WSJ News Exclusive | Facebook Parent Meta Pulls Out of Sponsorship Deal for U.S. 250th Anniversary Project

WASHINGTON— Facebook parent Meta Platforms Inc. said Wednesday it has canceled its sponsorship agreement with the organization planning the federal government’s commemoration of the 250th anniversary of the U.S., a project beset by internal strife and facing a discrimination lawsuit filed by female former executives. Meta said in March it would review its ties to … Read more

Glencore Made More Money Trading Commodities in Six Months Than It Expected All Year

LONDON—Commodities giant Glencore GLNCY -1.05% PLC said Friday it made more money trading oil, metals and other commodities in six months than it had expected to make all year, citing unprecedented volatility in markets in the wake of the global recovery from the pandemic and the invasion of Ukraine. Glencore said its trading division expects … Read more

Glencore Reaches Settlements With U.S., U.K., Brazil on Bribery, Market Manipulation

Glencore PLC said Tuesday it would pay at least $1.2 billion and that two business units would plead guilty to bribery in the U.K. and conspiracy to violate U.S. anticorruption laws, resolving criminal probes into its global mining and trading business that have hung over the company for years. Glencore GLNCY 2.01% PLC said Tuesday … Read more

Billionaire Robert Brockman Found Competent to Stand Trial for Tax Evasion

Billionaire Robert Brockman is competent to stand trial for tax evasion, a federal judge ruled, finding that the Texas automotive-software mogul was exaggerating his symptoms of dementia in an effort to avoid prosecution and a potentially lengthy prison sentence. Mr. Brockman was indicted in October 2020 on charges that he used a web of offshore … Read more

Saudi Sovereign-Wealth Fund Buys Stake in Royal’s Investment Firm

Saudi Arabia’s sovereign-wealth fund bought a stake Sunday in a firm owned by billionaire Prince al-Waleed bin Talal, further intertwining the government with a high-profile investor who was once detained by the state over corruption allegations. The Public Investment Fund agreed to pay Prince al-Waleed $1.51 billion for 16.9% of Kingdom Holding Co., a figure … Read more

Treasury Targets Russia, Oligarchs as Part of Plan to Combat Illicit Finance

The U.S. Treasury Department outlined actions it plans to take to address illicit-finance risks, saying Russia’s invasion of Ukraine had underscored the need to close regulatory loopholes and step up the fight against corruption. The national strategy for combating illicit finance, released Friday, is the latest iteration of a report the Treasury produces every two … Read more

Alleged Covid-19 Fraud Schemes Totaling $150 Million Draw Criminal Charges

Federal prosecutors have charged about 20 people in the past two weeks with allegedly engaging in various fraud schemes related to the Covid-19 pandemic that amounted to about $150 million in improper government payments, officials said. The charges come as the Justice Department steps up efforts to uncover theft from programs that were pumping billions … Read more

Russian Kleptocrats of Particular Concern to U.S. Treasury

The Financial Crimes Enforcement Network warned financial institutions against efforts by kleptocratic regimes and corrupt public officials to launder their illicit gains, and cited Russia as a particular area of concern. The U.S. Treasury Department’s anti-money-laundering unit in an advisory Thursday urged banks and other financial institutions to focus their efforts on detecting the proceeds … Read more

Huawei Promotes Founder’s Daughter Meng to Top Shared Leadership Post

HONG KONG—Huawei Technologies Co. has promoted finance chief Meng Wanzhou to one of the tech giant’s top leadership positions, the latest sign of her rising stature six months after a deal with the U.S. releasing her from detention in Canada. The Chinese company named Ms. Meng one of three senior executives known internally as rotating … Read more

Elon Musk Doesn’t Like Backing Down—on Twitter or in Court

Elon Musk has escalated his battle with the Securities and Exchange Commission, highlighting the billionaire chief executive’s unusual appetite for legal sparring. Mr. Musk, in recent legal filings, has accused the SEC of harassment after the agency opened a probe into whether recent stock sales by him and his brother, Kimbal Musk, violated insider-trading rules. … Read more