Category: Business
Britain bans Russian diamonds
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 President Vladimir] Putin’s military industrial complex, and those involved in key revenue streams such as energy, metals, and shipping,” the…
TikTok users file lawsuit against Montana over first-in-nation law banning app
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. Gov. Greg Gianforte signed the bill into law Wednesday and said it would protect Montana residents’ private data and personal…
Deutsche Bank to pay $75 million to Epstein victims
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 federal district court in New York and sought class-action status to represent other victims of Epstein. The lawsuit asserted that…
Binance crypto exchange halts withdrawals for Australian users
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 funds onto the exchange via PayID, a popular instant payment method. Withdrawal of Australian dollars to bank accounts has also…
Overcompliance: Sanctions leave Cyprus’ economy reeling
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 accounts frozen. Spokeswoman for the bar association Georgia Constantinou Panayiotou, told the Cyprus Mail what was happening was in fact…
Deutsche Bank to pay $100.7m to settle Jeffrey Epstein accusers’ suit: WSJ
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
French court upholds home detention for Former French President Sarkozy in wiretap graft case
PARIS – A French appeals court on Wed nesday upheld a prison sentence of three years, including two suspended, against former president Nicolas Sarkozy for corruption and influence peddling. The court ruled he should serve one year in detention at home with an electronic bracelet and banned him from public office for three years. He had been found guilty over his attempts to secure favours from a judge in return for the promise of a plum retirement job in a case…
Russia freezes bank accounts of Finland’s diplomatic missions, prompting cash payments
Russia has frozen the bank accounts of Finland’s diplomatic representations in Moscow and St. Petersburg, disrupting money flow and forcing the Nordic country’s missions to resort to cash payments, the Finnish foreign minister said Wednesday. Pekka Haavisto said Moscow’s move at the end of April breached the Vienna Convention on Diplomatic Relations and Helsinki had delivered a diplomatic note on the matter to Russia. “We’re not alone with the money traffic problem,” Haavisto told reporters during a news conference. “Also,…
Theranos founder Holmes ordered to prison, pay victims
SAN FRANCISCO – Fallen US biotech star Elizabeth Holmes must begin serving prison time after a judge denied her latest request to remain free while appealing her fraud conviction. Holmes was sentenced to just over 11 years in prison for defrauding investors with her Silicon Valley start-up Theranos. She was scheduled to begin serving prison time on April 27, but her lawyers lodged a last-minute appeal on procedural issues after an earlier attempt was denied. US Judge Edward Davila on…
EU to facilitate exit from Russian markets for European companies by easing sanctions
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 for financial transactions and legal services designed to help European companies exit Russia. But under the new proposal, EU countries…
Russian oil exports hit post-war high despite sanctions: IEA
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 million bpd in April. That reflects Russia’s success in finding new buyers for its crude since the West imposed sanctions…
Crypto exchanges exit Canada but Coinbase intends to play the ‘long game’
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 the big players in the space planning to do just that. Coinbase, close behind Binance as the world’s No….
Lawsuit filed against Twitter, Saudi Arabia; claims acts of transnational repression committed
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 office of the Red Crescent offices in Riyadh. He was taken away without any explanation. How the Saudi government linked…
Wells Fargo to pay $1.3 billion in class-action lawsuit
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 decade, according to lawyers for the investors, who filed a request on Monday for a Manhattan judge to approve the…
Twitter reveals Turkish court orders
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.”
US airlines are sitting out China’s reopening
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 of just two dozen weekly. The biggest three US airlines – American, Delta and United – will keep flying at…