Tag: Region Americas

Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter, according to people with knowledge of the matter.

That would amount to roughly 5 per cent of staff, excluding financial advisers and personnel supporting them within the wealth management division.

The banking and trading group is expected to shoulder many of the reductions, one of the people said.

A spokesman for Morgan Stanley, which employs about 82,000 people, declined to comment.

The cuts come just months after the firm trimmed about 2 per cent of its workforce.

Wall Street’s biggest banks offered few reasons for cheer while reporting first-quarter results after seeing their fees from helping companies with takeovers and raising capital – a proxy for the economy’s health – slump over the past year.

The Biden administration will continue to allow tens of thousands of Afghans who fled Taliban control more than two years ago to stay and work in the U.S., as congressional efforts have stalled that were meant to permanently resolve their immigration status, according to two people familiar with the plan.

As soon as this summer, eligible refugees will be able to renew temporary work permits and protections from deportation for another two years, according to two administration officials, who spoke to The Associated Press condition of anonymity because they weren’t authorized to discuss plans that haven’t yet been released. The protections were initially given in 2021, and renewed last year.

The effort is a temporary fix for more than 76,000 Afghans who arrived in the U.S. following the military’s chaotic and deadly withdrawal of U.S. troops, some of the darkest moments of Biden’s presidency. Many of those who arrived in the country have worked with U.S. officials, some for many years, as translators, interpreters and other partners.

A new law that seeks to give Canadian artists a leg up online has left many influencers and tech giants alike seeing red.

They took out subway ads, they posted TikToks, but in the end, the score was Silicon Valley-0, Ottawa-1.

After many twists and turns, and over two-and-a-half years of review, the Canadian government has passed a new law that makes tech giants like YouTube and TikTok support Canadian cultural content.

The law, dubbed Bill C-11, gives the Canadian Radio-television and Telecommunications Commission (CRTC) broad authority to regulate these platforms, much like they already do with radio and television.

The government says it is necessary to stop streaming giants from getting a free ride, and to promote local artists.

Although it’s still unclear what those final regulations will look like, the law has raised the ire of everyone from TikTokers to esteemed author Margaret Atwood.

U.S. conservation groups on Monday announced they are suing the Federal Aviation Administration (FAA) for not doing enough to protect the environment from SpaceX’s Starship program.

The move came after the world’s most powerful rocket exploded on its first integrated test flight, just four minutes after launching from Boca Chica, Texas on April 20.

SpaceX video showed a hail of debris being blasted as far as the Gulf of Mexico, over 1,400 feet (425 meters) away, while a cloud of dust floated over a small town several miles (kilometers) away.

The launch site also sits next to a vital habitat for protected species, including Kemp’s ridley sea turtle and the piping plover bird, according to the Center for Biological Diversity (CBD), which was among the groups that filed the lawsuit.

Last weekend, Russian authorities moved one step closer towards potentially locking up Oleg Orlov, one of Russia’s most prominent and outspoken human rights defenders. On April 29, the prosecutor’s office formally indicted him on charges of repeatedly “discrediting” the Russian military, for which he faces a maximum three-year prison sentence. Authorities should immediately drop the charges.

Orlov is co-chair of Memorial, a leading Russian rights group. The government shut down Memorial in 2022 as part of the Kremlin’s effort to stifle critics and human rights work. Yet Memorial’s core activists continued their human rights work, some from abroad, and some, like Orlov, from inside the country.

On March 21, criminal investigators in Moscow interrogated Orlov, informing him they had opened a criminal investigation against him for repeated acts of “discrediting” Russian armed forces, based on his single-person anti-war pickets and his social media post containing his trenchant criticism of the war and of the government’ slide toward totalitarianism and fascism.  They released him later that day on his own recognizance.

Treasury Secretary Janet Yellen warned lawmakers Monday that the federal government could run short of money to pay its bills as early as June 1 unless the debt ceiling is raised soon.

Yellen acknowledged the date is subject to change and could be weeks later than projected, given that forecasting government cash flows is difficult. But based on April tax receipts and current spending levels, she predicted the government could run short of cash by early June.

“Given the current projections, it is imperative that Congress act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments,” Yellen wrote in a letter to House Speaker Kevin McCarthy.

The warning provides a more urgent timetable for what has been a slow-motion political showdown in Washington.

WASHINGTON – President Joe Biden told Philippines President Ferdinand Marcos Jr at the White House on Monday that the US commitment to the defence of its ally was “ironclad,” including in the South China Sea where Manila is under pressure from China.

Mr Marcos, on the first White House visit by a Philippines leader in 10 years, stressed the importance of the United States as his country’s sole treaty ally in a region with “arguably the most complicated geopolitical situation in the world right now.”

US officials said the leaders would agree new guidelines for stronger military cooperation, as well as stepped up economic cooperation, underscoring a dramatic turnaround in US-Philippine relations over the past year.

“The United States remains ironclad in our commitment to the defence of the Philippines, including the South China Sea,” Mr Biden told Mr Marcos in the Oval Office, reaffirming a 1951 Mutual Defence Treaty that calls for the United States to act in the event of an armed attack on the Philippine military.

WASHINGTON – US President Joe Biden on Monday urged House of Representatives Speaker Kevin McCarthy to take the potential for an unprecedented US debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates.

“America is not a deadbeat nation. We have never, ever failed to meet the debt,” Mr Biden told a small business event at the White House.

He said the threat of default by some Republicans in Congress was “totally irresponsible” and that it was essential to take that threat “off the table.”

“It would lead to higher interest rates, higher credit card rates, mortgage rates would skyrocket,” Mr Biden said.

E2EE is a widely used technology that protects everyone’s privacy and security by encoding the contents of digital communications and files so that they’re decipherable only by the sender and intended recipients. Not even the provider of the E2EE service can read or hear its users’ conversations. E2EE is built in by default to popular apps such as WhatsApp, iMessage, FaceTime, and Signal, thereby securing billions of people’s messages and calls for free. Default E2EE is also set to expand to Meta’s Messenger app and Instagram direct messages later this year. 

E2EE’s growing ubiquity seems like a clear win for personal privacy, security, and safety, as well as national security and the economy. And yet E2EE’s popularity has its critics – including, unfortunately, Sen. Durbin. Because it’s harder for providers and law enforcement to detect malicious activity in encrypted environments than unencrypted ones (albeit not impossible, as I’ll discuss), law enforcement officials and lawmakers often demonize E2EE. But E2EE is a vital protection against crime and abuse, because it helps to protect people (children included) from the harms that happen when their personal information and private conversations fall into the wrong hands: data breaches, hacking, cybercrime, snooping by hostile foreign governments, stalkers and domestic abusers, and so on.

That’s why it’s so important that national policy promote rather than dissuade the use of E2EE – and why it’s so disappointing that STOP CSAM has turned out to be just the opposite: yet another misguided effort by lawmakers in the name of online safety that would only make us all less safe. 

First, STOP CSAM’s new criminal and civil liability provisions could be used to hold E2EE services liable for CSAM and other child sex offenses that happen in encrypted environments. Second, the reporting requirements look like a sneaky attempt to tee up future legislation to ban E2EE outright.

Lordstown Motors is at risk of failing — again.

The EV startup that went public via a SPAC merger cautioned investors Monday that it may be forced to file for bankruptcy because Foxconn may pull out of a critical funding deal, according to a regulatory filing.

Taiwanese manufacturer Foxconn sent a letter April 21 to Lordstown stating the automaker was in breach of the investment agreement because its stock price fell below $1 for 30 days and was at risk of being delisted on the Nasdaq exchange. Foxconn warned it would terminate the investment agreement if the breach is not resolved within 30 days.

While Lordstown disagreed with Foxconn’s assertion and said it intended to enforce its rights, the company also warned that withholding key funding would be detrimental to the company.

Former Goldman Sachs Group banker Roger Ng won postponement of the start of his 10-year prison term for about three months until Aug 7, a federal judge ruled.

US District Judge Margo Brodie, who sentenced Ng in March for his role in the global 1MDB fraud, granted his request for a delay Monday without explanation.

Ng had been set to begin his prison term May 4. 

Defence lawyer Marc Agnifilo on Friday asked for the delay so Ng could spend more time with his wife and 10-year-old daughter, who had travelled to New York from Malaysia.

JPMorgan Chase, one of the biggest banks in the U.S., is buying the troubled First Republic Bank’s deposits, a “substantial amount of their assets and certain liabilities,” JPMorgan Chase said in a press release Monday.

The California Department of Financial Protection and Innovation announced early Monday that the Federal Deposit Insurance Corp had taken possession of First Republic.

This marks the third time the U.S. government has taken control of a U.S. lender this year.

First Republic is the third — and biggest — U.S. bank to fail this year. In March, federal regulators swept in to protect customers of Silicon Valley Bank and Signature Bank. Citing potential risk to the broader financial system, they took unprecedented action to insure all deposits at the two banks — even deposits that exceeded the FDIC’s $250,000 threshold for insurance.

First Republic Bank, on the brink of collapse in the weeks after the Silicon Valley Bank crisis, has finally fallen over, but with a relatively quick resolution into its next chapter: today the FDIC announced that it was being closed by the the California Department of Financial Protection and Innovation, that the FDIC was appointed as receiver, and that the FDIC would be selling the assets to JPMorgan.

Its assets and deposits total just over $330 billion together.

Specifically, “to protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank,” it said.

The FDIC also confirmed deposits will continue to be insured by the FDIC at an estimated cost of about $13 billion to its insurance fund.

Adidas is being sued by investors who claim the firm knew about Kanye West’s problematic behaviour years before it ended their partnership.

Investors allege Adidas failed to limit financial losses and take precautionary measures to minimise their exposure.

The sportswear giant ended its collaboration with the designer and rapper, who is known as Ye, last year following antisemitic comments.

In response, Adidas said: “We outright reject these unfounded claims.”

It added it “will take all necessary measures to vigorously defend ourselves against them”.

West is not party to the lawsuit. The rapper designed a line of hugely successful trainers under the Yeezy brand for Adidas.

Taipei, April 29 (CNA) The United States should engage with other democracies around the world to help Taiwan fend off threats from China, former U.S. national security adviser and outspoken China hawk John Bolton told a pro-Taiwan independence event in Taipei on Saturday.

“The U.S. response to help Taiwan against the Chinese threat has to be fully global,” Bolton said at the Global Taiwan National Affairs Symposium hosted by the World Taiwanese Congress, suggesting the establishment of “new structures of deterrence” against China.

Taiwan is “the center of gravity of the Chinese threat” to the world, said Bolton, who served as national security adviser under President Donald Trump from April 2018 to September 2019 and U.S. ambassador to the United Nations from 2005 to 2006.

US President Joe Biden on Saturday, in a possible preview of a 2024 presidential campaign theme, attacked news outlets he said used “lies told for profit and power” to stir up hatred in the United States, as he coupled his remarks with pointed jokes about Fox News.

Speaking at the annual White House Correspondents’ Association dinner, Mr Biden referred to “truth buried by lies,” in an apparent reference to false conspiracy theories that his 2020 election win was the result of a massive voter fraud.

“Lies told for profit and power… lies of conspiracy and malice repeated over and over again designed to generate a cycle of anger and hate and even violence,” Mr Biden said.

That cycle, Mr Biden added, has emboldened local jurisdictions to ban books, and “the rule of law and our rights and freedoms to be stripped away”.

Zeroing in on what he characterised as “an extreme press,” Mr Biden at the same time joked that if he called Fox News “honest, fair and truthful, then I can be sued for defamation”.