Tag: Region US

  LinkedIn is cutting 716 jobs and will begin phasing out its local jobs app in China. In a letter today, LinkedIn CEO Ryan Roslanky said the decision to shutter the standalone China app, called InCareer, was because of “fierce competition and a challenging macroeconomic climate.” While reducing some roles, LinkedIn, which is owned by Microsoft and has 20,000 employees,…

WASHINGTON – A Federal Reserve report warned that banks’ concerns about slower growth could lead them to make fewer loans, accelerating an economic downturn, and highlighted commercial real estate as an area of heightened risk that will draw more scrutiny from bank examiners.

The US central bank’s financial stability report released on Monday is the first since four regional lenders collapsed. The episodes prompted weeks of wild trading in bank stocks and forced regulators to take a series of extraordinary steps that included backstopping all depositors at Silicon Valley Bank and Signature Bank.

FORT LAUDERDALE, Fla. — Three Colombian nationals are facing federal charges in Miami accusing them of drugging two U.S. Army soldiers at a Bogota bar three years ago to steal their debit and credit cards and their phones, U.S. law enforcement officials announced Friday. Jeffersson Arango, Kenneth Uribe and Pedro Silva have been indicted on kidnapping, assault and conspiracy charges…

A new leak found that Iran concealed weapons within earthquake aid to Syria to target U.S. troops, The Washington Post reported. A new leak of U.S. documents that circulated on the online platform Discord and obtained by The Post appear to show that Iran hid military equipment in aid shipments to Syria after the region was hit by an earthquake…

A maintenance contractor’s error, and lack of adequate oversight by the Navy, led to the spill of 1,300 gallons of toxic fire suppressant at the Red Hill Bulk Fuel Storage site near Joint Base Pearl Harbor-Hickam, Hawaii, on Nov. 29, 2022. Military investigators found that the contractor improperly installed an air vacuum valve on the system that carries Aqueous Film…

Source: Iran Press TV Saturday, 06 May 2023 4:26 PM The United States is preparing an express weapons delivery for Chinese Taipei (Taiwan), despite Bejing’s repeated warnings to Washington against arming the self-ruled island, which China considers a part of its territory. The administration of US President Joe Biden will use the Presidential Drawdown Authority (PDA) to expedite the arms…

UN chief Antonio Guterres addresses envoys during talks on Afghanistan in Qatar on May 2, 2023 The UN reaffirmed its “commitment to stay” in Afghanistan on Friday, in a review assessing its operations in the country in light of the Taliban banning women from working for the world body. The United Nations announced on April 4 that the Taliban had…

Content moderators under Sama, Meta’s content review sub-contractor in Africa, earlier today picketed at the company’s headquarters in Kenya demanding April salary, while urging it to observe the court orders that barred it from conducting mass layoffs. The demonstrations came after Sama, in an email, instructed moderators to clear with the company by May 11, a move the employees say is…

WASHINGTON (AP) — President Joe Biden is dispatching one his top advisers to Saudi Arabia to meet with Crown Prince Mohammed bin Salman, the de facto leader of the oil-rich kingdom, later this week. White House national security adviser Jake Sullivan said Thursday he will travel to Saudi Arabia on Saturday for talks with Saudi officials and will also meet…

NEW YORK (AP) — Fox News is opposing a renewed effort by three news organizations to unseal documents related to its recently settled defamation lawsuit, saying it would do nothing but “gratify private spite or promote public scandal.” The Associated Press, The New York Times and National Public Radio asked a Delaware judge earlier this week to reveal mostly private…

The U.S. Federal Trade Commission is alleging Facebook “repeatedly violated its privacy promises” and is proposing a “blanket prohibition” on parent company Meta’s monetization of data of users under 18. The company, meanwhile, called the move “a political stunt.” The FTC on Wednesday moved to expand its USD5 billion privacy order with then-Facebook from 2020, claiming the company failed to…

A Wells Fargo boss started by mocking a female executive’s fiancé, moved on to inappropriately touching and groping her, then threatened to take sales opportunities from her if she didn’t date him, according to a new lawsuit against the San Francisco-headquartered bank and the alleged harasser.

Wells Fargo management responded to complaints by the former VP and senior portfolio manager, who filed suit anonymously as Jane Doe, by forcing her to continue working with the man, attempting to block her from receiving a hefty referral fee and commission, and finally firing her, the lawsuit claimed.

Wells Fargo spokeswoman Laurie Kight said Wednesday the bank was reviewing the lawsuit. “We take all allegations of misconduct very seriously,” Kight said.

Doe started in an executive position at Wells Fargo in 2000, in a Los Angeles unit devoted to serving high-wealth clients, and was promoted to a senior VP position five years later, according to her lawsuit filed Wednesday in Los Angeles County Superior Court. Starting in 2016 and continuing into 2020, she was subjected to sexual harassment by a superior, Carl Nelson, a VP and senior private banker, her lawsuit claimed.

Nelson has since resigned from Wells Fargo, according to Doe’s lawyer Ronald Zambrano. Nelson did not immediately respond Wednesday to messages from this news organization at his new workplace in a different bank.

LOUISVILLE, Ky. (AP) — Two 10-year-olds are among 300 children who worked at McDonald’s restaurants illegally, a Labor Department investigation of franchisees in Kentucky found.

Agency investigators found the 10-year-olds received little or no pay at a McDonald’s in Louisville, the Labor Department said. The franchisee for the Louisville store was among three McDonald’s franchisees fined $212,000 in total by the department.

Louisville’s Bauer Food LLC, which operates 10 McDonald’s locations, employed 24 minors under the age of 16 to work more hours than legally permitted, the agency said. Among those were two 10-year-old children. The agency said the children sometimes worked as late as 2 a.m., but were not paid.

“Below the minimum age for employment, they prepared and distributed food orders, cleaned the store, worked at the drive-thru window and operated a register,” the Labor Department said Tuesday, adding that one child also was allowed to operate a deep fryer, which is prohibited task for workers under 16.

The Fed had to choose between capitulation on inflation or letting the banking crisis mushroom. The twin crashes in the US’s commercial real estate and bond market have collided with $9 trillion uninsured deposits in its banking system, which can vanish in an afternoon in the cyber age.

The second and third biggest bank failures in US history have followed in quick succession. The Treasury and Federal Reserve would like us to believe that they are “idiosyncratic”. That is a dangerous evasion. Almost half of America’s 4,800 banks are already burning through their capital buffers. They may not have to mark all losses to market under US accounting rules but that does not make them solvent. Somebody will take those losses.

“It’s spooky. Thousands of banks are under water,” said Prof Amit Seru, a banking expert at Stanford University. “Let’s not pretend that this is just about Silicon Valley Bank and First Republic. A lot of the US banking system is potentially insolvent.” The full shock of monetary tightening by the Fed has yet to hit. A great edifice of debt faces a refinancing cliff edge over the next six quarters.

Only then will we learn whether the US financial system can safely deflate the excess leverage induced by extreme monetary stimulus during the pandemic. A Hoover Institution report by Prof Seru and a group of experts calculates that more than 2,315 US banks are sitting on assets worth less than their liabilities. The market value of their loan portfolios is $2 trillion (£1.6 trillion) lower than book value.

These lenders include big beasts.

A report in the Wall Street Journal, published on the newspaper’s front page Monday morning, links important figures in the US business and political elite to financier and sex trafficker Jeffrey Epstein, who died in a federal prison in Manhattan in 2019 under circumstances that strongly suggest he was murdered to keep him quiet.

The Journal reporters wrote that they had gained access to Epstein’s private diary and other documents, “which include thousands of pages of emails and schedules from 2013 to 2017, [that] haven’t been previously reported.” The diary listed meetings with dozens of individuals, though it supplied little information about the content or subject of the meetings. The bulk of these engagements were at Epstein’s palatial townhouse in Manhattan.

Among those prominently mentioned in the Journal report were two high-level officials of Democratic administrations: William Burns, currently CIA director, formerly deputy secretary of state in the Obama administration; and Kathryn Ruemmler, currently general counsel for Goldman Sachs investment bank, who was White House counsel in the Obama administration.

In a class-action lawsuit filed March 16 by an Amazon Go customer, Amazon was accused of not properly notifying its New York Amazon Go store customers that it was tracking and collecting their biometric data.

Amazon Go stores are cashierless stores operated by Amazon, com that allow customers to enter the store, pick up the products they want, and walk out without having to wait in a checkout line or scan their items. The stores use a combination of computer vision, sensor fusion, and deep-learning technologies to detect which products customers take off the shelves and then charge their Amazon accounts accordingly.

According to the lawsuit, Amazon Go collects biometric data “by scanning the palms of some customers to identify them and by applying computer vision, deep learning algorithms, and sensor fusion that measure the shape and size of each customer’s body to identify customers, track where they move in the stores, and determine what they have purchased.”

There is reasonable concern that the biometric data allegedly collected by Amazon might find their way into federal databases, as Amazon also provides server space to the federal government.