Archives of “Anti-corporate activism” tag

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Oil services giant Halliburton rumoured lay offs (unpaid)

  
  Analysis
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Halliburton is a huge supplier of products and services to the energy industry.

The firm has been hit by the intertwined coronavirus and oil price plunge
Chatter about is that the business is requiring mandatory furloughs for around3,500 employees
  • at its its North Belt campus in Houston
  • From 23 March
  • One-week on, one-week off roster for up to 60 days
  • Employees won’t be paid on their week off
  • Health care and benefits won’t be affected
Like I said, chatter at this stage.
This will be just one example of lay offs right across industry.

Whistleblowers accuse Standard Chartered of $57bn in Iran deals

  
Analysis, Politics
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 Standard Chartered has been accused of handling $56.8bn of dollars in allegedly illegal transactions with Iran-connected entities in a civil suit brought by whistleblowers against the bank.

The whistleblowers allege StanChart cleared far more transactions in violation of Iran sanctions between 2009 and 2014 than the U.S. government used as the basis for fines paid by the bank in April.

The new claim filed on Thursday piles further legal woes on the emerging markets bank which has been hit with a series of penalties by U.S. law enforcement and regulators in the past seven years for lax financial controls and for handling transactions for companies in Iran and other sanctioned countries.

In April StanChart agreed to pay $1.1bn to settle charges that it violated sanctions and ignored red flags about its customers, after a multiyear investigation that followed settlements with U.S. authorities in 2012.

The settlement included a guilty plea by a former bank employee and a criminal indictment against a StanChart customer. It came shortly after the Trump administration began stepping up its pressure on Iran through additional sanctions. (more…)

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