(Reuters) -U.S. lawmakers have introduced a bipartisan bill to sanction Chinese tech company Huawei Technologies Ltd and Chinese 5G companies, restricting them from accessing U.S. banks. The bill, introduced by Republican senator Tom Cotton and backed by lawmakers such as Senate Majority Leader Chuck Schumer, a Democrat, seeks to “severely sanction” Huawei, and other “untrustworthy”…
By Lawrence White LONDON (Reuters) – HSBC will no longer provide new lending or capital markets finance for new oil and gas fields, the British bank said on Wednesday, as part of a wider update to its energy policy. The bank said it will continue funding natural gas projects for now, given the global energy…
By Muyu Xu SINGAPORE (Reuters) – Road and air traffic in China, the world’s second-biggest oil consumer, has rebounded sharply after a significant easing in the country’s COVID-19 restrictions, boosting the outlook for fuel demand and supporting crude prices. After almost three years of pursuing a policy targeting zero COVID cases, China last week abandoned…
By Ankur Banerjee SINGAPORE (Reuters) – The U.S. dollar struggled to gain a foothold on Wednesday after a sharp dive overnight on cooler-than-expected inflation data, which fuelled expectations that the Federal Reserve will chart a slower rate hike path later in the day. After delivering four consecutive 75 basis points hikes, the U.S. central bank…
By Sonali Paul and Emily Chow SINGAPORE (Reuters) – Oil prices fell in early trade on Wednesday after industry data showed a surprise build in U.S. crude inventories against analysts’ forecast of a decline, reinforcing fears about weakening demand even as supply tightens. Brent crude futures dropped 19 cents, or 0.2%, to $80.49 per barrel,…
By Katie Paul (Reuters) – A new lawsuit has accused Meta Platforms of enabling violent and hateful posts from Ethiopia to flourish on Facebook, inflaming the country’s bloody civil war. The lawsuit, filed in Kenya on Tuesday, was brought by two Ethiopian researchers and Kenyan rights group the Katiba Institute. It alleges Facebook’s recommendations systems…
By Jared Higgs, Luc Cohen and Chris Prentice NASSAU, Bahamas/NEW YORK (Reuters) -A Bahamian judge denied FTX founder Sam Bankman-Fried bail on Tuesday, hours after U.S. prosecutors accused the 30-year-old of misappropriating billions of dollars and violating campaign laws in what has been described as one of America’s biggest financial frauds. The former CEO of…
By Jared Higgs, Luc Cohen and Chris Prentice NASSAU, Bahamas/NEW YORK (Reuters) – U.S. prosecutors on Tuesday accused Sam Bankman-Fried, the founder of crypto currency exchange FTX, of fraud and violating campaign finance laws and a judge in the Bahamas denied him bail, sending him to a local correctional facility instead. The former FTX CEO,…
By Alison Frankel (Reuters) – Federal prosecutors and regulators from the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission all told a similar story on Tuesday about Sam Bankman-Fried’s alleged scheme to divert billions of dollars of customers’ money from the FTX crypto exchange to Alameda Research LLC. They all accused Bankman-Fried…
SYDNEY (Reuters) – Australia’s central bank wants mobile wallet providers to offer least cost routing options for merchants by the end of 2024, under new regulatory powers set to be granted by the government. In a speech on the payments system, Reserve Bank of Australia (RBA) Governor Philip Lowe said merchants should have the option…
