Golf-PGA Tour commissioner labels LIV an exhibition series of free-riders

by Reuters June 12, 2022

By: Reuters

By Steve Keating

TORONTO – PGA Tour commissioner Jay Monahan visited the players on the front line of golf’s feud with the LIV Golf Invitational Series at the Canadian Open on Sunday, and blasted those who have jumped to the Saudi-backed venture as free-riders.

With the Canadian Open and LIV inaugural event at Centurion Club outside London both played at the weekend it marked the first head-to-head showdown between the PGA Tour and the controversial big-money breakaway series that is looking to shake up golf’s status quo.

A 54-hole format, with no cuts and a team element bolted on, is being trumpeted as an exciting new era for golf but Monahan dismissed it as nothing more than series of exhibitions while questioning the motivation behind a venture that is spending billions but has no chance of being profitable.

Critics maintain that the LIV project, bank-rolled to the tune of $250 million by Saudi Arabia’s Public Investment Fund, (PIF) is nothing more than blatant ‘sportswashing’ by a nation trying to improve its reputation in light of human rights concerns.

“You have to ask yourself the question why?,” said Monahan in a television interview at St. George’s Golf and Country Club during the final round on Sunday. “Why is this group spending so much money, billions of dollars recruiting players and chasing a concept with no possibility of a return.

“Those players have chosen to sign multi-year lucrative contracts to play in a series of exhibition matches against the same players over-and-over again.

“You look at that opposed to what we see here today.

“We’re not going to allow players to free ride off our loyal members, the best players in the world.”

Rory McIlroy’s successful defence of his Canadian Open title on Sunday ended a tumultuous week for the sport marked by verbal sparring and threats.

Such is the tension that even in the midst of celebrations the Northern Irishman, a vocal supporter of the PGA Tour, delivered one last shot at LIV CEO and former-golf great Greg Norman after collecting his 21st PGA Tour title.

“This is a day I will remember for a long, long time, 21st PGA Tour win, one more than someone else (Norman), that gave me a little bit of extra incentive today,” McIlroy told a greenside reporter.

Monahan, who on Thursday suspended all current and future players who have decided to join the breakaway series, made no apologies for coming down on defectors that included six-time major winner Phil Mickelson, Dustin Johnson, Bryson DeChambeau and Sergio Garcia.

But Monahan also suggested those signing on with the Saudi-backed venture might have one for the families and survivors of the 9/11 attacks on the World Trade Center, who, according to a report in the New York Post, sent a letter to the golfer’s representatives expressing their outrage over their participation in the new league.

Fifteen of the 19 hijackers involved in the 9/11 attacks that killed nearly 3,000 people were from Saudi Arabia. A U.S. government commission found no evidence that Saudi Arabia directly funded al Qaeda.

“I would ask any player that has left or any player that would consider leaving have you ever had to apologise for being a member of the PGA Tour?,” said Monahan.

(Reporting by Steve Keating in Toronto; Editing by Stephen Coates)

June 12, 2022 0 comments

Financial News

S.Korea June 1-10 exports shrink 12.7%, trade deficit at $6 billion

by Reuters June 12, 2022

By: Reuters

SEOUL – South Korea’s exports for the first 10 days of June shrank 12.7% from the same period a year before, customs agency data showed on Monday.

The country’s imports grew 17.5%, however, bringing the trade balance to a $6 billion deficit for the period.

By product, exports of semiconductors grew 0.8% and petroleum products surged 94.5%, but those of cars, automobile parts and wireless communication devices fell 35.6%, 28.8% and 27.5%, respectively.

By destination, shipments to China, the United States and European Union shrank 16.2%, 9.7% and 23.3% each.

(Reporting by Jihoon Lee; Editing by Tom Hogue)

June 12, 2022 0 comments

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Russia destroys bridge over Ukrainian river, cutting escape route

by Reuters June 12, 2022

By: Reuters

By Natalia Zinets and Maria Starkova

KYIV/LVIV -Russian forces have blown up a bridge linking the embattled Ukrainian city of Sievierodonetsk to another city across the river, cutting off a possible evacuation route for civilians, local officials said on Sunday.

Sievierodonetsk has become the epicenter of the battle for control over Ukraine’s eastern Donbas region. Parts of the city have been pulverized in some of the bloodiest fighting since the Kremlin unleashed its invasion on Feb. 24.

“The key tactical goal of the occupiers has not changed: they are pressing in Sievierodonetsk, severe fighting is ongoing there – literally for every meter,” Ukrainian President Volodymyr Zelenskiy said in his nightly video address, adding that Russia’s military was trying to deploy reserve forces to the Donbas.

Zelenskiy said the image of a 12-year-old injured in a Russian strike was now the enduring worldwide face of Russia. “These very facts will underscore the way in which Russia is seen by the world,” he said.

“Not Peter the Great, not Lev Tolstoy, but children injured and killed in Russian attacks,” he said, in an apparent reference to Russian President Vladimir Putin’s remarks last week comparing Moscow’s military campaign to Russian emperor Peter the Great’s 18th century conquest of lands held by Sweden.

Ukrainian and Russian forces were still fighting street-by-street in Sievierodonetsk on Sunday, the governor of Luhansk province, Serhiy Gaidai, said.

Russian forces have taken most of the city but Ukrainian troops remain in control of an industrial area and the Azot chemical plant where hundreds of civilians are sheltering. “About 500 civilians remain on the territory of the Azot plant in Sievierodonetsk, 40 of them are children. Sometimes the military manages to evacuate someone,” Gaidai said.

But the Russians had destroyed a bridge over the Siverskyi Donets River linking Sievierodonetsk with its twin city of Lysychansk, Gaidai said.

That left just one of three bridges still standing.

“If after new shelling the bridge collapses, the city will truly be cut off. There will be no way of leaving Sievierodonetsk in a vehicle,” Gaidai said, noting the lack of a cease-fire agreement and no agreed evacuation corridors.

In Lysychansk, Russian shelling killed a six-year-old, Gaidai said.

Reuters could not independently confirm that account.

STRATEGIC IMPLICATIONS

After being forced to scale back its initial goals following its Feb. 24 invasion of Ukraine, Moscow has turned its attention to expanding control in the Donbas, where pro-Russian separatists have held territory since 2014.

The fall of Sievierodonetsk, in the last pocket of Ukrainian land held in the strategic Luhansk region, would move Russia a big step closer to one of the stated goals of what Putin calls a “special military operation.”

Elsewhere, Russian cruise missiles destroyed a large depot containing U.S. and European weapons in western Ukraine’s Ternopil region, Russia’s Interfax agency reported.

Ternopil’s governor said rockets fired from the Black Sea at the city of Chortkiv had partly destroyed a military facility and injured 22 people. A local official said there were no weapons stored there.

Reuters could not independently confirm the differing accounts.

Moscow has criticised the United States and other nations for sending Ukraine weapons, threatening to strike new targets if the West supplied long-range missiles.

Ukrainian leaders recently have renewed pleas for more heavy weapons. On Sunday, the Ukrainian general staff said on Facebook that General Valeriy Zaluzhny, the head of Ukraine’s armed forces, had spoken to General Mark Milley, the top U.S. military officer, and reiterated his request for more heavy artillery systems.

Russian forces were firing mortars and artillery south and southwest of Sievierodonetsk, according to Ukraine’s general staff. But it said Ukrainian forces had repulsed Russian attempts to advance towards some communities.

Reuters could not independently verify the battlefield reports.

Putin says Russia’s actions aim to disarm and “denazify” Ukraine. Kyiv and its allies call it an unprovoked war of aggression to capture territory.

Also on Sunday, the leader of the Russian-backed separatist Donetsk region in the Donbas said there was no reason to pardon two British nationals sentenced to death last week after being captured while fighting for Ukraine.

A court in Donetsk on Thursday found Aiden Aslin and Shaun Pinner – and Moroccan Brahim Saadoun – guilty of “mercenary activities” seeking to overthrow the republic.

Britain says Aslin and Pinner were regular soldiers exempt under the Geneva Conventions from prosecution for participation in hostilities. Aslin’s family said he and Pinner “are not, and never were, mercenaries.”

Separately, the family of a former British soldier, Jordan Gatley, said on social media he was killed fighting for Ukraine in Sievierodonetsk.

(Reporting by Natalia Zinets and Pavel Polityuk, Additional reporting by Reuters bureauxWriting by Kim Coghill, Angus MacSwan and Patricia Zengerle; Editing by William Mallard, Frances Kerry and Diane Craft)

June 12, 2022 0 comments

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Michael Avenatti offers to plead guilty in remaining criminal case

by Reuters June 12, 2022

By: Reuters

By Jonathan Stempel

(Reuters) – Michael Avenatti, the twice-convicted lawyer who represented [censored] actress Stormy Daniels in her legal battles against former U.S. President Donald Trump, on Sunday offered to plead guilty to “multiple” criminal charges he still faces in California.

Avenatti, 51, already faces five years in prison after being convicted in February of fraud and identity theft for diverting nearly $300,000 in book proceeds meant for Daniels, and convicted in February 2020 of trying to extort up to $25 million from Nike Inc.

He potentially faces more than 300 years in prison on 36 criminal charges in the California case, including for stealing millions of dollars from clients, lying to the Internal Revenue Service and a bankruptcy court, and defrauding a bank.

In a filing with the federal court in Santa Ana, California, Avenatti said he wanted to plead guilty “to be accountable; accept responsibility; avoid his former clients being further burdened; save the court and the government significant resources; and save his family further embarrassment.”

The filing did not say how many or which charges Avenatti wanted to plead guilty to.

It said he has been unable to reach a plea agreement with prosecutors, despite his “substantial efforts” in the last 30 days, and wants a court hearing.

A trial on the first 10 charges is scheduled for July 26, following a mistrial last August. Avenatti is representing himself.

Neither prosecutors nor a spokesman for U.S. Attorney Tracy Wilkison in Los Angeles immediately responded to requests for comment. Dean Steward, a lawyer who advises Avenatti on his defense, declined to comment.

Avenatti is appealing his conviction and 2-1/2 year sentence in the Nike case, and has filed a notice of appeal of his four-year sentence in the Daniels case. The sentences partially overlap, resulting in the five-year term.

The California case is U.S. v Avenatti, U.S. District Court, Central District of California, No. 19-cr-00061.

(Reporting by Jonathan Stempel in New York; Editing by Shri Navaratnam)

June 12, 2022 0 comments

Financial News

Paris snaps at heels of London in overseas finance investment ranks

by Reuters June 12, 2022

By: Reuters

LONDON – France made up more ground on Britain in attracting overseas direct investment into financial services last year, according to research by accountancy firm EY published on Monday.

Britain still retained top spot in the European rankings – attracting 63 projects in 2021 – but the gap with second-placed France narrowed, with its neighbour recording 60, its highest number in the last decade.

Both nations enticed a higher number of projects in 2021 than in the previous year – up seven for Britain and 11 for France – bucking the trend for a contraction in Europe overall.

Foreign direct investment into financial services across Europe overall fell 2.8% last year, EY said.

London stayed top of the city table, with 39 projects in 2021, but this was less than half the 86 projects it chalked up in 2018. Paris recorded 38, just one project behind London.

Britain’s top spot showed it retained its appeal for international investors after Brexit, EY’s researchers said, but they said France was catching up.

“France in particular is growing quickly, closing the gap with the UK, and even overtaking it in attracting the highest number of investment projects from the U.S. for the first time,” said Omar Ali, a financial services managing partner at EY.

Spain, Germany and Ireland rounded out the top five countries in EY’s rankings, while Madrid, Dublin and Berlin completed the top five cities.

Britain continued to attract proportionally more new projects than France – which tend to generate more jobs – rather than expansions to existing projects, EY said.

Britain was also seen as the most attractive European country for future financial services investment, ahead of Germany in second and France in third, an EY survey of global investors found.

(Reporting by Iain Withers; Editing by Edmund Blair)

June 12, 2022 0 comments

Financial News

UK faces stagnation and recession risk, CBI warns

by Reuters June 12, 2022

By: Reuters

By David Milliken

LONDON – Britain’s economy faces stagnation next year and could easily fall into recession, the Confederation of British Industry (CBI) warned on Monday after it slashed its outlook for growth due to surging inflation.

The CBI is the third major body to cut its growth forecasts for Britain in the past week, following a downgrade from the British Chambers of Commerce and a warning from the OECD that Britain had the weakest outlook of any major economy bar Russia.

“Let me be clear – we’re expecting the economy to be pretty much stagnant. It won’t take much to tip us into a recession. And even if we don’t, it will feel like one for too many people,” CBI director-general Tony Danker said.

Households’ real disposable incomes are on track to fall 2.2% this year, the largest decline since records began in the 1950s, the CBI predicted, despite 37 billion pounds ($46 billion) of cost-of-living support measures from Britain’s government.

The CBI predicts Britain’s economy will grow 1.0% next year, down from a previous forecast of 3.0%.

The growth of 3.7% forecast by the CBI for 2022 largely reflects a favourable comparison with depressed output in 2021, when businesses faced COVID-19 restrictions for much of the year.

The CBI urged the government to commit to replacing a generous tax break on business investment that is due to expire, and to avoid unilateral action in a dispute with the European Union over post-Brexit trade rules for Northern Ireland.

“This is a tough set of statistics to stomach. War in Ukraine, a global pandemic, continued strains on supply chains – all preceded by Brexit – has proven to be a toxic recipe for UK growth,” CBI chief economist Rain Newton-Smith said.

($1 = 0.8118 pounds)

(Reporting by David Milliken; Editing by Alex Richardson)

June 12, 2022 0 comments

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Country singer Toby Keith says he has stomach cancer

by Reuters June 12, 2022

By: Reuters

(Reuters) – Country music singer Toby Keith on Sunday said he has been battling stomach cancer for the past six months and needs time to “breathe, recover and relax.”

Keith, 60, announced the diagnosis on Twitter, and at least one of his upcoming concerts – at the Ohio State Fair in July – has been canceled.

“Last fall I was diagnosed with stomach cancer,” Keith said in his tweet. “I’ve spent the last 6 months receiving chemo, radiation and surgery. So far, so good I need time to breathe, recover and relax.”

Keith’s website lists a number of concerts scheduled in the weeks ahead. At least one has been canceled, a July 28 event at the Ohio State Fair in Columbus.

“Our hearts go out to Toby as he courageously battles cancer,” said a tweet from the fair’s official Twitter handle announcing the cancellation. It said all tickets would be automatically refunded.

(Reporting By Dan Burns; editing by Diane Craft)

June 12, 2022 0 comments

Financial News

Japan game giant Nexon plots western expansion

by Reuters June 12, 2022

By: Reuters

By Sam Nussey and Dawn Chmielewski

TOKYO/LOS ANGELES – The Japanese creator of one of the longest-running online role-playing titles, whose most popular video game has attracted nearly a billion registered users, is gearing up for global expansion and setting its sights on the West.

Nexon Co Ltd – little known outside Asia – is one of the world’s 10 largest video game companies by market capitalization; its $22 billion valuation is larger than Take-Two Interactive, the company behind “Grand Theft Auto,” or Roblox.

Last year it completed the acquisition of Stockholm-based Embark Studios, whose founder led development of the hit “Battlefield” franchise. In 2022 it invested $400 million for a minority stake in AGBO, the independent studio founded by Anthony and Joe Russo, the creative duo who directed Marvel’s “Avengers: Endgame” and “Avengers: Infinity War.”

“The idea overall with that is to combine what we’re really good at – making a virtual world last and grow forever – with what they’re really good at,” Nexon’s chief executive, Owen Mahoney, told Reuters.

Nexon is working with AGBO to explore ways to extend its game franchises to film or television and develop virtual worlds or video games inspired by AGBO’s movies.

“Our vision, which aligns well with Nexon’s, recognizes that audiences have come to expect real immersion in the IP they care most about,” said AGBO CEO Jason Bergsman.

The two companies are in early talks on adapting Nexon franchises such as “MapleStory” and “Dungeon and Fighter,” which have rich lore and passionate fan bases. These talks are still in preliminary stages, cautions one source with direct knowledge of the situation.

They are also discussing a game or virtual world inspired by “Battle of the Planets,” an iconic Japanese anime show from the 1970s that AGBO is developing as a feature film.

Mahoney hopes to leverage Nexon’s experience in operating “live games” – updating titles while they are running – to launch big budget titles with a Western sensibility, such as the free-to-play shooter game “ARC Raiders,” from Embark Studios.

Embark’s founder, Patrick Soderlund, once led Dice, the company that developed the “Battlefield” franchise and was acquired by Electronic Arts when Mahoney was head of mergers and acquisitions there.

VIRTUAL WORLD PIONEER

Nexon has assiduously avoided the frenzy around the “metaverse” that has gripped tech giants Microsoft and Facebook.

“Nobody can define it and most importantly they can’t define why it’s so darn great,” Mahoney said. “It’s a big nothingburger.”

Nexon was an early adopter of features that have become common in the industry including in-game virtual currencies and the free-to-play business model.

These features were rolled out in games such as Nexon’s “KartRider” racing game, which has been running for almost two decades – one of what the company calls its “forever franchises.”

Its most popular franchise, the arcade-style fighting game “Dungeon and Fighter,” has earned more than $20 billion since 2005 – more than the combined box office proceeds of the “Star Wars” or “Harry Potter” film franchises.

One big new challenge as part of Nexon’s expansion will to generate returns from higher-budget Western games.

“Nexon does not have much of a track record in operating photorealistic games for hardcore gamers,” Citigroup analysts wrote in March, initiating coverage of the stock at “neutral”.

Nexon wants to control the cost of developing titles in an era when budgets top $100 million. For instance, it uses machine learning technology to animate some character actions instead of relying on workers.

“I don’t really care what happens in the first one or two quarters,” Mahoney said. “What I care about is what happens from years two to 20.”

(Reporting by Sam Nussey in Tokyo and Dawn Chmielewski in Los Angeles; Editing by Gerry Doyle)

June 12, 2022 0 comments

Financial News

China new bank loans nearly triple in May as Beijing steps up policy support

by Reuters June 12, 2022

By: Reuters

BEIJING -New bank lending in China jumped far more than expected in May and broader credit growth also quickened, as policymakers try to pull the world’s second-largest economy out of a sharp, COVID-induced slump.

Chinese banks extended 1.89 trillion yuan ($282.62 billion) in new yuan loans in May, nearly tripling April’s tally and handily beating expectations, data released by the People’s Bank of China on Friday.

Analysts polled by Reuters had predicted new yuan loans would surge to 1.3 trillion yuan in May from 645.4 billion yuan in April and against 1.5 trillion yuan a year earlier.

“Credit growth was stronger than expected last month and is likely to accelerate further following the clear signal in late May that policymakers want banks to step up lending,” Capital Economics said in a note.

“More policy easing is likely. But private sector credit demand is likely to remain subdued while, on current budgetary plans, local government borrowing is about to slow. A dramatic increase in credit growth still seems unlikely.”

New household loans, including mortgages, rose to 288.8 billion yuan in May, after contracting 217 billion yuan in April, while new corporate loans soared to 1.53 trillion yuan in May from 578.4 billion yuan in April.

However, 38% of the new monthly loans were in the form of short-term bill financing, which was down from 80% in April but still higher than 10% in the first quarter, suggesting real credit demand remains weak.

Chinese policymakers have recently stepped up support for the slowing economy as Shanghai and other cities ease tough COVID-19 lockdowns following a drop in new infections.

The cabinet announced a package of policy steps last month, including broader tax credit rebates and postponing social security payments and loan repayments to support businesses.

Local media also reported last month that financial authorities had told commercial banks to speed up lending.

In May, the central bank cut its benchmark reference rate for mortgages by an unexpectedly wide margin, its second reduction this year, in a bid to turn around the contracting housing market, a key economic growth driver.

But analysts say both banks and potential borrowers remain cautious in case there are further virus disruptions.

After discovering a handful of new cases, China’s commercial hub of Shanghai will lock down millions of people for mass COVID-19 testing this weekend – just 10 days after lifting a gruelling two-month lockdown – unsettling residents and raising concerns about a fresh blow to businesses.

MORE POLICY EASING UNDERWAY

Premier Li Keqiang has vowed to achieve positive economic growth in the second quarter, although many private sector economists have pencilled in a contraction.

China will increase the credit quota for policy banks by 800 billion yuan ($120 billion) for them to support infrastructure construction, state television CCTV quoted a cabinet meeting as saying.

Broad M2 money supply grew 11.1% from a year earlier, central bank data showed, above estimates of 10.4% forecast in the Reuters poll. M2 grew 10.5% in April from a year ago.

Outstanding yuan loans grew 11.0% in May from a year earlier compared with 10.9% growth in April. Analysts had expected 10.7% growth.

Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, quickened to 10.5% in May from 10.2% in April.

Chinese provinces are racing to issue hundreds of billions of dollars worth of special bonds in June, frontloading investment to revive the slowing economy.

Analysts and policy insiders expect China to issue special treasury bonds later this year, to maintain a steady stream of funding.

TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.

In May, TSF jumped to 2.79 trillion yuan from 910.2 billion yuan in April. Analysts polled by Reuters had expected May TSF of 2.02 trillion yuan.

(Reporting by Ella Cao, Judy Hua and Kevin Yao; Editing by Kim Coghill)

June 12, 2022 0 comments

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Global nuclear arsenal to grow for first time since Cold War – think-tank

by Reuters June 12, 2022

By: Reuters

STOCKHOLM – The global nuclear arsenal is expected to grow in the coming years for the first time since the Cold War while the risk of such weapons being used is the greatest in decades, a leading conflict and armaments think-tank said on Monday.

Russia’s invasion of Ukraine and Western support for Kyiv has heightened tensions among the world’s nine nuclear-armed states, the Stockholm International Peace Research Institute (SIPRI) think-tank said in a new set of research.

While the number of nuclear weapons fell slightly between January 2021 and January 2022, SIPRI said that unless immediate action was taken by the nuclear powers, global inventories of warheads could soon begin rising for the first time in decades.

“All of the nuclear-armed states are increasing or upgrading their arsenals and most are sharpening nuclear rhetoric and the role nuclear weapons play in their military strategies,” Wilfred Wan, Director of SIPRI’s Weapons of Mass Destruction Programme, said in the think-tank’s 2022 yearbook.

“This is a very worrying trend.”

Three days after Moscow’s invasion of Ukraine, which the Kremlin calls a “special military operation”, President Vladimir Putin put Russia’s nuclear deterrent on high alert.

He has also warned of consequences that would be “such as you have never seen in your entire history” for countries that stood in Russia’s way.

Russia has the world’s biggest nuclear arsenal with a total of 5,977 warheads, some 550 more than the United States. The two countries possess more than 90% of the world’s warheads, though SIPRI said China was in the middle of an expansion with an estimated more than 300 new missile silos.

SIPRI said the global number of nuclear warheads fell to 12,705 in January 2022 from 13,080 in January 2021. An estimated 3,732 warheads were deployed with missiles and aircraft, and around 2,000 – nearly all belonging to Russia or the United States – were kept in a state of high readiness.

“Relations between the world’s great powers have deteriorated further at a time when humanity and the planet face an array of profound and pressing common challenges that can only be addressed by international cooperation,” SIPRI board chairman and former Swedish Prime Minister Stefan Lofven said.

(Reporting by Johan Ahlander; editing by Niklas Pollard and Bernadette Baum)

June 12, 2022 0 comments

Financial News

UK’s FCA puts Credit Suisse on watchlist in need of stricter supervision -FT

by Reuters June 12, 2022

By: Reuters

(Reuters) -The UK’s Financial Conduct Authority has put Credit Suisse on a watchlist of institutions in need of stricter supervision, the Financial Times reported late on Sunday, citing a letter sent in May.

The regulator told the Swiss bank last month the step had been taken because of concern the bank had not made enough improvements to its culture, governance and risk controls, the report said.

The bank’s addition to the watchlist, which consists of 20 or so institutions at any one time out of the around 60,000 the FCA monitors, hints the regulator has serious concerns, the FT said, citing a person familiar with the operation of the list.

Credit Suisse was fined about $475 million last year by the U.S. Securities and Exchange Commission and FCA, to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal.

The FCA has also asked Credit Suisse’s senior executives to give evidence of steps the bank would take to prevent instances of misconduct and to improve accountability, the newspaper said.

In the May letter, FCA said it asked the lender to conduct reviews in the second half of the year on the effectiveness of its international board, risk and audit committees. FCA made these review requests after consultation with the Swiss regulator Finma, according to the report.

The regulator said in the letter it also has concerns on whether the bank adequately reported conduct rules being breached for a number of years, the FT report added.

Credit Suisse racked up a 1.6 billion Swiss franc ($1.62 billion) loss last year when it was hit by the implosion of investment fund Archegos and the collapse of $10 billion in SCFFs linked to insolvent British financier Greensill.

The FCA and Credit Suisse both declined to comment on the report, with the bank saying “we do not comment on our discussions with regulators, nor would it be appropriate for us to do so.”

($1 = 0.9870 Swiss francs)

(Reporting by Nishit Jogi in Bengaluru; Additional reporting by Ann Maria ShibuEditing by Chris Reese)

June 12, 2022 0 comments

Financial News

Canada to invest millions to cut emissions at BHP potash mine -source

by Reuters June 12, 2022

By: Reuters

By Steve Scherer

OTTAWA -Canada will announce a multi-million dollar investment on Monday to make the Jansen potash mine run by the globe’s largest listed miner, BHP Group, “the cleanest and most sustainable in the world,” a government source said on Sunday.

Industry Minister François-Philippe Champagne and Agriculture Minister Marie-Claude Bibeau are scheduled to make an announcement on “moving toward the net-zero emission economy” in Saskatoon, Saskatchewan, on Monday at 10:00 a.m. central time (1500 GMT).

The source declined to say the exact amount of the federal investment in BHP’s Jansen mine, which is located about 150 km (93 miles) east of Saskatoon.

The investment will allow BHP to use electric vehicles and equipment to operate the mine, said the source, who is familiar with the investment but was not authorized to speak on the record about it.

Prime Minister Justin Trudeau’s government has been investing heavily in clean energy projects, including plants for producing electric vehicle batteries and battery materials, after it set a goal to reach net zero carbon emissions by 2050.

Anglo-Australian miner BHP said last month it may accelerate its Jansen potash project in Canada by a year as Russia’s invasion of Ukraine has tightened global supplies.

Prices of potash, a key input used in nitrogen fertilizers, have soared since Western sanctions were imposed against Russia.

Russia and Belarus, which also faces sanctions, are the world’s second- and third-largest producers of the crop nutrient, while Canada is the No. 1 producer.

“We’re looking to do anything we can do to support a commodity in short supply because of the war,” the government source said.

When contacted, BHP declined to comment.

(Reporting by Steve Scherer, additional reporting by Rod Nickel in Winnipeg, editing by Chris Reese)

June 12, 2022 0 comments

Top Headlines US and World News

Factbox-What’s in, and what’s out, of the U.S. Senate’s gun safety framework

by Reuters June 12, 2022

By: Reuters

(Reuters) – A bipartisan group of U.S. senators said on Sunday they had reached an agreement on a framework for gun safety legislation, potentially the first significant new U.S. gun law in decades, following a string of recent high-profile mass shootings.

Below are some highlights of what is and what is not covered by the agreement, according to a statement from the group of lawmakers that includes 10 Republicans, enough to overcome the Senate’s “filibuster” rule:

IN: STATE CRISIS INTERVENTION SUPPORT

The proposal would provide resources to states and Native American tribes to create and administer “red flag” measures intended to ensure weapons are kept out of the hands of people whom a court has determined to be a significant danger to themselves or others. These measures would be consistent with state and federal due process and constitutional protections.

OUT: ASSAULT-WEAPONS BAN

During an impassioned June 2 speech, Democratic President Joe Biden urged Congress to re-impose the federal ban on assault weapons that expired in 2004, which prohibited the manufacture, transfer and possession of semi-automatic assault weapons and the transfer and possession of large-capacity ammunition feeding devices. That measure faces staunch opposition from Republicans in Congress and is not in the framework agreement released on Sunday.

IN: ENHANCED REVIEW PROCESS FOR BUYERS UNDER 21

The framework calls for an investigative period to review the juvenile criminal and mental health records for gun buyers under 21 years of age. This would include checks with state databases and local law enforcement.

OUT: HIGHER AGE REQUIREMENT TO BUY SEMIAUTOMATIC RIFLES

The proposal does not include a provision to raise the age for buying a semiautomatic rifle to 21 nationwide. Currently the minimum age to buy is 18. Federal law already prohibits anyone younger than 21 legally buying a handgun.

IN: PENALTIES FOR STRAW PURCHASES

If passed, the new law would crack down on criminals who illegally straw purchase and traffic guns. A straw purchase occurs when a person buys a weapon for someone who is not legally allowed to buy one.

OUT: FEDERAL BACKGROUND CHECK EXPANSION

The framework does not include proposals to expand federal background checks to buy a weapon from three to 10 days. It also does not close a loophole in federal law that allows many sales over the internet and at gun shows to go unchecked.

IN: MENTAL HEALTH SERVICES, TELEHEALTH INVESTMENTS

The proposal would expand community behavioral health center models and makes investments to increase mental health and suicide prevention program access. It also would help fund crisis and trauma intervention and recovery services and makes investments in programs that increase access to mental and behavioral health services for youth and families in crisis via telehealth.

OUT: REPEAL OF LIABILITY SHIELD

The proposed framework makes no mention of amending or repealing a federal liability shield that protects gun manufacturers from being sued for violence carried out by people carrying, and shooting, their guns.

IN: CLARIFICATION ON DEFINITION OF LICENSED DEALER

The framework would also clarify the definition of a federally licensed firearms dealer and crack down on criminals who illegally evade licensing requirements.

IN: PROTECTIONS FOR DOMESTIC VIOLENCE VICTIMS

Those who are convicted of domestic violence crimes and face domestic violence restraining orders would be subject to criminal background checks for gun purchases under the proposal.

IN: SCHOOL-BASED MENTAL HEALTH AND SUPPORT SERVICES FUNDING

The proposed framework calls for funding to expand mental health and supportive services in schools, including early identification and intervention programs.

IN: SCHOOL SAFETY RESOURCE FUNDING

Under the proposal, federal funds would go to programs that help primary and secondary schools create safety measures, support school violence prevention efforts and provide training to school personnel and students.

(Reporting by Brendan O’Brien in Chicago; Editing by Scott Malone and Chris Reese)

June 12, 2022 0 comments

Top Headlines US and World News

Canadian police probe possible bomb threat to parliament – source

by Reuters June 12, 2022

By: Reuters

By Steve Scherer

OTTAWA – Canadian police are investigating a possible risk to national security that forced parliament to lock down for several hours on Saturday after border agents warned of a bomb threat, a government source said on Sunday.

The intelligence branch of the border agency on Saturday warned that vehicles near parliament could be laden with explosives, according to the source, who was not authorized to speak on the record.

Ottawa police on Saturday said they had located “two vehicles of interest and two persons of interest”, without elaborating, and said there was no threat to public safety.

No charges against the two individuals have yet been announced.

However, the Royal Canadian Mounted Police’s (RCMP) special Integrated National Security Enforcement Team, which investigates threats to national security, has opened a probe, the source said.

“It is still unclear how serious the threat was,” said the source, who has been briefed on the investigation.

The RCMP declined to confirm or deny the news, first reported late on Saturday by Global News TV, which said a “major” national security investigation was underway.

“For privacy and operational reasons, the RCMP does not confirm, deny, or release information relating to criminal investigations unless or until charges are laid,” an RCMP spokesman said in a statement.

Tensions in Ottawa’s parliamentary precinct have been high since hundreds of trucks and vehicles blocked the area for three weeks earlier this year. The protest was against what demonstrators saw as government overreach during the COVID-19 pandemic.

The road that runs in front of parliament has never fully reopened since the protest to prevent vehicles from parking along it.

(Reporting by Steve Scherer; Editing by Daniel Wallis)

June 12, 2022 0 comments

Top Headlines US and World News

Astra’s NASA mission suffers failure, loss of weather satellites

by Reuters June 12, 2022

By: Reuters

By Joey Roulette

WASHINGTON -Rocket firm Astra Space’s mission to send tiny storm-monitoring NASA satellites to orbit on Sunday failed after a second-stage booster engine shut down early in space.

The failure occurred roughly 10 minutes after a successful liftoff of Astra’s Rocket 3.3 at 1:43 p.m. ET (1743 GMT) from a launchpad at the Cape Canaveral Space Force Station in Florida.

“We had a nominal first-stage flight. However, the upper-stage engine did shutdown early and we did not deliver our payloads to orbit,” said Astra’s livestream commentator Amanda Durk Frye.

The rocket was carrying two small satellites designed by the Massachusetts Institute of Technology’s Lincoln Laboratory to measure moisture and precipitation in tropical storm systems. They were to be the first batch of a six-satellite constellation managed by NASA, the rest of which Astra also plans to launch in the future.

The mission failure on Sunday was Astra’s second this year as the newcomer attempts to get its launch business off the ground with Rocket 3.3, an expendable two-stage vehicle capable of lifting 330 pounds (150 kg) of satellites to low-Earth orbit.

Of Astra’s seven attempts to reach orbit, which included test missions carrying no revenue-generating payloads, two have been successful – the first in November last year and the second in March.

NASA partners with burgeoning rocket companies to launch low-cost science payloads as a way to spur growth in the rocket industry.

“Although today’s launch with @Astra did not go as planned, the mission offered a great opportunity for new science and launch capabilities,” Thomas Zurbuchen, the head of NASA’s science unit that oversaw the mission, wrote on Twitter.

“Even though we are disappointed right now, we know: There is value in taking risks in our overall NASA Science portfolio because innovation is required for us to lead.”

(Reporting by Joey Roulette; Editing by Lisa Shumaker)

June 12, 2022 0 comments

Top Headlines US and World News

Argentina grounds Iran-linked Venezuelan cargo plane, lawmakers seek probe

by Reuters June 12, 2022

By: Reuters

DUBAI/BUENOS AIRES -Argentine authorities have grounded an Iran-linked Venezuelan Boeing 747 cargo plane, a local opposition lawmaker and Iranian state media said on Sunday, in an unfolding drama that is throwing a spotlight on political undercurrents in Latin America.

The Emtrasur cargo plane, sold to Venezuela by Iran’s Mahan Air a year ago according to the Iranian airline, arrived in Buenos Aires on June 8, flight tracking data show. It was then seized by authorities, the lawmaker and Iranian media said.

Argentina’s government has not publicly confirmed the seizure, but an Interior Ministry document shared with Reuters said authorities had taken the action due to suspicions over the stated reason for the plane entering the country.

Iran and Venezuela, which are both under U.S. sanctions, have close ties. The two countries on Saturday signed a 20-year cooperation plan. Argentina’s center-left President Alberto Fernandez has criticized U.S. sanctions against Venezuela.

Argentina’s government did not reply to Reuters queries seeking comment about the aircraft. Authorities in Venezuela did not immediately respond to a request for comment.

On Sunday, Argentine lower-house lawmaker Gerardo Milman, who has raised attention about the case in recent days, presented a complaint to a judge asking to fingerprint the crew and share the information with the Federal Intelligence Agency.

“Our information is that this is a plane that has come to conduct intelligence in Argentina,” said Milman, a member of the country’s Congressional Intelligence Commission.

According to the Interior Ministry document, shared with Reuters by Milman, 14 Venezuelans and 5 Iranians were traveling on the plane. It listed the names of those on board.

Argentina courts also have to rule on a habeas corpus filed by a lawyer for the crew to release the aircraft and have passports returned to those on board, Argentine media reported.

It was not immediately clear if the plane, with a tail sign of YV3531, was on a list of Iranian-linked aircraft under U.S. sanctions. Mahan Air has been under U.S sanctions since 2011 for its support for Iran’s elite Revolutionary Guards.

“Ownership of the plane was transferred a year ago and it was sold to a Venezuelan company,” Mahan’s spokesman, Amir Hossein Zolanvari, told the official IRNA news agency.

(Reporting by Dubai Newsroom and Lucila Sigal in Buenos Aires; Additional reporting by Vivian Sequera; Writing by Alexander Vilelgas; Editing by Elaine Hardcastle and Chris Reese)

June 12, 2022 0 comments

Top Headlines US and World News

Spain swelters in hottest pre-summer heatwave for 20 years

by Reuters June 12, 2022

By: Reuters

By Mariano Valladolid and Marcelo Del Pozo

SEVILLE, Spain – Fan-sellers were doing good business in the southern city of Seville on Saturday as Spain sizzled in the hottest pre-summer heatwave for at least 20 years.

Carriage drivers dampened down horses who take tourists around the historic sights of Seville such as the Real Alcazar Palace and Plaza de Espana.

Temperatures reached 40 C (104 Fahrenheit) degrees in the Guadalquivir valley in Seville and the nearby city of Cordoba on Saturday, the national metereological office AEMET said.

Temperatures could rise to 42 C (108 Fahrenheit) degrees in the Guadiana valley in Extremadura and other parts of southern Spain later on Saturday, forecasters said.

On Sunday, the heatwave could intensify as temperatures could soar to 43 C (110 Fahrenheit) degrees in parts of southern Spain.

A cloud of hot air from North Africa has sent temperatures soaring, AEMET forecasters said, and the suffocating heatwave could last in most of Spain until June 15, six days before summer officially starts on June 21.

Forecasters predicted high winds and storms in some parts of Spain.

(Reporting by Graham Keeley, Mariano Valladolid, Marcelo Del Pozo, Elena Rodriguez, Editing by Angus MacSwan)

June 12, 2022 0 comments

Breaking News New Jersey News North Jersey News

Federal Grand Jury Convicts Man Who Robbed Cab Company Dispatcher at Knifepoint

by Charlie Dwyer June 12, 2022

By: Charlie Dwyer

HARRISON, NJ – A man who walked into a cab company office to rob it at knifepoint was convicted this week in federal court.

Alfuquan Turner, 46, of Newark was convicted of Hobbs Act robbery following a four-day trial before U.S. District Judge William J. Martini in Newark federal court.

On Sept. 23, 2019, Turner walked into the Harrison Cab Company armed with a knife and covering his face with a plastic bag.

“He demanded money from the cab company’s dispatcher. After the victim informed Turner that there was no money in her office, Turner continued his threats and demands. Ultimately, after Turner attempted to stab the victim and the victim fought back, Turner took the victim’s cell phone and attempted to leave,” the Department of Justice said in a statement after the conviction. “When the victim tried to get her phone back, Turner hit her in the face, pushed her to the ground, and asked her if she wanted to die. Turner then choked the victim until she lost consciousness, after which he stole her jewelry, cell phone, and other items.”

The count of Hobbs Act robbery is punishable by a maximum of 20 years in prison. Sentencing is scheduled for Oct. 25, 2022.

June 12, 2022 0 comments

Breaking News New Jersey News Police Blotter South Jersey News

South Jersey 19-Year-Old Gun Trafficker Arrested Again, While Awaiting Trial for Trafficking Guns

by Charlie Dwyer June 12, 2022

By: Charlie Dwyer

TRENTON, N.J. – A 19-year-old Bordentown man who was previously facing a felony indictment to traffic illegal guns has been arrested again for illegal gun trafficking.

Dominic Maloney, 19, of Bordentown, New Jersey, was arrested on June Wednesday, in Salem County, New Jersey, and charged in a three-count criminal complaint with conspiracy to engage in firearms trafficking; unlawful transportation of firearms in interstate commerce while under felony indictment; and unlawful transportation of firearms obtained in another state into Maloney’s state of residence.

On Feb. 22, 2022, Maloney was indicted in Mercer County, New Jersey, Superior Court on felony charges of unlawful possession of a handgun; possession of a firearm for an unlawful purpose; aggravated assault; and making terroristic threats.

“As a result of the pending felony indictment, federal law prohibits Maloney from transporting firearms in interstate commerce. Maloney maintained and used an identified Instagram account. Law enforcement review of that account and an associate’s Instagram account indicated that, as of June 1, 2022, Maloney was in the state of Georgia to obtain firearms and intended to transport those firearms to New Jersey to distribute them to others for profit,” the Department of Justice said on Friday. “On June 8, 2022, law enforcement officers identified a silver 2007 Nissan Armada driving northbound on Interstate 95 in Maryland. Maloney was a passenger, along with three other occupants. Officers stopped the vehicle on Interstate 295 in New Jersey. A search of the vehicle recovered 11 firearms from the trunk, including eight semiautomatic pistols, one semiautomatic rifle, and two shotguns.”

The conspiracy count and the two unlawful transportation counts each carry a maximum potential penalty of five years in prison and a fine of $250,000, or twice the gross amount of gain or loss from the offense, whichever is greatest.

June 12, 2022 0 comments

Breaking News New Jersey News North Jersey News Police Blotter

Plainfield Sentenced on Gun Charges During Sale of Cocaine, Oxycodone

by Charlie Dwyer June 12, 2022

By: Charlie Dwyer

PLAINFIELD, NJ – The U.S. Department of Justice has announced a Plainfield man who was previously convicted of several felonies was sentenced to 144 months in prison for possessing and intending to distribute cocaine and oxycodone.

“Arthur Forman, 39, of Plainfield, New Jersey, previously pleaded guilty before U.S. District Judge Katharine S. Hayden to a superseding information charging him with possession with the intent to distribute cocaine and oxycodone, possession of a firearm in the course of committing that narcotics offense, and being a previously convicted felon in possession of a handgun. Judge Hayden imposed the sentence on June 9, 2022, in Newark federal court,” the Department of Justice said in a statement this week.

According to court records, during an encounter with the Plainfield Police Department on Oct. 13, 2017, Forman resisted arrest by choking a Plainfield detective. While trying to evade capture, Forman transferred a bag containing the cocaine and firearm to a family member, who attempted to dispose of the bag and its contents by throwing it out a window.

“During a subsequent search of Forman’s bedroom, Plainfield police officers found numerous oxycodone pills and paraphernalia used to grind pills and package drugs for sale. Forman was previously convicted of multiple felonies under New Jersey state law, including a 2016 conviction in Union County, New Jersey for resisting arrest and eluding the police,” police reported.

June 12, 2022 0 comments

Breaking News Camden County News New Jersey News Police Blotter

Camden Drug Dealer “Shift Supervisor” Pleads Guilty in Federal Court

by Charlie Dwyer June 12, 2022

By: Charlie Dwyer

CAMDEN, NJ – A man described as a shift supervisor for a drug trafficking organization operating out of Camden, New Jersey, has admitted his role in the operation in federal court.

Christopher Vasquez, 31, of Camden, admitted his role as a shift supervisor of a drug trafficking organization and conspiring to distribute over one kilogram of heroin, over 280 grams of crack, and unspecified amounts of cocaine and fentanyl, U.S. Attorney Philip R. Sellinger announced.

He pleaded guilty on Thursday before U.S. District Judge Renée Marie Bumb in Camden federal court to his role as a shift supervisor and manager in a drug trafficking conspiracy that was based on the 400-500 block of Pine Street in Camden.

The U.S. Department of Justice announced the following regarding the case:

Vazquez admitted that he operated as a “shift manager” in the drug-trafficking organization, supervising and directing the street-level sellers who were involved in distributing controlled substances to customers. From January 2018 to Nov. 28, 2018, he met with conspirators who were involved in the scheme and discussed the operations and management of the drug trafficking organization. He also provided drugs to street-level sellers.

Eighteen other members of the drug-trafficking conspiracy previously have pleaded guilty in this case.

The count to which Vasquez pleaded guilty carries a mandatory penalty of 10 years in prison, a maximum potential penalty of life in prison, and a $10 million fine. Sentencing is scheduled for scheduled for Oct. 13, 2022.

June 12, 2022 0 comments

Breaking News Ocean County News Police Blotter

Brick Police Arrested Fugitive Suspected Drug Dealer at His Home

by Charlie Dwyer June 12, 2022

By: Charlie Dwyer

BRICK TOWNSHIP, NJ – A Brick Township man, who was previously wanted by police officers was arrested inside his garage on Thursday.

According to the Brick Police Department, SCU Detectives had located a wanted subject, Thomas Girone, 33, in his garage.

“The subject refused to exit the garage at first, but the Detectives were able convince him to open the garage door and exit. Detectives observed drug paraphernalia in plain view and a search was conducted, which revealed crack, over 100 wax folds of packaged heroin, crack pipes, syringes, a digital scale, stamp kits, and hundreds of empty wax folds, all indicating an operation of packaging and distribution,” the Brick Police Department said. “Girone was charged with possession of heroin with intent to distribute, possession of crack, possession of heroin, possession of paraphernalia, unlawful disposition of a CDS, being under the influence of a CDS, obstruction of justice, and he was cited with the four active warrants out for his arrest. Girone was subsequently lodged in Ocean County Jail.”

June 12, 2022 0 comments

Financial News

Factbox-What’s in a name? Rebranded McDonald’s outlets open in Russia

by Reuters June 12, 2022

By: Reuters

(Reuters) -McDonald’s restaurants opened their doors in Moscow once again on Sunday under new Russian ownership and a new name, “Vkusno & tochka”, which translates as “Tasty and that’s it”.

Here’s what we know:

LOGO:

The famous Golden Arches have been taken down and replaced with a new logo, resembling a letter “M”, comprising two fries and a hamburger patty against a green background.

Chief executive Oleg Paroev said the new company had settled on the new name – a closely guarded secret – only the day before the launch.

There was some speculation on social media about how best to translate the new name into English. “Tasty and that’s it” was broadly adopted, although another suggestion was: ‘Tasty. Full stop.’

BRANCHES:

“Vkusno & tochka” reopened on Sunday in Pushkin Square in what was McDonald’s first restaurant in Soviet Moscow in 1990, when it sold as many as 30,000 burgers, but the queue outside the restaurant was much smaller than three decades ago.

The chain will keep its old McDonald’s interior but will remove any trace of its former name.

Initially 15 rebranded restaurants will open in and around the capital and another 200 restaurants by end-June and all 850 by the end of summer, executives said on Sunday.

The new owner said up to 7 billion roubles ($126 million) will be invested this year in the business, which employs more than 50,000 people.

MENU:

McDonald’s flagship Big Mac and other burgers and desserts such as McFlurry are missing, but other popular items are on a smaller menu selling at slightly lower prices.

A double cheeseburger was going for 129 roubles ($2.31) compared with roughly 160 under McDonald’s and a fish burger for 169 roubles, compared with about 190 previously.

Paroev said the chain would keep prices “affordable”. They would likely rise due to inflation, but not higher than its competitors, he said.

Most ingredients come from within Russia, but some items weren’t immediately available due to logistical difficulties and because some suppliers have left Russia. For instance, it needs to find a new soft drinks supplier after Coca Cola suspended business there.

OWNERSHIP:

Siberian businessman Alexander Govor has taken over the franchise operation through his firm GiD LLC. He has been a McDonald’s licensee since 2015 and had helped the chain expand into remote Siberia, where he operated 25 restaurants.

McDonald’s will have an option to buy its restaurants in Russia back within 15 years, Russian authorities have said.

Govor told reporters on Sunday the price he paid was “far lower than market price” and had been a “symbolic” figure. The U.S. chain booked a $1.4 billion charge for the deal. McDonald’s did not respond to a request for comment on the price.

Russia and Ukraine accounted for about 9%, or $2 billion, of McDonald’s revenue last year.

MANAGEMENT/STAFF:

McDonald’s former Russian head Paroev is running the business. Until the takeover, he had worked for McDonald’s for seven years, including as chief financial officer of the Russian business for 6-1/2 years until November 2021, according to his LinkedIn profile.

He was appointed Russia McDonald’s CEO in February, weeks before Moscow sent tens of thousands of troops into Ukraine on Feb. 24.

Govor will retain the chain’s tens of thousands of employees for at least two years, the U.S. company said.

($1 = 55.7500 roubles)

(Reporting by ReutersCompiled by Josephine MasonEditing by Pravin Char and Frances Kerry)

June 12, 2022 0 comments

Financial News

Saudi Telecom shares rise on $8 billion capital increase proposal

by Reuters June 12, 2022

By: Reuters

By Alexander Cornwell

DUBAI – Saudi Telecom said on Sunday its board had proposed increasing the company’s share capital by 30 billion riyals ($8 billion), or 150%, driving the share price nearly 10% higher.

The Riyadh-listed company had earlier announced the proposed capital increase would involve issuing 30 billion new shares, with shareholders offered 1.5 new shares for each share owned.

That sent shares up as much as 9.8% to 110.2 riyals in early trade before retreating slightly to 107 riyals, up 6.6% from the start of trade on Sunday, according to Refinitiv data.

“This increase will undoubtedly lead to enhancing the liquidity in the company’s shares and make them more accessible to wider group of investors,” chairman of the board of directors Prince Mohammad bin Khalid Al-Abdullah Al-Faisal said.

In a statement, he said the company’s so-called “dare” strategy is based on four main pillars: expanding in scale and scope, enriching the customer experience, enabling digital transformation, and accelerating monetisation of its assets.

Last year STC listed its unit Arabian Internet and Communications Services Co, raising $966.35 million.

Saudi Telecom said in statement the capital increase through retained earnings would support growth and expansion plans.

The company, in which Saudi Arabia’s government holds a 64% stake through sovereign wealth fund the Public Investment Fund, also said the board had proposed trimming the dividend policy.

Under the proposal, the three-year dividend policy in place since the fourth quarter of 2021 would be cut from a 1 riyal ($0.26) payment per share per quarter to 0.40 riyal ($0.10).

That recommendation was in response to the proposed share capital increase, though the board would continue to consider additional dividend payments, the company said.

($1 = 3.7513 riyals)

(Writing by Alexander Cornwell; Editing by William Mallard and Catherine Evans)

June 12, 2022 0 comments

Breaking News New Jersey News Ocean County News

Brick Police Officers Make Arrest After Witnessing Drug Deal in Walmart Parking Lot

by Charlie Dwyer June 12, 2022

By: Charlie Dwyer

BRICK, NJ – A man and woman were arrested after conducting a drug transaction in the parking lot of Walmart in Brick Township on Thursday, May 26th.

At around 7:00 P.M., Brick Police Department SCU Detectives observed a hand-to-hand transaction in the parking lot of Walmart on Rt. 88.

“The two subjects involved in the transaction were identified as Charles Crane, 66 of Point Pleasant and Jacquelin Kelly 42, of Brick,” the Brick Police Department said. “Both were arrested. Crane was charged with possession of heroin, and Kelly was charged with possession and distribution of heroin. Both subjects were released on a summons.”

June 12, 2022 0 comments

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