Do Kwon: US Regulator Charges Cryptocrash Boss With Fraud
US financial regulators have charged failed South Korean cryptocurrency boss Do Kwon and his company Terraform Labs with “orchestrating a multi-billion dollar crypto asset securities fraud”. The Singapore-based firm created the Terra Luna and TerraUSD tokens, which collapsed spectacularly last year. The collapse is estimated to have cost investors more than $40bn (£33.5bn). Mr Kwon […]
White House Unveils Deal With Musk On EV Chargers
Tesla’s US charging network will be available to other electric vehicle brands for the first time following White House negotiations with Elon Musk, the Biden administration announced Wednesday. Tesla has agreed to make at least 7,500 chargers nationwide open to non-Tesla EVs by the end of 2024, according to a White House fact sheet laying […]
US-China Trade Hits Record High Despite Rising Tensions
Trade between the US and China hit a record high last year even as their diplomatic relations deteriorated. Imports and exports between the two countries totalled $690.6bn (£572.6bn) in 2022, official figures show. Relations between the countries have hit new lows in recent days after a Chinese balloon travelled across the US. Beijing denies US claims it was […]
Elon Musk Found Not Guilty Of Fraud Over Tesla Tweet
Tesla co-founder Elon Musk has been cleared of wrongdoing for a tweet in which he said he had “funding secured” to take the electric carmaker back into private ownership. Shareholders argued he misled them with his posts in August 2018, and they had lost billions of dollars because of them. The proposed $72bn (£60bn) buyout […]
Apple Sales In Biggest Fall Since 2019
Apple sales dropped at the end of 2022 as shoppers squeezed by the rising cost of living cut back their purchases. Sales at the iPhone giant fell 5% in the three months to December compared with the same period in 2021. It was the biggest decline since 2019 and worse than expected. The update came […]
Shell Reports Highest Profits In 115 Years
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine. Profits hit $39.9bn (£32.2bn) in 2022, double last year’s total and the highest in its 115-year history. Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine. […]
White House Calls Exxon Record Profit ‘outrageous’
Oil giant ExxonMobil reaped a record $55.7bn (£45.2bn) in profit last year as oil prices surged following Russia’s invasion of Ukraine. The total was more than double 2021’s figure, and is likely to renew pressure on the industry after some countries, including the UK, imposed special taxes on the profits last year. Exxon has criticised […]
We’ll Make Sure Petrol Is Available During Elections, NNPC Tells INEC
The Nigerian National Petroleum Company (NNPC) Limited says it will ensure the availability of petrol during elections. A team from the Independent National Electoral Commission (INEC) led by Mahmood Yakubu, INEC chairperson, visited the NNPC towers in Abuja on Tuesday to discuss the availability of petrol during the forthcoming elections. Yakubu had earlier said INEC’s […]
NNPC Terminates Contract With Addax Petroleum, Takes Over Assets
The Nigerian National Petroleum Company (NNPC) Limited has announced that it has terminated 24 years contract with Addax Petroleum’s production sharing contract (PSC) and has taken over their assets. Addax is owned by Sinopec, a state-owned Chinese firm. Mele Kyari, group chief executive officer (GCEO), NNPC Limited, GCEO; and Yonghong Chen, outgoing managing director (MD), […]
UK Expected To Be Only Major Economy To Shrink In 2023 – IMF
The UK economy will shrink and perform worse than other advanced economies, including Russia, as the cost of living continues to hit households, the International Monetary Fund has said. The IMF said the economy will contract by 0.6% in 2023, rather than grow slightly as previously predicted. However, the IMF also said that it thinks […]
