Category: Business & Economy

SEOUL – South Korea’s financial watchdog has recommended imposing a fine of at least 10 billion won (S$10.24 million) each on HSBC Holdings and BNP Paribas for so-called naked short selling, which is considered illegal in the country, according to two people familiar with the matter.  The nation’s Financial Supervisory Service (FSS) made the recommendation to the Securities and Futures…

France’s Sapin II Law was created in 2016 to address corporate corruption and implement antibribery measures. The legislation took effect in 2017, marking a significant shift in the country’s regulatory compliance landscape. The law, which tracks closely with similar laws in the US, UK, and other EU countries, requires large companies [1] to implement a robust compliance program, including anti-corruption…

Saudi Diplomatic Exchanges and Technological Developments Amidst Political Shifts in North Africa In a recent diplomatic exchange, the Crown Prince of Morocco, Prince Hassan bin Mohammed, received a verbal message from the Saudi Arabian King and Crown Prince, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman. The message reiterated the robust fraternal relations between the two nations, discussing…

Verdicts are expected Saturday for a cardinal and nine other defendants in the most complicated financial trial in the Vatican’s modern history: a case featuring a Hollywood-worthy cast of characters, unseemly revelations about the Holy See and questions about Pope Francis’s own role in the deals. After 2½ years of hearings, here’s a brief snapshot of the trial and its…

  WASHINGTON – Temu, a popular low-cost online marketplace with ties to China, accused its rival Shein of using “mafia-style” methods to tamp down competition in a lawsuit filed on Dec 13, the latest volley in a heated turf war between two of the fastest-growing fashion retailers in the United States. In the filing, WhaleCo, which operates in the US…

A U.S. federal court jury has decided that Google’s Android app store has been protected by anti-competitive barriers that have damaged smartphone consumers and software developers, dealing a blow to a major pillar of a technology empire. The unanimous verdict reached Monday came after just three hours of deliberation following a four-week trial revolving around a lucrative payment system within…

In a bid to counter the impact of U.S. sanctions, Iran and Cuba announced their commitment to enhancing relations during a joint statement in Tehran. Iranian President Ebrahim Raisi and Cuban counterpart Miguel Diaz-Canel emphasized the need for cooperation to counter the economic challenges posed by the sanctions imposed on both nations by the United States. Raisi highlighted the potential…

SINGAPORE – A co-founder of Cake DeFi, which operates a Singapore-based online platform that offers access to decentralised finance services and products, has filed for the company to be wound up. A winding up notice in The Straits Times on Dec 7 showed that the company’s co-founder and chief technology officer Chua U-Zyn, represented by law firm Rajah & Tann Singapore,…

SEATTLE – Amazon.com is sharply cutting fees for merchants selling clothing priced below US$20 (S$26.80), a sign it is hunkering down for a price war with Chinese fast-fashion upstart Shein. On Dec 5, Amazon announced it would reduce seller fees on clothing products priced below US$15 to 5 per cent beginning in January. The rates on clothing priced from US$15…

LONDON: The Bank of England on Wednesday said its multiple interest-rate hikes aimed at cooling high inflation would prolong a cost-of-living crisis but stressed UK retail banks could contain the fallout. The BoE’s Financial Policy Committee (FPC) said in a report that almost five million UK homeowners would see mortgage repayments soar over the next three years. Retail banks tend…

Consumers who want to watch movies or TV-shows online are limited to the content that they are permitted to see in their home country. This means that the Netflix or Amazon library in one country can be entirely different to those made available in a neighboring nation. This is a direct result of the territorial licensing deals the entertainment industry…

The crisis-hit CBI has turned to Sir Winston Churchill’s grandson to help steer it back from the brink of financial oblivion. The business lobbying group confirmed a Sky News report on Tuesday that Rupert Soames, the former boss of Aggreko and Serco, has been lined up to succeed Brian McBride as its next president. Mr Soames will take on the…

  WASHINGTON – The US government concluded that short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t relevant before extending his conglomerate as much as US$553 million (S740 million) for a container terminal in Sri Lanka, a senior US official said. Allegations in a scathing report by US-based Hindenburg Research, which erased around US$100 billion from…

There are continued warnings that the US has been without a chemical security programme since late July, leaving more than 3000 high-risk chemical facilities in the country vulnerable to terrorist, cyber- and physical attacks. The Chemical Facility Anti-Terrorism Standards (CFATS) programme, which was authorised 17 years ago and is managed by the Cybersecurity and Infrastructure Security Agency (CISA), is charged…

Note from Corruption Ledger Spotify is a publicly traded company headquartered in Luxembourg. Swedish founders Daniel Ek and Martin Lorentzon started Spotify as a small start-up in Stockholm, Sweden in 2006.  Job cuts don’t just affect those who are laid off. It creates a culture of fear for remaining employees, who must work additional hours and maneuver to adapt to…

  SINGAPORE – GIC has bought two logistic facilities developed by Japanese real estate developer Daiwa House Industry for an undisclosed amount. The assets in Takatsuki city of Greater Osaka and Tosu city of Greater Fukuoka were completed in 2023 and 2021, said the Singapore sovereign wealth fund on Dec 4. “Both properties have modern building specifications that cater to…