U.S. criminal charges should be dropped against two former Societe Generale SA bankers for allegedly trying to rig the London interbank offered rate, prosecutors told a New York court on Wednesday. Muriel Bescond, a former head of Societe Generale SA’s Treasury desk in Paris, and her boss Danielle Sindzingre, who was SocGen’s global head of […]
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Investors withdrew $1.6 billion of cryptocurrency from crypto exchange Binance since it was sued by the U.S. CFTC on Monday, blockchain data tracker Nansen said on Wednesday. The U.S. Commodity Futures Trading Commission (CFTC) sued Binance – the world’s biggest crypto exchange – along with its CEO and former top compliance executive, alleging that they […]
The European Union reached a provisional deal on Thursday on higher renewable energy targets, an important pillar of the bloc’s plans to fight climate change and end dependence on Russian fossil fuels. Negotiators of the European Parliament and the Council, representing EU members, agreed that by 2030, the 27-country EU would commit to sourcing 42.5% […]
Meta Platforms Inc executives are discussing a company-wide ban on political advertising in Europe due to concerns that Facebook and Instagram will be unable to comply with upcoming EU regulations targeting online campaigns, the Financial Times reported on Thursday. EU lawmakers in February agreed to tougher rules on targeted political advertising aimed at countering misinformation […]
Alibaba Group said on Thursday it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70% off its shares. Group CEO Daniel Zhang said the company’s breakup into separate businesses will allow its units to become more […]
With sentiment still fragile in the aftermath of the banking crisis, a risk-on rally proved short-lived, leaving the MSCI ex-Japan index swinging between gains and losses on Thursday. The dollar firmed up, continuing its rebound, while gold eased. But as we are at the ‘no news = good news’ stage of the recovery from the […]
Toyota Motor Corp said on Thursday that global sales hit a record for the month of February as it bounced back from severe pandemic-induced parts shortages, adding that worldwide production also increased for a second straight month. Japan’s biggest automaker said in a statement, however, that shortages of parts continue to be a problem. During […]
Faraday Future Intelligent Electric Inc said on Wednesday it has started production of its much-delayed first luxury electric car, FF 91 Futurist, at its California factory. Last November, the Los Angeles-based electric-vehicle company had raised doubts about its ability to continue as a “going concern” and the delivery timeline for FF 91, shortly after it […]
Oil was nearly steady on Thursday as a surprise drop in U.S. crude stockpiles offset a smaller-than-expected cut to Russian supplies, while investors closely watched developments on Iraqi Kurdistan oil exports. Brent crude futures fell 5 cents, or 0.1%, to $78.23 a barrel at 0630 GMT, while West Texas Intermediate crude rose 12 cents, or […]
Countries in a relatively stronger position should help vulnerable nations especially those under debt distress, International Monetary Fund managing director Kristalina Georgieva said on Thursday. The IMF chief said such assistance would be particularly important against the backdrop of high interest rates and currency depreciation. “We urgently need faster and more efficient global mechanisms for […]