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The Star
an hour ago
- The Star
Russia allows transfers from foreigners' blocked accounts as part of asset swaps
FILE PHOTO: A Russian state flag flies over the Central Bank headquarters in Moscow, Russia July 24, 2025. The sign reads: "Bank of Russia". REUTERS/Evgenia Novozhenina/File Photo MOSCOW (Reuters) -Russia's central bank has tweaked its rules for non-residents, allowing foreigners' funds from special type-C accounts to pass to Russian investors when involved in the exchange of assets, a move that could free up blocked capital in Russia and abroad. In response to Western sanctions over Russia's invasion of Ukraine, which froze around $300 billion of Russia's sovereign assets in Western jurisdictions, Moscow started diverting foreign-owned funds in Russia to type-C accounts, access to which is blocked unless Moscow grants a waiver.
The Star
2 hours ago
- The Star
Trump calls on 'highly conflicted' Intel CEO to resign over China ties
US PRESIDENT Donald Trump on Thursday demanded the immediate resignation of Intel's new CEO, Lip-Bu Tan, calling him "highly conflicted" due to his ties to Chinese firms and raising doubts about the future of the American chip icon. A change in leadership could pile pressure on the company as it pushes through a major strategic reset started by Tan that aims to slash costs by shrinking its workforce and halting construction on some of its planned manufacturing plants. Trump's comments came a day after Reuters reported U.S. Republican Senator Tom Cotton had sent a letter to Intel's board chair with questions about Tan's ties to Chinese firms and a recent criminal case involving his former firm Cadence Design. Reuters reported in April that Tan - himself or through venture funds he has founded or operates - invested in hundreds of Chinese companies, some of which are linked to the Chinese military. "There is no other solution to this problem," Trump said in a post on his Truth Social platform, knocking shares of Intel down around 4% in U.S. premarket trading. Intel is a key pillar of U.S. efforts to boost domestic chipmaking and last year secured nearly $20 billion in grants and loans, the largest federal award under the 2022 CHIPS and Science Act, to subsidize leading-edge semiconductor production. Intel and Tan, who took over the CEO role in March after the ousting of his predecessor Pat Gelsinger late last year, did not immediately respond to Reuters requests for comment. An Intel spokesperson said in a statement on Wednesday that "Intel and Tan are deeply committed to the national security of the U.S. and the integrity of our role in the U.S. defense ecosystem." The company said it would address the matters in the letter with the Senator. The Intel CEO invested at least $200 million in hundreds of Chinese advanced manufacturing and chip firms between March 2012 and December 2024, Reuters reported in April. A source familiar with the matter had at the time told Reuters that Tan had divested from his positions in entities in China, without providing further details. Chinese databases reviewed by Reuters at the time had listed many of his investments as current, and Reuters was at the time unable to establish the extent of his divestitures. Once the dominant force in chip-making, Intel has in recent years lost its manufacturing edge to Taiwanese rival TSMC. It also has virtually no presence in the booming market for artificial intelligence chips dominated by Nvidia. To revive Intel's fortunes, Tan has set a goal of slashing the chipmaker's workforce to 75,000 people by year-end, a reduction of around 22%. Intel also vowed to take a more disciplined approach to manufacturing investment. (Reporting by Aditya Soni in Bengaluru, Doina Chiacu and Brendan O'Brien; Editing by Anil D'Silva)
The Star
3 hours ago
- The Star
Exclusive-Ripple to buy stablecoin platform Rail for $200 million
FILE PHOTO: The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo (Reuters) -Ripple will buy stablecoin payments platform Rail for $200 million, the company said on Thursday, weeks after U.S. President Donald Trump signed a law that raised expectations cryptocurrency tokens are about to enter the mainstream. Ripple, a crypto company that issues the token XRP as well as its own stablecoin called RLUSD, has invested heavily in stablecoin infrastructure in recent months. The acquisition - which will close in the fourth quarter of this year pending regulatory approvals - will enable Ripple and Rail to "deliver the most comprehensive stablecoin payments solution available in the market," it said. "As regulations become more clear and the space has grown and matured, this opportunity for stablecoin payments is really ripe, and the acquisition of Rail just really solidifies our market leadership in stablecoin payments," said Monica Long, president of Ripple in an interview. Toronto-based Rail, backed by Galaxy Ventures and Accomplice, uses stablecoins to deploy cross-border payments. It says its transactions are cheaper and can clear in just hours, compared to longer settlement times for fiat payments. Rail says on its website that the company is responsible for 10% of all global stablecoin-based payment activity. Trump in July signed a bill into law to create a federal regulatory regime for stablecoins, which analysts said could allow digital assets to become an everyday way to make payments and move money. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. Ripple said in April that it would also buy multi-asset prime broker Hidden Road in a $1.25 billion deal, one of its largest acquisitions yet, which it said would enhance RLUSD's utility. Ripple launched RLUSD, a stablecoin pegged to the U.S. dollar, last year, as it sought to disrupt the market dominated by Tether and Circle's USDC. (Reporting by Hannah Lang in New York; editing by Barbara Lewis)
