Keep money dry while swimming

Zahid is facing 33 charges of receiving S$13.56 million (RM42 million) in bribes from UKSB as an inducement. (Photo by Patrick Goh/The Edge) - A + A SHAH ALAM (Aug 10): Malaysian Anti-Corruption Commission (MACC) investigating officer Mahendran Vrejenan told the High Court here that when he began investigating Datuk Seri Dr Ahmad Zahid Hamidi on suspicion of receiving bribes from Ultra Kirana Sdn Bhd (UKSB), he omitted other ministers also alleged to have received bribes from the company as he was only tasked with probing Zahid. Mahendran was responding to questions posed by both the prosecution and the defence over the names of politicians in a ledger kept by a former UKSB manager as a record of whom he paid bribes to. Testifying at Zahid's corruption trial, Mahendran told the court that while the names of a number of politicians and ministers had appeared in the ledger, he did not concern himself with them as his main task was to investigate Zahid and the … [Read more...] about MACC officer: I only investigated Zahid in UKSB bribe probe

- A + A BEIJING (Aug 10): The People's Bank of China (PBOC) has said it will safeguard the economy against inflation threats, pledging to avoid massive stimulus and excessive money printing to spur growth. The central bank will both support economic growth and ensure stable prices, the PBOC said in its quarterly monetary policy report released on Wednesday. At the same time, it will provide stronger and higher-quality support to the real economy, it said. "Structural inflation pressure may increase in the short term, and the pressure of imported inflation remains," the PBOC said. "We can't lower our guards easily." The PBOC's warnings came on the same day official data showed inflation accelerated in July to 2.7%, the highest level in two years, largely driven by food prices as pork costs surged. Weak consumer demand kept overall price pressures in check though. The central bank said consumer price index (CPI) will likely exceed 3% in some months during the … [Read more...] about China’s central bank warns of inflation risks as CPI climbs

- A + A CHICAGO (Aug 10): While the outlook for global crops is improving from the tumultuous weeks after Russia's attack on Ukraine, the threats of drought, flooding, and blistering heat are keeping supplies tight and prices elevated. Crop futures have retreated to pre-war levels, and the UN's monthly measure of food prices sank the most since 2008. That is offering some relief to consumers who have faced rampant food inflation since the start of the pandemic. Still, the war is putting more pressure on farmers from the US to India to replace crop losses and make up for the shortfall in supplies from Ukraine, normally a key shipper to poorer nations in the Middle East and Africa. How much they can provide is in question. Major producers like the US, Brazil, and Argentina have been facing yield issues over the last few years thanks to scorching heat, supporting prices at higher levels. Global production of corn and soybeans in 2021-2022 fell short of initial … [Read more...] about Food inflation eases, but uncertain crops slow wider relief

- A + A LONDON (Aug 10): Benchmark German power prices rose to a record, with an ongoing heat wave and drought set to severely restrict one of Europe's key waterways for shipping energy supplies. The blistering summer heat is adding stress to Europe's energy system while Russia limits exports of gas to the continent. That is set to hit the finances of households and businesses across Europe, a crisis that will only intensify as energy demand rises during winter. Almost every aspect of the power system is contributing to higher prices right now. The latest literal choke point is the Rhine River, which is set to become virtually impassable later this week, cutting supplies of coal to plants that are meant to run more to allow Europe to save its gas. While they can still get the fuel by road or rail transport, it is more expensive to do so. "Low water levels on the Rhine have reduced the ability of these coal power plants to receive sufficient coal to operate at … [Read more...] about German power hits a fresh record as energy crisis heats up

Najib's final appeal to proceed on Monday, with defence possibly discharging themselves - A + A PUTRAJAYA (Aug 10): The Federal Court said on Wednesday (Aug 10) that the hearing of former prime minister Datuk Seri Najib Razak's application to adduce further evidence in his RM42 million SRC International Sdn Bhd case to nullify the trial in which he was convicted to spend 12 years in jail, will proceed as scheduled on Monday. This comes after both the prosecution and defence agreed to exchange written submissions on Wednesday. The defence will begin by amending the notice of motion to adduce evidence and make submissions with regard to trial judge Datuk Mohd Nazlan Mohd Ghazali for three hours, after which the prosecution will also be given three hours to reply. Should the application to adduce further evidence be dismissed on the same day, the apex court will proceed to hear Najib's appeal over his conviction and sentence in the SRC case. This was decided by … [Read more...] about Najib’s final SRC appeal to proceed on Monday but defence counsels may discharge themselves

Congress is finally moving this week on the Inflation Reduction Act , a bill that could drive a 40% reduction in carbon emissions over the next decade. But another government arm, the Nuclear Regulatory Commission, made its own (far quieter) news this month when it gave final certification to a new kind of nuclear reactor called a small modular reactor (SMR). While the announcement received basically no fanfare, proponents say it could play an important role in decarbonizing the world’s energy supply. advertisement advertisement The agency first performed a safety review of reactor company NuScale Power’s SMR design in 2020. A year later, the NRC completed its standard rulemaking process, which included a review of public comments. On August 2, the commission issued a final approval for the SMR, though NuScale says it’s unlikely to become operational until 2029. Technically, nuclear power is capable of delivering large amounts of emissions-free … [Read more...] about Small nuclear reactors finally get the nod from regulators, but they still have a lot to prove

Did you ever have to write a letter to your younger self at school? It’s a humbling feeling to look back and wonder what you wish you could have communicated to your past self. advertisement advertisement As I develop my next venture, 2045 Studio, I realize how much more I know now than eight years ago, when I quit my job in finance and took a terrific gamble on my career. When I started building my first business, Jopwell , I knew I was up against difficult odds. For one, I had never started a business before (I was only 24!). I was not (and still am not) an engineer.  And I was going to be a Black founder. That last point means that I belong to a group that, at the time, received less than 1% of venture capital funds. In 2021, 8 years later, that number had only increased to 1.4%. advertisement advertisement Another obstacle at that time which still exists today was the lack of representation at the investor … [Read more...] about Black founders only receive 1.4% VC funds—here’s how to change that

A Realme mobile phone on display in the Realme showroom store in the Karol Bagh district in New Delhi, India, on Tuesday, May 31, 2022. China’s Realme closing in on market leaders Xiaomi, Samsung, yet hurdles loom in treacherous market where many stumbled. Photographer: Anindito Mukherjee/Bloomberg India seeks to restrict Chinese smartphone makers from selling devices cheaper than 12,000 rupees ($150) to kickstart its faltering domestic industry, dealing a blow to brands including Xiaomi Corp. The move is aimed at pushing Chinese giants out of the lower segment of the world’s second-biggest mobile market, according to people familiar with the matter. It coincides with mounting concern about high-volume brands like Realme and Transsion undercutting local manufacturers, they said, asking not to be identified discussing a sensitive matter. Exclusion from India’s entry-level market would hurt Xiaomi and its peers, which in recent years have increasingly relied on India to drive … [Read more...] about India seeks to oust China firms from under Rs 12,000 phone market

Anil Agarwal, Vedanta Resources Chairman A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas. "I am not a star. I am not a (well) qualified man. I am not a film actor. But the response I have got (to the tweets about my journey) is overwhelming. There have been two million responses to a single tweet. I myself have been surprised," he said. … [Read more...] about ‘Rockstar’ reception, movie offers for Anil Agarwal’s rags to riches tale

Share to Twitter Share to Linkedin The Plug-in hybrid seems the perfect answer to the electric car dilemma; battery power for all your local needs and a traditional motor for long distances. European politicians though have taken against the idea and have designed harsh carbon dioxide (CO2) emissions rules to force manufacturers to phase them out. One environmental group calls them “fake electric vehicles”. Tesla TSLA CEO Elon Musk doesn’t like them either, scorning them as amphibians or transitions. Sales in Europe are on the wane, but Americans are buying more plug-in hybrid electric vehicles (PHEVS), and their popularity so far hasn’t caught the attention of any grandstanding politicians. Californian regulators, thought by some to be relentless diehards in their pursuit of electric cars, are reportedly showing unexpected support for the benefits of PHEVs in the race to be green, sensibly. Buyers considering splashing out serious money for an … [Read more...] about Misplaced European Opposition Undermines Plug-In Hybrids, But U.S. Prospects Stronger