☕️ Wong Chen quits MP; PKR loses third parliamentary seat

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

60% – When a poll asked whether shorts were acceptable at work, that many respondents approved of the apparel. When categorised by age, millennials were the most receptive, with 75% approving of shorts. Baby boomers were less accepting, with 57% of respondents over the age of 58 disagreeing with allowing shorts at work. The change in sentiment comes less than a decade after shorts were widely considered completely unacceptable in the office, with Business Insider once stating in 2017 that men could only get away with shorts if they did not care about their career.

>USD250 mil (RM1.02 bil) – That’s how much Bank of America is paying for GLP-1 weight loss drugs a year for more than 210,000 employees (~USD1.19k), about 13% of the organisation’s USD2 bil annual healthcare budget. CEO Brian Moynihan said the amount is a worthwhile investment in benefits for his staff, reporting “a great impact on employees”. The pay-off is in short- and long-term health benefits, like a reduced risk of heart disease. Meanwhile, Starbucks has decided it will no longer cover GLP-1 medications prescribed for weight loss for benefits-eligible employees, in a bid to address rising health-benefit costs. Average health-benefit costs per employee rose 6% in 2025 and are projected to rise 6.7% this year, with the growing use of costly GLP-1 medications identified as one of the main drivers.

Almost GBP150,000 (RM827,771) – Three artworks by street artist Banksy have cost British taxpayers that much in cleaning and security operations, with the bill expected to rise. The most expensive item on the bill is the removal of a mural, depicting a judge in a wig battering a protester with his gavel, painted on the Royal Courts of Justice in Sep 2025. The Ministry of Justice spent GBP50,000 trying to remove the mural, with a further GBP35,300 spent on overtime and security costs. The Royal Courts of Justice are a Grade II-listed building, which means they are a UK building or structure that is “of special interest, warranting every effort to preserve it”. The mural has divided public opinion, with some calling it vandalism that defaced a public building, while others defended the work, saying the art was accessible and had tourism benefits.
Learn: What is a UK listed building?

3. IN MALAYSIA 🇲🇾

Wong Chen quits, PKR’s third parliamentary seat given up
Wong Chen resigns as Subang MP: Wong Chen has officially resigned as the MP for Subang, with his resignation taking effect at 5pm on Aug 10. The three-term MP submitted his resignation letter to Dewan Rakyat Speaker Johari Abdul on Aug 5, but both parties agreed to keep the matter under wraps until the effective date to allow parliamentary officers time to complete the necessary administrative procedures. Wong also announced that he will stop using the honorific "Yang Berhormat" in his official correspondence, billboards and signage from next month and is expected to explain his decision further during a press conference on Wednesday.

PKR loses third parliamentary seat: Wong's departure also means PKR has now lost its third parliamentary seat in less than four months, following the resignations of former Economy Minister Rafizi Ramli and Nik Nazmi Nik Ahmad in May. Wong’s resignation comes against the backdrop of growing tensions involving several PKR backbenchers over constituency allocations after he revealed that his parliamentary office had lost access to the MyKhas portal used to manage constituency allocations and Projek Mesra Rakyat applications. Similar restrictions were later reported by Petaling Jaya MP Lee Chean Chung and Ampang MP Rodziah Ismail, prompting five PKR MPs to jointly call for an explanation from the government. Wong was also among several PKR leaders who attended the launch of Parti Bersama Malaysia in May, adding to the speculation over his political future before the resignation was officially confirmed.

More Politics - PN and its drama
Bersatu remains in PN, says Samsuri: Confusion over Bersatu's position in Perikatan Nasional continued after Coalition Chairperson Ahmad Samsuri Mokhtar contradicted PAS President Hadi Awang's claim that Bersatu had automatically ceased to be a PN member. Samsuri said Bersatu remains part of the coalition despite its earlier announcement that it intends to form a new political alliance following the Negeri Sembilan state election. Hadi had argued that the PN constitution automatically removes any party that joins or forms another coalition, but Bersatu Secretary-General Azmin Ali disputed that interpretation, saying no such provision exists. Bersatu Information Chief Tun Faisal Ismail Aziz has since announced plans to lodge a report with the Registrar of Societies over the party's membership status, although Samsuri said Bersatu was free to take whatever action it deemed necessary.

PAS, Pondok Madani clash over Hadi's remarks: Hadi also found himself at the centre of another controversy after his remarks accusing DAP of promoting a colonial agenda aimed at weakening Islam and the Malays drew criticism from the Kelantan Pondok Schools Association, better known as Pondok Madani. The group urged political leaders, particularly those associated with Islam, to avoid making statements that could fuel division and questioned the lack of evidence supporting Hadi's claims.

Association Chairperson Zulkarnain Harun said such accusations risk creating prejudice, damaging racial harmony and contradicting Islamic principles that emphasise verification before making allegations. PAS leaders quickly defended Hadi, with Kelantan PAS Deputy Ulama Chief Asri Daud questioning Pondok Madani's motives and suggesting the group had failed to properly understand Hadi's arguments. The central PAS ulama wing also backed the party President, while Hadi continued to defend his position by claiming DAP had challenged the constitutional status of Islam, the Malay rulers and the Malay language, while also promoting policies that he believes threaten Malay interests.

Flag incident sparks political debate: Separately, a damaged Jalur Gemilang displayed at Dataran Batu Buruk in Terengganu has become another political flashpoint. Samsuri described the incident as an accident after the national flag was seen without its crescent and star, saying investigations would be carried out to ensure it would not happen again. Kuala Terengganu City Council later clarified that the missing section had detached after strong winds loosened the stitching, adding that the flag was immediately replaced and future purchases would be limited to fully assembled flags. The explanation, however, did little to stop political criticism.

Akmal, where you?
DAP MP RSN Rayer questioned why Umno Youth had remained silent despite previously taking a strong stance against similar incidents involving the Jalur Gemilang. He pointed to last year's high-profile protest led by Umno Youth chief Dr Akmal Saleh over an upside-down national flag in Penang, suggesting the contrasting reactions exposed inconsistent responses to issues involving the country's national symbol.

RM5,000 reward offered in Kepong fire attack
Police are continuing their hunt for the suspect behind a brutal attack that left a 62-year-old woman with burns to about 50% of her body after she was allegedly doused with petrol and set on fire at a number forecast outlet in Taman Pusat Kepong. The victim, who worked as a counter attendant, was rushed to Kuala Lumpur Hospital and remains in a critical but stable condition. Initial investigations found that she had no known enemies and had not received any prior threats, with police saying the motive remains unclear. Forensic officers have collected DNA samples and other evidence from the scene, while a special operation has been launched to track down the suspect. Meanwhile, Kepong MP Lim Lip Eng has offered a RM5,000 reward for credible information that directly leads to the suspect's arrest, urging anyone with information to come forward and assist the police investigation.

IOI secures approval for major REIT listing
IOI Properties has received approval from the Securities Commission Malaysia (SC) to establish and list a RM7.58 bil real estate investment trust (REIT) on Bursa Malaysia's Main Market. The REIT will comprise nine retail, office and hotel assets, led by IOI City Mall (worth RM5.1 bil), which accounts for about two-thirds of the portfolio's value. The acquisition will be funded through a combination of REIT unit issuance and RM2.65 bil in cash raised via sukuk. Existing IOI Properties shareholders will also be entitled to participate in the offering, while units will be made available to the public and institutional investors, subject to regulatory conditions. REITs is an interesting investment for those new to investing, but a new tax regime might make it a little less attractive. Nevertheless, good to get started with investing in REITs. Learn to walk first - learn more here.

4. AROUND THE WORLD 🌎

Why Unitree Robotics is being hyped up
We all know that AI can produce information at lightning speed and is able to understand human queries to a certain degree. But investors have been thinking about the next stage in the AI industry — robotics with AI applications.

Unitree Robotics, a Hangzhou-based robot maker (the kungfu robots that we featured multiple times), had an offline price inquiry, and it indicated strong demand for its robots. That’s why it’s now opening subscriptions for about 40.4 mil shares priced at CNY150.8 (RM91.4) per share and is planning to raise up to CNY6.1 bil (RM3.7 bil). Yes, this is an IPO on the Shanghai Stock Exchange sci-tech innovation board, the STAR Market. A lot of offers came from investors, and the stock is 2,761 times oversubscribed. Unitree develops, produces and sells high-performance general-purpose humanoid and quadruped robots, components and embodied intelligence models.

If you want to check out the prospectus, here you go. The catch is that it’s in Mandarin. Time to fire up that auto-translate.

Iran’s take on the Saudi-Turkey-Pakistan defence pact
Looks like Iran is cool with it. “Countries in the region cannot rely on the claim of security provided by the US as in the past”. That essentially sums up Iran’s take on the defence pact signed by Saudi Arabia, Turkey and Pakistan last week. Adding fuel to the fire, Iran has basically also said that the US is a ‘false broker’ in the region for security, as these three countries have changed their perception of the US for providing security. What’s the defence pact about? Any attack on the countries is an attack on all three countries that have signed the pact. If you are having a hard time imagining how this will benefit these countries, here’s a map that shows the borders of Iran and why these countries are worried about an attack from Iran or any other power in the region that consider them a threat.

However, Iran does not seem concerned about this, as it said that it has “deep religious, historical, and civilisational ties” with these three countries and that there was “no reason to worry that this treaty will be against Iran”. Only time will tell whether this is true. No issue with Shia-Sunni relations in this context.

K-beauty industry said to TSMC “Can I copy your homework?”
South Korea’s cosmetics industry is taking a page from TSMC’s playbook, and it worked so well, the industry overtook the US to become the world’s number two exporter of cosmetic products. France is the biggest.

The formula is simple. TSMC mass-produces products for its clients such as Apple and Nvidia but does not compete with them. TSMC has all the facilities and plants. All its clients need to do is design or have an idea of the products, and TSMC will take care of the rest.

That model is now being applied in South Korea’s cosmetics industry. An ODM or original design manufacturer takes an order from a client who wants to develop new products. The ODM offers a selection of templates or ‘semi-finished product packages’ that resemble their requirements the closest. The client just has to choose one that fits their requirements the closest. Then, the ODM handles everything from procurement, production, testing, safety, and certification, and mass-produces them in just three months. That is significantly faster than the typical nine to twelve months development cycle.

The ODM can get raw materials at lower prices, as they buy them in bulk. This enables clients to generate higher profit margins or sell at lower prices. A law change in 2011 enabled companies without manufacturing capabilities to license themselves as ‘cosmetic distributors’, and that has resulted in a boom in the industry. Fabless (fabrication-less) cosmetic businesses quadrupled to 28,412 in 2025 from a decade ago. South Korea now produces USD12.5 bil (RM51.1 bil) worth of cosmetics and exported USD11.4 bil in 2025. CJ Olive Young, one of the largest cosmetic retailers, is leading this charge overseas, as it has opened two stores on the US West Coast to bring the K-beauty fever there. The company serves 60 countries, and people are probably going crazy over them with the influence of K-pop as well.
Learn: Difference between ODM, OBM and OEM

Did you get arrested by an AI?
Well, this was weird. A senior detective in Derbyshire, UK, is being investigated over potential artificial intelligence (AI)-related misconduct. And no, he or she was not trying to create meme pictures of Trump wearing a crown, riding an Inu dog rocket to space. Apparently, the detective used AI to maintain ‘decision logs’. If you don’t know, a decision log is a series of records on why he or she took each step in the investigation. Think of it like a journal, but one that is needed to justify why the detective took certain steps and actions. This log can be disclosed to defence lawyers to look at in case there were dubious circumstances and decisions.

So far, the matter is still under investigation, but it has gotten traction because two months ago, the police also started an unrelated investigation into another detective accused of using AI to “create evidential material in a number of cases”. This is dangerous, because AI can hallucinate and create false statements and logic that ‘seems right’. And that could land an innocent person in jail.

5. FOR YOUR EYES 📺

Entertainment: KL Spidey, When singng Disney tunes can protect you, and the beauty of Tom & Jerry in orchestra

1. Spider-Man POV in KL. Got to say the VFX done by Sofyan is superb.

2. With more Meta glasses around, here’s how to protect yourself when you are uncomfortably being filmed. Watch the below to go up against these glassholes. Read the top comment - a deep irony.

3. For those who grew up with Tom & Jerry, the opening theme in orchestra is beautifully chaotic like the cartoon itself.