Category: Business & Economy

US sends submarine to Cuba after Russian ships arrive

USS Helena, a Los Angeles-class boat, arrived on Thursday for a “routine port visit,” the US Southern Command said in a statement.  “The vessel’s location and transit were previously planned,” SOUTHCOM added, noting that the Helena is “conducting its global maritime security and national defense mission.” AP described the submarine’s arrival as “a show of force” by Washington, in response…

US using Ukraine conflict as pretext to impose sanctions – China

Washington is “extremely hypocritical” for arming Kiev while pushing for peace, Beijing’s foreign ministry has said. The US is using the Ukraine crisis as an opportunity to impose sanctions while continuing to pump Kiev with weapons, Chinese Foreign Ministry spokesman Lin Jian said on Thursday. Lin made the remarks after the US State Department and Treasury Department announced a new…

Russia promises ‘decisive response’ to ‘confrontational’ US

The envoy made the statement during an address dedicated to Russia Day, which was celebrated on Wednesday. Earlier the same day, Washington announced more restrictions on Moscow over its military operation against Ukraine. “The US administration congratulated the Russian people with the announcement of yet another sanctions package,” Antonov said. Russia will not insist on being a US partner, but…

Johnson & Johnson to settle claims it misled consumers about safety of talcum products, including “baby powder”

Johnson & Johnson has agreed to pay $700m to settle lawsuits in the United States that accused the pharmaceutical giant of deceiving customers about the safety of its talcum-based powder products. J&J’s payout resolves an investigation by more than 40 US states into the marketing of baby powder and other talc-based products that contained traces of cancer-causing asbestos. “Targeting communities…

Crypto firm Terraform and Do Kwon to pay $6 billion to settle SEC fraud case

NEW YORK – Terraform Labs and its co-founder Do Kwon will pay US$4.47 billion (S$6 billion) to resolve a US Securities and Exchange Commission (SEC) lawsuit over the company’s 2022 collapse, which wiped out US$40 billion in investor assets and shook the cryptocurrency world. The SEC on June 12 asked a federal judge in New York to approve the settlement….

Lead fund manager Gregoire Tournant in Allianz fraud case pleads guilty

The lead manager in a funds scandal that led to a $6bn settlement between Germany’s Allianz and US authorities has pleaded guilty to investment adviser fraud, two years after two other managers pleaded guilty for their roles in the scheme. The scandal at one of its US asset management units rocked Allianz, one of the world’s biggest insurance groups, casting…

US clears way for antitrust inquiries of Nvidia, Microsoft and OpenAI

WASHINGTON – Federal regulators have reached a deal that allows them to proceed with antitrust investigations into the dominant roles that Microsoft, OpenAI and Nvidia play in the artificial intelligence industry, in the strongest sign of how regulatory scrutiny into the powerful technology has escalated. The Justice Department and the Federal Trade Commission struck the deal over the past week,…

AFP journalists to strike over expat jobs

PARIS – Journalists at AFP will hold a 24-hour strike starting June 6 at 0800 GMT (4.00pm Singapore time) to protest against potential changes in the status of journalists working outside France. The movement threatens to disrupt primarily the French-language production of Agence France-Presse during a period of major domestic news, with a ceremony for the 80th anniversary of the…

FDA warning: Avoid Crecelac & Farmalac distributed by Dairy Manufacturers Inc

WASHINGTON (AP) — U.S. health officials warned parents to avoid powdered infant formula sold by a Texas dairy producer, because a dangerous bacteria was found in one of the company’s products. The Food and Drug Administration issued the alert Friday on Crecelac Infant Powdered Goat Milk Infant Formula, after a sample collected from a Texas store tested positive for cronobacter,…

The Latest | Jury finds Trump guilty on all charges in hush money trial

It was the first time a former U.S. president was ever tried or convicted in a criminal case, and was the first of Trump’s four indictments to reach trial. Prosecutors accused Trump of falsifying internal business records to cover up hush money payments tied to an alleged scheme to bury stories that might torpedo his 2016 White House bid. At…

Seatrium bags $11b in contracts from Petrobras to build FPSO vessels

SINGAPORE – Offshore and marine specialist Seatrium has secured $11 billion worth of contracts to build two new floating production storage and offloading vessels (FPSOs) for Brazil’s national oil company, Petrobras. Called P-84 and P-85, the FPSOs will be deployed in the Atapu and Sepia fields in the Santos Basin, offshore of the Brazilian city Rio de Janeiro, Seatrium announced…

What’s behind a historic, unusual U.S. military cash transfer to Canadian mines

The United States was growing desperate, months before its entry into the Second World War. It was gravely short of aluminum, and scrambling for suppliers. Its solution: turn north to Canada.  American public money flooded into Quebec, building the aluminum industry that supplied raw materials for Allied planes and tanks. “I would be willing to buy aluminum from anybody,” said…

Competition watchdog clears ANA’s proposed acquisition of Nippon Cargo Airlines

SINGAPORE – Singapore’s competition watchdog has assessed that ANA Holdings’ proposed acquisition of Japanese cargo airline Nippon Cargo Airlines (NCA) will not result in a substantial lessening of competition within any market in Singapore. The Competition and Consumer Commission of Singapore (CCCS) said on May 24 that it arrived at this conclusion after a six-month review, which also took into…

Magellan Diagnostics Agrees to Plead Guilty and Pay $42 Million to Resolve Criminal Charges

BOSTON – Magellan Diagnostics, Inc., a medical device company headquartered in Billerica, Mass., has agreed to resolve criminal charges relating to its concealment of a device malfunction that produced inaccurately low lead test results for potentially tens of thousands of children and other patients.  As part of the criminal resolution, Magellan will plead guilty to violations of the federal Food, Drug and Cosmetics…

After cutting corporate taxes, France gets $22b in pledges from foreign investors like Pfizer, Amazon

PARIS – France won a record €15 billion (S$21.9 billion) in foreign investment pledges on May 13, allowing President Emmanuel Macron to bask in the limelight with global CEOs, and forget about strained public finances and weak polls for a while. The bumper crop of pledges, in sectors ranging from artificial intelligence to pharmaceuticals to energy, stood Mr Macron in…

Boeing cargo plane lands in Istanbul without front landing gear, no casualties

ISTANBUL: A FedEx Airlines Boeing cargo plane landed at Istanbul Airport on Wednesday without its front landing gear deployed and managed to stay on the runway, Turkey’s transport ministry said, adding that there were no casualties. The Boeing 767 aircraft, flying from Paris Charles de Gaulle Airport, informed the traffic control tower at Istanbul Airport that its landing gear failed…