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SINGAPORE, Oct 1 (Reuters)Singapore Telecommunications Ltd STEL.SI appointed an insider as its new group CEO on Thursday amid a challenging time for the industry, saying its current chief will retire in January after 13 years at the helm.

Singtel said its board had chosen Yuen Kuan Moon, the CEO of its Singapore consumer business, to replace Chua Sock Koong, 63, who will stay on as a senior adviser to the chairman to assist with the transition.

Yuen, 53, has been with Singtel since 1993 and is also its group chief digital officer.

He takes over as the company, which gets the bulk of its business outside Singapore, has been hit by intensifying competition in overseas markets such as India and Australia.

At a virtual news conference on Thursday, Chairman Lee Theng Kiat said Yuen was chosen after a global search that considered internal and external candidates after Chua last year flagged her desire to retire.

Lee said Yuen’s “years of honed experience in the company’s core telecom business and his more recent focus on transforming the group digitally for growth, make him extremely well placed to lead Singtel forward in an era of disruption.”

Singtel shares traded 1.7% higher on Thursday, in line with the broader market .STI. They are still languishing near 12-year lows, down about 36% so far this year.

In the year ended March, Singtel’s net profit plunged about 65% to the lowest in more than two decades. It did not provide forecasts for the current year, citing uncertainty due to the COVID-19 pandemic.

(Reporting by Anshuman Daga in Singapore Anushka Trivedi in Bengaluru; Editing by Muralikumar Anantharaman and Stephen Coates)

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A former finance manager for Amazon.com and two of her family members were charged on Monday with insider trading by the Securities and Exchange Commission, which accused the family of making $1.4 million from unlawful trading.



a sign on the side of a building: SEATTLE, WA - APRIL 30: A person walks by an Amazon Go store at the downtown Amazon campus on April 30, 2020 in Seattle, Washington. Amazon recorded sales of $75.4 billion in the first three months of the year as many consumers increased their online purchases, up 26% over last year, but with net income for the same period falling nearly 31% due to costs of managing the coronavirus pandemic. (Photo by Lindsey Wasson/Getty Images)


© Lindsey Wasson/Getty Images
SEATTLE, WA – APRIL 30: A person walks by an Amazon Go store at the downtown Amazon campus on April 30, 2020 in Seattle, Washington. Amazon recorded sales of $75.4 billion in the first three months of the year as many consumers increased their online purchases, up 26% over last year, but with net income for the same period falling nearly 31% due to costs of managing the coronavirus pandemic. (Photo by Lindsey Wasson/Getty Images)

The complaint alleges that Laksha Bohra, a senior manager in Amazon’s tax department, leaked confidential information about the company’s financial performance to her husband Viky Bohra. The husband and his father then traded on the confidential information in 11 separate accounts managed by the family, according to the SEC complaint.

Bohra’s lawyers didn’t immediately respond to a request for comment. Amazon declined to comment on the charges.

The SEC said the trading took place in advance of Amazon’s earnings announcements between January 2016 and July 2018.

“We allege that the Bohras repeatedly and systematically used Amazon’s confidential information for their own gain,” said Erin Schneider, director of the SEC’s San Francisco Regional Office. “Employees with access to confidential, potentially market-moving corporate information may not use that information to enrich themselves, their friends, or their families.”

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The US Securities and Exchange Commission (SEC) has charged a former Amazon finance manager with insider trading. 

On Monday, the regulatory watchdog said that from at least January 2016 to July 2018, Laksha Bohra conducted securities trading based on confidential information she had access to as a member of the e-commerce giant’s tax department. 

The senior manager was involved in preparing and reviewing financial statements included in Amazon’s quarterly earnings. Bohra allegedly leveraged this knowledge to play the market in what is known as insider trading in order to reap “illicit profits,” according to SEC.

See also: Shopin founder charged by SEC for running $42 million scam cryptocurrency ICO

36-year-old Bohra not only played this game herself but also allegedly tipped off members of her family, including her father-in-law and husband. 

“Bohra disregarded quarterly reminders prohibiting her from passing material nonpublic information or recommending the purchase or sale of Amazon securities,” SEC’s complaint reads. 

If an individual has access to pre-release financial information, they may be able to buy or sell stocks and shares based on predictions of what will happen to a company’s share prices. For example, profits may send stock prices upward, whereas the disclosure of losses or lawsuits can cause a share price slump.

In total, over the course of roughly two years, the former manager and her family traded in 11 separate brokerage accounts, earning themselves roughly $1.4 million. Bohra’s father-in-law reportedly told one of the brokerage firms used that the accounts were treated as a “one family thing.”

“Amazon considered [..] pre-release financial information to be confidential, highly sensitive, material, and nonpublic,” the US agency says, adding in the complaint that Amazon has previously demonstrated a “zero tolerance” stance on insider trading. 

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Amazon suspended Bohra’s employment in

A former finance manager at e-commerce giant Amazon on Monday was charged with insider trading by the Securities and Exchange Commission.

The SEC alleged a senior manager in Amazon’s tax department, who analyzed and reviewed numbers ahead of the company’s quarterly an annual earnings reports, is said to have obtained “highly confidential” information about the company’s performance and tipped off her husband from Jan 2016 through July 2018.

The employee’s husband and his father made trades using the information on 11 separate accounts, earning then family $1.4 million from the unlawful trades.

AMAZON PRIME DAY SET FOR OCT. 13 – OCT.14 

“Employees with access to confidential, potentially market-moving corporate information may not use that information to enrich themselves, their friends, or their families,” Erin Schneider, Director of the SEC’s San Francisco Regional Office, said in a statement.

The employee, her husband and his father were all charged with violating antifraud laws.

A spokesperson for Amazon declined to comment on the charges.

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The complaint alleges that Viky Bohra and his father, Gotham Bohra, then traded on this confidential information, reaping illicit profits of approximately $1.4 million.

The SEC’s complaint, filed in federal court in Seattle, charges all three Bohras with violating anti-fraud provisions of the federal securities laws. They have agreed to pay total disgorgement of approximately $1.4 million, total prejudgment interest of $118,406, and total penalties of about $1.1 million.

In a parallel action, the U.S. attorney’s office for the Western District of Washington on Monday filed criminal charges against Viky Bohra.

Each of the Bohras did not respond to a Reuters request for comment.

Amazon declined to comment.

United, pilots agree to deal to avoid furloughs

United Airlines and its pilots have reached an agreement that both sides say will avoid about 2,850 furloughs that were set to take effect later this week and another 1,000 early next year.

The Air Line Pilots Association said Monday that the deal will allow United to spread a reduced amount of flying across the airline’s 13,000 pilots to save jobs at least until next June.

The agreement was ratified by about 58 percent of the pilots who voted on it.

United is still poised to furlough nearly 12,000 flight attendants, mechanics and other union employees starting later this week.

GM to repay Ohio tax incentives post-closure

General   Motors   will   repay $28 million in state tax incentives to Ohio after the largest U.S. automaker came under heavy criticism for closing its Lordstown Assembly plant in March 2019.

GM’s agreement with the Ohio Tax Credit Authority also requires the Detroit automaker to pay $12 million for “community support programs” in the Mahoning Valley.

Ohio Attorney General Dave Yost had demanded that GM repay $60 million in state tax credits after it closed its Lordstown Assembly