Author: HeraldStar

The UK’s Financial Conduct Authority (FCA) is currently investigating allegations that former Credit Suisse employees used the WhatsApp messaging platform to share confidential information, according to documents reviewed by Reuters. The probe is focused on a group of staff within Credit Suisse’s London research unit, comprising approximately 100 employees, spanning the period from mid-2022 to early 2023. The FCA began reviewing these allegations in late February 2023, shortly before the Swiss government facilitated Credit Suisse’s acquisition by UBS. According to documents dated June 2024, the FCA is still collecting evidence, with regulators indicating potential action could be taken once sufficient…

Honda (7267.T) is recalling approximately 205,760 SUVs in the United States due to a potential fuel leak hazard, the National Highway Traffic Safety Administration (NHTSA) announced on Thursday. The recall affects certain 2023-2025 model year Passport and Pilot vehicles. The recall stems from an issue with the fuel filler neck tube and pipe, which may separate, leading to a fuel leak in the affected vehicles. The NHTSA has issued a safety warning to owners of the impacted models, urging them to seek repairs promptly. Honda has assured customers that dealers will inspect and, if necessary, repair the fuel filler neck…

Gregoire Tournant, a former fund manager at Allianz (ALVG.DE), was sentenced to 18 months of home confinement and three years of probation on Friday, avoiding prison time for his involvement in the collapse of private investment funds that resulted in an estimated $7 billion in losses for investors. Tournant, 57, of Basalt, Colorado, had pleaded guilty in June to two counts of investment adviser fraud after he misled investors in Allianz’s now-defunct Structured Alpha funds. Fraudulent Investment Practices Sparked by the Pandemic Tournant’s conviction stemmed from the collapse of the Structured Alpha funds in March 2020, triggered by the COVID-19…

Mexico is taking proactive steps to ensure the protection of its regional trade agreement with the United States and Canada, according to statements made by Deputy Economy Minister Luis Rosendo Gutierrez. In an interview with Inside U.S. Trade on Friday, Gutierrez outlined the nation’s efforts to address contentious issues such as security and migration to maintain smooth negotiations. Navigating Diplomatic Challenges The comments come in response to U.S. President-elect Donald Trump’s threats to impose tariffs on Mexico if these matters remain unresolved. Trump has repeatedly emphasized his administration’s intent to secure tougher terms in trade deals and address concerns about…

In a move aligning with campaign promises to reverse climate-related policies, Donald Trump’s incoming administration is reportedly considering canceling the U.S. Postal Service’s (USPS) contracts to electrify its delivery fleet. According to sources familiar with the plans, this step would be part of a larger effort to dismantle President Joe Biden’s electric vehicle (EV) initiatives and associated climate goals. Electrification Plans Under Threat The USPS had committed to transitioning to one of the nation’s largest electric delivery fleets, supported by a $3 billion allocation under a $430 billion climate bill passed in 2023. The plan envisioned purchasing 66,000 EVs, with…

Taiwanese President Lai Ching-te has called on China to “unclench its fists” and refrain from unilateral actions, urging Beijing to respect international norms rather than resorting to military intimidation. His remarks came on Friday during the final day of his Pacific tour, amid expectations of fresh Chinese military exercises near Taiwan. Beijing’s Response to Lai’s US Stopovers China, which views Taiwan as a breakaway province and claims it as its own territory, has strongly criticized Lai’s recent travels. His itinerary included stopovers in Hawaii and Guam, both U.S. territories. According to security sources, China is preparing for another round of…

China’s escalating trade restrictions on critical minerals are sending shockwaves through Western industries, leaving companies scrambling to secure alternative sources for materials vital to manufacturing and technology. The latest restrictions, targeting exports of antimony, gallium, germanium, and graphite, are impacting sectors ranging from automotives to military equipment, creating significant supply chain disruptions. Henkel Declares Force Majeure German industrial giant Henkel has been among the hardest hit. The company, which relies on antimony for its adhesives and lubricants branded under Bonderite and Teroson, declared force majeure in November. Henkel cited delays in raw material imports caused by China’s export licensing requirements,…

Iraqi Shi’ite political groups and armed factions are deliberating whether to intervene in Syria as Sunni Islamist rebels, led by Hayat Tahrir al-Sham (HTS), make significant territorial gains. The rebels, who have captured two Syrian cities and are approaching a third, pose a strategic challenge that Baghdad views with alarm. Historical Tensions and Present Concerns The memory of Syria-based Sunni fighters wreaking havoc in Iraq remains fresh. After the 2003 U.S. invasion, thousands of Sunni insurgents crossed into Iraq, fueling sectarian violence. Many of these fighters reemerged in 2013 under the Islamic State banner, conquering large swathes of Iraq before…

Egypt, one of the world’s largest wheat importers, has transferred the responsibility for importing strategic food commodities from its decades-old General Authority for Supply Commodities (GASC) to a military-affiliated agency. This move has raised concerns among global traders, disrupted established market practices, and injected uncertainty into international wheat markets. A New Player in Global Commodity Markets The newly empowered agency, the Mostakbal Misr Agency for Sustainable Development, was established by presidential decree in 2022 as part of the Egyptian Armed Forces. Originally tasked with land reclamation projects, its remit has expanded to include broader economic activities, including importing vital food…

Iran has significantly accelerated its uranium enrichment to 60% purity, edging closer to the 90% threshold required for weapons-grade material, the United Nations nuclear watchdog chief Rafael Grossi revealed on Friday. The International Atomic Energy Agency (IAEA) confirmed this alarming development in a confidential report to its member states, heightening tensions between Iran and Western nations. Expanding Enrichment Capacity Grossi, speaking at the Manama Dialogue security conference in Bahrain, disclosed that Iran’s uranium production at 60% purity is set to expand by seven to eight times its current capacity. This escalation means Iran could produce more than 34 kilograms of…