Category: Business

OTTAWA – Canada’s Finance Minister Chrystia Freeland unexpectedly resigned on Monday, saying she was no longer on the same page with Prime Minister Justin Trudeau about the best path forward for Canada. Following is the full text of her resignation letter. December 16, 2024 The Right Honourable Justin Trudeau, P.C., M.P. 80 Wellington Street Ottawa, ON KIA 0A2 Dear Prime Minister, It has been the honour of my life to serve in government, working for Canada and Canadians. We have…

Authorities in two Indian states that are driving its economic growth are drafting tighter workplace rules and inspections to protect white collar employees following the death of a young executive at global consultancy Ernst & Young (EY), which her family blamed on overwork. India’s decades-old labour laws are largely focused on blue-collar workers, leaving others vulnerable to workplace abuse such as punishing work schedules and summary dismissals, unions say. Labour authorities in the states of Maharashtra and Karnataka said they…

Ever since the US and its allies imposed sanctions on Russia following the invasion of Ukraine, Western officials have been frustrated by Moscow’s continued ability to get its hands on American technologies to help power its war efforts. Russian weapons recovered from battlefields in the region are chock full of gear from firms like Intel Corp. and Analog Devices Inc., much to the frustration of officials in Washington, Brussels and Kyiv. The nagging question: Why are trade controls failing? A…

Morgan Stanley Smith Barney will pay a $15 million penalty as part of a settlement with the Securities and Exchange Commission related to four financial advisers who stole millions of dollars of advisory clients’ and brokerage customers’ funds. The settlement announced late Monday is also related to the firm’s failure to adopt policies and procedures designed to prevent and detect such theft. The SEC order said that MSSB failed to adopt and implement policies and procedures reasonably designed to prevent…

The video, seen below, shows a shooter assassinating UnitedHealthcare CEO, Brian Thompson, outside a Manhattan hotel. The manhunt for the shooter is still underway 3 days later. News outlets have been irresponsibly posting images of a suspect wearing similar clothing, but who can be seen to be wearing a different jacket and carrying a dark backpack. The shooter’s backpack is clearly light-colored, and his jacket has no pockets just below the shoulders, while the same is not true of the…

(Reuters) – A federal judge in Texas on Friday rejected a request by the Consumer Financial Protection Bureau to lift an order that blocked a new rule capping credit card late fees at $8, a policy challenged by business and banking groups. U.S. District Judge Mark Pittman in Fort Worth declined to dissolve an injunction he issued in May that barred the rule from taking effect. That rule was issued as part of the Biden administration’s broader crackdown on “junk…

BOISE, Idaho (AP) — The Associated Press and two other news organizations are suing Idaho’s top prison official for increased access to lethal injection executions, saying the state is unconstitutionally hiding the actual administration of the deadly drugs from public view. The AP, The Idaho Statesman and East Idaho News filed the lawsuit against Idaho Department of Correction Director Josh Tewalt in Boise’s U.S. District Court on Friday. The news organizations contend the public has a First Amendment right to…

NEW YORK – A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, pleaded guilty in June to two counts of investment adviser fraud. He agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud. Chief Judge Laura Taylor Swain of the…

LONDON – London’s Metropolitan Police force said on Dec 6 that it had used facial recognition technology to make more than 500 arrests in 2024 for offences ranging from shoplifting to rape. The force uses live facial recognition in specific areas of the UK capital, positioning a van equipped with cameras in a pre-agreed location. The cameras capture live footage of passers-by and compare their faces against a pre-approved watchlist, generating an alert if a match is detected. Civil liberties…

The White House is listening to demands for President Joe Biden to extend the same grace to thousands of people wronged by the U.S. judicial system as he did to his son Hunter, officials say. Since Biden’s pardon of Hunter on Sunday, a growing chorus of civil rights activists and lawmakers have called for broader clemency for other people they believe were unfairly convicted or sentenced. Defense attorneys and civil rights groups are ramping up efforts to highlight compelling cases,…

Teva Pharmaceutical Industries said on Thursday it will transfer ownership of its business venture that sold generics in Japan to JKI. Israel-based Teva’s deal with JKI will transfer all the shares of the unit Teva-Takeda and its subsidiary Teva Takeda Yakuhin to the firm. Teva-Takeda is a joint venture established in 2016 by Japanese drugmaker Takeda and Teva, focusing primarily on the business of generic and off-patent medicines. JKI was established by a fund managed and operated by private equity…

Vietnam has suspended the operations of Chinese online retailer Temu after it failed to meet a government deadline to register the company by the end of November. It is unclear if Temu, a unit of Chinese e-commerce giant Pinduoduo, will be allowed to resume its business once it registers. The suspension comes after the ministry had raised concerns about the authenticity of Temu’s extremely cheap products and their impact on Vietnamese manufacturers. Temu said Thursday it was working with the…

One bitcoin will now set you back six figures. The cryptocurrency’s break above the $100,000 milestone has felt inevitable since Donald Trump’s election as the next U.S. president on a crypto-friendly platform. While it is just a number, it highlights how cryptos have carved out a place in modern financial markets. Some commentators joked that perhaps a sales pitch from children and grandchildren around the Thanksgiving table was enough to get it past $100,000 – after investors in recent weeks…

Since rumors began to spread that a startup called Palantir helped to kill Osama bin Laden, Alex Karp hasn’t had much time to himself. On one sun-baked July morning in Silicon Valley Palantir’s lean 45-year-old chief executive, with a top-heavy mop of frazzled hair, hikes the grassy hills around Stanford University’s massive satellite antennae known as the Dish, a favorite meditative pastime. But his solitude is disturbed somewhat by “Mike,” an ex-Marine–silent, 6 foot 1, 270 pounds of mostly pectoral…

French lawmakers on Dec 4 voted to oust the government of Prime Minister Michel Barnier after just three months in office, a historic move which plunged the country further into political chaos. For the first time in over 60 years, the National Assembly lower house toppled the incumbent government, approving a no-confidence motion that had been proposed by the hard left but which crucially was backed by the far-right headed by Marine Le Pen. Mr Barnier’s rapid ejection from office…

Mexican authorities detained more than 5,200 migrants across the country on Tuesday, officials said on Wednesday, in a major sweep as the nation is under pressure from the incoming U.S. government to crack down on arrivals at the U.S.-Mexico border. U.S. President-elect Donald Trump has called on Mexico to ramp up efforts to stop both migrants and synthetic drugs such as fentanyl from coming into the U.S., threatening to slap tariffs on the southern trade partner. From Oct. 1 to…