A top official of Indian tech firm Byju’s violated his fiduciary duty to lenders by wrongly hiding $533 million from them, according to a US court ruling on Friday, a win for creditors vying to collect on a defaulted $1.2 billion loan, Bloomberg News reported. Byju’s fraudulently transferred at least part of the money to a small hedge fund based in Miami to keep it out of lenders’ hands, U.S. Bankruptcy Judge John Dorsey also ruled.
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Company executives and foreign officials are scrambling to avert the consequences of another tight deadline from President Trump, who has threatened to put stiff tariffs on goods coming in from China, Canada and Mexico starting just after midnight Tuesday. The president describes this as an effort to pressure those countries to stop the flow of deadly drugs and migrants to the United States. But Mr.
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The founder of a cryptocurrency financial services firm has been extradited from Portugal to face U.S. charges that he participated in a wide-ranging scheme to manipulate the market for digital tokens on behalf of client companies, Reuters reported. Aleksei Andriunin, the CEO of cryptocurrency "market maker" Gotbit, was ordered detained following an appearance in Boston federal court on Wednesday, one day after his extradition. Andriunin was indicted in October on charges of wire fraud and conspiracy to commit market manipulation and wire fraud.
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President Donald Trump says he plans to impose tariffs on Canada and Mexico starting next Tuesday, in addition to doubling the 10% universal tariff charged on imports from China, Reuters reported. Posting on Truth Social on Thursday, Trump said that illicit drugs such as fentanyl are being smuggled into the United States at “unacceptable levels" and that import taxes would force other countries to crackdown on the trafficking.
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The Trump administration has opened a broad new front in its global trade conflict, proposing to affix levies reaching $1.5 million on Chinese-made ships arriving at American ports, the New York Times reported. Such fees would apply even on vessels made elsewhere if they are operated by carriers whose fleets include Chinese ships — an approach that risks increasing costs on an array of imported cargo, from raw materials to factory goods. Given their potential to increase consumer prices, the levies could collide with President Trump’s promises to attack inflation.
President Donald Trump said he expected tariffs planned to take effect on Canada and Mexico to go ahead next month following an initial delay to allow the countries more time to address his concerns over border security, Bloomberg News reported. “The tariffs are going forward on time, on schedule,” Trump said Monday from the White House during a joint press conference with French President Emmanuel Macron. Trump was asked if the tariffs, which he delayed until March 4, would go into effect.
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Esprit has flagged another annual loss, citing the insolvency of its European and US subsidiaries and an adverse operating environment, InsideRetail.asia reported. The Hong Kong-listed fashion company expects an unaudited net loss of HK$1.172 billion (US$150 million) for the year ended December 31, compared to a loss of HK$2.339 billion in the prior year. The company also expects a 73 per cent drop in revenue and 76 per cent decrease in gross profit for the year.
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Truck maker Scania agreed to buy Northvolt’s heavy industry business, as the battery maker continues to work through a restructuring process, the Wall Street Journal reported. “This acquisition will provide access to a highly skilled and experienced team and a strong portfolio of battery systems built in Gdansk for industrial segments, such as construction and mining, complementing Scania’s current customer offering,” a Scania spokesperson said.
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President Trump’s plan to target countries with so-called reciprocal tariffs is “a step in the wrong direction,” the European Commission said on Friday, the Wall Street Journal reported. The European Union’s executive arm said the bloc has some of the lowest tariffs in the world and sees no justification for increased U.S. tariffs on its exports. Such measures amount to a tax on U.S.
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President Donald Trump on Thursday said he planned to impose tariffs on Canada and France over their digital services taxes on U.S. technology giants, which has been a long-standing irritant, Reuters reported. Canada, seeking to address the challenge of taxing digital giants like Google parent Alphabet and Amazon.com that can book their profits in low-tax countries, began imposing the tax in June last year. Trump tasked his economics team on Thursday with devising a plan to impose reciprocal tariffs on every country that levied duties on U.S. imports.
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