Tag: Region US

The Chinese government has significantly increased the use of exit bans to stop people – Chinese and foreign nationals alike – from leaving the country since top leader Xi Jinping took power in 2012, according to a new report describing how a web of vague laws are being expanded for political reasons.

The report comes amid growing concern about the environment for foreign businesses in China, after the wide-ranging overhaul last week of the country’s espionage law and raids on corporate consultancies Mintz Group and Bain & Co.

House Republicans have used the power of their new majority to investigate Joe Biden and Hunter Biden’s business dealings, including examining foreign payments and other aspects of the family’s finances. Comer has obtained thousands of pages of the Biden family’s financial records through subpoenas to the Treasury Department and various financial institutions since January.

Most recently, Comer claimed one deal involving the Biden family resulted in a profit of over $1 million in more than 15 incremental payments from a Chinese company through a third party.

Both Comer and Grassley have accused both the FBI and Justice Department of stonewalling their investigations and politicizing the agency’s yearslong investigation into Hunter Biden’s taxes.

Last month, an IRS special agent sought whistleblower protections from Congress to disclose a “failure to mitigate clear conflicts of interest in the ultimate disposition” of a criminal investigation related to the younger Biden’s taxes and whether he made a false statement in connection with a gun purchase.

Elon Musk has threatened to reassign NPR’s Twitter account to another company.

In a series of emails sent to this reporter, Musk suggested he would transfer the network’s main account on Twitter, under the @NPR handle, to another organization or person. The idea shocked even longtime observers of Musk’s spur-of-the-moment and erratic leadership style.

Handing over established accounts to third parties poses a serious risk of impersonation and could imperil a company’s reputation, said social media experts.

“If this is a sign of things to come on Twitter, we might soon see even more of a rapid retreat by media organizations and other brands that don’t think it’s worth the risk,” said Emily Bell, a professor at Columbia Journalism School who studies social media. “It’s really an extraordinary threat to make.”

Last month, NPR effectively quit Twitter after Musk applied a label to the news organization’s account that falsely suggested it was state-controlled. Other public media organizations, including PBS and the Canadian Broadcasting Corporation, followed suit and stopped tweeting following similar labeling.

Ukrainian President Volodymyr Zelensky told the Washington Post in an interview published on Tuesday that the White House did not inform him about a leak of secret US documents that grabbed attention around the world in April.

“I did not receive information from the White House or the Pentagon beforehand,” Mr Zelensky was quoted as saying.

“It is unprofitable for us,” he added. “It is not beneficial to the reputation of the White House, and I believe it is not beneficial to the reputation of the United States.”

The materials posted online offered a partial, month-old snapshot of the war in Ukraine.

Ukraine’s Defence Minister Oleksii Reznikov said on April 12 that the Pentagon document leaks contained a mixture of true and false information about his country’s military, and downplayed its negative impact.

The U.S. is sending Ukraine about $300 million in additional military aid, including an enormous amount of artillery rounds, howitzers, air-to-ground rockets and ammunition as the launch of a spring offensive against Russian forces approaches, U.S. officials said Tuesday.

The new package includes Hydra-70 rockets, which are unguided rockets that are fired from aircraft. It also includes an undisclosed number of rockets for the High Mobility Artillery Rocket Systems, or HIMARS, mortars, howitzer rounds, missiles and Carl Gustaf anti—tank rifles. The weapons will all be pulled from Pentagon stocks, so they can go quickly to the front lines. The officials spoke on condition of anonymity because the aid has not yet been formally announced.

The latest shipment comes as Ukrainian officials say they are readying a counteroffensive — with Ukrainian Defense Minister Oleksiy Reznikov declaring they are in the “home stretch, when we can say: ‘Yes everything is ready.’” Ukrainian officials have said they are stockpiling ammunition to stow it along potentially long supply lines.

Reznikov said Monday that the key things for the assault’s success would be “the availability of weapons; prepared, trained people; our defenders and defenders who know their plan at their level, as well as providing this offensive with all the necessary things — shells, ammunition, fuel, protection, etc.”

NEW YORK – US stocks ended the trading day lower on Tuesday, with regional bank stocks recording another day of plummeting values ahead of an expected rate hike from the Federal Reserve.

The Fed is widely anticipated to raise its benchmark lending rate for a 10th – and possibly final – time on Wednesday as it looks to tackle high inflation through interest rate hikes.

The Dow Jones Industrial Average finished 1.1 per cent lower, at 33,684.46.

The broad-based S&P 500 fell 1.2 per cent to 4,119.60, while the tech-rich Nasdaq Composite Index declined 1.1 per cent to 12,080.51.

Crude oil futures also finished the day down more than five percent on regional banking concerns.

LONDON – Apple Inc urged a London tribunal on Tuesday (May 2) to block a US$2 billion (S$2.7 billion) mass lawsuit accusing it of hiding defective batteries in millions of iPhones by “throttling” them with software updates.

The tech giant is facing a lawsuit worth up to 1.6 billion pounds (S$2.6 billion) plus interest, brought by consumer champion Justin Gutmann on behalf of iPhone users in the United Kingdom.

Gutmann’s lawyers argued in court filings that Apple concealed issues with batteries in certain phone models and “surreptitiously” installed a power management tool which limited performance.

Apple said in written arguments that the lawsuit is “baseless” and strongly denies its iPhones’ batteries were defective, apart from in a small number of iPhone 6s models for which it offered free battery replacements.

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.

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.