KUALA LUMPUR (April 30): When it comes to technology (tech), the goal should not be to use the most difficult tech available to do something. Instead, the ultimate goal is to make it simple and cost-effective. This is what Michele Ferrario, co-founder and chief executive officer of Stashaway, aims to achieve with the robo-advisory platform.

Keeping it simple

Malaysian society, especially the older generation, looks at employment in large industries and corporations as an affirmation of success, said Minister of Economy Rafizi Ramli.

This perspective inadvertently has hampered entrepreneurship, he added.

Employment in large industries considered a success benchmark

Over the years, Malaysia’s gaming landscape has consisted mostly of independent, or “indie”, gaming studios. Raw creative and technical gaming talent is said to be abundant in Malaysia and the reason many large, global gaming companies, such as PlayStation and Virtuos, decided to set up shop here...

Gaming: Indie studios: Heart and soul of the gaming industry

In efforts to secure financial resilience, Malaysians often opt for more traditional savings methods and calculated budgeting to weather rainy days. The Malaysia Deposit Insurance Corporation (MDIC) reports that nearly half of Malaysians are without insurance coverage, suggesting that insurance h...

Inclusivity: Bridging the insurance gap through a digital approach

Charting the VC industry’s course forward

Quietly, gradually, our ways of consuming information and entertainment have completely shifted. The old Hollywood model of entertainment, and the old system of news cycles via massive media conglomerates, are essentially and fundamentally outdated.

Long past are the days where the powe...

Creator Economy: What do online creators and electric vehicles have in common?

Concert tickets, especially for popular artistes with a large fan base, often cost a lot. But even if one were to have the funds to purchase the tickets, securing them is another matter altogether.

Despite saving up a substantial amount of money, I had not been able to attend any concer...

Geek Speak: Get up close and virtual

With the pressure rising for businesses to migrate and modernise their mainframe applications, they need to start crafting a clear goal towards digital modernisation. Simultaneously, they should ensure that their infrastructure possesses the necessary maturity to sustain the present demands for d...

Solutions: Setting a clear path in digital modernisation

Funding, regulatory reform and capacity building are the three biggest challenges in the venture capital (VC) ecosystem, making them the main areas that the government needs to address to position the country as the preferred regional VC hub by 2030.

The Ministry of Science, Technology ...

Cover Story: Making Malaysia a preferred venture capital hub

Employees are not motivated to perform mundane and repetitive tasks even though it is necessary for an organisation to operate, says Hew Wee Choong, head of the Asean team at Cyclone Robotics (Cyclone).

“Many companies are finding a lot of opportunities and growth now despite the challe...

Robotics: Automating tasks to ensure continuity

In an era where digital platforms play an ever-growing role, the fusion of art and technology has given rise to initiatives like Love and Support Art. This independent and self-funded project, which has an estimated valuation of RM2 million, serves as a curated space dedicated to uplifting artist...

Culture: Where technology empowers creativity

NEWS

Study: Companies’ inability to gain visibility leads to wasted cloud spend

A study by Forrester Consulting, commissioned by intelligent integration company Boomi, has revealed that companies experienced uncontrolled and wasteful clo...

Bits + Bytes: A Miscellany of Technology

With 94% of Malaysian companies gearing up for an artificial intelligence (AI) driven future, National Technology and Innovation Sandbox (NTIS) together with NVIDIA has launched an AI pilot sandbox programme.

MOHE estimates 13,000 new AI talents by 2026

KUALA LUMPUR (April 18): Global video game commerce company Xsolla, Inc has collaborated with Curine Ventures to launch the Xsolla Curine Academy (XCA) in KL Eco City.

Xsolla Curine Academy launched to foster growth in game development industry

Intel said on Wednesday its sales would take a hit after the US revoked some of the chipmaker's export licences for a customer in China, in a move Beijing complained was going too far in the name of national security.

Intel, Qualcomm say exports to China blocked as Beijing objects

App provider Telegram is ready to work together with the government to fight rampant digital piracy on its platform, Communications Minister Fahmi Fadzil said.

He added that several meetings have been held with Telegram to discuss the issue, the latest being in April.

App provider Telegram ready to work together to fight digital piracy — Fahmi

The Malaysian Anti-Corruption Commission (MACC) arrested a lawyer on Wednesday afternoon on suspicions of soliciting and accepting a bribe of around RM1.6 million from an entrepreneur.

The suspect, who is in his 30s, was arrested at a fast food restaurant around Ipoh, Perak at around 12 noon after receiving RM100,000 in cash and two cheques for RM1.5 million, a source said.

MACC arrests lawyer for soliciting, accepting RM1.6 mil bribe

The Biden administration is poised to open up a new front in its effort to safeguard US AI from China and Russia with preliminary plans to place guardrails around the most advanced AI Models, the core software of artificial intelligence systems like ChatGPT, sources said.

US eyes curbs on China's access to AI software behind apps like ChatGPT

The benchmark S&P 500 was broadly unchanged on Wednesday, pausing after a recent rally as investors assessed the outlook for US monetary policy, while Uber's shares dropped on a downbeat forecast.

Uber shed nearly 9%, becoming the biggest decliner on the S&P 500, after the ride-hailing platform forecast second-quarter gross bookings below expectations and posted a surprise first-quarter loss.

S&P 500 pauses after recent gains as investors assess rate path

President Joe Biden's decision to hold up delivery of high payload munitions to Israel was taken over a possible Israeli offensive in Rafah that Washington believes could put Palestinian civilians at risk, Defense Secretary Lloyd Austin said on Wednesday.

US paused Israel weapons shipment due to Rafah: US defence secretary

Guyana's cabinet has approved a bid for an offshore oil block by a consortium including QatarEnergy, TotalEnergies and Malaysian state oil firm Petronas, a Guyana minister said on Wednesday.

QatarEnergy, TotalEnergies and Petronas negotiating oil production deal, says Guyana official

The Malaysian Anti-Corruption Commission (MACC) has arrested a company director and a law firm owner on suspicion of submitting false information related to foreign currency investments, totalling approximately RM38 million.

Company director, law firm owner detained over RM38 million investment case — MACC

KUALA LUMPUR (May 8): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Sentral Real Estate Investment Trust (KL:SENTRAL), or Sentral REIT, posted a 30.29% increase in its net property income in the first quart...

Sentral REIT, Vstecs, Dufu Tech, MNRB, Mega First,  Ivory Properties, Paragon Globe and Sarawak Cable

Moody's Ratings has affirmed CIMB Group Holdings Bhd's (KL:CIMB) Baa1 issuer ratings and maintained its stable outlook, based on the group's improved solvency and stable liquidity as well as Moody's forecast that the group's problem loan ratio will remain stable at around 2.5% over the next 12-18 months.

Moody’s affirms CIMB’s Baa1 issuer ratings, upgrades baseline credit assessment

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

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.

Market cap of top 100 Bursa companies up RM175b year to date, more upside expected

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

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

Industronics Bhd said it has been appointed as the project management company to develop a hotel and golf course on a 155-acre parcel of land in Langkawi.

Widad’s largest shareholder appoints Industronics to manage Langkawi golf course, hotel development

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

The emergence of digital banks in Malaysia does not significantly impact traditional banks, primarily due to their limited ability to achieve rapid growth within the initial years of operation.

S&amp;P Global Ratings senior analyst, financial institution ratings, South and Southeast Asia (SSEA), Sue Ong said that the five digital banking licences issued by the Bank Negara Malaysia (BNM) in 2022 do not seem to be a game changer for now.

Digital banks will not affect traditional banks in Malaysia — S&P Global Ratings

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

Fitters Diversified Bhd [KL:FITTERS] saw Doris Wong Sing Ee emerge as its substantial shareholder after she acquired 45 million shares in the fire protection equipment supplier.

Wong acquired 45 million Fitters shares from the open market on May 3, raising her stake in the fire protection equipment supplier to 5.12%, Fitters bourse filing showed.

Metronic Global director Wong emerges as Fitters’ substantial shareholder

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 issue again as current deficit, capital deficiency widen

Dufu Technology Corp Bhd’s (KL:DUFU) net profit for the first quarter ended March 31, 2024 (1QFY2024) fell by 59.3% year-on-year to RM4.43 million or 0.8 sen per share from RM10.88 million or 2.1 sen per share mainly due to a drop in revenue and higher overhead costs.

Dufu Tech 1Q net profit falls 59% mainly due to lower HDD components sales 

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EVENING 5: Five things you need to know today

Mega First Corp Bhd (MFCB) is buying a 64% stake in CSC Agriculture Holdings Sdn Bhd, a company that is involved in plantation and the wholesale of fruits and vegetables, for RM25 million.

Mega First buys 64% stake in CSC Agriculture for RM25 mil

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 &amp; 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

KUALA LUMPUR (May 8):&nbsp;Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Wednesday:

FBM KLCI down 0.06% to 1,604.75 on May 8, 2024 

Malaysian conglomerate Axiata Group (KL:AXIATA) and Indonesian group PT Sinar Mas have sought permission from the Indonesian government to merge their telco units, the communications minister told Reuters on Wednesday.

Axiata, Sinar Mas seeking permission for Indonesia telco merger, minister says

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

KUALA LUMPUR (May 8): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Sentral Real Estate Investment Trust (KL:SENTRAL), or Sentral REIT, posted a 30.29% increase in its net property income in the first quart...

US chip production is poised to explode in coming years, helping ease a risky dependency on East Asia, according to a projection by the Semiconductor Industry Association.

US to triple chipmaking capacity by 2032, industry group says

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.

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