☕️ Syed Saddiq is free

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Analysis by the BBC of Cabinet Office data for the latest New Year Honours has revealed a significant disparity in recipients of higher awards. More than 60% of beneficiaries of prestigious honours, such as Commander of the Order of the British Empire (CBE) and knighthoods and damehoods, were residents of London and the south-east of England. In stark contrast, only 6% of these higher awards went to individuals in the north of England, and a mere 4% were granted to people from working-class backgrounds. In response to these findings, the government has announced plans to conduct events aimed at encouraging a much broader range of nominations for honours, specifically targeting under-represented communities and regions.

The iconic footwear brand, Dr Martens, has reported a dramatic decline in its financial performance, with pre-tax profits plummeting by over 90% in the past year. The Wollaston, Northamptonshire-based company posted pre-tax profits of just GBP8.8 mil for the year ending March, a sharp drop from GBP93 mil in the previous year. The company attributed this significant downturn, particularly in the UK, to "a challenging market" amidst a broader "macroeconomic and consumer backdrop" in several core markets. Dr. Martens began facing challenges as early as 2020. To cope with market demands, the company shifted some of its production to countries like China, Vietnam, Laos, and Thailand. These countries were significantly affected by the COVID-19 pandemic.

Global demand for Japanese trading cards is booming, with the market estimated to have reached USD7.08 bil in 2023 and projected to nearly double to USD14.9 bil by 2030. This growth is heavily fueled by popular Japanese intellectual properties like "One Piece" and "Dragon Ball," with new releases featuring Godzilla and "Mobile Suit Gundam" characters in July expected to further ignite demand. The global market's expansion has been largely driven by Japanese intellectual property, notably Pokémon, which has produced over 64.8 bil cards since its debut. In Japan, trading cards have become the top-selling toy category, with the market for cards and related games reaching JPY277.4 bil in fiscal 2023, making up 27% of the total toy sector.
View infographic: The World’s Top Media Franchises by All-Time Revenue

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3. IN MALAYSIA 🇲🇾

Syed Saddiq is free
A three-panel Court of Appeal has unanimously voted to clear Muar MP Syed Saddiq Syed Abdul Rahman of all four charges of criminal breach of trust, misappropriation of property and money laundering. The Court of Appeal’s decision directly overturned the previous High Court’s conviction, requiring Syed Saddiq to serve the combined sentences of seven years in jail, two strokes of the cane, and a fine of RM10 mil. Judge Noorin Badaruddin said that the prosecution failed to prove the ingredients of the predicate charges, and the previous trial judge also failed to appreciate Syed Saddiq’s defence and had treated it as a bare denial and afterthought. Quoting Noorin’s words,” There was a serious misdirection by the trial judge which warranted appellate intervention.”

However, the Malaysian Anti-Corruption Commission (MACC) is attempting to put a stop to the ‘freedom’ party - its chief commissioner, Azam Baki, said that the prosecution will challenge the Court of Appeal’s decision at the Federal Court, the highest court on the land. When asked about his thoughts on the non-guilty verdict, Azam stated he holds no personal feelings and felt neither disappointed nor pleased with the court’s decision.

You've got the Moves like MACC

MEX II RM11 mil spent on crypto
Out of the RM1.3 bil raised via sukuk for the MEX II project, so far we know that close to RM100 mil has been spent on luxury items, alcohol, residential units and gambling. Now, MACC revealed that some RM11 mil has been spent on cryptocurrency, which was then used to make certain purchases. So far, 55 witnesses have been called to assist with the investigation, and no fewer than 10 more witnesses will be called soon as the anti-graft body aims to complete the investigation within the next two months.

Daim’s Ilham Tower and UK assets to be forfeited 
Chief Commissioner Azam Baki announced that the MACC has filed the applications to forfeit assets belonging to the late Daim Zainuddin and his widow. The assets include the Ilham Tower and assets in the UK, which are estimated to be worth around RM700 mil. Azam revealed that the UK authorities are cooperating well, and the case will also proceed in a UK court.

MACC to forfeit RM177 mil related to Ismail Sabri’s probe 
In the alleged corruption and money laundering case involving former PM Ismail Sabri, MACC intends to forfeit a whopping RM177 mil in cash and other assets, and the prosecution has agreed to file for the forfeiture within the next two weeks. As for the case overall, Azam Baki stated that MACC has completed the probe, and it is up to the prosecution team to proceed with the criminal charge or not.

Malaysia, the land of elitist empathy and second chances
Malaysia Boleh - in the sense of giving chances to those at the top. Recently, the Kuala Lumpur Sessions Court, led by Judge Rosli Ahmad, only imposed a RM100,000 fine on Prolintas Group COO Rostam Shahrif for failing to report the acceptance of a bribe worth RM90,000. The ‘light’ sentence was given due to the fact that Rostam pleaded guilty to the alternative charge offered by the prosecution. The charge was framed under Section 25(1) of the Malaysian Anti-Corruption Commission (MACC) Act 2009, punishable by a maximum RM100,000 fine, up to 10 years in prison, or both. However, Judge Rosli also ordered the forfeiture of almost RM1 mil in funds and RM114k bond paid for seven luxury watches and cars, which were purchased using the bribe money.

Apart from empathy for the elitist, the top of the supply chain also received second chances like no other. According to Free Malaysia Today (FMT), Aerotree Defence and Services Sdn Bhd, the company that failed to deliver four Sikorsky UH-60A Black Hawk helicopters to the Royal Malaysian Air Force (RMAF) merely eight months ago, has now been awarded a contract to calibrate the instrument landing system equipment for fixed-wing aircraft at three RMAF military air bases. To add more ‘wow’ flavour to this story, allegedly, another company was initially awarded the calibration contract but then suddenly lost it to Aerotree.

Shorts

1. MMC Port to go for IPO
   MMC Port Holdings Sdn Bhd, owned by Syed Mokhtar Al-Bukhary, is planning to go public, in its plan to raise up to RM8.5 bil, which could be the biggest initial public offering (IPO) in Malaysia since 2012. At the moment, MMC Port operates seven sea ports along the Straits of Malacca and three cruise terminals, making it the biggest sea port operator in Malaysia.

2. UEM Sunrise pulls the plug on its data centre project
   In bucking the trend, after its partnership with Logos Holdco Pte Ltd fell through, UEM Sunrise Bhd decided to permanently shelve its plan to build a data centre in Gerbang Nusajaya. Instead, UEM has explored the possibilities of selling the 74-acre land, the site that was supposed to house the data centre. UEM Sunrise CFO Hafizuddin Sulaiman stated that the decision to sell the land is part of the company’s direction to monetise non-core assets.

3. Transport Minister public-shaming companies with overdue traffic summonses 

   In an effort to reduce accidents involving heavy vehicles, Transport Minister Anthony Loke has torn a page from Gen Z’s playbook and resorted to summon-shaming, an act of announcing a list of companies with the most overdue traffic summonses. Loke revealed that 11 companies operating goods vehicles have over 1,000 overdue traffic summonses. Additionally, there are 17 express bus companies with more than 200 overdue summonses. You can view the list here.

“I believe the way toward mastery of any endeavour is to work toward simplicity; replace complex technology with knowledge. The more you know, the less you need. From my feeble attempts at simplifying my own life I’ve learned enough to know that should we have to, or choose to, live more simply, it won’t be an impoverished life but one richer in all the ways that really matter.”

— Yvon Chouinard, founder of the clothing brand Patagonia

4. AROUND THE WORLD 🌎

Was it really another Hiroshima, Trump?

Trump downplays intel report by comparing Iran strike to war-ending Hiroshima
US President Trump argued that damage done to Iranian nuclear sites by US strikes was severe, comparing them to Hiroshima and Nagasaki in how they appear to have ended the conflict between Iran and Israel. This comes after the US intelligence community assessed that the strikes had only set back Iran’s nuclear programme by just a few months, as opposed to the “obliterated” state that Trump and his officials say the sites are in.

The success of the strikes is also believed to be politically critical to Trump. His right-leaning supporters have argued against US armed intervention as it is inconsistent with Trump’s domestic-focused MAGA agenda, and called him out about his promise to avoid foreign entanglements. Trump’s counter-argument was that Iran must not be allowed to obtain a nuclear weapon, which means the success of the strikes would be used by Trump to justify the strikes themselves, as seen from his comparison between the strikes and the destruction of Hiroshima and Nagasaki.

UN nuclear chief believes Iran's enriched uranium is still there
International Atomic Energy Agency chief Grossi believes that much of Iran’s enriched uranium still survives, suggesting the material may have been moved by Iran soon after the first strikes. This comes after the extent of the damage to Iran’s enriched uranium stocks remains unclear. Grossi also brought up how Iran had informed the IAEA that it would take “special measures” to protect its nuclear materials and equipment. He made it his top priority to get IAEA inspectors back to Iran’s nuclear facilities.

However, Iran’s parliament has approved a bill to suspend cooperation with the UN nuclear watchdog. The bill, which still needs the approval of Iran’s unelected Guardian Council to become law, states that any future inspection by the IAEA will need approval by the Supreme National Security Council, with the Iranian parliament speaker also saying that Iran would accelerate its civilian nuclear programme.

Trump has already said he is willing to strike Iran again if it rebuilds its nuclear enrichment programme, so maybe Iran should not be making “daddy” Trump mad? Just paraphrasing the NATO Secretary General here.

Iranian president expresses regret to Qatar
Iranian President Pezeshkian has “expressed his regret” to Qatar’s Emir Sheikh Tamim bin Hamad Al Thani over Tehran’s missile attack on the US’ Al Udeid Air Base, located on Qatari soil. Pezeshkian, in a phone call with the Emir, made it clear that Iran “did not represent a threat” to Qatar, and that neither Qatar nor its population were the target of the attack. The Emir reiterated Qatar’s strong condemnation of the attack, saying that the “flagrant violation of Qatar’s sovereignty and airspace” was “completely inconsistent” with Iran’s proffered “good neighbourliness”.

Accounting and Cannabis

New Zealand's Xero acquires Melio in USD2.5 bil deal
Xero, the accounting software company and New Zealand’s largest firm by market capitalisation (USD29.9 bil), has acquired Melio Payments for USD2.5 bil in Xero’s largest-ever acquisition. The deal will be financed by cash and stock, with as much as USD500 mil in additional performance and other payments over three years. The deal is expected to accelerate Xero’s US revenue growth. Xero’s chief exec said the two companies are “highly complementary”, and Xero will be combining its go-to-market expertise with Melio’s product to accelerate the growth of both in the US.

Thailand pulls plug on cannabis
The Thai government, amid its political turmoil, is now moving to recriminalise cannabis, throwing an industry estimated to be worth over USD1 bil into disarray. The new regulations, which could go into effect within days, immediately prohibit the sale of marijuana for recreational use while making it mandatory for any retail purchase to require a doctor’s prescription. This comes three years after Thailand became one of the first countries in Asia to decriminalise the recreational use of cannabis.

Shorts

1. Belarusian man arrested after slamming child into floor

   Footage has surfaced of a male tourist suddenly picking up and throwing an 18-month-old boy to the floor in the arrival hall of a Moscow airport. The man was identified as Belarusian Vladimir Vitkov, who is suspected to be under the influence of drugs at the time, and was taken into custody shortly after the crime. He was reported to have drugs in his possession and to be incapable of explaining his actions. The child is currently in a coma, fighting for his life with serious skull fractures and spinal injuries. His pregnant mother was collecting the child’s pushchair after their flight’s arrival when the incident happened.
   WARNING: Extremely graphic footage of an extremely sick act of violence by an extremely sick individual.

2. Bezos changes wedding venue as protesters claim victory

   Protesters are claiming a win as an official announcement was made that Amazon founder Jeff Bezos will be moving his main wedding celebration away from the city centre of Venice. The protesters, a mix of different groups protesting how Bezos was “renting” Venice and congesting the area as wedding guests streamed in, to activists against Bezos’ support of Trump, climate change, and over-tourism in Venice.

3. Vietnam to remove death penalty for embezzlement, seven other offences

   Vietnam will be removing the death penalty for eight offences starting in July, including embezzlement and activities aimed at overthrowing the government, in a move unanimously ratified by the country’s lawmaking body. This also spares the life of real estate tycoon Truong My Lan, who was sentenced to death in 2024 on embezzlement charges. As per the amendment, any who was sentenced to death for the offences listed would see their sentences commuted to life imprisonment. The other offences amended are vandalising state property, manufacturing fake medicine, espionage, carrying drugs, triggering invasive wars, and jeopardising peace.

5. FOR YOUR EYES 📺

1. Dyson meets agriculture.

2. Cool hustle, turning gardening into an RM5k a month business. But first, you need 2,000 square feet of land.

3. Parents, you can relive your rave/clubbing days with your kids. Meet the new genre = Toddler Techno. Coming to KL this August.

lenjpearce

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