Category: Economy

Hungary wants to remove eight individuals from the European Union’s Russia sanctions list and receive fresh guarantees on Ukraine gas transit talks before agreeing to renew the restrictions, EU diplomats said.EU sanctions on Russia – imposed over Moscow’s war against Ukraine – must be renewed every six months by a unanimous vote and Budapest has often used these renewals as bargaining opportunities. On Monday, Hungarian Foreign Minister Peter Szijjarto wrote on Facebook that Budapest would “not consent to rushing ahead” with the…

EU countries have agreed on a new round of sanctions against Russia, diplomats said Wednesday, as the bloc looks to maintain pressure on Moscow ahead of the third anniversary of the full-scale invasion of Ukraine. The wide-ranging package, which includes a ban on imports of Russian aluminum, will be formally adopted by EU foreign ministers on Monday. “The EU is clamping down even harder on circumvention by targeting more vessels in Putin’s shadow fleet and imposing new import and export…

President Donald Trump’s administration has said no one at the Federal Aviation Administration with a “critical safety” position has been fired as it cuts the federal work force, but some FAA jobs that were eliminated had direct roles in supporting safety inspectors and airport operations, according to their union and former employees. About 400 personnel were let go starting Friday. There is still not a complete picture of who was fired, but the union representing about 130 of them said…

Video: Trump’s tariff policies are straining US-Canada relations. After imposing and then suspending tariffs, Canadian leaders are reassessing their ties with the US. Some are now looking to the European Union as a potential alternative. Major publications, including The Toronto Star and The Economist, are openly questioning whether Canada could align more closely with Europe. European politicians are also weighing in. Could this mark a significant shift in global alliances?

Trump has apparently not ruled out the use of military force to annex Greenland. During a press conference on January 8, 2025, Trump stated that “all options were on the table,” refusing to exclude the possibility of military force (The Guardian). The confrontational stance has raised concerns among European leaders, with Germany and France warning against any use of force over Greenland (The Guardian). German Chancellor Olaf Scholz said “the principle of the inviolability of borders applies to every country……

A Republican congressman has introduced an amendment to the Constitution that would allow President Donald Trump to seek a third term in office, arguing that it will ensure “we can sustain the bold leadership our nation so desperately needs.” Rep. Andy Ogles of Tennessee revealed his long-shot measure Thursday that would amend the 22nd Amendment, which sets the current two-term limit for presidents. “He has proven himself to be the only figure in modern history capable of reversing our nation’s…

TD Bank’s (TD.TO), opens new tab chief compliance officer has left the bank, according to a memo sent internally, at a time the Canadian lender faces U.S. regulators and the Justice Department in a probe related to its anti-money laundering program. Monica Kowal, who joined the bank in 2017, left the company this week, and will be replaced by Deputy Chief Compliance Officer Erin Morrow who will report to Chief Risk Officer Ajai Bambawale, according the memo sent in late June, seen by…

MicroStrategy. “FORM 8-K MICROSTRATEGY INCORPORATED.” MicroStrategy, a business intelligence firm led by Michael Saylor, purchased an additional $1 billion worth of Bitcoin last week. This acquisition brings their total Bitcoin holdings to approximately 140,000 BTC, acquired at an average price of around $29,000 per coin. The company continues to view Bitcoin as a critical store of value and a hedge against inflation, strengthening its position as one of the largest corporate holders of the cryptocurrency. Selling Shares To Add To…

Vanguard has bowed to regulatory pressure and agreed to new oversight of its investments in some US lenders, a decision that could have sweeping implications for money managers and banks. The deal, which the US Federal Deposit Insurance Corp disclosed on Friday, will allow Vanguard’s funds to continue to be huge shareholders in a wide swath of the country’s banks while also increasing the watchdog’s supervisory power over the $10tn money manager. Vanguard, BlackRock and State Street have amassed large…

OTTAWA – Canada’s Finance Minister Chrystia Freeland unexpectedly resigned on Monday, saying she was no longer on the same page with Prime Minister Justin Trudeau about the best path forward for Canada. Following is the full text of her resignation letter. December 16, 2024 The Right Honourable Justin Trudeau, P.C., M.P. 80 Wellington Street Ottawa, ON KIA 0A2 Dear Prime Minister, It has been the honour of my life to serve in government, working for Canada and Canadians. We have…

One bitcoin will now set you back six figures. The cryptocurrency’s break above the $100,000 milestone has felt inevitable since Donald Trump’s election as the next U.S. president on a crypto-friendly platform. While it is just a number, it highlights how cryptos have carved out a place in modern financial markets. Some commentators joked that perhaps a sales pitch from children and grandchildren around the Thanksgiving table was enough to get it past $100,000 – after investors in recent weeks…

Global financiers are poised to flock to Saudi Arabia’s annual flagship investment conference next week as a tightening of the kingdom’s purse strings and a deepening of regional conflict cloud the outlook. Among those expected to descend on the Future Investment Initiative (FII) in Riyadh are top CEOs, including Goldman Sachs’ David Solomon, BlackRock’s Larry Fink, Citigroup’s Jane Fraser and the London Stock Exchange’s Julia Hoggett. The high-profile event, first held in 2017, fills an opulent hotel in the capital…

According to a report from the Financial Crimes Enforcement Network (FinCEN) on Oct. 10th, TD Bank’s U.S. wing agreed to pay over $3 billion in penalties. The fine was for failing to properly monitor money laundering activities. The bank has also accepted limits on its future growth in the U.S. FinCEN found that TD Bank facilitated over $1 billion in transfers linked to two crypto exchanges — one based in the United Kingdom and the other in Colombia. TD Bank…

TORONTO — The more than US$3-billion settlement TD Bank Group has reached with U.S. regulators for its failures to oversee money laundering risks has underlined what some say are relatively weak enforcement options in Canada. Denis Meunier, president of DMeunier Consulting Inc. and a former deputy director of Fintrac, said fines in Canada have to increase significantly to provide adequate deterrence and not become just a cost of doing business. He says the federal government should add substantial fines for…

Canada-based financial institution TD Bank has announced its agreement to pay over USD 3 billion, pleading guilty to criminal charges related to money laundering in the US. As detailed by regulators, the fine follows TD Bank’s failure to appropriately monitor money laundering by drug cartels and other criminals, allowing them to transfer hundreds of millions of dollars in unlawful funds. In addition, the bank did not enforce sufficient defences against money laundering for nearly 10 years. It did not efficiently…