Crown stuffs $630m under the bed, betting on rainy days ahead
Elizabeth Knight, 24 May 2021
At first glance there doesn’t appear to be an obvious nexus between alleged fresh money laundering claims against Crown Resorts revealed during Monday’s Victorian royal commission and the company’s decision not to redeem $630 million of subordinated notes.
For that matter, most wouldn’t join the dots between Crown’s decision to not pay out its noteholders and claims by the Victorian gaming regulator last week that it was misled by Crown about the arrests of 19 of its China staff back in 2016.
Crown paints a portrait of itself as a now conservative company that wants to maintain its liquidity in the face of the COVID-induced sporadic closures of its venues or changes to their operating conditions. Continue reading “Article: Crown stuffs $630m under the bed, betting on rainy days ahead”
Reports: Fraud a concern for merchants, brands
Kristina Knight, 20 May 2021
Online payment fraud could cost online merchants as much as $20 billion in 2021. That is a key takeaway from new Juniper Research data which predicts that the influx of inexperience digital shoppers during the pandemic could cause ecommerce fraud to skyrocket from $17.5 billion 2020 to more than $20 billion this year.
That would be an increase of about 18% YoY, much brought about by fraudsters who are targeting consumers who aren’t as savvy at protecting their financial information in the digital space. To staunch the flow – and to protect their shoppers, Juniper’s experts believe digital merchants must up their fraud prevention strategies across the ecommerce space, utilizing AI to spot potential fraudsters before damage can be done. Continue reading “Article: Reports: Fraud a concern for merchants, brands”
Angela Merkel defends lobbying for disgraced Wirecard
Ben Knight, 23 April 2021
The German chancellor has appeared at a parliamentary inquiry to defend her decision to lobby on behalf of the disgraced banking firm Wirecard in China. The scandal is one of Germany’s biggest ever fraud cases.
Chancellor Angela Merkel has told the German Bundestag that there was no reason to believe that Wirecard was committing fraud in 2019, when she lobbied on behalf of the now insolvent Bavarian company during an official trip to China.
“Despite the press reports, there was no reason to assume there were serious irregularities at Wirecard at the time,” she told a parliamentary inquiry during a hearing on Friday. Continue reading “Article: Angela Merkel defends lobbying for disgraced Wirecard”