NEW YORK, NY – The New York City Police Department is searching for a man who allegedly attempted to lure a 12-year-old girl in Alphabet City in March. According to police, on March 16th, at around 7:49 am, the man approached the girl and asked her to accompany him. His effort was thwarted by a good samaritan who intervened. The man fled the scene. The incident happened in the area of East 5th Street and Avenue C.
Location: Manhattan, NY
PERTH AMBOY, NJ – Early Saturday morning, the Subway restaurant on Convery Boulevard in Perth Amboy caught fire. At 3:22 am, the Perth Amboy Fire Department responded, and upon arrival, heavy smoke was seen coming from the roof of the one-story building. After calling a second alarm, firefighters searched the building for possible victims, but none were found. The fire burned through the roof of the building, and firefighters were able to contain the fire to the single structure.
Photo by Perth Amboy Fire Department.
WESTCHESTER COUNTY, NY – Several members of the Westchester based G-Bloods gang have been sentenced to prison for their role in the murder of a witness of a shooting in 2019.
The Westchester County Prosecutor’s Office issued the following press release:
Westchester County District Attorney Miriam E. Rocah announced the successful prosecution of five G-Shine Bloods gang members and associates for conspiracy to murder an eyewitness. The last of five defendants, Damien Rickard, was sentenced on April 4, 2022.
Between August 2018 and March 2019, Jason Garcia conspired with Matthew Brown, Cassaundra Dunham, Laquanna Kershaw and Damien Rickard to murder an eyewitness to a shooting outside the Garden Bar & Grill in Mount Vernon in 2016. At that time, Garcia and Brown were being held at Westchester County Jail awaiting trial on charges connected with the shooting, at which trial the eyewitness was scheduled to testify.
The defendants were all arrested on March 16, 2019.
Garcia, 38, of Mount Vernon, and Rickard 44, of Yonkers, were each convicted after trial before Judge Robert Neary in Westchester County Court.
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Garcia, a discretionary persistent violent felony offender, was convicted of Attempted Murder in the First Degree, Conspiracy in the Second Degree, Criminal Possession of a Weapon in the Second Degree, and Promoting Prison Contraband in the First Degree, all felonies, and was sentenced on March 8, 2022, to 25 years to life in state prison. The sentence will run consecutive to the 20 years to life Garcia had received in 2020 after trial before Judge Anne Minihan for the Garden Bar shooting.
Rickard, a discretionary persistent felony offender, was convicted of Conspiracy in the Second Degree and Criminal Possession of a Weapon in the Second Degree, and was sentenced on April 4, 2022, to 18 years to life in state prison.
Brown, 37, of Wilmington, Delaware, pled guilty to Conspiracy in the Second Degree and was sentenced as a predicate felony offender on March 10, 2020, to an indeterminate term of 10 to 20 years in state prison. The sentence will run concurrent to the 20 years, with five years of post-release supervision, Brown had received in 2020 after pleading guilty to the Garden Bar shooting.
Kershaw, 34, of Ossining, pled guilty to Conspiracy in the Second Degree and was sentenced on June 22, 2021, to an indeterminate term of 7 to 21 years in state prison.
Dunham, 45, of Yonkers, was sentenced on Jan. 11, 2022, to a determinate term of 7.5 years in state prison on a plea of guilty to Criminal Possession of a Weapon in the Second Degree and an indeterminate term of four to 12 years in state prison on a plea of guilty to Conspiracy in the Second Degree.
The investigation was a collaborative effort between the District Attorney’s Office and the Westchester County Department of Corrections’ Major Case Squad. The Westchester County Department of Public Safety, Ossining Police Department, Mount Vernon Police Department and Yonkers Police Department assisted with the investigation and arrests.
District Attorney Rocah said: “Protecting witnesses and their safety is absolutely critical to a well-functioning justice system. This case demonstrates how law enforcement works together to protect witnesses and ensure their safety. I commend the members of my Office and the Department of Corrections for their vigilance in preventing a murder and a travesty of justice. I also want to thank our other law enforcement partners for their assistance on this very important case.”
Corrections Commissioner Joseph Spano said: “I applaud the efforts of the Westchester County District Attorney’s Office for the successful prosecution of these five G-Shine gang members. The collaboration that uncovered this unique and complex attempted murder and conspiracy case is a testament to all involved law enforcement agencies, including our Departments Major Case Squad.”
Branchburg Township, N.J. – A single-vehicle crash that occurred on March 31st has been attributed to drunk driving acting Somerset County Prosecutor Annmarie Taggart said this week.
Police arrested Christian Graverson, age 44, Hillsborough Township, New Jersey, after an investigation into a single motor vehicle crash.
“Acting Prosecutor Taggart stated that on March 31, 2022 at approximately 5:50 p.m. Branchburg Township Police responded to the area of South Branch Road near the Neshanic Valley Golf Course for a report of a single motor vehicle crash involving an SUV that crashed into a tree,” the agency said. “Upon arrival, Officers made contact with the driver of the vehicle, identified as Christian Graverson, who reported that he was not injured. Further investigation led police to determine that Graverson was under the influence of a controlled dangerous substance(s). Graverson was subsequently placed under arrest and was found to be in possession of heroin and drug paraphernalia.”
Acting Prosecutor Taggart stated that defendant Graverson was charged with 3rd Degree Possession of a Controlled Dangerous Substance, Possession of Narcotic Paraphernalia a Disorderly Persons Offense, and several motor vehicle summonses which included Driving While under the Influence of Narcotics as a result of the incident. Defendant Graverson was later released on his own recognizance pending an appearance in Somerset County Superior Court.
Manchester Twp. NJ – A crash on Route 70 in Manchester Thursday night ended with one senior citizen dead and another rushed to the hospital after their vehicle crossed in front of another while attempting to make a turn, according to police.
Manchester Police reported, “At approximately 9:59 pm, officers from the Manchester Township Police Department responded to the intersection of State Highway 70 and Manchester Boulevard in the Whiting section of town to investigate a two-car motor vehicle accident involving a Pickup Truck and Sedan, with the occupants of the sedan still inside the vehicle.
When police arrived, they observed a grey 2004 Dodge Ram Pickup with extensive front-end damage facing west in the east-bound travel lane of State Highway 70.
“Officers also observed a gold 2005 Honda Accord with extensive passenger-side damage on the dirt shoulder of Manchester Blvd. The investigation revealed that the Dodge Ram was traveling eastbound on State Highway 70. The Dodge Ram was approaching the intersection of State Highway 70 and Manchester Blvd with a green traffic signal. The Honda Accord was in the left turn lane of State Highway 70 west, attempting to make a left hand turn onto Manchester Blvd from State Highway 70,” police said. “The Honda Accord, also having a green traffic signal, began to make its left-hand turn onto Manchester Blvd. At this time, the Dodge Ram impacted the Honda Accord on the passenger side of the vehicle. The Honda Accord then impacted a utility pole, where it came to final rest.”
The driver of the pickup truck was identified as 19-year-old Justice Wilson of Whiting, NJ.
“Mr. Wilson did not sustain any injuries at the time of the crash,” the MPD said. “The Honda Accord was occupied by two (2) passengers. The driver of the vehicle was identified as 82-year-old Monica McCord of Whiting, NJ. The driver of the vehicle sustained facial lacerations and chest pain and was transported to Jersey Shore University Medical Center in Neptune, NJ, and she was listed in stable condition.”
The passenger, identified as 83-year-old Joan Maniaci, suffered severe internal trauma and was transported to Community Medical Center, where she was later pronounced deceased. The roadway was closed for several hours during the rescue and cleanup.
STOWE TOWNSHIP, PA – A Man was shot multiple times Friday evening in Stowe Township. Officers from the Allegheny County Police Department responded to assist local authorities in the investigation.
“At approximately 4:27 pm on April 8, 2022, County 9-1-1 was notified of a shooting in the 500 block of Broadway Ave. First responders found an adult male suffering from multiple gunshot wounds,” the ACPD said. “The victim was transported to an area hospital with gunshot wounds to the arm and abdomen; he is expected to survive. Three adult males were detained by police, one of whom is suspected of being the shooter; a firearm was also recovered at the scene. ACPD detectives are initiating the investigation.”
Anyone with information concerning this incident is asked to call the County Police Tip Line 1-833-ALL-TIPS. Callers can remain anonymous.
PHARR, Texas—U.S. Customs and Border Protection, Office of Field Operations (OFO) at the Pharr International Bridge Cargo Facility intercepted $13,600,000 in alleged fentanyl, cocaine, heroin, and methamphetamine.
“The Pharr cargo facility continues to be a target for smuggling activity, but our CBP officers are relentless and use all available resources to find and stop these smuggling attempts,” said Port Director Carlos Rodriguez, Hidalgo/Pharr/Anzalduas Port of Entry. “Our tools and technology are an import part of keeping our officers safe and being able to test narcotics such as fentanyl on site is important to avoid an exposure to this harmful narcotic.”
On April 6, 2022, CBP officers assigned to the Pharr International Bridge cargo facility encountered a commercial tractor trailer, arriving from Mexico. A CBP officer referred the conveyance for further inspection, which included utilizing non-intrusive inspection systems (NII) and screening by a (canine team). After physically inspecting the conveyance, officers extracted 20 packages weighing 7.89 pounds (3.58 kg) of alleged fentanyl, 10 packages weighing 2.68 pounds (1.22kg) of alleged cocaine, 10 packages weighing 2.73 pounds (1.24kg) of alleged heroin and 3,618 packages weighing 954.60 pounds (433.0kg) of alleged methamphetamine concealed within the trailer.
CBP OFO seized the narcotics and tractor trailer, and the case remains under investigation by agents with U.S. Immigration and Customs Enforcement-Homeland Security Investigations (ICE-HSI).
For more information about CBP, please click on the attached link.
Follow the Director of CBP’s Laredo Field Office on Twitter at @DFOLaredo and also U.S. Customs and Border Protection at @CBPSouthTexas for breaking news, current events, human interest stories and photos.
CALEXICO, Calif. – El Centro Sector Border Patrol agents arrested a United States citizen with an active warrant and multiple firearms Wednesday afternoon.
At approximately 2:55 p.m., agents were conducting anti-smuggling duties in the desert east of Calexico, a known corridor for human smuggling. Agents conducted a vehicle stop on a vehicle on a grey Nissan Sentra traveling westbound on Interstate 8.
In an immediate area search of the vehicle, agents discovered a 12-gauge shotgun, an unregistered 9mm pistol, two BB guns, a loaded 9mm magazine and three boxes of unspent ammunition.
During an interview of the occupants, it was determined that the driver was a United States citizen with active warrant and the passenger was a citizen of Mexico and a Lawfully Admitted Permanent Resident. At the time of his interview, the passenger was not in possession of any identification.
The driver and passenger were transported to the Calexico Border Patrol station to be processed. The 30-year-old male driver was placed under arrest for his active warrant issued at the request of the Riverside County Sherriff’s Office. U.S. Border Patrol agents confirmed the identity of the passenger, a 34-year-old man, and he was released.
The driver, weapons, and contraband were turned over to the Imperial County Sherriff’s Office.
Please visit www.cbp.gov to view additional news releases and other information pertaining to Customs and Border Protection. For all news, information, and updates follow us on Twitter @CBPElCentro, @USBPChiefELC and Instagram.
DEL RIO, Texas – U.S. Customs and Border Protection (CBP) Office of Field Operations (OFO) officers working at the Del Rio Port of Entry seized mixed narcotics worth over $608,000 in street value.
“This is the second narcotics seizure within this week, and it is an example of the dedicated enforcement efforts our CBP officers are undertaking to ensure the safety of our community,” said Port Director Liliana Flores, Del Rio Port of Entry. “This recent seizure also exemplifies the high-level training and professionalism utilized by officers within CBP’s Office of Field Operations.”
The seizure occurred on Wednesday, April 6 at the Del Rio International Bridge, when officers selected a passenger vehicle for secondary inspection. A male U.S. citizen driver was referred for further inspection, which included utilizing non-intrusive inspection (NII) equipment. Upon physical inspection of the vehicle, packages containing 27.77 pounds of methamphetamine and 2.33 pounds of heroin were discovered in the vehicle.
The narcotics have an estimated street value of $608,559.
The narcotics and vehicle were seized by CBP OFO officers. The driver was arrested, and the case was turned over to U.S. Immigration and Customs Enforcement-Homeland Security Investigations (ICE-HSI) special agents for further investigation.
For more information about CBP, please click on the attached link.
Follow the Director of CBP’s Laredo Field Office on Twitter at @DFOLaredo and also U.S. Customs and Border Protection at @CBPSouthTexas for breaking news, current events, human interest stories and photos.
EL PASO, Texas – U.S. Customs and Border Protection Officers working at the Paso Del Norte international border crossing in downtown El Paso seized 47 pounds of cocaine with an estimated street value of more than half a million dollars.
“CBP is dedicated to upholding our important border security mission,” said CBP El Paso Director Field Operations Hector A. Mancha. “This seizure is an example of the vigilance and dedication by CBP Officers to disrupt the flow of illegal narcotics and keep them out of our communities.”
On April 8, CBP Officers and CBP Canine Enforcement Officers along with a drug detecting canine were conducting vehicle inspections at the Paso Del Norte border crossing when they encountered a vehicle driven by a 49-year-old female Mexican citizen arriving from Mexico. A CBP drug detecting dog conducted a search of the vehicle and alerted CBP Officers to the presence of a trained odor for narcotics.
A thorough examination by CBP Officers resulted in the discovery of 20 packages concealed within the vehicle. The contents of the bundles tested positive for the properties of cocaine. The narcotics and vehicle were seized by CBP, and the driver was turned over to ICE Homeland Security Investigations for prosecution.
EDINBURG, Texas – Rio Grande Valley Sector agents arrested five gang members, a criminal migrant with a conviction for a child related crime, and a Mexican national with a conviction for kidnapping.
On April 3, McAllen Border Patrol Station (MCS) agents apprehended six subjects near the Rio Grande in Abram. Record checks on a Mexican national revealed he is a Paisas gang member. The subject has convictions for assault causing bodily injury and was sentenced to 90 days confinement. The subject also served 30 months incarceration for being unlawfully present in the U.S after a deportation.
MCS agents apprehended four migrants near La Joya on April 4. One migrant, a Honduran citizen, was identified as an 18th Street gang member.
Later that morning, MCS agents apprehended three migrants and identified another 18th Street gang member within the group. The migrant is a citizen of El Salvador.
Also on April 4, MCS agents encountered a group of 22 migrants. One migrant, a Honduran citizen, was identified as a Mara-Salvatrucha (MS-13) gang member with an extensive criminal history to include murder, attempted murder, driving under the influence, and disorderly conduct.
On April 5, MCS agents apprehended five subjects near Mission. During processing, record checks on a Salvadoran national revealed he was convicted of indecency with a child in 2019 and sentenced to two years incarceration.
Brownsville Border Patrol Station agents apprehended six subjects near Brownsville on April 7. Record checks revealed a Mexican national among the group was arrested in 2010 by the FBI in Houston for kidnapping an adult for ransom. He was convicted and sentenced to 11 years and three months confinement and subsequently removed from the U.S.
Today, MCS processing agents discovered another MS-13 gang member from El Salvador.
All subjects were processed accordingly.
Please visit www.cbp.gov to view additional news releases and other information pertaining to Customs and Border Protection. Follow us on Twitter @CBPRGV and @USBPChiefRGV.
~CBP~
Jennie Taer on April 8, 2022
Two men who allegedly pretended to be federal agents may have used tactics common of foreign intelligence services in luring U.S. officials to reveal information, according to retired FBI agents who spoke with the Daily Caller News Foundation.
Arian Taherzadeh, 40, and Haider Ali, 36, were both arrested in Washington, D.C. Wednesday and were each charged with the federal offense of false impersonation of an officer of the United States, the U.S. attorney’s office said in a statement to the Daily Caller News Foundation.
The accused ties’ could lead investigators to the Iranian Revolutionary Guard Corps (IRGC), which is a U.S.-designated terrorist organization, or Iran’s Quds force, according to CBS News. Prosecutors reportedly said Thursday that Ali told witnesses he had connections with Pakistani intelligence and that the government had obtained his passport with Pakistani visas and two Iranian visas.
It’s likely “a classic case of a foreign intelligence service or services, in this case, trying to penetrate the United States government,” retired FBI supervisory special agent Todd K. Hulsey told the DCNF.
🚨FBI exiting a luxury building in Navy Yard, DC. Agents in tactical gear are still in the building. pic.twitter.com/m8GmYQlyCS
— Jennie Taer (@JennieSTaer) April 6, 2022
Taherzadeh and Haider allegedly posed as Department of Homeland Security (DHS) agents since as early as February 2020 and built relationships with U.S. Secret Service officers, one of which was assigned to First Lady Jill Biden’s security detail, according to an affidavit.
“I actually laughed when I read it because … there’s so many things about this story and so many questions, but, these two guys masquerading as federal agents, and they were really duping other federal agents who really are federal agents. It’s a very unique thing. But I don’t believe it’s anything different than what we’ve seen historically in terms of foreign services trying to gain access to, in this case, the White House, but to high level U.S. government officials through lower level officials,” Hulsey said.
It’s possible the accused used fraud techniques and tactics foreign intelligence agents use overseas to build relationships with U.S. officials, Hulsey, along with retired FBI agent Robert Chacon told the DCNF.
While overseas on assignments, Chacon observed the tactics used by foreign governments to gain access to U.S. officials.
“I went overseas several times with the FBI and the initial training, we worked with the State Department, and they always warned us about … if you go to … the local watering hole near any US Embassy overseas, where they know a bunch of embassy personnel just kind of gather after work and have a drink or two, that’s where they target,” Chacon said.
“And if you meet somebody in there, and they start being friendly to you, all of a sudden, you have to be on guard on that stuff … it’ll be subtle. But next thing you know, they’ll say, ‘Oh, I know somebody works in the embassy. Do you know John Smith?’ … So, those types of things, you should always be on guard. Those of us who have maintained top secret security clearance, I always have to be on guard for people that might try to recruit us or might try to compromise us. And this is like, an obvious way to do it. But usually, it’s much more subtle than this … ” he added.
In many fraud cases, perpetrators use one target to gain credibility they use to later access more people, Chacon explained.
“[T]he way fraudsters work is they compromise that one person or that one document, and then they get legitimate people basically to be standing up for them to backstop their fraud. So, at the end, when it all comes down, you can see behind the curtain, but that’s not what people we’re seeing during the fraud itself. They were seeing legitimate people vouching for these people, right, so it’s really a house of cards,” Chacon said.
Homeland Security Investigations’ (HSI) Newark office and the U.S. Postal Service were already investigating Ali at the time of his arrest for credit card fraud, CBS News reported.
“Card fraud and things like that are one of the ways that foreign agents illicitly gained funds to continue their activities in the United States. Terrorist groups do those things too,” Hulsey said.
Taherzadeh allegedly bought the Secret Service officers rent-free apartments, each costing $40,000 a year, iPhones, surveillance systems, drones, a flat screen tv, an assault rifle case, a generator and law enforcement paraphernalia, according to the affidavit. He also offered them “official government vehicles” and volunteered to buy a $2,000 assault rifle for the officer assigned to the first lady’s security detail.
Four Secret Service members were put on administrative leave on April 4 pending the investigation, according to the court document.
“When it all comes down, you can kind of see it, but it’s much more difficult to see when it’s going on, particularly if they co-opt legitimate people early on to stand up for that. And then people … don’t look as hard,” Chacon added.
At this point in the investigation, the FBI is likely collecting information from other U.S. intelligence and law enforcement agencies and questioning foreign intelligence partners, in addition to accessing open source and classified material to understand why and how this happened, according to Hulsey.
“A lot of us are dumbfounded on this one,” Chacon said, speaking for himself and other retired FBI colleagues.
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Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]. Read the full story at the Daily Caller News Foundation
COPENHAGEN – Danish investment bank Saxo Bank said on Saturday it had terminated clients from Russia and Belarus in response to sanctions imposed on those countries following Russia’s invasion of Ukraine.
“It is a small number of clients, and a decision made on the basis of the tougher sanctions imposed on the two countries as a result of Russia’s terrible invasion of Ukraine,” a spokesperson for the bank said in a statement to Reuters.
As of Friday, customers from Russia or Belarus were no longer able to open new positions or increase the size of current ones. The terminations would take full effect on June 8, the bank said.
Until then, those clients will still be able to withdraw cash and securities, but the transactions would be subject to increased scrutiny, it added.
(Reporting by Nikolaj Skydsgaard; Editing by Jan Harvey)
BERLIN – Volkswagen has rejected a shareholder proposal for it to explain how its lobbying activities align with its climate goals – something two of the carmaker’s leading competitors have already promised to do, one of the investors said on Friday.
A filing by a group of seven shareholders said that while Volkswagen does disclose its trade association memberships, it should go further and say whether the associations’ aims are compatible with its emissions-cutting targets.
Fellow carmakers Mercedes-Benz and BMW have already committed to doing that.
“The Board is failing to deliver transparent oversight of the company’s climate lobbying,” said Charlotta Sydstrand, sustainability strategist at Swedish pension scheme AP7, one of the shareholders involved in the proposal.
Her comments were included in a statement issued by the Church of England Pensions group, which also backed the filing.
The statement said Volkswagen had rejected the proposal on the grounds that the issue was deemed to be beyond the competence of the general meeting.
Volkswagen was not immediately available for comment.
Other supporters of the proposal included Britain’s biggest listed asset manager Schroders and a range of Swedish pension funds.
Pressure by investors on climate-related issues is growing rapidly.
Last week, 34 investors managing more than $7 trillion in assets warned 17 of Europe’s largest companies, including Volkswagen, they could challenge board directors over their accounting of climate risks.
(Reporting by Victoria Waldersee and Simon Jessop; Editing by Helen Popper)
By Nate Raymond
(Reuters) – Idaho’s top court on Friday temporarily blocked a recently enacted six-week abortion ban from taking effect which is modeled on a Texas law that allows private citizens to sue abortion providers.
The Idaho Supreme Court in a two-page order https://tmsnrt.rs/3upiqzO prevented the law from being implemented until the court could hear a challenge by Planned Parenthood seeking to invalidate the measure, which was to take effect on April 22.
Planned Parenthood Great Northwest, Hawaii, Alaska, Indiana, Kentucky, which operates three abortion clinics in the state, last week asked the court to declare it unconstitutional after Republican Governor Brad Little signed it into law.
Idaho was the first state to adopt a law that mirrored the one in Texas which took effect in September. That law allows citizens to sue anyone who performs or assists a woman in obtaining an abortion after about six weeks of pregnancy.
The Idaho law is narrower than Texas’s, allowing only relatives of a fetus, not any citizen, to sue medical professionals who provide abortions after fetal cardiac activity is detected, usually around six weeks of pregnancy.
The law, SB 1309, provides a minimum award of $20,000 and legal fees for litigants.
Like the Texas law, it bars state officials from enforcing it, a novel feature that has frustrated opponents trying to challenge the Texas measure in federal court by suing state officials to bar enforcement.
Planned Parenthood argues the Idaho law is unconstitutional under Roe v. Wade, the 1973 U.S. Supreme Court decision that made abortion legal nationwide.
The U.S. Supreme Court now has a 6-3 conservative majority and appeared open during arguments in December to rolling back or overturning Roe v. Wade by allowing a 15-week abortion ban to stand in Mississippi.
Planned Parenthood and Little’s office did not respond to requests for comment.
(Reporting by Nate Raymond in Boston; editing by Jason Neely)
LONDON – Russia faces its first sovereign external default in over a century after it made arrangements to make an international bond repayment in roubles earlier this week, even though the payment was due in U.S. dollars.
S&P on Saturday lowered the country’s foreign currency ratings to “selective default” on increased risks that Moscow will not be able and willing to honour its commitments to foreign debtholders.
Russia has not defaulted on its external debt since the aftermath of its 1917 revolution, but its bonds have now emerged as a flashpoint in its economic tussle with Western countries. A default was unimaginable until recently, with Russia rated as investment grade in the run up to its Feb. 24 invasion of Ukraine, which Moscow calls a “special military operation”.
Here are answers to key questions:
CAN RUSSIA PAY?
Russia was due to make a payment of $649 million to holders of two of its sovereign bonds on Monday. But the U.S. Treasury blocked the transfer, preventing Russia from using any of its frozen foreign currency reserves for servicing its debt.
Coming up with an alternative, Russia placed the rouble equivalent of those payments for bondholders from so-called unfriendly nations in special accounts at its National Settlement Depository.
Moscow has a 30-day grace period from the payment date, which was Apr. 4.
Analysts say Russia has the means and ability to pay. The country receives billions in U.S. dollars in revenue from energy exports, and while around half its foreign exchange reserves are frozen, it has hundreds of millions that are not.
Elina Ribakova, deputy chief economist at the Institute of International Finance, said this was likely a “willingness-to-pay situation.”
The U.S. Treasury did not ban correspondence banking with Russia, subject to checks, and has granted a license to allow for payments relating to Moscow servicing sovereign debt until May 25.
All this means it looks like Russia could still make the payment, if it wanted to, according to analysts.
WHAT TYPE OF DEFAULT?
At its most basic level, a default is a breach of contract, though the term can cover a variety of scenarios.
Payment default is a failure to pay principal, interest or other amounts due after the grace period has passed, according to a paper by restructuring experts file:///C:/Users/8017535/Downloads/chapter-7-sovereign-default.pdf at the International Monetary Fund.
However, there are also technical defaults due to events such as administrative errors, generally viewed by market participants as minor and swiftly remedied.
Legal experts say payment in the wrong currency, in this case roubles, constitutes a non-payment.
Russia has dismissed the notion of a default.
“In theory, a default situation could be created but this would be a purely artificial situation,” Kremlin spokesperson Dmitry Peskov said on Wednesday. “There are no grounds for a real default.”
WHO WOULD CALL A DEFAULT?
A default is a state of affairs, not a credit rating though markets often look to credit-rating agencies to declare a default has occurred.
S&P, assigning Russia a “selective default” rating, said it did not expect investors would be able to convert the rouble payments into dollars equivalent or that the government will convert those payments within a 30-day grace period.
With major ratings agencies having withdrawn ratings on Russia it is not entirely clear what manner of announcements might be made.
A default will have wider ramifications.
It could, for example, trigger credit default swaps (CDS) – an insurance policy bought by investors for such a case. A determinations committee will take a view on whether a “non-payment” event has occurred. However, such a decision is generally taken after the grace period has passed.
There are around $6 billion worth of CDS contracts outstanding on Russia.
WHAT ELSE COULD HAPPEN?
Russia could unilaterally declare a moratorium – a temporary or permanent payment stop.
Made as an announcement or legislation separate from the missed payment, a moratorium can come before or after the payment default, according to the IMF.
A government might announce a moratorium as an interim measure to halt payments before launching a debt restructuring, as Mexico did in 1982.
The declaration of a moratorium is also one of the potential triggers for CDS contracts.
WHAT HAPPENS AFTER A DEFAULT?
Debt obligations at risk of, or already in, default are often snapped up by funds specialising in distressed situations, either hoping to make money when a restructuring is eventually worked out or to litigate in courts with the aim of getting compensation or seizing a debtor’s assets instead.
However, litigation and asset seizures are lengthy and costly processes. Many previous attempts have been unsuccessful, such as when creditors tried to seize Argentina’s famous navy vessel https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2135.en.pdf, the ARA Libertad, in 2012 over a debt default a decade earlier or Argentine dinosaur fossils exhibited in Europe.
(Reporting by Karin Strohecker; editing by Pravin Char)
(Reuters) -YouTube has blocked Duma TV which broadcasts from Russia’s lower house of parliament, drawing an angry response from officials who said the world’s most popular streaming service could face restrictions in response.
On Saturday, a message on YouTube said the Duma channel had been “terminated for a violation of YouTube’s Terms of Service”.
YouTube, owned by Alphabet Inc’s, has been under pressure from Russian communications regulator Roskomnadzor and officials were quick to respond.
“From the look of it, YouTube has signed its own warrant. Save content, transfer (it) to Russian platforms. And hurry up,” foreign ministry spokeswoman Maria Zakharova said on the Telegram messaging service.
The communications watchdog said it had requested Google restore access to the Duma channel immediately.
“The American IT company adheres to a pronounced anti-Russian position in the information war unleashed by the West against our country,” Roskomnadzor said.
Google told Reuters in an emailed comment that is was committed to compliance with all applicable sanctions and trade compliance laws.
“If we find that an account violates our Terms of Service, we take appropriate action. Our teams are closely monitoring the situation for any updates and changes.”
Vyacheslav Volodin, the Duma’s speaker, said YouTube’s move was further proof of rights and freedom violations by Washington.
“The USA wants to obtain a monopoly on promoting information. We cannot let it happen,” Volodin said on Telegram.
Russia has already restricted access to Twitter and Meta Platforms’ flagships Facebook and Instagram since sending thousands of troops into Ukraine on Feb. 24.
Russia had earlier tried to ban the Telegram messaging app, now widely used by officials, but lifted its ban in mid-2020.
Some Russian media cast the move as a capitulation, but Roskomnadzor said it had acted as it did because the app’s Russian founder, Pavel Durov, was prepared to cooperate in combating terrorism and extremism on the platform.
(Reporting by Reuters; editing by Jason Neely)
MILAN -Leading investor advisers have recommended shareholders at Generali back the proposal by the Italian insurer’s outgoing board to hand CEO Philippe Donnet another term at the helm, documents showed on Saturday.
In reports issued by Institutional Shareholder Services (ISS) and Glass Lewis ahead of an April 29 general meeting to name a new board at Generali, the two proxy advisers urged shareholders to support the slate of board nominees put forward by the outgoing board.
The board’s proposed reappointment of Donnet has been challenged by Italian tycoon Francesco Gaetano Caltagirone, who owns more than 9% of Generali and is its second biggest shareholder behind investment bank Mediobanca.
Mediobanca backs Donnet, while Generali’s third-biggest investor, Italian eyewear billionaire Leonardo Del Vecchio, has sided with construction magnate Caltagirone.
The tussle for control of Europe’s No.3 insurer threatens the stability of a group that is a cornerstone of Italy’s financial system and a major holder of its public debt.
Glass Lewis said it did not believe Caltagirone’s alternative plan for Generali made a compelling case to suggest the group had suffered from poor operational performance, missed targets or subpar investor returns.
“We believe the Dissident’s central strategic thesis ultimately tilts from the attractively ambitious to the disconcertingly optimistic,” it said in the report, of which Reuters saw a copy.
In pledging to grow Generali’s earnings per share in coming years roughly twice as fast than envisaged by Donnet’s plan, Caltagirone has put forward a veteran Generali executive, Luciano Cirina, as his own CEO candidate.
“The dissident plan is indeed more ambitious than the company’s, but it appears unclear if Caltagirone’s offers a superior path after considering factors like execution skills, feasibility, and risk,” ISS said.
“In terms of governance, Caltagirone has been 14 years on the board and his accusations appear strangely timed after such a long tenure,” it added.
(Reporting by Stephen Jewkes and Gianluca Semeraro; editing by Valentina Za)
By Rozanna Latiff and Ebrahim Harris
MERSING, Malaysia -A Dutch teenager who disappeared after going diving off the coast of Malaysia is dead, according to his father who was found drifting at sea on Saturday, officials said.
Fourteen-year-old Nathan Renze Chesters and his British father Adrian Peter Chesters, 46, were in a group of four who went missing on Wednesday afternoon on a training dive near Tokong Sanggol, a small island off the southeastern town of Mersing.
The elder Chesters and Alexia Alexandra Molina, 18, from France were rescued by fishermen at around 1 a.m. (1700 GMT on Friday) off Indonesia’s Bintan island, southeast of Singapore, and some 100 km (60 miles) south of where they went missing, officials said.
The group’s instructor, Kristine Grodem, 35, from Norway, was rescued on Thursday.
Nathan, whose body has not been recovered, was confirmed to have died by his father, “as he was too weak and could not survive,” the Malaysian Maritime Enforcement Agency said in a statement.
Police had said Indonesian authorities would take over the search for the teenager as he had likely drifted into their waters.
“We believe there is a high likelihood that he is no longer in Malaysian waters based on the movement of sea currents, as well as the time and location where the other victims were found,” Mersing district police chief Cyril Edward Nuing told reporters.
Malaysian assets would be on standby to help, he said.
Grodem earlier told officials the group surfaced about an hour into their dive on Wednesday but could not find their boat.
She was later separated from the others after being caught in strong currents.
The boat operator who took them to the dive site was detained after testing positive for drugs, police said.
(Reporting by Rozanna Latiff and Ebrahim Harris; Editing by Robert Birsel and William Mallard)
(Reuters) -The chairman of Vietnam’s Vingroup conglomerate said on Saturday that the company’s auto unit, VinFast, would seek financing from the U.S. government to support its expansion with a planned plant in North Carolina.
“It is also one of our financing options, but we need to prove to them that we are qualified,” Vingroup Chairman Pham Nhat Vuong told a group including reporters.
VinFast said this week that its Singapore-based holding company had filed for an initial public offering (IPO) with U.S. securities regulators, as the company readies a $4-billion investment to build a factory in the United States.
VinFast, which began operations in 2019, is betting big on the U.S. market, where it hopes to compete with legacy automakers and startups with two all-electric SUVs and a battery leasing model that will reduce the purchase price.
Vuong said VinFast was committed to an IPO that would help establish the electric vehicle maker as a global brand, but added: “if the conditions are not right we can wait.”
“We ourselves are determined to push and committed to this IPO, but the highest target for the IPO is not financing but to set up VinFast in the global market,” he told the group.
Lending from the U.S. government’s Advanced Technology Vehicles Manufacturing (AVTM) loan programme was another option VinFast was exploring, Vuong said, in response to a question.
The $25-billion fund was established by Congress in 2007 when Detroit-based automakers were tipping into crisis. It is administered by the Department of Energy still has a lending capacity of almost $18 billion, according to its website.
VinFast has promised to create 7,500 jobs at its planned plant in North Carolina, where it will build the battery-powered VF8 and VF9 SUVs. The company has said it plans to begin construction of the plant as soon as permits are granted with a goal of starting production by 2024.
It plans to begin exporting the two electric vehicles to the United States later this year from its existing plant in Vietnam.
(Reporting by Vietnam Newsroom; Editing by William Mallard, Robert Birsel)
SHANGHAI – Chinese electric vehicle (EV) maker Nio said on Saturday it has suspended production after the country’s measures to contain the recent surge of COVID-19 cases disrupted operations at its suppliers.
“Since March, due to reasons to do with the epidemic, the company’s supplier partners in several places including Jilin, Shanghai and Jiangsu suspended production one after the other and have yet to recover,” the company said on its mobile app.
“Due to the impact of this Nio has had to halt car production.”
The company will postpone deliveries of the EVs to users and will work together with the suppliers to strive for resumption while meeting the government’s COVID curbs, it added.
China has been taking strict lockdown measures to contain the spread of the highly contagious Omicron variant in several places including Jilin province and Shanghai where plants of major auto part makers and automakers are located.
Tesla has also suspended production at its Shanghai plant since March 28, Reuters reported, after the city started a two-staged lockdown which was later expanded citywide.
Volkswagen’s joint venture plant with FAW Group in Changchun, the provincial capital of Jilin, has been shut since mid-March, while its plant in Shanghai with SAIC Motor has been closed since April 1.
(Reporting by Zhang Yan, and Brenda Goh; Editing by Michael Perry)
SYRACUSE, NEW YORK – William D. Wood, Jr. was sentenced today on federal charges related to the September 2018 robbery and murders he committed at the Chili’s Bar and Grill in Dewitt, New York, announced United States Attorney Carla B. Freedman, John B. DeVito, Special Agent in Charge of the New York Field Division of the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), New York State Police Superintendent Kevin P. Bruen, and Chief Chase L. Bilodeau, Town of Dewitt Police Department.
As a part of his earlier guilty plea, Wood admitted that he obtained a loaded handgun to commit a robbery at the Chili’s, and that during the early morning hours of September 15, 2018, armed with that loaded handgun, he forced his way into the back door of Chili’s, where four employees remained to close the restaurant. Wood admitted that he held all four employees on the ground at gunpoint, and after obtaining the available cash from the restaurant’s safe, shot and killed Stephen Gudknecht and Kristopher Hicks. Wood further admitted that his gun malfunctioned as he attempted to shoot a third employee in the head, allowing time for her and the fourth employee to hide and flee.
Chief United States District Judge Glenn T. Suddaby imposed consecutive sentences on each of the three federal felonies to which Wood pled guilty: 20 years for robbery, and life sentences on each of two counts of using a firearm in furtherance of a crime of violence and murder.
“Today’s sentencing of William Wood marks the end of a horrific crime that senselessly took the lives of two innocent people. While nothing can ever make up for their loss, we hope that the life sentences imposed on Wood today represents some measure of justice and will further ensure that he never again is free to victimize anyone. Our thoughts today are with all four victims, their families, friends, and co-workers. All have suffered grievously from the robbery and murders committed by Wood,” said United States Attorney Carla Freedman.
“Today’s lengthy sentence serves to protect our communities, while sending a strong message to violent offenders like the defendant that they will be held accountable to the fullest extent of the law. William Wood Jr. preyed upon his victims and showed no mercy. We commend the work of ATF’s Syracuse Field Office and our partners from the New York State Police, Town of DeWitt Police Department and United States Attorney’s Office for their steadfast commitment to investigating this heinous crime and for ensuring that justice was served,” said ATF Special Agent-in-Charge John B. DeVito.
New York State Police Superintendent Kevin P. Bruen said, “Mr. Woods sentencing illustrates the work of a strong law enforcement partnership that has resulted in a dangerous man being taken off the streets. As we mourn for the victims and their families, we hope this sentencing brings them a sense of peace that Mr. Wood will never commit a crime like this again. State Police and our partners will continue to work in keeping our communities safe from such criminals and the purposeless violence and deaths that they cause.”
“The crimes committed by William Wood were some of the most senseless, violent and horrific crimes that our community has ever seen. Although no measure of justice can ever fully make up for those actions, I hope today’s sentencing can bring at least some measure of peace to the victims, their families and all those who were hurt by his crimes. I would like to thank all of the first responders, investigators and prosecutors involved in this case, for working so diligently to ensure that William Wood will never again be free to victimize others,” said Chief Chase Bilodeau, Town of Dewitt Police Department.
Wood is currently serving a life sentence on state charges related to the robbery and murders. In the event that New York State ever releases Wood, he will be surrendered to federal authorities to serve each of the three sentences handed down today.
The case against Wood was investigated by United States Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Town of Dewitt Police Department, and the New York State Police, and was prosecuted by Assistant U.S. Attorneys Lisa M. Fletcher and Michael D. Gadarian.
MELBOURNE – S&P on Saturday lowered Russia’s foreign currency ratings to “selective default” on increased risks that Moscow will not be able and willing to honor its commitments to foreign debtholders.
Facing waves of sanctions over its invasion of Ukraine, Russia could face its first sovereign external default in over a century after it made arrangements to make an international bond repayment in rubles this week, even though the payment was due in dollars.
S&P said in a statement it understood that Russia had made coupon and principal payments on dollar-denominated Eurobonds in rubles on Monday.
“We currently don’t expect that investors will be able to convert those ruble payments into dollars equivalent to the originally due amounts, or that the government will convert those payments within a 30-day grace period.”
Sanctions on Russia are likely to be further increased in the coming weeks, the agency said, “hampering Russia’s willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders.”
Russia’s finance minister on Thursday said the country will do everything possible to pay its creditors, but investors in Russia’s international bonds face an increasingly uncertain path to recover their money should the country default..
S&P assigns a selective default rating when it believes the debtor has selectively defaulted on a specific issue or class of obligations but will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.
Russia has not defaulted on its external debt since the aftermath of its 1917 revolution, but its bonds have now emerged as a flashpoint in its economic tussle with Western countries.
A default was unimaginable until recently, with Russia rated as investment grade in the run-up to its Feb. 24 invasion of Ukraine, which Moscow calls a “special military operation”.
(Reporting by Lidia Kelly in Melbourne; Editing by William Mallard)
By Uditha Jayasinghe and Devjyot Ghoshal
COLOMBO -Sri Lanka’s central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.
The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicines are in short supply.
Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew.
The Central Bank of Sri Lanka’s (CBSL) monetary board raised its standing lending facility to 14.50% and its standing deposit facility to 13.50%.
The build-up of aggregate demand, domestic supply disruptions, the plunge of the local currency and high prices of commodities globally could keep up the pressure on inflation, CBSL said in its monetary policy decision statement.
“The rate hike will give a strong signal to investors and markets that we are coming out of this as soon as possible,” governor P. Nandalal Weerasinghe said at a post-policy decision briefing.
INDEPENDENT CENTRAL BANK
Weerasinghe said that he wanted to run the central bank independently without any external influence and that he had been given the authority to do so by the president and has been asked to expedite measures to get the country out of the current crisis.
“I want to be very clear that my message is not one of blind positivity. Things are challenging and we need to take decisive action. Things will get worse before they get better, but we need to apply the breaks to this vehicle before it crashes,” he added.
Inflation hit 18.7% in March.
An analyst had expected hikes of up to 400 basis points.
“With the monetary policy tightening now finally clear, the stage is set to take the next vital steps with regards to IMF and debt restructuring and clearly communicate this to the international stage,” said Thilina Panduwawala, head of economic research at Frontier Research.
Finance Minister Ali Sabry said earlier that the country must urgently restructure its debt and seek external financial help, while the main opposition threatened a no-confidence motion in the government and business leaders warned exports could plummet.
“We cannot step away from repaying debt because the consequences are terrifying. There is no alternative, we must restructure our debt,” Sabry told parliament.
J.P. Morgan analysts estimate that Sri Lanka’s gross debt servicing costs will amount to $7 billion this year, with a $1 billion repayment due in July.
“We have to go for a debt moratorium,” said Sabry, who offered to quit a day after he was appointed on Monday but later confirmed that he was still finance minister.
“We have to suspend debt repayment for some time and get bilateral and multilateral support to manage our balance of payments.”
NO-CONFIDENCE MOTION?
President Gotabaya Rajapaksa is running his administration with only a handful of ministers after his entire cabinet resigned this week, while the opposition and some coalition partners rejected calls for a unity government to deal with the country’s worst crisis in decades.
At least 41 lawmakers have quit the ruling coalition to become independents, though the government says it still has a majority in parliament.
“The government needs to address the financial crisis and work to improve governance, or we will move a no-confidence motion,” Sajith Premadasa, leader of the Samagi Jana Balawegaya opposition group, said in parliament.
Sabry, a former justice minister, said political stability was necessary as the country prepared to start talks with the International Monetary Fund (IMF) this month. Weerasinghe said he will be holding a virtual meeting with the IMF on April 11.
Earlier on Friday, nearly two dozen associations, representing industries that collectively employ a fifth of the country’s 22 million people, together urged the government to quickly seek financial help from the IMF, the World Bank and the Asian Development Bank (ADB).
Masakorala said that both merchandise and service exports could drop 20%-30% this year due to a dollar shortage, higher freight costs and power cuts.
Sri Lanka’s foreign exchange reserves have plunged some 70% in the past two years, hitting $1.93 billion at the end of March.
(Writing by Krishna N. Das; Additional reporting by Swati Bhat; Editing by Muralikumar Anantharaman, Raju Gopalakrishnan, Hugh Lawson and John Stonestreet)
DEL RIO – A Mexican national who failed to appear for sentencing in 2015 was sentenced today to 10 years in prison and ordered to pay $884,174.47 in restitution for his role in a bribery scheme.
According to court documents, German Garcia Cano, 62, was the owner of GGC Enterprises, Inc., (GGC) a construction equipment rental company. Between 2009 and 2012, Maverick County paid GGC hundreds of thousands of dollars leasing heavy equipment purportedly used in construction projects in Maverick County. On October 9, 2014, Cano pleaded guilty to one count of paying a bribe to an agent of an organization receiving federal funds. By pleading guilty Cano admitted he paid bribes to Maverick County employees to insure that GGC secured leasing contracts with Maverick County.
On February 24, 2015, Cano was scheduled to be sentenced and failed to appear. A warrant for his arrest was issued that same day. In March 2015, the Court entered a bond forfeiture against Cano and a surety and a restraining order against Cano’s assets. The United States subsequently garnished on bank accounts associated with Cano, including recovering $10,000 transferred to his sister, despite his fugitive status. On July 8, 2021, Cano was rearrested and has remained in federal custody.
“The sentencing of German Cano today demonstrates our steadfast commitment to the pursuit of justice, even when criminals flee,” said U.S. Attorney Ashley C. Hoff. “By paying bribes to receive government funds, Cano fostered a culture of corruption in Maverick County, undermining the public’s faith in government. Along with our law enforcement partners, we will continue to use all available resources to root out corruption and hold wrongdoers accountable.”
“Corruption damages the very fiber of our society, as it undermines public trust,” said Acting Special Agent in Charge Jason Hudson. “Thankfully, with today’s sentencing, the defendant in this case will now have to face the consequences of his actions.”
The FBI, with assistance from the Customs and Border Protection Office Internal Affairs; DEA; Texas Department of Public Safety Criminal Investigative Division; Texas Rangers; and Maverick County Sheriff’s Office, investigated the case.
Assistant U.S. Attorneys James Ward and Michael Galdo, with assistance from the Department of Justice’s Office of International Affairs, prosecuted the case.
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