Category: Business

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 defense attorney, Mark S. Cohen, said he was only notified of the ask “one minute before court.” Bankman-Fried has been…

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., among others, according to the consumer antitrust complaint filed Friday in San Francisco federal court as a proposed class action….

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 session, the parliament approved the legislation, with some amendments, by the notably slim margin of 336-300. A prior motion to…

BAGHDAD — Hundreds of protesters attempted to storm Baghdad’s heavily fortified Green Zone, which houses foreign embassies and the seat of Iraq’s government, early Saturday following reports an ultranationalist group burned a copy of the Quran in front of the Iraqi Embassy in Copenhagen. Security forces pushed back protesters, who blocked the Jumhuriya bridge leading to the Green Zone, preventing them from reaching the Danish Embassy. The protest came two days after people angered by the planned burning of the…

U.S. prosecutors have accused FTX founder Sam Bankman-Fried of witness tampering and asked a federal judge to issue an order that would bar the former billionaire and other parties from making public statements likely to interfere with a fair trial. The prosecutors wrote to U.S. District Judge Lewis Kaplan on Thursday referencing a New York Times article titled “Inside the Private Writings of Caroline Ellison, Star Witness in the FTX Case.” The article reported excerpts from Ellison’s personal Google documents…

Fincantieri and Leonardo have signed a 190-million euro ($211.5 million) contract to maintain the Italian Navy’s Cavour aircraft carrier and the Andrea Doria and Caio Duilio Horizon-class destroyers. Work under the agreement will be conducted until 2028 by the Leonardo and Fincantieri joint venture Orizzonte Sistemi Navali (OSN). The companies will sustain the operational condition of each ship to maintain Italian naval capabilities. Italian Navy’s Horizon-class destroyer ITS Andrea Doria. Photo: Mass Communication Specialist 2nd Class Dean M. Cates/US Navy…

Backstory: Epstein continued socializing with A-listers despite conviction – media, New reports on Jeffrey Epstein demonstrate deep-going corruption of US ruling elite The U.S. Virgin Islands government is seeking at least $190 million in penalties from JPMorgan Chase in connection to its banking relationship with sex trafficker Jeffrey Epstein. In a new legal filing on Friday, the USVI’s Attorney General said the territory also wants the financial giant to separately pay damages to victims of Epstein, who killed himself in…

SINGAPORE – DBS Bank has agreed to sell a 77.8 per cent stake in electronic payment services provider AXS to Tower Capital Asia, a private equity firm based in Singapore. The bank will retain a minority stake of 9.9 per cent in AXS, it said on Tuesday. It did not disclose the stake’s sale price. The deal is slated to close by August, and is not expected to have a material impact on DBS’ earnings or net tangible assets for…

NEW YORK – Standard Chartered is ramping up its bullish Bitcoin prediction, targeting as much as US$120,000 (S$161,000) by the end of 2024 – almost quadruple the current price – as increasingly cash-rich miners reduce their sales of the token. “Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Geoff Kendrick at Standard Chartered wrote on Monday. Bitcoin mining is an energy-intensive process in which…

TAIPEI/BENGALURU – Taiwan’s Foxconn has withdrawn from a US$19.5 billion (SS26 billion) semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, it said on Monday, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India. The world’s largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Mr Modi’s home state of Gujarat. “Foxconn has determined it will not move forward on the joint venture with Vedanta,” a Foxconn…

  According to the company, Spain imported 7,673 gigawatt hours (GWh) of liquefied natural gas from Russia last month, which accounted for 26.8% of the kingdom’s total purchases. From January to June, Spain purchased 41,145 GWh of LNG from Russia, Enagas added. Russia is followed by Algeria and the United States. Algeria exported to Spain 21% of the total amount of gas, and the United States – 18.5%. Earlier, media reported, citing sources, that Madrid urged Spanish importers of Russian…

BENGALURU – Nearly 900 Amazon workers at a warehouse in Britain will stage a strike for three days in the coming week over a pay dispute, labour union GMB said on Saturday. The strike will take place from July 11-13 at Amazon’s warehouse in Coventry, for two hours during the morning and two hours in the evening on the three days, GMB said in an emailed statement to Reuters. It coincides with a “Prime Day” sales event the company has…

U.S. Treasury Secretary Janet Yellen on Sunday said she agreed Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might “respond to unintended consequences” as she ended a visit to Beijing aimed at reviving strained relations. Yellen defended “targeted measures” on trade that China’s leaders complain are aimed at hurting its fledgling tech industries. She said the Biden administration wants to “avoid unnecessary repercussions” but gave no indication of possible changes. Relations between the two…

From August, China is to restrict exports of gallium and germanium, two critical elements for making semiconductor chips. With China dominating the supply of both elements, exporters will now need special license to get them out of the country. The move has the potential to harm a range of western tech manufacturers that use these elements to make their products. The move is reportedly in response to western restrictions of equipment vital for making semiconductor devices (and was forewarned in an previous article in The Conversation). Above…

Nearly 70 IT security and privacy academics have added to the clamour of alarm over the damage the UK’s Online Safety Bill could wreak to, er, online safety unless it’s amended to ensure it does not undermine strong encryption. Writing in an open letter, 68 UK-affiliated security and privacy researchers have warned the draft legislation poses a stark risk to essential security technologies that are routinely used to keep digital communications safe. “As independent information security and cryptography researchers, we…

BEIRUT (AP) — A French court Tuesday upheld the freezing of the assets of Lebanon’s embattled central bank governor, rejecting his appeal to have them released, an official close to the investigation said. Several European countries are investigating central bank Gov. Riad Salameh and his associates over myriad alleged financial crimes, including illicit enrichment and laundering of $330 million. A French investigative judge on May 16 issued an international arrest warrant, or Interpol red notice, for the 72-year-old Salameh after…