Author: CorruptionLedger

There has been no shortage of news this month, so it is understandable that a major presidential proposal garnered relatively little attention at the time.  On March 2, the President proposed a sweeping pandemic anti-fraud initiative that is designed to give key oversight bodies additional tools to investigate and prosecute those who defraud the pandemic relief programs that collectively injected trillions into the then-teetering economy to support struggling families, workers, and businesses.

When these relief programs were initiated three major oversight bodies were created to combat pandemic relief-related fraud, a House Select Subcommittee on the Coronavirus Pandemic; a new Office of Inspector General, the Special Inspector General for Pandemic Recovery (or “SIGPR”); and the Pandemic Response Accountability Committee (or “PRAC”), a consortium of existing Offices of Inspectors General whose agencies took part in pandemic relief programs. To complement the work of these bodies, the Department of Justice created COVID-19 Fraud Strike Force Teams, a COVID-19 Fraud Enforcement Task Force, and a “Chief Pandemic Prosecutor” was named.

In a letter Wednesday, GOP House Judiciary Chair Jim Jordan of Ohio raised concerns that the Global Alliance for Responsible Media — created by trade association World Federation of Advertisers and backed by the World Economic Forum — was violating US antitrust laws. The group’s more than 100 members include advertisers such as Procter & Gamble Co. and Unilever Plc, alongside tech companies such as Meta Platforms Inc., Alphabet Inc.’s YouTube and ByteDance Ltd.’s TikTok.

Last week, Nasdaq said that it would delist shares of the corporate majors unless they appeal to a Listing Qualifications Hearings Panel. It added that the securities will remain halted and unavailable to trade until any appeal is resolved. A similar decision was announced last week by the New York Stock Exchange (NYSE) in relation to CIAN, a Russian tech firm that runs a classifieds portal. The company said it would appeal the ruling by submitting a written request to the NYSE’s Committee of the Board of Directors.  Delistings can be suspended if an appeal is filed before a written decision is made by the commission. According to the rules of the exchange, the hearing must be held within 45 days of receiving the request by the company. Trading in the securities of a number of companies operating in Russia was halted on February 28, 2022, after Moscow launched its military operation in Ukraine. The suspension triggered default clauses on the exchange bonds issued by Yandex and Ozon.

Yandex first went public on the Nasdaq in 2011, via a parent holding company registered in the Netherlands. This was followed by a secondary listing on the Moscow Exchange three years later. The company’s shares hit a record high in November 2021, when its market cap amounted to $31 billion. Ozon raised around $1 billion in its initial public offering in late 2020, a debut that sparked an IPO boom for the Russian corporate sector. 

The United States has offered Slovakia 12 new military helicopters as compensation for the MiG-29 fighter jets the European country is giving to Ukraine, Slovakia’s defense minister said Wednesday.

Under the offer, Slovakia would pay $340 million for the Bell AH-1Z attack choppers in a deal worth about $1 billion that also includes 500 AGM-114 Hellfire II missiles and training, Defense Minister Jaroslav Nad said.

U.S. foreign military financing would cover the other $660 million, he said. The European Union also would send Slovakia 200 million euros ($213 million) in additional compensation, Nad said.

The Slovak government still needs to accept the offer.

The cost-of-living squeeze has shown signs of easing for the first time in the past financial year – this as the start of the new school year sparked a spending boom. This was according to Bankwest’s Spend Trends report for February, which tracked WA customer credit and debit activity. Bankwest’s monthly Spend Trends analysis showed a 3% rise in the average value of transactions month-on-month, which was far less than 30% increase in both the number of customers spending, and…

Two U.S. Air Force F-22 Raptors landed at Clark Air Base in the Philippines last week in a move signaling increased defense efforts between the two countries.

During the exercise, U.S. pilots from the Alaska-based 525th Fighter Squadron joined aviators from the Philippine Air Force’s 5th Fighter Wing for low-altitude flyovers, air combat maneuvering, formation training, and, with help from a KC-135 Stratotanker, air-to-air refueling over the heavily contested South China Sea.

“This was the first time that F-22s, or any fifth-generation aircraft, have landed on and operated out of the Philippines,” Capt. Karl Schroeder, one of the Raptor pilots, said in a release. “This milestone with a regional ally aids in providing stability and security to the Indo-Pacific.”

Regional stability has become an increasingly glaring focus of the two militaries as threats continue to emerge out of Beijing. While the Philippine Constitution prohibits permanent basing of foreign troops, the two nations’ Enhanced Defense Cooperation Agreement does allow for an increased footprint of American forces by way of rotations to a handful of predetermined locations.

The landing comes as the United States and Philippines strengthen military relations as China becomes more aggressive in the South China Sea.

Reportedly, one document is a statement on plans for economic cooperation, and the other is a statement on plans to deepen the partnership.

In addition, Russian sources say that Putin “supported the development of sporting links between the Russian Federation and China and the establishment of a sports association within the framework of the Shanghai Cooperation Organisation”.

He explained that this is necessary because the West “uses sport as an instrument of pressure”.

The United States said Tuesday it is imposing a new round of sanctions on Iranian firms and people accused of procuring equipment used for Iranian drones.

Treasury’s Office of Foreign Assets Control coordinated with the FBI to designate four firms and three people in Iran and Turkey for allegedly buying equipment, including European-made engines, to be used for Iran’s drone and weapons programs.

Those targeted for sanctions include the Iran-based Defense Technology and Science Research Center, its procurement firm Farazan Industrial Engineering Inc. and two other firms along with purchasing agents from the companies.

South Africa’s Paramount Group is gearing up production of composite blades for Soviet-designed helicopters with the establishment of a production facility in the UAE, looking to collect orders from African operators of the aircraft in need of maintenance and configuration upgrades.

Last month, Paramount said it signed a strategic partnership agreement with UAE-based AAL Group to locally manufacture main and tail rotor composite blades for Mi-type helicopters. The Emirati entity has provided a full-range of maintenance and repair services for the Mi-family of rotary-wing aircraft for more than two decades

“Our activities with AAL Group in the UAE will include but not be limited to the management of an advanced manufacturing plant, an assembly line and maintenance repair and operations facilities, servicing and upgrading fleets of helicopters for our African partners,” Steve Griessel, Global CEO of Paramount told Defense News.

There are more than 23 operators of Mi-type helicopters across the African continent, with Togo being the most recent to receive new deliveries of two Mi-17 transport aircraft in December.

Three quarters of Australian borrowers are now at risk of becoming home loan hostages due to their lifestyle and financial decisions, new research from mozo.com.au has found. “Home loan customers might be unaware that when they go to refinance their home loan with a new lender, they are assessed as though they are a new borrower, taking into account their financial standing beyond their history of meeting repayments and their LVR,” said Kylie Moss (pictured above), Mozo director. The research…

Total spending was flat in February after rebounding in January, with total spending lifting 1.7% over the past three months and 10.3% year-on-year, according to NAB’s latest Monthly Data Insights. Retail spending was flat, with goods retail slipping 0.1% and hospitality rising marginally by 0.2%. Total retail spending increased 0.5% over the past three months and 5.8% year over year. When it comes to non-retail spending, essential services spending dipped 0.4% month over month, and vehicle and fuel spending fell…

A massive 20,000-gallon tank was found to be leaking ammonia at a facility in Auburndale, Florida early on Wednesday morning, a city spokesperson told a local Fox affiliate, noting that all employees were evacuated from the plant. Residents living in a two-block area near the plant were also asked to take shelter following the discovery, though the order was lifted several hours later, after fire crews successfully capped the leak. Clean-up operations were reportedly completed sometime around 3:30pm. There have…