Category: Spotlight

NEW YORK – Citigroup implemented a fresh round of job cuts in its US investment bank last week, according to people familiar with the matter, as the financial giant completed a planned restructuring. Technology, media and telecom were among the coverage areas hit hardest at the Wall Street lender, with several senior bankers as well as those in more junior…

Chemical manufacturer 3M will begin payments starting in the third quarter to many U.S. public drinking water systems as part of a multi-billion-dollar settlement over contamination with potentially harmful compounds used in firefighting foam and several consumer products, the company said. St. Paul, Minnesota-based 3M announced Monday that last year’s lawsuit settlement received final approval from the U.S. District Court…

LONDON: British PM Rishi Sunak faces a potential revolt from within his party ranks over new legislation that is set to criminalise homelessness. According to a ‘Times’ report on Monday, several Conservative Party MPs have warned that they will vote against the measures in the ‘Criminal Justice Bill’ in House of Commons. The proposals, which had been unveiled by former…

Israeli air strikes destroyed a building belonging to the Iranian consulate in Damascus, killing a senior commander in the Quds Force, the external military and intelligence service of Iran’s Islamic Revolutionary Guards Corps, Iranian state media reported on Monday. General Mohamad Reza Zahedi, 65, oversaw Iran’s covert military operations in Syria and Lebanon, Iranian officials said.He is among the senior…

The Israeli parliament on Monday approved a bill granting top ministers the power to prohibit the broadcasting of Al Jazeera news channel in Israel—a move Prime Minister Benjamin Netanyahu is likely to pursue. The law, passed by a vote of 70 to 10, enables the ban of foreign channel broadcasts and permits the closure of their offices within Israel. The…

KAZAN: A Russian court on Monday extended until June 5 the pre-trial detention of US-Russian journalist Alsu Kurmasheva, who faces 15 years in prison on charges of spreading “false information,” according to her employer. In court in the central city of Kazan on Monday, Kurmasheva smiled but complained about the poor conditions in which she was being held. “This cell…

Israeli strikes on the northern Syrian city of Aleppo early on Friday killed 38 people, including five members of Lebanese armed group Hezbollah, two security sources said, the deadliest attacks so far in an intensified Israeli campaign against Iran’s allies in Syria. Israel has ramped up its airstrikes on both Hezbollah and the Iranian Revolutionary Guard Corps in Syria since…

LONDON – Just as they first ventured to do over a century ago, the world’s largest oil companies are staking claims far from home – this time to swallow, rather than spew, planet-warming industrial emissions. Carbon dioxide (CO2) storage is emerging as a potential multi-billion-dollar revenue stream for companies like ExxonMobil, Shell and Chevron, which are under global pressure to…

NEW YORK (AP) — Amazon said Wednesday it is pouring an additional $2.75 billion into Anthropic, bringing its total investment in the artificial intelligence startup to $4 billion. Amazon will maintain a minority stake in San Francisco-based Anthropic, a rival of ChatGPT maker OpenAI. “Generative AI is poised to be the most transformational technology of our time, and we believe…

Attorneys for Hunter Biden are expected in court Wednesday in Los Angeles, where he is accused in what prosecutors call a four-year scheme to avoid paying $1.4 million in taxes while living an extravagant lifestyle. President Joe Biden’s son has pleaded not guilty to the nine felony and misdemeanor tax offenses. He’s asking the judge to toss out the case,…

  MONTREAL – Boeing’s board has begun the search for a big hitter to take the helm of the troubled plane maker following the turbulent tenure of chief executive Dave Calhoun, with many industry executives and analysts predicting it will seek an outside remedy. Facing mounting pressure from airlines, regulators and investors, Boeing on March 25 announced a broader than…

  NEW YORK – Wall Street stocks retreated March 25 as a market rally showed signs of fatigue and tech heavyweights faced stepped-up regulatory scrutiny in Europe. Maris Ogg of Fiduciary Trust said the reticent start was unsurprising given the relatively light schedule this week as far as economic news. “It certainly wouldn’t be unusual” to have some kind of…

The American plane maker has been under intense pressure since early January, when a panel blew off a brand-new Alaska Airlines 737 Max midflight. That’s spotlighted a lengthy series of safety and manufacturing problems that have piled up for Boeing over the years — including two devastating crashes that also involved Max jets. Leadership shakeups have arrived amid this turmoil,…

NEW YORK – Boeing announced on March 25 that CEO Dave Calhoun will leave his post as the aviation giant faces increased scrutiny after a series of safety incidents and manufacturing issues. The company has been hit by problems including a near-catastrophic incident in January when a fuselage panel on a Boeing 737 MAX 9 Alaska Airlines jet blew off…

SINGAPORE – Digital content production house Vividthree Holdings in an announcement on March 24 noted the arrest of its board chairman and independent director Ho Choon Hou by the Commercial Affairs Department (CAD) in relation to alleged breaches-of-disclosure obligations by private cord blood bank Cordlife Group. Dr Ho was arrested by the CAD in relation to an offence under the…

SHANGHAI – The Chinese authorities are examining the role of PricewaterhouseCoopers in China Evergrande Group’s accounting practices after the developer was accused of a US$78 billion (S$105 billion) fraud, ramping up pressure on the global accounting giant that audited a slew of developers before the sector’s meltdown. The country’s securities regulator this week accused Evergrande’s main onshore subsidiary Hengda Real…