dChan
Anonymous ID: c800b3 Sept. 29, 2021, 6:53 a.m. No.96702   🗄️.is đź”—kun   >>6740 >>6753 >>6794 >>6804

United Airlines' Around 600 Unvaccinated Employees Face Termination

 

United Airlines' 593 employees are facing termination for failing to comply with Covid-19 vaccine requirement, reports said. Meanwhile, more than 99% of employees complied with its policy to receive the vaccine or apply for a medical or religious exemption.

 

The employees were required to upload proof of vaccination by Monday. Among the United Airlines' around 67,000 employees, nearly 2,000 sought exemptions for religious or medical reasons. The company earlier had said that employees who receive such exemptions would be placed on temporary unpaid leave. As per reports, the unvaccinated employees without exemptions will be terminated on the grounds of violating a company safety policy.

 

Meanwhile, the termination process could take several weeks. Such employees who didn't upload vaccine proof include various work groups, including pilots, flight attendants and mechanics. CNBC quoted United's CEO, Scott Kirby, and the company's president, Brett Hart as saying, "This was an incredibly difficult decision but keeping our team safe has always been our first priority."

 

During the termination process, the company reportedly may reconsider the termination of any unvaccinated employees without exemptions who decides to change their mind and get vaccinated. Last week, six employees of United Airlines filed a lawsuit against the company's compulsory-vaccine policy. According to the lawsuit, the company did not discuss with employees its vaccination policy.

 

The airline is the first major one to issue compulsory vaccine mandate for its employees.

https://markets.businessinsider.com/news/stocks/united-airlines-around-600-unvaccinated-employees-face-termination-1030831182

Anonymous ID: c800b3 Sept. 29, 2021, 7:05 a.m. No.96708   🗄️.is đź”—kun   >>6740 >>6753 >>6794 >>6804

Citi’s $500 Million Blunder Back in Court as Bank Argues Appeal

 

Citigroup Inc. faces tough odds as it tries to persuade an appeals court that disgruntled Revlon Inc. creditors should give back more than half a billion dollars the bank accidentally sent them last year.

 

A trio of federal judges in Manhattan will hear arguments from both sides on Wednesday as it weighs a lower court’s surprise decision that the lenders can keep the money -- a decision Citigroup’s main banking unit calls a misapplication of the law that sent “shockwaves through the markets.” Citibank, which sued the lenders for the money last year, could get the decision overturned, but it won’t be easy, said Bloomberg Intelligence senior litigation analyst Elliott Stein. It would require the appeals panel to dial back the lenders’ key legal defense “in a way that undermines finality in business transactions and shifts responsibility for catching errors to creditors,” he said. Stein noted that the federal judges could also kick the case over to New York’s highest court for its views.

The dispute turns on the “discharge for value” defense, established by a 1991 New York court ruling that creditors can keep money sent to them in error if they didn’t realize the payment was a mistake. In the Citibank case, the bank was trying to make an interest payment to one of the cosmetics company’s creditors in August 2020 acting as administrative agent on the loan when a series of employee errors led to a mistaken transfer of more than $900 million to other lenders.

 

Some returned the money, but a group including Brigade Capital Management LP, HPS Investment Partners LLC and Symphony Asset Management refused, saying Revlon had already defaulted on its obligations under a 2016 term loan and should have repaid them by that point. Citibank sued the lenders for the $504 million it hadn’t recovered. Following a two-week trial in December, U.S. District Judge Jesse Furman ruled for the Revlon lenders in February, saying they shouldn’t have been expected to know the transfer was in error. Furman’s decision was a windfall for the creditors, which had been battling Revlon, controlled by billionaire investor Ron Perelman, over its May 2020 restructuring. It was a black eye for Citibank, which was forced to explain the embarrassing blunder to regulators, including the Office of the Comptroller of the Currency and the Federal Reserve. Chief Exeuctive Officer Jane Fraser in June called it a “massive unforced error” and showed examples of manual processes that need to be automated.

 

Citigroup said in a statement Tuesday that its appeal is grounded in “strong legal precedent and deep ethical principles.”

moar

https://www.bnnbloomberg.ca/citi-s-500-million-blunder-back-in-court-as-bank-argues-appeal-1.1659096

Anonymous ID: c800b3 Sept. 29, 2021, 7:17 a.m. No.96710   🗄️.is đź”—kun   >>6712 >>6740 >>6753 >>6794 >>6804

Fumio Kishida elected as new leader of Japan's ruling LDP

 

Former foreign minister set to become new prime minister ahead of autumn election

 

Fumio Kishida, a former foreign minister, won a four-way race to lead Japan's ruling Liberal Democratic Party on Wednesday, setting him up to succeed Yoshihide Suga as prime minister and take the party into a general election this autumn.

 

The contest went to a runoff after none of the four candidates got a majority in the first round of voting involving the LDP's 382 lawmakers and its 1.1 million rank-and-file members. Kishida, 64, will be formally elected as prime minister in a parliamentary session scheduled to begin on Oct. 4. Kishida won 257 votes against 170 for vaccine minister Taro Kono, the runoff contender. The results came after a surprisingly strong showing by Kishida in the first round, coming on top among the four contenders. Before the election, Kono had been widely considered as the favorite to lead the first round of the vote.

 

The triennial leadership contest came amid a sliding popularity of Suga and mounting calls for a leadership change within the LDP. The Hiroshima native faces the immediate challenge of helping the party win the lower house election and an upper house poll next summer. He will be tasked with keeping the coronavirus pandemic under control, finding new areas of growth for the economy as it emerges from the health crisis and dealing with regional security issues stemming from the rise of China.

 

The election was held in a ballroom of a Tokyo hotel. Kishida was as calm and composed as always when he rose to the stage after the election. "Our country's democracy is in crisis. People feel that their voices aren't heard in politics," Kishida said, addressing the fellow lawmakers present. "One thing I'm good at is listening to other people," he stressed. "We have to show to the people that our party has changed so they will give us support."

 

Kishida promised to compile an economic stimulus package worth hundreds of billions of dollars by the end of the year, adding that the country is facing multiple challenges, including the COVID crisis, an aging population, keeping the Indo-Pacific region free and open, and creating a new capitalism for the people.

moar

https://asia.nikkei.com/Politics/Japan-election/Fumio-Kishida-elected-as-new-leader-of-Japan-s-ruling-LDP

Anonymous ID: c800b3 Sept. 29, 2021, 7:57 a.m. No.96733   🗄️.is đź”—kun   >>6740 >>6753 >>6794 >>6804

Three More U.K. Power Suppliers Collapse as Energy Crisis Deepens

 

Igloo Energy Supply Ltd, Enstroga and Symbio Energy announced their collapse on Wednesday, taking the number of U.K. utilities that have gone under to ten in the past two months amid a broader energy crisis.

 

The 233,000 customers of the three utilities will be allocated another supplier by regulator Ofgem. Igloo said that “incredibly high gas prices” have created a retail market that is no longer sustainable for the company to operate in, according to a statement. About 1.7 million customers in the country have been forced to switch supplier since the start of August as rising gas and power prices cause a huge shake out within the industry. Both Kwasi Kwarteng, the U.K.’s business minister, and energy regulator Ofgem have warned that they expect more suppliers to go bust this winter.

“The current extreme price shock that we’re experiencing is one that few, if anyone, anticipated,” Igloo said in a statement.

 

Together the three suppliers represent less than 1% of domestic customers in the market, according to Ofgem.

https://www.bnnbloomberg.ca/three-more-u-k-power-suppliers-collapse-as-energy-crisis-deepens-1.1659172

Anonymous ID: c800b3 Sept. 29, 2021, 8:12 a.m. No.96742   🗄️.is đź”—kun   >>6753 >>6794 >>6804

Japan prosecutors seek two years' jail for Ghosn aide Kelly

 

Japanese prosecutors on Wednesday sought a two-year jail sentence for Greg Kelly, a former aide of fugitive ex-Nissan chief Carlos Ghosn, on trial over financial misconduct allegations.

 

While Ghosn is at large in Lebanon after fleeing Japan in an audio equipment box, Kelly is the only person to stand trial over claims Nissan tried to hide planned payments to the auto tycoon. In a Tokyo court, prosecutors also demanded that Nissan, standing trial as a firm alongside Kelly, be fined 200 million yen ($1.8 million). The defence will deliver their final arguments on October 27 and the verdict could follow several months later. Prosecutors alleged that the 65-year-old American lawyer and former top Nissan executive played a key role in what they described as a conspiracy to under-report Ghosn’s compensation between 2010 and 2018. Falsifying annual securities reports can carry a sentence of up to 10 years under Japanese law. Kelly has repeatedly denied any wrongdoing and is living in Tokyo, out on bail and forbidden from leaving Japan while fighting the case. The Nissan scandal erupted in November 2018 when Ghosn and Kelly were arrested in Tokyo, grabbing headlines and sending shockwaves around the corporate world.

 

Ghosn was slapped with a series of financial misconduct charges, including allegations he was to receive payment after retirement that should have been declared but was not. The charges against Kelly involve payments of around 9.2 billion yen ($83 million at current rates) that prosecutors say was promised to his former boss upon retirement. Nissan has pleaded guilty to the charge against it over the alleged payments. But both Kelly and Ghosn say no final agreement was made on any post-retirement pay, and therefore no disclosure was legally required.

https://www.digitaljournal.com/world/japan-prosecutors-seek-two-years-jail-for-ghosn-aide-kelly/article#ixzz77royo5UU

Anonymous ID: c800b3 Sept. 29, 2021, 11:30 a.m. No.96793   🗄️.is đź”—kun   >>6804

U.S. Debt-Limit Measures May Run Out in Late October, CBO Says

 

The U.S. Treasury is likely to exhaust its ability to borrow as soon as late October, according to the Congressional Budget Office, in the latest warning to lawmakers following their failed efforts to address the debt ceiling this week.

 

Barring an increase or suspension of the debt limit, the Treasury will run out of cash along with special measures to avoid a federal payments default by late October or early November, the nonpartisan CBO said in a report Wednesday. That echoes the calculation the CBO provided in July and compares with the Treasury’s estimate of Oct. 18, released by Secretary Janet Yellen on Tuesday.

 

A two-year suspension of the debt limit expired July 31, prompting Treasury to commence special measures including halting new investments into several federal employee retirement funds to conserve cash.

 

Once those measures to pay government debts are exhausted, the U.S. would enter a technical default and be forced to delay making payments to lenders. Yellen said Tuesday this would be “catastrophic” and could lead to a “financial crisis” and recession.

 

With Republicans attempting to force Democrats to use an involved parliamentary procedure to boost the debt limit on their own, a partisan impasse has been hit on the matter. Lawmakers also have to enact a stopgap spending bill to keep the federal government funded past the end of the fiscal year on Thursday, and avert a shutdown.

https://www.bnnbloomberg.ca/u-s-debt-limit-measures-may-run-out-in-late-october-cbo-says-1.1659327