investigate the matter independently before sharing their findings with the Agong.
Read: 5 Facts on the RCI

Perhaps knowing the difficulty of convening a RCI, Rafizi and Co. also intend to write to the Parliamentary Special Select Committee on Human Rights, Elections and Institutional Reform, in an attempt to summon Prime Minister Anwar Ibrahim to testify. Other planned efforts include a multi-party campaign to rally bipartisan support, a series of nationwide public forums and an online petition.

While Rafizi and Co. may be bold in speaking out on this matter, they are risking their political careers. How far can they go before the PKR leadership starts taking action?

Death by river, cow

River: Six family members (including a six-month old baby) were found dead when the car they were in veered off course and became submerged in Sungai Korok’s riverbed. The river which measures 6m deep and 7.6m wide, has been known to be a common accident site. One resident of the nearby Kampung Kemboja mentioned this accident to be the second such incident this year. He advised those using the road next to the river to be especially careful due to the uneven road surface. The search for the family of six began when they had gone missing on Saturday, having failed to return home following an overnight stay at a relative’s home. Eventually, search and rescue teams found the family’s car floating and partially trapped in the riverbed. The firefighters broke the car’s rear window and cut through the vehicle’s frame before they could retrieve the swollen bodies.

Cow: Meanwhile, in Hulu Selangor, a 53-year old plantation supervisor met an unfortunate end when a cow kicked him mid-ride, causing him to fall off a small bridge near an oil palm estate. He was found unconscious and rushed to Hospital Kubu Bharu. Unfortunately, he passed away before arriving at the hospital, with the cause of death determined to be severe traumatic brain injury. Watch incident here.

India x Malaysia: India considers establishing IIT in Malaysia
The recent 17th BRICS Summit in Brazil provided PM Anwar Ibrahim an opportunity for a fruitful discussion with his Indian counterpart Narendran Modi. Among the topics discussed were the possibility of Indian companies investing in Malaysia’s future-oriented sectors such as the digital economy, artificial intelligence, renewable energy and the aerospace industry. To recap, Malaysia received its partner country on Jan 1, 2025, with plans to become a full time member in the works.

Another idea that was brought up was the idea of establishing an Indian Institute of Technology (IIT) campus in Malaysia. Established in 1950 and operating under India’s Ministry of Education, the IIT is a grouping of 23 autonomous, premier engineering and technology institutes founded to meet India’s increasing demand for highly technical manpower.

17 of these institutions are listed on the QS World University Rankings and Times Higher Education Rankings. Meanwhile, India’s Manipal University (best known by Malaysians for its medical study programmes) can probably pride itself on being the trailblazer in the area, having set up a campus in the state of Malacca all the way back in 1997.

AirAsia’s USD12.25 bil big budget plane shopping
AirAsia recently signed an agreement to purchase USD12.25 bil (RM51.88 bil) worth of long-range Europe’s Airbus 321XLR aircraft (specs here), with deliveries confirmed to ready by 2028. This new fleet of jets will serve the airlines’ flights to Central Asia, the Middle East and Europe (hopefully launching this year, Tony says), among other destinations.

Meanwhile, AirAsia CEO Tony Fernandes reported that Capital A Berhad is in the final stages of exiting the dreaded Practice Note 17 status, notably by opting for a 100% disposal of its stake in AirAsia Aviation Group Ltd and Asia Berhad to AirAsia X Berhad. Companies are placed under PN17 status when facing financial distress are obligated to work up plans to restructure the company, or they may face delisting from the Bursa Malaysia stock market.
Learn: What’s PN17? 

4. AROUND THE WORLD 🌎

Tariff here, tariff there...

Trump: US nears trade deals, tariffs to kick in later
According to US President Trump, several trade pacts are close to being finalised, with Trump still notifying other countries of higher tariffs by July 9, the original deadline of the suspension. However, the effective date of the tariffs has been delayed to August 1, giving a three-week window to affected countries. While Trump is “setting the rates and the deals right now”, he’s been shown to be open to making deals, which means the three weeks could be just that bit more time needed for more countries to hammer out their own deals. But then, remember the Madman theory in yesterday’s issue?

You support BRICS? Here’s an additional 10% tariff
On the flip side, Trump has also announced that countries aligning themselves with the BRICS bloc will be charged an additional 10%. He alleged the bloc had “anti-American policies”, though he did not offer further clarification on the matter. He did note that there will be no exceptions to this. Wonder what this means for the US deal with India, the “I” of BRICS and also us, Malaysia?

FBI, DoJ conclude Epstein death was "suicide"
The FBI and the Trump administration’s Justice Department have concluded that they have no evidence that convicted sex offender and disgraced financier Jeffrey Epstein blackmailed powerful figures, kept a “client list”, or was murdered. This marks the first time the administration has officially contradicted conspiracy theories surrounding Epstein’s activities and his death – theories that were being pushed by the FBI’s top two officials before Trump appointed them to the bureau. The report has investigators concluding that “no incriminating client lists” or “credible evidence of blackmail” was found, with no evidence that can lead to the charging of a third party either. The two departments also agreed that no “further disclosure” of Epstein-related material “would be appropriate or warranted”. Sounds like a cover-up, doesn’t it?

Just China Things

Inflatable dome China's answer to construction noise, dust
In Jinan, eastern China, a 50-metre giant inflatable dome was set up over a construction site, covering 20,000 sq m, reportedly the largest of its kind in the world. What it does is that it uses advanced ventilation systems, negative pressure, and air filtration systems to prevent dust from the construction site from reaching the surrounding communities and the environment, while ensuring good air quality inside. The quick-assembly dome also serves to reduce noise pollution.

Video game fuels sexism debate on gold diggers in China
The game titled “Revenge on Gold Diggers” – now renamed to “Emotional Anti-Fraud Simulator” – topped the sales list of gaming platform Steam when it launched, but quickly became the spark that fuelled the debate about sexism in China. The game is about a group of manipulative women luring the male protagonist into relationships to get their money, with the player controlling how the character responds to shape the story. Critics have called the game misogynistic, with one saying even the term “gold digger” was sexist due to how it is a derogatory label usually placed on women. On the other side, the belief is that both men and women can be gold diggers, and that the criticism was overblown.

Asia's biggest (and most expensive) Legoland opens in Shanghai
Danish toymaker Lego looks to capitalise on China’s parents being passionate about educating their children by opening its first Legoland in China, which also happens to be the biggest one worldwide. The USD550 mil resort with more than 75 attractions charges RMB549 (~USD76) per adult ticket and RMB439 yuan for children aged 2 to 12. For reference, Legoland Malaysia charges RM199 per adult ticket, about USD47. Lego justifies the price by stating that all of the resort’s attractions and entertainment formats are “designed to develop children’s intelligence and creativity”. So if a child fails to build a Lego figure in 15 seconds, their parents channel their inner Steven He and yell “failure!”?

Shorts

1. South Korea makes it rain for all citizens on July 21

   The government will begin distributing the cash to all citizens as part of an initiative to stimulate domestic consumption, following the approval of a supplementary budget of USD23.3 bil. Under the plan, each South Korean citizen residing in the country as of June 18 will receive a one-off payment of KRW150,000 (RM464.40). Additional targeted assistance will be provided based on income levels, with the entire programme carried out over eight weeks.

2. F1: Hulkenberg takes podium for the first time

   Despite starting in the last row of the starting grid in wet weather, Nico Hulkenberg made sure that the 239th time’s the charm by cinching his first podium finish, coming in third at the British Grand Prix. This also makes him the record holder of the longest time before finishing on the podium at 5,593 days – about 15 years. His third-place trophy is made of Lego. Lego, imagine that!

5. FOR YOUR EYES 📺

1. Music in History and Oasis again: Rapper Jay-Z’s brilliant musical trolling of Oasis. Kinda cool listening to a rap version of Wonderwall.

dametalmessiah

144K followers

View more on Instagram

2. Actually, what are the long-term and spillover benefits of data centres?