CRYPTOCURRENCY exchange FTX’s founder has said that bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday. Read full story
BEIJING: China’s aluminium production in April hit a record high, official data showed on Monday, after curbs on power production eased, allowing smelters to expand operations. Read full story
KUALA LUMPUR: Business programmes led by the Ministry of Environment and Water Malaysia (KASA) at the recently concluded Expo 2020 Dubai have provided opportunities for local industries to expand their green footprint globally with RM16.33 billion in potential trade and investment leads garnered. Read full story
KUALA LUMPUR: GIIB Holdings Bhd’s 51%-owned subsidiary GIIB Healthcare Products Sdn Bhd has started a latex glove manufacturing facility in Nilai, Negeri Sembilan. Read full story
BANK Negara trampled market expectations by raising its key overnight policy rate (OPR) by 25 basis points (bps) to 2% from a record low of 1.75%. Market participants mostly projected that the first rate hike would happen in July. Read full story
CHINA’s biggest chipmaker and a major iPhone supplier cut their outlooks for the second quarter, joining a growing list of manufacturers warning about the fallout from lockdowns aimed at containing the country’s worst Covid outbreak in two years. Read full story
SUNAC China Holdings Ltd has defaulted on a dollar bond, becoming one of the biggest Chinese property companies to renege on its obligations amid a record-breaking wave of missed payments. Read full story
MINING investors are stampeding back into a region many had seemed determined to leave. Read full story
NEW YORK: Global shares rose on Friday as Wall Street rallied to end a volatile week of trading, while oil jumped 4% on the back of record-high U.S. gas prices. Read full story
NEW YORK: Oil prices rose about 4% on Friday as U.S. gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil. Read full story
NEW YORK: Investors are studying an array of indicators for clues on how much further a brutal slide in U.S. stocks could run, with some signs suggesting the tumble in equities may not be over. Read full story
WASHINGTON: Malaysia views U.S. President Joe Biden’s proposed Indo-Pacific economic bloc as a welcome initiative but sees a bigger immediate opportunity in selling its access to a China-led trade pact to lure investment from global companies, Malaysia’s trade minister said on Friday. Read full story