Category: Business & Economy

Although it has claimed to be fighting Daesh* and other terrorist groups in Syria since 2014, the US military has never received permission from the Syrian government to operate there. In addition, US forces continue to help occupy the eastern third of the country under the guise of supporting allied Kurdish forces. Having previously claimed that a May 3 airstrike…

French prosecutors have issued an arrest warrant for Lebanon’s Central Bank Governor Riad Salameh, Arab News reported on 16 May. The warrant comes after Salameh failed to attend a court hearing in Paris. Prosecutors intended to press preliminary fraud charges, court documents and two sources said. Salameh has attempted to avoid arrest and has failed to show up for court…

A businessman is due to appear in court in Latvia on Saturday in a murder plot trial that could shed light on the murky past of its banking system. Mihails Ulmans and his associate, co-defendant Aleksandrs Babenko, are alleged to have paid the killer of insolvency lawyer Martins Bunkus. Mr Bunkus is said to have uncovered evidence of money-laundering at…

Leaders of the Group of Seven advanced economies are generally united in voicing concern about China. The question is how to translate that worry into action. Over the past two years, President Joe Biden’s administration has sought to reframe the relationship with Beijing and build support among like-minded nations for a strong response to what officials in Washington and some…

LONDON – Tesco chairman John Allan will step down at the group’s annual shareholders’ meeting next month, with Britain’s biggest retailer saying claims of inappropriate behaviour against him risked becoming a distraction to the business. One of Britain’s highest-profile corporate names, Mr Allan, 74, is often featured in British media commenting on retail and general business matters. He has chaired…

MOSCOW – Russia has issued an arrest warrant for the International Criminal Court (ICC) prosecutor who in March prepared a warrant for President Vladimir Putin on war crimes charges, Russian media reported on Friday. The British prosecutor, Karim Khan, was added to the Interior Ministry’s wanted list, state-owned news agency TASS said, citing the ministry’s database. Moscow opened cases against…

LONDON – Britain on Friday published plans to ban imports of Russian diamonds, copper, aluminium and nickel and slap a new wave of sanctions against Russia, targeting companies connected to the alleged theft of Ukrainian grain. Along with the United States, Britain and other Group of Seven (G-7) major economies are set to unveil sanctions and export controls targeting Russia…

SINGAPORE – Singapore sovereign wealth fund GIC has tied up with Brookfield India Real Estate Investment Trust (Reit) to acquire two prime commercial real estate assets in India for a combined enterprise value of around US$1.4 billion (S$1.89 billion). The assets, to be acquired from Brookfield Asset Management’s private real estate funds, have a total area of 6.5 million square…

Thales, a French multinational defence firm, is now facing a bribery probe from French prosecutors over allegations related to a contract to modernise the Indian Air Force’s (IAF) Dassault Mirage 2000 planes. Sanjay Bhandari, who claims to have assisted Thales in winning the $2.5 billion contract in 2011, has made the accusations, with the focus of the investigation on whether…

BEIJING – China is considering transferring government ownership in the nation’s biggest bad debt managers to a unit of its sovereign wealth fund as part of a financial regulatory regime overhaul, according to people familiar with the matter. Under the current proposal, the Ministry of Finance will move its stakes in China Cinda Asset Management, China Great Wall Asset Management…

The office of Prime Minister Rishi Sunak outlined the measures in a statement on Thursday, voicing hopes that new restrictions would curtail Russia’s multi-billion dollar diamond trade and a range of other exports, including copper, aluminum and nickel.  “Alongside these trade measures, the government is also preparing new individual designations – targeting an additional 86 people and companies from [Russian…

HELENA, Mont. (AP) — Five TikTok users filed a lawsuit to overturn a planned ban on the video sharing app in Montana. They argued in a legal complaint filed late Wednesday in federal court in Missoula that the law is an unconstitutional violation of free speech rights. They also say the state doesn’t have authority over matters of national security….

LONDON (AP) — Deutsche Bank has agreed to pay $75 million to settle a lawsuit claiming that the German lender should have seen evidence of sex trafficking by Jeffrey Epstein when he was a client, according to lawyers for women who say they were abused by the late financier. A woman only identified as Jane Doe sued the bank in…

The world’s largest cryptocurrency exchange has been kicked off a major Australian payments service and banned by big four bank Westpac, with customers suddenly unable to deposit or withdraw funds from the platform. Binance Australia – the local arm of the $6.7 billion crypto exchange Binance – told customers on Thursday afternoon they would no longer be able to deposit…

As Cyprus braces for an almost inevitable new wave of sanctions to hit soon, the government conceded on Wednesday the effect on Cyprus’ services sector has been detrimental. The impact goes beyond just the service sectors. Scores of people have lost their jobs, and companies shut down, but more controversially – clients of sanctioned entities have also seen their bank…

BENGALURU – Deutsche Bank has agreed to pay US$75 million (S$100.6 million) to settle a proposed class-action lawsuit alleging the lender facilitated the late Jeffrey Epstein’s sex-trafficking ring, The Wall Street Journal reported late on Wednesday, citing lawyers who sued the bank on behalf of alleged victims.

The suit was filed in 2022 in New York by an anonymous woman on behalf of herself and other accusers, alleging Deutsche Bank did business with Epstein for five years knowing he was engaged in sex-trafficking activity, the report said.

Deutsche Bank did not immediately reply to a Reuters’ request for comment. REUTERS