Tag: All Regions

The Soyuz MS-25 spacecraft carrying NASA astronaut Tracy Dyson, Russian Oleg Novitsky and Marina Vasilevskaya of Belarus reached the space outpost after Saturday’s blastoff from the Russian-leased Baikonur launch facility in Kazakhstan that followed an aborted launch attempt two days earlier. Thursday’s attempted launch was halted by an automatic safety system about 20 seconds before the scheduled liftoff. Roscosmos and NASA said the crew wasn’t in danger during the aborted launch. The head of the Russian space agency, Yuri Borisov,…

NEW YORK – Boeing announced on March 25 that CEO Dave Calhoun will leave his post as the aviation giant faces increased scrutiny after a series of safety incidents and manufacturing issues. The company has been hit by problems including a near-catastrophic incident in January when a fuselage panel on a Boeing 737 MAX 9 Alaska Airlines jet blew off mid-flight. No one was seriously injured, but the plane was forced to make an emergency landing with a gaping hole…

SINGAPORE – Digital content production house Vividthree Holdings in an announcement on March 24 noted the arrest of its board chairman and independent director Ho Choon Hou by the Commercial Affairs Department (CAD) in relation to alleged breaches-of-disclosure obligations by private cord blood bank Cordlife Group. Dr Ho was arrested by the CAD in relation to an offence under the Securities and Futures Act. He has been released on bail and has surrendered his passport. The board of Catalist-listed Vividthree…

SHANGHAI – The Chinese authorities are examining the role of PricewaterhouseCoopers in China Evergrande Group’s accounting practices after the developer was accused of a US$78 billion (S$105 billion) fraud, ramping up pressure on the global accounting giant that audited a slew of developers before the sector’s meltdown. The country’s securities regulator this week accused Evergrande’s main onshore subsidiary Hengda Real Estate Group of recognising sales in advance and massively overstating its revenue in the two years through 2020, prior to…

  MUMBAI – India’s inequality gap has widened sharply under Prime Minister Narendra Modi’s decade in power, with the richest 1 per cent of the population now owning 40 per cent of the country’s wealth, a new study found. The top 1 per cent, or about 9.2 million people, earn 22.6 per cent of total income – the highest share since data going back to the 1920s – and hold more than 40 per cent of the wealth in the…

The heads of leading U.S. airlines want to meet with Boeing and hear the aircraft manufacturer’s strategy for fixing quality-control problems that have gained attention since a panel blew out of an Alaska Airlines jetliner in January, people familiar with the situation said Thursday. The meeting is likely to take place next week, according to a person who spoke on condition of anonymity to describe private discussions between Boeing and the airlines. The request by airline leaders was reported first…

SINGAPORE – Mr Mikkel Larsen, chief executive officer of Singapore’s Climate Impact X (CIX), a carbon credit exchange and marketplace, has announced his resignation, CIX said in a statement on March 21. Mr Larsen, 49, will remain in his role until a new or interim CEO is appointed. He will continue to serve as a member of CIX’s board thereafter, the company said, adding that Mr Larsen was stepping down to focus on his family. A company spokeswoman confirmed the…

THE HAGUE, Netherlands (AP) — In a decision hailed by an environmental group as a historic victory, an Amsterdam court ruled Wednesday that Dutch national airline KLM misled consumers in statements about sustainable aviation in a case that accused the carrier of “greenwashing.” Amsterdam District Court said in a statement that in some advertisements, that are no longer in use, KLM “makes environmental claims based on vague and general statements about environmental benefits, thereby misleading consumers.” The court said that…

The US Department of State announced the designation of former North Macedonia Special Chief Prosecutor, Katica Janeva; current mayor of Karpos, North Macedonia, Stevco Jakimovski; and former mayor of Kacanik, Kosovo, Xhabir Zharku, for their actions undermining the rule of law and the public’s faith in their respective governments’ democratic institutions and public processes. Janeva was found to be involved in corrupt acts, including using her political influence and official power for personal benefit; Jakimovski was found to be involved in corrupt acts, including…

Republicans in the U.S. House of Representatives seeking to chart a part forward in their impeachment probe of President Joe Biden will on Wednesday question two former associates of his son Hunter. House Republicans say the president and members of his family improperly profited from policy decisions in which Biden, a Democrat, participated while vice president from 2009-17. The White House has said the investigation is baseless and politically motivated. “It is obviously time to move on, Mr. Speaker. This impeachment…

LONDON/ZURICH – A year after the banking crisis that felled Credit Suisse, the authorities are still considering how to fix lenders’ vulnerabilities – including in Switzerland, where the bank’s takeover by rival UBS created a behemoth. The Swiss government-sponsored rescue of Credit Suisse and US bank salvages in March 2023 doused the immediate fires kindled by a run at little-known US regional lender Silicon Valley Bank. But regulators and lawmakers are only starting to address how banks could better withstand…

  BlackRock and Singapore sovereign wealth fund GIC are exploring the sale of a network of gas pipeline assets in Britain hat could fetch about US$2 billion (S$2.67 billion), according to people familiar with the matter. The owners are working with investment bank Jefferies Financial Group to find potential buyers for Kellas Midstream, the people said, asking not to be identified as the matter is private. The company owns a network of pipes, including the 404km undersea Central Area Transmission…

JPMorgan is facing nearly $350 million in fines from bank regulators due to issues with its trade surveillance program. The Office of the Comptroller of the Currency said Thursday that it was assessing a $250 million civil penalty against JPMorgan Chase Bank because it found that the company “operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program.” The OCC said it found that JPMorgan failed to monitor billions of…

  SINGAPORE – No Signboard Holdings is of the preliminary view that no action would have to be taken against interim chief executive officer Lim Teck-Ean. This comes after it having been legally advised with regard to allegations that the interim chief executive officer had breached his fiduciary duties, the food and beverage player said on March 11. In a regulatory filing, the company – whose shares have been suspended since January 2022 as it was unable to demonstrate that…

  Bitcoin topped US$71,000 for the first time, advancing for a sixth straight day and taking this year’s rally to almost 70 per cent on the back of massive inflows into US exchange-traded funds.  The original cryptocurrency jumped as much as 3.2 per cent to US$71,631.45 on March 11.  “This rally comes following a weak Asian trading session in which shorts tested the conviction of longs – it appears the longs have given a rather convincing positive answer,” said Mr…

As you read through the details of the DOJ investigation, ask yourself why Boeing was permitted to regulte itself. Deregulation is a choice made by government.  The Department of Justice (DOJ) has initiated a criminal investigation into the Boeing jetliner incident that occurred on an Alaska Airlines plane earlier this year, as reported by the Wall Street Journal. According to the newspaper, the DOJ has reached out to passengers and crew members, including pilots and flight attendants, who were on…