Latest news with #Zuma
Boston Globe
2 hours ago
- Business
- Boston Globe
US manufacturing activity contracted in May — for a third month
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up LABOR Advertisement AG Campbell fines Boston restaurant $1.8 million for tip pool violations Chefs at Zuma in the Back Bay in 2019. Aram Boghosian for The Boston Globe The state Attorney General's office fined a high-end Boston restaurant more than $1.8 million for illegally requiring service workers to share pooled tips with managers. Massachusetts Attorney General Andrea Campbell announced Monday that it had cited the parent company of Japanese sushi restaurant Zuma, and its manager Garrett Ronan, about $1,813,850 in total for the tip pool violations. Some workers will receive up to $50,000 which includes penalties and unpaid wages. Campbell's office charges that between July 2022 and July 2024, some managers at Zuma participated in a tip pool at the restaurant, which violates state wage laws. Zuma and its parent company did not immediately respond to a request for comment Monday afternoon. In Massachusetts, tip pooling is only permitted for wait staff, bartenders, and other service employees. Staff with managerial responsibilities cannot share in a tip pool, even if they help serve customers, according to Massachusetts laws. An employee complaint alleging that workers promoted to managerial roles remained a part of the restaurant's tip pool prompted the investigation, which was handled by the Fair Labor Division at the attorney general's office. Boston's Zuma location at the Four Seasons Hotel at One Dalton is one of its London-based parent company Azumi's 28 permanent and 11 residency locations across the world, according to the company's website. The fine announced Monday is part of Campbell's broader push to 'protect workers from exploitation, ensure workers are paid the wages they are owed, and hold employers who violate labor and wage laws accountable,' the attorney general's office said. — STELLA TANNENBAUM Advertisement CRYPTO Circle, backers seek $896 million after boosting IPO size The Circle website. Gabby Jones/Bloomberg Circle Internet Group Inc. and its shareholders have increased the size and price of the company's initial public offering, suggesting strong investor demand for the stock. The stablecoin issuer and some of its backers are now offering 32 million shares at a price range of $27 to $28 a pop, according to a filing Monday with the US Securities and Exchange Commission. Circle and the selling shareholders were previously offering 24 million shares at a range of $24 to $26 each. The sale could raise as much as $896 million at the top of the new range, and hand Circle a market capitalization of nearly $6.2 billion, according to Bloomberg calculations. Accounting for employee stock options, restricted share units, and warrants, the company would have a fully diluted value of about $7.2 billion. The IPO has drawn orders for stock in double digit multiples of the shares available, according to people familiar with the matter. The offering is set to close to orders at 4 p.m. New York time on Tuesday, the people said, asking not to be identified as the information isn't public. A representative for Circle declined to comment. — BLOOMBERG NEWS Advertisement PHILANTHROPY Majority of $200 billion Gates Foundation funds to go to Africa The Gates Foundation campus in Seattle. Lindsey Wasson/Associated Press Africa is set to be the largest beneficiary of the $200 billion that the Gates Foundation plans to give away over the next two decades, cofounder Bill Gates said. 'The majority of that funding will be spent on helping you address challenges here in Africa,' he told an African Union gathering in Addis Ababa, Ethiopia, Monday, according to an emailed statement from his foundation. The organization said last month that it plans to give away the money over 20 years before shutting down in 2045. That implies Gates — currently the fifth-richest person in the world — plans to transfer many billions to his foundation as part of a goal to give away 99 percent of his wealth. He's currently worth about $175 billion, according to the Bloomberg Billionaires Index. — BLOOMBERG NEWS ENERGY Trump wants to sell 1 million barrel reserve of diesel fuel President Trump departed the White House in Washington on May 30. HAIYUN JIANG/NYT The Trump administration wants to put a 1 million barrel cache of diesel fuel on the market, saying the reserve meant to provide an emergency supply of home heating oil for the Northeast has never been used for its intended purpose. The sale and closure of the Northeast Home Heating Oil Reserve would generate $100 million to be used for deficit reduction, according to Department of Energy budget details recently made public. The sale of the reserve would require approval by Congress, which gave the Biden administration the green light to sell off and close a 1 million barrel emergency cache of gasoline last year. The 1 million barrels of diesel is equal to roughly a quarter of overall US daily demand, while the US Energy Information Administration estimates that about 4 percent of the nation's households use heating oil to warm their homes. The diesel fuel reserve, which is housed in commercial storage facilities across the Northeast, was used in the aftermath of Hurricane Sandy in 2012 to provide fuel for emergency responders in New York and New Jersey, as well as in the wake of snow storms that same year, according to the Energy Department. Created under former president Bill Clinton, the reserve is designed to provide Northeast consumers with 10 days of supply, the time required for ships to carry additional heating oil from the Gulf of Mexico to New York Harbor, according to the Energy Department. — BLOOMBERG NEWS Advertisement PHARMACEUTICALS Bristol to pay BioNTech up to $11.1 billion in cancer deal BioNTech headquarters in Mainz, Germany. Michael Probst/Associated Press Bristol-Myers Squibb Co. will pay BioNTech SE as much as $11.1 billion to license a next-generation cancer drug, as competition intensifies in an area of oncology that seeks to harness the immune system to attack tumors. The German biotech will receive $1.5 billion upfront and $2 billion in installments through 2028, the companies said Monday. BioNTech will also be eligible for as much as $7.6 billion in milestone payments, and the partners will split development and manufacturing costs and profits equally. It's the latest in a slew of deals as pharmaceutical companies battle for a share of a market currently led by Merck & Co.'s Keytruda, the world's best-selling drug. Global sales of immuno-oncology treatments could reach $60 billion a year by 2027, according to Bloomberg Intelligence. Bristol-Myers has been pumping billions into its pipeline ahead of a patent cliff. Its deal for BioNTech's compound — dubbed BNT327 — comes weeks after rival Pfizer Inc. agreed to pay 3SBio Inc. as much as $6.1 billion, a record for a Chinese biotech, to license a similar cancer asset. It also marks a major payoff for BioNTech, which licensed BNT327 from Chinese biotech Biotheus in 2023 and later bought the company outright for up to $950 million. — BLOOMBERG NEWS Advertisement
Boston Globe
3 hours ago
- Business
- Boston Globe
AG Campbell fines Boston restaurant $1.8 million for tip pool violations
In Massachusetts, tip pooling is only permitted for wait staff, bartenders, and other service employees. Staff with managerial responsibilities cannot share in a tip pool, even if they help serve customers, according to Advertisement An employee complaint alleging that workers promoted to managerial roles remained a part of the restaurant's tip pool prompted the investigation, which was handled by the Fair Labor Division at the attorney general's office. Boston's Zuma location at the Four Seasons Hotel at One Dalton is one of its London-based parent company Azumi's 28 permanent and 11 residency locations across the world, according to The fine announced Monday is part of Campbell's broader push to 'protect workers from exploitation, ensure workers are paid the wages they are owed, and hold employers who violate labor and wage laws accountable,' the attorney general's office said. Advertisement Stella Tannenbaum can be reached at
The Star
4 hours ago
- Politics
- The Star
We don't need American solutions -Zuma
Former South African president Jacob Zuma has issued a pointed rebuke of President Cyril Ramaphosa's recent diplomatic outreach to the United States, suggesting that foreign involvement in domestic matters undermines national sovereignty. Addressing a crowd of his uMkhonto weSizwe (MK) Party supporters in KwaMaphumulo over the weekend, Zuma questioned the legitimacy and wisdom of appealing to international actors, particularly the United States, for assistance with South Africa's internal challenges. 'Why must we expect strangers, sitting in Washington, to understand what we are going through?' Zuma asked during his speech. 'We know our problems better than anyone else. We should be the ones to solve them.' The comments come just weeks after President Ramaphosa led a high-profile ministerial delegation to Washington, D.C., to mend strained diplomatic ties with the Trump administration and attract investment amid growing economic pressures at home. The visit included meetings at the White House and with key business stakeholders, with the South African delegation seeking to promote technology partnerships and quell rising tensions over land reform and crime. Relations between Pretoria and Washington have recently soured over controversial remarks from US officials alleging human rights violations and accusing the South African government of mismanaging key sectors. Ramaphosa's team used the visit to push back against what they termed 'inflammatory rhetoric' and to reaffirm South Africa's commitment to democratic principles. Zuma, however, painted the outreach as a desperate move by an administration out of touch with its people. He stopped short of naming Ramaphosa directly but left little doubt about whom his remarks were aimed at. 'You can hold your meetings with Americans all you want, but we will not accept solutions from people who have never set foot in our townships,' Zuma said, to applause from the crowd. Zuma has been steadily ramping up his public appearances under the MK Party banner in recent months, positioning himself as an alternative voice to the ruling African National Congress (ANC), which he once led. His critique reflects growing frustration in parts of the electorate over the country's stagnant economy, persistent inequality, and rising crime levels. Political analysts say Zuma's remarks tap into a wider sentiment of scepticism toward foreign influence and the perceived failure of the government to address urgent local needs. 'This is classic Zuma,' said political commentator Thandi Maseko. 'He is playing to a base that feels abandoned by the current leadership and distrustful of foreign agendas.' While Ramaphosa's office has not formally responded to Zuma's comments, government officials have continued to defend the US trip as a necessary step to rebuild investor confidence and foster international cooperation. Whether Zuma's rhetoric will translate into broader support for the MK Party remains to be seen. But as the country inches closer to the next general election, his re-emergence on the national stage is once again stirring the political waters.
IOL News
7 hours ago
- Climate
- IOL News
News you should know tonight: Top 5 stories you may have missed on June 2, 2025
Rain expected along the southern and eastern coasts midweek, with most inland areas remaining dry and cold. Good evening, IOL News family! It's Monday, June 2, 2025, and it's time for a wrap of the biggest headlines making waves in South Africa and beyond. Don't forget to join the IOL WhatsApp Channel to stay in tune, informed, and in the know SA weather forecast: Expect cooler temperatures and isolated showers this week South Africa will start the week with calm and stable weather, but the South African Weather Service (SAWS) has confirmed that isolated showers and cooler temperatures are expected to arrive by midweek. To read on, click here. Zuma blasts Ramaphosa's US mission: 'South Africa's problems can't be fixed by outsiders' Former President Jacob Zuma has issued a stinging rebuke of President Cyril Ramaphosa's recent diplomatic visit to Washington, asserting that South Africa should not rely on foreign powers to resolve its domestic challenges. To read on, click here. Here's what you're likely to pay for petrol and diesel from Wednesday, June 04 Fuel taxes are set to increase for the first time in three years, but thankfully a stronger rand will shield South African motorists from fuel price hikes in June. To read on, click here. Public safety alert: Gauteng officials warn of rising dangers in online meet-ups The Gauteng Provincial Legislature's Portfolio Committee on Community Safety has issued a serious warning to the public amid a surge in violent crimes linked to online dating and social media mee-tups, particularly in the Maboneng precinct of Johannesburg. To read on, click here. KZN councillor and wife implicated in alleged corruption on R29bn N3 highway upgrade An exclusive investigation by IOL has uncovered disturbing allegations of corruption and financial misconduct involving a local politician and his wife, linked to the multi-billion rand N3 highway upgrade - a critical infrastructure project connecting Durban and Pietermaritzburg. To read on, click here. Get your news on the go, click here to join the IOL News WhatsApp channel. IOL News
IOL News
12 hours ago
- Business
- IOL News
We don't need American solutions -Zuma
Jacob Zuma criticised President Ramaphosa's high-profile ministerial delegation to Washington, D.C., aimed at mending strained diplomatic relations with the Trump administration and attracting investment. Former South African president Jacob Zuma has issued a pointed rebuke of President Cyril Ramaphosa's recent diplomatic outreach to the United States, suggesting that foreign involvement in domestic matters undermines national sovereignty. Addressing a crowd of his uMkhonto weSizwe (MK) Party supporters in KwaMaphumulo over the weekend, Zuma questioned the legitimacy and wisdom of appealing to international actors, particularly the United States, for assistance with South Africa's internal challenges. 'Why must we expect strangers, sitting in Washington, to understand what we are going through?' Zuma asked during his speech. 'We know our problems better than anyone else. We should be the ones to solve them.' The comments come just weeks after President Ramaphosa led a high-profile ministerial delegation to Washington, D.C., to mend strained diplomatic ties with the Trump administration and attract investment amid growing economic pressures at home. The visit included meetings at the White House and with key business stakeholders, with the South African delegation seeking to promote technology partnerships and quell rising tensions over land reform and crime. Relations between Pretoria and Washington have recently soured over controversial remarks from US officials alleging human rights violations and accusing the South African government of mismanaging key sectors. Ramaphosa's team used the visit to push back against what they termed 'inflammatory rhetoric' and to reaffirm South Africa's commitment to democratic principles. Zuma, however, painted the outreach as a desperate move by an administration out of touch with its people. He stopped short of naming Ramaphosa directly but left little doubt about whom his remarks were aimed at.
