"It is noted that the Defendant (Credit Suisse) has admitted that it was in breach of its duty to the plaintiffs to safeguard the Trust assets by 31 December 2008," the judgment posted on the Singapore International Commercial Court's website showed Friday.
Did Merkel Pave the Way for the War in Ukraine?
Dressed in an imperial purple blazer, Angela Merkel beamed at a ceremony in April as she received Germany's highest honor, recognizing the achievements of her 16-year chancellorship. It was her first appearance on a live broadcast since leaving office more than a year ago. She was at peace with herself, she said. She now had time to indulge her long-standing interest in the Renaissance, and though politics had the reputation of being a "snake pit," she added, she could recall joyful moments from her time in power.
For any other leader, receiving the Grand Cross of the Order of Merit at Berlin's understated Bellevue Palace would have marked the crowning of a legacy. Only two other people had previously received the honor: Konrad Adenauer, the first post-World War II chancellor, and Helmut Kohl, Merkel's own mentor.
GLOBAL NEWS
Municipal Bond Issuers on Edge as Debt Ceiling Deadline Nears
A Utah city's plan to issue about $15 million in bonds to fund a new parking structure has officials fixated on the fast-approaching deadline to raise the U.S. debt ceiling. The fear: A default could upend the bond market.
"The cost will skyrocket for us, and financing could become unattainable, " said Mark Shepherd, mayor of Clearfield, about 30 miles north of Salt Lake City.
U.S. Regulator Vows Tough Line on Problem Banks
Large U.S. banks found to have consistently poor risk management and other failings will face more heavy-handed government intervention, including demands to shore up capital or exit lines of business.
A policy unveiled Thursday creates a new set of guardrails targeting complex banks that fail to fix "persistent weaknesses," said Michael Hsu, head of one of the nation's top banking regulators, the Office of the Comptroller of the Currency.
Chip Companies, Wary of Break With China, Seek Looser Limits on Federal Cash
WASHINGTON-Businesses are pressing the federal government to ease conditions on aid for the semiconductor industry, warning that proposed limits on a grant program and tax credit will make it harder for U.S. companies to compete with their Chinese counterparts and develop new technology.
The companies are trying to shape the implementation of last year's Chips and Science Act, which authorized tax credits and $53 billion of spending in a concerted government effort to use public funding to revive the U.S. semiconductor industry.
Pressure Mounts for U.S. Response After China's Micron Ban
Commerce Secretary Gina Raimondo and her Chinese counterpart held a pivotal meeting on U.S.-China ties as pressure was building on the Biden administration to respond to Beijing's blacklisting of the U.S. semiconductor maker Micron Technology.
Any retaliation by the U.S. over Micron carries the risk of setting back a fragile rapprochement after months of bruising acrimony. Raimondo's dinnertime meeting Thursday with Chinese Commerce Minister Wang Wentao was the latest in a series of high-level talks intended to restart dialogue and the first one to take place in Washington.
North Dakota Gov. Doug Burgum Poised to Enter GOP Presidential Race
North Dakota Gov. Doug Burgum is poised to enter the Republican presidential nomination race and is planning a June 7 event in Fargo, N.D., to make a major announcement, sources familiar with his plans told The Wall Street Journal.
The wealthy former software entrepreneur from a heavily Republican state is expected to join a rapidly expanding GOP field that added two entrants, Sen. Tim Scott of South Carolina and Florida Gov. Ron DeSantis, this week.
China Hack Is Latest Challenge for West's Diplomatic Reset With Beijing
The U.S. and its closest allies said Chinese hackers are targeting critical infrastructure using a novel method that is difficult to detect, sounding an alarm that could be a hurdle to recent efforts to improve ties between Beijing and the West.
Cybersecurity agencies in the U.S., the U.K., Canada, Australia and New Zealand-an intelligence-sharing group of countries known as the Five Eyes-said a Chinese state-sponsored actor is employing a tactic known as "living off the land," which involves using built-in network administration tools to gain access to systems. The activity blends in with normal Windows system activities, allowing the actor to evade detection.
DeSantis Presidential Campaign Looks to Rebound After Botched Twitter Announcement
Ron DeSantis is already looking for a reboot.
After a disastrous launch event on Twitter Spaces Wednesday night, the Florida governor's 2024 presidential campaign got a quick start Thursday in trying to move on by announcing an aggressive travel schedule to early primary voting states while the candidate did interviews with conservative radio hosts and appeared before a large group of fundraisers in Miami.
Write to paul.larkins@dowjones.com
Write to us at newsletters@dowjones.com
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
05-26-23 0543ET
