Category: Business & Economy

An Amsterdam court has ruled KLM’s sustainable aviation advertising misled consumers

THE HAGUE, Netherlands (AP) — In a decision hailed by an environmental group as a historic victory, an Amsterdam court ruled Wednesday that Dutch national airline KLM misled consumers in statements about sustainable aviation in a case that accused the carrier of “greenwashing.” Amsterdam District Court said in a statement that in some advertisements, that are no longer in use,…

Real estate agents face an overdue reckoning

For too long, Americans have suffered from a convoluted property system that condemned them to pay some of the world’s highest commissions, up to 6 per cent on residential sales. The real estate agents’ lock on online listings drove up costs and combined with a shortage of affordable homes to shut all but the most affluent buyers out of the…

BlackRock, GIC consider sale of UK gas pipeline assets

  BlackRock and Singapore sovereign wealth fund GIC are exploring the sale of a network of gas pipeline assets in Britain hat could fetch about US$2 billion (S$2.67 billion), according to people familiar with the matter. The owners are working with investment bank Jefferies Financial Group to find potential buyers for Kellas Midstream, the people said, asking not to be…

JPMorgan fined almost $350M for issues with trade surveillance program

JPMorgan is facing nearly $350 million in fines from bank regulators due to issues with its trade surveillance program. The Office of the Comptroller of the Currency said Thursday that it was assessing a $250 million civil penalty against JPMorgan Chase Bank because it found that the company “operated with gaps in trading venue coverage and without adequate data controls…

Ukraine Hits Oil Facilities In Attack Inside Russia

  Ukrainian drones were used to hit multiple targets in a sweeping attack on Russia that reportedly ignited fires at two major oil facilities and saw armed groups cross into Russian territory. Russia’s Defense Ministry said nine of its regions were attacked by Ukrainian drones, while Ukrainian missiles were shot down over the Belgorod region early on March 12. The…

No Signboard not taking action against interim CEO for now over fiduciary duty allegations

  SINGAPORE – No Signboard Holdings is of the preliminary view that no action would have to be taken against interim chief executive officer Lim Teck-Ean. This comes after it having been legally advised with regard to allegations that the interim chief executive officer had breached his fiduciary duties, the food and beverage player said on March 11. In a…

Bitcoin tops US$71,000 for the first time as rally builds steam

  Bitcoin topped US$71,000 for the first time, advancing for a sixth straight day and taking this year’s rally to almost 70 per cent on the back of massive inflows into US exchange-traded funds.  The original cryptocurrency jumped as much as 3.2 per cent to US$71,631.45 on March 11.  “This rally comes following a weak Asian trading session in which…

Boeing faces criminal investigation by DOJ for Alaska Airlines plane blowout

As you read through the details of the DOJ investigation, ask yourself why Boeing was permitted to regulte itself. Deregulation is a choice made by government.  The Department of Justice (DOJ) has initiated a criminal investigation into the Boeing jetliner incident that occurred on an Alaska Airlines plane earlier this year, as reported by the Wall Street Journal. According to…

Boeing 747-9 mid-air malfunction: Inability to locate records for door panel maintenance

In a letter addressed to Congress, Boeing has admitted the inability to locate records for maintenance performed on a door panel that malfunctioned during an Alaska Airlines flight over Oregon two months ago. “We have looked extensively and have not found any such documentation,” Ziad Ojakli, Boeing executive vice president and chief government lobbyist, wrote to Sen.Maria Cantwell on Friday….

Opioid manufacturer Endo Health “resolution” of criminal charges: No Prison for pharma criminals

Department of Justice U.S. Attorney’s Office Office of Public Affairs FOR IMMEDIATE RELEASE Thursday, February 29, 2024  United States Also Reaches Settlement with Endo International in Bankruptcy Case Endo Health Solutions Inc. (EHSI), which is in bankruptcy, has agreed to resolve criminal and civil investigations related to the company’s sales and marketing of the opioid drug Opana ER with INTAC…

Swedish property giants write down billions as prices crash

  STOCKHOLM – Two of Sweden’s largest property companies on Feb 27 announced multi-billion-crown write-downs in their 2023 results, dealing fresh blows to their beaten-down shares, even though both voiced hopes the worst is over for Europe’s property rout. Heimstaden’s preferential shares dropped more than 30 per cent after Fitch cut its credit rating deeper into so-called “junk” territory and…

Barclays sells credit card debt to Blackstone: Profiting from Poverty

Barclays (BARC.L), opens new tab has agreed to sell about $1.1 billion of credit card debt in the United States to Blackstone. Banks globally have been making greater use of credit risk transfers to shed risk from loan portfolios, Reuters has reported, with investors sharing the risk of losses. (See Corporate home buyouts: homelessness, mortgage & rent crisis rising) Barclays’ investment…

Pentagon Has Opened Over 50 Criminal Probes on US Aid to Ukraine

The Pentagon’s inspector general said its criminal investigators have opened more than 50 cases related to aid provided to Ukraine, including some involving contractors, but have yet to firm up any allegations. The investigations, which are at different stages, are looking at issues including “procurement fraud, product substitution, theft, fraud or corruption, and diversion,” the inspector general, Robert Storch, said…

Italian parliament OKs frigate, Leopard tank deals

ROME — Italy’s parliament has approved the planned acquisition of two new FREMM frigates with updated electronics and 132 combat-version Leopard tanks as well as 140 other tank versions. The new buys, approved Feb. 21 by the parliament’s defense commission, are part of a uptick in Italian military spending partly spurred by the Ukraine conflict. Italy has previously ordered 10…

BlackRock, Temasek-led group invest US$150 million in thermal battery maker Antora

  Thermal battery maker Antora Energy on Feb 22 said it has raised US$150 million (S$201.5 million) in a funding round led by a tie-up between the world’s biggest asset manager BlackRock and Singapore state investment firm Temasek. The BlackRock-Temasek partnership, called, Decarbonization Partners, led an investor group including Emerson Collective, GS Futures, The Nature Conservancy, Lowercarbon Capital, Breakthrough Energy…

Fincantieri teams with EDGE to sell to non-NATO countries

ROME — Italy’s Fincantieri and UAE group EDGE have agreed to create a Abu Dhabi-based joint venture to build and sell naval vessels to non-NATO countries, the firms said Tuesday. The JV, which will be 51% owned by EDGE but run by Fincantieri managers, will aim to take advantage of the UAE’s relations with other states and the export credit…