☕️ Your lifestyle to get a bit more expensive - expanded SST kicks in July 1

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

A total of 2,361 wild animals have tragically been killed by vehicles across Malaysia since 2020, according to outgoing Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad. Pahang recorded the highest number of these road fatalities with 765 animal deaths, followed by Perak (478), Kelantan (224), Terengganu (201), and Negri Sembilan (187). In response to this concerning trend, the government is implementing various initiatives to reduce wildlife deaths on roads. This includes a significant increase in allocation, with RM250 mil earmarked for 2025 to enable state governments to expand forest reserve areas.

Malaysia has seen significant progress in workers' welfare and labour rights over the past year, with the national unemployment rate dropping to a 10-year low of 3.1%, as announced by HR Minister Steven Sim. Speaking at the APEC Human Resources Ministerial Meeting in Jeju, South Korea, Sim highlighted a major milestone for wage growth: the median wage for the first time surpassed the RM3,000 threshold. These positive developments are bolstered by several key reforms, including a 13% increase in the national minimum wage and a 20% boost in social security benefits for workers, underscoring a concerted effort to enhance the economic well-being of the Malaysian workforce.

The world's 500 largest family businesses collectively generated a staggering USD8.8 trillion in revenue in the 2025 EY and University of St Gallen Global 500 Family Business Index. This represents a robust 10% increase since the last survey in 2023, underscoring their continued significant role in global economic growth. To put this immense figure into perspective, the total aggregate revenue of these family-owned enterprises surpasses the entire Gross Domestic Product (GDP) of Germany, which stands at USD4.5 trillion. While still smaller than the economies of the United States (USD27.7 trillion) and China (USD17.79 trillion), this demonstrates the formidable economic power and enduring influence of family businesses worldwide.

3. IN MALAYSIA 🇲🇾

Another major road accident: Campus journey turns fatal
At least 15 Universiti Pendidikan Sultan Idris (UPSI) students were killed and over 30 others injured when a privately chartered bus carrying 42 students collided with a Perodua Alza and overturned along the East-West Highway near the Banjaran Titiwangsa rest area in the early hours yesterday. The crash involved 48 individuals in total, some victims were thrown from the bus, others were trapped, and several managed to escape on their own, with emergency responders using hydraulic tools to access the wreckage and recover 6 trapped passengers, 2 of whom were critically injured. This heartbreaking tragedy came less than a month after the fatal crash on May 13, which claimed the lives of 9 members of the Federal Reserve Unit (FRU) in Teluk Intan, Perak.

Initial investigations revealed that the bus rear-ended the Alza before overturning, and the case is now being probed under Section 41(1) of the Road Transport Act 1987. Authorities including JPJ, Puspakom, and Miros are examining technical and compliance aspects such as vehicle condition, potential mechanical faults, and human negligence. The Alza’s occupants, including 2 young children, are being treated at Baling Hospital, while police have yet to record a statement from the injured bus driver. Watch a dashcam recording of the incident here.

WARNING: Humidity becomes lethal
As Malaysia grapples with soaring temperatures and stifling humidity, experts are warning of the often-overlooked but deadly risk of wet-bulb temperatures (WBT), a phenomenon where the body can no longer cool itself effectively through sweating. According to a Universiti Kebangsaan Malaysia’s professor, WBT can occur even at 31°C, a threshold the US National Weather Service classifies as “extreme danger,” especially when humidity exceeds 90%. Vulnerable groups including the elderly, children, pregnant women, and outdoor workers face the greatest risk of hyperthermia. Health experts urge the public to avoid outdoor activities during peak heat (12pm–3pm), wear light clothing, and check on at-risk individuals. Meanwhile, another professor advised for a revised national alert system that factors in humidity, not just temperature, and urged coordination between MetMalaysia and health agencies to issue targeted public advisories. A Level 1 heat alert was issued recently for six regions, with conditions expected to worsen in the coming months.

Expanded SST kicks in July 1
Your high-flying lifestyle is going to get a bit more expensive. The expanded Sales and Service Tax (SST) will come into effect on July 1, imposing a 5%-10% sales tax on selected non-essential goods and widening the 6%-8% service tax to include sectors such as rental, construction, finance, private healthcare, education, and beauty services, the Finance Ministry announced. Essential items like rice, cooking oil, medicines, and construction materials remain tax-exempt, while luxury items like truffles, king crab, and silk fabrics will face new levies. Exemptions have been introduced to avoid double taxation and shield core services for Malaysians, including exemptions for citizens in healthcare and education, and relief for MSMEs and lower-income groups. Compliance support will be extended until Dec 31, 2025, with no penalties for late registration during this period.
View table: Sales tax rates on various goods 

Business

EPF takes strategic entry into 99 Speed Mart
The Employees Provident Fund (EPF) has acquired a 5.02% stake in 99 Speed Mart Retail Holdings Bhd, marking its first holding in the fast-growing minimart chain. According to a Bursa filing, the transaction occurred on June 4, with no vendor or price disclosed. However, based on the closing price of RM2.06 that day, the deal is estimated to be worth around RM868.89 mil. Founded by CEO Lee Thiam Wah, who still holds a dominant 79.68% stake, 99 Speed Mart was listed on the Main Market in September 2024 at RM1.65 per share and joined the KLCI component index in December. The group currently has a market capitalisation of RM17.64 bil.

Yinson denies buyout talks amid RM9 bil rumour
Yinson Holdings Bhd has denied being in buyout talks with any third parties, refuting a Bloomberg report that claimed New York-based Stonepeak Partners was in exclusive discussions to acquire the company in a deal potentially worth up to RM9 bil. Yinson clarified that while its major shareholders, including the Lim family (who hold a 26.6% stake), are exploring corporate proposals with various parties, these discussions are still preliminary and may not result in any formal deal. Yinson’s stock, which surged nearly 14% following the report, closed down one sen at RM2.33 on Monday, giving it a market capitalisation of RM7.17 bil.

Politicians and their stories

Cancer-free, but not debt-free
Seputeh MP Teresa Kok has congratulated Sungai Besar Umno chief Jamal Yunos on being declared cancer-free but reminded him to pay the RM50,000 in legal costs he owes her lawyer, as ordered by the court. The sum stems from a defamation suit Kok filed in 2017 after Jamal falsely accused her of misappropriating state funds from the Selangor government's Skim Mesra Usia Emas. She was awarded RM300,000 in damages last year after a seven-year legal battle. Jamal, once known for leading the “red shirts” movement, had his home contents seized in 2023 after failing to make payment. Now in remission after intensive treatment for cancer that had spread to his brain, Jamal declared himself fully recovered.

Wong Chen - questioning reform progress whilst on leave
Subang MP Wong Chen is taking a 2-week break in France to reflect on his political future, citing frustration over the lack of meaningful reforms by the PH-led government. In a Facebook post, the three-term PKR backbencher expressed concern about stalled institutional progress and urged fellow MPs to push harder from the backbench. Wong, who lost his seat on PKR’s central leadership council, has also previously raised issues on party funding transparency and the financial strain of serving as an MP.

Zafrul quashes by-election and MB rumours after PKR switch
Investment, Trade and Industry(MITI) Minister Tengku Zafrul has denied claims he is eyeing a by-election or Selangor MB post, clarifying that no such discussions have taken place and stressing his opposition to triggering unnecessary polls. Fresh from completing the haj, Zafrul said his recent exit from Umno and application to join PKR was a personal decision, not politically driven (when it comes to political parties, we can’t see a difference between personal and politics here). He will serve out his term as senator until December and leaves his ministerial role to the PM’s discretion.

4. AROUND THE WORLD 🌎

Greetings to Greta, from Israel - Israeli forces seize "selfie yacht"
The so-called “selfie yacht” was actually a British-flagged charity vessel with a crew of 12 that tried to break a naval blockade of the Gaza Strip. Among the 12 were activist Greta Thunberg and European parliament member Rima Hassan. Israeli forces took over the yacht and apprehended the crew, with the 12 expected to return to their home countries. The yacht was part of the pro-Palestinian Freedom Flotilla Coalition, and it was carrying a symbolic amount of humanitarian aid to Gaza to raise international awareness of the humanitarian crisis there. Following the arrest, the Israeli Foreign Ministry made an X post about how “the show is over”, with a picture of Thunberg being offered a sandwich.

Israel planted armed criminal gangs in Gaza to create chaos
With Israeli PM Netanyahu admitting to arming criminal gangs in Gaza that raids humanitarian aid, there are allegations that Israel’s end-goal is to “destroy any future in which Palestinians might govern their own society”. The strategy of turning a people against each other, then blaming them for the chaos is noted as colonialism 101, with the coloniser using the chaos as proof that the colonised cannot govern themselves. The alleger, who grew up in Gaza, also called for the international community to take concrete actions to protect and safeguard Palestinian lives and their right to statehood. While US President Trump is expected to speak with Netanyahu, it somehow feels like nothing will come out of it.

US-China Trade Negotiation, Part II - Kuala London
The US and China will be sitting down at the negotiating table again, this time in Kuala London, in hopes of preserving a fragile trade truce despite increasing tensions between the two superpowers. The US delegation will be led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer, according to Trump. The Chinese Foreign Ministry named Vice Premier He Lifeng as China’s representative, with He having led the previous negotiating team in Geneva. Trump believes the talks will go well, in light of how a publicly announced call between Trump and Chinese President Xi a few days ago “reached a very positive conclusion”.

GTA: Los Angeles

Protests intensify amid National Guard deployment
US President Trump has ordered the deployment of 300 National Guard troops to protect federal buildings in Los Angeles, where protests against his immigration crackdown in the area have entered their third day. Protesters clashed with the troops, with crowds blocking a major highway and setting fire to self-driving cars (watch here and here). Authorities responded with tear gas, rubber bullets, and flashbangs. This activation of the National Guard also marks the first time in decades that the troops were activated without a request from the state governor.

The governor in question, Democrat Gavin Newsom, has called the deployment unlawful and has requested the Trump administration withdraw its order to deploy 2,000 National Guard troops. Newsom accused Trump of manufacturing a crisis and violating California’s state sovereignty, adding that he planned to sue the administration over the deployment, considering Trump “created the conditions” around the protests. An interesting fact: Trump himself should count as an immigrant, considering his grandfather is actually German.

EV Bulletin

Chinese EV makers gang up on BYD as price war heats up
Competition continues to intensify in the Chinese domestic EV space, with Geely now joining Great Wall Motor in criticising BYD’s aggressive price cuts. This follows Great Wall’s chairman expressing concerns about the price war, with Geely’s vice president offering his support to those concerns. The price war in China intensified after BYD’s latest price slash, which led to a broader sell-off in auto stocks.

Vietnam's VinFast reports sixth consecutive loss-making quarter
The EV maker reported a net loss of USD712.4 mil for the quarter, narrowed compared to the previous quarter’s USD1.3 bil loss, but still higher than analyst estimates of a USD616.3 mil loss. Still, revenue jumped 150% to USD656.5 mil, higher than analyst estimates, with deliveries up nearly 300%, largely driven by sales in Vietnam. The firm is continuing to intensify marketing efforts domestically, though shifting to a dealership model compared to the costlier option of showrooms. A new assembly plant in India is also set to begin operations in July. Check out its IG page here.

5. FOR YOUR EYES 📺

Multi-million dollar property tour today.

1. RM8.5 mil luxury bungalow in Bangsar

staywoketour

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2. SGD8.8 mil (RM28.9 mil) oceanfront penthouse in Singapore. The host doesn’t come with the home, btw.

pikachuying

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3. Meanwhile, a property bubble in Malaysia?