Lapsed US chemical security programme leaves facilities at risk

There are continued warnings that the US has been without a chemical security programme since late July, leaving more than 3000 high-risk chemical facilities in the country vulnerable to terrorist, cyber- and physical attacks. The Chemical Facility Anti-Terrorism Standards (CFATS) programme, which was authorised 17 years ago and is managed by the Cybersecurity and Infrastructure Security Agency (CISA), is charged with regulating high-risk chemical facilities to ensure these sites are not weaponised by terrorists. It expired on 27 July and…

Rights organisations sue Netherlands over F-35 parts to Israel

HAGUE: A group of human rights organisations took the Dutch government to court on Monday, arguing its supply of parts for F-35 fighters contributes to violations of international law in Gaza. The case concerns US-owned F-35 parts stored at a warehouse in the Netherlands and then shipped to several partners, including Israel, via existing export agreements. Oxfam Novib, one of the groups filing suit, said the export “made the Netherlands complicit in violations of the laws of war and the…

Spotify to cut nearly 20% of its workforce despite £55m profit

Note from Corruption Ledger Spotify is a publicly traded company headquartered in Luxembourg. Swedish founders Daniel Ek and Martin Lorentzon started Spotify as a small start-up in Stockholm, Sweden in 2006.  Job cuts don’t just affect those who are laid off. It creates a culture of fear for remaining employees, who must work additional hours and maneuver to adapt to new demands, the reorganization of departments, and new or altered functions assigned to them. Expectations are often unrealistic, which also…

GIC acquires two more logistics facilities in Japan

  SINGAPORE – GIC has bought two logistic facilities developed by Japanese real estate developer Daiwa House Industry for an undisclosed amount. The assets in Takatsuki city of Greater Osaka and Tosu city of Greater Fukuoka were completed in 2023 and 2021, said the Singapore sovereign wealth fund on Dec 4. “Both properties have modern building specifications that cater to a wide range of tenants,” GIC noted, adding that the assets are located in “regional logistics hubs with convenient transportation…

Abu Dhabi state-backed fund moves to take control of Daily Telegraph

An Abu Dhabi state-backed vehicle has moved closer to taking full control of The Daily Telegraph just hours after the launch of a regulatory probe that prevents it from removing key journalists from their posts. Sky News has learnt that RedBird IMI has given the newspaper’s board and the government notice of its intention to activate a call option that will convert loans secured against the Telegraph titles and Spectator magazine into shares. The move was communicated to key stakeholders…

Culture Secretary to prohibit removal of key Telegraph staff during probe

The government is to prohibit the removal or transfer of key Daily Telegraph journalists during a public interest probe into the newspaper’s prospective takeover by a state-backed Abu Dhabi investor. Sky News has learnt that Lucy Frazer, the culture secretary, is preparing to make an interim enforcement order (IEO) that will impose a set of restrictions on the Daily and Sunday Telegraph’s current owners. City sources said the IEO – which has been notified to the Barclay family – was…

Mercer to pay $12 million penalty for misleading representations and fee disclosure failures

Mercer Financial Advice has been ordered by the Federal Court to pay a $12 million penalty for breaching fee disclosure obligations and for wrongly charging fees to customers, ASIC has reported. “This is a significant penalty for a financial advice provider,” said Sarah Court (pictured above), ASIC deputy chair. “Mercer failed in its obligation to provide fee disclosure statements to clients, provided misleading information in the disclosure statements it did provide, and charged its clients fees for services it was…

US audit inspectors unveil $7.9mn fines on China-based firms

WASHINGTON: US inspectors announced fines against China-based firms Thursday, as part of a broader effort to hold US-listed Chinese companies up to American auditing standards amid simmering geopolitical tensions. These included PwC affiliates in Hong Kong and China, alongside a Chinese audit company. The $7.9 million in penalties unveiled by the Public Company Accounting Oversight Board (PCAOB) represent some of the highest imposed on any firm globally, it said. They mark the first time it “has been able to bring enforcement action…

US sanctions financial network tied to Iranian oil sales

WASHINGTON: The US on Wednesday said it imposed a new round of sanctions on a group of 20 people and firms allegedly involved in a financial facilitation network for the benefit of the Iranian military. The Treasury Department sanctions impact firms and people spanning Hong Kong to the United Arab Emirates. Included in the sanctions package are employees, brokers and purchasers from Iranian firm Sepehr Energy, which is also subject to sanctions. The US alleges that Sepehr acts as a…

Shopify Files Fresh Lawsuit over DMCA Takedown Harassment

At the peak of the online shopping season, Canadian e-commerce giant Shopify filed a new lawsuit to take a stand against DMCA abuse. The company filed a complaint at a Florida federal court, accusing an Orlando resident of filing dozens of false takedown notices, allegedly to advance their own commercial interests. Signed into law a quarter century ago, the Digital Millenium Copyright Act (DMCA) aimed to equip copyright holders with new tools to protect their works online. A key element…

Finland to shut entire border with Russia over migrant concerns

HELSINKI: Finland will close its entire border with Russia to travellers for the next two weeks in a bid to halt the unusually large flow of asylum seekers to the Nordic nation, which the government and its allies say is an orchestrated move by Moscow. Finland last week shut all but one of its border posts to travellers from Russia, keeping open only the northernmost crossing located in the Arctic.But this too would now close, the government said on Tuesday….

China investors face tens of billions in losses over shadow bank Zhongzhi Enterprise Group

  As China’s embattled shadow banking giant Zhongzhi Enterprise Group faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about US$56 billion (S$74.9 billion). More than three quarters of investor cash would be lost, with just 100 billion yuan (S$18.7 billion) being recovered from debt of as much as 460 billion yuan, according to one scenario outlined by Mr Ying Yue, a lawyer at Leaqual Law Firm in Shanghai. He expects…

Saudi Arabia urges all nations to halt weapon exports to Israel (BRICS Joint Meeting)

RIYADH: Saudi Arabia‘s Crown Prince Mohammed bin Salman on Tuesday urged all nations to cease weapon exports to Israel, according to Al Arabiya Post. Saudi Arabia’s Crown Price made this request during an extraordinary BRICS Joint Meeting, which was being held virtually to address the Israel-Hamas conflict. South Africa is hosting the BRICS groups of nations to convene the virtual BRICS Extraordinary Joint Meeting. Saudi Arabia further demanded the start of a serious and comprehensive peace process to establish a…

Hacktivists breach U.S. nuclear research lab, steal employee data

The Idaho National Laboratory (INL) confirms they suffered a cyberattack after ‘SiegedSec’ hacktivists leaked stolen human resources data online. INL is a nuclear research center run by the U.S. Department of Energy that employs 5,700 specialists in atomic energy, integrated energy, and national security. The INL complex extends over an 890-square-mile (2,310 km2) area, encompassing 50 experimental nuclear reactors, including the first ones in history to produce usable amounts of electricity and the first power plant designed for nuclear submarines….

China decries Canada’s ‘hypocrisy’: Espionage “endangering China’s national security”?

Beijing has defended its prosecution of two Canadians for espionage, after The Globe and Mail reported that Michael Spavor blames intelligence work done by Michael Kovrig for their nearly three-year-long detention. Mr. Spavor is seeking a multimillion-dollar settlement from Ottawa, two sources told The Globe, alleging he was arrested in China in late 2018 because he unwittingly provided intelligence on North Korea to Mr. Kovrig, which was later shared with Canada and allied spy services. In a statement Sunday, China’s…

Canadian government discloses data breach after contractor hacks

The Canadian government says two of its contractors have been hacked, exposing sensitive information belonging to an undisclosed number of government employees.  These breaches occurred last month and impacted Brookfield Global Relocation Services (BGRS) and SIRVA Worldwide Relocation & Moving Services, both providers of relocation services to Canadian government employees.  Government-related information stored on compromised BGRS and SIRVA Canada systems dates back to 1999, and it belongs to a broad spectrum of affected individuals, including members of the Royal Canadian Mounted…