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Bloomberg
11 minutes ago
- Bloomberg
Somalia Carves Out New State From Territories Seeking Autonomy
Somalia has formed a new state by annexing territory from self-governing regions in a move that could worsen already-tense relations in the Horn of Africa country. The federal government's interior ministry said it had created a seventh region known as the North-East State covering districts claimed by both Somaliland and Puntland.
Yahoo
4 hours ago
- Yahoo
Billionaire Ong to plead guilty in Singapore political gift scandal
By Low De Wei and Yoojung Lee (Bloomberg) – A billionaire best known for bringing Formula One night racing to Singapore is set to plead guilty in relation to a scandal to supply one of the city-state's most senior politicians with luxury gifts. On Monday, 79-year-old Ong Beng Seng will enter his plea after facing two charges related to offering S. Iswaran in 2022 a trip on his private jet to Doha, a stay at the Four Seasons there, a return business class ticket worth S$5,700 ($4,422.3) and subsequently abetting the politician to obstruct the course of justice. The former transport minister was then the chairman of a steering committee for the F1 night race. Ong could be sentenced by a Singapore court as soon as Monday or at a later date. He faces up to several years in jail, including a possible fine, if he pleads guilty to both charges. Singapore's worst graft scandal in decades has gripped the city-state, which has sought to build a global reputation for zero-tolerance for corruption. How the Malaysia-born tycoon is sentenced will also weigh on his control of a business empire that extends from the Southeast Asian financial hub to a luxury development in central London and resorts in the Maldives. Ong has a net worth of $1.5 billion, according to the Bloomberg Billionaires Index. In 2024, Iswaran was sentenced to one year in jail for obtaining gifts from Ong, which also included items like a Brompton bicycle and race tickets. More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
5 hours ago
- Yahoo
Billionaire Ong to Plead Guilty in Singapore Political Gift Scandal
(Bloomberg) -- A billionaire best known for bringing Formula One night racing to Singapore is set to plead guilty in relation to a scandal to supply one of the city-state's most senior politicians with luxury gifts. We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance On Monday, 79-year-old Ong Beng Seng will enter his plea after facing two charges related to offering S. Iswaran in 2022 a trip on his private jet to Doha, a stay at the Four Seasons there, a return business class ticket worth S$5,700 ($4,422.3) and subsequently abetting the politician to obstruct the course of justice. The former transport minister was then the chairman of a steering committee for the F1 night race. Ong could be sentenced by a Singapore court as soon as Monday or at a later date. He faces up to several years in jail, including a possible fine, if he pleads guilty to both charges. Singapore's worst graft scandal in decades has gripped the city-state, which has sought to build a global reputation for zero-tolerance for corruption. How the Malaysia-born tycoon is sentenced will also weigh on his control of a business empire that extends from the Southeast Asian financial hub to a luxury development in central London and resorts in the Maldives. Ong has a net worth of $1.5 billion, according to the Bloomberg Billionaires Index. In 2024, Iswaran was sentenced to one year in jail for obtaining gifts from Ong, which also included items like a Brompton bicycle and race tickets. How Podcast-Obsessed Tech Investors Made a New Media Industry Russia Builds a New Web Around Kremlin's Handpicked Super App Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off What's Really Behind Those Rosy GDP Numbers? Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.