The Malaysian Insider ceases operations with immediate effect
Lack of commercial support and monthly losses of about RM2m cited; run-ins with the authorities also hurt negotiations to sell news portal
Kuala Lumpur
CITING monthly losses of about RM2 million (S$668,260) and the lack of commercial support, the owner of The Malaysian Insider (TMI) has decided to halt operations with immediate effect.
"TEMG (The Edge Media Group) has incurred losses of around RM10 million in the 20 months since we acquired TMI in June 2014 and we are no longer in a position to keep it going," Edge Insider Sdn Bhd director and The Edge Media Group publisher and group chief executive Ho Kay Tat said in a statement on Monday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month