Latest Developments

Asia-Pacific
The Straits Times

Fast-fashion group Shein agrees to pay US$100m to settle US FTC probe

Shein faces a regulatory and tax crackdown in Europe and the US that has slammed the brakes on its growth. LONDON – Chinese fast-fashion giant Shein has agreed to pay US$100 million (S$127.8 million) to settle an investigation by the US Federal Trade Commission (FTC) into delivery delays and other customer complaints, a source with direct knowledge of the matter told Reuters on Oct 23. The settlement, equivalent to 44% of Shein’s second-quarter profit, is the latest to hit the online fast-fashion retailer, which faces a regulatory and tax crackdown in Europe and the US that has slammed the brakes on its growth. Shein, founded in China but headquartered in Singapore, said in a statement to Reuters that it had “reached a constructive outcome with the FTC” and that additional information would be shared soon. An FTC spokesperson declined to comment. The company had warned in July filings for its Hong Kong initial public offering that the US probe could lead to significant fines. Shein shares have already dropped 22% from their Sept 1 listing price as investors have grasped the extent to which fees on e-commerce packages imposed by the European Union have dented its business there. Jefferies analysts said Shein’s app downloads across 10 markets were down 42% in September from a year ago. Shein is also still under investigation by the European Commission over illegal products on its marketplace. It was also fined €150 million (S$214.8 million) by France’s data protection authority in 2025 for the improper use of cookies. It is not the first time the FTC has taken action against online retailers over deliveries. US company Fashion Nova was fined US$9.3 million in 2020 for failing to meet shipping promises to customers and giving them gift cards instead of refunds. Crocs-owned Hey Dude was fined US$1.95 million in 2023 for failing to notify customers of shipping delays and suppressing negative reviews. REUTERS

Fast-fashion group Shein agrees to pay US$100m to settle US FTC probe
Asia-Pacific
The Straits Times

Amex to slash 5% of headcount as CEO seeks to reduce expenses

American Express is cutting 5% of its headcount globally as chief executive officer Steve Squeri seeks to keep a lid on the company’s rising costs. Squeri told Bloomberg TV that the company has 78,000 employees, meaning the move will affect about 3,500 jobs. Financial firms have been cutting jobs in recent months, with some attributing the changes to the increased use of artificial intelligence. This week, Barclays said it would eliminate 5,000 jobs. HSBC Holdings is planning job reductions across its British wealth-management business, Bloomberg News reported earlier in October, and Citigroup has also been lowering its headcount. Squeri said on a call with analysts on Oct 23 that the job cuts reflect the desire to make the company more agile and efficient, and find ways to reduce layers and speed up decision-making. The workforce cuts were announced after Amex posted third-quarter earnings that beat estimates, with adjusted earnings per share of US$4.68 surpassing the US$4.49 average analyst estimate in a Bloomberg survey. The company also raised its full-year earnings guidance, saying it expects earnings per share of US$18.30 to US$18.60 in 2026, according to a statement on Oct 23. Previously, the figure was expected to be US$17.30 to US$17.90. But billed business – a measure of transactions on credit cards and other products – came in at US$454 billion (S$580 billion) in the third quarter, shy of the US$456.9 billion average estimate in a Bloomberg survey. The company said it had exited some small-business co-brand deals, which affected results. That slower growth in billed business is likely a slight disappointment, according to Truist Securities analysts including Brian Foran. “The headline is good – Amex beats on earnings and raises full-year guidance,” the analysts said in a note to clients. “The details are more mixed.” The company’s results were also affected by the sale of Amex’s equity interest in Global Business Travel Group, which resulted in a US$751 million after-tax gain. Amex used a portion of the gain to fund a US$253 million after-tax restructuring charge tied to efficiency initiatives. The gain, net of the restructuring, is excluded from the adjusted results. “Our business momentum continues, with strength in billings, new acquisitions and card member retention, and excellent credit quality,” Squeri said in the statement. The New York-based firm said expenses climbed about 9% to US$14.5 billion in the third quarter, less than the US$14.8 billion estimate from analysts.

Amex to slash 5% of headcount as CEO seeks to reduce expenses
North America
CNBC Economy

How high inflation became a 'fact of life' in the U.S.

U.S. consumers are in the midst of one of the longest stretches of elevated inflation of the past century. Some are beginning to act like it's a new normal, raising alarm bells for members of the Federal Reserve. Wednesday's consumer price index release showed a 3.7% increase year over year in September. CPI has now registered around 65 months — that's more than five years — of consecutive annual readings above 2%, a widely accepted target for inflation in the U.S. This yearslong spell of high inflation has cast a dark cloud over everyday Americans' view of the economy, and could shape everything from how they budget to how they vote in next month's midterm elections. At the Fed, leaders are left questioning whether consumers' inflationary expectations are becoming too entrenched to rein in. "They're starting to accept high inflation as just a fact of life," Cleveland Fed President Beth Hammack wrote in a social media post last week. "That's concerning." The current streak of stubborn inflation ranks among the most persistent in modern U.S. history. The uninterrupted string of above-2% monthly CPI readings is the longest of the 21st century, according to a CNBC analysis of data from the Bureau of Labor Statistics. The U.S. has seen longer periods on only two other occasions going back to the late 1940s. Since inflation started running above 2% in early 2021, the average CPI reading has sat around 4.5%. The last time a streak had a mean reading that high was during a period ending in the 1980s. Consumers are expecting inflation to accelerate. The one-year inflation outlook in September rose three-tenths of a percentage point to 3.9%, its highest reading in more than three years, according to the New York Fed's Survey of Consumer Expectations released last week. One of the main worries of central bankers is that businesses and consumers may start permanently adjusting their behaviors to account for high prices. That can have ripple effects through the economy. Businesses anticipating rising costs can preemptively hike prices for consumers. Workers expecting sticky inflation will ask for steeper pay raises to get ahead of any sticker shock. All of this can make inflation a self-fulfilling prophecy, rendering the monetary policy tools at the Fed's disposal less effective in slowing price growth. "Inflation expectations have to be anchored for monetary policy to affect the economy in an effective and predictable manner," said Gary Richardson, an economist and former historian at the Fed. "That's got to be number-one goal of any central bank."

How high inflation became a 'fact of life' in the U.S.
Asia-Pacific
The Straits Times

Tuan Sing to buy Westgate Tower in Jurong for $600m

The agreed property value is 6.25% below an independent valuation of $640 million as at Oct 1. SINGAPORE – Tuan Sing is buying Westgate Tower in Jurong East for $600 million, adding to its portfolio of income-generating properties in Singapore as it seeks to strengthen its recurring rental income. The property group said on Oct 23 that its wholly owned subsidiary, Greenlane Land, signed a sale and purchase agreement to acquire all the shares in Westgate Commercial and Westgate Tower. The two entities collectively own all the commercial office units at the property, located at 1 Gateway Drive. The agreed property value of $600 million is 6.25% below an Oct 1 valuation of $640 million, and some 12% below the $680 million that investment manager AEW paid when it acquired Westgate Tower from Sun Venture in 2022. At $600 million, the office building is transacting at roughly $1,967 per sq ft of net lettable area totalling about 305,000 sq ft. JLL brokered the deal. The 20-storey Grade A office asset houses 295 strata-titled office units. Its committed occupancy rate is about 90%, and the building stands on a site with some 84 years’ balance lease. The strata-titled structure gives Tuan Sing flexibility to sell individual units or retain the building as a whole for rental income, said the group. Asked if it planned to sell the units individually or redevelop the tower for a specific use, chief executive officer William Liem told The Business Times: “We have not made a decision but we remain flexible. Our priority is to improve occupancy further.” He added: “The acquisition reflects our disciplined approach to capital allocation – investing selectively in quality assets where we see clear potential to enhance returns and create sustainable long-term value for our shareholders.” Tuan Sing’s existing Singapore investment properties consist of prime office, retail and hospitality assets, including 18 Robinson and Dunearn Village. The purchase consideration will be paid entirely in cash, using a combination of internal resources and bank financing. The transaction is expected to be completed on Dec 1.

Tuan Sing to buy Westgate Tower in Jurong for $600m
Asia
The Hindu BusinessLine

Sanjay Raut must appear in person, Nikhil Wagle virtually in Supreme Court contempt case

FILE PHOTO: Shiv Sena (UBT) MP Sanjay Raut has been directed to appear in person before the Supreme Court on November 17 in contempt proceedings over remarks concerning the judiciary. | Photo Credit: Ravi Choudhary The Supreme Court on Wednesday directed Shiv Sena (UBT) Rajya Sabha MP Sanjay Raut to appear before it in person on November 17 in contempt proceedings over remarks concerning Chief Justice of India Surya Kant and the judiciary. Observing that the issue pertains to the “entire institution of judiciary”, a bench of Justices Aravind Kumar and Vipul M Pancholi also directed journalist Nikhil Wagle to appear virtually before it on the next date of hearing. On October 16, the apex court had issued show-cause notices to Raut and Wagle in the matter. The top court, however, had exempted them from personal appearance on October 28, saying it would first consider their explanations. The show-cause notices were issued on a contempt plea filed by the Supreme Court Bar Association (SCBA). After the hearing on Wednesday, Raut said he will remain present in the top court as directed in the matter. He said he was not fully aware of what transpired in the court as his lawyers were not present. During the hearing on Wednesday, senior advocate Indira Jaising, appearing for Wagle, said he has tendered an unconditional apology for his posts which were later deleted. “Now that he (Wagle) has deleted and expressed remorse and tendered unconditional apology, let him appear,” the bench observed, adding that Wagle can appear before the court virtually. “This is an issue which pertains to the entire institution of judiciary,” the bench observed. Senior advocate Pradeep Rai and other advocates, who appeared for the SCBA, referred to the X posts of Raut and Wagle and said these posts showed they don’t have respect for the highest court of the country. The bench noted that counsels appearing for the SCBA have submitted that Raut has filed a reply affidavit.

Sanjay Raut must appear in person, Nikhil Wagle virtually in Supreme Court contempt case
North America
CNBC Finance

Bank of America posts third-quarter profit drop due to $1.2 billion Treasury fine; shares decline

Bank of America posted a sharp decline to third-quarter profit after being hit with a $1.2 billion penalty by the U.S. Treasury Department. The bank's profit fell 17% to $6.93 billion, or 91 cents a share. Excluding the penalty, which sapped income by 17 cents, EPS would've been $1.08 a share. Revenue rose 3.2% to $30.12 billion in the quarter, below expectations by about $570 million, largely on misses from Wall Street trading operations. Fixed income trading revenue fell 17% to $2.55 billion on weakness in mortgages, municipals, and credit activity. That is roughly $450 million below the StreetAccount estimate. Equities trading revenue climbed 10% to $2.51 billion, but that was also below analysts' expectations, by nearly $300 million. The Treasury episode, in which U.S. regulators said the company failed to report billions of dollars in suspicious transactions, will inevitably spark questions as to whether CEO Brian Moynihan has a handle on controls at the second-biggest U.S. bank by assets. Moynihan took the helm in 2010 and spent the early years of his tenure making amends for mortgage-related abuses in the aftermath of the 2008 financial crisis. Now, questions arise as to whether there are any more risk-management issues waiting to be found. The Treasury announcement adds 11th-hour intrigue to what was an otherwise fairly routine bank earnings week. On Tuesday, JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo posted mixed results, with JPMorgan missing EPS and revenue estimates for the first time in years. Correction: Bank of America reported third-quarter revenue on an FTE basis of $30.12 billion compared with LSEG estimates of $30.69 billion. An earlier version misstated the comparison. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Bank of America posts third-quarter profit drop due to $1.2 billion Treasury fine; shares decline
Europe
The Guardian

United Airlines CEO faces rightwing backlash after calling for US wealth tax

Scott Kirby, the CEO of United Airlines, testifies before the Senate on Capitol Hill, on 15 December 2021, in Washington. Photograph: Chip Somodevilla/APView image in fullscreenScott Kirby, the CEO of United Airlines, testifies before the Senate on Capitol Hill, on 15 December 2021, in Washington. Photograph: Chip Somodevilla/APUnited AirlinesUnited Airlines CEO faces rightwing backlash after calling for US wealth taxScott Kirby says wealth inequality is a ‘danger to society’ and calls for inheritance tax in recent interview Scott Kirby, the CEO of United Airlines, is under scrutiny from conservative politicians and commentators for saying wealth inequality is a “danger to society” and calling for a national wealth and inheritance tax in a recent interview. Talking to the New York Times, Kirby was asked about the growing public distrust of CEOs and whether he felt any responsibility to quell that distrust. “We should have a national wealth tax – it won’t work by state because people will just move,” he said. “And I think we should have inheritance taxes that get close to 100% at some level. I would pay them.” In response, headlines from Fox Business and the New York Post decried that Kirby made $32m in 2025. In response to Kirby’s comments, Glenn Beck, a former Fox News host, and other users on X called for a boycott of United Airlines. Jeff Landry, Louisiana’s governor, said the statement was “audacious”. “How audacious from a guy that didn’t even build @united and makes $32 million a year,” he wrote on X, adding a link to a government website to donate money to the government. “Better yet, he should distribute his salary to the employees at the bottom of the ladder @united!” The comment comes just two weeks before voters in California will decide on a so-called “billionaire’s tax”, which would put a 5% tax on the state’s billionaires, that the wealthy have been spending millions fighting against. Kirby was also asked about the rising cost of flying and said that high prices this year were being compared to the “artificial low” prices from the pandemic, which largely halted travel and highly disrupted the airline industry. “We have to charge enough that it covers the cost of flying, and it’s expensive to fly airplanes,” he said. When asked about the $70 passengers must pay to sit in an aisle or window seat if they aren’t a frequent flyer with United, Kirby responded that “the way to give everyone what they want is to charge for the services and products that those customers want,” adding: “There are customers that pay more that get more.” Kirby also maintained that fares were still lower than in 2019 after adjusting for inflation. According to data from the labor department, the index for airline fares increased by about 20% from September 2019 to September 2026, while overall consumer prices increased by 31%.

United Airlines CEO faces rightwing backlash after calling for US wealth tax
North America
Yahoo Finance

He Bought Pokémon Cards Through His Solo 401(k). The IRS Doesn’t Care That They Outperformed the S&P 500.

His vintage Pokémon cards beat the S&P 500 inside his solo 401(k), and the IRS still handed him a tax bill the year he bought them. The rule that triggered it has nothing to do with performance. Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here. This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. A self-employed consultant in his late 50s opened a solo 401(k) years ago to protect income from his one-person business. Later he added a self-directed feature that let him pick each holding. He used it to buy a few professionally graded vintage Pokémon cards. The plan held them, the market for those cards rose, and by his own count the position did better than a broad S&P 500 index fund over the same period. Then his tax preparer read the plan statements. What comes next depends entirely on the purchase. The federal rule on collectibles in retirement accounts is triggered by the purchase itself, and gains, losses and benchmarks never enter the math. The collectibles restriction goes beyond IRAs. Under 26 U.S.C. § 408(m)(1), “the acquisition by an individual retirement account or by an individually-directed account under a plan described in section 401(a) of any collectible shall be treated (for purposes of this section and section 402) as a distribution from such account in an amount equal to the cost to such account of such collectible.” A solo 401(k) is a qualified plan under section 401(a). A self-directed feature that lets the owner choose each asset is a classic individually directed account. That phrase covers the consultant directly, so a solo 401(k) is no workaround for the collectibles rule. Trading cards don’t appear by name. But two categories are broad: works of art, and a catch-all for tangible personal property that the Treasury Secretary determines. IRS publications end their own summary of the list with “certain other tangible personal property”. Graded cards are printed artwork held as physical property, so the conservative reading places them inside the definition, and this case assumes they are collectibles. An owner who thinks his holdings fall outside it should get that position in writing from a tax professional before relying on it. Not every old or valuable object counts. You need to know which set of rules applies before you can know which tax rate applies. Section 408(m)(3) excludes some assets from the definition: certain gold, silver and platinum coins described in 31 U.S.C. 5112, a coin issued under the laws of any State, and gold, silver, platinum or palladium bullion that meets the minimum fineness required for delivery under a regulated futures contract. The bullion also has to be in the physical possession of a trustee. So some precious metals can sit in a retirement account without triggering a deemed distribution. Trading cards are nowhere in that exception. The tax is measured at the plan’s purchase price. If the cards later double in value, the deemed amount stays the same. If they lose value, it also stays the same. IRS guidance says “the amount invested is considered distributed to you in the year invested.” Two costs can follow. First, the cost of the cards counts as income for the year of purchase. Second, under section 72(t)(1), a taxable amount received from a qualified plan can trigger an additional tax. The IRS calls it the 10% additional tax on early distributions. That tax doesn’t apply to distributions made on or after the date on which the employee attains age 59½, so the owner’s age on the purchase date matters.

He Bought Pokémon Cards Through His Solo 401(k). The IRS Doesn’t Care That They Outperformed the S&P 500.
Europe
BBC Business

Google resolves cloud outage affecting UK banks and websites

Image source, Thomas Fuller/SOPA Images/LightRocket via Getty ImagesByLiv McMahon, Technology reporter and James Kelly, Your VoicePublished20 October 2026Google Cloud says it has resolved disruption at its UK cloud site which caused an outage affecting UK banks, businesses and the courts. The company, one of a few large cloud computing firms whose infrastructure and services underpin many online platforms, reported an "issue with multiple services" at its London data centre complex "europe-west2" early on Tuesday. Revolut, Lloyds Bank and HSBC were among popular UK services that confirmed disruption on Tuesday morning, after thousands of reports of problems were raised by users online. The tech giant apologised to those affected and thanked customers for their patience. "We have resolved a disruption to Google Cloud services at a third-party facility in our europe-west2 cloud region due to a power event," a Google Cloud spokesperson said in a statement on Tuesday evening. They added that the company would publish an analysis of the incident on its service health dashboard, external, where it provides customers with updates about the status of its cloud services globally. Cloud computing giants like Amazon Web Services (AWS), Microsoft Azure and Google Cloud make their services available to clients in local or regional sites around the world, which they call "regions", containing their data centres. In updates to its service dashboard on Tuesday morning, Google Cloud had said a number of its cloud services were "experiencing elevated errors and intermittent network failures in europe-west2 region" - its UK cloud facility in London. It later said that the issues had stemmed from a "power event" within one of its smaller data centre zones, europe-west2-b. These seemingly affected a host of popular UK platforms and services, with customers flagging issues with sites including Royal Mail, DPD and e-bike service Forest. The HM Courts and Tribunals Service also said it was aware of an issue affecting the video platform used for remote hearings. Banks appeared to be among the most badly affected, with customers reporting problems ranging from being unable to access funds abroad to struggling to complete a property purchase.

Google resolves cloud outage affecting UK banks and websites