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Crypto brokerage Voyager Digital files for Chapter 11 bankruptcy protection Posted by: superadmin - 07-06-2022, 06:01 PM - Forum: Business, Economy and Investment - No Replies Voyager commenced bankruptcy proceedings in the U.S. Bankruptcy Court of the Southern District of New York on Tuesday. The company suffered huge losses from its exposure to crypto hedge fund Three Arrows Capital, which went bust last week. Sam Bankman-Fried’s Alameda Research is listed as Voyager’s largest creditor, with an unsecured claim of $75 million. Beleaguered crypto brokerage Voyager Digital has filed for Chapter 11 bankruptcy protection, becoming the latest casualty of chaos in digital asset markets. Voyager commenced bankruptcy proceedings in the U.S. Bankruptcy Court of the Southern District of New York on Tuesday, according to a filing from the company. The filing lists assets of between $1 billion and $10 billion, and liabilities in the same range. In a statement, the company said it has roughly $1.3 billion of crypto on its platform and holds over $350 million in cash on behalf of customers at New York’s Metropolitan Commercial Bank. - More -   Raising interest rates is the wrong solution to the inflation problem, analyst says Posted by: superadmin - 07-05-2022, 03:18 PM - Forum: Business, Economy and Investment - No Replies Raising interest rates to tame demand and therefore inflation is not the right solution as high prices have been mainly driven mainly by supply chain shocks, MBMG Group managing partner Paul Gambles told CNBC. “Supply is very difficult to manage, we are finding across a whole bunch of industries, a whole bunch of businesses, they’re having very different challenges just turning the taps back on,” he said. “And the Fed are the first ones to put up their hands and say monetary policy can’t do anything about supply shock. And then they go and raise interest rates,” he added. Raising interest rates to tame demand — and therefore inflation — is not the right solution, as high prices have been driven mainly by supply chain shocks, one analyst said. Global manufacturers and suppliers have been unable to produce and deliver goods to consumers efficiently during Covid lockdowns. And more recently, sanctions imposed on Russia have also curtailed supply, mainly of commodities. “Supply is very difficult to manage, we are finding across a whole bunch of industries, a whole bunch of businesses, they’re having very different challenges just turning the taps back on,” Paul Gambles, managing partner at advisory firm MBMG Group, told CNBC’s “Street Signs” on Monday.   Referring to the energy crisis that Europe faces as Russia threatens to cut off gas supplies, he said that “on American independence day, this is sort of a co-dependence day where Europe is absolutely shooting itself in the foot, because so much of this has come about as a result of sanctions.” “And the Fed are the first ones to put up their hands and say monetary policy can’t do anything about supply shock. And then they go and raise interest rates.” - More -   Another crypto lender Vauld pauses withdrawals as market crash takes its toll Posted by: superadmin - 07-04-2022, 08:30 PM - Forum: Business, Economy and Investment - Replies (2) Crypto lender Vauld on Monday paused all withdrawals, trading and deposits on its platform and is exploring potential restructuring options, the company said. Vauld said it is facing “financial challenges” due to “volatile market conditions” which has led to customers withdrawing more than $197.7 million from the platform since June 12. Vauld is the latest victim of the cryptocurrency price plunge this year that has exposed flaws in a number of digital coin projects and business models. Crypto lender Vauld on Monday paused all withdrawals, trading and deposits on its platform and is exploring potential restructuring options, the company said. Vauld CEO Darshan Bathija said in a blog post on Monday that the company is facing “financial challenges” due to “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate” which has led to customers withdrawing more than $197.7 million from the platform since June 12. The Singapore-based company said it is working with its financial and legal advisors to “explore and analyse all possible options, including potential restructuring options, that would best protect the interests of Vauld’s stakeholders.” - More -   Umno’s Nur Jazlan lashes out at ‘incompetent’ PAS ministers Posted by: superadmin - 07-04-2022, 07:32 PM - Forum: Politics - No Replies PETALING JAYA: Johor Umno deputy chief Nur Jazlan Mohamed has accused ministers from PAS of being incompetent and dragging the government down. He also claimed that PAS ministers were more concerned about their position and rank, and that the weakness of PAS leaders had forced Prime Minister Ismail Sabri Yaakob to shoulder the country’s various problems. “The reality is that the prime minister has to bear all the country’s problems and issues because the current ministerial line-up cannot be counted on, not to mention the ministers and deputy ministers appointed from among the PAS leaders,” he said, according to Utusan Malaysia. “They are all low quality ministers (menteri cap ayam),” he was quoted as saying. They lacked leadership capabilities or the ability to manage their respective ministries. “But the way they act is as if they’re better than ministers from Europe,” he said. “PAS ministers just want to dress stylishly in expensive clothes, ride in luxury cars, sit in Putrajaya, get paid and get VVIP treatment. But they don’t know how to work,” said Nur Jazlan, former MP for Pulai. - More -   Local movie Mat Kilau creates history, rakes in RM47mil in 11 days Posted by: superadmin - 07-04-2022, 07:28 PM - Forum: Local Movies - Replies (6) KUALA LUMPUR: Local movie, “Mat Kilau: Kebangkitan Pahlawan” (“Mat Kilau: The Rise of a Warrior”) has raked in RM47 million within 11 days after opening in cinemas in Malaysia, Singapore, and Brunei. In an Instagram post, director Syamsul Yusof said the film’s box-office revenue will surpass the previous record for a local movie set by “Munafik 2”, which he also directed in 2018. “’Mat Kilau’ is now the fastest film to reach RM47 million, achieving it in just 11 days. It will overtake the total box office revenue of RM48 million for ‘Munafik 2’. “I am at a loss for words. Alhamdulillah, thank you all,” said Syamsul, who was voted the best director at the 57th Asia Pacific Film Festival. - More -   NASA chief urged to drop Cold War mentality after his lashing out at China' Posted by: superadmin - 07-04-2022, 03:26 PM - Forum: Astronomy - No Replies NASA chief urged to drop Cold War mentality after his lashing out at China's space progress NASA chief Bill Nelson has freshly warned of a new "space race" with China, claiming that China wants to "occupy the moon" citing the lunar research base that China and Russia are co-building, which he is "very concerned about." Experts noted that Nelson's remarks, following a series of similar accusations, does not represent the majority of the space community in the US, as they still want to seek cooperation with China in the field, an attempt that has been sadly limited by the US' own laws.  In an interview with BILD published on Saturday, Nelson said that he is not comfortable with the moon base that China and Russia are setting up. "We have to be very concerned about China landing on the moon and saying: It's ours now, and you stay out."  - More -   Wrong to have politicians as Suhakam commissioners, says MP Posted by: superadmin - 07-04-2022, 12:57 PM - Forum: Politics - No Replies GEORGE TOWN: An MP has criticised the appointment of active politicians as human rights commissioners, saying the appointment of new members of Suhakam was the worst in the history of the human rights commission. Klang MP Charles Santiago said political appointments would water down the public’s trust in Suhakam. “I’m not against politicians becoming commissioners, but they must at least have a record of commitment on human rights issues,” he said. “Political party operatives would carry certain biases and you would not want to go against your boss. What kind of judgments would they make?” He urged Prime Minister Ismail Sabri Yaakob to rescind the appointments of those who were politically active and replace them with people who were neutral. - More -   Hadi should step down for holding obsolete views, says MP Posted by: superadmin - 07-03-2022, 09:06 PM - Forum: Politics - Replies (1) PETALING JAYA: An MP has urged PAS president Abdul Hadi Awang to give up his government position, and said politicians who discourage mastery of other languages should not be allowed to hold influential positions. Bandar Kuching MP Dr Kelvin Yii said PAS and Hadi held “myopic views” which could erode Malaysia’s competitive advantage. “Those promoting such narrow views are trapped in an obsolete mindset,” he said. Yii’s remarks came in response to a statement by Hadi that those who lobbied for greater use of English were “stuck in a colonial mindset”. Yii said “narrow nationalistic sentiments” were often used to cover up the inadequacies of political leaders or to distract the public from issues such as the rising cost of living. - More -   Muslim vet hopes to foster better appreciation of dogs Posted by: superadmin - 07-03-2022, 05:24 PM - Forum: Stop Racism and Religious Bigotry - Replies (4) SHAH ALAM: Dr Salehatul Khuzaimah Mohamad Ali is a veterinarian on a mission. She wants to foster better understanding about dogs and promote kindness to all animals, dogs included, no matter what one’s religion or beliefs may be. “Certain people feel uncomfortable that I am a Muslim vet who treats dogs,” she told FMT recently, adding that many have told her to refuse treating dogs at her clinic as touching them was “haram”. Khuzaimah, who founded Serv-U Veterinary Clinic & Surgery, attributed these reactions to a lack of knowledge about the status of dogs in religion. “Bear in mind that these are also lives created by Allah SWT and you have to respect them.” - More -   The Middle Class Is Being Destroyed in the US Posted by: superadmin - 07-03-2022, 03:16 PM - Forum: Business, Economy and Investment - No Replies Pages (1343): « Previous 1 … 819 820 821 822 823 … 1343 Next » Jump to page: