Category: Business & Economy

  As China’s embattled shadow banking giant Zhongzhi Enterprise Group faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about US$56 billion (S$74.9 billion). More than three quarters of investor cash would be lost, with just 100 billion yuan (S$18.7 billion) being recovered from debt of as much as 460 billion…

BOGOTA: Former Colombian president Alvaro Uribe will appear before the attorney general’s office next week over a 1997 paramilitary massacre, authorities said Thursday. While Uribe was governor of the Antioquia department, a group of 150 right-wing paramilitary members killed at least 15 people in the village of El Aro. Last week, paramilitary leader Salvatore Mancuso, at a hearing with Colombia’s…

With Russian tanks and troops descending on Ukraine in early 2022, Cyprus became a hotbed of financial activity. The island country has long been known as an offshore transit point for the fortunes of Russian billionaires, and as sanctions loomed over many of them last year, Cyprus financial services firms fielded a series of urgent demands to transfer funds and…

Malicious actors have been abusing Ethereum’s ‘Create2’ function to bypass wallet security alerts and poison cryptocurrency addresses, which led to stealing $60,000,000 worth of cryptocurrency from 99,000 people in six months. This is reported by Web3 anti-scam specialists at ‘Scam Sniffer,’ who observed several cases of in-the-wild exploitation of the function, in some cases losses incurred by one individual reaching…

Boeing, a prominent aerospace manufacturer and defense contractor, found itself targeted by the Lockbit ransomware group at the end of October. This cybercriminal organization claimed responsibility for infiltrating Boeing’s systems and asserted that it had obtained a substantial amount of sensitive data. The group threatened to disclose this information unless Boeing engaged with them before the initial deadline, initially set…

Portugal’s central bank governor Mário Centeno is facing an ethics review by an independent watchdog after he was proposed as the next prime minister by Socialist premier António Costa, who quit last week over a corruption scandal. Costa’s proposal has triggered a public spat between Centeno and Marcelo Rebelo de Sousa, the president who has the power to appoint prime…

Backgrounder. Imran Khan is a former Pakistani cricket player, politician, philanthropist, and prime minister of Pakistan (2018–22). He became a national hero by leading Pakistan’s national team to a Cricket World Cup victory in 1992 and later entered politics as a critic of government corruption in Pakistan. Khan’s calls for investigations into government corruption, along with supporting evidence released in…

The LockBit ransomware gang published data stolen from Boeing, one of the largest aerospace companies that services commercial airplanes and defense systems. Before the leak, LockBit hackers said that Boeing ignored warnings that data would become publicly available and threatened to publish a sample of about 4GB of the most recent files. Backup data published LockBit ransomware has leaked more…

Telecom Italia SpA has agreed to sell its land-line network to KKR & Co. in a government-backed deal valued at around €22 billion ($23.6 billion), according to people familiar with the matter. The phone carrier’s board of directors, after a marathon meeting that started on Friday, approved the grid sale to the US private equity giant on Sunday without making it conditional on…

Business intelligence firm MicroStrategy has notched a paper gain of $900 million on its stack of 158,400 Bitcoin, spurred by optimism over the potential approval of spot Bitcoin exchange-traded funds.

The Michael Saylor-founded firm added 6,067 Bitcoin (BTC) since the third quarter, including another 155 in October, according to MicroStrategy’s Nov. 1 results filing.

In a recent development, PayPal has been registered by the Financial Conduct Authority (FCA) to offer crypto asset activities in Britain. This move comes as PayPal establishes a post-Brexit base in the UK, reflecting its commitment to serving the British market. According to a Reuters report, the crypto market in the UK awaits its first set of regulations; companies seeking…

The Trump era was very, very good to the country’s giant telecom monopolies. Trump officials doled out billions in tax breaks (AT&T nabbed $42 billion alone) and billions more in poorly tracked subsidies. It also approved anticompetitive mergers without even reading the details, and handed out all manner of regulator favors like the dismantling of net neutrality or the elimination…

Hackers have accessed approximately 632,000 emails from the Department of Defense and other federal agencies this year, the US Office of Personnel Management (OPM) confirmed. The report detailed a large-scale cyberattack in May 2023 in which emails from US government offices, private sectors, airlines, and academic entities were accessed by a suspected Russian group called “CL0P.” Alongside electronic personal data,…

Kraken announced plans to suspend transactions involving USDT, DAI, WBTC, WETH, and WAXL within Canada in the next two months. Several other cryptocurrency exchanges have taken similar actions in 2023, discontinuing support for specific assets due to regulatory challenges. The write-off of the world’s largest and most liquid stablecoin came as the Ontario Securities Commission (OSC) has banned crypto exchanges…

FTX founder Sam Bankman-Fried began testifying at his fraud trial on Friday, saying the innovative business he hoped would move the cryptocurrency ecosystem forward ended up doing the opposite and hurting customers. The onetime cryptocurrency golden boy lost his businesses and his reputation as a pioneering entrepreneur in an emerging facet of finance when a rush of customers withdrew their…

The US Air Force (USAF) has launched two new detachments at Robins Air Force Base in Georgia to bolster the force’s electronic warfare capability. Detachments from the 350th Spectrum Warfare Wing (SWW) and the 87th Electronic Warfare Squadron (EWS) will be tasked with responding to electronic threats by developing new countermeasures. The launch is part of the standup process for…