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- A + A NEW YORK/FRANKFURT (May 17): A unit of Allianz SE agreed to plead guilty to fraud and pay US$5.8 billion in fines and restitution after a relatively low-risk group of investment funds collapsed in the wake of pandemic market gyrations. Allianz Global Investors (AGI), a New York investment adviser wholly owned by the German insurance giant, will plead guilty to a single count of securities fraud and will pay, along with its parent company, more than US$5 billion to victims. The total payout, including a US$1 billion fine to the US Securities and Exchange Commission (SEC), is covered by provisions the company has already taken, it said. Gregoire Tournant, a former executive with the firm, was taken into custody on Tuesday and charged separately for his role in the alleged scheme to defraud investors, Manhattan US Attorney Damian Williams said in a statement. Tournant, the former chief investment officer and co-lead portfolio manager of the Structured Alpha … [Read more...] about Allianz unit to plead guilty, pay billions over hedge fund loss

London (CNN Business) Europe can't make up its mind on how to pay for Russia natural gas imports that continue to fuel homes, businesses and power stations. The confusion centers on the logistics of the payments themselves. Several European gas buyers have been preparing to work around the Kremlin's demand that gas bills be paid in rubles, rather than the euros or dollars stipulated in contracts. According to Russia's new payment mechanism, buyers in "unfriendly" countries must open two accounts at Gazprombank — one in euros and the second in rubles, from which payments for the gas would be made. But on Tuesday, the European Commission said companies opening an account in Russia's Gazprombank to allow their payments to be converted into rubles would fall foul of EU sanctions. That statement appeared to contradict guidance the Commission gave just four days earlier, which led some of Europe's biggest energy companies to assume they could get … [Read more...] about Europe is still confused about how to pay its Russian gas bills

Share to Twitter Share to Linkedin Donald Trump, Jr. has weighed in on student loan forgiveness — and here’s what he said. Here’s what you need to know. Student Loans Trump sharply criticized President Joe Biden’s potential plan to cancel student loans for millions of Americans. “Biden essentially wants blue-collar workers like truck drivers — who didn't have the luxury of going to college to get drunk for four years — to bail out a bunch of upper-middle-class kids who chose to spend tens of thousands of dollars that they didn't have on worthless gender study degrees,” Trump told The Washington Post. Trump is referring to one major criticism of wide-scale student loan cancellation . As many Republicans have argued, Americans who didn’t go to college or who couldn’t afford to go to college would pay student loan debt for the select few who could. According to the latest student loan debt statistics , approximately 80% of adult Americans don’t … [Read more...] about Student Loan Forgiveness Makes Blue-Collar Workers Pay For ‘Worthless Gender Study Degrees,’ According To Donald Trump, Jr.

The Biden administration, which wants everyone in the U.S. to have affordable access to high-speed internet by 2029, announced May 13, 2022, a $45 billion 'Internet for All (IFA)' initiative to pay for it. According to the U.S. Commerce Department, the initiative will provide "affordable, reliable, high-speed internet for everyone in America by the end of the decade." Administration and implementation of the program will be the responsibility of the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA). The announcement about the IFA initiative came on the heels of news May 9, 2022, that the Biden administration had partnered with 20 broadband providers, including AT&T and Verizon, to improve their subsidized high-speed internet plans made available to low-income Americans through the Affordable Connectivity Program. Key Takeaways 'Internet for All (IFA)' is a $45 billion initiative to provide affordable high-speed broadband … [Read more...] about Biden’s New Plan To Expand Broadband Access

- A + A KUALA LUMPUR (May 17): Petronas Chemicals Group Bhd (PetChem) is acquiring the entire equity interest in leading specialty chemicals group Perstorp Holding AB from Financière Forêt SARL for a base purchase of €1.538 billion (approximately RM7.018 billion) cash. The acquisition marks the creation of a significant specialty chemicals portfolio, while enhancing its overall earnings, said PetChem, which together with its wholly-owned unit Petronas Chemicals International BV (PCIBV), had entered into a conditional securities purchase agreement with the seller for the proposed acquisition. The Perstorp group currently derives more than 80% of its revenue from the 18 preferred chemical segments identified by PetChem, including surfactants, specialty polymers, specialty films, plastic additives, coatings, preservatives and biocides, and pre/pro biotics. Perstorp has also developed a number of solutions such as the game-changing production of sustainable methanol … [Read more...] about PetChem buys Swedish specialty chemicals group Perstorp for €1.5b

- A + A BEIJING (May 17): China's general fiscal revenue plunged 41% in April as the government gave money back to taxpayers to help businesses weather the impact of Covid-19 curbs that have weighed on the economy. Government income from taxes and fees totalled 1.23 trillion yuan (US$182 billion) in April, according to a Bloomberg calculation using official data, which was released on Tuesday but did not break out the monthly figure from the year-to-date total. Income for the first four months of the year was 7.43 trillion yuan, down 4.8% from the same period last year, the Ministry of Finance said in a statement. Revenue for this period would have increased 5% from a year earlier had it not been for the tax rebates, the ministry said. In early March the government said it would provide tax relief this year worth about 2.5 trillion yuan, including 1.5 trillion yuan in rebates. That amount — more than double that of 2021 — was announced as the government sought … [Read more...] about China’s revenue slumps 41% on tax cuts to counter Covid-19 pains

Elon Musk - A + A HONG KONG (May 17): Elon Musk has declared he will not proceed with his US$44 billion takeover of Twitter Inc unless the social media giant can prove bots make up fewer than 5% of its users, casting yet more uncertainty over the deal. The billionaire tweeted "this deal cannot move forward" unless Twitter provides proof of its claims, reiterating his own view that the ratio is far higher. Musk's latest online pronouncement complicates an already chaotic takeover, potentially one of the largest acquisitions the internet industry has ever seen. He recently butted heads online with Twitter chief Parag Agrawal over the way the social media giant accounts for bots, stoking speculation Musk may try to lower the price or even walk away. Twitter's shares fell another 3.2% in pre-market trading in New York, after sliding more than 8% on the previous day. The spread between Musk's offer price of US$54.20 and its last trading price is currently about … [Read more...] about Musk says Twitter must prove bot claims for deal to proceed

(CNN) The Biden administration is seeking to make it easier for low-income families to buy whatever baby formula is available on store shelves amid a nationwide shortage . About half of the infant formula in the US is purchased by those using federal WIC benefits, which allow them to obtain the formula for free but restrict what type, size and brand they can select. Some 1.2 million infants are in the WIC program, formally known as the Special Supplemental Nutrition Program for Women, Infants, and Children. Each state has a contract with a single manufacturer. Abbott Nutrition , which is contending with a massive recall of its formula , is the exclusive provider to about half of infants in WIC. The February recall has exacerbated shortages caused by ongoing supply chain issues, leaving all parents with fewer choices in many stores. President Joe Biden has come under fire for not addressing the problem sooner and for taking limited action . … [Read more...] about These families buy about half of infant formula nationwide. Here’s how the Biden administration is trying to help them

Ateneo Blue Eagles celebrate during a game against the UE Lady Red Warriors in the UAAP Season 84 women’s volleyball tournament at Mall of Asia Arena. UAAP PHOTO MANILA, Philippines—Ateneo posted its third straight win in the UAAP Season 84 women’s volleyball tournament after beating University of the East, 25-14, 20-25, 25-11, 25-14, Tuesday at Mall of Asia Arena. Faith Nisperos tallied 19 points on 15 attacks, three aces, and a block to go along with seven excellent receptions while Vanie Gandler produced 16 points on 12 attacks that went with 14 excellent digs to lead the Blue Eagles to a share of the third spot with University of the Philippines. “We’re not counting the streak, we just want to be better every game and this game is not different from the other games. We also had to prepare for UE,” said Ateneo head coach Oliver Almadro. “We know for a fact that they are also fighting and if you don’t pay attention on their attacks, they will really hit on you like what … [Read more...] about UAAP: Ateneo makes it 3 in a row with win over UE

A VIDEO clip has been circulating on Facebook of a disabled teen being bullied at Taiping Lake Gardens. Did this really happen? Verdict: TRUE An unemployed man was fined RM1,000 by the Magistrate's Court here on Tuesday (May 10) after pleading guilty to intentionally causing injury to a disabled teenager at Taiping Lake Gardens last Saturday (May 7). The accused, Mohamad Hidayat Hamzah, 22, pleaded guilty before Magistrate Nurfarah Syahidah Mohd Noh. The court also ordered the accused to serve a month in jail if he failed to pay the fine. According to the charge sheet, Mohamad Hidayat was accused of intentionally causing hurt to the boy, 13, at Taiping Lake Gardens at about 2.15am on May 7 under Section 323 of the Penal Code, which carries a jail term of up to one year or a maximum fine of RM2,000 or both upon conviction. A family member of the accused then paid the fine. Police had detained a man to assist in an investigation into the case of a disabled … [Read more...] about QuickCheck: Did a bullying incident happen at Taiping Lake Gardens?