Russia hacking claims pose challenge for President Biden
In Geneva last month, US President Joe Biden tried set some ground rules for his Russian counterpart, Vladimir Putin.
He said cyber attacks on critical infrastructure were "off limits".
"I looked at him and said how would you feel if ransomware took on the pipelines from your oil fields? He said it would matter," Mr Biden said,
He went on to say that if Russia violated these "basic norms" the US would retaliate.
The events of the last few days will test that claim.
On Monday, Bloomberg reported that Synnex, a third-party provider used by the Republican National Committee (RNC), had been breached last week.
In a statement, the RNC Chief of Staff Richard Walters said he did not believe the hackers had infiltrated its systems.
The "supply chain" hack (where a company that provides IT functions to many other companies is hacked) followed another large-scale attack that was revealed on Friday.
In a statement, the RNC Chief of Staff Richard Walters said he did not believe the hackers had infiltrated its systems.
The "supply chain" hack (where a company that provides IT functions to many other companies is hacked) followed another large-scale attack that was revealed on Friday.
This time ransomware was used to infiltrate IT company Kaseya and its clients. Early estimates suggests that hundreds of businesses had their data scrambled in the hack.
The attacks were different in style, but shared one crucial similarity. They were both linked to Russia.
REvil, a prolific, Russia-linked cybercrime syndicate, took credit for the attack revealed on Friday.
The hackers demanded $70 million to restore the affected businesses' data.
The attempted hack on the RNC was reportedly undertaken by a group known as Cozy Bear. If that name sounds familiar, it's because they were accused of breaching the Democratic National Committee in 2016.
They've also been linked to the huge SolarWinds hack that infiltrated a slew of government agencies - revealed in December.
On Tuesday Joe Biden told reporters that the Kaseya attack "appears to have caused minimal damage to US businesses, but we're still gathering information".
Source-BBC
PREMIER MISICK APPOINTED CHAIR OF CDB BOARD
The Premier and Minister for Finance, Investment and Trade Honourable Charles Washington Misick was appointed as Chairman of the Caribbean Development Bank’s (CDB) Board of Governors for the year 2021 – 2022 at the Bank’s 51st Annual Meeting of the Board of Governors held virtually on June 15 - July 1 2021.
The Premier commenting on the appointment stated, “I am honoured to accept the Chairmanship of the CDB Board of Governors for the year 2021/2022. I note with pride the strategic objectives of CDB’s 2020-2024 Strategic Plan to build triple bottom line sustainability and resilience – social, economic and environmental and will work with Bank to this end.
COVID-19 has reminded us that we are our brothers’ keeper in that spirit. I look forward to regular engagement with the bank on the various initiatives to achieve broad-base sustainability, consistent with the carrying capacities of the various jurisdictions.
I would like to record thanks to our outgoing chair for her tenacious leadership, spirit of solidarity, and deep appreciation for our common vulnerabilities and the need to collaborate to find uniquely Caribbean solutions.”
The Turks and Caicos Islands held the post of Chairman of the CBD Board of Governors in 2016-2017 and hosted the 47th Annual Meeting of the Board of Governors in May 2017.
US sprinter Sha'Carri Richardson left out of relay team for Tokyo 2020
Sprinter Sha'Carri Richardson will not run in the US Olympic 4x100-metre relay team after she accepted a one-month ban for testing positive for cannabis.
The 21-year-old won the 100m at the US Olympic trials in Oregon in June and earlier this year ran the sixth-fastest time in history.
Supporters of the Texan had hoped she could take part in the relay in Tokyo as the ban expires on 28 June.
But US Athletics announced the full squad on Tuesday, without Richardson.
She said she had used cannabis as a way of coping after the death of her biological mother.
"I apologise for the fact that I didn't even know how to control my emotions or deal with that during that time," she told a US broadcaster on Friday.
Richardson had already suggested she would not be competing in Tokyo.
"I greatly apologise if I let you guys down - and I did. This will be the last time the US comes home without a gold in the 100m," she added.
"I'm 21, I'm very young, I have plenty of Games left in me to compete in and plenty of talent that backs me up because everything I do comes naturally to me, no steroids or anything."
In a statement, USA Track and Field said: "We are incredibly sympathetic toward Sha'Carri Richardson's extenuating circumstances and strongly applaud her accountability.
"All USATF athletes are equally aware of and must adhere to the current anti-doping code, and our credibility as the National Governing Body would be lost if rules were only enforced under certain circumstances.
"So while our heartfelt understanding lies with Sha'Carri, we must also maintain fairness for all of the athletes who attempted to realize their dreams by securing a place on the US Olympic Track & Field team."
The Tokyo Olympics begin on Friday 23 July.
Source-BBC
130 countries back deal on global minimum tax for companies
130 countries have agreed on a global minimum tax backed by President Joe Biden as part of a worldwide effort to keep multinational firms from dodging taxes by shifting their profits to countries with low rates.
The agreement announced on Thursday last is an attempt to address challenges presented by a globalised and increasingly digital world economy in which profits can be relocated across borders and companies can earn online profits in places where they have no taxable headquarters.
The deal calls for a global minimum tax of at least 15 per cent, a key element pushed by Biden as he seeks to raise more revenue for his infrastructure and clean energy plans. Technical details still need to be worked out and it would be at least 2023 before the agreement takes effect.
The agreement, announced by the Paris-based Organisation for Economic Cooperation and Development (OECD), also provides for taxing part of the profits of the largest global companies in countries where they do business online but may have no physical presence.
French Finance Minister Bruno Le Maire called it “the most important international tax agreement in a century.”
Countries led by France have already started imposing unilateral digital taxes aimed at US tech giants such as Amazon, Google and Facebook; under the deal, they would agree to withdraw those taxes, regarded as unfair trade practices by the US, in favour of the global approach.
The French tax on tech giants prompted retaliatory tariffs under former US President Donald Trump, and France has welcomed the Biden Administration's push to reach a global deal.
“Online giants must pay their faire share of taxes where they have activities,” he said. “There is no reason a small or medium business should pay more taxes than an online giant simply because it's physically present in the country where it carries out its activities.”
US Treasury Secretary Janet Yellen called it a “historic day.”
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response,” she said in a statement. “The result was a global race to the bottom: Who could lower their corporate rate further and faster?”
Yellen said lower rates deprived countries of money for infrastructure, education and efforts to fight the pandemic.
Manal Corwin, a tax principal at professional services firm KPMG and a former Treasury Department official, said the deal put together “the big pieces” of an overall agreement, although technical complexities remain to be worked out. She said what was approved was “pretty much the US proposal,” noting that it was “hugely important” for the US to obtain a commitment from other countries to withdraw their unilateral digital taxes.
Under the deal, countries could tax their companies' foreign earnings up to 15 per cent if they go untaxed through subsidiaries in other countries. That would remove the incentive to use accounting and legal schemes to shift profits to low rate countries where they do little or no business, since the profits would be taxed at home anyway. Such tax avoidance practices cost countries between $100 billion and $240 billion in lost revenue annually, according to the OECD.
Not all of the 139 countries that joined the talks signed on to the deal. Ireland's finance ministry said it had “broad support” for the approach used in the agreement but could not agree to the 15 per cent minimum. Finance Minister Paschal Donohoe has said the country's 12.5 per cent rate is a “fair rate.” Ireland said it would “constructively engage” in discussions going forward.
Signers included Bermuda and the Cayman Islands, regarded by economists as tax havens, and major economic powers China and India.
More discussion is expected at the meeting of the G-20 finance ministers in Venice next week, ahead of a final endorsement by the full G-20 summit of country leaders in October. The proposal to tax companies where they have revenue but no physical presence would require countries to sign up for a multilateral convention, while the minimum corporate tax could be adopted by each country through national legislation on a voluntary basis.
Tax experts say that voluntary approach could work if adopted by countries where many multinationals have their headquarters, such as the US and in Europe, by making clear to companies that even if they avoid tax by moving profits to overseas subsidiaries, those profits will be taxed at home up to the minimum.
In the US, Biden has proposed a 21 per cent minimum rate on overseas earnings of big American companies to deter them from shifting profits to tax havens. Biden's US tax must first pass Congress, where the Democratic president has only a narrow majority.
Source-AP
Regional leaders end two days of 'intense discussions'
Caribbean Community (Caricom) leaders Tuesday night ended two days of “intense discussions” that they said they hope will benefit the people of the 15-member grouping as they seek to build a better Caribbean Community.
“As you would appreciate, the impact of the coronavirus (COVID-19) pandemic and how the region is responding to it, occupied our attention,” host Prime Minister Gaston Browne and the new Caricom chairman, told reporters at the end of the summit news conference.
He said the regional leaders, who met virtually, received a report from the Trinidad-based Caribbean Public Health Agency (CARPHA) which guided the discussion.
“Our priorities are equitable access to vaccines and how we treat with the emerging COVID variants. We are determined to achieve 80 per cent herd immunity in the region by year end and, in this regard, we've agreed to redouble our efforts to acquire adequate supplies of vaccines.”
Browne said that vaccine hesitancy was another cause of concern for the leaders who have mandated the Guyana-based Caricom Secretariat to continue to collaborate with CARPHA, the Pan American Health Organization (PAHO), regional nursing, medical and allied health professional bodies and institutions, to identify strategies and policy guidelines to address this matter.
“No one is safe until everyone is safe, and we are urging everyone to get vaccinated and for employees to co-operate with their employers to ensure a safe working environment either through vaccination or regular testing.”
Browne said that the regional leaders had also discussed the climate change and the natural disasters affecting the region and received an update on the situation in St Vincent and the Grenadines in the aftermath of the eruption of La Soufrière volcano and the recent flooding in Guyana and Suriname.
“We also received a report from the countries that were affected by the recent passage of Hurricane Elsa, in particular Barbados, Jamaica, St Lucia and St Vincent and the Grenadines. We expressed our solidarity with them and underscored the necessity for strengthening our resilience to confront the region's complex, multi-hazard environment.”
He said that the summit had also recognised the critical role that regional institutions have played and continue to play in the response to regional emergency events and in that regard commended the “sterling work” of the Seismic Research Centre of The University of the West Indies.
He said the meeting also expressed appreciation to the development partners for the financial and technical support to the Regional Response Mechanism led by the Barbados-based Caribbean Disaster Emergency Management Agency (CDEMA) in support of member states.
Browne told reporters that the Caricom Single Market and Economy (CSME), which allows for the free movement of goods, skills and labour across the region, has been identified as “the platform that we consider to be critical to rebuild and transform our member states post-COVID-19.
“We agreed also that work to achieve full implementation of the CSME requires urgent action by Community Organs, cabinets of member states, the Caricom Secretariat, the private sector and other stakeholders,” he said, adding that a special meeting of the Council for Trade and Economic Development (COTED) will be held urgently to consider proposals for immediate action on CSME implementation.
He said that the leaders also held a meeting with the private sector and civil society “as we continue our practice of including all stakeholders in the work of the Community”.
He said that the leaders have also recognised the need to re-open economies while balancing the health and economic livelihood of nationals and agreed that new protocols for health, safety, visitor management and sanitization measures were of utmost importance in encouraging the resuscitation of the tourism sector.
“We agreed to consider proposals to reduce taxes on intra-regional travel for a pilot period of six months. We also agreed to consider proposals to create a regional travel bubble for a pilot period of six months taking account of previous lessons learnt,” Browne said, adding that “we endorsed the recommendation for a harmonised policy for cruise ships for both vaccinated and unvaccinated persons.
“In this regard, heads of government mandated the Caricom Secretariat, in collaboration with CARPHA and other relevant regional security agencies to convene a high-level meeting with cruise lines to agree on the minimum health and safety requirement for the resumption of cruise sailing in the Caribbean.”
On the issue of food security, the regional leaders received a report on the work of the Special Ministerial Task Force on Food Production and Food Security and endorsed an implementation plan which focuses on transforming our agri-food systems.
“We welcomed the actions that have been taken so far to advance the Caricom agri-food systems agenda, including, an implementation plan, and priority commodities for heightened investment by the regional private sector.”
Browne said that the meeting also welcomed the Task Force's engagement with the Caricom Private Sector Organisation and agreed that priority attention must be given to proposals to incentivise private sector partnerships to address reliable transport and logistics requirements to implement the Agri-Food Systems Agenda.
The Caricom leaders during their two-day meeting stressed that the blacklisting and de-risking phenomena remain as serious threats to the economic security of Caricom member states and Browne said that the regional leaders “condemned the continued economic assault on Caricom States by the European Union through the relentless inclusion of several member states on blacklists with respect to non-cooperative tax jurisdictions and High Risk Third Countries with Strategic Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) Deficiencies.
“We considered issues concerning the recently announced minimum global corporate tax rate and agreed to issue a statement,” he said.
The leaders have also agreed to issue a statement on the ongoing political and economic crisis in Haiti after receiving a report on the situation in that French-speaking Caricom member country from the Expert Group which had been established by Caricom leaders in February 2021.
The meeting also expressed gratitude to outgoing Caricom Secretary General, Irwin LaRocque, “for steering the Community at an especially difficult period, and we wish him well as he begins another chapter of his life.
“We also welcomed the incoming Secretary-General, Dr Carla Barnett, who assumes office on August 15, 2021, and look forward to working with her in continuing the quest for the sustainable development of the Community,” Browne added.
Source-CMC
U.S. releases confidential Trump report on foreign auto threat
The U.S. Commerce Department on Tuesday released a confidential Trump administration report that was the basis for the former president's threats in 2019 to impose tariffs on imported automobiles on grounds of national security.
Then-U.S. President Donald Trump in May 2019 declared that some unidentified imported autos posed national security risks. He refused to release the report to Congress or the public, which prompted a lawsuit seeking its disclosure.
Republican Senator Pat Toomey, who drafted legislation to require the report's release, said in a statement that "a quick glance confirms what we expected: The justification for these tariffs was so entirely unfounded that even the authors were too embarrassed to let it see the light of day."
Trump threatened but never imposed tariffs of up to 25% on imported cars or auto parts. Automakers said tariffs would result in the loss of hundreds of thousands of auto jobs, raise vehicle prices and threaten industry spending on self-driving cars.
The redacted 116-page report said research and spending by the largest foreign-owned automobile producers reflected de facto subsidies in their home markets, citing Volkswagen AG (VOWG_p.DE) and Toyota Motor Corp (7203.T).
"Significant import penetration over the course of the past three decades has severely weakened the U.S. automotive industry," the report said.
This "jeopardizes U.S. military leadership and its ability to fulfill America’s defense requirements," it said.
American-owned producers are General Motors (GM.N), Ford Motor Co (F.N), and Tesla Inc (TSLA.O), the report said. It did not include Chrysler which is part of Stellantis NV (STLA.MI).
The release is the latest reversal by the Biden administration of a Trump-era decision. President Joe Biden has taken a more conciliatory approach with some U.S trading partners.
Source-Reuters
Jeff Bezos steps down as Amazon boss
In 2004, Jeff Bezos and his technical adviser Colin Bryar drove together to the city of Tacoma, an hour south of Seattle in Washington State.
At that time Amazon was a multi-billion dollar company. However they were headed to Amazon's customer services centre - where they were to spend two days as customer service agents.
"Jeff was actually taking the calls himself", Bryar says. He recalls that a complaint on one product in particular kept coming in. "Jeff's eyes went wide," he says.
Bezos was frustrated. There was clearly something wrong with the product, but it hadn't been escalated. Later that day he sent out an email asking for more efficient ways of flagging faulty products.
For Bezos, profit was a long-term aspiration. For a company to be successful it had to have happy customers - at almost any cost.
Nadia Shouraboura started working for Amazon in 2004. She went on to be invited into the elite "S-team" of Amazon managers - the senior managerial board. But when she first started, she thought she was going to be immediately fired.
"I made the biggest mistake of my life during our Christmas peak," she says.
Shouraboura had ordered key products onto warehouse shelves that were too high. It would take time and money to get the right products off the shelves.
"I came up with a clever way for us to lose as little money as possible, and sort of fix the problem. But when I talked to Jeff about it he looked at me and said, 'you're thinking about this all wrong'.
"You're thinking how to optimise money here. Fix the problem for customers, and then come back to me in a few weeks and tell me the cost."
Bezos has many critics. Last month, a bombshell article from ProPublica claimed to have seen Bezos' tax returns - and alleged Mr Bezos paid no tax in 2007 and 2011. It was a stunning claim about the world's richest man.
Other negative stories about Amazon, its ruthlessness, its claims of monopolistic behaviour, haven't helped Bezos' reputation.
However, many people who work closely with him don't recognise the characterisation that he is uncaring or selfish.
For them he is a business visionary - a man with singular focus who has created a legendary work philosophy and a company worth almost $1.8trn (£1.3tn).
Bezos steps down from Amazon on Monday - exactly 27 years after he founded it.
Source-BBC
Tamar Braxton talks life after her suicide attempt: "I chose to change my life"
In a cover story for People, Tamar Braxton opens up about her suicide attempt last year when her then-boyfriend David Adefeso found her unresponsive on the night of July 16.
"That time of my life was so dark and so heavy," Braxton says. "I didn't see how I was going to come out on the other side. I didn't even know that there was another side. But I chose to change my life."
Despite previous reports, the singer and TV personality says she was home with Adefeso and her now-eight-year-old son, Logan, when the incident occurred.
"Most people think, 'Oh, she went to a hotel, probably took a bunch of drugs, was on a binge.' It didn't happen like that," Braxton explains. "It was just everyday life, trying to figure out how to get through the day, and then..."
Braxton spent days in the hospital before checking in to a mental health facility to receive treatment for depression and anxiety stemming from past life experiences. In doing so, the 44-year-old says she realized she hadn't dealt with the trauma of being molested as a young girl, which she admitted on an episode of The Wendy Williams Show in 2018.
"I'm not where I was, but there's still work to be done," she shares. "Monday, Wednesday and Friday, I am with my life coach, and Tuesdays and Thursdays and Saturdays, I'm with my psychiatrist. I chose to live my life out loud; I have to do the work because people are watching me."
If you are struggling with thoughts of suicide, or worried about a friend or loved one, help is available. Call the National Suicide Prevention Lifeline at 1-800-273-8255 [TALK] for free confidential emotional support 24 hours a day, 7 days a week. Even if it feels like it, you are not alone.
Source-ABC
Manhattan DA charges Trump's company, CFO with tax fraud
Manhattan District Attorney Cyrus Vance has charged former President Donald Trump's company, the Trump Organization, and his longtime CFO Allen Weisselberg with tax fraud, according to an indictment unsealed Thursday in New York.
The charges are the first brought by New York prosecutors in the case since they launched their investigation nearly two years ago into the financial dealings of Trump, his company, his family, and associates.
Weisselberg and the company pleaded not guilty to criminal charges including grand larceny in the second degree as outlined in a lengthy indictment unsealed in Manhattan State Supreme Court. Weisselberg was released on his own recognizance but was required to surrender his passport.
The indictment said that, beginning in 2005, Weisselberg used the Trump corporation's bank account to pay the rent for his apartment, and he and others paid his utility bills using the Trump corporation's account. The indictment also accuses Weisselberg of concealing "indirect compensation" by using payments from the Trump Organization to cover nearly $360,000 in upscale private school payments for his family, and nearly $200,000 in luxury car leases.
"This was a 15-year-long tax fraud scheme," said Carey Dunn, general counsel for the Manhattan DA's office. "It was orchestrated by the most senior executives."
The charges are a "disgrace" and "shameful," former President Donald Trump told ABC News after the indictment was unsealed, calling Weisselberg "a tremendous person."
Source-ABC
Jamaica misses Elsa as she dumps rain on that island
Jamaica was yesterday spared the worst effects of Tropical Storm Elsa with only a few parishes experiencing hours of heavy rains, something of a disappointment for some Jamaicans, and a relief for others, who had braced for severe weather conditions based on the forecast for Sunday.
Motorists experinced stalled cars and some amount of flooding in the corridors often affected constituted the extent of the impact in the Corporate Area, with some residents venturing out on foot in-between intermittent showers, which by late afternoon had subsided, notwithstanding ominously overcast conditions.
Jamaicans are being warned that, with the island having had a close call so early in the 2021 Atlantic hurricane season, this is a warning sign climate change.
Acting director general of the ODPEM Richard Thompson said the Elsa threat should be used as an impetus to bolster preparation for the rest of the season.
“You do have persons that still say Jamaica is 'God-blessed', so this and that won't happen — but it is getting way better. This is early in the hurricane season, an unusual situation where you have a system forming in the Caribbean at such an early point in the hurricane season.
“We normally have this kind of formation August to September. It's a bit out of character, showing that climate change is real. It gives us an area of concern that it's so early and a system would have tracked so close to us. The season is shaping up to be a very active one, [and] hopefully, we will not see something similar to last year where we had close to 30 systems,” Thompson told the Observer.
He underscored that Jamaicans should remain alert, despite the impact of Elsa being less than initially anticipated, bearing in mind that forecasts are made with the best information available at the time of tracking a storm.
Source-Jamaica Observer