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US, UK, And Canada Sanction Lebanon’s Former Central Bank Governor Over Corruption Allegations

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According to the US Treasury Department, the BEIRUT, Lebanon — The United States, the United Kingdom, and Canada imposed sanctions on Lebanon’s beleaguered former central bank governor and a handful of close relatives and friends on Thursday.

Riad Salameh, 73, left office on July 31 amid an investigation and criticism of his country’s unprecedented economic disaster.

Salameh and his friends are being investigated in France, Germany, and Luxembourg for alleged financial crimes such as unlawful enrichment and the laundering of $330 million. Paris and Berlin obtained Interpol arrest warrants for Salameh in May, despite Lebanon not extraditing its people.

Salameh abused his position of power, most likely in violation of Lebanese law, to enrich himself and his associates by funnelling hundreds of millions of dollars through layered shell companies to invest in European real estate,” according to a statement from the US Treasury Department.

According to the statement, the United States coordinated the penalties with the United Kingdom and Canada, and assets associated with Salameh will be frozen. Salameh’s son Nady, brother Raja, close associate Marianne Hoayek, and “former partner” Anna Kosakova were also sanctioned by the US. The identical list of people was sanctioned in the United Kingdom except for Nady Salameh, while Canada sanctioned only Salameh, his brother, and Howayek.

On numerous occasions, Salameh has refuted claims of corruption, embezzlement, and unlawful gain. He claims his fortune results from inherited assets, investments, and his prior job as an investment banker at Merrill Lynch.

central bank

The United States, the United Kingdom, and Canada imposed sanctions on Lebanon’s former central bank governor.

Salameh’s lawyer did not immediately respond to an Associated Press request for comment on the punishment.

According to US officials, Salameh reportedly concealed his identity through Panama shell companies and a trust in Luxembourg in a plan in which he purchased shares in a company for which his son Nady worked as an investment advisor. He subsequently sold those shares to a Lebanese bank authorized by the Central Bank, which the US Treasury described as a conflict of interest and presumably violating a Lebanese rule prohibiting central bank personnel from benefitting from private firms.

Raja has been accused of assisting his brother’s fraud using Forry Associates Ltd, a brokerage firm he owns that the US Treasury described as a shell corporation in the Virgin Islands.

Meanwhile, Howayek was accused of moving hundreds of millions of dollars to the Salamehs from her bank account, which was “far more” than her central bank salary could account for.

Nady Salameh was sanctioned as “the publicly registered officer” of Luxembourg-registered firms that purchased tens of millions of dollars in high-end real estate through subsidiary companies in Belgium and Germany.

central bank

The United States, the United Kingdom, and Canada imposed sanctions on Lebanon’s former central bank governor.

Kosakova, who lives in France, was accused of using Forry funds to buy expensive properties in Paris, including residences in high-end neighborhoods and an office building on the touristy Champs-Elysées avenue for the central bank’s “continuity of operations” center.

Salameh is being probed in Lebanon as well. Soon after receiving the Interpol warnings, the Lebanese judiciary confiscated his passport and imposed a travel ban.

Salameh has criticized the European investigation, claiming it is part of a media and political attempt to frame him.

Salameh once praised as Lebanon’s financial stability protector, has been among the authorities most accused of actions that contributed to the country’s economic catastrophe, which has devastated the value of the Lebanese pound against the US dollar by nearly 90% and generated triple-digit inflation.

Lebanon has yet to nominate a new central bank governor, but Wassim Mansouri, a vice governor, has been named acting governor. The crisis-stricken country has been without a president for nearly a year and is governed by a caretaker Cabinet with limited powers.

“The only way to put Lebanon on a path to much-needed economic recovery is for its leaders to stamp out corruption and implement real reforms.” Lord Ahmad of Wimbledon, the UK’s minister of state for the Middle East, stated in a statement issued by the Foreign, Commonwealth, and Development Office announcing the penalties.

SOURCE – (AP)

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Kiara Grace
Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Bitcoin Goes Over $80,000 As Buyers Guess Whether Trump Will Run For President.

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PHOTO:REUTERS

(VOR News) – The following day, Bitcoin achieved a new record high as a consequence of traders’ wagers on the potential benefits of Donald Trump’s return to the White House for the cryptocurrency.

This was an additional factor contributing to Bitcoin’s recent record-breaking performance.

This resulted in Bitcoin’s first-ever record-breaking high.

The digital currency’s inaugural transaction, valued at eighty thousand dollars, was executed one hundred twenty minutes after twelve o’clock in the afternoon (1200 GMT). This occurred shortly after the timepiece reached twelve.

The conviction that President Trump may reduce laws on digital currencies has increased as a result of his victory in the presidential election that occurred in the United States on Tuesday. This conviction has been bolstered by his election victory. Since the election was won by the Republican nominee, Trump, this mentality has been gradually cultivated.

On Wednesday, the price of bitcoin achieved a new all-time high of $75,000, surpassing the previous all-time high of $73,797.98, which was achieved in March. This item has attained the highest price to date.

It was widely believed that Trump was the politician who embraced Bitcoin during his campaign against Kamala Harris, the Democratic Party candidate. Harris was a candidate for the Democratic Party in the Senate campaign.

Donald Trump employed the term “hoax” to describe cryptocurrencies during his inaugural tenure as president of the United States. However, in the time that has passed since then, he has experienced a substantial change in his viewpoints, which has even resulted in the creation of his own committee platform.

In addition to his pledge to establish the United States of America as the “bitcoin and cryptocurrency capital of the world,” he has also committed to appointing Elon Musk, a tech entrepreneur and right-wing conspiracy theorist, to the role of overseeing a comprehensive investigation into the government’s wasteful practices.

Both of these commitments are components of his strategy to enhance the prosperity of the United States of America. It is crucial to acknowledge that he has made a commitment to both of these.

The administration of President Trump was responsible for the reduction of corporation taxes, which resulted in an increase in market liquidity and facilitated the investment in high-growth assets, such as cryptocurrencies. Through the administration of President Trump’s predecessor, this was accomplished.

The previous administration benefited from a decrease in the tax rate for Bitcoin companies.

In September, President Trump announced that he, his sons, and other organizations would be creating a digital currency platform known as World Liberty Financial. The development of this platform would also incorporate the participation of other businesses. The network would facilitate the conversion of digital currency into corporeal currency.

Nevertheless, it experienced an unsuccessful sales launch earlier this month, with only a small percentage of the tokens that were placed on the market being purchased by consumers. This incident transpired earlier this month. From this, it is possible to infer that the launch was unsuccessful.

Cryptocurrencies have been the subject of numerous news articles since their inception. The FTX exchange platform is the most notable of the numerous industry stalwarts that have fallen, and these stories have covered a wide variety of subjects, including the immense volatility of their pricing. Numerous topics have been addressed in these narratives.

According to reports that circulated in the days preceding the election, he made history by becoming the first former president to utilize bitcoin to conduct a transaction. Donald Trump achieved historical significance by conducting a transaction using bitcoin. This could be considered a significant accomplishment.

He accomplished this by purchasing hamburgers from a restaurant in New York City, which characterized the transaction as “historic.” He succeeded in achieving these objectives. Because of this opportunity, he capitalized on it.

Bitcoin, a digital currency, is transacted on the market every day of the week, including Sundays.

SOURCE: TET

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Chewy Slides After Filing Shows 3rd-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake

Canada CBC News CEO Catherine Tait Recalled to Parliamentary Committee

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Salman Ahmad
Salman Ahmad is a seasoned freelance writer who contributes insightful articles to VORNews. With years of experience in journalism, he possesses a knack for crafting compelling narratives that resonate with readers. Salman's writing style strikes a balance between depth and accessibility, allowing him to tackle complex topics while maintaining clarity. His commitment to thorough research ensures his pieces are well-informed and thought-provoking. Salman's contributions enrich VORNews' content, offering readers a fresh perspective on current events and pressing issues.
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Subsidies for Electric Vehicles Cut as Consumer Interest Fades

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Electric Vehicles, EVs, Canada
Electric vehicles (EVs) are still considerably more expensive than traditional alternatives.

Pressure is building on Canada’s electric vehicle manufacturers, and several are rethinking their stance on E.V.s in favor of plug-in hybrids. Automobile manufacturers are now bracing themselves for an even more challenging era in the Canadian market for electric vehicles (E.V.s).

President Kristian Aquilina of General Motors Canada claims that support and expectations are misaligned because the Canadian government is reducing subsidies for electric vehicles while trying to phase out gas-powered cars.

Manufacturers find pushing for an all-electric future in Canada increasingly difficult due to fewer consumer financial incentives and increasingly strict sales targets.

With subsidies totaling up to C$12,000 (about $8,500), Canadian consumers may save a tonne of money on electric automobiles. The federal government offers a rebate of up to $5,000 Canadian, and the provinces of Quebec and British Columbia provide further incentives of up to $7,000 and $4,000, respectively.

Ford lost about 2,000 US for every EV it sold in the first three months of the year.

Ford lost about $132,000 US for every E.V. it sold in the first three months of the year.

Ontario, which eliminated rebates in 2018, had the lowest market share for electric vehicles compared to Quebec and British Columbia, two regions that offered bigger incentives and thereby drove E.V. adoption in Canada.

Although this backing is dwindling, the province of Quebec has now declared that all subsidies will end in 2027. In June, the British Columbia government restricted incentives to a smaller subset of E.V. purchasers for “available funding” and higher-than-expected E.V. sales growth.

These reductions indicate a larger pattern: provincial governments reevaluate the sustainability of taxpayer-financed incentives for E.V.s as budget deficits widen.

With lofty goals to cut pollution from gas-powered cars and increase sales of electric vehicles, the Canadian government has reduced subsidies for these vehicles. Electric or plug-in hybrid vehicles will be mandatory for all new light-duty vehicle sales in Canada by 2035.

B.C. needs to step up with incentives for consumers to buy used EVs, some opposition critics say.

Some opposition critics say that B.C. needs to step up with incentives for consumers to buy used E.V.s.

To meet our intermediate goals, 20% of new sales must be electric vehicles (E.V.s) by 2026 and 60% by 2030. Car companies are already under a lot of pressure due to dwindling incentives and increasing demands, and the clock is ticking faster by the second.

In addition, these rules impose new forms of responsibility. Automakers that do not reach their provincial sales targets may be subject to financial fines imposed by provinces such as British Columbia.

Canadian manufacturers are already under financial pressure from federal compliance credit system standards, which they must meet or face deficits. This system gives them credit for electric vehicle sales and infrastructure improvements, but it’s not without its challenges.

“The timing is not necessarily lining up very well, in that the purchase incentive support comes off just as mandates and regulations start to bite,” GMC Canada President Kristian Aquilina told Bloomberg. “It must make a difference.

Therefore, we must consider that. Despite the cutbacks, Aquilina argued that the government’s investment in enhancing the charging infrastructure could benefit E.V. sales.

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Geoff Thomas
Geoffrey Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.
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Chewy Slides After Filing Shows 3rd-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake

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Washington — Chewy shares fell about 2% overnight Wednesday after a regulatory filing showed that Roaring Kitty, a meme stock trader, sold his interest in the online pet retailer.

According to a beneficial ownership document filed with the Securities and Exchange Commission on Tuesday, Roaring Kitty, whose legal name is Keith Gill, sold all his Chewy shares, totaling 6.6% of the company.

chewy

Chewy Slides After Filing Shows Third-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake

Plantation, Florida-based Chewy dropped 1.9% after hours to $26.19 per share.

Gill, an investor at the core of the meme stock craze, bought more than 9 million shares of Chewy in July, making him the company’s third-largest stakeholder.

Gill built a name for himself in 2021 by rallying ordinary investors around GameStop. At the time, the video game shop was fighting to stay in business, and major Wall Street hedge funds and investors were betting against it or shorting the stock. But Gill and those who agreed with him altered GameStop’s direction by purchasing thousands of shares despite practically all acknowledged criteria indicating that the firm was in deep peril.

chewyChewy Slides After Filing Shows Third-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake

That triggered what is known as a “short squeeze,” in which large investors who had bet on GameStop were obliged to buy its swiftly increasing stock to offset significant losses.

Gill has expressed confidence in GameStop Chairman and CEO Ryan Cohen’s ability to revamp the company following his success at Chewy. Cohen cofounded Chewy in 2011 and stepped down as CEO in 2018.

SOURCE | AP

author avatar
Kiara Grace
Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.
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