☕️ In Malaysia, gambling debts ain’t allowed to bankrupt someone

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Nearly one mil – Personal wealth in 2025 grew at its fastest pace in years, leading to the creation of that many new US dollar millionaires that year. In America alone, there were more than 440,000 people who joined the million-dollar club. This is according to Swiss bank UBS’s annual Global Wealth Report, which also showed that total personal wealth globally rose by 10.8%, more than double the rate of 4.6% in 2024 due to strong financial markets boosting growth. Check out the full report here.

244,000 – Of the nearly one mil new US dollar millionaires in 2025, 5,240 of them were Singaporeans, bringing the number of millionaires in the city-state to 244,000. The Global Wealth Report labeled Singapore as one of the world’s wealthiest economies, with the average wealth per adult reaching USD527,217 (RM2.15 mil). This ranks the island nation in sixth place, behind only Switzerland, the US, Luxembourg, Hong Kong, and Australia. The top 30 list is available here. Sadly, Malaysia is not on the list.

RM4.07 bil – According to the Inland Revenue Board, the implementation of e-Invoicing has strengthened tax compliance, with 52,540 taxpayers coming forward to declare that amount in income, which led to a total of RM1.009 bil in taxes payable. The IRB said that it has developed an analytics model that detects anomalies, suspicious transactions, and unusual behaviour patterns for enforcement purposes. This model has enabled the agency to identify taxpayers with active financial transactions that did not match existing tax records. The IRB also reminded taxpayers that all transactions involving the sale of goods or provision of services exceeding RM10,000 must be supported by an e-Invoice from Jan 1, 2026.

3. IN MALAYSIA 🇲🇾

Good news for Malaysia's future doctors (which also means good for us Malaysians)
After years of uncertainty over contract appointments, there may finally be some light at the end of the tunnel for Malaysia's young doctors. The Health Ministry is aiming to offer permanent positions to all medical officers who complete their housemanship from 2028 onwards, with around 4,500 contract doctors expected to secure permanent roles this year and the remaining appointments to be completed throughout 2027 and 2028. The government has also approved 800 new medical officer positions each year and is working to fill 18,000 vacancies across the healthcare system. While training and replacing specialist doctors will continue to take time, the move is part of a broader effort to strengthen the public healthcare workforce and provide greater job security for future doctors.

Anwar links Johor polls to Najib's case
The Johor election campaign is heating up, with PM Anwar claiming Pakatan Harapan was drawn into the state polls because certain parties hoped a strong election result could eventually help pave the way for Najib Razak's release from prison. Anwar argued there was no need for an early state election and said PH chose to contest in the interest of political stability through cooperation between the state and federal governments. His remarks came after Najib's son suggested a major Barisan Nasional victory would reflect continued public support for his father and hopes of a royal pardon, although BN chairman Ahmad Zahid Hamidi has rejected claims that Najib's case is part of the campaign. Anwar also questioned the polling date, saying a mid-month election could make it harder for out-of-state voters to return home and cast their ballots. Johor state election is this Saturday, 11 July.

Super El Niño is back on the radar
Brace yourselves, Malaysia could be in for a very hot start to 2027. MetMalaysia says temperatures in parts of the country could climb as high as 40 degrees Celsius as a forecast Super El Niño is expected to peak between Nov 2026 and Jan 2027, bringing drier weather and less rainfall. Northern and central Peninsular Malaysia are likely to feel the worst of it if conditions persist. The last major Super El Niño in 1997–1998 brought severe haze, water shortages and record-breaking heat, including Malaysia's highest-ever temperature of 40 degrees Celsius in Cuping, Perlis. Government agencies have begun preparing for possible wildfires, water shortages and heat-related disruptions, with measures such as fire monitoring, cloud seeding and emergency response plans already in progress.

Gambling debts ain’t allowed to bankrupt someone
High Court reaffirmed that gambling debts cannot be used to bankrupt someone in Malaysia, even if the debt is legally recognised in another country. The ruling involved a Malaysian man who owed nearly SGD5.93 mil to a casino in Singapore after using a gambling credit facility. Although the debt had been recognised by Singapore's courts, the High Court said Malaysian law treats gambling debts as “debt of honour”, unenforceable because they go against the country's public policy. As a result, the court relied on a landmark Federal Court ruling from last year, which held that gambling-related credit facilities are void ab initio (void from the outset) and cannot be enforced through Malaysian courts.

Rest N Go: Go Thailand, go IPO, but share price no go up

RNG Tech bets bigger on Thailand
Thailand is quickly becoming the star market for vending massage chair operator RNG Tech. Thailand has been its fastest-growing market since 2025 and contributed nearly a fifth of its revenue (RM3.7 mil, 21.9%) in the first three months of 2026. As at May 18, 2026, RNG has 1,818 units in Thailand, up nearly 3x from 609 units at the end of 2025. Fresh off its ACE Market listing, the company says its focus for now is on growing within existing markets such as Malaysia, Singapore, Thailand, Cambodia and Brunei, rather than expanding into new countries. Overall, it plans to deploy another 1,570 massage chairs, with shopping malls, hotels and transport hubs remaining its preferred locations. In Q1 2026, the company recorded revenue of RM16.9 mil and net profit of RM3.2 mil.

But share price no go up
The company had a quiet debut yesterday on Bursa Malaysia's ACE Market, opening unchanged to its IPO price of 13 sen before edging up to 13.5 sen in early trading, valuing the company at RM102 mil. RNG Tech currently operates more than 5,600 massage chairs across five countries, with Malaysia remaining its biggest market, followed by Thailand and Singapore.
Annualising its Q1 profit to RM13.8 mil, the company is trading at a price-to-earnings ratio of 7.4x - kinda cheap for a consumer brand. Also, given its market-leading position, the company should at least be trading in the teens. Disclosure - the writer has a sizeable position in this company.

4. AROUND THE WORLD 🌎

Geopolitics

China’s submarine missile test rattles Pacific neighbours
On Monday at 12:01 pm local time, China fired a long‑range ballistic missile from a nuclear‑powered submarine into the Pacific, prompting the US, Japan, Australia and New Zealand to voice concern over the lack of transparency. The US State Department urged China to engage in arms‑control talks and give regular notice for ICBM and space launches. The test, called a “routine arrangement” by Xinhua, landed in designated waters but was labelled destabilising by Australian Foreign Minister Penny Wong and unwelcome by NZ’s Winston Peters. While Beijing insists it’s just training, the move adds to regional jitters about China’s growing naval muscle.

Blasts wound 18 in Damascus during French president visit
At least 18 people, including four police officers, were wounded when two improvised explosive devices detonated near Syria’s Ministry of Tourism and a hotel where French President Emmanuel Macron was due to stay, during his first visit to Damascus since the fall of Bashar al‑Assad’s government in late 2024. The Interior Ministry said the devices were improvised: one hidden in a roadside vehicle, the other in a trash container - and that security specialists were dispatched to dismantle them before they blew up. Investigations are underway. The blasts occurred despite unprecedented security measures, showing how fragile the country’s safety remains.

Netflix’s binge‑watch era is losing its flavour
Netflix, the pioneer of dropping whole seasons at once, is seeing viewers bail before episode two. Some insights:

• According to eMarketer analysts: US adults spent an average of 62.1 minutes per day on Netflix and 58.4 minutes on TikTok in 2024, while globally TikTok users clocked 95 minutes daily.

• A Digital i report showed YouTube overtaking Netflix with 99.1 minutes per day in 2025 versus Netflix’s 93.4 minutes.

• Meanwhile, microdrama apps are booming: ReelShort raked in roughly USD1.2 bil in gross consumer spending in 2025, up 119% from 2024, and DramaBox pulled in USD276 mil, more than doubling its 2023 figures.

As TechCrunch puts it, “Netflix invented binge‑watching. Now it may have outgrown it.” The shift isn’t just about numbers; it reflects a change in attention span where short, snackable clips beat hour‑long dramas. Netflix’s April tweak – a TikTok‑style feed inside the app – still treats the feed as a discovery tool rather than the main attraction, missing the point for users who now prefer finishable stories in minutes. For Malaysians, who already spend hours scrolling Reels and TikTok, this means the streaming giant may need to serve more miniseries, weekly drops or even bite‑sized originals to stay relevant.

Molly Tea: Backlash after firm ordered to pay Louis Vuitton USD1.5M
A Suzhou court has told the Shenzhen‑based bubble‑tea chain Molly Tea to cough up CNY10.3 mil (RM6.2 mil) in damages after ruling its logo too closely imitates Louis Vuitton’s famous four‑petal flower, and to stop using the design, issue a public apology and pay the French luxury house. The verdict, reported by China Daily, has sparked a firestorm online, with a related hashtag pulling in over 400 mil views and tens of thousands of comments on Weibo and RedNote. One Weibo user fired back, “Give me a break. They’re just taking advantage of the fact that our ancestors didn’t file for patents,” while another RedNote commenter noted that “such basic geometric shapes have been used everywhere throughout history, not just China.” Supporters of the ruling argue that LV had already registered the trademark and that defending intellectual property is fair game, regardless of industry.

The case highlights the growing tension between Chinese brands eager to borrow luxe aesthetics and Western firms guarding their IP portfolios. Molly Tea’s own filing history shows most of its trademark applications were rejected by China’s National Intellectual Property Administration, with only the plain‑Chinese‑character version approved, suggesting the company was pushing its luck.

 
Samsung Electronics posted a 19‑fold jump in quarterly operating profit to KRW89.4 trillion (≈RM238.8 bil), beating forecasts by 6%, yet its shares fell over 10% in Seoul, tripping a Kospi circuit‑breaker for the sixth time this year. Investors had already priced in the AI‑chip boom, so the eye‑watering numbers failed to excite them. Memory prices rose >40% for DRAM and >50% for NAND, giving Samsung pricing power that may last till 2027, but fears of overcapacity keep the market wary. As one analyst put it, the results “aren’t that much better than what the Street was modelling”. 

South Korean shares took a tumble on Tuesday, with the Kospi sliding 4.9% as Samsung Electronics slipped nearly 7% despite a bullish AI earnings outlook. Investors are questioning whether the AI‑fuelled chip boom can sustain its lofty valuations, dragging down other Asian bourses while Singapore and Malaysia showed mixed moves. Just how concentrated is the Kospi? Samsung and SK Hynix comprise 60% of the index, up from 40% just 2 years ago.

No more SIUUU
Cristiano Ronaldo's World Cup dream is officially over. Spain knocked Portugal out 1–0 in the Round of 16, clinching the victory minutes until extra time, with Mikel Merino scoring in stoppage time at AT&T Stadium in Texas. After the match, an emotional Ronaldo, now 41, confirmed it: "It was my last World Cup, yes." He said he leaves "with a clear conscience" but wouldn't commit to retiring from Portugal entirely, "there's time to think, to be with my family." He walks away with 146 international goals, the all-time record, 27 World Cup appearances, and 3 goals this tournament. But the one trophy that defined his rivalry with Messi? Never his. Coach Roberto Martínez called him "an icon in football." One of the greatest careers ever, closing without football's biggest prize.

5. FOR YOUR EYES 📺

We go art today

1. You may have seen this cat character Bichi Mao (990k IG followers). TIL - it was created by a Malaysian, Olive Yong (IG here). Always thought it was from Japan. Impressive! View her journey in her own Bichi Mao character here.

2. A case study on when a brand is built on hype.

3. Understanding the deep meaning of Hokusai’s The Great Wave off Kanagawa.