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The spectacular implosion of crypto’s biggest star, explained Posted by: superadmin - 11-11-2022, 02:48 PM - Forum: Business, Economy and Investment - No Replies Sam Bankman-Fried, one of the crypto industry’s biggest stars, has said a lot of things over the years, most recently that he’s “sorry” and he “fucked up.” Before that, he said he might spend as much as $1 billion on politics in 2024. He said he had a lot of ideas for policing the crypto industry and using his crypto-fueled fortune for good. He said he’d be fine bailing out some crypto companies in trouble as crypto winter hit over the summer. All of these claims are now in limbo thanks to another thing he said on November 7: that his crypto exchange, FTX, was “fine.” It was not. Instead, the next day, the exchange imploded. “It’s incredible how quickly these things can spiral out of control,” Molly White, a software engineer and prominent crypto critic behind the website Web3 is Going Just Great, told me. Whether or not you’re a crypto person, chances are you’ve come into some sort of contact with FTX and its founder, Sam Bankman-Fried — better known as SBF — in some fashion. He’s partnered with big names, such as soon-to-be-divorced couple Tom Brady and Gisele Bündchen, to spread the crypto gospel. He co-hosted Crypto Bahamas with medium name Anthony Scaramucci; figures such as Bill Clinton and Tony Blair attended. (Disclosure: Future Perfect, Vox’s effective altruism-inspired vertical, received a grant from Bankman-Fried’s Building a Stronger Future foundation in 2022.) - More -   Musk warns of Twitter bankruptcy as more senior executives quit Posted by: superadmin - 11-11-2022, 02:22 PM - Forum: Business, Economy and Investment - No Replies PALO ALTO/OAKLAND, California (Nov 11): Twitter Inc's new owner Elon Musk on Thursday raised the possibility of the social media platform going bankrupt, capping a chaotic day that included a warning from a US privacy regulator and the exit of the company's trust and safety leader. The billionaire on his first mass call with employees said that he could not rule out bankruptcy, Bloomberg News reported, two weeks after buying it for US$44 billion — a deal that credit experts say has left Twitter's finances in a precarious position. Earlier in the day, in his first company-wide email, Musk warned that Twitter would not be able to "survive the upcoming economic downturn" if it fails to boost subscription revenue to offset falling advertising income, three people who have seen the message told Reuters. - More -   Zaid cannot reverse the forces of history against political decadence Posted by: superadmin - 11-11-2022, 02:03 PM - Forum: Politics - No Replies I FIND it amusing that the former law minister Datuk Zaid Ibrahim (main pic, left) thinks that the Barisan Nasional (BN) offers the most credible alternative to govern the country. He remarked that BN’s election manifesto is not only impressive but provides a way out of the entrapment of poverty and economic malaise. Zaid is confident that BN can become the government of the choice of the people. Its victory in the 15th General Election (GE15) is something to look forward to. The other political alternatives, Perikatan Nasional (PN) and Pakatan Harapan (PH) are not really the choices taking into account the well-being of the country. In Zaid’s view, the BN coalition’s pragmatic political formula is much more impressive than the other two coalitions put together. - More -   Malaysia records stronger economic growth in Q3 at 14.2%: Bank Negara Posted by: superadmin - 11-11-2022, 01:49 PM - Forum: Business. Economy and Investment - No Replies KUALA LUMPUR – Malaysia’s economy marked stronger growth in the third quarter of this year, at 14.2% compared to 8.9% in the second quarter, Bank Negara Malaysia said. The central bank attributed growth to strong domestic demand, improvements in the labour market and income conditions, as well as ongoing policy support. “Exports remained supported by strong demand for E&E products. The recovery of inbound tourism lent further support to economic activity. By sector, the services and manufacturing sectors continued to drive growth,” BNM said in a statement today. “Overall, the Malaysian economy expanded by 9.3% in the first three quarters of 2022,” it added. For next year, the economy is expected to expand by 4.0% to 5.0%, supported by firm domestic demand amid continued improvements in the labour market. - More -   China to promote multilateralism, globalization as 'Asian moment' arrives Posted by: superadmin - 11-11-2022, 11:46 AM - Forum: Politics - No Replies For the next few days, the world's attention will shift toward Southeast Asia, where countries are scheduled to host three major international and regional summits. They are trying to seek solutions and consensus amid growing geopolitical turbulence and the long-lasting impact of COVID-19. As the "Asian moment" starts, with the ASEAN summit, G20 and APEC meetings kicking off one after another, China is expected to continue advocating for multilateralism, free trade and a higher level of globalization in the face of mounting challenges, further deepen cooperation with developing countries and play the role of stabilizer in regional and global affairs, experts said.  The ASEAN Summits and a series of leaders' meetings on East Asia cooperation are taking place in Phnom Penh, Cambodia from Tuesday to November 13, which will be followed by the G20 summit that is scheduled to be held in Bali, Indonesia from November 15 to 16. Soon afterward, the Asia-Pacific Economic Cooperation (APEC) summit will be held in Bangkok, Thailand from November 18 to 19. US President Joe Biden began a weeklong trip on Thursday, first to Egypt to attend the ongoing COP27 and then to Cambodia for ASEAN and East Asia Summit meetings from November 12 to 13, before joining the gathering of G20, Reuters reported on Thursday. - More -   Jeffrey Sachs: US Will Turn Ukraine Into Next Afghanistan Posted by: superadmin - 11-11-2022, 11:04 AM - Forum: Politics - No Replies Jeffrey Sachs: US Will Turn Ukraine Into Next Afghanistan, This Will Hurt Ukraine More Then Ever !!!   China's Role in a Shifting World! Posted by: superadmin - 11-10-2022, 06:41 PM - Forum: Politics - No Replies   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 Pages (1151): « Previous 1 … 557 558 559 560 561 … 1151 Next » Jump to page: