World

KUALA LUMPUR: The United States is seeking to seize another US$96 million in assets allegedly linked to Malaysia's 1MDB corruption scandal, including Claude Monet and Andy Warhol paintings, officials said. Billions of dollars were looted from Malaysian sovereign wealth fund 1MDB in a fraud allegedly involving the country's ex-leader and his cronies, and used to bankroll a worldwide spending spree. The US Department of Justice said its latest legal action to recover 1MDB-linked items means it has now sought to claw back over US$1.8 billion in assets. The latest items include artworks "Vetheuil Au Soleil" by French Impressionist master Monet and "Colored Campbell's Soup Can (Emerald Green), 1965" by pop artist Warhol, according to court documents released by the DoJ. They also includ...

REUTERS: Manchester United have likely taken a bigger financial hit from the COVID-19 pandemic than their rivals and it is unclear what funds will be available to sign players in the next transfer window, manager Ole Gunnar Solskjaer has said. United withdrew their annual financial targets in May after losing about 23 million pounds (US$28 million) in quarterly revenue due to the season being temporarily suspended because of the coronavirus crisis. The Premier League restarted this month but fans have been barred from attending games, and Solskjaer said United, who also have 429 million pounds in debt, would adopt a cautious approach to spending. "We'll have to take a big look at things ourselves to see how hard we've been hit," Solskjaer told reporters ahead of Saturday's FA Cup qu...

The COVID-19 pandemic is accelerating the remaking of Thailand's automotive industry, the backbone of Southeast Asia's auto sector, as factory shutdowns compound a shift toward electric vehicles. BANGKOK: The COVID-19 pandemic is accelerating the remaking of Thailand's automotive industry, the backbone of Southeast Asia's auto sector, as factory shutdowns compound a shift toward electric vehicles. Thailand's auto-related businesses, which employ 900,000, are reopening after months of coronavirus shutdowns, promising relief for many laid-off workers. But there's a catch: Thailand's shift toward electric vehicles (EVs) could pummel the local auto industry because it is dominated by hundreds of parts makers, while EVs require just 10per cent to 20per cent as many of parts as internal-c...

NEW DELHI: China appears to have added new structures near the site of a deadly border clash with India in the western Himalayas, fresh satellite pictures show, heightening concerns about further flare-ups between the nuclear-armed neighbours. Indian and Chinese military commanders agreed on Monday to step back from a weeks-old standoff at several locations along their disputed border following the Jun 15 clash in the Galwan Valley in which 20 Indian soldiers were killed. The satellite images showing new construction activity in the week following the brutal hand-to-hand combat underline the challenge of disengagement and the risk the accord could still fall apart because of overlapping claims in the arid territory. The pictures shot on Monday by US-based space technology firm Maxar...