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$280 billion wiped off crypto market as bitcoin falls below $40,000 for first time Posted by: superadmin - 05-19-2021, 02:39 PM - Forum: Business, Economy and Investment - No Replies $280 billion wiped off crypto market as bitcoin falls below $40,000 for first time in 14 weeks Bitcoin fell more than 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. That was the lowest level since Feb. 9, the last time it dropped below $40,000. Bitcoin is off about 39% from its all-time high of $64,829.14 in mid-April. Tesla’s decision on May 12 to suspend vehicle purchases using bitcoin caused over $300 billion to be wiped off the cryptocurrency market. On Tuesday, three Chinese banking and payment industry bodies issued a statement warning financial institutions not to conduct virtual currency related business. Bitcoin fell sharply on Tuesday continuing a major sell-off that began a week ago. The digital currency fell over 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. It was the lowest level since Feb. 9, the last time it dropped below $40,000. Negative news over the past week has dampened sentiment for bitcoin. On May 12, Tesla CEO Elon Musk said the electric carmaker had suspended vehicle purchases using bitcoin, citing environmental concerns over the so-called computational “mining” process. This is where high-powered computers are used to solve complex mathematical puzzles to enable transactions using bitcoin. Musk’s comments caused over $300 billion to be wiped off the entire cryptocurrency market that day. - More -   U.S. companies are bearing the brunt of Trump’s China tariffs, says Moody’s Posted by: superadmin - 05-18-2021, 02:32 PM - Forum: Business, Economy and Investment - No Replies Most of the elevated tariffs imposed at the height of the U.S.-China trade war have remained in place and affect over half of all trade flows between the two countries, said Moody’s. U.S. importers absorbed more than 90% of additional costs resulting from the 20% U.S. tariff on Chinese goods, the ratings agency said in a report. U.S. exporters also absorbed most of the costs from tariffs imposed by China, according to the report. American businesses are bearing most of the cost burden from the elevated tariffs imposed at the height of the U.S.-China trade war, said Moody’s Investors Service. The ratings agency said in a Monday report that U.S. importers absorbed more than 90% of additional costs resulting from the 20% U.S. tariff on Chinese goods. That means U.S. importers pay around 18.5% more in price for a Chinese product subject to that 20% tariff rate, while Chinese exporters receive 1.5% less for the same product, according to the report. - More -   No decisive leadership in Putrajaya, says insider Posted by: superadmin - 05-18-2021, 11:10 AM - Forum: Politics - No Replies PETALING JAYA: A senior member of the Putrajaya administration has alleged that the government lacks decisive leadership, and this is the reason behind the poor handling of the Covid-19 pandemic. “We have too many cooks in the kitchen” leading to flip-flop decisions and unclear policies, he said. The insider, who asked that his name be withheld, told FMT he believed the country needed a wartime general. There was none, he added. He was commenting on an FMT report that members of Prime Minister Muhyiddin Yassin’s inner circle had warned him and several ministers about rising public anger. He said public anger was understandable given the Covid-19 situation. He complained that Cabinet decisions were not always carried out quickly enough, citing the government’s plan to introduce real-time tracking bracelets for those testing positive for Covid-19 and their close contacts. “Things are moving too slowly,” he said. “The PM must work out a confidence and supply arrangement. If he is unable to get enough support for this, then perhaps it is best for the Yang di-Pertuan Agong to summon all MPs and seek consensus to form an interim government.” - More -   Use your power for Parliament recall, MP urges Speaker Posted by: superadmin - 05-18-2021, 11:05 AM - Forum: Politics - No Replies PETALING JAYA: Dewan Rakyat speaker Azhar Harun has been urged to assert his constitutional authority and state that Parliament can and should reconvene urgently. Lembah Pantai MP Fahmi Fadzil said the speaker, as head of the legislature, was co-equal with the prime minister, who leads the government, and the chief justice, who heads the judiciary. “In this sense, the onus is on the speaker to defend Parliament by openly calling the prime minister to advise the Yang Di-Pertuan Agong to call for Parliament to convene while the emergency is in effect. “I’m saddened that the speaker has not been more supportive in ensuring that His Majesty’s advice is adhered to,” he said, referring to a statement by Istana Negara in February. The statement, issued by the Comptroller of the Royal Household, Ahmad Fadil Shamsuddin, said Parliament could be reconvened by the King during the state of emergency, on the advice of the prime minister, and the perception that the emergency proclamation prevented Parliament from sitting was inaccurate. Klang MP Charles Santiago said Azhar should use his power as speaker to persuade the prime minister to reconvene Parliament. “The speaker should let the prime minister know that the situation has changed. There have been too many flip-flops. “Parliament is closed because of Covid-19 but right now, the number of cases and deaths is skyrocketing. The rationale for suspending Parliament does not hold any more. The speaker should put his foot down,” he said. - More -   COMMENT | Looking at the plight of Palestinians beyond recent attacks Posted by: superadmin - 05-18-2021, 10:35 AM - Forum: Politics - No Replies COMMENT | Many Malaysians were seen on social media expressing their heartfelt sadness over what has been happening in Palestine after the attacks by the Israeli forces against the Palestinians while they were performing their prayers at the Al-Aqsa Mosque. Since then, the situation has become worse as more innocent Palestinians have become victims of destruction due to airstrikes by both the Israeli forces and Hamas. While there is a full-fledged conflict between the Israeli forces and Hamas, the victims are the innocent people in Palestine who are at the centre of the conflict. While some are using Hamas as a scapegoat in saying that they are the ones killing their own people and the Israeli forces are just retaliating, we should not forget that the situation in Palestine did not escalate only a week ago; the plight and struggles of the Palestinians go a long way back. Although the United Nations Security Council Resolution 242 of Nov 22, 1967, required Israel to withdraw from Arab lands that it had occupied during the war of June 1967, Israel did not abide by it. Today, the West Bank is nominally controlled by the Palestinian Authority but Israeli troops still enforce security restrictions on Palestinian movement and activities there. - More -   Covid-19 exposes decades of cracks in our institutions Posted by: superadmin - 05-17-2021, 06:37 PM - Forum: Politics - No Replies It is often said that the worst times bring out the best in people. This may be true in many cases but unfortunately we are not seeing that now. I am talking about the political and government leaders entrusted with running our lives during the pandemic. It is generally felt that there has been much bungling, which is making the citizens angry and upset. I mean if two ministers coming out of the same meeting, make contradictory statements on the same matter, something is terribly wrong. To be honest, we are seeing more of this lately. There are so many decisions, explanations and implementations of policies that make people wonder what is going on in the corridors of power. Covid-19 and the unseating of an elected government in February last year have left an impact on us and in the incompetence seen today. But the pandemic has shown us much more. It has exposed the depth of degradation in the competence of key institutions over the decades. It may have been nature’s way of showing us how so many of our solid institutions built during the first two decades after independence have been systematically destroyed by incompetence, corruption and flawed social engineering policies. Some may not agree but there is one school of thought that says decades of total disregard for quality and merit in most aspects of our lives has made us weak in our administration today. - More -   MCA and Umno – a lesson of friendship and betrayal Posted by: superadmin - 05-17-2021, 06:15 PM - Forum: Politics - No Replies I know politics is now a boring subject. People are fed up with politicians, too. But this piece is partly a history lesson. One needs to understand a bit of history in order to devise a stand for the future. Or better still, to mount a good fight. This lesson is drawn from the factual accounts of what happened to MCA. MCA vs DAP Traditionally, MCA used to contest in pockets of predominantly Chinese-majority seats and held seats mostly in the urban areas along the west coast with a concentration of Chinese businesses.However, in 1966, DAP came into the picture. It contested for the first time in the 1969 general election. What started as a party of working-class heroes and labour unionists slowly began to chip away at the influence base of MCA, which was regarded as being full of “towkays”. It was not long after that MCA found it had a serious opponent, just as its partner Umno had to contend with a breakaway faction called PAS. After the 1969 debacle, Barisan Nasional (BN), a coalition of many parties, was formed by Abdul Razak Hussein in 1973. There was a political shift, a power play of some sort and a who-gets-what kind of arrangement. - More -   周華健 Wakin Chau 花心 The flowery heart Posted by: superadmin - 05-17-2021, 05:57 PM - Forum: Chinese Songs - No Replies   China's space agency just gave the Communist Party a big 100th birthday gift: Posted by: superadmin - 05-17-2021, 03:15 PM - Forum: Politics - No Replies China's space agency just gave the Communist Party a big 100th birthday gift: a rover on Mars Hong Kong (CNN)China's space agency has an extraordinary gift for the ruling Communist Party's 100th birthday: a rover on Mars. The historic landing on Saturday of Zhurong, a rover named after the god of fire in ancient Chinese folklore, was a crowning moment for China. It not only demonstrated the country's growing capabilities in space, but also served as a timely reminder of how far the country has come since its founding. During the 1919 May Fourth movement that paved the way for the birth of the Party two years later, patriotic Chinese students and intellectuals rallied for science and democracy to save the weak and divided country from the hands of Western powers. A century on and China is veering further from democracy under its authoritarian leader Xi Jinping -- but its scientific prowess is making tremendous strides, and fast rivaling that of the West. And China's ambitious space program is perhaps the most eye-catching example of that. China only launched its first satellite half a century ago. Already, it is the second country in the world to have a rover on the red planet, after only the United States. - More -   CJ Tengku Maimun real ‘servant of the constitution’, says ex-judge Posted by: superadmin - 05-17-2021, 12:28 PM - Forum: Local News - No Replies PETALING JAYA: A former judge has observed that Chief Justice Tengku Maimun Tuan Mat appears to be “the only man in the Federal Court ” when it comes to constitutional cases. Gopal Sri Ram said Tengku Maimun, the first woman to be appointed to the post, had displayed the trait that she was no one’s servant but “only the servant of the Federal Constitution” in her judgements on such cases. “I think she is the best man for the job. We are very lucky to have her. She is very competent. She is decisive (and) knows what she is doing,” Sri Ram said in an interview with the editorial committee of the Penang Bar’s internal news bulletin, Voix D’ Advocate. Tengku Maimun was appointed Federal Court judge in November 2018, and was made the top judge of the nation six months later. - More - Pages (1126): « Previous 1 … 987 988 989 990 991 … 1126 Next » Jump to page: