R8 610 hp

NEW YORK: Citigroup Inc is heading to trial on Wednesday, hoping to convince a Manhattan federal judge to undo a nearly US$900 million blunder where it used its own money to repay lenders of Revlon Inc, the struggling cosmetics company. The unusual case could provide insight into Wall Street banks' relationships with clients, and guidance on steps that banks must take to safeguard how money is moved. It stemmed from an Aug. 11 incident where Citigroup mistakenly wired US$893 million to Revlon's lenders, appearing to pay off a loan that was not due until 2023, rather than a planned US$7.8 million interest payment. The bank had been acting as the loan agent for Revlon, which did not have enough cash to prepay the loan. While some 200 Revlon lenders have repaid Citigroup, the bank is suing hedge fund and asset managers such as Brigade Capital Management, HPS Investment Partners and Symphony Asset Management to recover US$501 million that it said remains due. U.S. District … [Read more...] about Citigroup heads to trial seeking to undo nearly US$900 million Revlon blunder

WASHINGTON: The US economy added the fewest workers in six months in November, hindered by a resurgence in new COVID-19 cases that, together with a lack of more government relief money, threatens to reverse the recovery from the pandemic recession. The Labor Department's closely watched employment report on Friday also showed 3.9 million people have been out of work for at least six months, with many giving up, a sign of a lack of confidence in the labour market. The report, which only covered the first two weeks of November, when the current wave of coronavirus infections started, underscored the challenges facing President-elect Joe Biden when he takes over from President Donald Trump on Jan 20. Biden called the report "grim" and urged Congress and Trump to provide additional fiscal stimulus. "Americans need help and they need it now," the president-elect said in a statement. The economy has recouped only 12.4 million of the 22.2 million jobs lost in March and April. Even … [Read more...] about US labour market losing steam as COVID-19 pandemic rages

WASHINGTON: America’s employers scaled back their hiring last month as the COVID-19 pandemic accelerated across the country, adding 245,000 jobs, the fewest since April and the fifth straight monthly slowdown. At the same time, the unemployment rate to a still-high 6.7 per cent, from 6.9 per cent in October, the Labor Department said. November’s job gain was down from 610,000 in October. Friday’s report of another slowdown in hiring was the latest evidence that the job market and the economy are faltering in the face of a virus that has been shattering daily records for confirmed infections. Before the pandemic, last month’s gains would have been considered healthy. But the US economy is still roughly 10 million jobs below its pre-pandemic level, with a rising proportion of the unemployed describing their jobs as gone for good. Faster hiring is needed to ensure that people who were laid off during the pandemic recession can quickly get back to work. Two enhanced federal … [Read more...] about US employers add a modest 245,000 jobs as COVID-19 intensifies

NEW YORK: A federal judge on Thursday said Citigroup Inc's lawsuit to recoup some of the nearly US$900 million it mistakenly paid Revlon Inc's lenders appeared on track for trial next week after receiving assurances he had authority to conduct it. U.S. District Judge Jesse Furman in Manhattan had late Wednesday said he could not be sure all the defendants were citizens of different states than the bank's South Dakota-based Citibank unit, a jurisdictional requirement for the planned Dec. 9 nonjury trial. But at a hearing, lawyers for Citigroup and the defendants said they were making substantial progress on that issue, and confident at least most defendants could stay in the case. "I'm relieved in that it seems like it won't blow up the trial on this issue," Furman said. The lawsuit stemmed from Citigroup's having on Aug. 11 sent US$893 million of its own money, rather than a US$7.8 million interest payment, to Revlon's lenders. Citigroup was acting as the loan agent for … [Read more...] about Citigroup on track for trial over US$900 million Revlon mistake

There's a massive loss through the drivetrain, but understandable in a truck. As it stands, the 2021 Ram TRX is the most powerful bone-stock truck coming from the factory without the need for electrification. The Hellcat-powered Ram 1500 makes use of its supercharged 6.2-liter V8 to churn out up to 702 horsepower (523 kilowatts) and 650 pound-feet (881 newton-meters). Those numbers are sent to all four wheels but, of course, there will be drivetrain loss, which could affect the numbers if measure at the wheels. Hennessey aims to discover the output at the wheels, as seen on its latest benchmarking video of the 2021 Ram TRX. Interestingly, the Texas-based tuner only measured the output at the rear wheels (not sure how on the TRX). Gallery: 2021 Ram 1500 TRX: First Drive Review 59 Photos After the dyno test, Hennessey got 583 hp (435 kW) and 570 lb-ft (773 … [Read more...] about 2021 Ram TRX Hits The Dyno Before Hennessey Puts It Under The Knife

Bravely Default 2 may look like your standard turn-based RPG, but there is a lot more going on under the hood. If you've never played a Bravely Default game, then this new game can actually be kind of tough. So, we've compiled eight tips to help you navigate the world and give you the edge in combat. If you're more curious about how the game stacks up, be sure to read our Bravely Default 2 review. Otherwise, read on for some essential tips! Bravely Defaulting: Finding A Balance Bravely Default's core combat mechanics are braving and defaulting, as the title of the game implies. "Braving" allows a character to attack multiple times in a row, while "defaulting" is a defensive maneuver that stores an action point. The catch is that your characters can only attack if they have 0 or at least one free "brave point" or BP. So, if you go "full brave" at the beginning of a battle, they will go into turn-debt, meaning they can't perform any actions for the next few turns. You could … [Read more...] about Bravely Default 2 Guide: Essential Tips To Know Before Playing

close Video Test drive: 2021 Genesis GV80 The 2021 Genesis GV80 is the brand's first SUV and packed with luxury and tech, according to Fox News Autos Editor Gary Gastelu. It’s a strange thing to get into a vehicle that one of the most famous people in the world just wrecked . Not the actual damaged vehicle, but one just like it. I was at the hospital for a routine visit when news broke that Tiger Woods was in another hospital on the other side of the country with serious injuries after rolling off a California road in a Genesis GV80 , the same model that was sitting in the garage waiting to take me home. Based on preliminary evidence , the accident wasn’t due to any fault of the GV80’s, but chalked up to Woods driving carelessly on a tricky road as he was rushing to work. Nevertheless, it put the vehicle in a somewhat different light as I retrieved it from the garage and headed off to continue my evaluation of what had all of a sudden become … [Read more...] about Test drive: The 2021 Genesis GV80 is ready for its unexpected fame

close Video Test drive: Land Rover Defender Fox News Autos Editor Gary Gastelu gets down and dirty with the all-new Land Rover Defender The new Land Rover Defender is on the offense. (Land Rover) The first vehicle to carry the name in the U.S. since 1997 is a thoroughly modern machine that’s very different than recent retro reboots like the Mercedes-Benz G-Class and the upcoming Ford Bronco . Unlike the original Defender, which was a body-on-frame truck with solid axles that was sold in other countries through 2016 , the new one features an aluminum unibody and fully independent suspension. That doesn’t mean it’s gone soft, even if its standard air springs are. The midsize premium SUV was engineered for extreme off-road duty. (Note: We tested a 2020 model due to its late availability, but the 2021 version is identical.) (Land Rover) It’s launching as the four-door Defender 110, while a two-door … [Read more...] about Test drive: The Land Rover Defender is ready for an off-road battle

SINGAPORE: A 47-year-old Immigration and Checkpoints Authority (ICA) officer was charged on Tuesday (Nov 24) with taking bribes and accepting sexual favours in exchange for helping two Chinese nationals secure Special Passes. Teo Hwee Peng is alleged to have accepted money and sexual favours from the two women between 2018 and 2019, the Corrupt Practices Investigation Bureau (CPIB) said. One of them, 37-year-old Liang Qinglan, is accused of agreeing to give him an Apple iPhone X, in exchange for a Special Pass so that she could remain in Singapore. Teo also had sex with Liang and accepted a red packet containing 188.88 yuan (S$38) from her. The ICA officer subsequently took at least S$2,100 cash and loans amounting to 7,000 yuan (S$1,430) from her as rewards for his help, and they had sex on another occasion, CPIB said. In July 2019, Teo attempted to obtain about S$1,500 and accepted a massage and masturbation services from another Chinese national, 32-year-old Cheng … [Read more...] about ICA officer charged with accepting money and sexual favours from 2 Chinese nationals

Vietnam needs over US$128 billion for power investment next 10 years A drone is used to inspect a power transmission system in Vietnam. The country will need an estimated US$128.3 billion for developing the power system in the next decade The Institute of Energy, under the Ministry of Industry and Trade, on February 22 continued to collect feedback over the plan from the relevant agencies. According to the plan, during the 10-year period, Vietnam will need to pour some US$12.8 billion on average into the power sector per year. The total investment for the following 15 years from 2031 to 2045 will be some US$192 billion, including some US$140 billion for power sources and US$52 billion for the grid. The draft zoning plan also revealed that Vietnam will continue to import electricity from China, Laos and Cambodia in the next 10 years. The State-run Vietnam Electricity Group is purchasing electricity from China through two 220kV power lines, with 1.5 billion kWh of … [Read more...] about VIETNAM BUSINESS NEWS FEB. 26