Gas station owner charged for $500M fraud scheme
Gas station owner Lev Dermen was found guilty of a massive $500 million fraud scheme involving a federal biodiesel incentive program. Working with polygamist brothers Jacob and John Kingston, Dermen helped falsely claim government credits for biofuel production through their company Washakie Renewable Energy.
Filipinos struggle amid coronavirus quarantine
The Philippines has implemented strict lockdown measures on Luzon island to combat COVID-19, suspending travel, business operations, and educational activities. Millions of Filipinos are experiencing panic and uncertainty as they adapt to prolonged home confinement, sharing their experiences and challenges through social media.
Malaysians brace for economic and social impacts of lockdown
Malaysia enforces a comprehensive nationwide lockdown starting March 18, restricting public gatherings, business operations, and international travel. Prime Minister Muhyiddin Yassin's order aims to control the sharp increase in coronavirus cases, with only essential services remaining operational and returning citizens subject to mandatory self-quarantine.
Global stock markets stumble as coronavirus pandemic spreads
The coronavirus pandemic has caused significant disruption in global stock markets, with shares plummeting over 11.5% between March 9-13. The market downturn was exacerbated by the Russia-Saudi Arabia oil price war, leading to substantial drops in crude prices and widespread economic uncertainty.
Japan and South Korea to continue discussions over export controls
Japan and South Korea engaged in a 16-hour video conference to discuss trade restrictions, with both sides expressing optimism about potential progress in resolving their export control disagreements.
Australia wards off recession through $11 billion stimulus package
The Australian Government has unveiled an $11.4 billion stimulus package to mitigate the economic fallout from the coronavirus pandemic. Prime Minister Scott Morrison emphasized the plan's focus on preserving jobs and helping businesses survive the crisis, with cash payments ranging from $1,294 to $16,184 for small and medium enterprises.- EXCERPT: A 100-word summary that captures the essential information from the original text
European banks allow delays in mortgage payments to soften coronavirus impact
In response to COVID-19's economic impact, European banks like RBS, Lloyds, and TSB are allowing mortgage payment deferrals and providing flexible savings account options to help individuals experiencing financial difficulties due to pandemic-related income loss.
Founder of India’s Yes Bank faces money laundering charges
Rana Kapoor, founder of Yes Bank, was arrested by financial crime detectives over allegations of money laundering and criminal conspiracy. The charges involve approximately $581 million, with authorities claiming he failed to cooperate in the investigation. Kapoor denies the accusations and maintains his willingness to assist in the probe.
Oil price plunges as Saudi Arabia retaliates with Russia
The prices of oil fell sharply on Monday following Saudi Arabia’s launch of price war against Russia which is reportedly unwilling to cut its...
Increasing corporate misdeeds in Malaysia could be due to weak government...
Malaysia's economic growth has been marred by significant corporate scandals, including the notorious 1MDB case involving former Prime Minister Najib Razak. Analysts suggest weak government policies may be contributing to increased unethical business practices, undermining the country's international reputation and economic integrity.
