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Serba Dinamik seeks restraining order against units, proposes '100% return' scheme of arrangement to creditors - A + A KUALA LUMPUR (May 18): Four subsidiaries of Serba Dinamik Holdings Bhd are seeking a restraining order and a leave to convene a creditors' meeting -- a move seen as to revive the troubled oil and gas group which is facing a winding up petition from its creditors. In a bourse filing on Wednesday (May 18), Serba Dinamik said its subsidiaries, namely Serba Dinamik Group Bhd (SDGB), Serba Dinamik Sdn Bhd (SDSB), Serba Dinamik Development Sdn Bhd and SD Controls Sdn Bhd, have filed an application for the two purposes on May 13. SDGB and SDSB are also among Serba Dinamik’s three subsidiaries, which together with the listed entity were slapped with winding-up petitions from six financial institutions for failing to service its RM1.2 billion syndicated term financing. The lenders are HSBC Amanah Malaysia Bhd, Ambank Islamic Bhd, Bank Islam Malaysia Bhd, … [Read more...] about Serba Dinamik units seek restraining order, proposes ‘100% return’ scheme of arrangement

Reuters filepix for illustration purpose only - A + A NEW YORK (May 18): The US is forcing Wall Street banks to embark on a systematic search through more than 100 personal mobile phones carried by top traders and dealmakers in the largest-ever probe into clandestine messaging on platforms such as WhatsApp. The Securities and Exchange Commission has been sending firms lists of key positions — in some cases pointing to around 30 people including heads of certain investment banking teams or trading desks — that are subject to the review, according to people with direct knowledge of the requests. Personnel in those roles are being ordered to hand over phones so devices can be examined by lawyers. The aim is to gauge how pervasively Wall Street professionals use unauthorized messaging platforms to chat with each other or clients as regulators decide which firms to punish, and how hard, for failing to preserve business-related messages sent via unapproved platforms. … [Read more...] about US pries into over 100 trader and banker phones in texting probe

What does it take to trigger a crash in the stock market? A once-in-a-century pandemic? The biggest war in Europe in 70 years? The US Federal Reserve instantaneously cutting off the supply of the opium of record liquidity and low interest rates? Multi-year high inflation? How about black magic? The Oxford Dictionary defines black magic as a type of magic that is believed to use the power of the devil in order to do evil. In a world where boring financial data, profit and loss statements, and complex macroeconomic events sway the everyday movement of stock prices and stock indices, one Rajkot-based stockbroker claimed last week that he spent more than Rs 8 crore to engineer a multi-day crash in the stock market with the help of esoteric black magic. Close “We are responsible to a great extent for today’s fall and the fall of the past few days in the market. You won’t believe it, but we have spent over Rs 8.5 crore today in kala jadu (black magic) to create … [Read more...] about A lone bear, black magic and a $235 billion stock market crash

Key Takeaways Analysts estimate adjusted EPS of $1.48 vs. $1.69 in Q1 FY 2022. U.S. comparable sales (excluding fuel sales) are expected to rise YOY, but at less than half the pace of the same quarter a year ago. Revenue is expected to barely increase for the second straight quarter as the boost from the pandemic continues to wear off. Walmart Inc. ( WMT ), one of the world's biggest retailers, enjoyed unusually strong earnings and revenue growth during the past two years. The key driver was consumers who changed their buying patterns in several ways during the pandemic. Walmart's e-commerce sales soared as people sheltering at home boosted their shopping online. And consumers also spent more on manufactured goods as they spent less on dining out and traveling. But these pandemic-related forces are beginning to lose momentum. As a result, Walmart's growth has begun to slow sharply. Investors will be watching whether Walmart can reverse its slowdown in growth when … [Read more...] about Walmart Q1 FY2023 Earnings Report Preview

- A + A (May 18): A former senior official from the Chinese Central Bank is under investigation for “suspected serious violation of laws and discipline,” the Communist Party’s anti-graft watchdog said. Sun Guofeng, who was removed from his post as head of the monetary policy department in May, is under disciplinary investigation, the Central Commission for Discipline Inspection said in a statement Wednesday. At least 40 financial sector officials have been probed or penalized since the latest corruption crackdown on the sector was launched in October. The top disciplinary watchdog sharply criticized the People’s Bank of China among more than two dozen financial regulators, state banks, insurers and bad debt managers in February, saying the agencies had gaps in their work to implement the Party’s major strategy. Born in 1972, Sun joined the PBOC in 1996 and has spent most of his career in the monetary policy department. He’s been at the forefront of the PBOC’s … [Read more...] about China says senior Central Bank official under investigation

Datuk Seri Dr Ahmad Zahid Hamidi (Photo by Zahid Izzani/The Edge filepix) - A + A SHAH ALAM (May 18): A former director of Ultra Kirana Sdn Bhd (UKSB) on Wednesday (May 18) told the High Court here that his company was paying cash in Singapore dollars (SGD) on a monthly basis to former deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi from 2014 to 2018, in relation to the Foreign Visa System (VLN) contract. Harry Lee Vui Khun said the payment to Ahmad Zahid which started with SGD200,000 per month and began in late 2014 was increased to SGD520,000 per month some time in 2017. “If I can recall correctly, the payment of SGD200,000 per month began in late 2014 and continued until mid-2015. Around that time, we went to his (Ahmad Zahid) house in Country Heights, Kajang and in that meeting Datuk Seri Zahid (Ahmad Zahid) requested that the monthly contribution be increased. After discussing with Wan Quoris and David Tan, we agreed to a sum of SGD300,000 per month. … [Read more...] about UKSB director admits giving cash to Ahmad Zahid every month for 4 years

When a $70 million NFT sold at Christie’s last spring—a time before Bored Apes, Cool Cats, and Lazy Lions roamed the earth—some scoffed at the fortune spent on computer pixels that could be copy-pasted to your screen for free. But the lot wasn’t just a jpeg, it was the jpeg—and the money went to claim the original work, or the one we would call “authentic.” Take away that distinction, and yes, the file is worthless. advertisement advertisement It’s a high-stakes game that’s rife with fraud, abuse, and theft, and not even the biggest players are immune. But OpenSea, the planet’s largest NFT marketplace, might have a few tricks up its sleeve. This morning, it’s rolling out two products to safeguard the authenticity of collections on its platform. The first streamlines the verification of creator accounts, and the second banishes copymints, or spoofs of existing NFTs, using image recognition. Verified badges are among OpenSea’s so-called … [Read more...] about OpenSea is on a new quest to ban copymints, armed with AI, Twitter threads, and Discord chats

This digital 3D image provided by Guatemala’s Mayan Heritage and Nature Foundation, PACUNAM, shows a depiction of the Mayan archaeological site at Tikal in Guatemala created using LiDAR aerial mapping technology. Researchers announced Thursday, Feb. 1, 2018, that using a high-tech aerial mapping technique they have found tens of thousands of previously undetected Mayan houses, buildings, defense works and roads in the dense jungle of Guatemala’s Peten region, suggesting that millions more people lived there than previously thought. (Photo by CANUTO and AULD-THOMAS / PACUNAM via AP) GUATEMALA CITY — Researchers using a high-tech aerial mapping technique have found tens of thousands of previously undetected Mayan houses, buildings, defense works and pyramids in the dense jungle of Guatemala’s Peten region, suggesting that millions more people lived there than previously thought. The discoveries, which included industrial-sized agricultural fields and irrigation canals, were … [Read more...] about Scientists find massive Mayan society under Guatemala jungle

Aviation minister Jyotiraditya Scindia, 51, has agreed to examine a new rule on generating boarding passes. Aviation minister Jyotiraditya Scindia has promised to look into the matter of airlines charging extra to provide a hard copy of boarding pass to passengers. Scindia agreed that airlines charging extra for generating a boarding pass was “ridiculous” when tagged in a complaint about low-cost airline SpiceJet. On Friday, a Twitter user complained about SpiceJet charging their customers for generating a boarding pass at the check-in counter. “New rule of SpiceJet. If you wish to get a boarding card at the check in counter, you need to pay extra. This is like telling a customer in a restaurant that if you want eat in a plate, you will be charged,” the user tweeted. This issue was brought to the aviation minister’s attention by a journalist who branded the rule “ridiculous.” "Agreed, will examine this asap!" Jyotiraditya Scindia promised. Agreed, will examine this … [Read more...] about Aviation minister Scindia to examine ‘ridiculous’ new airline rule

The Unmanned Aircraft System Rules, 2021, was notified by the Centre on March 12. Drone pilot courses will get cheaper as the number of training schools increases in the country in the coming days, civil aviation minister Jyotiraditya Scindia said on May 17. Depending on the course and the institute, the fee ranges between Rs 30,000 to Rs 1 lakh. "As of now, there are 23 Directorate General of Civil Aviation (DGCA)-certified schools for drone pilot training. In the next four-five months, as the number of schools increase, I assure you that its fees will also decrease," Scindia said during an interaction with various stakeholders of the ecosystem, including manufacturers, farmers and academics. Scindia was responding to a Gujarat-based farmer who said there was a dearth of drone pilots in the country. The high fee for training courses was also flagged during a National Conference on Promotion of Kisan Drones: Issues, Challenges and Way Forward in New Delhi a few weeks … [Read more...] about Drone pilot training courses to get cheaper as more schools open, says Scindia