Article: 6 Arrested In Undercover Human Trafficking Operation In Tennessee

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6 Arrested In Undercover Human Trafficking Operation In Tennessee

B911, 01 June 2021

SWEETWATER, Tenn. – A two-day undercover operation by special agents with the Tennessee Bureau of Investigation’s Human Trafficking Unit, the Sweetwater Police Department, the Monroe County Sheriff’s Office, the 10th Judicial District Drug & Violent Crime Task Force, Homeland Security Investigations, and the office of 10th District Attorney General Steve Crump resulted in the arrest of several men accused of seeking illicit sex from minors.

Over a two-day period beginning May 26th, as part of an undercover investigation aimed at addressed human trafficking in the region, authorities placed several decoy advertisements known to be linked to prostitution and commercial sex cases. As a result of the operation, authorities arrested the following men and booked them into the Monroe County Jail. Continue reading “Article: 6 Arrested In Undercover Human Trafficking Operation In Tennessee”

Article: Credit Suisse scandals prompt Switzerland to think unthinkable: punish bankers

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Credit Suisse scandals prompt Switzerland to think unthinkable: punish bankers

John O’Donnell and Brenna Neghaiwi, Reuters, 28 May 2021

Exasperation with Credit Suisse following a string of scandals is prompting Switzerland to rethink a system in which top bankers have been largely untouchable.

Credit Suisse’s heavy losses from the collapse of family office Archegos and the decimation of billions of client investments backed by insolvent British financier Greensill have angered regulators and triggered a rare discussion among lawmakers about fining bankers.

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Article: China ups fines and widens scope of draft money laundering law

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China ups fines and widens scope of draft money laundering law

Stella Qiu, Lusha Zhang and Tony Munroe, 01 June 2021

BEIJING (Reuters) – China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope.

The draft, which updates proposals first made in 2006, would include the likes of property developers, accounting firms and precious metal exchanges, according to a copy of the draft law posted by the People’s Bank of China (PBOC) on its website. Non-bank payment firms, online microlenders, financial asset management firms and financial leasing companies will also be included. Continue reading “Article: China ups fines and widens scope of draft money laundering law”

Article: Greedy Wall Street giants won’t fare well in Xi Jinping’s China

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Greedy Wall Street giants won’t fare well in Xi Jinping’s China

Nels Frye, 01 June 2021

Congrats to America’s finance bros for finally getting their reward from the Chinese Communist Party. But surely, after obediently lobbying in favor of opening up to Beijing for decades, Wall Street deserved more than it received.

Two finance giants, Goldman Sachs and BlackRock, can now operate wealth-management businesses on the mainland, partnering with China Construction Bank Corp. and Commercial Bank of China — state-run entities at the center of power in the Communist state. The result: Goldman and BlackRock will likely relinquish much in independence, data and intellectual property, while scrounging only scraps of the domestic finance market in China. Continue reading “Article: Greedy Wall Street giants won’t fare well in Xi Jinping’s China”

Article: China Considers New Holding Company for Huarong, Bad-Debt Managers

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China Considers New Holding Company for Huarong, Bad-Debt Managers

Bloomberg News, 01 June 2021

China’s finance ministry is considering a proposal to transfer its shares in China Huarong Asset Management Co. and three other bad-debt managers to a new holding company modeled after the one that owns the government’s stakes in state-run banks, according to a person familiar with the matter.

Policy makers are re-examining the proposal, which was first tabled three years ago, as part of discussions on how to deal with the financial risks posed by Huarong, said the person, who asked not to be identified discussing private information.

Some officials view the creation of a holding company as a step toward separating the government’s roles as a regulator and shareholder, streamlining oversight and instilling a more professional management culture at Huarong and its peers, the person said. Continue reading “Article: China Considers New Holding Company for Huarong, Bad-Debt Managers”

Article: Chinese Factories Delay New Orders as Costs Rise, Risking Global Supply Shortages

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Chinese Factories Delay New Orders as Costs Rise, Risking Global Supply Shortages

Stella Yifan Xie, 01 June 2021

HONG KONG—Buffeted by rising costs, some Chinese manufacturers are refusing to accept new orders or are even considering shutting down operations temporarily—moves that could put more strain on global supply chains and cause more inflation.

Surging raw-material prices and a shortage of workers have pinched smaller Chinese manufacturers, including many that sell their products to the U.S. and other Western markets. While many have passed their higher costs on to overseas buyers, the pain is so severe at some manufacturers that they are finding it hard to raise prices enough to make up the difference. Others don’t want to risk losing business to competitors. Many are now looking for other solutions to avoid losing money. Continue reading “Article: Chinese Factories Delay New Orders as Costs Rise, Risking Global Supply Shortages”

Article: Elon Musk is still facing SEC acting as Twitter police over his Tesla (TSLA) tweets

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Elon Musk is still facing SEC acting as Twitter police over his Tesla (TSLA) tweets

Fred Lambert, 01 June 2021

ew information is revealing that Elon Musk still has the Securities and Exchange Commission (SEC) on his behind acting like Twitter police over his tweets about Tesla.

Tesla, Elon Musk, and the SEC
Musk and the SEC have had a few run-ins with each other, and it was rarely with a good outcome. Most famously, the SEC filed a lawsuit against Musk over his infamous “funding secured” comment regarding his failed attempt to take Tesla private back in 2018. The Security and Exchange Commission (SEC) judged that Musk exaggerated when saying that the funding was “secured”: Continue reading “Article: Elon Musk is still facing SEC acting as Twitter police over his Tesla (TSLA) tweets”

Article: Asian Police Seize $83 Million in Operation Against Online Financial Crime

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Asian Police Seize $83 Million in Operation Against Online Financial Crime

ISOBEL VAN HAGEN, 01 June 2021

Focusing on romance scams, online sextortion, investment fraud, voice phishing and money laundering associated with illegal online gambling, police in nine Asian countries arrested more than 500 suspects and seized US$83 million, Interpol said on Thursday.

Authorities worldwide have repeatedly warned that online fraud is continuing to increase and have stepped up joint efforts to fight it.

This operation, codenamed “HAECHI-I,” assembled law enforcement across Cambodia, China, Indonesia, Korea, Laos, The Philippines, Singapore, Thailand, and Vietnam. Between September 2020 and March 2021, they opened more than 1,400 investigations of online fraud and while many of the cases remain ongoing, Interpol said, 892 cases have been solved. Continue reading “Article: Asian Police Seize $83 Million in Operation Against Online Financial Crime”

Article: AMC Entertainment Is Selling $230 Million in Stock to Finance Acquisitions

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AMC Entertainment Is Selling $230 Million in Stock to Finance Acquisitions

Rich Duprey, 01 June 2021

AMC Entertainment Holdings (NYSE:AMC) is going on the offensive, selling over $230 million worth of stock to hedge fund operator Mudrick Capital Management at a premium so it can use the proceeds to make acquisitions.

The theater operator is selling 8.5 million shares to the private equity firm at a price of $27.12 per share, a nearly 4% premium to Friday’s closing price of $26.12 per share. It says it intends to make “value creating acquisitions of additional theatre leases, as well as investments to enhance the consumer appeal of AMC’s existing theatres.” It may also reduce debt with the money. Continue reading “Article: AMC Entertainment Is Selling $230 Million in Stock to Finance Acquisitions”

Article: Huarong Wires $978 Million to Repay Bonds as Doubts Persist

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Huarong Wires $978 Million to Repay Bonds as Doubts Persist

Bloomberg News, 31 May 2021

China Huarong Asset Management Co. made the biggest bond payment since confidence in its financial health began plunging two months ago, adding to signs that the company still has access to near-term liquidity.

Huarong wired funds for a $900 million dollar bond due June 3, a person familiar with the matter said, asking not to be identified discussing private information. One of the company’s onshore units also paid a 500 million yuan ($78 million) bond that matured Sunday, people familiar said. Continue reading “Article: Huarong Wires $978 Million to Repay Bonds as Doubts Persist”

Article: Global Stocks Slip as Inflation Remains in Focus

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Global Stocks Slip as Inflation Remains in Focus

Patricia Kowsmann and Xie Yu, 31 May 2021

Global stock markets were mixed Monday as investors wrapped up a month of trading dominated by concerns over inflation and the pace of the international economic recovery.

Trading was light with holidays in the U.S. and the U.K. S&P 500 stock futures were little changed Monday.

In Europe, Germany’s DAX index slid 0.2%, dragged by Deutsche Bank shares, which fell 1.6%. The Wall Street Journal reported Sunday that the Federal Reserve told the bank in recent weeks that it is failing to address persistent shortcomings in its anti-money-laundering controls, according to people familiar with the matter. Continue reading “Article: Global Stocks Slip as Inflation Remains in Focus”

Article: UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags

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UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags

Sruthi Shankar, 31 May 2021

European stocks slipped from record highs on Monday in subdued trading due to holidays in major markets, but optimism over a swift economic recovery put the benchmark index on course for its fourth month of gains.

The pan-European STOXX 600 index was down 0.1% in morning trade, with shares in Frankfurt falling 0.3% and Paris dipping 0.1%. UK and US markets are closed for a holiday, keeping trading volumes muted across the board.

Among the top drags was Deutsche Bank, down 1.8% after the Wall Street Journal reported that the U.S. Federal Reserve told the German lender it was failing to address persistent shortcomings in its anti-money-laundering controls. Continue reading “Article: UPDATE 1-European stocks retreat from record highs, Deutsche Bank drags”

Article: UPDATE 2-China’s yuan pulls back after officials warn against speculation

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UPDATE 2-China’s yuan pulls back after officials warn against speculation

Winni Zhou, Samuel Shen and Andrew Galbraith, 31 May 2021

SHANGHAI, May 31 (Reuters) – The yuan hit a three-year high against the dollar on Monday before falling back following a chorus of warnings from Chinese officials against speculative bets on the currency.

A former senior official at the foreign exchange regulator joined a slew of current and former officials on Monday cautioning against one way bets on the yuan, which has seen a two-month long rally against the dollar. In a commentary in the official China Securities Journal, Guan Tao warned against herd behaviour that could harm market order and weigh on China’s exporters. Continue reading “Article: UPDATE 2-China’s yuan pulls back after officials warn against speculation”

Article: The Market Is Ripe For Another GameStop Saga

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The Market Is Ripe For Another GameStop Saga

Michael Kern , 31 May 2021

About three months ago, the investing world was left reeling after retail investors proved they can beat Wall Street at its own game.

Reddit group “r/Wallstreetbets” (aka WSB)–a longstanding subreddit channel created nearly a decade ago where more than 4 million Reddit users discuss highly speculative trading strategies and ideas–engaged in a crowdsourced pump-and-dump scheme that created massive volatility in the stock markets by buying heavily shorted stocks such as GameStop Inc. (NYSE:GME), AMC Entertainment Holdings (NYSE:AMC), and BlackBerry Inc. (NYSE:BB), among others. The massive buying wave created large short squeezes as hedge funds betting against these stocks rushed to cover their positions and cut losses after GME skyrocketed an unfathomable 1,500% in the space of a few days; AMC saw its share price triple while BB jumped 460% before they came crashing to the ground after popular zero-fee trading app Robinhood blocked trading activity. Continue reading “Article: The Market Is Ripe For Another GameStop Saga”

Article: Interpol intercepts $83 million fighting financial cyber crime

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Interpol intercepts $83 million fighting financial cyber crime

Sergiu Gatlan, 30 May 2021

The Interpol (short for International Criminal Police Organisation) has intercepted $83 million belonging to victims of online financial crime from being transferred to the accounts of their attackers.

Over 40 law enforcement officers specialized in fighting cybercrime across the Asia Pacific region took part in the Interpol-coordinated Operation HAECHI-I spanning more than six months.!–more–>

Between September 2020 and March 2021, law enforcement focused on battling five types of online financial crimes: investment fraud, romance scams, money laundering associated with illegal online gambling, online sextortion, and voice phishing.

The stolen funds were blocked from getting into the scammers’ accounts following multiple joint operations and months of collecting intelligence on the attackers’ operations.

Throughout Operation HAECHI-I, Interpol agents opened over 1,400 investigations targeting cybercrime in the Asia Pacific region (i.e., Cambodia, China, Indonesia, Korea, Laos, The Philippines, Singapore, Thailand, and Vietnam), with 892 cases having already been solved and the rest still being investigated.

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