Tech News

UBS to cut 35,000 jobs after Credit Suisse rescue: report

Swiss banking group UBS plans to cut 35,000 jobs at Credit Suisse -- more than half its workforce -- as part of the emergency rescue takeover of its rival in March, according to a report by Bloomberg News on Tuesday.. UBS declined to comment on the reported job cuts when contacted by AFP. Combined, the two groups had around 120,000 employees at the end of last year, with 37,000 of them in Switzerland.

Biden unveils election battle plan: 'Bidenomics'

President Joe Biden is making a big bet on the US economy powering him to re-election next year with the unveiling of a "Bidenomics" pitch to voters this week.. At the top of Biden's pitch is his impressive list of legislative victories during the last two years.

Over $200bn in Covid-19 small business loans stolen: US govt. watchdog

The United States lost more than $200 billion to fraud from two schemes designed to help small businesses through the Covid-19 pandemic, according to a US government watchdog report.. "We identified multiple schemes used by fraudsters to steal from the American taxpayer and exploit programs meant to help those in need," the Small Business Administration's (SBA) Office of Inspector General (OIG) said in a new report. 

Klimt's last portrait sets European record in £74 mn auction

The last portrait painted by Gustav Klimt was sold in London on Tuesday for £74 million ($94.3 million), setting a new European art auction record.. The previous auction record for an artwork sold in Europe was for Alberto Giacometti's "Walking Man I", which went for £65 million in February 2010.

UK, EU sign delayed financial services pact

Britain and the European Union signed a long-awaited cooperation pact on financial services regulation on Tuesday in a new sign of improving post-Brexit relations between the two sides.. A memorandum of understanding was initially struck in March 2021 but left unsigned until now because of soured relations between post-Brexit London and Brussels over trade rules in the UK territory of Northern Ireland.

US new home sales post surprise jump in May

New home sales in the United States surged unexpectedly in May, the Commerce Department said Tuesday, reaching the highest rate in over a year despite efforts to cool the economy.. The median price of new homes sold also picked up to $416,300 in May, the Commerce Department added.

Ugandans sue TotalEnergies for reparations in France

Twenty-six Ugandans on Tuesday sued French oil giant TotalEnergies in Paris for reparations over alleged human rights violations at its massive megaprojects in the country, as climate protesters targeted its UK headquarters.. EACOP was also the target Tuesday of London climate campaigners who sprayed paint on the facade and lobby of TotalEnergies' UK headquarters in the Canary Wharf financial district.

Macron under fire from left over latest jobs jab

French President Emmanuel Macron on Tuesday faced accusations of minimising the problems of unemployment after he told the mother of a jobseeker that her son could easily find work.. Macron asked the woman during a walkabout in Marseille on Monday after she said her son, 33, could not find work and was in rent arrears.

EU agrees tougher rules on banks

The EU struck a deal on Tuesday to implement internationally-agreed banking reforms intended to avert a repeat of the 2008 financial crisis.. The EU is the first major jurisdiction to implement the final elements of the reforms, ahead of other countries including the United States.

Climate protesters target TotalEnergies' UK headquarters

Climate change campaigners targeted the UK headquarters of oil giant TotalEnergies with paint Tuesday, protesting the French firm's alleged human rights violations in the construction of a contentious oil pipeline in Uganda. . Also on Tuesday in France, a group of Ugandan citizens and aid groups, joined by French aid organisations, filed a lawsuit in a Paris court against TotalEnergies for damages over the alleged human rights violations.