Category: Business

Russian businessman Roman Abramovich is refusing to sign off the release of £2.3 billion ($2.9 billion) made from his sale of Chelsea Football Club to Ukraine, as he apparently wants a “substantial” part of the sum transferred to Russians affected by the conflict, a UK newspaper has reported. The newspaper also cited an unnamed source close to the above-mentioned funds as saying the hope is that “money will start arriving in Ukraine before harsh winter conditions set in again towards…

The U.S. government has been hit in a global hacking campaign that exploited a vulnerability in widely used software, the nation’s cyber watchdog agency said on Thursday. The U.S. Cybersecurity and Infrastructure Security Agency (CISA) said several federal bodies had experienced intrusions following the discovery of a weakness in the file transfer software MOVEit, Eric Goldstein, the agency’s executive assistant director for cybersecurity, said in a statement. “We are working urgently to understand impacts and ensure timely remediation,” he said….

Canada is freezing ties with the China-led Asian Infrastructure Investment Bank, or AIIB, while it probes allegations it is dominated by the Chinese Communist Party, Finance Minister Chrystia Freeland said on Wednesday. Freeland said she did not rule out any outcome of the investigation, a clear hint that Ottawa could pull out of a bank it officially joined in March 2018. The bank’s global communications director, a Canadian, said on Wednesday he had resigned and criticized the bank as “dominated…

DUBAI, United Arab Emirates (AP) — Kuwait reached an agreement worth $367 million with Turkish drone giant Baykar to purchase its increasingly sought-after TB2 combat drones, the Kuwaiti army said. The drone, Bayraktar TB2, boasts unmanned aerial vehicles that can carry lightweight, laser-guided bombs, and fly for up to 27 hours at a time, which, according to the company, was “a record,” it had set while testing the drone in Kuwait in 2019. The announcement, on Tuesday, would set Kuwait…

  The European Commission has signalled it could be preparing to break up Google’s adtech business. Speaking during a press conference this afternoon, EU EVP Margrethe Vestager, the bloc’s competition chief and head of digital strategy, announced it has sent a formal statement of objections to Google for suspected anti-competitive conduct in its adtech business. If the Commission confirms its suspicions she said it is looking at breaking up Google’s adtech as the only viable solution to resolve what she…

HONG KONG – UBS will impose strict restrictions on bankers from Credit Suisse, including a ban on new clients from high-risk countries, according to a Financial Times report, with the two banks moving to close the historic takeover as soon as Monday. A list consisting of almost two dozen “red lines” will prohibit Credit Suisse staff from a range of activities, a limitation meant to curb risk for UBS, the newspaper reported Sunday. Earlier, UBS chief executive officer (CEO) Sergio…

FRANKFURT – The European Central Bank (ECB) will almost certainly deliver another interest rate hike on Thursday as the eurozone slides into a recession. Analysts predict that ECB policymakers will copy May’s move and again raise borrowing costs by 25 basis points, taking the closely watched deposit rate to 3.5 per cent. It would be the Frankfurt institution’s eighth consecutive hike since July 2022, when it kicked off an unprecedented campaign of monetary tightening after Russia’s war in Ukraine sent food…

George Soros, a financier with a penchant for politics, has moved to hand over control over his $25 billion empire to his 37-year-old son Alexander.As some media outlets have pointed out, Soros Sr. previously appeared reluctant to let any of his five children take control of the Open Society Foundations (OSF) but has apparently changed his mind.Alexander Soros replaced his father as the Open Society Foundations’ board chairman in December 2022 and is currently the only Soros family member on…

WASHINGTON – The US expanded a ban on imports from China’s Xinjiang region, placing two more companies on its so-called entity list, the first additions since a law targeting forced labour in the area took effect a year ago. Printing and imaging company Ninestar Corp and eight of its subsidiaries, as well as Xinjiang Zhongtai Chemical, were added to the list “for working with the government of Xinjiang to recruit, transport, transfer, harbour or receive forced labour” involving Uighur and…

  PHILADELPHIA (AP) — An elevated section of Interstate 95 collapsed early Sunday in Philadelphia after a vehicle caught fire, closing the main north-south highway on the East Coast and threatening to upend travel in parts of the densely populated Northeast, authorities said. Transportation officials warned of extensive delays and street closures and urged drivers to avoid the area. Early reports indicated that the vehicle may have been a tanker truck, but officials could not immediately confirm that. The fire…

The top US securities regulator sued cryptocurrency platform Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation. The US Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world’s largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a “web of deception”. If…

Fox News on Wednesday notified Mr Tucker Carlson’s legal team that the former prime-time host violated his contract with the network when he launched his own Twitter show on Tuesday, Axios reported, citing a copy of a letter obtained by the news website. Mr Carlson released the first episode of his new show on Twitter on Tuesday, weeks after being taken off the air by Fox following a damaging defamation lawsuit over false claims of election fraud. Fox News general…

JEDDAH, Saudi Arabia – US Secretary of State Antony Blinken had an “open, candid” conversation with Saudi Crown Prince Mohammed bin Salman in the early hours of Wednesday about a wide range of bilateral issues, a US official said. The top US diplomat arrived in Saudi Arabia late on Tuesday for a much anticipated visit amid frayed ties due to deepening disagreements on everything from Iran policy to regional security issues, oil prices and human rights. Washington has struggled to…

The BRICS bloc’s push to create a new trade and reserve currency that can serve as an alternative to the dollar could start chipping away at the greenback’s hegemony in less than three months’ time, former CIA and Department of Defense advisor and investment banker James Rickards has predicted. “It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the US dollar as the leading payment currency…

Treasury officials have been accused of being asleep at the wheel on breaches of confidential government information. Officials were grilled on their knowledge of potential breaches of confidential Treasury data by former PwC partner Peter Collins, who has been referred to federal police to investigate the allegations. Greens senator Barbara Pocock hit out at Treasury’s decision to sign new confidentiality agreements with Mr Collins after they became aware of a possible breach. While Treasury officials told the committee they had…

WASHINGTON – US regulators sued Binance and its CEO Changpeng Zhao on Monday for allegedly operating a “web of deception,” piling further pressure on the world’s biggest cryptocurrency exchange and sending bitcoin to its lowest in almost three months. The Securities and Exchange Commission (SEC) complaint, filed in a federal court in Washington, DC, listed 13 charges against Binance, Zhao and the operator of its purportedly independent US exchange. The SEC alleged that Binance artificially inflated its trading volumes and…