Category: Business & Economy

(AP) — A private jet crashed in Russia on Wednesday, killing all 10 people aboard, emergency officials said. Mercenary chief Yevgeny Prigozhin was on the passenger list, but it wasn’t immediately clear if he was on board. Prigozhin’s fate has been the subject of intense speculation ever since he mounted a short-lived mutiny against Russia’s military leadership in late June….

from the pick-a-lane,-guys dept This is just so painfully obnoxious. The legacy news media, spurred on by a welfare system that pretend free market supporter Rupert Murdoch dreamed up and convinced governments to implement, whereby the government would force internet companies, which had innovated and created new business models that worked, to suddenly be required to pay for sending traffic…

A European spy agency told the Central Intelligence Agency (CIA) it knew of an Ukraine special operations team plan to blow up the Nord Stream gas pipeline three months before explosions damaged the undersea system last year, the Washington Post reported on Tuesday.

The newspaper cited US intelligence allegedly leaked earlier this year by a low-level US Air National Guard computer technician who had access to large amounts of highly classified materials.

The leaked documents indicated that an unnamed European intelligence body told the US spy agency in June 2022, four months after Russia invaded Ukraine, that Ukraine military divers reporting directly to the country’s military commander-in-chief were planning the attack.

VIRGINIA – The mother of a 6-year-old Virginia boy who shot and wounded his elementary school teacher was charged on Monday with two US firearms felonies, and her lawyer said she will plead guilty to both offences under a deal with federal prosecutors. Deja Taylor was charged with being a user of illegal drugs in possession of a gun and…

Shares of Sage Therapeutics fell more than 50% Monday after the Food and Drug Administration approved the biotech company’s oral drug zuranolone for postpartum depression, but not for major depressive disorder, a bigger potential market. Shares of Biogen, which jointly developed the treatment with Sage, were up modestly. Who is Sage Therapeutics? Biogen Inc owns more than 10% of Sage…

Italy has dealt a surprise blow to its banks and sent shock waves across the sector in Europe by setting a one-off 40 percent tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits. Sharply higher official interest rates have yielded record profits for banks, as the cost of loans has soared while lenders…

The European Commission (EC) has confirmed that it’s opening an in-depth investigation into Adobe’s proposed $20 billion bid for digital design software rival Figma. The Commission said that the acquisition “may reduce competition in the global markets for the supply of interactive product design software and for digital asset creation tools.” First announced last September, Adobe’s megabucks bid for one…

As SoftBank prepares to dive deeper into AI investments, the group posted an unexpected consecutive quarterly overall loss, as well as a continued loss in its existing investment business. SoftBank’s Vision Fund 1 and 2 and its Latin American fund together posted a quarterly investment loss of 13 billion yen ($91 million). That is significantly less than the 2,919 billion…

HONG KONG – A number of global investors including Warburg Pincus and Canada Pension Plan Investment Board are opting out of Ant Group’s proposed share buyback after the Chinese fintech’s valuation was slashed by more than 70 per cent, according to people familiar with the matter. Singapore sovereign wealth fund GIC and Carlyle Group are also among top foreign shareholders…

SINGAPORE – Cryptocurrency firm Blockchain.com has been granted a licence in its South-east Asian headquarters of Singapore that will allow it to expand its services to global institutional and accredited investors. The company was granted a major payment institution licence from the Monetary Authority of Singapore (MAS) on Aug 1. This comes less than a year after Blockchain.com, a pioneer…

ASIC has banned a Sydney mortgage and finance broker for six years from engaging in credit activities after allegedly making false disclosures and mishandling home loan applications among other offences. The broker, Qingshan Yu, was also banned from controlling a credit business and performing any function in relation to carrying on a credit business while the regulator cancelled the Australian…

SAN FRANCISCO – Moody’s Investors Service lowered the credit rating of 10 small and mid-sized US banks and said it may downgrade major lenders including US Bancorp, Bank of New York Mellon, State Street, and Truist Financial as part of a sweeping look at mounting pressures on the industry. Higher funding costs, potential regulatory capital weaknesses and rising risks tied…

SINGAPORE – The manager of Lendlease Global Commercial Reit (Lendlease Reit) posted a distribution per unit (DPU) of 2.25 cents for the second half of financial year 2023 ended June, down 8 per cent from 2.45 cents in the corresponding period a year earlier. Distributable income rose 21.6 per cent to $52.2 million, from $42.9 million a year earlier, while…

Prosecutors are asking a federal judge to put Sam Bankman-Fried in jail ahead of his trial, which is scheduled to start in October. As he considers their request, the judge has imposed a broad, temporary gag order in the case. There were audible gasps in the courtroom on Wednesday when prosecutors told the judge they were seeking Bankman-Fried’s detention. His…

The French-Italian owner of the Ray-Ban and Oakley eyewear brands was sued for allegedly scheming with competitors to inflate prices by as much as 1,000%. Paris-based EssilorLuxottica SA, the world’s largest eyewear company, is the “instigator and primary enforcer” of the price-fixing scheme in the US market, forming illegal agreements with Frames for America Inc. and For Eyes Optical Co.,…

Greta Thunberg was photographed at the European Parliament in Strasbourg last Wednesday smiling broadly while flipping a double-bird – apparently to the opponents of heavily contested new EU environmental legislation known as the “Nature Restoration Law”.  According to the German news site Merkur.de, it was a “winner’s gesture” – if not the most sporting one – because at its Wednesday…