Latest news with #RM4.30
The Star
20-05-2025
- The Star
Singaporean faces new charges in US over US$263mil crypto theft
Singaporean Malone Lam and the cars he bought after he allegedly stole US$230 million in cryptocurrency from a victim in Washington. He is now accused of heading a 13-member crime ring that allegedly stole hundreds of millions of dollars in cryptocurrency. - Photos: Broward Sheriff's Office, court documents SINGAPORE: (Bernama) Singaporean Malone Lam, already facing charges in the United States over a cryptocurrency theft, is now accused of heading a 13-member crime ring that allegedly stole hundreds of millions of dollars in cryptocurrency, according to local media. Lam, 20, was first charged in September last year with stealing and laundering over US$230 million (US$1 = RM4.30) in cryptocurrency from a single victim. In the new indictment, federal prosecutors alleged that he orchestrated a wider scheme with a dozen other individuals, according to CNA. He appeared in a Washington DC court on Monday (May 19), where he pleaded not guilty to the superseding indictment. Lam and Conor Flansburg, 21, from California, are named in the indictment as the group's organisers. The group allegedly met through online gaming platforms and developed a scheme that netted a total of US$263 million. They allegedly stole funds from cryptocurrency wallets, converted the crypto into US dollars, and laundered the proceeds. They also allegedly carried out home burglaries, including one incident in which a member of the crime ring broke into a victim's home in New Mexico to steal a hardware wallet containing virtual currency. The 13 suspects, including Lam, have been charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act. In a press release issued on May 15, the US Attorney's Office for the District of Columbia said that members of the syndicate held various roles, including database hackers, organisers, target identifiers, callers, money launderers, and burglars targeting hardware cryptocurrency wallets. Members and associates of the enterprise allegedly used the stolen virtual currency to purchase, among others, luxury handbags, watches and clothing; rental homes in Los Angeles, the Hamptons, and Miami; private jet rentals, and a fleet of at least 28 exotic cars ranging in value from US$100,000 to US$3.8 million. "Following his arrest in September 2024 and continuing while in pretrial detention, Lam is alleged to have continued working with members of the enterprise to pass and receive directions, collect stolen cryptocurrency, and to have members buy luxury bags and hand deliver them to his girlfriend in Miami, Florida,' the statement said. - Bernama
The Star
18-05-2025
- Business
- The Star
Airbnb now wants to sell you haircuts, museum visits and massages
Airbnb, the start-up that began as a platform offering cash-strapped travellers cheap sleeping arrangements in private homes, is now trying to expand into a massive new market: selling services and experiences like cooking classes, horse riding and museum trips. — Photo: Jens Kalaene/dpa LOS ANGELES: Airbnb is expanding its business beyond accommodation to include experiences like museum visits, horse-riding and cooking classes, as well as services from people like masseurs, hair stylists and professional chefs. "Hotels do have one thing that we don't have and those are services," Airbnb chief executive Brian Chesky said. The offering aimed at closing this gap will initially launch in 260 cities with 10 categories, including services from fitness trainers and photographers. Over time, the range of services is expected to expand. An app for more than just travel This could mark a radical shift for an app typically used only once or a few times a year. Chesky and co-founder Nate Blecharczyk emphasized that the services and experiences are not tied to travel. Their vision is that people could use the app whenever they want to book a photographer, a massage or haircut. Could Airbnb eventually become a platform for booking local tradespeople? Blecharczyk pointed out that Airbnb hosts already require services from cleaners or plumbers. Industry analyst Carolina Milanesi believes the move could change how the stock market views Airbnb. While the company has so far been evaluated using traditional travel industry metrics, such as the number of overnight stays, the stock market might now see it more as a tech platform. At the same time, Airbnb is entering areas where specialised apps have already carved out niches. This will also make it harder to ensure consistent quality across offerings, and there will be more regulations to comply with. Airbnb has faced criticism in various cities, with accusations that the service contributes to housing shortages by renting out more apartments in prime locations to tourists at high prices. But Blecharczyk argued that the expansion into the services business would not be affected by this debate. Bigger business than accommodation? The first 10 service categories were selected based on user surveys. Providers of services and experiences must apply, and Airbnb selects them based on factors such as experience and reviews in their field, Blecharczyk said. Blecharczyk is convinced that even during travel, services could potentially become a bigger business than accommodation. He explained that typically, for every US$1 (RM4.30) spent on accommodation, an additional US$3 (RM12.89) is spent on food, shopping, and excursions. Airbnb might even be surprised by how large this business could become. Airbnb says it will charge providers a fee of 20% for experiences and 15% for services. This revenue is used to cover costs such as payment transaction fees, customer service and insurance. Service and experience providers are not exclusively tied to the platform. Chesky said the idea behind the experiences is to explore a city with the people who know it best. Unwanted interactions can be reported with the push of a button, as is already the case with communication between accommodation providers and their customers. Airbnb also uses machine learning to detect problems. Airbnb Originals is set to be the space where users can find experiences hosted "by the world's most interesting people," Chesky said. The Airbnb app has been redesigned to accommodate the new offerings beyond accommodation. For example, after booking a stay, the app will suggest nearby services and experiences. – dpa
Malaysian Reserve
14-05-2025
- Business
- Malaysian Reserve
FBM KLCI opens marginally higher but turns lower in early trade
THE FTSE Bursa Malaysia KLCI (FBM KLCI) opened marginally higher but turned easier in early trade today, taking its cue from the mixed performance on Wall Street overnight as investors weighed the United States (US) inflation data. At 9.10 am, the barometer index fell 4.49 points, or 0.28 per cent, to 1,577.90 from Tuesday's close of 1,582.39. It opened 0.84 of a point higher at 1,583.23 Turnover stood at 183.35 million shares, valued at RM106.84 million. Meanwhile, market breadth was positive with 211 gainers outnumbering 178 losers, 276 counters were unchanged, 1,730 untraded, and seven suspended. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the Wall Street closed mixed on differing sentiment, as the Nasdaq and S&P 500 jumped on the proposed US$600 billion (US$1=RM4.30) investments in Saudi Arabia, while the Dow Jones Industrial Average was pressured by an 18 per cent decline in UnitedHealth's share price. He added that lower-than-expected US consumer price index (CPI) data for April saw the US 10-year yield remain flat at 4.471 per cent. On the home front, Thong noted that the local bourse is expected to see an inflow of foreign funds back into the market following their exodus since the beginning of the year. 'We believe the uptrend will be fuelled by the flight of funds back to equities from bonds, coupled with the inflow of foreign funds into the local market,' he told Bernama. Among heavyweights, Maybank and Tenaga Nasional gained two sen each to RM10.22 and RM14.36, Public Bank lost one sen to RM4.49, CIMB decreased nine sen to RM7.22 and IHH Healthcare was flat at RM7.05. In active trade, Jiankun was unchanged at three sen, Nationgate strengthened four sen to RM1.67, Innature added one sen to 24 sen, NexG rose 1.5 sen to 34 sen and Notion bagged 2.5 sen to 72 sen. On the index board, the FBM Emas Index slipped 18.54 points to 11,778.36, the FBMT 100 Index dropped 25.92 points to 11,534.73, and the FBM Emas Shariah Index went down 9.78 points to 11,704.08. The FBM 70 Index shed 10.21 points to 16,751.57 but the FBM ACE Index improved by 4.04 points to 4,729.12. Across sectors, the Financial Services Index eased 36.57 points to 18,539.35, the Industrial Products and Services Index was down 0.51 of a point to 158.06, the Energy Index gained 1.58 points to 722.73 and the Plantation Index advanced 5.86 points to 7,361.59. — BERNAMA
New Straits Times
14-05-2025
- Business
- New Straits Times
FBM KLCI opens marginally higher but turns lower in early trade
KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) opened marginally higher but turned easier in early trade today, taking its cue from the mixed performance on Wall Street overnight as investors weighed the United States (US) inflation data. At 9.10 am, the barometer index fell 4.49 points, or 0.28 per cent, to 1,577.90 from Tuesday's close of 1,582.39. It opened 0.84 of a point higher at 1,583.23 Turnover stood at 183.35 million shares, valued at RM106.84 million. Meanwhile, market breadth was positive with 211 gainers outnumbering 178 losers, 276 counters were unchanged, 1,730 untraded, and seven suspended. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the Wall Street closed mixed on differing sentiment, as the Nasdaq and S&P 500 jumped on the proposed US$600 billion (US$1=RM4.30) investments in Saudi Arabia, while the Dow Jones Industrial Average was pressured by an 18 per cent decline in UnitedHealth's share price. He added that lower-than-expected US consumer price index (CPI) data for April saw the US 10-year yield remain flat at 4.471 per cent. On the home front, Thong noted that the local bourse is expected to see an inflow of foreign funds back into the market following their exodus since the beginning of the year. "We believe the uptrend will be fuelled by the flight of funds back to equities from bonds, coupled with the inflow of foreign funds into the local market," he told Bernama. Among heavyweights, Maybank and Tenaga Nasional gained two sen each to RM10.22 and RM14.36, Public Bank lost one sen to RM4.49, CIMB decreased nine sen to RM7.22 and IHH Healthcare was flat at RM7.05. In active trade, Jiankun was unchanged at three sen, Nationgate strengthened four sen to RM1.67, Innature added one sen to 24 sen, NexG rose 1.5 sen to 34 sen and Notion bagged 2.5 sen to 72 sen. On the index board, the FBM Emas Index slipped 18.54 points to 11,778.36, the FBMT 100 Index dropped 25.92 points to 11,534.73, and the FBM Emas Shariah Index went down 9.78 points to 11,704.08. The FBM 70 Index shed 10.21 points to 16,751.57 but the FBM ACE Index improved by 4.04 points to 4,729.12. Across sectors, the Financial Services Index eased 36.57 points to 18,539.35, the Industrial Products and Services Index was down 0.51 of a point to 158.06, the Energy Index gained 1.58 points to 722.73 and the Plantation Index advanced 5.86 points to 7,361.59.
