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MANHATTAN: Citigroup is on the hook for almost $900 million in mistaken payments it sent out, according to a US judgment that called the debacle “one of the biggest blunders in banking history.” The case centers on payments totaling some $500 million Citigroup sent in August 2020 to 10 financial companies who were parties to a term loan to cosmetic company Revlon. Citi, the loan’s administrative agent, mistakenly paid back the $900 million principal to the members of the lending consortium, rather than interest payments. Citi quickly realized the error, but was rebuffed the following day by the lenders, which included Allstate Investment and Greywolf Loan Management. These entities thought Revlon was repaying the loan early, said US District Judge Jesse Furman. Because defendants in the case believed “in good faith and with ample justification” that the payments were for the full Revlon loan, “defendants’ clients are entitled to keep the money,” Furman said in a 105-page ... » Learn More about Citi can’t get back $500M wrong payout

KEK Lok Si Charitable Medical Centre (KLSCMC) in Ayer Itam, Penang, is scheduled to open its doors in another month.The centre’s board chairman Datuk Seri Venerable Seck Jit Heng said the medical centre obtained the certificate of completion and compliance (CCC) from the city council recently. “We were supposed to start operating in August last year but the progress was slowed down and delayed due to the pandemic. “With the CCC obtained, the building is fit and safe to occupy. “We are now awaiting the final stage, which is the inspection by Health Ministry‘s Private Medical Practice Control Section before they can issue us the Private Hospital Operating Licence. “Once we get the licence, which is expected to be soon, we will immediately start operating, ” he said told reporters at the cafeteria of KLSCMC on Thursday. Ven Seck added that the purpose of building KLSCMC was to cater to the needs of those who cannot afford the high fees of specialist care at private hospitals or ... » Learn More about Final lap to hospital launch

President Joe Biden's administration had stated it it wanted to raise the number of refugees allowed into the United States to some 60,000 a year -- but is delaying those plans WASHINGTON - President Joe Biden is scrapping his pledge for a rapid expansion in the number of refugees allowed into the United States and will instead maintain the historically low ceiling of 15,000 people a year, a senior administration official said Friday. The Biden administration had recently stated it wanted to allow in some 60,000 refugees annually, ramping up to double the following year. That aim had been part of the Democrat's broader promise to end harsh anti-immigrant and anti-refugee sentiment whipped up by his predecessor Trump. Instead, the White House will keep the strict 15,000 limit set by Trump so that it can "rebuild" a broken program and deal with pandemic-related complications, said the official, who asked not to be identified. The official did not give a date for when the doors ... » Learn More about Biden drops promise for quick expansion in refugee admissions