☕️ Popular actress Zara Zya recounts ‘casting couch’ experiences in entertainment industry

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

35th place – Universiti Teknologi Petronas climbed eight places to become the 35th-ranked university in Asia in the Times Higher Education Asia University Rankings 2026. This marks the first time a Malaysian university has entered the top 40 in Asia. However, Universiti Malaya slipped a spot to 65th, remaining Malaysia’s second-highest-ranked institution. This year’s rankings featured 27 Malaysian institutions, with a record six universities claiming places among the top 100, double last year’s tally. The rankings featured 929 universities from 36 countries/territories. China’s Tsinghua University took first place for the eighth consecutive year. View the rankings here.

HKD300,000 (RM152,358.99) – HSBC Holdings is reviewing a longstanding perk where it covered school fees for a swath of bankers in Hong Kong, which is the largest market for the British lender. It is the only major hub where mid-level staff and above are entitled to a subsidy that covers 95% of school fees up to HKD220,000 for each child in primary school and HKD300,000 per child in secondary school annually. This perk has cost the financial institution tens of millions of dollars a year and has become a source of tension at the head office in London, as the perk is not offered anywhere else. However, the perk is now under review as HSBC Holdings looks to cut costs to hit a USD1.5 bil (RM5.97 bil) cost-saving target in the first half of 2026.

USD500 mil (SGD649 mil or RM1.99 bil) – In late 2025, the National University of Singapore was reported to be divesting at least that amount in private equity and real estate funds to manage liquidity and rebalance its China exposure. At the time, the university reported total funds and reserves of more than USD15 bil, a large portion of which was its endowment fund. Harvard University holds the title of having the world’s largest endowment among universities at USD56.9 bil in 2025 on the back of strong investment returns. Meanwhile, UM’s endowment fund was last reported to have raised funds of RM220 mil in Dec 2024. It aims to raise a total of RM1 bil.

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3. IN MALAYSIA 🇲🇾

Mega fraud scandal
US fraud case hits TM former staff: Three former Telekom Malaysia Bhd employees have been charged in the US over an alleged scheme involving nearly RM80 mil of company funds. The US Department of Justice said Mohd Hafiz Lockman, Mohd Yuzaimi Yusof and Khanh Thuong Nguyen, who were linked to the company’s US subsidiary, face charges of wire fraud conspiracy, wire fraud and aggravated identity theft. Investigators allege the trio used forged records, false statements and impersonation tactics to mislead suppliers, auditors and internal teams, diverting more than USD20 mil (RM79.38 mil) through multiple linked fraudulent transactions.

The misconduct was uncovered during an internal probe by Telekom Malaysia, which later self-reported the matter to US authorities and will not face charges due to full cooperation. Hafiz was arrested at San Francisco International Airport on Apr 20, 2026, while the other two surrendered shortly after. If convicted, they face up to 20 years in prison for each fraud-related charge and a further two years for identity theft.

Sabah water director jailed and fined RM284.3 mil: A former Sabah Water Department director has been sentenced to eight years in jail and fined RM284.3 mil after being found guilty of 12 money laundering charges involving more than RM45 mil in public funds. The case has been described as the “rare of the rarest”. The offences took place between Oct 4 and Nov 8, 2016, across Sabah and Kuala Lumpur. The court heard that the funds were systematically siphoned off, affecting water supply projects meant for communities facing long-term shortages. He faces an additional 78 months in prison if the fine is not paid. His wife and a former deputy director were acquitted, while the court granted a stay of execution pending appeal, with bail set at RM500,000 secured by a land grant.

Chips up, traffic down
SkyeChip soars, Oppstar crashes: SkyeChip Bhd made a strong Main Market debut on May 20 after raising RM352 mil, with its stock briefly jumping to RM3.80, more than four times its IPO price of 88 sen, before closing at RM2.21 (up 151.1% - still awesome!). The semiconductor design firm, backed by major institutional investors, saw heavy trading and a valuation of RM3.97 bil, with most IPO proceeds going into research and development and no offer for sale (i.e. cashing out) by existing shareholders. At the same time, Oppstar Bhd shares dropped as much as 24.8% before closing 21.21% lower at 65 sen, despite earlier gains this year. The contrast came as investors reacted to shifting momentum in Malaysia’s chip design sector.

Sunway launches RM100 mil upgrade for Subang traffic flow: Sunway Property has started traffic improvement works worth more than RM100 mil at the Persiaran Kewajipan roundabout in Subang Jaya, with completion targeted by the end of 2026. The project is being carried out with Majlis Bandaraya Subang Jaya to improve connectivity across Bandar Sunway, Subang Jaya and the USJ corridor. Upgrades include three AI-powered smart traffic lights, lane widening and redesigned U-turn routes to ease congestion, including changes linking SS15 to Bandar Sunway and USJ Taipan. The developer said the works are aimed at improving traffic flow and road safety for daily commuters. A hundred bucks for a roundabout. Still trying to digest this amount.

Zara Zya recounts ‘casting couch’ experiences in entertainment industry
Popular actress Zara Zya has spoken about difficult experiences she faced at the start of her acting career, saying that professional meetings and auditions sometimes turned into uncomfortable situations involving inappropriate demands. She recalled one incident at a karaoke lounge where she was invited to discuss acting work, but the discussion reportedly shifted into a request for her to undress under the guise of an audition. She also described a pattern where bringing a friend or family member to casting sessions often led to rejection, which made her question the nature of some opportunities. In another case, she said she was invited to a meeting that turned out to be different from what was promised, involving unexpected individuals. Zara, now an established figure in the industry, said these incidents happened when she was still new, financially vulnerable, and still learning to navigate the entertainment world.

For those unfamiliar, casting couch refers to the exploitation of aspiring actors or performers in the entertainment industry, where a person in a position of power, such as a director, producer or casting agent offers roles or career advancement in exchange for sexual favours. Similar allegations have surfaced globally over the years, especially during the #MeToo movement in Hollywood (read here), where powerful industry figures were accused of abusing their positions. (For example, Harvey Weinstein).

Shorts:

1. Chelsea set for Malaysia clash with JDT
   Chelsea, the reigning FIFA Club World Cup champions, will face Johor Darul Ta’zim (JDT) in a friendly on Aug 11 at Sultan Ibrahim Stadium in Johor. The match, organised by TEG Sport, will serve as a pre-season test for both sides, with ticket prices ranging from RM154 to RM1,254. Get your tickets here.

2. Malaysia has six-month medicine buffer
   Pharmaniaga Bhd says Malaysia’s public healthcare system has about six months of pharmaceutical buffer stock across suppliers, hospitals and the company itself. Managing director Datuk Zulkifli Jafar said the group has boosted advance procurement and forward orders, while monitoring supply and costs through a dedicated task force to ensure stable medicine availability nationwide.

4. AROUND THE WORLD 🌎

Iran threatens war beyond the Middle East
The Revolutionary Guard had some strong words for the US if it attacks again: ‘If aggression against Iran is repeated, the promised war will extend beyond the region this time.’ This came after Trump said that he was ‘an hour away from the decision to go today’, referring to a new bombing campaign on Iran. But in usual TACO (Trump Always Chickens Out) fashion, Trump put it off at the last minute to give Iran some time for diplomacy.

This week, about 54 tankers passed through the Strait of Hormuz, twice the number from last week. Notably, two Chinese oil tankers carrying 4 mil barrels exited. Iran seems to be tolerant of countries that it deems to be ‘friendly’. China was Iran’s biggest buyer of crude oil in 2025, taking up more than 80% of Iran’s oil exports.

Trump says war with Iran will ‘end quickly’
Stoking the fire is a dangerous thing. But that’s what Trump did. He commented again that the war with Iran will ‘end quickly’. Oil prices are down by 2% as a result, but many still wonder whether Trump’s words hold any weight at this point. JD Vance said that there had been some progress on the talks, but Iran still holds strong to its initial demands.

Some research houses are already projecting things to get a lot worse. Citi analysts expect oil prices to rise to USD120 (RM476.30) per barrel. Meanwhile, Wood Mackenzie went for the doomsday scenario, where it projects that prices could reach USD200 per barrel if the Strait of Hormuz remains closed until the end of the year.

Meanwhile, Trump’s approval rating sinks to a low
Trump’s approval rating has sunk to a second-term low of 37%, at least according to the New York Times (NYT). Americans are unhappy about going to war in the Middle East, and the state of the US economy. Two-thirds of voters think that going to war was the wrong decision, and the same percentage thinks that Trump is not doing a good job on the economic front. Generally, Republicans still support Trump, but more are switching camps. Just bear in mind that the NYT has generally been more left-leaning and more critical of Trump and Republican policies. 

Learn more about political polarisation in the US.

Thank you for the USD10 bil investment, Mr. Adani
President Trump is a ‘businessman’ through and through. The US has dropped criminal charges against Indian billionaire, Gautam Adani, after he pledged a USD10 bil (RM39.69 bil) investment in the US. Adani is India’s second-richest billionaire and 17th in the world with a net worth of USD108 bil.

Adani was charged with bribing Indian officials to secure contracts and allegedly lying to US investors to obtain the largest solar energy project in India. This case was initiated during former President Joe Biden’s administration, but it seems like the Department of Justice will not proceed with prosecuting Adani. However, this will still require a sign-off from a judge. There is one glaring point here. Adani appointed a new lawyer to his team, Robert J Giuffra Jr, who is also a personal lawyer for President Trump. Coincidence?

Shorts:

1. Arsenal trusted the process and finally won

   ‘Trust the process’. Famous words from Mikel Arteta that became a meme when Arsenal were runners-up to the English Premier League (EPL) three years in a row. But it has now delivered Arsenal’s first EPL title in 22 years. Arsenal has finally won the league. And it came from Manchester City drawing against Bournemouth. Arsenal will now play its final game of the EPL season at Crystal Palace and will be crowned as champions. Arsene Wenger will be mightily proud of Mikel Arteta. After all, Mikel Arteta played under Wenger at Arsenal.

   Loyal Arsenal fans can finally cry their tears of joy now after 22 years.

2. Deepfake AIs are on another level now

   Can you imagine several Singaporean ministers and Mr Lawrence Wong himself, being in a Zoom call with you? They look and sound exactly like the real person, but they are not. They are AI deepfakes who are asking you to donate money to ‘help with the cause’. A Zoom call has been exposed by the Singaporean police for impersonating government officials. They are trying to raise awareness of deepfake AIs that look very convincing now. One victim has already lost SGD4.9 mil (RM17.2 mil) to scammers who were soliciting donations to the Strait of Hormuz crisis - the scammers probably couldn’t believe their luck. In another case in Hong Kong, a finance worker at a multinational firm also lost USD25 mil (RM99.23 mil) to fraudsters impersonating a chief financial officer.

   Take a look at the deepfake video here. Seeing is no longer believing.

3. All of Google’s NEW releases!

   The Google I/O 2026 event was a hit. The announcements are driving everyone wild. Its Gemini AI model is always at the top of everyone’s list, and you will be glad to know that its Gemini 3.5 Flash model is here. It is marketed as not just a text generator but also to execute multi-step workflows, maintain software projects, prepare documents, coordinate subagents and handle longer-running tasks. It also unveiled Gemini Spark, a new personal AI agent, which will be integrated into many of Google’s applications, such as Gmail and Google Docs. Lastly, Google also unveiled its Samsung ‘Intelligent Eyewear’ glasses that interact with your phone and AI assistants using voice commands.

5. FOR YOUR EYES 📺

About smart glasses

1. Despite cameras all over the place, are we ready for smart glasses?

2. An interesting perspective on photography and looking as acts of power.

3. The next time you submit your leave application, do it like a Netflix documentary.

4. Hang in there for a bit more - the long, long weekend is coming next week! Holiday combo of Hari Raya Haji, Agong’s birthday and Wesak Day.