US Supreme Court limits federal power to curb carbon emissions

The Environmental Protection Agency headquarters in Washington, DC, on June 29, 2022. (STEFANI REYNOLDS / AFP) WASHINGTON – The US Supreme Court on Thursday imposed limits on the federal government's authority to issue sweeping regulations to reduce carbon emissions from power plants in a ruling that undermines President Joe Biden's plans to tackle climate change […]

Blockchain.com cooperating with investigations into Three Arrows

NEW YORK (BLOOMBERG) – Blockchain.com, a creditor of Three Arrows Capital, said it was cooperating with ongoing investigations into the troubled crypto hedge fund. Blockchain.com and Deribit, a crypto derivatives exchange, confirmed that they were among creditors that sought for the liquidation of Three Arrows at a court in the British Virgin Islands, according to […]

JPMorgan says crypto’s deleveraging cycle won’t last much longer

SINGAPORE (BLOOMBERG) – The current phase of deleveraging in cryptocurrencies is at an advanced state and may not last much longer, according to JPMorgan Chase & Co. Multiple crypto company failures should not be surprising given huge price declines among tokens, and entities that used higher leverage in the past are the most vulnerable, strategists […]

Samsung to start mass production of 3-nanometer chips in global first

SEOUL (BLOOMBERG) – Samsung Electronics kicked off mass production of 3-nanometer (nm) chips that are more powerful and efficient than predecessors, beating rival Taiwan Semiconductor Manufacturing Company (TSMC) to a key milestone in the race to build the most advanced chips in the world. South Korea’s largest company will begin with 3nm semiconductors for high-performance […]

Japan’s May factory output suffers biggest slump in two years

TOKYO (REUTERS) – Japan’s factory output posted the biggest monthly drop in two years in May as China’s Covid-19 lockdowns and semiconductor and other parts shortages hit manufacturers, adding to worrying signs for an economy struggling to mount a strong recovery. The decline also highlights the challenge the world’s third-largest economy faces in overcoming supply […]

EU moves closer to strict anti-money laundering rules on crypto

LONDON (BLOOMBERG) – The European Parliament and Council on Wednesday (June 29) reached a provisional agreement to force crypto providers to provide identifying information on all digital asset transactions, despite an industry backlash. The so-called transfer of funds regulation (TFR) seeks to strengthen anti-money laundering requirements to ensure that crypto transfers can always be traced and […]

Billionaire Mukesh Ambani sets succession plan in motion by promoting his children

MUMBAI (BLOOMBERG) – Indian billionaire Mukesh Ambani just got busy with the early stages of succession planning at his energy-to-technology conglomerate Reliance Industries, naming two of his offspring as chiefs of key units in his US$217 billion (S$301 billion) empire. On Tuesday (June 28), the 65-year-old tycoon made way for his first-born Akash Ambani to become […]

Singapore durian supplier Nutryfarm placed under judicial management

SINGAPORE (THE BUSINESS TIMES) – The High Court of Singapore has granted an application to place Nutryfarm International under judicial management, the company announced in a bourse filing on Tuesday (June 28). Mr Chan Yee Hong of liquidator Nexia TS Risk Advisory has been appointed as the mainboard-listed durian and health foods distributor’s judicial manager. […]

NATO bulks up in major overhaul

NATO Secretary General Jens Stoltenberg arrives for a media conference at NATO headquarters in Brussels, June 15, 2022. (OLIVIER MATTHYS / AP) NATO will dramatically increase the ranks of its high-readiness forces from 40,000 to 300,000 as part of the biggest overhaul of its collective deterrence and defense since the Cold War, the trans-Atlantic alliance's […]