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JPMorgan team says crypto markets face 'cascade of margin calls' Posted by: superadmin - 11-10-2022, 04:27 PM - Forum: Business, Economy and Investment - No Replies SINGAPORE (Nov 10): Crypto markets face weeks of deleveraging in the fallout from the crisis at digital-asset exchange FTX.com, a period of upheaval that could push bitcoin down to US$13,000 (RM61,155), according to JPMorgan Chase & Co strategists. A "cascade of margin calls" is likely underway given the interplay between the exchange, its sister trading house Alameda Research, and the rest of the crypto ecosystem, a team led by Nikolaos Panigirtzoglou wrote in a note. "What makes this new phase of crypto deleveraging induced by the apparent collapse of Alameda Research and FTX more problematic is that the number of entities with stronger balance sheets able to rescue those with low capital and high leverage is shrinking" in the crypto sphere, the team said on Wednesday. Digital-asset investors are still coming to terms with the rapid unravelling at FTX.com and the concerns swirling around Alameda Research, both founded by 30-year-old Sam Bankman-Fried. There are fears that the potential bankruptcy of FTX.com could lead to contagion that takes down other crypto outfits. - More -   Meta laying off more than 11,000 employees Posted by: superadmin - 11-10-2022, 02:28 PM - Forum: Business, Economy and Investment - No Replies Meta laying off more than 11,000 employees: Read Zuckerberg’s letter announcing the cuts Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg told employees Wednesday. Meta provided lukewarm guidance in late October for its upcoming fourth-quarter earnings that spooked investors and caused its shares to sink nearly 20%. The company’s costs and expenses jumped 19% year over year in the third quarter to $22.1 billion. Meta is laying off 13% of its staff, or more than 11,000 employees, CEO Mark Zuckerberg said in a letter to employees Wednesday. “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg said in the letter. “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.” Shares of Meta were up about 7.7% Wednesday morning. - More -   The Collapse Of Singapore's Largest Company Posted by: superadmin - 11-10-2022, 02:09 PM - Forum: Business, Economy and Investment - No Replies   Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse Posted by: superadmin - 11-10-2022, 10:29 AM - Forum: Business, Economy and Investment - No Replies Binance is backing out of its plans to acquire FTX, the company said Wednesday. “The issues are beyond our control or ability to help,” Binance said in a tweet. FTX, which was valued at $32 billion earlier this year, is now in jeopardy of collapsing. Binance is backing out of its plans to acquire FTX, the company said Wednesday, leaving Sam Bankman-Fried’s crypto empire on the verge of collapse. The reversal comes one day after Binance CEO Changpeng Zhao announced that the world’s largest cryptocurrency firm had reached a non-binding deal to buy FTX’s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis. Earlier this year, FTX was valued at $32 billion by private investors. “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity,” Binance said in a tweet on Wednesday. “But the issues are beyond our control or ability to help.” - More -   Bitcoin falls to its lowest level in nearly two years as Binance abandons FTX deal Posted by: superadmin - 11-10-2022, 10:20 AM - Forum: Business, Economy and Investment - No Replies Cryptocurrencies extended their slide for a second day Wednesday as the market absorbed the potential collapse of popular crypto exchange FTX. Prices were pressured to start the day and plunged by late afternoon as Binance, the largest global exchange by volume, abandoned plans to acquire Sam Bankman-Fried’s FTX after a due diligence exam and recent reports of mishandled customer funds and alleged U.S. agency investigations of FTX. Bitcoin fell 12% before 4:30 p.m. ET to just under $16,000, hitting a low not seen since November 2020, according to Coin Metrics. It reached its all-time high of $68,982.20 one year ago Thursday. Meanwhile, ether tumbled 14%, to $1,128.87. - More -   Good to have more diversity in DAP’s top leadership, admits Syahredzan Posted by: superadmin - 11-10-2022, 10:04 AM - Forum: Politics - No Replies PETALING JAYA: Pakatan Harapan’s candidate for Bangi, Syahredzan Johan said a greater diversity in DAP’s top leadership would be desirable. In an interview with FMT, Syahredzan pointed out that there was already diversity in the central executive committee (CEC), but it “can always be more diverse”. “If you are looking at race, yes there may be more Chinese but within the committee itself there are people from different places, people from different age groups, representing different communities. “(It) can always be more diverse, of course, (but) I’m not saying there is no diversity in the CEC,” he said. - More -   “Tuan Ibrahim’s simple denial doesn’t clear him of crony practice in awarding project Posted by: superadmin - 11-09-2022, 07:59 PM - Forum: Stop Corruptions - No Replies THAT PAS vice-president Datuk Seri Tuan Ibrahim Tuan Man has only issued a simple denial that the Environment and Water Ministry (KASA) in which he is the caretaker minister has yet to award the RM2 bil Langat flood relief project to Mangkubumi Sdn Bhd via direct negotiation has irked PKR’s deputy president Rafizi Ramli. Aware that the project has yet to be awarded, Rafizi said his sole purpose of highlighting the issue is in view of the ongoing discussion and “effort to award the project during the caretaker government phase which actually breaks the law”. According to Rafizi who will be contesting in the Pandan Parliamentary constituency come the 15tth General Election (GE15), Tuan Ibrahim’s failure to comment on three key questions that he has posed confirms that his ministry and the Finance Ministry has indeed shortlisted Mangkubumi as a contractor for the RM2 bil Sungai Langat 2 flood relief project. “I question this because it is a great loss to the people when major projects under his ministry are given to a company that clearly has close ties with the UMNO leadership,” Rafizi penned in his latest Facebook post. “(Moreover, Mangkubumi) has been involved a court case for illegal money laundering of as much as RM139 mil that was transferred to Datuk Seri Abdul Azeez Rahim who is an UMNO leader with bad record of embezzlement.” - More -   Of Tun M’s coalition of 4 mosquito parties and his eyeing a third PM-ship Posted by: superadmin - 11-09-2022, 11:26 AM - Forum: Politics - No Replies GERAKAN Tanah Air (GTA) chairman and twice former prime minister Tun Dr Mahathir Mohamad is sour grapes. Failing to elicit the electoral cooperation of Pakatan Harapan (PH) and Perikatan Nasional (PN) against UMNO/Barisan Nasional (BN), he has turned against all the coalitions by claiming that they are not fit to govern the country. Instead, the best alternative for the future of the country is none other than GTA which is a coalition of four mosquito political parties, namely, Parti Pejuang Tanah Air (PEJUANG), Parti Bumiputera Perkasa Malaysia (PUTRA), Barisan Jemaah Islamiah Se-Malaysia (BERJASA) and Parti Perikatan India Muslim Nasional (IMAN). He said recently that UMNO under its president Datuk Seri Ahmad Zahid Hamidi cannot govern the country because he is corrupt as charges are pending against him. - More -   Will PAS apologise for spreading untruth about DAP like Jamal Abdullah? Posted by: superadmin - 11-09-2022, 11:21 AM - Forum: Politics - No Replies THAT award-winning singer Jamal Abdullah had gone on social media to apologise to DAP for spreading lies and untruths about the party has prompted retired DAP supremo Lim Kit Siang to ask if PAS president Tan Sri Hadi Awang and the PAS Perak commissioner Razman Zakaria will do likewise. Yesterday (Nov 8), Jamal made an open apology for his recent call on Twitter to reject DAP for lies and untruth about azan (call for prayers) and tahfiz schools under the DAP government in Penang. “To all Malaysians who follow my videos, I humbly apologise for what I said in the earlier video. What I said then was a political ‘spin’, and I regret that I said such things against the DAP and PH (Pakatan Harapan),” he noted in a two-minute Twitter video. “To the DAP and PH, my sincere apologies for what I said about you.” Jamal, 63, further admitted that his statement against the DAP and PH was based on heresay which went viral on social media during the last two general elections. “I’m not a politician, and I formed my opinions based on conversations with friends who are politically inclined. I regret making that video, and I have chosen to let Malaysian voters who are my fans decide for themselves.” - More -   Perak BN to introduce appointed assemblymen if it wins GE15 Posted by: superadmin - 11-09-2022, 10:11 AM - Forum: Politics - No Replies IPOH: Perak Barisan Nasional will introduce appointed assemblymen to the state assembly should it obtain a two-thirds majority in the 15th general election, its chairman Saarani Mohamad said. A two-thirds majority, he said, would allow the state government to amend the Perak constitution and allow it to appoint assemblymen from minority and youth groups without the need for elections. Saarani said similar amendments had been made in Sabah. “Amendments to Sabah’s constitution were made to give the winning party the right to appoint six assemblymen without having to go through elections. - More - Pages (1128): « Previous 1 … 534 535 536 537 538 … 1128 Next » Jump to page: