Tag: Corruption

Russian Prime Minister Mikhail Mishustin approved an inter-governmental agreement to supply natural gas to China through the Far East Route. The move will accelerate energy cooperation between Russia and China, experts stated.

Sino-Russian energy cooperation is strategic, whereas the implementation of the agreement on gas supplies to China via the Far Eastern line is beneficial both to Russia and China, Mishustin said at a government meeting on Thursday, Tass reported.

The cooperation deal was signed on January 31, 2023 and defines the terms of cooperation for the supply of gas from Russia to China via the Far Eastern route, including the cross-border section of the gas pipeline across the Ussuri River near the cities of Dalnerechensk in Russia, and Hulin, Northeast China’s Heilongjiang Province, according to media reports.

Pyongyang, May 15 (KCNA) — Kim Sol Hwa, researcher of the Institute for Japan Studies of the DPRK Foreign Ministry, issued the following article titled “What is final aim of Japan’s Military Collusion with NATO” on May 14:

The unprecedented military nexus between Japan and NATO has recently aroused great concern and vigilance of the international community. A typical example is that Japan is planning to open the NATO liaison office in Japan for the first time in Asia…

The Philadelphia Inquirer experienced the most significant disruption to its operations in 27 years due to what the newspaper calls a cyberattack.

The company was working to restore print operations after a cyber incursion that prevented the printing of the newspaper’s Sunday print edition, the Inquirer reported on its website. The news operation’s website was still operational Sunday, although updates were slower than normal, the Inquirer reported.

Inquirer publisher Lisa Hughes said Sunday “we are currently unable to provide an exact time line” for full restoration of the paper’s systems. 

HONG KONG – Fierce competition for new mortgage customers is driving banks in Hong Kong to offer the highest cash rebates in nearly two decades.

The deals – offered as a percentage of the principal loan amount – ramped up from about 1.3 per cent last year to as much as 2.6 per cent currently, the highest in over 17 years, according to Centaline Mortgage Broker data.

Banks such as HSBC Holdings and Bank of China (Hong Kong) are using the incentive as a way to draw in clients, while property transactions remain subdued in the city’s real estate market that’s still reeling from an exodus of residents last year amid its zero Covid policy. Lenders are also getting squeezed as a cap on lending rates in the city crimps margins.

There may be more “Chinese police stations” operating in Canada, the Public Safety Minister told a Canadian TV station on Sunday, months after police said they were investigating whether two community centers in Montreal were being used to intimidate or harass Canadians of Chinese origin.

“I am confident that the [Royal Canadian Mounted Police] have taken concrete action to disrupt any foreign interference in relationship to those so-called police stations, and that if new police stations are popping up and so on, that they will continue to take decisive action going forward,” Marco Mendicino told CTV’s Question Period in an interview.

Demonstrators demanded the closure of the US’ Okinawa bases. The island’s inhabitants are weary of the pollution – both chemical and aural – produced by Washington’s military outposts, as well as the high number of crimes committed by American servicemembers, from petty theft and drunk driving to rape and murder.  Governor Denny Tamaki has urged the Japanese and US governments to reduce the Pentagon’s footprint on the island, which hosts 70% of all US military facilities in Japan despite comprising just 1% of the country’s total land area. 

A Wells Fargo boss started by mocking a female executive’s fiancé, moved on to inappropriately touching and groping her, then threatened to take sales opportunities from her if she didn’t date him, according to a new lawsuit against the San Francisco-headquartered bank and the alleged harasser.

Wells Fargo management responded to complaints by the former VP and senior portfolio manager, who filed suit anonymously as Jane Doe, by forcing her to continue working with the man, attempting to block her from receiving a hefty referral fee and commission, and finally firing her, the lawsuit claimed.

Wells Fargo spokeswoman Laurie Kight said Wednesday the bank was reviewing the lawsuit. “We take all allegations of misconduct very seriously,” Kight said.

Doe started in an executive position at Wells Fargo in 2000, in a Los Angeles unit devoted to serving high-wealth clients, and was promoted to a senior VP position five years later, according to her lawsuit filed Wednesday in Los Angeles County Superior Court. Starting in 2016 and continuing into 2020, she was subjected to sexual harassment by a superior, Carl Nelson, a VP and senior private banker, her lawsuit claimed.

Nelson has since resigned from Wells Fargo, according to Doe’s lawyer Ronald Zambrano. Nelson did not immediately respond Wednesday to messages from this news organization at his new workplace in a different bank.

The Financial Conduct Authority has said it will change its approach to whistleblowers after a survey revealed widespread dissatisfaction among those who alert the regulator to wrongdoing.

The organisation acknowledged problems including whistleblowers not “feeling heard”; a lack of dialogue with them, which prompts doubts about the chances of a proper investigation; and frustration over a shortage of updates, sometimes interpreted as delay and inaction.

The majority of those who raised concerns with the regulator said they were “extremely or somewhat dissatisfied” with how they had been listened to and how issues had been explored, while most were dissatisfied with the outcome of their reports, an FCA study found.

When asked to rate overall satisfaction with the authority’s handling of their whistleblowing report, 15 of the 21 respondents said they were “extremely or somewhat dissatisfied”. Only two expressed any satisfaction.

The regulator said it was “disappointed” with the findings. “Whistleblowers are key in our efforts and we greatly value their contribution,” it said.

It pledged to make reforms, including improving the use of whistleblowers’ information, better communication over what has been done with their reports and engagement with the government over a review of whistleblowing legislation.

Fully backed by the Labor government, the Reserve Bank of Australia (RBA) board yesterday resumed aggressively raising interest rates. It is deliberately inflicting more suffering on working-class households in order to further cut real wages and consumer spending.

Building workers walk past Reserve Bank of Australia in Sydney, Nov. 1, 2022. [AP Photo/Rick Rycroft]
In announcing its decision to raise its cash rate from 3.6 percent to 3.85 percent, the RBA explicitly targeted wages—which have already been cut 4.5 percent in real terms over the past year. It said this level of “wages growth” was consistent with the bank’s inflation target, but it would continue to “pay close attention” to labour costs.

Real wages had fallen, RBA governor Philip Lowe told an RBA Board Dinner brimming with business leaders in Perth last night, but if inflation continued “workers will seek larger pay rises.” He said the “labour market” was “still very tight.” Therefore, the RBA was determined to pursue its course, “even if it is difficult for some people in the short term.”

BERLIN (AP) — Police across Europe arrested dozens of people, raided homes and seized millions of euros in assets on Wednesday, in a coordinated crackdown on Italy’s ’ndrangheta organized crime syndicate, one of the world’s most powerful, extensive and wealthy drug-trafficking groups.

The operation, coordinated by European Union judicial cooperation agency Eurojust, aimed to dismantle a network that includes the n’drangheta, Colombian drug producers and paramilitary groups, and moves tons of cocaine to Europe and Australia each year.

The investigation uncovered how these networks used ports in Ecuador, Panama and Brazil to ship the Colombian drugs to northern European ports while also dealing in weapons. The drug proceeds were then laundered through restaurants, ice cream shops and car washes, and money sent back to Colombian drug producers via a Chinese wire transfer service, according to Italian officials and a Carabinieri press release.

The United States on Wednesday approved the world’s first vaccine for the Respiratory Syncytial Virus (RSV), the culmination of a decades-long hunt to protect vulnerable people from the common illness.

Drugmaker GSK’s Arexvy was green-lighted for adults aged 60 and older, with similar shots from other makers including Pfizer and Moderna expected to follow soon.

“Today’s approval of the first RSV vaccine is an important public health achievement to prevent a disease which can be life-threatening,” said senior United States Food and Drug Administration (FDA) official Peter Marks in a statement.

The decision “marks a turning point in our effort to reduce the significant burden of RSV,” added Mr Tony Wood, GSK’s chief scientific officer.

RSV is a common virus that normally causes mild, cold-like symptoms, but can be serious for infants and the elderly, as well as those with weak immune systems and underlying conditions.

The former manager used inside information from a deal Morgan Stanley was advising on to generate HK$4.2mn in profits for herself and a friend.

A Hong Kong court has granted an interim injunction order allowing the freezing of about HKD 8.2 million in assets in an insider dealing case.

The case was brought by the SFC (Securities and Futures Commission), which suspects two individuals – Ms Tsang Ching Yi and Mr Barry Kwok Sze Lok – of engaging in insider trading in the stock of I.T Limited, a software company that was privatised in 2021.

The SFC alleged that Tsang obtained information relating to the privatisation of I.T Limited through her employment as a manager at an investment bank, and shared such information with her friend Kwok, before both traded in the stock using the inside information.

Though not named in the SFC’s statement, the investment bank was identified through Tsang’s licensing record to be Morgan Stanley – which was the adviser for I.T Limited’s privatisation offer.

The Fed had to choose between capitulation on inflation or letting the banking crisis mushroom. The twin crashes in the US’s commercial real estate and bond market have collided with $9 trillion uninsured deposits in its banking system, which can vanish in an afternoon in the cyber age.

The second and third biggest bank failures in US history have followed in quick succession. The Treasury and Federal Reserve would like us to believe that they are “idiosyncratic”. That is a dangerous evasion. Almost half of America’s 4,800 banks are already burning through their capital buffers. They may not have to mark all losses to market under US accounting rules but that does not make them solvent. Somebody will take those losses.

“It’s spooky. Thousands of banks are under water,” said Prof Amit Seru, a banking expert at Stanford University. “Let’s not pretend that this is just about Silicon Valley Bank and First Republic. A lot of the US banking system is potentially insolvent.” The full shock of monetary tightening by the Fed has yet to hit. A great edifice of debt faces a refinancing cliff edge over the next six quarters.

Only then will we learn whether the US financial system can safely deflate the excess leverage induced by extreme monetary stimulus during the pandemic. A Hoover Institution report by Prof Seru and a group of experts calculates that more than 2,315 US banks are sitting on assets worth less than their liabilities. The market value of their loan portfolios is $2 trillion (£1.6 trillion) lower than book value.

These lenders include big beasts.

A report in the Wall Street Journal, published on the newspaper’s front page Monday morning, links important figures in the US business and political elite to financier and sex trafficker Jeffrey Epstein, who died in a federal prison in Manhattan in 2019 under circumstances that strongly suggest he was murdered to keep him quiet.

The Journal reporters wrote that they had gained access to Epstein’s private diary and other documents, “which include thousands of pages of emails and schedules from 2013 to 2017, [that] haven’t been previously reported.” The diary listed meetings with dozens of individuals, though it supplied little information about the content or subject of the meetings. The bulk of these engagements were at Epstein’s palatial townhouse in Manhattan.

Among those prominently mentioned in the Journal report were two high-level officials of Democratic administrations: William Burns, currently CIA director, formerly deputy secretary of state in the Obama administration; and Kathryn Ruemmler, currently general counsel for Goldman Sachs investment bank, who was White House counsel in the Obama administration.

In a class-action lawsuit filed March 16 by an Amazon Go customer, Amazon was accused of not properly notifying its New York Amazon Go store customers that it was tracking and collecting their biometric data.

Amazon Go stores are cashierless stores operated by Amazon, com that allow customers to enter the store, pick up the products they want, and walk out without having to wait in a checkout line or scan their items. The stores use a combination of computer vision, sensor fusion, and deep-learning technologies to detect which products customers take off the shelves and then charge their Amazon accounts accordingly.

According to the lawsuit, Amazon Go collects biometric data “by scanning the palms of some customers to identify them and by applying computer vision, deep learning algorithms, and sensor fusion that measure the shape and size of each customer’s body to identify customers, track where they move in the stores, and determine what they have purchased.”

There is reasonable concern that the biometric data allegedly collected by Amazon might find their way into federal databases, as Amazon also provides server space to the federal government.

The Chinese government has significantly increased the use of exit bans to stop people – Chinese and foreign nationals alike – from leaving the country since top leader Xi Jinping took power in 2012, according to a new report describing how a web of vague laws are being expanded for political reasons.

The report comes amid growing concern about the environment for foreign businesses in China, after the wide-ranging overhaul last week of the country’s espionage law and raids on corporate consultancies Mintz Group and Bain & Co.