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ADB approves USD 100 mln loan to support small and medium-sized enterprises in Sri Lanka
Manila [Philippines], March 19 (ANI): The Asian Development Bank (ADB) has approved a USD 100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change. SMEs play a critical role in Sri Lanka's economy, contributing 52 per cent to the country's gross domestic product and employ 45 per c.....»»
Philippines posts 196 mln USD deficit in February
MANILA, March 19 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 196-million-U.S. dollar deficit in February, significantly lower from the 895-million-dollar BOP deficit recorded a year ago, the country's central bank said on Tuesday. The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit in February reflected outflows arising mainly from the national government's foreign currency deb.....»»
Economists: 25-bps rate hike likely if inflation rises anew
Economists believe the Bangko Sentral ng Pilipinas might further raise its policy rate by 25 basis points to 6.75 percent next month if food supply issues and high global oil prices persist. Dan Roces, chief economist of Security Bank, said the BSP might make this decision at its meeting on 16 November to help temper inflation faster. “The higher policy interest rate is driven by mounting local inflation risks, attributed to supply chain disruptions and increasing global commodity prices, including the threat of crude price spikes brought about by tensions in the Middle East,” he told the Daily Tribune in a Viber message. Last Thursday, the central bank hiked its rate by 25 bps to 6.25 percent on an off-cycle period to arrest further inflation uptrend due to the aforementioned factors. Risks might linger Jun Neri, chief economist of Bank of the Philippine Islands, said these inflationary risks might linger until the government finds solutions to increase supply of rice, the main driver of re-accelerated inflation at 6.1 percent last month. While Neri said managing food supply is not the BSP’s responsibility, he agreed with the central bank that rate hikes can help slow inflation by restraining consumer spending. “The rate hike is a statement from the BSP that it is determined to bring inflation back to its target. Inflation expectations may shoot up further if the market doesn’t see any action from the BSP,” the economist said. Exacerbated by Israel-Hamas war “The risk of El Niño, as well as higher global crude oil prices recently among 11-month highs led to higher local fuel pump prices especially since July 2023. This could be exacerbated by the Israel-Hamas war that is still uncertain” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., added. The post Economists: 25-bps rate hike likely if inflation rises anew appeared first on Daily Tribune......»»
Belarusian exiles lose hope
When police in Belarus began knocking on doors and interrogating citizens suspected to have taken part in pro-democracy rallies three years ago, Maxim Isayev knew he could never go back. Like thousands of others, the 32-year-old engineer and father of two peacefully protested against the disputed re-election of strongman leader Alexander Lukashenko in 2020 and is currently wanted by the country’s authorities. “I know that they came to my address in Belarus and searched for me,” Maxim told AFP in Warsaw, where he now lives with his wife and children. More than 100,000 people are thought to have left Belarus since security forces began violently cracking down on dissidents, many of whom fled to neighboring Poland and the Baltic states. Lukashenko now wants to shut them out for good. In January, he signed a law allowing courts to strip “extremist” dissidents living abroad of their citizenship, and in September he blocked Belarusian embassies from issuing passports. The decision effectively deprives thousands of Belarusian dissidents of the ability to renew their passports unless they return, making it difficult for them to travel internationally, access public services, open bank accounts or obtain employment. “If people are forced to return to Belarus, many of them will be exposed to rights violations, like arbitrary arrest, and torture,” UN rights expert Anais Marin told AFP after the decision. Describing Lukashenko’s decree as “outrageous,” she called on all governments to refrain from sending Belarusians back to their country over invalidated or expired passports. For Maxim, who fears he faces multiple criminal charges including terrorism, returning is not an option. “I took part in the protests. Rallies, marches, calls for sanctions,” he said. “There are more than ten counts I could be charged with.” Since 1994, Lukashenko has ruled Belarus with an iron fist, in what critics have called Europe’s last dictatorship. Elections held in August 2020 resulted in another landslide victory for the long-time leader, a result which the opposition decried as blatantly falsified. The fallout from the vote led to the biggest protests in Belarus’ modern history, which were soon followed by a record number of arrests. “There are situations where people were travelling to the funeral of their relatives. They were detained and put in jail,” said Helena Niedzwiecka, founder of the Belarusian Solidarity Center that supports exiles in Poland. “You can be imprisoned for liking a post in 2020.” Maxim, whose families’ passports expire in 2024, debated with his wife whether it was safe for her to go back, given she had made fewer political posts. “I said okay, if you want to go, you are an adult... Take one of the children.” “You will get a few years for your political views,” Maxim said. “And they will put the child into an orphanage.” They decided against the idea. Lukashenko has criticized those who have sought refuge abroad as disloyal, casting them as “criminals” who do not deserve citizenship. “Are these people worthy to remain citizens of Belarus if they have fled their native country and actually severed ties with it?” he asked at a government meeting last year. Most dissidents say it is the state that severed ties with them. “My contract with my country was terminated in 2020,” said Inga Okava, a 49-year-old former volunteer who was jailed for trying to independently monitor the 2020 elections. “They falsified everything that everybody wanted,” she sighed. WITH AFP The post Belarusian exiles lose hope appeared first on Daily Tribune......»»
P75-M PAGCOR mess: CIDG launches manhunt vs. suspect
The Philippine National Police - Criminal Investigation and Detection Group (PNP-CIDG) has launched a nationwide manhunt for the primary suspect in the P75-million controversy in the Philippine Amusement and Gaming Corporation (PAGCOR) after he and four others were able to elude arrest during a recent raid in their lair in Loac, Pangasinan. The PNP-CIDG director, Major General Romeo Caramat, identified the primary suspect as Jewel Castro. He and certain Ethan Eleazar, Norbert Escalante, Enrico San Miguel, and Rebecca Ferolina managed to escape even before the operatives swooped down a secluded illegal online sabong operation in Loac. Castro and his cohorts in PAGCOR are the subject of a top-to-bottom investigation ordered by PAGCOR Chairman Alejandro Tengco in connection with the missing P75-million cash performance bond exposed by an investor and officer of a corporation, an erstwhile franchisee of the disbanded e-sabong operation. The raid conducted by CIDG coincided with the lodging of a graft complaint with the Office of the Ombudsman by one Joaquin Sy, against a former and two top officials of PAGCOR and three private individuals headed by Jewel Castro. Sy, who is the treasurer and the chairman of the board of Kamura Highlands Gaming and Holdings Inc., in his complaint said that on 4 April 2022, he personally posted cash for the performance bond at PAGCOR's office in Malate, Manila on behalf of their corporation. He provided two manager’s checks payable to PAGCOR and drawn against his personal bank accounts. In return, PAGCOR issued official receipts and other documents proving the posting of a bond by the corporation. Under PAGCOR’s guidelines, only a corporation can apply to be a franchisee of e-sabong operation. Sy, however, said that when then-president Rodrigo Duterte disbanded the e-sabong on May 2022, he requested PAGCOR in writing of the intention of his corporation to withdraw the cash performance bond but to no avail. He added that later on, he was told by PAGCOR's Assistant Vice President for Finance Lolita Gonzales that a P75-million Land Bank check was already issued to one Jewel Castro sometime in July 2022. Meanwhile, in a press statement, the newly-appointed PAGCOR chair said, “We have launched an internal investigation and we are trying to re-create the sequence of events since the department allegedly involved, the E-Sabong Department, has already been disbanded.” Tengco hinted that the release of a check in the name of an individual not to the corporation that posted it, could not be possible without the connivance of personnel within PAGCOR. “We will bring the perpetrators to justice if indeed there was any anomaly,” he stressed. On the other hand, a confidant of Castro in his clandestine e-sabong operation who refused to be identified said that Castro expressed his intention to cooperate with PAGCOR’s ongoing investigation but fears for his safety, considering the persons and the amount of money involved in the anomaly. Castro is considered the key figure to unlock the mystery of the missing P75-million cash performance bond. The post P75-M PAGCOR mess: CIDG launches manhunt vs. suspect appeared first on Daily Tribune......»»
US, Iran release prisoners in $6 billion swap deal
The United States and Iran on Monday swapped five prisoners each in one of the arch-foes' first deals in years as Tehran gained access to $6 billion in frozen funds. The five Americans freed by Iran, including one held for eight years, flew out of Tehran in a Qatari jet, hours after the unblocked funds were deposited in accounts also managed by Qatar. The White House said it was "pleased to confirm" the plane carrying the freed Americans had left Doha, Qatar for the United States, and that President Joe Biden had spoken with the families of the Americans in an "emotional call". The five had walked in the setting sun on the tarmac in Doha, three of them with arms around one another's shoulders. One of them praised Biden for ignoring the political backlash and taking the "incredibly difficult decisions" that freed them. "Thank you, President Biden, for ultimately putting the lives of American citizens above politics," Siamak Namazi, a businessman held since 2015, said in a statement. Secretary of State Antony Blinken, who spoke to the released Americans by telephone after they landed in Doha, insisted the Biden administration had "no higher priority" than freeing US citizens. "It's very good to be able to say that our fellow citizens are free," Blinken told reporters in New York, where he and Biden are taking part in UN meetings. Two of the Iranian detainees arrived in Qatar, Iranian media said. The other three released by the United States have opted to remain there or in a third country. After quiet discussions led in part by Qatar, the two countries completed the exchange after the transfer of $6 billion in funds, frozen by US ally South Korea. The Biden administration has rejected criticism at home that it is paying "ransom," insisting the money will be used only humanitarian purposes, with a threat to re-freeze the funds if not. But Iranian foreign ministry spokesman Nasser Kanani, speaking earlier in Tehran, said the clerical state will have "total access" to the assets. Political risks for Biden Biden's Republican rivals have roundly denounced the deal. Republican Senator Mitt Romney said it would lead to "kidnappings". "The idea of basically paying to release, in this effect, a hostage is a terrible idea," he said. Mindful of political risks, Biden in a statement said he would "continue to impose costs" on Iran and announced sanctions against former president Mahmoud Ahmadinejad and the country's intelligence ministry. The sanctions were imposed over alleged deceit in the disappearance of Bob Levinson, a former FBI agent who disappeared in Iran in mysterious circumstance and is presumed dead. Biden in his statement did not mention that he granted clemency to five Iranians. A US official said that all were convicted or changed with non-violent crimes, with one already set to be released soon. Iran had generated the revenue through oil sales. South Korea froze the funds after Biden's Republican predecessor Donald Trump withdrew from a landmark nuclear accord and imposed unilateral US sanctions on buying oil from Iran. Iran's central bank governor said Iran would seek damages from South Korea. "We're making a complaint on behalf of Iran against South Korea for not giving access to these funds and the reduction in value of these funds in order to receive damages," Mohammadreza Farzin said on state television. The five Americans of Iranian descent -- all considered Iranian nationals by Tehran, which rejects dual nationality -- were released to house arrest when the deal was agreed last month. Besides Namazi, they include wildlife conservationist Morad Tahbaz, venture capitalist Emad Sharqi and two others who wished to remain anonymous. All were accused of spying or other crimes that they strongly reject. Tahbaz also holds UK nationality. Prime Minister Rishi Sunak said Britain was not involved in the deal but that he was "extremely pleased" he was free. A US official said that two more US citizens flew out of Tehran -- Namazi's mother and Sharqi's wife, who were not in prison but had ont been allowed to leave. According to Tehran, the freed Iranians include Reza Sarhangpour and Kambiz Attar Kashani, both accused of violating US sanctions against Tehran. A third prisoner, Kaveh Lotfolah Afrasiabi, was detained at his home near Boston in 2021 and charged with being an Iranian government agent, according to US officials. The two others, Mehrdad Moein Ansari and Amin Hasanzadeh, were said to have links to Iranian security forces. Nudge on nuclear? The swap was the first deal sealed by Biden with Iran's clerical rulers, who toppled the pro-Western shah in 1979 and are deeply hostile to the United States. Biden took office with hopes of restoring the 2015 nuclear agreement, under which Iran promised to constrain its contested nuclear work in return for sanctions relief. But months of talks failed to produce a breakthrough. Prospects to restore the deal sank further after protests broke out almost exactly a year ago in Iran following the death in custody of Mahsa Amini, who had been arrested for allegedly violating the country's Islamic dress code for women. Blinken said that the release of the prisoners "doesn't speak to anything else in the relationship," with the nuclear issue "a different track." Biden is not expected to meet in New York with Iran's president, Ebrahim Raisi, who arrived Monday. The post US, Iran release prisoners in $6 billion swap deal appeared first on Daily Tribune......»»
Five things to know about BRICS
The BRICS countries, an acronym of the five members Brazil, Russia, India, China, and South Africa, meet for three days for a summit in Johannesburg starting Tuesday. Representing 23 percent of the world's gross domestic product (GDP) and 42 percent of the world's population, they are seeking to dull Western economic domination in global affairs. Here are some facts and figures about the BRICS: A new world order? A group of emerging economies, it was formally launched in 2009 and it meets yearly at a summit hosted in rotation by one of the member countries. The meetings aim to assert their position, particularly in relation to the United States and the European Union. It promotes the recognition of a multipolar global order with economic and political balance, with the aim of breaking away from organizations formed in the post-World War II era, such as the World Bank and the International Monetary Fund (IMF). Aspirants The bloc whose economic growth is mainly driven by China and India, is now open to expansion. Twenty-three candidates have applied to join the BRICS, and an almost similar number have expressed an interest - among them Argentina, Ethiopia, Iran, and Saudi Arabia. One of the attractions of the group is the New Development Bank, created in 2015 with the aim of offering an alternative to the World Bank and the IMF. The Shanghai-headquartered bank has since invested $30 billion in infrastructure development projects in member states and other developing economies. The Putin dilemma Preparations for the summit saw diplomatic tensions rise on the global stage after host President Cyril Ramaphosa invited Russia's President Vladimir Putin who is the target of an International Criminal Court (ICC) arrest warrant over the war in Ukraine. Following months of speculation, Pretoria finally said Putin will attend the summit via video link. South Africa, whose ruling ANC party forged relations with Moscow during the Cold War, when the Soviet Union backed its fight against apartheid, has refused to condemn Russia's invasion of Ukraine. Down with the dollar The five countries account for 18 percent of international trade, the majority of which is transacted in dollars. Critical of the greenback's predominance in world trade, one of their goals is to free themselves from the dollar. The bloc supports the increased use of members' national currencies for trade and the introduction of a common payment system in the long term. Brazil and China earlier this year signed a bilateral agreement to settle their trade in their local currencies. University rankings A meeting of BRICS education ministers last month announced their intention to create their own international university rankings. Moscow believes that Russian universities are being excluded from existing international rankings for political reasons. The post Five things to know about BRICS appeared first on Daily Tribune......»»
Lebanon freezes former central bank chief’s bank accounts
Lebanon ordered the freezing of the bank accounts of its embattled former central bank governor on Monday, days after the United States, the United Kingdom, and Canada slapped him with sanctions. Former governor Riad Salameh, 73, who left his post of 30 years at the end of last month without a successor, is widely viewed as a key culprit in the country's dramatic economic crash. The central bank's special investigation committee has ordered the lifting of banking secrecy as well as the freezing of accounts "that are directly or indirectly" linked to Salameh, it said in a statement. The same decision measures were applied to Salameh's son Nady, his brother Raja, his former assistant Marianne Hoayek and his former partner Anna Kosakova. On 10 August, the US Canada and Britain announced sanctions against Salameh, his brother Raja, and Hoayek, while Washington and London also included his former partner Kosakova in their lists. In addition, the US sanctioned his son Nady Salameh. Salameh is wanted in France and Germany, and Interpol has issued a Red Notice for his arrest, but Lebanon does not extradite its nationals. Lebanon's deeply divided political class has failed to agree on a permanent replacement for Salameh, creating another power vacuum in a country that also has no president and is ruled by a caretaker government. The central bank's first vice-governor, Wassim Manssouri, has temporarily picked up the reins. A preliminary forensic audit of Lebanon's central bank by professional services firm Alvarez & Marsal (A&M) has painted a damning picture of the institution under Salameh. The post Lebanon freezes former central bank chief’s bank accounts appeared first on Daily Tribune......»»
Marcos unfazed by education quality slide
President Ferdinand Marcos Jr. yesterday said the new K-10 curriculum unveiled last week by Vice President and Education Secretary Sara Duterte should help arrest the continuing deterioration in the quality of education in the country. Mr. Marcos said the overhauled K-10 curriculum was designed to improve the Philippines’ global education rankings. “We want our students to be competitive in the global market,” the President, who visited with Duterte on Monday the V. Mapa High School in Manila, said. “We want them to be able to get the best jobs and contribute to our country’s development.” The DepEd clarified last week that the Kinder-to-Grade 12 program will continue after the launch of the K-10 curriculum caused confusion as to whether or not the K-12 program would be discontinued. The K-12 had been codified with the passage of Republic Act 10533 in 2013. Another law must be passed to modify, scrap or replace the K-12 program of the Noynoy Aquino presidency. “This new curriculum is the legacy of the Marcos administration to our country’s basic education,” Duterte said. “We’ve addressed many problems identified by international and local education experts in this new K-10 program.” The K-10, or Matatag Curriculum, will be implemented in phases, starting with Kindergarten and Grades 1, 4, and 7 in the 2024-2025 school year. By 2028, it will be fully implemented in all public and private schools in the Philippines. Below global average In the 2022 Global Knowledge Index, which measures a country’s proficiency in education, innovation, economy, technology, and research and development, the Philippines came in 77th. The nation scored 44.1 out of 100, lower than the global average of 46.47. Nonetheless, the British group behind the study said plus factors that are going well for the Philippines include government support for primary education, college attendance and career training. A separate 2022 report by the World Bank, on the other hand, showed that nine out of 10 Filipinos aged 10 struggle to read simple texts, making the Philippines one of the countries with the highest rates of “learning poverty.” When compared to its neighbors in the region, the Philippines’ rate of learning poverty was 56.4 points higher and more than twice the average of 34.5 percent for the region, WB added. Among lower middle-income countries, the Philippines did even worse, with a gap of 80.5 points between it and its peers, the financing organization added. “In the Philippines, 5 percent of primary school-age children are not enrolled in school. These children are excluded from learning in school,” WB pointed out. Notwithstanding the bleak prognosis of the World Bank, Marcos expressed confidence the quality of education in the Philippines would improve. “This is a major undertaking, but we are confident that it will be worth it,” said the President. “We are investing in the future of our children, and we are confident that they will make us proud.” A key feature of the new K-10 curriculum is the reduction in the number of learning competencies from around 11,000 to just 3,000, a move intended to ensure that students are able to master the essential skills and knowledge they need to succeed at school and in life. For key stages, Grades 1 to 3, the Matatag Curriculum reduces the number of subjects from seven to five, with a focus on Math and Reading. Science will be introduced in Grade 4. The post Marcos unfazed by education quality slide appeared first on Daily Tribune......»»
Beware of fake bills, says SPD
The Southern Police District warned the public on Sunday against counterfeit money following the arrest of a former Army soldier who used counterfeit money in a store. According to SPD director Brig. Gen. Roderick Mariano, small store owners should always keep their vigilance against fake bills, now that the “ber” months are approaching and shopping season peaks. “We urge the public to immediately report any person to the authorities using such bills in any transaction for appropriate action as the “ber months’ or the peak shopping season draws near,” Mariano said. The SPD’s statements come after authorities arrested a certain Kevin Jhon Soncio, a dismissed Army soldier after using counterfeit money in a sari-sari store in Barangay Fort Bonifacio Taguig City on Friday evening. The police report said the suspect paid a P1,000 bill for one pack of cigarettes. The witness, a minor who was tending the store during the incident, examined the bill and discovered it was fake. He immediately sought the assistance of village officials, who eventually arrested the suspect. Authorities seized from Soncio nine P1,000 counterfeit bills and different identification cards. During the arrest, the suspect introduced himself as a member of the Philippine Army. Upon validation, police found that he was already dismissed from the service and that he carried falsified documents. The suspect is now facing charges of violation of Article 168 of the Revised Penal Code or Illegal possession and use of false Treasury or Bank Notes and Other Instruments of Credit, usurpation of authority, and falsification of public documents. Meanwhile, the Taguig City Police is now preparing a counterfeit money verification request to the Bangko Sentral ng Pilipinas. The post Beware of fake bills, says SPD appeared first on Daily Tribune......»»
Bogus DoTr liaison entrapped
The police reported yesterday the arrest of a 37-year-old man in Muntinlupa City for allegedly posing as a liaison coordinator for the Department of Transportation to dupe a businessman. Identified as Peejay Giganto Durano, the suspect was arrested by elements of the Criminal Investigation and Detection Group in a sting operation last 31 July. Durano allegedly introduced himself to complainant Rholand Dindo Sioson, a businessman from Valenzuela City, as a liaison Officer from the Office of the President with a special letter of endorsement bearing what turned out to be the forged signature of DoTr Secretary Jaime Bautista. The suspect reportedly convinced Sioson that he could facilitate the processing of the latter’s application for a franchising business, specifically the licensing and registration of motor vehicles with the LTO. With the fake credentials, Durano was able to get from Sioson a total of P405,000 supposedly as the required processing fee, which the latter sent to him through a bank transfer. Durano asked for an additional P100,000 from Sioson which he said was for the release of a department order for the latter’s LTO franchise. Acting on Sioson’s formal complaint, the CIDG-NCR set up an entrapment and gave Sioson marked money to hand to Durano. The exchange took place in Alabang, where Durano was arrested. Durano is now facing charges of violating Article 315 (Large-scale Estafa) in relation to Republic Act 10175, or the Cybercrime Prevention Act, specifically Article 177, on “Usurpation of Authority or Official Function,” and Article 172, on the “Falsification by Private Individual and Use of Falsified Document” of the Revised Penal Code. Sioson presented his case to the Chief Prosecutor of Mandaluyong City, assisted by CIDG investigators Patrolmen Roberto Felipe and Jodar Capati. Four PNP officers based in Camp Crame — P/MSg. Arcadio Manganas Jr. of the Forensic Group; and P/SSg. Jeck Ryan Olarte, P/SSg. Jerome Vicente, and Patrolman Jericho Dela Cruz of the CIDG-NCR Regional Field Unit — handled the booking documentation and disposition of the case. DoTr Secretary Jaime Bautista urged the public not to fall prey to scams using his name because his administration does not condone any illegal activities. The post Bogus DoTr liaison entrapped appeared first on Daily Tribune......»»
3 alleged QC thieves captured
Three alleged thieves were nabbed over the weekend by operatives of the Quezon City Police District. In the first incident, Erwin Albaniel Dizon, 30, was arrested by QCPD Masambong Police Station after his boss and accounting staff complained that he gambled the P45,000 he withdrew from a bank. Dizon was the liaison officer of the company and was tasked to withdraw the company money at the BDO West Avenue Branch. However, instead of depositing the money, Dizon purportedly used it for online gambling. The victim and the accounting staff filed a complaint with the police, which led to Dizon’s arrest. He was found in possession of five bet list receipts from a 7-11 convenience store, with a total amount of P45,000. In the second incident, the QCPD Kamuning Police Station arrested Rommel dela Peña, 23, and Casper Reyeg, 26, for alleged cable theft and resisting arrest. The suspects were reportedly caught cutting cable wires from an iron pole in Barangay Pinyahan. When the police approached them, the suspects fled. The police gave chase and eventually arrested them. Reyeg tried to resist arrest, but the police were able to subdue him. The suspects were found in possession of a metal steel hacksaw, a 7-inch knife, a black backpack, and five meters of cable wire. They will all be charged in court. The post 3 alleged QC thieves captured appeared first on Daily Tribune......»»
Indian national arrested for estafa
It used to be that Indian nationals are the usual victims of estafa by their Filipino customers. Now the roles are reversed as police on Tuesday arrested a 24-year-old Indian national for estafa amounting to P200,000 in Pasay City. Southern Police District Director Brig. Gen. Roderick Mariano identified the suspect as Varun Gupta, who was collared at around 6 p.m. in a restaurant along SM by the Bay in Mall of Asia, Pasay City. However, the companion of the suspect, alias John Doe, was able to elude arrest, and is being hunted by police. In a report to Col. Froilan Uy, Pasay police chief, Gupta allegedly contacted the 48-year-old victim through the Telegram application, offering to sell his online Indian corporate bank account amounting to P200,000. Upon agreeing to buy the bank account, the victim met with the suspect at a restaurant in the mall to pay the P200,000. After the victim handed the payment to Gupta and his cohort, the suspects excused themselves to get water, but the victim followed. The suspects tried to escape while the victim chased them but was able to catch Gupta, though the other suspect escaped with the P200,000. The post Indian national arrested for estafa appeared first on Daily Tribune......»»
ED arrests ex-Chairman of Seva Vikas Co-op Bank in Rs 429 crore fraud case
New Delhi [India], July 5 (ANI): The Enforcement Directorate (ED) arrested Amar Sadhuram Mulchandani, former Chairman of Seva Vikas Co-operative Bank on July 1 under the Prevention of Money Laundering Act (PMLA), 2002 in Seva Vikas Co-operative Bank fraud case, the agency said on Wednesday. According to the agency, a Mumbai court has granted his custody for six days -- till Friday or July 7. The arrest is made in connecti.....»»
Korean fugitive Arrested at NAIA
The Bureau of Immigration (BI) at the Ninoy Aquino International Airport (NAIA) arrested a South Korean fugitive wanted for involvement in telecommunications fraud in South Korea. In a report given to BI Commissioner Norman Tansingco, the BI Border Control and Intelligence Unit (BI-BCIU) identified the arrested fugitive as Jeon Jihoon, 37, who was intercepted on June 2 at the NAIA 1 terminal upon his arrival via China Eastern Airways flight from Shanghai, China. BI-BCIU Deputy Chief for Operation Joseph Cueto said that his men arrested the Korean after the BI officer who processed him noticed that Jeon's name was on the Interpol hit list of wanted foreign fugitives. Cueto added that after conferring with the BI Interpol unit, the immigration supervisors on duty were able to confirm Jeon's identity as the same person whose name registered a hit in the Interpol database. Jeon was later brought to the BI Warden Facility in Camp Bagong Diwa, Taguig, pending deportation proceedings. Tansingco has reportedly ordered that the Korean immediately undergo deportation for being an undesirable alien, so he could be sent back to Korea to stand trial for his alleged crime. He will then be placed on the immigration blacklist, which will ban him from entering the country in perpetuity. According to Interpol’s National Central Bureau (NCB) in Manila, Jeon was charged with telecom fraud before the Busan District Court in South Korea and issued a warrant of arrest on Feb. 24 last year against him. Jeon is accused of allegedly being a member of a voice phishing syndicate that impersonates himself as an agent of financial institutions by making random calls to other victims who are promised huge returns on their money. Hundreds of victims were reportedly lured into the scheme and enticed to deposit money, totaling more than 4.5 billion won, or roughly US$3.5 million, into the syndicates’ bank accounts. The post Korean fugitive Arrested at NAIA appeared first on Daily Tribune......»»
Jordan crown prince weds Saudi architect in lavish ceremony
Jordan's Crown Prince Hussein bin Abdullah married Saudi architect Rajwa Al Seif on Thursday in a ceremony attended by royals from across the globe. The ceremony was held in the mid-century Zahran Palace in the capital Amman -- the site of other key royal weddings including that of King Abdullah II to Queen Rania as well as that of his father, the late King Hussein bin Talal. The king's eldest son and Al Seif, both aged 28, tied the knot at a ceremony attended by their families and 140 guests, including US First Lady Jill Biden and the Prince and Princess of Wales. Other notables included the Netherlands' King Willem-Alexander and Queen Maxima, as well as Belgium's King Philippe and Crown Princess Elisabeth and Danish Crown Prince Frederik and Crown Princess Mary. The highly anticipated nuptials were met by celebrations across Jordan, with thousands gathering to witness the procession in Amman in streets decorated with pictures of the couple and banners. A royal red motorcade, reserved for special occasions, crossed the capital to celebrate the bride and groom. King Abdullah II, aged 61 and on the throne since 1999, has long groomed his eldest son to succeed him, bringing him along to important visits and meetings, former information minister Samih Maaytah previously told AFP. Prince Hussein became heir to the throne in 2009 after his father removed the title from his half-brother Hamzah in 2004. Hamzah would later be placed under house arrest after being accused of attempting a royal coup in 2021 that sent shockwaves through the royal establishment. In April 2022, Hamzah renounced his royal title, saying his own values no longer aligned with those of "our institutions". Jordan enjoys relative stability compared to its Middle East neighbors but has seen protests in recent years as it struggles with economic woes. The World Bank says Jordan is heavily in debt and faces around 23 percent unemployment. The Hashemite kingdom relies extensively on foreign aid. The Jordanian king has wide-ranging political powers in the country of 11 million people, a parliamentary monarchy, and also acts as the supreme leader of the armed forces. Hussein followed in his father's footsteps by attending Britain's Sandhurst Military College and then studying history at Washington's Georgetown University. His bride was born and raised in conservative Saudi Arabia but is also Western-educated, having studied architecture at Syracuse University in New York. See more photos here: The post Jordan crown prince weds Saudi architect in lavish ceremony appeared first on Daily Tribune......»»
Wanted Japanese ‘thief’ collared
The Bureau of Immigration announced the arrest of a Japanese national who is wanted in Tokyo for involvement in financial fraud. BI Commissioner Norman Tansingco identified the fugitive as Sato Shohei, who was nabbed last 24 April in Pasay City by the BI Fugitive Search Unit operatives. Tansingco said the arresting agents were armed with a warrant, which he issued pursuant to a summary deportation order that the BI Board of Commissioners issued against Shohei in February this year. The BI chief added that suspect was ordered deported after Japanese authorities sought their assistance in locating and arresting Shohei, whose name was already placed on the immigration blacklist. BI-FSU acting chief Rendel Ryan Sy, meantime, disclosed that Shohei was issued an arrest warrant by a summary court in Tokyo, where a case for theft was filed against him in October last year. Japanese authorities have reportedly alleged that Shohei conspired with several other accomplices to steal money from the bank accounts of victims whose ATM cards they obtained by misrepresenting themselves as police officers or financial service agency representatives. The fugitive is currently detained at the BI warden facility in Camp Bagong Diwa, Taguig City while awaiting deportation The post Wanted Japanese ‘thief’ collared appeared first on Daily Tribune......»»
Pandemic hammers HSBC profits in H1
HONG KONG (AFP) – HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions. The lender reported post-tax profits of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion. Chief executive Noel Quinn described the first six months of the year as ”some of the most challenging in living memory”. ”Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility,” he said in a statement to the Hong Kong stock exchange, Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid year. Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain’s departure from the European Union. The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash some 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe. The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic. But HSBC has a further headache — geopolitical tensions via its status as a major business conduit between China and the West. HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth. Caught in crossfire As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington. The bank has tried to stay in Beijing’s good graces. It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests. The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing’s line. But that has not shielded it from Beijing’s wrath. Last month the bank was a subject of multiple reports in China’s state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant. HSBC released a statement on its Chinese Weibo accounts saying it had not ”framed” telecom giant Huawei or ”fabricated evidence” that led to the arrest of Meng. China’s internet censors blocked access to HSBC’s statement within hours of publication, without offering an explanation. Quinn referenced the bank’s growing political vulnerability in Monday’s statement. ”Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint,” he said. ”However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfill this role,” he added. The bank’s Asia operations continued to show ”good resilience”, Quinn said, with profit before tax of $7.4 billion. Earlier this year Quinn put some of the job cuts on hold as the pandemic struck. But in Monday’s statement he vowed to press ahead with the cost-cutting. ”As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us,” he said......»»
US reaffirms support for Philippines sovereignty amid its tensions with China
Washington, DC [US], March 28 (ANI): US Secretary of Defence Llyod Austin has reaffirmed Washington's commitment to Manila in defending its sovereignty while criticising China's "dangerous" water cannon attack at the Philippine supply mission vessel on Saturday. In a telephonic conversation between Austin and his Philippine counterpart Gilberto Teodoro, the US Secretary reiterated the US-Philippines Mutual Defence Treaty.....»»
Philippines announces decisive measures amid tensions with China
Manila [Philippines], March 28 (ANI): Amid the escalating tensions in the South China Sea, Philippine President Ferdinand R Marcos Jr has announced decisive measures to protect his country's sovereignty and maritime rights while ensuring peace and stability in the Indo-Pacific. Marcos, known as Bongbong, said that the measures, aimed at addressing what he said is the "open, unabating, and illegal" actions by China's Coast.....»»