Category: Business & Economy

  EU member countries are preparing to help their companies to exit Russia, amid a growing risk they will be taxed to fund Russian president Vladimir Putin’s war. Source: This is stated in the proposals for the 11th package of sanctions against the Russian Federation, referenced by EUobserver, as reported by European Pravda Details: The proposals include new special permits…

Iran Press TV Tuesday, 16 May 2023 11:13 AM Russia’s oil exports have hit its highest level since the start of the Ukraine war, increasing its revenues by $1.7 billion despite Western sanctions, the International Energy Agency says. In a monthly oil report on Tuesday, the Paris-based organization said Russian crude exports increased by 50,000 barrels per day to 8.3…

The world’s largest crypto exchange, Binance, said last week that it would stop servicing Canadian customers due to “new guidance related to stablecoins and investor limits provided to crypto exchanges.” But while the exchange said it will return to the country “someday,” its exit leaves behind a huge gap that its competitors are aiming to fill. Coinbase is one of…

A humanitarian aid worker who used an anonymous Twitter account to mock Saudi Arabia about its economy has filed a federal racketeering lawsuit against the social media platform, the kingdom and a number of individuals alleging an attempt to silence critics overseas. Abdulrahman al-Sadhan, was working for the Red Crescent in Riyadh in 2018 when plain-clothed security forces entered the…

SAN FRANCISCO – Wells Fargo & Co agreed to pay US$1 billion (S$1.3 billion) to settle a shareholder lawsuit that accused it of making misleading statements about its compliance with United States consent orders, following the 2016 scandal involving the opening of unauthorised customer accounts. The settlement is one of the top six largest securities class-action settlements of the past…

The platform’s Global Government Affairs account issued a statement on Monday outlining its recent decisions in light of the Turkish court orders, saying it was forced to take action against four accounts and 409 individual tweets.  “We received what we believed to be a final threat to throttle the service – after several such warnings,” it said, adding that it deleted the accounts and posts “in order to keep Twitter available over the election weekend.”

  WASHINGTON – After three years of largely self-imposed isolation because of Covid‑19, China is finally reopening. But US airlines are not lining up to reinstate the once-abundant services between the world’s two largest economies. In pre-pandemic 2019, direct flights between the United States and China by carriers from both countries averaged 340 per week. Today there are a maximum…

PARIS – The traces of genetic material that humans constantly shed wherever they go could soon be used to track individual people, or even whole ethnic groups, scientists said on Monday, warning of a looming “ethical quagmire”.

A recently developed technique can glean a huge amount of information from tiny samples of genetic material called environmental DNA, or eDNA, that humans and animals leave behind everywhere – including in the air.

The tool could lead to a range of medical and scientific advances, and could even help track down criminals, according to the authors of a new study published in the journal Nature Ecology & Evolution.

But it also poses a vast range of concerns around consent, privacy and surveillance, they added.

WASHINGTON – The FBI lacked “actual evidence” to investigate Donald Trump’s 2016 presidential campaign and relied too heavily on tips provided by Trump’s political opponents to fuel the probe, US Special Counsel John Durham concluded in a report released on Monday.

The report marks the end of a four-year probe launched in May 2019 when then-Attorney General William Barr appointed Durham, a veteran prosecutor, to probe potential missteps by the FBI when it launched its early stage “Crossfire Hurricane” inquiry into potential contacts between Donald Trump’s 2016 presidential campaign and Russia.

That Crossfire Hurricane investigation would later be handed over to Special Counsel Robert Mueller, who in March 2019 concluded there was no evidence of a criminal conspiracy between Trump’s 2016 campaign and Russia.

In his new 306-page report, Durham concluded that US intelligence and law enforcement did not possess any “actual evidence” of collusion between Trump’s campaign and Russia prior to launching Crossfire Hurricane.

He also accused the bureau of treating the 2016 Trump probe differently from other politically sensitive investigations, including several involving Trump’s Democratic rival Hillary Clinton.

BERLIN – The German security authorities believe that China is still conducting police activities on German soil even though Beijing assured Berlin in February that it had ceased to do so, the German foreign and interior ministries said on Monday.

“The security authorities continue to assume that there are two so-called overseas police stations in Germany,” a spokesman for the Interior Ministry said at a regular press conference.

Berlin called on Beijing in November to shut down extraterritorial police stations in the country.

CAIRO (AP) — Sudan’s military chief has ordered the freezing of all bank accounts belonging to a rival paramilitary force. The two sides have battled for weeks across Sudan, pushing the troubled country to the brink of all-out war.

The decree, issued on Sunday by Gen. Abdel Fattah Burhan, will target the official accounts of the Rapid Support Forces in Sudanese bank, as well as the accounts of all companies belonging to the group, the state news agency SUNA reported.

It remains unclear what immediate effect the freezing would have on the RSF and how Burhan’s orders are to be enforced.

The military chief also announced the replacement of the governor of Sudan’s Central Bank, a move likely tied to the freezing decree. Over the past decade, the RSF amassed great wealth through the gradual acquisition of Sudanese financial institutions and gold reserves.

Russian Prime Minister Mikhail Mishustin approved an inter-governmental agreement to supply natural gas to China through the Far East Route. The move will accelerate energy cooperation between Russia and China, experts stated.

Sino-Russian energy cooperation is strategic, whereas the implementation of the agreement on gas supplies to China via the Far Eastern line is beneficial both to Russia and China, Mishustin said at a government meeting on Thursday, Tass reported.

The cooperation deal was signed on January 31, 2023 and defines the terms of cooperation for the supply of gas from Russia to China via the Far Eastern route, including the cross-border section of the gas pipeline across the Ussuri River near the cities of Dalnerechensk in Russia, and Hulin, Northeast China’s Heilongjiang Province, according to media reports.

HONG KONG – Fierce competition for new mortgage customers is driving banks in Hong Kong to offer the highest cash rebates in nearly two decades.

The deals – offered as a percentage of the principal loan amount – ramped up from about 1.3 per cent last year to as much as 2.6 per cent currently, the highest in over 17 years, according to Centaline Mortgage Broker data.

Banks such as HSBC Holdings and Bank of China (Hong Kong) are using the incentive as a way to draw in clients, while property transactions remain subdued in the city’s real estate market that’s still reeling from an exodus of residents last year amid its zero Covid policy. Lenders are also getting squeezed as a cap on lending rates in the city crimps margins.

TOKYO – Japan’s SoftBank Group reported an annual net loss of 970 billion yen (S$9.6 billion) for the year ended March 31, with the Vision Fund unit posting a quarterly investment loss due to weakness in tech valuations.

Chief executive Masayoshi Son’s attempt to bestride the tech investing industry has suffered a series of high-profile reversals after outsized bets through SoftBank’s first Vision Fund turned sour and investments made at bubbly valuations via a smaller second fund slumped.

With key architects of that strategy having left, Mr Son has focused on shoring up the balance sheet, cutting his stake in e-commerce giant Alibaba Group Holding and stepping back from trademark presentations to focus on the listing of chip designer Arm.

United States to provide $1.2 billion in new military aid to Ukraine, including air defenses and ammunition. Ukrainian President Volodymyr Zelenskyy says it is “only a matter of time before we can restore a sustainable and just peace for our part of Europe, for Ukraine.” Agence France-Presse journalist Arman Soldin was killed by rocket fire in eastern Ukraine where journalists…

LONDON – Britain is set to formally blacklist Russia’s mercenary force Wagner group as a terrorist organisation to increase pressure on Russia, The Times newspaper reported on Tuesday.

Wagner mercenaries have spearheaded Russia’s months-long assault on Bakhmut in the industrial Donbas region.

After two months of building a legal case, proscription or a formal blacklisting of the group was “imminent” and likely to be enacted within weeks, the newspaper reported citing a government source.