☕️ Team Anwar vs Team Zahid in a public spat

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

USD10 bil (RM40.45 bil) – The Thai Commerce Ministry forecasts that the country’s cosmetics market value will exceed that amount by 2030, with exports of cosmetics, soaps, sunscreens, and acne-treatment products projected to reach USD4.6 bil in 2027. This follows the advent of Thai beauty, or T-Beauty, products, which have attracted international attention due to celebrities seen using said products. ASEAN, Japan, Australia, and China are key markets for these cosmetics players, with a brand founder saying that T-Beauty products are developed with the Southeast Asian climate and skin types in mind.

2.01 mil – That’s how many foreign medical tourists South Korea recorded in 2025, amid growing global interest in the country’s medical services, according to a report by the state-run Korea Health Industry Development Institute. This is an increase of 71.9% from 2024. These tourists were largely Chinese and Japanese patients, with most seeking dermatological care. According to separate data by the Korea Tourism Organisation, foreign medical tourists spent KRW213.08 bil (RM634.39 mil) in Jul, up 66.5% from a year earlier, with the monthly figure also remaining above KRW200 bil for five straight months from Mar through Jul. A university professor attributed the growth in foreign medical tourist numbers to the growing perception that South Korea’s medical technology is world-class, with major hospitals and clinics having established multilingual guidance systems and improved the convenience of treatment.

~USD1 bil (RM4.04 bil) – Data analytics firm Circana reported that the romantasy genre, a combination of romance and fantasy, raked in that amount in sales in 2025 in the US alone, a 7% increase from 2024. Book chain Barnes & Noble even credited the advent of the genre with its recent turnaround, as influencers regularly filmed in its stores, while the retailer also threw midnight parties for book releases. The genre particularly appeals to millennials and Gen-Zers who grew up with young adult fantasy series, though romantasy features a wide enough variety of forms and vibes to attract an even broader swath of readers. In response, publishing houses are now scrambling to sign million-dollar book deals in hopes of discovering romantasy’s next great intellectual-property juggernaut.

3. IN MALAYSIA 🇲🇾

Different day, same tactic
The former Lembaga Tabung Haji (TH) COO, Adi Azuan Abdul Ghani, who is supposed to be charged at the Sessions Court, did not appear in court yesterday due to health issues and was admitted to the hospital. Judge Awang Kerisnada then postponed the proceedings and fixed Sept 24 for the next mention. The Malaysian Anti-Corruption Commission (MACC) has opened a total of 14 investigation papers following the RCI report on the TH mismanagement. 17 individuals have been arrested, including the former investment director of TH, the director of Putrajaya Perdana, the former director of Putra Perdana Construction, the former chairman of TH, the Alam Maritim CEO, and a former federal minister.

While the former COO ‘got away’ temporarily, two small fishes - former managers linked to TH Properties - Nasahruddin Ahmad and Tengku Kamalrolhisham Tengku Kamaruddin- claimed trial for Criminal Breach of Trust (CBT) and abetment for pocketing RM72,000 of penalties that had been imposed on contractors.

In an unrelated event, a déjà vu moment hits Prime Minister's Office economic adviser Nurhisham Hussein, as he observed that the issues involving TH resemble the case involving FGV Holdings Bhd as both involved investment issues. Additionally, Nurhisham reiterated that the RM11.5 bil sukuk issued by Urusharta Jamaad Sdn Bhd (UJSB) was not a bailout of TH but a refinancing exercise that gives TH a more sustainable cash flow.

PM Anwar Ibrahim’s camp vs DPM Zahid Hamidi’s camp
The rare public skirmish began when DPM Ahmad Zahid Hamidi vented his frustration over funding disbursement during the Rural and Regional Development Ministry’s monthly assembly, stating that many contractors have completed their projects and achieved milestones, but are left without payment. Zahid verbally blamed the Finance Ministry for the fiasco, where PM Anwar Ibrahim is the Finance Minister. In responding to Zahid’s comments, Treasury Secretary-General Johan Mahmood Merican said that no sanctions were imposed on the Rural and Regional Development Ministry’s allocation for rural roads, which has already been fully disbursed. Johan also added that the Rural Development Ministry always went over budget until he needed to identify cost savings at other ministries to cover the excesses.

Zahid’s Press Secretary, Fadzmel Fadzil (not Fahmi Fadzil, ya), pushed back aggressively, stating that Johan’s allocation and spending data omitted the crucial years from 2019 to 2021, when various projects were signed on but subsequently delayed by the COVID-19 pandemic. As those delayed projects resumed, contractor claims rolled over into subsequent budget years, creating legal and contractual obligations that the government is obligated to honour. The spat did not end there, as PM Anwar’s senior Press Secretary, Tunku Nashrul Abaidah, told Fadzmel Fadzil to check his facts again because he did not think that Johan had issued his statement on the matter in a reckless manner.

A MARA hospital for all?
Majlis Amanah Rakyat (MARA) chairman Asyraf Wajdi Dusuki, announced that MARA will possibly deepen its venture into the healthcare sector by stating its intention in establishing a hospital. Asyraf added that the hospital will be open to all and is intended to complement MARA’s education and healthcare programs. He said that MARA’s education system offered many programs in medicine, nursing, biomedicine and healthcare technology but lacks its own hospital for student training. However, Asyraf said that the proposal is still in evaluation and study stage, with a special task force examining the plan. Did you know that MARA has 160 clinics and pharmacies nationwide via U.N.I Klinik, U.N.I Farmasi and U.N.I Dental, with plans to increase the figure to 200 by year-end.

In related news, Asyraf Wajdi rejected the call to step down as MARA chairman, following calls for him to resign by Angkatan Muda Keadilan (AMK) leaders, over integrity concerns related to TH problems, which allegedly happened during his former tenure as the Deputy Minister in the Prime Minister’s Department (Religious Affairs). Asyraf added only the Rural and Regional Development Minister Ahmad Zahid Hamidi can dismiss him as MARA chairman. Both leaders are from UMNO.

Business news
Finance Ministry appoints advisor to assess AirAsia’s funding needs
Alton Aviation Consultancy has been appointed by Putrajaya to assess AirAsia’s funding needs as the region’s largest budget carrier seeks fresh capital to tackle its financial problems. With the appointment, AirAsia is now seen as ‘too big to fail’ and even the prudent Putrajaya is thinking of helping the airline. Previously, AirAsia reported a net loss of RM831 mil for Q2 2026, due to rising fuel costs and heavy foreign exchange losses. Earlier this week, the airline said that they are in advanced discussions with local and international lenders to raise more than RM4.7 bil from international debt markets and local credit facilities. At the moment, AirAsia’s financials doesn’t look great - the company’s current liabilities stood at RM18.4 bil versus RM954 mil in cash and bank balances.

Farm Fresh to raise RM200 mil
Our favourite dairy company, Farm Fresh Bhd plans to raise up to RM200 mil via private placement to fund its capital expenditure and to settle a shareholder buyout obligation at its ice-cream unit, Inside Scoop. Out of the RM200 mil, RM50 mil will be set aside to fund the acquisition of a 20% stake in The Inside Scoop Sdn Bhd, after Edmund Tan Jun Hua, who currently owns 35% of the ice cream company, exercised a contractual option requiring Farm Fresh to buy back part of his holding. This means Farm Fresh values its Inside Scoop at a sweet RM250 mil. Farm Fresh currently holds 65% of Inside Scoop, after spending RM83.9 mil to acquire the stake in Feb 2023. What is a private placement? A private placement is the sale of stocks, bonds, or other securities directly to a select group of pre-vetted investors and institutions instead of the open public market.

The cow company is also getting into the drinking water space - a RM55 mil bet on volcanic mineral water:

4. AROUND THE WORLD 🌎

Shifting powers and strategic movements
China visits Egypt, strengthens bilateral ties
China’s President Xi’s three-day visit to Cairo marks 70 years of diplomatic relations between Egypt and China, highlighting Beijing’s efforts to expand its influence in a region where the US has been the dominant military power for decades. The visit includes talks with Egypt’s President Abdel Fattah el-Sisi focusing on the regional conflict and its consequences for maritime trade security, as well as expanding Chinese investment in Egypt (population of 110 mil). The parties are also expected to sign economic agreements covering areas including artificial intelligence (AI), transport and manufacturing. Military cooperation is another increasingly important part of the relationship. China is now Egypt’s largest trading partner in non-petroleum goods, with bilateral trade reaching nearly USD20.7 bil (RM83.69 bil) by the end of 2025.

Netherlands moves billions in gold to London
The Dutch central bank (DNB) has confirmed that 86 tonnes of gold had been removed from the US and Canada to the Bank of England, where the precious metal can be traded more easily "in a crisis". The decision comes amid an ongoing trade dispute between the US and Canada, with both countries announcing fresh tariffs on each other after failed trade talks. In 2017, Germany repatriated their gold in a similar move - 3,378 tons of gold stored in New York, London and Paris to avoid it falling into the hands of the Soviet Union during the Cold War were brought home, costing a total of USD9.1 mil (RM36.79 mil). That’s about USD2.7k per tonne of logistics fees.

AI impact on learning: Faster homework, poor exam results
A new study by the University of Hong Kong has revealed a striking gap between doing schoolwork and learning from it, proving that how students use AI turns out to matter more than whether they use it at all. A similar conclusion was also drawn from a study by the Organisation for Economic Co-operation and Development (OECD), where experts described a potential erosion of productive cognitive effort as “metacognitive laziness”.

The study has shown that after adopting generative AI, students’ homework scores rose by 18%, while the time spent on each assignment fell by about 30%, but when the same students sat monthly exams without AI, their scores fell by 20% within six months. Their performance in high-stakes entrance exams also declined, with the full effect emerging over a longer period. Efficiency, at the cost of effectiveness.
Learn: What is metacognitive laziness

Mamdani expels AI from classrooms
NYC Mayor Zohran Mamdani has imposed a 1-year moratorium on the use of generative AI by students in Pre-K (2-K) through 8th grade, affecting roughly 600,000 students, about two-thirds of enrolment in the nation's largest school district. High school students, meanwhile, will take two "AI literacy courses" each year and will have access to AI programs in specific educational contexts. The policy also sets daily limits on personal device screen time for the students. The moratorium came amid a public reckoning over how best to expose children to generative AI, as educators across the country raise alarm over how students are using the technology to cheat on assignments and parents petition for more restrictions.

Meanwhile in Finland:

SEA Schools
More Indonesian students fall ill after free meal
Another blunder with state-supplied meals in Indonesia - more than 500 students in Indonesia's East Java were hospitalised with food poisoning after consuming free meals distributed under President Prabowo’s multibillion-dollar programme aimed to eradicate under-nutrition among children. Non-governmental watchdog Network for Education Watch said that as of Aug 8, there had been some 37,600 cases of food poisoning linked to the programme. Something is seriously wrong somewhere.

Thai student arrested after firing handgun at school
Again, in Thailand. A 15-year-old student was detained after allegedly firing eight shots from a 9mm handgun in a school in Kamphaeng Phet province, Thailand. Information released by the school said the suspect fired eight shots into the air, while separate reports from the scene described bullet damage to a teacher’s car and a glass door. Thankfully, nobody was hurt. Authorities are investigating the motive and circumstances behind the incident, noting that the student was actually on treatment for depression.

Philippines holds nationwide armed-intruder drills at school
About 3,000 junior and high school students at Carlos F. Gonzales High School north of Manila, alongside police, emergency responders and around 250 school staff and teachers, has taken part in a new drill aimed at preparing for an armed intruder attack in their school. The drill is part of a broader push by the Department of Education to strengthen security, following two rare school shooting incidents that shook the Philippines in the past months. Parents have mixed reaction to the drill, with some remain hesitant as it promotes the idea of “bad world” and some thinking that the focus should be more on strengthening guidance and support for students.

5. FOR YOUR EYES 📺

Before the weekend fun, introduce your chores to Jason

1. A simple video (>900k likes) to close a packet of flour without rubber band but just origami. Lots of hacks and tricks to make life easy from this Jason guy (IG here).

2. If you haven’t started your laundry this weekend, another skill from Jason on how to fold your towels professionally.

3. And if you are heading out for the weekend to buy groceries, here’s how to pick your apples. For dragon fruit - watch here. Also brought to you by Jason.

Thanks Jason for wrapping up the week. If you know him, pls send our regards to him. Have a dreamy weekend!