Category: Business & Economy

BRUSSELS (AP) — The European Union on Monday slapped new sanctions on Russia over its war on Ukraine, targeting Moscow’s shadow fleet of tankers moving liquefied natural gas through Europe as well as several companies. At a meeting in Luxembourg, where the sanctions were endorsed, EU foreign ministers also agreed on new financial support to help Ukraine defend itself. Some…

BEIJING (AP) — China said Friday it has banned a number of business units of American aviation manufacturer Lockheed Martin Corp. and three of its executives over arms deals the company has signed with Taiwan, the self-ruling island it claims as its own territory. The statement from China’s Foreign Ministry said the company’s cooperation with Taiwan had violated the country’s…

WASHINGTON – The US Treasury on June 20 said no major trading partner appeared to have manipulated its currency in 2023, but it added Japan to a foreign exchange “monitoring list”, alongside Singapore, China, Malaysia, Vietnam, Taiwan and Germany, which were on the previous list. The Treasury’s semi-annual currency report found that none of the countries examined met all three…

MOSCOW (Reuters) -Russia-China trade options have narrowed since the U.S. imposed sanctions last week on the only Russian bank branch in China, but President Vladimir Putin’s Chinese visit last month has helped ensure the two countries have payment alternatives for now, three sources said. Since Putin’s visit, specially authorised banks have been set up in border regions which allow Russian…

USS Helena, a Los Angeles-class boat, arrived on Thursday for a “routine port visit,” the US Southern Command said in a statement.  “The vessel’s location and transit were previously planned,” SOUTHCOM added, noting that the Helena is “conducting its global maritime security and national defense mission.” AP described the submarine’s arrival as “a show of force” by Washington, in response…

Washington is “extremely hypocritical” for arming Kiev while pushing for peace, Beijing’s foreign ministry has said. The US is using the Ukraine crisis as an opportunity to impose sanctions while continuing to pump Kiev with weapons, Chinese Foreign Ministry spokesman Lin Jian said on Thursday. Lin made the remarks after the US State Department and Treasury Department announced a new…

The envoy made the statement during an address dedicated to Russia Day, which was celebrated on Wednesday. Earlier the same day, Washington announced more restrictions on Moscow over its military operation against Ukraine. “The US administration congratulated the Russian people with the announcement of yet another sanctions package,” Antonov said. Russia will not insist on being a US partner, but…

Johnson & Johnson has agreed to pay $700m to settle lawsuits in the United States that accused the pharmaceutical giant of deceiving customers about the safety of its talcum-based powder products. J&J’s payout resolves an investigation by more than 40 US states into the marketing of baby powder and other talc-based products that contained traces of cancer-causing asbestos. “Targeting communities…

NEW YORK – Terraform Labs and its co-founder Do Kwon will pay US$4.47 billion (S$6 billion) to resolve a US Securities and Exchange Commission (SEC) lawsuit over the company’s 2022 collapse, which wiped out US$40 billion in investor assets and shook the cryptocurrency world. The SEC on June 12 asked a federal judge in New York to approve the settlement….

The lead manager in a funds scandal that led to a $6bn settlement between Germany’s Allianz and US authorities has pleaded guilty to investment adviser fraud, two years after two other managers pleaded guilty for their roles in the scheme. The scandal at one of its US asset management units rocked Allianz, one of the world’s biggest insurance groups, casting…

WASHINGTON – Federal regulators have reached a deal that allows them to proceed with antitrust investigations into the dominant roles that Microsoft, OpenAI and Nvidia play in the artificial intelligence industry, in the strongest sign of how regulatory scrutiny into the powerful technology has escalated. The Justice Department and the Federal Trade Commission struck the deal over the past week,…

PARIS – Journalists at AFP will hold a 24-hour strike starting June 6 at 0800 GMT (4.00pm Singapore time) to protest against potential changes in the status of journalists working outside France. The movement threatens to disrupt primarily the French-language production of Agence France-Presse during a period of major domestic news, with a ceremony for the 80th anniversary of the…

WASHINGTON (AP) — U.S. health officials warned parents to avoid powdered infant formula sold by a Texas dairy producer, because a dangerous bacteria was found in one of the company’s products. The Food and Drug Administration issued the alert Friday on Crecelac Infant Powdered Goat Milk Infant Formula, after a sample collected from a Texas store tested positive for cronobacter,…

It was the first time a former U.S. president was ever tried or convicted in a criminal case, and was the first of Trump’s four indictments to reach trial. Prosecutors accused Trump of falsifying internal business records to cover up hush money payments tied to an alleged scheme to bury stories that might torpedo his 2016 White House bid. At…

SINGAPORE – Offshore and marine specialist Seatrium has secured $11 billion worth of contracts to build two new floating production storage and offloading vessels (FPSOs) for Brazil’s national oil company, Petrobras. Called P-84 and P-85, the FPSOs will be deployed in the Atapu and Sepia fields in the Santos Basin, offshore of the Brazilian city Rio de Janeiro, Seatrium announced…

The United States was growing desperate, months before its entry into the Second World War. It was gravely short of aluminum, and scrambling for suppliers. Its solution: turn north to Canada.  American public money flooded into Quebec, building the aluminum industry that supplied raw materials for Allied planes and tanks. “I would be willing to buy aluminum from anybody,” said…