Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.

FTX has billions more than needed to pay bankruptcy victims

Binance Holdings Ltd said it was asked for a large payment in Nigeria to make problems there “go away,” and repeated calls for the release of its employee who’s been jailed in the West African nation.

Binance suggests bribe sought to make Nigeria problems ‘go away’ 

The US Securities and Exchange Commission warned Robinhood Markets Inc that it faces an enforcement action over its crypto business — the latest sign that the regulator isn’t letting up on its years-long crackdown on digital assets.

SEC warns Robinhood that its crypto business faces lawsuit

Coinbase Global Inc posted higher-than-forecast first-quarter revenue and profit as a resurgence in cryptocurrency prices reawakened demand from individual investors.

Coinbase’s first-quarter profit, revenue top forecasts

Terraform Labs Pte and co-founder Do Kwon, after being found liable for fraud by a New York jury last month, told a judge they shouldn’t have to pay the US$5.3 billion (RM25.3 billion) fine requested by US regulators because most of the firm’s stablecoins were sold overseas.

Terraform Labs calls US$5.3b SEC fraud-fine bid unjustified

Bitcoin slid by almost 6% on Wednesday, having posted its worst monthly performance in April since late 2022, as investors pulled money out of cryptocurrencies ahead of an interest rate decision by the Federal Reserve later.

Crypto washout sends bitcoin below US$58,000 into bear market

An early investor in bitcoins dubbed the "Bitcoin Jesus" has been arrested in Spain on US charges that he evaded paying at least US$48 million (RM228.9 million) in taxes, the US Department of Justice said on Tuesday.

'Bitcoin Jesus' arrested in Spain on US tax evasion charges

Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.

Binance crypto founder Zhao sentenced to four months in prison

Six spot bitcoin and ether exchange traded funds (ETFs) gained in their Hong Kong debut on Tuesday, with the three bitcoin ETFs climbing more than 3% in early trade, reflecting Asian investor enthusiasm for cryptocurrencies.

Asia's first spot bitcoin and ether ETFs gain in Hong Kong debut

It’s “better to ask for forgiveness than permission” when it comes to complying with the law, the billionaire founder of the Binance cryptocurrency exchange once told his team, according to the US government.

Binance and CZ’s fortunes are set to grow, jail or no jail 

Investors pulled a net US$218 million (RM1.04 billion) from US bitcoin exchange-traded funds, one of their worst daily outflows as demand for risky investments takes a knock from fading hopes for Federal Reserve interest-rate cuts.

US bitcoin ETFs suffer one of their worst outflows as digital token wavers

Binance co-founder Changpeng Zhao is facing up to three years in prison if efforts by US prosecutors to secure his sentencing prove successful. More than 160 friends, colleagues and investors are determined for the crypto executive to escape incarceration entirely.

Friends, family, royalty seek mercy for crypto’s richest man

The US Department of Justice (DOJ) recommended a 36-month prison sentence for Changpeng Zhao, the former chief executive officer of Binance, the world’s largest crypto exchange.

The sentence “will not just send a message to Zhao but also to the world”, the DOJ wrote in a court filing on Tuesday, adding the price for violating US law “must be significant to effectively punish Zhao for his criminal acts and to deter others”.

US seeks three-year prison sentence for ex-Binance CEO Zhao

The US Securities and Exchange Commission (SEC) wants to impose a US$5.3 billion (RM25.32 billion) fine on Terraform Labs Pte Ltd and its co-founder Do Kwon, the inventor of the failed TerraUSD stablecoin.

US regulator seeks US$5.3b fine for Terraform Labs, Kwon

Keretapi Tanah Melayu Berhad (KTMB) will provide two electric train services (ETS) for the Padang Besar- KL Sentral route and vice versa in conjunction with this year's first-term school holidays from May 24 till June 3.

KTMB in a statement on Wednesday announced that the additional train tickets will go on sale at 8pm on Thursday (May 9).

KTMB will provide two additional ETS services ahead of first-term school holiday

Malaysia and Saudi Arabia held bilateral talks focusing on the agriculture sector, research and efforts to improve market access between the two countries, according to the Ministry of Agriculture and Food Security.

The ministry, in a statement on Wednesday, said Minister of Agriculture and Food Security Datuk Seri Mohamad Sabu highlighted the potential of several Malaysian products for export to Saudi Arabia, such as tropical fruits, value-added animal products and animal feed, ready-to-eat products, egg and dairy products, as well as aquatic products like frozen catfish.

Malaysia, Saudi Arabia hold talks to boost agriculture sector, market access

Pharmaniaga Bhd’s (KL:PHARMA) has been flagged by its independent auditors again, as its current deficit and capital deficiency for the financial year ended Dec 31, 2023 (FY2023) widened from a year ago.

Messrs PricewaterhouseCoopers PLT (PwC) raised material uncertainty on the Pharmaniaga whereby its audit indicated that the group and the company incurred net losses of RM78.7 million and RM63.3 million respectively.

Pharmaniaga’s auditors raise going concern again as current deficit, capital deficiency widen

Sarawak Cable Bhd (KL:SCABLE) has to go back to the drawing board and look for a new white knight to regularise its financials.

The Practice Note 17 (PN17) company announced that the Memorandum of Agreement it entered with Serendib Capital Ltd has fallen through.

Sarawak Cable needs a new white knight as 'resuscitation exercise' falls through

Paragon Globe Bhd (KL:PGLOBE) is selling part of a parcel of freehold land it had just acquired in the district of Plentong, Johor Bahru, for RM238.32 million to improve its liquidity and financial position.

Paragon Globe to sell part of JB land it just bought for RM238 mil

In today’s edition of Evening 5: 00:00 Top 100 stocks add RM175 bil to market cap 01:54 Axiata, Sinar Mas seeking permission for merger from Indonesian govt 03:09 Record earnings push MNRB to record highs 04:26 Finance costs weigh on Sentral REIT 06:03 Go Hub Capital gets nod for ACE Market listing

EVENING 5: Malaysia’s top 100 stocks add RM175 bil to market cap

EVENING 5: Five things you need to know today

Communication Minister Fahmi Fadzil has stressed that the police investigation into the news report about the proposed casino development in Forest City, Johor, was not initiated by the government but resulted from a police report lodged by a law firm representing a company mentioned in the article.

Govt had nothing to do with police probe into Forest City casino issue — Fahmi

The Home Ministry (KDN) has inked 14 contracts with local companies valued at RM2.156 billion in conjunction with the Defence Services Asia (DSA) Exhibition & Conference 2024 and National Security (NATSEC) Asia 2024.

Home Minister Datuk Seri Saifuddin Nasution Ismail said the signing of the contracts is symbolic of the ministry’s continuous efforts for agencies under its purview.

Home Ministry signs 14 contracts with local companies worth over RM2 bil

SINGAPORE (May 8): Local telco operators StarHub and M1 are said to be back to exploring a potential merger of their businesses, according to TMT Finance, citing five sources familiar with the matter.

StarHub, M1 potential merger said to be back on — TMT Finance

Former prime minister Tan Sri Muhyiddin Yassin has been granted a temporary release of his passport to visit a sick family member in Australia.

Sessions Court judge Azura Alwi allowed the Bersatu chief's application and ordered the travel document to be released on Wednesday and for it to be returned to the court on May 28.

Muhyiddin gets temporary release of passport to visit sick family member abroad

Shares in Sime Darby Plantation Bhd [KL: SIMEPLT] rose to their highest in two years following its announcement to develop the Tali Ayer estate in Perak into a green industrial park.

Sime Darby Plantation shares surge to two-year high following proposed solar project in Perak

Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia's main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore.

Shell to sell Singapore refinery, petchem assets to Chandra Asri and Glencore

Homegrown information and communications technology (ICT) distributor Vstecs Bhd’s (KL: VSTECS) wholly-owned subsidiary, Vstecs Ku Sdn Bhd, has been picked as Amazon Web Services' (AWS) first distributor in Malaysia.

Amazon Web Services picks Vstecs as first distributor in Malaysia

Interim liquidators appointed by the Shah Alam High Court pursuant to a petition by Hitachi Ltd to look into the affairs of its wholly-owned Fusiotech Holdings Sdn Bhd are investigating claims of potential diversion of business by Fusionex Malaysia to third parties.

Fusionex liquidators probing alleged diversion of business to third parties

KUALA LUMPUR (May 8): Petronas Dagangan Bhd (KL:PETDAG) faces a threat from Saudi Aramco’s possible entry into Malaysia’s fuel retailing market, on top of the impending withdrawal of fuel subsidies, CGS International warned.

Petronas Dagangan faces twin share de-rating threats — CGS

Malaysia’s largest 100 companies added RM175.33 billion to their market value since the start of the year as optimism for a US Federal Reserve rate cut fuelled a broad rally in sectors ranging from technology to utilities.

RM175 bil poured into Malaysia's top 100 stocks since start of 2024, more seen coming

KUALA LUMPUR (May 8): Insurer and reinsurer MNRB Holdings Bhd’s (KL:MNRB) net profit more than doubled year-on-year (y-o-y) in the fourth quarter, thanks to lower insurance expenses and higher investment income, sending its shares surging to an all-time high.

MNRB logs record profits from lower insurance expenses, higher investment income

Offshore drilling firm Velesto Energy Bhd (KL:VELESTO) is expected to report that its net profit may more than tripled in the first quarter (1Q) from a year earlier with all of its rigs utilised, Maybank Investment Bank said.

Velesto may report strong 1Q results with rigs fully occupied — Maybank IB

China has extended the visa-free policy for short-term visits to China for Malaysia and 11 other countries until the end of 2025, Xinhua reported, citing Chinese Foreign Ministry spokesperson Lin Jian.

China extends visa-free travel policy for Malaysia until end of 2025

The US has revoked licences that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies, three people familiar with the matter said.

US revokes Intel, Qualcomm's export licences to sell to China's Huawei — Reuters

MNRB Holdings Bhd (KL:MNRB) was Bursa Malaysia’s biggest gainer on Wednesday, after the insurer and reinsurer announced record quarterly and annual net profit for the financial year ended March 31, 2024 (FY2024).

MNRB makes biggest single-day jump after record FY2024 earnings

Communications Minister Fahmi Fadzil said the government is prepared to engage with the US counterparts to understand the details regarding possible sanctions against Malaysian companies.

Govt prepared to engage with US counterparts over possible sanctions — Fahmi

Shares of Bursa Malaysia Bhd (KL:BURSA) extended gains to its highest since March 2021, following news that Malaysian stocks trading in its exchange hit a historical high of RM2 trillion in market capitalisation on Tuesday (May 7).

Bursa Malaysia shares hit fresh three-year high as local equities breach RM2 trillion market cap

SYDNEY/HONG KONG/SINGAPORE (May 8): Global private equity investors and asset managers are readying for billions of dollars worth of mergers and acquisitions (M&amp;As) and investments linked to data centres in the Asia Pacific, as the artificial intelligence (AI) boom fuels demand for digital infrastructure.

AI boom set to fuel data centre deals in Asia this year

KUALA LUMPUR (May 8): The global semiconductor industry is expected to rebound this year, driven by demand for generative artificial intelligence (AI), with the industry’s upcycle likely to continue until 2025 or 2026, said Nomura Asset Management.

Global semiconductor industry to recover this year through 2026 on generative AI demand — Nomura

A Singapore Air Force F-16 jet crashed during takeoff at a military airbase, the Ministry of Defence said on Wednesday.

Singapore Air Force F-16 fighter jet crashes after takeoff

The former director and chairman of the board of SRC International Sdn Bhd has slammed Datuk Seri Najib Razak for passing the blame to the board for the misappropriation of RM3.6 billion from the company, saying the accusation was nothing more than an afterthought and without basis.

Former SRC director slams Najib for blaming SRC board for misappropriation of RM3.6b, says his accusation a baseless afterthought

KUALA LUMPUR (May 8): Go Hub Capital Bhd (KL:GOHUB), a provider of information technology (IT) services catering to the transportation sector, said on Wednesday that it has received approval for its listing on the ACE Market of Bursa Malaysia.&nbsp;

IT services firm Go Hub Capital gets Bursa Malaysia nod for ACE Market listing

theedgemalaysia.com highlighted three stocks with positive momentum and nine stocks with negative momentum at Bursa Malaysia's afternoon close on Wednesday.

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