☕️ Why Ong Kian Ming left DAP

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

GBP2.5 mil (RM13.77 mil) – That’s how much the football from Diego Maradona’s ‘Hand of God’ goal at the 1986 World Cup sold for at auction. The ball was kept by Ali Bin Nasser, the referee of that quarter-final match between Argentina and England, for more than 30 years. He also verified, alongside independent authentication, that there was only one ball used throughout the match. The referee sold the ball in 2022 for GBP1.74 mil. A specialist auctioneer from auction house Heritage Auctions in the US said that the ball was “arguably the most significant soccer item that exists”. Notably, the ball was expected to fetch closer to GBP7.3 mil at the auction.
Fun fact: This is the same ball that Maradona later scored the “Goal of the Century” with. Check out the two goals (the other goal is legendary) here:

10 games – Argentina midfielder Leandro Paredes was banned for that many games for the role he played in on-field clashes after Argentina lost 1-0 to Spain in the 2026 World Cup final. His teammate Nahuel Molina was also issued a 7-match ban. Not only that, Argentina have also been ordered to play their next two home matches with stadium capacity capped at 50%, with the Argentine Football Association also fined USD321,000 (RM1.31 mil) for breaches of the Fifa disciplinary code relating to using a sports event for demonstrations of a non-sporting nature, team misconduct, and discriminatory chants and gestures by its supporters. Fifa also ordered that USD100,000 of that fine be invested in a plan to combat discrimination. The non-sporting nature demonstration portion of the fine was due to several Argentina players holding up a banner claiming Argentine sovereignty over the Falkland Islands, a British overseas territory, after Argentina defeated England 2-1 in the World Cup semi-final.

GBP3.49 bil (RM19.21 bil) – Premier League clubs broke their all-time summer transfer record for the second year running with that much spent. The previous record, made 12 months ago, was GBP3.14 bil. A total of GBP506.5 mil was spent on deadline day itself, up from GBP391 mil last year. The total amount spent during this year’s transfer window also considerably dwarfs the GBP1.13 bil spent by clubs just 5 years ago. This summer also saw 3 of the 10 most expensive signings in the history of football, with Enzo Fernandez’s move from Chelsea to Manchester City for GBP125 mil being the headline move and coming in 5th in the Top 10. The other two were when Chelsea paid GBP117 mil to sign Morgan Rogers from Aston Villa, and when Manchester City spent GBP116 mil to sign Nottingham Forest midfielder Elliot Anderson, coming in 7th and 8th respectively in the Top 10 list. The record for highest transfer fees ever paid remains when Paris St-Germain paid GBP200 mil to Barcelona to sign Neymar.

3. IN MALAYSIA 🇲🇾

TH crisis, fertiliser debacle and the 1MDB scandal
Former minister to be charged over the Lembaga Tabung Haji (TH) crisis
The Malaysian Anti-Corruption Commission (MACC) confirmed on Thursday that Jamil Khir Baharom, who served as Religious Affairs Minister under former PM Najib Razak, will face three charges next week for misappropriating assets linked to TH. Five people have been charged in the TH RCI probe so far: a former Deputy GM of Construction and a former Security and Health Manager at TH Properties Sdn Bhd, a former TH Chairman, Alam Maritim Sdn Bhd's CEO and a former TH COO.

More bigwigs may be called regarding fertiliser supply delay
MACC Chief Commissioner Abd Halim Aman said that his agency is prepared to summon the relevant minister and ministry secretary-general if necessary to assist in its investigation into delays in the supply of fertiliser to about 60,000 padi farmers in Kedah. MACC added that, according to its preliminary investigation, an appointed company managed to fulfil only 54% of its order for 2026 Season 1 as of Sept, or only 333,655 of the 616,015 bags of fertiliser required.

Southeast Asia’s biggest lender DBS Bank in 1MDB-linked lawsuit
Liquidators of four companies linked to recovery efforts in the multibillion-dollar 1MDB scandal - Blackrock Commodities (Global), Platinum Global Luxury Services, Affinity Equity International Partners and TKIL Global Investments - are suing DBS Bank for USD1.03 bil (RM4.19 bil). In response, DBS rejected the claim by the liquidators and said it would fight it vigorously. DBS Bank is not the only bank that faced lawsuits or legal actions connected to the 1MDB scandal. Key banks sued or facing lawsuits:

• Standard Chartered Bank: Faced a USD2.7 bil lawsuit in Singapore brought by liquidators representing shell companies (Alsen Chance Holdings, Blackstone Asia Real Estate Partners, and Brightstone Jewellery). The Singapore High Court allowed the case to proceed to trial after dismissing the bank's attempt to strike it out.

• Deutsche Bank (Malaysia) Bhd: Sued by the 1MDB fund in a Malaysian court, which claimed USD1.1 bil in alleged losses.

• J.P. Morgan (Switzerland) Ltd: Sued by 1MDB in Malaysia for an estimated USD800 mil. Case dropped.

• Coutts & Co Ltd: Sued by 1MDB in Malaysia for about USD1.03 bil. Case dropped too.

In a separate event, the Malaysian Civil High Court has decided that all 171 plaintiffs had succeeded in their action against P Tech Resources Sdn Bhd, its Singaporean directors Wang Jing Chao, 41, and Yap Yoke Liang, 43, and lorry driver N. Maridass, 42, for their involvement in the toxic waste dumping that polluted Sungai Kim Kim. As for the next step, the court will fix a date for the assessment of the damages from the illegal dumping that resulted in 947 people requiring treatment. A total sum of RM33 mil in damages is sought by the plaintiffs.

Just how bad is this toxic pollution - read here.

Why OKM left DAP?
Speaking on the latest episode of the Keluar Sekejap podcast, former Bangi MP Dr Ong Kian Ming revealed that the cracks in his relationship with DAP began to unravel after an influencer shared slides from a private briefing in which he predicted Pakatan Harapan would suffer a major defeat in the Johor election. Ong added he had no malicious intent when he made the prediction, just wanted to point out the fact that the political wind was blowing very strongly against PH and DAP. To make things worse, no DAP leader had reached out to question his predictions or ask how his analysis could help the party prepare for future state or general elections. This knee-jerk reaction from the party has led him to decide to leave DAP. Ong resigned from DAP on Aug 31, after being a member of the party since 2012.

Shorts:

1. Gamuda doing well in Australia
   Gamuda Bhd has secured its third Sydney Metro contract, specifically the Sydney Metro West – Parramatta Integrated Station Development project, with the station works valued at about RM2.54 bil. Gamuda Land Australia will also participate in the over- and adjacent-station property development. Other than that, Gamuda Bhd has also delivered the M1 Pacific Motorway extension to Raymond Terrace: Black Hill to Tomago package for Transport for NSW (TfNSW) ahead of schedule. The project is Gamuda’s first road project in Australia since the company set up its base in Down Under back in 2019.

2. MITI launched eSaham 2.0
   Bumiputera investors will now have a better experience in purchasing Bumiputera IPO share allocations after the Investment, Trade and Industry Ministry (MITI) has launched eSaham MITI 2.0. MITI Minister Johari Abdul Ghani said the new system eliminates manual processing, allowing companies and investors to register and manage applications online. The public will be able to access eSaham MITI 2.0 on Sept 18.

3. Super El Niño will toast us in 2027
   The Malaysian Meteorological Department (MetMalaysia) expects temperatures in several parts of the country to exceed 40°C in 2027, driven by a Super El Niño phenomenon. MetMalaysia director-general Dr Mohd Hisham Mohd Anip said that the peak of the extreme heat was expected to coincide with the equinox period around Mar to Apr 2027. Coincidentally, the timing overlaps with the fasting and Hari Raya period - yikes. Previously, the highest daily temperature ever recorded in the country was 40.1°C in Chuping, Perlis, during the Super El Niño phenomenon of 1997/1998.

4. AROUND THE WORLD 🌎

USD5k for each American, from Trump
President Donald Trump, whose grip over the Republican Party remains absolute, delivered a lengthy keynote speech during the opening of the Republican midterm convention yesterday. Here are four key observations and takeaways:

1. The old-style Republican establishment was nowhere to be seen, offering a reminder of just how much the party has changed. The vast arena was instead filled with Trump loyalists - the MAGA.

2. Trump offered to pay every adult US citizen USD5,000 (RM20,330) if Republicans win both chambers of Congress. There are nearly 270 mil American adults, which means the payout would cost the US government some USD1.3 tril. When is it a bribe, when is it not a bribe?

3. Trump acknowledged that Americans may have to wait a while longer to see relief from high fuel prices, again arguing that short-term economic pain caused by the war in Iran was worth it.

4. Trump said he is still in charge and not in a hurry to give up the spotlight, although it is unclear how the party would perform when his name is not even on the ballot in the midterm.

Note that the Democratic Party is aiming to take control of one or both chambers of Congress in the Nov 3 midterms. Currently, Trump’s Republican Party maintains slim majorities in both. And Trump also said that the Iran war would end immediately after the midterm elections. Will this really happen?

Tech
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The big Apple drop has finally arrived - the flippable smartphone, iPhone Duo, debuted to the world yesterday. The long-awaited phone bears a book-style foldable that opens to a 7.6-inch inner display and has a 5.4-inch outer screen, letting users run two apps side by side. The device features four cameras: one on the outer display, another dedicated for FaceTime on the inner display, and a 48-megapixel Fusion camera and 48-megapixel ultra-wide camera on the rear of the device.

Apple is not the first company to build a foldable phone - rival brands like Samsung and Huawei, as well as several Chinese phones, also have them. But they have not really captured much in the overall smartphone market. Even if Apple delivers 6 mil iPhone Duos before the end of the year, that would only increase foldables’ share of the smartphone market to just 25%. So, will the iPhone Duo soar? Only time will tell.

Check out the official price for the iPhone Duo in Malaysia 😮‍💨:

• 256GB – RM9,499

• 512GB – RM10,499

• 1TB – RM12,499

• 2TB – RM15,499

Finally, some kind of protection from Meta glasses
A Polish software developer has developed an aptly-named app, “Zuckoff”, that could detect the presence of recording Meta glasses nearby. The solution came after he was “spooked” by videos of people being recorded without permission by creepy strangers. The app came at the right time - many are expressing dislike toward the “covert” use of the tech, while the company embarks on a PR blitz to calm those who fear for their privacy. Although the company says that the camera is designed to be noticeable through a built-in LED light, it does not mean that it is safe from being tampered with. The app uses Bluetooth signatures broadcast by smart glasses to indicate its presence to the users instead of relying on indicators. Quite brilliant - check it out here.

Britain to push tech companies to block nude images on kids’ devices
The British government is planning to introduce legislation that will require technology companies like Apple and Google to stop children from taking, sharing or viewing nude images on their phones and tablets. The government did give Apple and Alphabet-owned Google a three-month deadline in June to introduce such measures voluntarily, but neither has comprehensively blocked the taking and sending of nude selfies so far. Although the companies seem to commit to child protection, Culture Secretary Lisa Nandy said that it is still insufficient. Britain has strict online child safety protections, although the current rules mostly apply to services and platforms rather than devices.

Shorts:

1. Mubadala takes minority stake in Luckin Coffee for USD1 bil
   Abu Dhabi sovereign wealth fund (AUM of USD380+ bil) Mubadala Investment Company has agreed to make a significant minority investment in Luckin Coffee, China’s largest coffee platform, alongside Centurium Capital in a transaction valued at about USD1 bil (RM4.07 bil). Luckin Coffee, founded in 2017, operates more than 36,000 stores globally and had close to 500 mil cumulative transacting customers as of June 30.

2. Baby orangutans found in Indian forest
   Five baby orangutans were discovered in a forest in Odisha, India, far away from home, sparking questions about how they ended up there, as orangutans are not native to India. Investigators are examining whether they have been trafficked into the country by an international smuggling network that probably uses the state highway to move the orangutans. Orangutans, only native to Indonesia and Malaysia, are critically endangered, and their trade is prohibited under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) - the global agreement governing trade in endangered wildlife.

5. FOR YOUR EYES 📺

One-of-a-kind Sports Event - World Nomad Games

1. World Nomad Games (Aug 31 to Sep 6) in Kyrgyzstan (a country btw, view map here) is an international sports competition dedicate to ethnics sports practised in Central Asia. 104 countries participated. Think Robin Hood kind of sports. Rugby but on horseback with goat carcass. Tug of war. Sheep bone tossing. The opening ceremony is epic!

2. Highlights of the event. More here.

3. And here’s our Malaysian athlete shooting arrows whilst riding a horse.

Impress with this trick. All good, until someone tries it. Happy Weekend!