Article: UK Finance, Which?, City of London Police Sign Letter Asking Government to Add Online Scams to “Online Safety” Bill

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UK Finance, Which?, City of London Police Sign Letter Asking Government to Add Online Scams to “Online Safety” Bill

Omar Faridi, 07 May 2021

UK Finance (a trade association for the UK banking and financial services sector that represents around 300 firms in the UK providing credit, banking, markets and payment-related services), Which? (an organization that reviews products and services, so that you “make the best purchase decisions” for your requirements) and City of London Police are among several other organizations that have signed a letter asking the UK government to add online or Internet scams to its latest “Online Safety” bill.

The new “Online Safety” bill will require companies – through the threat of huge fines – to enhance Internet safety in key areas like terrorist content, child sex abuse, hate crimes, cyber-bullying and the circulation of fake or misleading news updates. Continue reading “Article: UK Finance, Which?, City of London Police Sign Letter Asking Government to Add Online Scams to “Online Safety” Bill”

Article: FCC’s Net-Neutrality Proposal Marred by Millions of Fake Comments

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FCC’s Net-Neutrality Proposal Marred by Millions of Fake Comments

James V. Grimaldi, 06 May 2021

Nearly 18 million fake comments were filed with the Federal Communications Commission over its proposal to scale back internet regulation, fueled by both opponents and supporters of the rule, an investigation by the New York attorney general’s office found.

A report by Attorney General Letitia James’s office highlighted companies that specialize in a little-known influence industry that generates made-up comments and often attaches the names of real people caught up in marketing ploys. The 18 million fake comments represented more than 80% of all public comments filed to the FCC on its net-neutrality proposal four years ago. Continue reading “Article: FCC’s Net-Neutrality Proposal Marred by Millions of Fake Comments”

Article: A $953 Million Singapore Fund Ensnared by Alleged Fraud

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A $953 Million Singapore Fund Ensnared by Alleged Fraud

David Ramli, Yoolim Lee, Chanyaporn Chanjaroen and Alfred Cang, 06 May 2021

Technology startup investor Vickers Venture Partners has been caught up in the allegedly fraudulent nickel trading scheme of a Singaporean businessman and his Envy Global Trading, prompting a review by the city-state’s monetary authority.

Vickers would be the highest-profile investor yet to have fallen victim to the suspected $740 million swindle, which Singaporean authorities have said could be the biggest investment fraud the financial hub has ever seen. The alleged mastermind, Ng Yu Zhi, has been charged with a range of suspected crimes from faking the purchase and sale of nickel to falsifying transfers from Citibank and account statements that showed millions in funds. Continue reading “Article: A $953 Million Singapore Fund Ensnared by Alleged Fraud”

Article: Vietnam seeks avoidance as currency manipulator in future

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Vietnam seeks avoidance as currency manipulator in future

Saigon Investment, 06 May 2021

Professor Eswar Prasad at Cornell University believes that the US Treasury report this time includes more intensive analysis and shows a less overtly political approach than previous reports during the Trump Administration. However, to avoid being labeled as a currency manipulator again in the future, Vietnam needs to do much more concerning trade and currency issues, rather than just tackling short term problems.

Subjective decision Continue reading “Article: Vietnam seeks avoidance as currency manipulator in future”

Article: FOCUS-Results tally up billions in profit from Texas freeze for gas and power sellers

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FOCUS-Results tally up billions in profit from Texas freeze for gas and power sellers

Devika Krishna Kumar, Scott DiSavino and Jessica Resnick-Ault, 06 May 2021

Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February’s U.S. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports.

The deep freeze caught Texas’s utilities off-guard, killed more than 100 people and left 4.5 million without power. Demand for heat pushed wholesale power costs to 400 times the usual amount and propelled natural gas prices to record highs, forcing utilities and consumers to pay exorbitant bills. Continue reading “Article: FOCUS-Results tally up billions in profit from Texas freeze for gas and power sellers”

Article: US regulator probing China’s role in container shortage

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US regulator probing China’s role in container shortage/strong>

John Gallagher, 06 May 2021

A top maritime official has started an informal investigation into whether China is using its market power to monopolize containers and other equipment crucial to international supply chains to pump up rates paid by American exporters.

Carl Bentzel, a U.S. Federal Maritime Commissioner (FMC), told attendees at a virtual business meeting hosted by the Intermodal Association of North America that he is looking into the availability of containers, intermodal chassis and railroad equipment, and whether the U.S. has become overly dependent on such equipment owned and managed by China. Continue reading “Article: US regulator probing China’s role in container shortage”

Article: Hun Sen Ally Buys London ‘Private Bank’ With Shady Ties

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Hun Sen Ally Buys London ‘Private Bank’ With Shady Ties

Jack Davies and Sovannarith, 06 May 2021

One of Cambodia’s wealthiest families with close ties to Prime Minister Hun Sen late last year acquired a British payment services provider, Connectum Limited. That company generates millions of dollars in revenue each year, serving as an intermediary between small businesses and major credit card firms like Visa and MasterCard.

Heng Sokha, wife of former Transport Ministry secretary of state Ing Bun Hoaw, took ownership of Connectum in November 2020. Experts say that should raise red flags for British financial regulators. Continue reading “Article: Hun Sen Ally Buys London ‘Private Bank’ With Shady Ties”

Article: Dummy WallStreetBets Crypto Pumps Telegram Group Dupe Investors In $2 Million Scam

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Dummy WallStreetBets Crypto Pumps Telegram Group Dupe Investors In $2 Million Scam

Bhushan Akolkar, 05 May 2021

The altcoins market is bustling with new all-time highs and crypto scammers are once again round the corner. Members of the popular WallStreetBets Reddit forum were recently targeted by a spammy and dummy Telegram group duping investors of $2 million in losses.

In the latest crypto scam, a dummy Telegram account dubbed ‘WallStreetBets Crypto Pumps’ swayed investors on buying the new token called WSB Finance even before its listing on the exchange. This Telegram account is in no way linked to the infamous Reddit stock board WallStreetBets responsible for the GameStop (NYSE: GME) earlier this year on Wall Street. Continue reading “Article: Dummy WallStreetBets Crypto Pumps Telegram Group Dupe Investors In $2 Million Scam”

Article: Westpac Probed by Regulator on Insider Trading Allegations

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Westpac Probed by Regulator on Insider Trading Allegations

Nabila Ahmed, 05 May 2021

Australia’s securities regulator is probing Westpac Banking Corp. on allegations of insider trading, just months after the country’s second-biggest lender paid a record fine to settle breaches of anti-money laundering laws.

The allegations relate to Westpac’s role in executing a A$12 billion ($9.3 billion) interest-rate swap transaction with a consortium of AustralianSuper Pty Ltd. and a group of IFM entities in October 2016, according to a statement on Wednesday from the Australian Securities & Investments Commission. Continue reading “Article: Westpac Probed by Regulator on Insider Trading Allegations”

Article: Asic accuses Westpac of insider trading over $12bn Ausgrid privatisation deal

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Asic accuses Westpac of insider trading over $12bn Ausgrid privatisation deal

Ben Butler, 05 May 2021

The corporate regulator has taken legal action accusing Westpac of insider trading over a $12bn interest rate swap linked to the part-privatisation in 2016 of New South Wales’s electricity distribution network, Ausgrid.

In a federal court lawsuit filed on Wednesday, the Australian Securities and Investments Commission accused Westpac of using inside information to trade in interest rate derivatives during the two hours before it executed the swap, which was the largest in Australian history.

It is the latest regulatory blow for the big bank, which in September last year agreed to pay a record $1.3bn fine to settle legal action over money laundering and child exploitation allegations levelled against it by the financial intelligence agency, Austrac.

Westpac also has recent form in the area of market manipulation – in 2018, the federal court found it had engaged in “serious and unacceptable” conduct by attempting to fix an interest rate benchmark, and fined it $3.3m, which was the maximum available under the law at the time.

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Article: Swedbank Fined $5.5 million by Nasdaq Stockholm

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Swedbank Fined $5.5 million by Nasdaq Stockholm

Dominic Chopping, 05 May 2021

STOCKHOLM–Swedbank AB said Wednesday that it has been ordered to pay 46.6 million Swedish kronor ($5.5 million) by Nasdaq Stockholm’s disciplinary committee for anti-money laundering shortcomings.

“The disciplinary committee states that Swedbank over a long period of time had shortcomings in its AML processes and routines and that the shortcomings were known to the bank’s former top management for a long period of time,” the bank said.

The fine, for breaching Nasdaq rules on disclosure of information, relates to the period between December 2016 and February 2019. Continue reading “Article: Swedbank Fined $5.5 million by Nasdaq Stockholm”

Article: Hedge Funds Bet On Higher Oil Prices

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Hedge Funds Bet On Higher Oil Prices

Tsvetana Paraskova, 05 May 2021

Money managers intimate a growing confidence that oil prices have room to run higher this year, thanks to expectations of a robust economic rebound and rising global demand for crude.

Last week, hedge funds added the most bullish positions in the oil complex in more than two and a half months, with the net long in crude oil futures jumping to the highest in six weeks. Continue reading “Article: Hedge Funds Bet On Higher Oil Prices”

Chris Hedges: Don’t Be Fooled By Joe Biden

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Chris Hedges: Don’t Be Fooled By Joe Biden

Don’t be fooled by Joe Biden. He knows his infrastructure and education bills have as much chance at becoming law as the $15-dollar minimum wage or the $2,000 stimulus checks he promised us as a candidate. He knows his American Jobs Plan will never create “millions of good paying jobs – jobs Americans can raise their families on” any more than NAFTA, which he supported, would, as was also promised, create millions of good paying jobs. His mantra of “buy American” is worthless. He knows the vast majority of our consumer electronics, apparel, furniture and industrial supplies are made in China by workers who earn an average of one or two dollars an hour and lack unions and basic labor rights. He knows his call to lower deductibles and prescription drug costs in the Affordable Care Act will never be permitted by the corporations that profit from health care. He knows the corporate donors that fund the Democratic Party will ensure their lobbyists will continue to write Continue reading “Chris Hedges: Don’t Be Fooled By Joe Biden”

Joseph Farrell: Another Mysterious Banker Death…

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Another Mysterious Banker Death…

There has been another mysterious banker suicide, and if you’ve been following that story over the last few years, this one will interest you; the story was spotted and passed along by A.S. (to whom a big thank you). I’ve written a great number of blogs about this theme, which you can access on the website by searching for “banker deaths”. Continue reading “Joseph Farrell: Another Mysterious Banker Death…”