Category: Business & Economy

UBS nears settlement over Credit Suisse tax evasion case, WSJ reports UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse’s violations of an earlier agreement with the U.S. Department of Justice over customers in the U.S. who evaded tax, the Wall Street Journal reported on Thursday. A settlement could come as soon…

A group of JC Penney bondholders are seeking to re-litigate its Chapter 11 case, claiming that a scandal that has since ensnared one of the country’s top bankruptcy judges tainted the US retailer’s 2020 reorganisation. Eric Moore, a bondholder, described the deal clinched in bankruptcy court as a “multibillion-dollar heist” that improperly handed control of JC Penney to a select…

NEW YORK – Law enforcement in the US state of New York on Dec 27 released “devastating” footage of prison guards beating a Black inmate shortly before he died. The body-worn camera footage, recorded the night of Dec 9, shows Robert Brooks, 43, brutalised by multiple prison guards, with his face bloodied and neck held. Brooks, an inmate at a…

Vanguard reaches deal with US bank regulator over control of bank stakes (Reuters) -The U.S. Federal Deposit Insurance Corporation (FDIC) said on Friday it has struck a passivity agreement with Vanguard, to help the regulator better monitor the money manager’s interests in large banks. According to the deal, Vanguard is strictly prohibited from engaging in activities that influence the management…

Vanguard has bowed to regulatory pressure and agreed to new oversight of its investments in some US lenders, a decision that could have sweeping implications for money managers and banks. The deal, which the US Federal Deposit Insurance Corp disclosed on Friday, will allow Vanguard’s funds to continue to be huge shareholders in a wide swath of the country’s banks…

Authorities in two Indian states that are driving its economic growth are drafting tighter workplace rules and inspections to protect white collar employees following the death of a young executive at global consultancy Ernst & Young (EY), which her family blamed on overwork. India’s decades-old labour laws are largely focused on blue-collar workers, leaving others vulnerable to workplace abuse such…

Ever since the US and its allies imposed sanctions on Russia following the invasion of Ukraine, Western officials have been frustrated by Moscow’s continued ability to get its hands on American technologies to help power its war efforts. Russian weapons recovered from battlefields in the region are chock full of gear from firms like Intel Corp. and Analog Devices Inc.,…

Morgan Stanley Smith Barney will pay a $15 million penalty as part of a settlement with the Securities and Exchange Commission related to four financial advisers who stole millions of dollars of advisory clients’ and brokerage customers’ funds. The settlement announced late Monday is also related to the firm’s failure to adopt policies and procedures designed to prevent and detect…

The video, seen below, shows a shooter assassinating UnitedHealthcare CEO, Brian Thompson, outside a Manhattan hotel. The manhunt for the shooter is still underway 3 days later. News outlets have been irresponsibly posting images of a suspect wearing similar clothing, but who can be seen to be wearing a different jacket and carrying a dark backpack. The shooter’s backpack is…

(Reuters) – A federal judge in Texas on Friday rejected a request by the Consumer Financial Protection Bureau to lift an order that blocked a new rule capping credit card late fees at $8, a policy challenged by business and banking groups. U.S. District Judge Mark Pittman in Fort Worth declined to dissolve an injunction he issued in May that…

BOISE, Idaho (AP) — The Associated Press and two other news organizations are suing Idaho’s top prison official for increased access to lethal injection executions, saying the state is unconstitutionally hiding the actual administration of the deadly drugs from public view. The AP, The Idaho Statesman and East Idaho News filed the lawsuit against Idaho Department of Correction Director Josh…

NEW YORK – A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, pleaded guilty in June to two counts of investment adviser fraud. He agreed to give up…

LONDON – London’s Metropolitan Police force said on Dec 6 that it had used facial recognition technology to make more than 500 arrests in 2024 for offences ranging from shoplifting to rape. The force uses live facial recognition in specific areas of the UK capital, positioning a van equipped with cameras in a pre-agreed location. The cameras capture live footage…

The White House is listening to demands for President Joe Biden to extend the same grace to thousands of people wronged by the U.S. judicial system as he did to his son Hunter, officials say. Since Biden’s pardon of Hunter on Sunday, a growing chorus of civil rights activists and lawmakers have called for broader clemency for other people they…

Teva Pharmaceutical Industries said on Thursday it will transfer ownership of its business venture that sold generics in Japan to JKI. Israel-based Teva’s deal with JKI will transfer all the shares of the unit Teva-Takeda and its subsidiary Teva Takeda Yakuhin to the firm. Teva-Takeda is a joint venture established in 2016 by Japanese drugmaker Takeda and Teva, focusing primarily…

Vietnam has suspended the operations of Chinese online retailer Temu after it failed to meet a government deadline to register the company by the end of November. It is unclear if Temu, a unit of Chinese e-commerce giant Pinduoduo, will be allowed to resume its business once it registers. The suspension comes after the ministry had raised concerns about the…