United States

The U.S. Internal Revenue Service has lifted its objection to Limerick-based aircraft lessor Nordic Aviation Capital’s bankruptcy plan, the Independent reported. Nordic Aviation Capital (NAC) has been seeking to get out from under $6.3bn (€5.8bn) of debt by handing it to lenders. The IRS said in a filing on April 15 that it was withdrawing its objection to the bankruptcy plan on the condition that the lenders pay any administrative claims without the IRS having to file a request for them. The IRS had raised a last-minute objection to the plan last week on technical grounds.
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Texas will halt some vehicle inspections at the U.S.-Mexico border after Governor Greg Abbott’s crackdown provoked protests that halted some crucial food and equipment shipments, Bloomberg News reported. Abbott said Wednesday that the state government of Nuevo Leon in northern Mexico agreed to conduct safety inspections before U.S.-bound trucks reach the border. The inspections will continue in other sectors of the U.S.-Mexico line. Abbott said he acted in response to what he called U.S. President Joe Biden’s failure to repel undocumented migration and drug smuggling.
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Mexican truckers blockaded a key Texas border crossing for a second day to protest Governor Greg Abbott’s stepped-up vehicle inspections, raising the specter of delivery disruptions for everything from avocados to auto parts, Bloomberg News reported. The growing queue of 18-wheelers on the Mexican side of the Pharr-Reynosa International Bridge has choked crossings to a halt, according to a spokesman for U.S. Customs and Border Protection.
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Once conduits for hundreds of millions of dollars looted from 1MDB, a group of offshore entities are being repurposed to try to track down the Malaysian sovereign wealth fund’s stolen money, Bloomberg News reported. Three British Virgin Islands-based companies linked to 1MDB on Tuesday filed for chapter 15 bankruptcy in Florida, utilizing the section of the U.S. code that allows foreign debtors to bring proceedings in the states. Their aim is to recover a portion of the $8.5 billion allegedly stolen from 1MDB, some of which may be in the U.S., the companies said.
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The U.S. Senate overwhelmingly backed legislation today that would remove "most favored nation" trade status for Russia and its close ally Belarus over the invasion of Ukraine, allowing for higher tariffs on imports from the two countries, Reuters reported. As voting continued, the tally in the 100-member Senate was 65-0 in favor of the measure removing Permanent Normal Trade Relations (PNTR) status.

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The derivatives market is flashing signals that the tit-for-tat between the U.S. Treasury and the Kremlin is increasing the likelihood of a Russian government default after Russia’s Ministry of Finance announced Wednesday it will restrict the ability of some foreign investors to convert their payments into dollars, the Wall Street Journal reported.
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French financial prosecutors have opened a preliminary investigation into suspected tax fraud by American management consulting firm McKinsey & Company, the Associated Press reported. The national financial prosecutor’s office said Wednesday the investigation was launched last week for alleged “money-laundering aggravated by tax fraud.” French President Emmanuel Macron said he was “shocked” by the suspicions of tax evasion on the part of consulting firms. “The response will be European, since we have passed a reform which will allow ...
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A U.S. jury began deliberations on Tuesday in the trial of a former Goldman Sachs banker accused of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund, Reuters reported. Prosecutors say Roger Ng, Goldman's former top investment banker for Malaysia, helped his former boss Tim Leissner embezzle money from 1MDB, launder the proceeds and bribe officials to win business for Goldman. The Malaysian fund had been founded to pursue development projects in the Southeast Asian country. Ng has pleaded not guilty to conspiring to launder money and violating an anti-corruption law.
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A former Goldman Sachs banker should be convicted of helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund and causing "immeasurable" harm, a U.S. prosecutor told jurors in her closing argument on Monday, Reuters reported. Roger Ng, Goldman's former top investment banker for Malaysia, faces charges he helped his former boss Tim Leissner embezzle hundreds of millions of dollars from the fund, launder the proceeds and bribe officials to win business for Goldman. Assistant U.S.
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