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☆ Do Kwon, Jailed Crypto CEO, Rejects SEC Fraud Allegations
▼ + stars: | 2023-04-22 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

Do Kwon was arrested in Montenegro last month. Photo: boris pejovic/ShutterstockLawyers for crypto entrepreneur Do Kwon asked a judge to throw out a U.S. regulator’s lawsuit accusing him of fraud in connection with last year’s $40 billion collapse of the TerraUSD and Luna cryptocurrencies. In a Friday evening court filing, Mr. Kwon’s lawyers said the Securities and Exchange Commission exceeded its authority when it sued him and his company, Terraform Labs Pte. Ltd., and failed to prove that they had defrauded U.S. investors.

☆ Shares in China's 360 Security slump after founder's divorce deal
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, April 6 (Reuters) - Shares in Chinese cybersecurity company 360 Security Technology (601360.SS) plunged on Thursday after the firm announced that its billionaire founder Zhou Hongyi and his wife were divorcing and that he would give her a 6.25% share. Shares in 360 Security, China's largest provider of cybersecurity products, fell by as much as 7.8%, its biggest one day fall since February. Zhou founded 360 Security Technology in 2005. The company was listed on the New York Stock Exchange in 2011 and returned to Chinese stock markets in 2018 through a back door listing. ($1 = 6.8804 Chinese yuan renminbi)Reporting by Shanghai Newsroom; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Justice Department Probes Collapse of Do Kwon’s TerraUSD Stablecoin
▼ + stars: | 2023-03-13 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

The Justice Department is investigating last year’s collapse of the TerraUSD stablecoin, adding the risk of U.S. criminal charges to the pressure on its creator, South Korean crypto entrepreneur Do Kwon, people familiar with the matter said. The Federal Bureau of Investigation and the Southern District of New York have questioned former team members of Mr. Kwon’s company, Terraform Labs Pte. Ltd., in recent weeks and sought to interview others, the people said. The FBI and SDNY are both parts of the Justice Department, and SDNY often takes the lead in high-profile prosecutions of financial crimes.

☆ Nissan Recalls More Than 800,000 Rogue SUVs for Key Defect
▼ + stars: | 2023-02-28 | by ( Jennifer Calfas | ) www.wsj.com time to read: 1 min

Nissan said it would begin notifying owners of the recalled vehicles in March. Nissan North America Inc. is recalling more than 809,000 sport-utility vehicles in the U.S. and Canada due to an issue with the key that could cause the cars to shut off accidentally. The recall affects certain Nissan Rogue Sport models from 2017 to 2022 and Nissan Rogue models from 2014 to 2020, said Nissan Motor Co. Ltd.’s North American unit. The majority of recalled vehicles are in the U.S., according to the auto maker.

☆ Dow said it was recycling our shoes. We found them in Indonesia
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +19 min

While the sample was small, the fact that none of these shoes made it to a Singapore recycling facility underscores weaknesses in the system. Dow said these builds will use the 10,000 kilograms (22,000 pounds) of recycled shoe material that have been produced through the Singapore recycling project so far. Reuters had dropped those shoes into a Dow recycling bin at a Singapore community center in September, three months earlier. Recycling flopsThis is not the first novel recycling scheme launched by Dow that hasn’t lived up to its billing. In its Jan. 18 statement, Dow said the shoe recycling partners are “energized by the common vision of sport championing a greener and more sustainable Singapore.” Dow did not comment on the Journal of Consumer Psychology study.

☆ Chinese consortium seals highway deal with Bosnia's Serb Republic
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

SARAJEVO, Feb 23 (Reuters) - A consortium of Chinese companies and the government of Bosnia's autonomous Serb Republic on Thursday sealed a 350 million marka ($190.5 million) loan deal for the construction of a section of a northern highway connecting the region with Serbia. China Overseas Engineering Group Co Ltd. and China Tiesiju Civil Engineering Group Co Ltd., with help of the China Construction Bank, will plan, build and finance the 17-kilometre-long Brcko-Bijeljina section, Serb Republic Prime Minister Radovan Viskovic said at the signing ceremony. The Serb Republic wants to build a modern highway connecting most of its territory with Serbia, its political ally and largest trade partner. It turned to Chinese investors after the European Bank for Reconstruction and Development (EBRD) declined to support the project, which it said was not vital. In August, the regional government signed a 650 million marka deal with China State Construction Engineering Corp. Ltd. (601668.SS) to build a 33-kilometre-long section of the same highway in northern Bosnia.

☆ Fugitive Stablecoin Founder Do Kwon Accused of Securities Fraud in U.S.
▼ + stars: | 2023-02-16 | by ( Dave Michaels | ) www.wsj.com time to read: 1 min

Do Kwon is the developer behind the failed cryptocurrencies TerraUSD and Luna. WASHINGTON—The founder of failed cryptocurrencies TerraUSD and Luna and his company misled U.S. investors who purchased billions of dollars of the digital assets, the Securities and Exchange Commission said Thursday. The SEC filed a civil fraud lawsuit against Do Kwon and Singapore-based Terraform Labs Pte. Ltd. in Manhattan federal court, accusing them of misrepresenting the risk of TerraUSD and misleading investors about how Luna was used in South Korea.

☆ Ford Invests $3.5 Billion in Michigan Battery Plant With Chinese Partner’s Technology
▼ + stars: | 2023-02-13 | by ( Ryan Felton | Nora Eckert | ) www.wsj.com time to read: 1 min

Ford Motor Co. is investing $3.5 billion to build a battery plant in Michigan with help from China’s Contemporary Amperex Technology Co. Ltd., a win for the auto maker’s home state, which has seen many recent automotive projects head elsewhere. The facility, which will be built in Marshall, Mich., about 100 miles west of Detroit, is expected to create about 2,500 jobs, Ford said Monday. The auto maker said a wholly-owned subsidiary would manufacture the battery cells using technology and expertise provided by CATL, the world’s largest maker of batteries for electric vehicles.

☆ A Japanese conveyor-belt sushi chain will now be using AI-powered cameras to fight back against 'sushi terrorism': report
▼ + stars: | 2023-02-10 | by ( Felise Seah | ) www.businessinsider.com time to read: +2 min

Conveyor-belt sushi chain Kura Sushi plans to crack down on food contamination by using AI-powered cameras. Insider's Aaron McDade reported last Friday that "sushi terrorism" has been plaguing Japan's conveyor belt restaurants. Kura Sushi, a conveyor belt sushi chain, said it's planning to deploy cameras powered by AI technology to track suspicious customer behavior, Nikkei Asia reported on Wednesday. Modifications are now underway which will help detect suspicious behavior and alert the restaurants' employees, the outlet reported. The sushi terror phenomenon gained momentum when a prank video taken at a Gifu city outpost of another sushi chain, Sushiro, went viral.

☆ U.S. Sanctions Nine Companies for Moving Iranian Oil Products
▼ + stars: | 2023-02-09 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

The U.S. Treasury Department has sanctioned nine companies for allegedly helping move Iranian petroleum products and petrochemicals valued at hundreds of millions of dollars to buyers in Asia via a previously sanctioned Hong Kong company. Three companies in Malaysia and Singapore are among those facing sanctions, Treasury said Thursday. The companies were allegedly involved in the sale and shipment of products on behalf of Triliance Petrochemical Co., a Hong Kong-based broker that was added to the sanctions list in 2020. “Iran [is] increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of U.S. sanctions,” said Brian E. Nelson, a Treasury undersecretary. Officials are considering new sanctions on Chinese surveillance companies over sales to Iran’s security forces.

☆ Baby killed, another injured in strollers sold by major retailers, CPSC says
▼ + stars: | 2023-02-09 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

A baby was killed and another was injured after they became entrapped in a popular Baby Trend stroller that's sold at retailers like Amazon , Walmart and Buybuy Baby, the Consumer Product Safety Commission announced Thursday. "Baby Trend and the CPSC agree that Sit N' Stand Double and Ultra strollers with detachable canopy are completely safe when used as intended and in accordance with the company's operating instructions," a company spokesperson said. The CPSC and Baby Trend are warning consumers to remove and separately store the canopy when it's not in use and ensure children are always fully secured in the stroller with its built-in five-point harness. Baby Trend is a global manufacturer of products for children that's been in business for more than 30 years, according to company news releases. The Alpha Group is an animation and pan-entertainment platform based in China that started as a toy company.

Shares in Sushiro’s owner, Food & Life Companies Co Ltd, fell 4.8% last Tuesday, as the video circulated. In a statement last Wednesday, Food & Life Companies said it had filed a police report against the customer, alleging damages. Two other leading conveyor belt sushi chains, Kura Sushi and Hamazushi, told CNN that they had experienced similar disruptions. In recent weeks, some Japanese social media users have questioned the role of conveyor belt sushi restaurants as consumers demand more attention to cleanliness. Sushiro, the Japanese sushi chain, is replacing real sushi with photographs of sushi on its conveyor belts.

One of the large shareholders of Adani Power, the energy firm at the core of Indian billionaire Gautam Adani’s business empire, is an offshore company called Opal Investment Pvt. Ltd.Adani Power described Opal in its latest quarterly report as an independent shareholder that has no ties to the ports-to-power conglomerate beyond its 4.69% stake in Adani Power.

The Renault stand at Brussels Motor Show 2023. Renault and Nissan have been hammering out the deal’s details for months. Renault SA and Nissan Motor Co. Ltd. are nearing a deal to reshape their 20-year-old alliance, according to people familiar with the matter, in a restructuring that would reduce the French car maker’s shareholding in its Japanese partner and give both companies more autonomy. A deal could be officially unveiled early next month, these people said, and would represent the most significant change in the car makers’ alliance since it was forged amid a financial crisis at Nissan.

WASHINGTON, Jan 26 (Reuters) - The United States on Thursday stepped up sanctions against the Wagner Group, labeling the Russian mercenary company fighting in Ukraine as a transnational criminal organization responsible for widespread human rights abuses. The U.S. Treasury Department, as part of action targeting dozens of people and entities in an effort to degrade Russia's ability to wage the war, said it designated Wagner Group as a "significant transnational criminal organization" on Thursday. It had previously designated Wagner under its Russia and Ukraine sanctions programs. "These images were gathered in order to enable Wagner combat operations in Ukraine," Treasury said. He said the United States assesses Wagner has about 50,000 personnel deployed to Ukraine, including 40,000 convicts recruited from Russian prisons.

☆ Companies Rush to Trace Sprawling Supply Chains as Sustainability Rules Loom
▼ + stars: | 2023-01-24 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

The rules come as businesses, especially small and midsize companies, have a limited view of their supply chains and are struggling to broaden their oversight, sustainability analysts say. Imagine that in the landscape of supply chain,” said Tim Constable, partner at law firm Dentons advising companies on supply chains. There are a host of other regulatory developments threatening to affect companies’ supply chains. Photo: Chris Ratcliffe/Bloomberg NewsUnilever has a sprawling global supply chain, with around 54,000 suppliers in 150 countries. It doesn’t matter how sophisticated the program is.”Internet-of-things startups can go beyond aggregating data and instead track actual items.

☆ Rapid tests for Covid, RSV and flu are available in Europe. What's stopping them in the U.S.?
▼ + stars: | 2023-01-06 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Aria-Bendix-Byline-Jm.Jpg | Aria Bendix | ) www.nbcnews.com time to read: +7 min

But unlike Covid tests, which are available over the counter, RSV and flu tests must be performed at a doctor’s office or ordered via prescription. The rapid test from Brus' photo, however, is available in the European Union, and the manufacturer has certified that it meets the E.U. The FDA said it strongly supports at-home tests for respiratory viruses, including combination tests for flu and Covid. Unlike Covid tests, Butler-Wu said, there have been fewer opportunities to study whether rapid flu tests can be administered in the shallower part of the nose and maintain their accuracy. Butler-Wu said rapid flu tests given by medical professionals are generally about 60% sensitive, meaning they produce false negatives about 40% of the time.

☆ NextDecade increases LNG supply volume in deal with China's ENN
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Dec 28 (Reuters) - U.S. liquefied natural gas (LNG) developer NextDecade Corp (NEXT.O) announced it will increase the volume of LNG supplies in a sales and purchase agreement signed with China's ENN Natural Gas Co. Ltd. (600803.SS). Under the agreement, ENN via a wholly-owned subsidiary ENN LNG (Singapore) Pte Ltd, will now purchase 2 million tonnes per annum (mtpa) of LNG, up 0.5 mtpa from the original agreement, according to a statement by NextDecade dated Tuesday. Earlier in April, NextDecade announced it would supply 1.5 mtpa of LNG to a unit of China's ENN for a 20-year term. China was the world's top importer of LNG in 2021, shipping in 78.8 million tonnes of the chilled fuel that year. Of its total imports, nearly 9 million tonnes or 11% were from the United States, according to China's customs data.

☆ Hertz Names First CMO Since 2020 Amid New Focus on Electric Vehicles
▼ + stars: | 2022-12-08 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Hertz Global Holdings Inc. named former GE Appliances marketer Wayne Davis as its new chief marketing officer, making him the first CMO at the car rental services company since 2020, a spokesman said. The company’s most recent chief marketing officer, Jodi Allen, died in 2020. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Electrification “speaks to mobility, and it speaks to making Hertz a brand for the future,” Mr. Davis said. Mr. Davis previously spent more than a decade at General Electric’s appliances division, which became GE Appliances after being acquired by Haier Smart Home Co. Ltd. in 2016.

☆ China's LONGi denies circumventing U.S. tariffs on solar panels
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 5 (Reuters) - Chinese solar panel maker LONGi Green Energy Technology Co. Ltd (601012.SS) said on Monday it will provide evidence to show it is complying with U.S. laws after the U.S. Department of Commerce found it to be circumventing tariffs. The United States will impose new duties on imports from LONGi and three other Chinese solar panel makers, trade officials said on Friday, after an investigation found in a preliminary determination issued last week they were trying to dodge tariffs by finishing products in Southeast Asian countries. During this period, we will actively provide evidence that shows we are compliant with U.S. trade law and not circumventing," LONGi said in a statement sent to Reuters. BYD Co Ltd (002594.SZ), Trina Solar Co Ltd(688599.SS) and Canadian Solar Inc (CSIQ.O), also named in the preliminary determination, did not immediately respond to requests for comment. LONGi said it was working on increasing the strategic layout of its global operations, including improving its manufacturing and supply chain for the U.S. market.

The flurry of deals comes even as warnings emerge that lithium prices, driven to records by rapid growth in electric vehicles, may peak next year because of a looming supply glut. It also bought majority stakes in the Lakkor Tso Lithium Salar mine in China's Tibet region and the Xiangyuan lithium mine in Hunan province. Zijin has a market capitalisation of about $35 billion and net profit of 15.7 billion yuan ($2.2 billion) last year. Some firms are also working to develop alternative battery materials, which could reduce lithium demand in the long term. Zijin told investors recently it made its mine acquisitions based on lithium carbonate prices of 100,000 yuan a tonne.

☆ Honda to develop advanced level 3 self-driving technology by 2029
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Honda Motor Co. Ltd's all-new Legend sedan, equipped with level 3 autonomous driving technology, is displayed during an unveiling in Tokyo, Japan March 4, 2021. Honda Motor Co Ltd in March 2021 became the world's first carmaker to sell a vehicle with level 3 self-driving technology. Shikama declined to say how soon Honda would start mass-producing its level 3 self-driving vehicles. When the Japanese carmaker launched its Legend sedan with level 3 automation technology last year, production was limited to 100 units. Among its rivals, Mercedes-Benz (MBGn.DE) late last year won approval from Germany's KBA car watchdog for its level 3 driving system.

☆ Elon Musk’s Twitter Politics Add to Pressure on Tesla’s Brand Image
▼ + stars: | 2022-11-29 | by ( Patrick Coffee | Rebecca Elliott | ) www.wsj.com time to read: +6 min

Self-identifying Democrats in particular have soured on the car maker since Mr. Musk bought Twitter for $44 billion in late October, according to data from research firm Morning Consult. Mr. Musk, who plays a large role in the public image of Tesla and now Twitter, on Nov. 7 urged voters to back Republicans in the midterm elections. Net favorability is the percentage of respondents with positive perceptions of a brand minus the percentage with negative perceptions. Tesla also has millions of active supporters online, as does Mr. Musk. More than 94% of U.S. adults are now familiar with Mr. Musk, up from about 75% one year ago, according to Mr. Marlatt of Morning Consult.

☆ Products Made With Captured Greenhouse Gas Are Reaching Commercial Scale
▼ + stars: | 2022-11-28 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Straws, bottles and packaging made with captured greenhouse-gas are starting to reach commercial scale, offering a way for businesses making and using everyday products to reduce emissions contributing to global warming. Origin Materials Inc. and Newlight Technologies Inc. are trying to meet that demand by bringing factories online that use captured emissions to manufacture materials used to make products including clothes, tires and plastic bottles. Sourcing and transporting raw inputs and captured CO2 are crucial to a product’s so-called carbon-negative credentials, meaning more CO2 is stored than created. The private company sources captured emissions from dairy farms, ethanol plants and landfills, and is expanding into coal mines and exploring direct-air capture. Competitor Origin Materials has a different approach to acquiring captured emissions and plans for its first commercial-scale factory to come online next year.

☆ Adobe Challenger Bets Economic Downturn Will Propel Sales
▼ + stars: | 2022-11-23 | by ( Stuart Condie | ) www.wsj.com time to read: 1 min

SYDNEY—As layoffs in the tech sector mount, one highly valued startup is attempting to persuade businesses that its products offer better value when many are seeking to cut costs. Australian design-software startup Canva Pty. Ltd. hopes businesses will switch from more expensive products such as Adobe Inc.’s Creative Cloud. The risk is that potential customers, fearing a fall in revenue as the economy softens, will curb spending or even use more-limited design software available free.

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