☕️ Zayn Rayyan case update: Father acquitted, mother to enter defence

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Anthropic’s CEO Dario Amodei believes that AI, not software developers, will be writing all of the code in our software in a year. When he said this in March 2025, he believed that AI would be writing 90% of the code in three to six months. However, Amodei also said that software developers will still have a role to play in the near term, as humans are still needed to feed the AI models with design features and conditions. Still, he believes that humanity will eventually reach a point where AIs can do everything humans can, and in every industry.

Meanwhile, also in March, OpenAI CEO Sam Altman celebrated not just his first child, but having ChatGPT taking first place in Generative AI Adoption, according to a survey by Evercore ISI. The findings show that ChatGPT has reached 55% penetration among Gen Zers and 50% among millennials, while Google trails at 33%. This rapid was shown clearly when ChatGPT added 100 mil users in just two months.

There’s Watergate, gamergate, and then there’s staplegate. Some US customers of the long-awaited, tariff-delayed Nintendo Switch 2 console complained that their consoles had puncture holes on the screen, and it turned out that the culprit was a black stapler used at a Staten Island branch of GameStop to secure receipts to the console boxes. The consoles were replaced, but GameStop wanted to turn the issue into something for a good cause. The company organised a charity auction, and the stapler lot sold for USD250,000. The auction closed with 282 bids for the lot, which contained a stapled Nintendo Switch 2 that was repaired, the console’s box with stapler marks, the stapler itself, and the “carefully extracted” staple.

3. IN MALAYSIA 🇲🇾

Auditor- General flags 3 UKM tenders worth RM58.4 mil in report
Auditor General (AG), Datuk Wan Suraya Wan Mohd Radzi found "serious irregularities" in Universiti Kebangsaan Malaysia's (UKM) procurement process, with the university’s Tender Procurement Committee selecting companies that were not recommended by the university’s Technical Evaluation Committee, Financial Evaluation Committee, or Pre-Tender Committee.

These “irregularities” include:

• the awarding of a contract to a company whose medical equipment failed to meet UKM’s specifications (nothing new)

• the inclusion of a company which had failed the technical evaluation for catering services (nothing new)

• a company winning a lift upgrade contract despite being noted for having a problematic ongoing project (nothing new)

UKM was advised to revise its procurement guidelines to align with Treasury regulations and financial rules, along with close monitoring of these three tenders and disciplinary action to be taken against those who had violated procedures. As a premier national university ranked on the QS World University Rankings and Times Higher Education World University Rankings, UKM is certainly facing pressure to restore its tarnished reputation due to this “irregular” situation.

Read the short version of the Auditor-General’s report here.

Parliament passes bill regulating non-bank credit sector, “Buy Now, Pay Later”
Just recently, the Dewan Rakyat passed a bill allowing regulation of non-bank credit and credit service providers, even as Malaysia sees a significant rise of “Buy Now, Pay Later” schemes. While the approval process for a BNPL scheme is much easier, late payers can potentially be penalised with lower credit score, with few regulations to ensure the BNPL providers play by the rules (brief explainer by Investopedia). To date, Malaysia has 16 BNPL providers such as GrabPay, Atome and SPayLater.

According to Deputy Finance Minister Lim Hui Ying, the surge in BNPL transactions puts consumers at risk, as the low-income group and those with poor financial literacy face a real possibility of accruing unmanageable debts. For context, the total value of BNPL transactions rose 31% from RM7.1 bil in 2H 2024 to RM9.3 bil in 1H 2025. Meanwhile, the number of active BNPL accounts also increased from 5.1 mil at the end of 2024 to 6.5 mil by the end of June 2025.

With these concerns in mind, the newly passed Consumer Credit Bill 2025 lays the groundwork for the Consumer Credit Commission (CCC), a new government body tasked with overseeing industry conduct, enforcing standards, and advising the government on consumer credit policy. The CCC will hit the ground running as it will be tasked with overseeing businesses such as BNPL providers and debt collectors, among others. The CCC will also regulate leasing, factoring, debt collection, acquisition of non-performing loans or financing, and debt counselling or management services.

Zayn Rayyan case update: Father acquitted, mother to enter defence
In case you have forgotten, the court case concerning the murder of Zayn Rayyan Abdul Matin, a six-year-old autistic boy who was found dead in a stream is still ongoing. On Dec 5, 2023, Zayn’s body was found in a stream nearby his home. In what seems like an overextended episode of CSI, both the mother and father were remanded by police almost 6 months into investigations. View timeline here.

Just recently, the Petaling Jaya Sessions Court has ordered Zayn’s mother to enter defence on charges of child neglect as the prosecution had successfully established a prima facie case against her as sufficient evidence was produced. The mother, Ismanira Abdul Manaf, had to be comforted after the proceedings ended as she was weeping. Meanwhile, the father, Zaim Ikhwan Zahari, was acquitted by the court.

Cases like Zayn Rayyan’s are indicative of a rise in Malaysia’s reported child neglect cases, with Malaysia’s Department of Social Welfare reporting 4,126 cases in 2024, a huge leap from 1,628 cases in 2020. Here’s our PSA to report cases of child abuse and neglect via the Talian Kasih hotline.

Shorts

1. Sunway Construction starts week with shocking plunge in share prices

   Now we know the company involved in the data centre corruption case. Sunway Construction found itself in a tough spot as the week began - it emerged as Bursa Malaysia’s most traded stock, falling as much as 17.56% in the morning, before regaining some ground and ending the day at RM5.49. Still, it had lost close to 50 sen in its share price, as compared to Friday’s closing price of RM5.98. Sunway Construction, which boasts various ongoing data centre projects in Selangor and Johor indicated that an employee is being investigated by the Malaysian Anti Corruption Commission (MACC), following MACC’s ongoing probe on a data centre construction project tender worth some RM180 mil in Johor. Notably, the Employees Provident Fund (aka EPF) had earlier announced that it ceased to be a substantial shareholder in Sunway Construction.

2. PJ's Eastin Hotel will undergo RM100mil rebirth

   The iconic Eastin Hotel Kuala Lumpur located in Petaling Jaya’s Phileo Damansara office area (or near Menara Star), is set to undergo a RM100 mil transformation into a five-star hotel with a new name - Petaling Jaya Marriott Hotel. Originally developed and managed by the CP Group, a Malaysian family-owned developer led by Datuk Tan Chew Piau, Eastin Hotel Kuala Lumpur welcomed its first guests in 1998. In mid-2025, the CP Group sold the hotel reportedly for about RM200 mil (or around RM515,000 per room). The hotel now falls under the portfolio of TSM Global, a company that owns and manages various commercial, real estate, and hospitality assets across the region.

3. PMX gonna surprise Malaysians with goodies
   If you were left wondering what’s the big deal with PM Anwar’s “extraordinary tribute”, you’re not alone! Unfortunately, Malaysians will have to wait till Wednesday before more information is unveiled. Besides hints that it is meant to “ease the burden on the people and address current issues”, it’s pretty much anyone’s guess. Perhaps, these “current issues” include the upcoming “Turun Anwar” rally on 26 July, with police expecting a turnout of between 10,000 and 15,000 protestors?

4. AROUND THE WORLD 🌎

Israel's weird flexes: To fund country tour for MAGA influencers
The Israeli foreign ministry reportedly said it will be funding a tour of Israel by right-wing social media influencers from the US. It was reported that the tour will feature 16 influencers, all under the age of 30, who support US President Trump’s MAGA and America First campaigns. This is an attempt to counter what the Israeli government sees as declining support for Israel among young Americans. The goal is to organise 550 influencer delegations to Israel by the end of the year.

Pope speaks against forced displacement of Palestinians
Pope Leo has spoken in support of Palestinians, telling Palestinian President Mahmoud Abbas he opposed any forced displacement of Palestinians. This comes days after an Israeli strike hit Gaza’s Holy Family church, the only Catholic church there. Israel said the strike, which killed three and wounded the church’s priest, was a “mistake”. The small church had been a focus of papal advocacy for peace throughout the war in the territory. Kill, “apologise'“, move on - repeat the cycle. 

China, China

World's largest hydroelectric power plant to cost China USD167 bil
China has officially begun the construction of the world’s largest hydroelectric power plant. The staggering USD167 bil power plant is being built in Tibet, in the lower reaches of the Yarlung Tsangpo River. The plant will consist of five cascade hydroelectric power plants, with the power generated used to meet both local and external energy needs. The current largest hydroelectric power plant is also Chinese, with the Sanxia plant located on the Yangtze River.

China no longer second-largest US Treasury holder
For the first time in 25 years, China’s recorded holdings of US Treasuries are lower than the UK's, with the former logging USD765 bil worth at the end of March, while the latter logged USD779 bil. This brings the UK to the number two spot after Japan. However, this marks a sign that Beijing is seeking to diversify away from US assets, with China having sold US Treasuries “slowly but steadily”.
View table: Major foreign holders of US Treasuries

EU: Hazardous goods sold on Chinese platforms Shein, Temu
The EU justice commissioner has raised the alarm over hazardous goods being sold on Chinese e-commerce platforms Shein and Temu, after reviewing items that violated EU safety laws. He also warned that 12 mil low-value parcels from non-EU sellers enter the EU daily, which overwhelms national consumer protection systems. Some examples include poorly-constructed pacifiers, raincoats with toxic chemicals, sunglasses with no UV protection, and cosmetics containing Lillal, a substance banned since 2022 due to risks to fertility and fetal development.

Things that fly news

Ryanair mulls employee bonus for spotting oversized bags
According to CEO Michael O’Leary, the airline is considering increasing a bonus it pays to workers for identifying passengers with oversized bags. Currently, they receive EUR1.50 (USD1.75) for each customer they intercept who are trying to bring bags that are too large on a Ryanair plane. Ryanair passengers can be charged up to EUR75 (not bad ROI for a EUR1.50 bonus investment) for bringing a bag larger than the size they paid for while booking their flight.

At least 19 dead after Bangladeshi air force jet crashes into school
A Bangladeshi air force training jet crashed into a school campus in the capital city of Dhaka, leaving at least 19 dead and 164 injured. A statement from the armed forces said that the F-7 jet experienced a mechanical fault after taking off for a training exercise. The pilot was among those killed. The pilot reportedly tried to navigate the jet to a less populated area when the mechanical fault happened, right after he took off from an air base in Dhaka.

Air India jet skids during landing, damaging aircraft and runway
Air India takes another hit as one of its aircraft veered off the runway as it landed during heavy rain at Mumbai International Airport, leading to a brief shutdown of the runway and damage to the underside of one of the plane's engines. All passengers and crew have disembarked, according to Air India, though there was no mention of any injuries. This comes a month after one of Air India’s Boeing 787 Dreamliners crashed in the city of Ahmedabad, killing 260.

Shorts

1. All it took was a weak password to destroy a 158-year-old company

   A single weak password allowed a ransomware gang to destroy Northamptonshire transport firm KNP and put 700 people out of work. The hackers got in by guessing an employee’s password, giving them access to the entire system, after which they encrypted the company’s data, locked its internal systems, and demanded a ransom. The ransom sum was estimated to be GBP5 mil, which the company didn’t have, leading to the loss of all data and the company went belly up.

2. Man wearing heavy metal necklace dies after being sucked into MRI machine

   The 61-year-old entered the MRI room without permission as the machine was running, according to authorities. His wife, who was in the room for a scan on her knee, had called him in to help her up after the scan. The chain, which the man wore for weight training, weighed 9kg. After a “medical episode”, he waved goodbye to his wife and went limp, after which he was pronounced dead. Not as dramatic as a certain scene from a certain movie about final destinations, but still. Watch here what happens when metal meets MRI.

5. FOR YOUR EYES 📺

1. The kid who has gone viral for his ‘aura farming’ dance on the boat is giving back to his society. His official IG page here. One of the comments: “We made the right person famous”.

officialboatkid

534K followers

View more on Instagram

2. How Mickey does pest control to remove mosquitoes from his home. After watching it, it’s something we can do too in Malaysia.