PayPal Cuts Staff to Reduce Rising Costs

Fourth EstatePayPal Headquarters at 2211 N First St, San Jose, California, USA (file photo) | Sagar Savla

PayPal has laid off employees from risk management and operations this week, with the company trying to cut down costs to shore up profits as spending on its platform has stagnated in the past quarters. The e-wallet firm has laid …

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Musk’s Delayed Disclosure of Twitter Stake Gets SEC Probe

The U.S. Securities and Exchange Commission (SEC) is reportedly investigating Elon Musk’s delayed disclosure of his sizable purchase of Twitter shares last month. The Tesla CEO made his disclosure on April 4, 10 days late of the deadline for filing …

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Amazon Ends COVID-19 Paid Leave for US Workers

Noah KalinaAmazon Boxes - Noah Kalina

Amazon will no longer give paid time off to its U.S. workers who test positive for COVID-19 and told workers it is “returning to standard sick leave policies.” The U.S.-based staff will now get five days of excused, unpaid leave …

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Huawei’s Profit Drops 67% After US Sanctions

Fourth EstateHuawei headquarters

Huawei announced a 67 percent drop in its profits during the first quarter of the year as the tech giant battles U.S. trade and investment sanctions. The company reported 131 billion yuan ($20.63 billion) in revenue for the first quarter, …

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US Approves $73 Million Foreign Military Sale to Argentina

Fourth EstateA U.S. Made T-6 Texan II of the Argentine Air Force - Casa Rosada

The US State Department approved a potential Foreign Military Sale of T-6 Aircraft Sustainment and related equipment to the Government of Argentina for an estimated cost of $73 million. The Defense Security Cooperation Agency (DSCA) submitted the required certification to …

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HSBC Allegedly Scrubbed References to Russian Invasion in Reports

Fourth EstateHSBC logo signage on high rise building

UK bank HSBC allegedly edited out portions of its’ analyst’s research publications that excluded references to a “war” in Ukraine.  According to a report by The Financial Times (FT) quoting two unidentified people, HSBC committees that review all externally published …

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Russian Oligarch Asset Tracker Launched

Courtesy OCCRP via Fourth EstateScreen shot of the OCCRP Russian Asset Tracker website. | Courtesy OCCRP via Fourth Estate

The Organized Crime and Corruption Reporting Project (OCCRP) announced that it has launched the Russian Oligarch asset tracker tool. According to the OCCRP, the asset tracker is the most comprehensive public database of oligarch assets to date and was made …

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Shanghai Disneyland Closes Down Again as COVID Cases Surge

Fourth EstateCinderella's Castle at Disneyland in Shanghai, China | Erin With via Fourth Estate

Shanghai Disneyland temporarily closed down on Monday, in response to the COVID-19 cases, and is said to remain closed until further notice. The theme park temporarily closed, along with Shanghai Disney Resort, the shopping complex Disneytown, and the Wishing Star …

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Australia Sanctions Mining Linked Russia Oligarchs

Australia imposed sanctions on Friday on two Russian oligarchs with links to mining. Australia’s Department of Foreign Affairs and Trade imposed economic sanctions to Russian billionaires Viktor Vekselberg and Oleg Deripaska, who have assets in Australia.  The two are said …

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