Category: banks

(AP) — A private jet crashed in Russia on Wednesday, killing all 10 people aboard, emergency officials said. Mercenary chief Yevgeny Prigozhin was on the passenger list, but it wasn’t immediately clear if he was on board. Prigozhin’s fate has been the subject of intense speculation ever since he mounted a short-lived mutiny against Russia’s military leadership in late June. The Kremlin said the founder of the Wagner private military company, which fought alongside Russia’s regular army in Ukraine, would…

The UK Ministry of Defence (MoD) has awarded BAE Systems an 89-million pound ($113 million) five-year contract to design and manufacture a secure battlefield communication network for the British armed forces. The tactical Wide Area Network, known as Trinity, will provide secure connectivity to front-line soldiers in contested environments, sustaining battlefield awareness and intelligence sharing. Trinity will replace the existing Falcon network, due to be retired in 2026. Secure Communication Network The deployable battlefield internet capability will eliminate the soldiers’…

from the pick-a-lane,-guys dept This is just so painfully obnoxious. The legacy news media, spurred on by a welfare system that pretend free market supporter Rupert Murdoch dreamed up and convinced governments to implement, whereby the government would force internet companies, which had innovated and created new business models that worked, to suddenly be required to pay for sending traffic to legacy news media organizations which failed to innovate. It’s extreme corporate welfare, egged on by a guy who pretends…

This follows our announcement of a data exercise to investigate account closures.  Firms have until 25 August 2023 to provide information on: the number of customers that have been terminated the number of customers suspended the number of customers denied services the reasons for all of the above  the number of complaints banks have received on this issue This will include asking if accounts have been closed because of expressions of political or other opinions. We’re asking about both personal…

Italy has dealt a surprise blow to its banks and sent shock waves across the sector in Europe by setting a one-off 40 percent tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits. Sharply higher official interest rates have yielded record profits for banks, as the cost of loans has soared while lenders have held off paying more on deposits. Countries such as Spain and Hungary have already imposed windfall taxes on the…

Students rights are limited on school grounds. But they don’t cease to exist. And what they do off-campus is subject to even fewer limitations. These are long-held facts backed by years of court precedent, the most famous of which is the Supreme Court’s 1969 Tinker decision. This is the baseline for school-student interactions when it comes to constitutional rights, as written by Justice Abe Fortas: It can hardly be argued that either students or teachers shed their constitutional rights to…

As SoftBank prepares to dive deeper into AI investments, the group posted an unexpected consecutive quarterly overall loss, as well as a continued loss in its existing investment business. SoftBank’s Vision Fund 1 and 2 and its Latin American fund together posted a quarterly investment loss of 13 billion yen ($91 million). That is significantly less than the 2,919 billion yen loss a year ago ($20 billion) but cumulatively, the company said that investments across the three funds, as of…

SAN FRANCISCO – Moody’s Investors Service lowered the credit rating of 10 small and mid-sized US banks and said it may downgrade major lenders including US Bancorp, Bank of New York Mellon, State Street, and Truist Financial as part of a sweeping look at mounting pressures on the industry. Higher funding costs, potential regulatory capital weaknesses and rising risks tied to commercial real estate (CRE) loans amid weakening demand for office space are among strains prompting the review, Moody’s said…

Prosecutors are asking a federal judge to put Sam Bankman-Fried in jail ahead of his trial, which is scheduled to start in October. As he considers their request, the judge has imposed a broad, temporary gag order in the case. There were audible gasps in the courtroom on Wednesday when prosecutors told the judge they were seeking Bankman-Fried’s detention. His defense attorney, Mark S. Cohen, said he was only notified of the ask “one minute before court.” Bankman-Fried has been…

Department of State says diplomats will discuss humanitarian issues and ‘critical interests’ with Afghan group officials. Washington, DC – United States diplomats will meet with Taliban representatives in Qatar this week, the US Department of State has announced, in what will be rare, direct talks between Washington and the ruling Afghan group. The Department of State said on Wednesday that Thomas West and Rina Amiri will hold meetings on Afghanistan in Astana, Kazakhstan, with representatives from Kazakhstan, the Kyrgyz Republic,…

Backstory: Epstein continued socializing with A-listers despite conviction – media, New reports on Jeffrey Epstein demonstrate deep-going corruption of US ruling elite The U.S. Virgin Islands government is seeking at least $190 million in penalties from JPMorgan Chase in connection to its banking relationship with sex trafficker Jeffrey Epstein. In a new legal filing on Friday, the USVI’s Attorney General said the territory also wants the financial giant to separately pay damages to victims of Epstein, who killed himself in…

NEW YORK – Standard Chartered is ramping up its bullish Bitcoin prediction, targeting as much as US$120,000 (S$161,000) by the end of 2024 – almost quadruple the current price – as increasingly cash-rich miners reduce their sales of the token. “Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” Geoff Kendrick at Standard Chartered wrote on Monday. Bitcoin mining is an energy-intensive process in which…

BEIRUT (AP) — A French court Tuesday upheld the freezing of the assets of Lebanon’s embattled central bank governor, rejecting his appeal to have them released, an official close to the investigation said. Several European countries are investigating central bank Gov. Riad Salameh and his associates over myriad alleged financial crimes, including illicit enrichment and laundering of $330 million. A French investigative judge on May 16 issued an international arrest warrant, or Interpol red notice, for the 72-year-old Salameh after…

SHANGHAI – China’s major state banks have lowered their US dollar deposit rates for the second time in a month, seven banking sources with direct knowledge of the matter said, as the authorities step up efforts to arrest a slide in the Renminbi currency. Interest rates offered by the “Big Five” state-owned lenders on most dollar deposits are now capped at 2.8 per cent, down from 4.3 per cent previously, said the people. The People’s Bank of China (PBOC), which…

James S. Crown On Sunday, James S. Crown died in an unusual single-car accident, reportedly on a motorsport racetrack at a “member-owned country club” in Aspen, Colorado. The Pitkin County Coroner’s Office said in a statement that “The official cause of death is pending autopsy, although multiple blunt force trauma is evident.” The Sheriff’s Office indicated that the earliest new information would be made available to the public is next week. In August of last year, Wall Street On Parade made a…

Canada’s banking regulator is cautioning that lenders and borrowers are overly reliant on lengthening mortgage amortizations to help the latter cope with higher interest rates and surging costs. In an exclusive interview with The Globe and Mail on Friday, Peter Routledge, the head of the Office of the Superintendent of Financial Institutions (OSFI), said that borrowers with mortgages in which payments are not high enough to cover the interest portion of the loan could experience a “shock” in significantly higher…