Lance Armstrong given $10m bill after losing lawsuit
Lance Armstrong must pay $10m (£6.51m) in damages after losing a lawsuit with insurance firm SCA Promotions Inc.
In 2006 Armstrong, 43, received $7.5m (£4.88m) in payments from SCA relating to his seven Tour de France victories.
Armstrong admitted to doping and was found to have lied in proceedings.
SCA said: "The award, which must be paid directly to SCA, is believed to be the largest award of sanctions assessed against an individual in American judicial history."
"According to the arbitrators' written ruling, the sanctions award punishes Armstrong for 'an unparalleled pageant of international perjury, fraud and conspiracy'," the company added.
Armstrong testified in the proceedings, which took place almost 10 years after an initial hearing which found in his favour after he gave evidence under oath.
"SCA's dispute with Armstrong is not over," said SCA.
"It has a currently pending lawsuit in Dallas state district court where it is pursuing additional claims against Lance Armstrong and Bill Stapleton (Armstrong's agent)."
Source-BBC
West beat East in highest-scoring NBA game
Russell Westbrook led Western Conference to a 163-158 victory over Eastern Conference in the highest scoring NBA All-Star Game in history.
Oklamhoma City point guard Westbrook, 26, hit 41 points to claim Most Valuable Player honours, with LeBron James top-scoring for East with 30 at Madison Square Garden in New York.
The mid-season exhibition showcases star players from both NBA conferences.
The line-ups for the match are voted for by the fans.
The 64th edition of the event saw a number of point-scoring records broken in an attacking game that had little emphasis on defence.
Westbrook's 27 first-half points were the most ever in an All-Star half and Western Conference's 25 three-pointers were the most for one team in an All-Star game, as was the combined total of 48 for both teams.
Cleveland Cavaliers' LeBron James, 30, surpassed Michael Jordan on the all-time All-Star scoring list and is now just two points away from equalling Kobe Bryant's record of 280 career All-Star Game points.
Source-
Cyber-security experts judge '$1bn bank hack' report
A leading security company says it has uncovered an "unprecedented" cyber-attack on up to 100 banks, which could result in $1bn (£648m) of losses.
But security experts are split over the severity of the alleged breaches, and on how much cash was stolen.
Russian company Kaspersky Lab said the hackers had accessed the banks' networks by sending spoof emails to staff.
It added that the criminals manipulated cash machines to dispense stolen money.
The majority of banks that allegedly fell victim to the scheme are based in Russia, with a handful of others spread across China, Ukraine, and Uzbekistan, and other countries.
One bank is said to be based in the UK, although it is not believed to be a well-known brand.
Kaspersky said it had worked with Interpol and Europol on the investigation.
Europol director Rob Wainwright told the BBC the agency had "issued warnings and intelligence to national law enforcement authorities and European banks through the European Banking Federation".
He added: "Reported infections in the EU are unconfirmed at this stage, although we are continuing to work actively on the matter."
Kaspersky said it believed that the group was still active.
"This is likely the most sophisticated attack the world has seen to date in terms of the tactics and methods that cybercriminals have used to remain covert," one of its directors told the New York Times.
Kaspersky's revelations build on a report released by another cyber-security company, Fox-IT, last year.
Commenting on the Kaspersky release, Fox-IT said that since it had published its findings in December, "the group has decreased their activities and might now have even stopped entirely".
Some security experts have also called into question the $1bn figure.
"A lot of the money will be got back," said Dr Steven Murdoch, from University College London's Information Security Research Group, adding that while there were undoubtedly "large numbers" involved, the amount had been overestimated.
But he added that the report's findings should be "useful for banks".
Cyber-security expert Prof Alan Woodward, of Surrey University, told the BBC that "nobody knows the real figure" but it was evident that the attackers had "a lot of patience and a lot of planning".
He said that the companies affected would now be working to "close the stable door, and then work out how many horses bolted".
Source-BBC
Global dividend income hits new record of $1.167 trillion
The total dividend income paid to shareholders around the world rose by 11% last year to $1.167 trillion, according to investment firm Henderson Global Investors.
The biggest increase in cash payouts came from US firms at $52bn.
Henderson said global dividends would rise by just 1% this year because of lower oil prices and slowing economies.
Another factor acting as a drag on dividends would be the recent rise in the value of the dollar, the firm said.
This will depress the value of dividend income from around the world once it has been translated into the US currency.
"2014 was a superb year for income investors, with developed markets leading the charge," said Alex Crooke at Henderson Global Investors.
"After such a strong performance in 2014, we now expect a pause for breath in 2015."
Compounding growth
About one-third of global dividend income came from firms on the US stock market.
In 2014, dividend changes varied considerably from region to region:
North America - up 15% to $392bn
Europe excluding UK - up 12% to $229bn
Emerging markets - down 12% to $114bn
UK - up 31% to $135bn
Asia Pacific - up 3% to $116bn
Japan - up 6% to $49bn
Companies outside the top 1,200 - up 11% to $132bn
Total - up 11% to $1.167tn.
Global dividend income has now risen by 60% in the five years since 2009, far outstripping inflation and savers' interest rates in the UK, and also the growth of economies around the world.
That underlines the vital importance to investors of dividend income, especially when share prices have stagnated, as reinvesting the dividends increases the value of a shareholding in a similar fashion to compound interest.
Changes ahead?
Dividend payments are not evenly spread among companies, nor are they necessarily predictable despite firms often saying they aim to offer their shareholders steadily rising payouts.
Just 10 firms accounted for 11% of all global payouts in 2014, and the top 20 accounted for 18% of all dividends.
They were led by Vodafone whose huge special dividend early last year meant it was responsible for 20% of all UK dividend payments.
Other giant payers in the past year have been oil firms such as Shell, banks such as China Construction Bank and HSBC, and technology companies such as Apple and Microsoft.
By contrast, mining firms cut their dividends for the the third year in a row.
"This was a result of commodity companies suffering from lower prices of their products in the face of slowing global demand," said the Henderson report.
With the recent big fall in the oil price, Mr Crooke added: "We don't expect developed market oil companies to reduce their dividends in 2015, but there is a strong likelihood that emerging market producers will pay out markedly less this year as their profitability comes under pressure."
The research was compiled by adding up the dividends paid by the 1,200 biggest firms whose shares are traded on stock exchanges around the world. The rest of the dividend income from smaller firms was estimated.
Source-BBC
Ziggy Marley on a Musical High
Reggae act Ziggy Marley has responded to criticism that his family automatically wins a Grammy Award once nominated.
The 46-year-old became the most Grammy-decorated reggae artiste winning for his album Fly Rasta, on Sunday. The win earned him a total of four as a solo artiste, and an additional three with his sibling group, The Melody Makers.
The Marley clan has gone home with the Golden Gramophone on 11 occasions since the reggae category was introduced in 1985.
For Marley, it is a good thing if people expect members of his family to win the award once nominated.
"I think we are known for putting out good music, so that may be the basis on which we are judged. If Usain [Bolt] is in a race we expect him to win. If Brazil is playing a football match, we expect them to win because they are Brazil... I guess it's the same with us. I really have nothing bad to say about this... I actually feel good that people expect us to win," he told the Sunday Observer from his base in California.
Marley said there is no formula to creating music that wins the award, but noted that the appeal of his family's music perhaps lies in its global reach.
"It does not mean that if you don't win the Grammy your music isn't good. Our music is wide; it's not one type, so we have a wide range of people who listen, understand and can relate to the message of the music."
In relation to Fly Rasta, Marley noted the album represented a move on his part to maintain growth in reggae music.
"A lot of people are talking about going back. I don't believe we should stifle the music. I think we need to expand reggae and have it reach further, and that was the plan with Fly Rasta. As it relates to the lyrics, it's all about a empowering, encouraging kind of energy. Two years ago, I had some personal health issues that I had to deal with, and so some of the songs are all about this. Songs such as Moving Forward and I Get Up are coming from that place. Musically, I just wanted to keep creative and not follow any trends, but set my out path in the same way some of the great artistes that I look up to did in the past," said Marley.
With all that, Marley confesses that he was not overly confident of winning the Grammy this year.
"I really had no big expectations. I went to the show kinda thinking maybe it's not my year and somebody else will win. I am encouraged by the win and see it as help in spreading the message of the music," he said.
This year sees Bob and Rita Marley's eldest son concentrating on the activities commemorating the 70th anniversary of his father's birth; writing songs for upcoming projects, as well as penning another children's book with the Jamaican 'John Crow' as the main character.
He also is giving serious thought to a project being suggested by his brother, Stephen, for a sons of Marley record featuring his brothers.
"We haven't thought about anything with The Melody Makers for a while, but Stephen has been mentioning something to do together with the brothers... Julian, Damian, Ky-Mani... I think it would be really nice, especially this year being our father's 70th birthday," he said.
Contributor: Richard Johnson
Source-Jamaica Observer
Bolt plans to quit after 2017
Jamaican sprint sensation Usain Bolt plans to bow out in glory after the 2017 World Championships in London, he said in a British newspaper interview published yesterday.
The 28-year-old six-time Olympic champion had previously suggested he would retire after the 2016 Olympic Games in Rio de Janeiro, but now says he will continue until 2017, albeit only in the 100 metres.
"That was the initial plan (to retire in 2016)," he told the Daily Mail. "But my sponsor has asked me to go on for another year, to 2017 and London.
"But I'll be doing one event, the 100. I've already discussed it with my coach. I can concentrate on that, and on retiring on a winning note."
Bolt's main focus for 2015 will be the World Championships in Beijing on August 22-30.
He hopes to add to his collection of eight world titles and also wants to break the 100m world record of 9.58 seconds that he set at the 2009 Worlds in Berlin.
"Well, it takes races," he said. "But if everything goes well this season... in my life anything is possible. If I can get myself in good shape, it should be wonderful this season.
"I live for competition. I thrive on competition. I live to compete against the best. It means a lot when you beat the best.
"I remember when I won in Beijing (at the 2008 Olympics), people were saying how Tyson (Gay) wasn't there. So, for me, the World Championships the following year, when everyone was there, that was good."
Source-AFP
CRICKET WORLD CUP: Ireland shock West Indies at World Cup
Ireland pulled off the biggest shock of the World Cup so far when they downed two-time champions West Indies by four wickets in Nelson on Monday.
The victory, the first by a team batting second in five games so far, followed on from Ireland's famous wins over England at the 2011 World Cup and Pakistan four years earlier.
Chasing 305 to win at Saxton Oval, they coasted home with Paul Stirling making 92, Ed Joyce 84 and Niall O'Brien not out on 79.
The West Indies made 304 for seven after being sent into bat in the Pool B fixture.
Lendl Simmons made 102 and Darren Sammy posted his highest ODI score of 89.
For Ireland, George Dockrell took three for 50.
Libyan, Egyptian Airstrikes Target IS in Libya
Egyptian and Libyan warplanes carried out airstrikes Monday against the Islamic State group in eastern Libya, the militaries said, in retaliation for militants beheading 21 Egyptian Coptic Christians who were kidnapped in Libya.
The bombings targeting militant camps and weapons storage sites in the town of Darna came hours after the Islamic State group released a video purporting to show the killings.
Egyptian President Abdel-Fattah el-Sissi had pledged in a televised speech to respond to the beheadings, calling them an "abhorrent act of terrorism."
"Egypt reserves the right of retaliation, and with the methods and timing it sees fit for retribution from those murderers and criminals who are without the slightest humanity," Sissi said.
Sissi also spoke by phone Monday with French President Francois Hollande, whose office said the men discussed the importance of the U.N. Security Council taking new actions to face the danger posed by the Islamic State group.
US Celebrates Presidents' Day Holiday
Today Monday is Presidents' Day in the U.S.
Millions of workers and school children are getting a day off for the annual holiday. Many patriotic and historical groups use the day for staging celebrations and reenactments of historical events.
It first became a federal holiday in 1879 to celebrate the February 22 birthday of George Washington, the first U.S. president.
Nearly a century later, in 1968, Congress passed a law shifting the celebration of several federal holidays from specific dates to predetermined Mondays in order to give workers three consecutive days off.
Initially, Presidents' Day only applied to the nation's capital, but in 1885 it was expanded to the rest of the country.
Retailers take advantage of the holiday - held on the third Monday in February - to have special sales.
By a quirk in the calendar, honoring George Washington on the third Monday of the month means the holiday can never fall on his actual birthday.
Although the day is still officially known as Washington's Birthday, it has evolved into Presidents' Day to celebrate both Washington's birthday and Abraham Lincoln's birthday, the 16th president whose birthday falls on February 12. Lincoln's birthday was never an official federal holiday, although many states celebrated the day.
Washington's birthday holiday originally joined only four other nationally recognized federal bank holidays - Christmas, New Year's Day, Independence Day and Thanksgiving. It was the first holiday to celebrate the life of an individual American. Martin Luther King, Jr. Day, signed into law in 1983, was the second.
Source-VOA
Turks and Caicos Islands Minister of Finance announces result of the Consultation Report on maintenance of Legal and Beneficial Ownership Information.
The Turks and Caicos Islands Government Ministry of Finance, Trade and Investment sought public feedback on the Turks and Caicos Islands’ Action Plan to Prevent the Misuse of Companies and Legal Arrangements with respect to the maintenance of Legal and Beneficial ownership information.
In recognition of the Turks and Caicos Islands’ contribution to the global economy, the consultation was open to the public, both locally and internationally, in order to provide an opportunity for broad representation. This release summarises the consultation responses; and outlines the Government’s current position, and proposed action points, on the following matters:
- Legal and beneficial ownership; and
- A central register of beneficial ownership information.
Legal and beneficial ownership
Of the 6 respondents, (three of whom were international NGOs, two local financial service providers and one local representative body for a set of financial service providers), the 3 international NGO respondents indicated that the legal and beneficial ownership arrangements were not sufficiently transparent, the 3 local respondents, including the representative body indicated that the Turks and Caicos Islands’ collection and maintenance of beneficial owner information was effective and satisfied international standards at the time of the Turks and Caicos Island’s most recent AML assessment and in accordance with existing international standards. The Government notes that, although the Turks and Caicos Islands has not experienced disproportionate occurrences of financial crime, we will continue to evaluate our legal and beneficial ownership regime and implement improvements in order to mitigate and, if it were possible given the inventiveness of criminals, to eliminate abuses of our system. Continuing to improve our system, in ways that support sound business growth locally and globally, therefore remains our position as the correct course of action at this time.
Central register of beneficial ownership information
Of the 6 respondents, the 3 international NGOs said they were in favour of a central public registry and the 3 local respondents, including the representative body, said they were not in favour of a central registry of beneficial ownership information, or of access to such a registry by the public. If the implementation of a central registry system becomes the required method of meeting the global standard, the local respondents also indicated that such a register, although central, should not be accessible to the public; rather, it should only be accessible by law enforcement, regulatory, and tax authorities. The 3 local respondents to this question pointed out that beneficial ownership information is adequately available through existing appropriate mechanisms. To determine if a central register is the most appropriate and effective way to improve transparency in the Turks and Caicos Islands, it is first necessary to test our current regime against the Financial Action Task Force (FATF) standards for availability and accessibility. Here it is worth underscoring that, although they are global in nature, the FATF Recommendations do allow jurisdictional flexibility – not in the intended outcome of the recommendations, but in how that outcome is achieved. In particular, FATF Recommendation 24 on legal and beneficial ownership outlines three avenues by which a country can comply with the availability of information standard. Of these avenues, a central register is one path; using data collected from licensed and regulated service providers is another. In accordance with the latter method, for many years, the Turks and Caicos Islands has a required licensed and regulated person within the financial services sector to collect, maintain and update beneficial ownership information. Principle No. 4 of the G20 Communiqué titled High-Level Principles on Beneficial Ownership Transparency, issued on 16 November 2014, reinforces FATF Recommendation 24 by stating, with respect to access to adequate, accurate and current information regarding the beneficial ownership of legal persons, that: “Countries could implement this, for example, through central registries of beneficial ownership of legal persons or other appropriate mechanisms.” There are valid reasons for asserting, in the case of jurisdictions that choose to comply with FATF standards via the central registry option, that the central registry should be available to law enforcement, regulatory and tax authorities. However, to allow public access to a central register raises real and genuine concerns for law-abiding individuals that may infringe upon the right to privacy, which is a fundamental principle at common law and is enshrined in the Turks and Caicos Islands’ Constitution. Considerable doubts have been expressed as to how accurate information collected via a central public register will be, given that those who engage in illicit activities are not likely to self-report true and correct information. By contrast, law-abiding individuals who do self-report true and correct information may fall victim to any number of cybercrimes, including identify theft. This could erode confidence in the Turks and Caicos Islands’ services and systems. Until such time as there is global agreement on appropriate exemptions and safeguards, and this becomes the internationally practiced standard, the Turks and Caicos Islands will continue to follow its current regime.
Conclusions
The Government acknowledges the usefulness of this consultation, as part of the Turks and Caicos Islands Action Plan to Prevent the Misuse of Companies and Legal Arrangements, in informing our continuing programme of enhancements that ensure our regime meets local needs, and also fully complies with practiced global standards.
Our broad approach to the consultation was in line with our firm belief that solutions to illicit activity, including corruption and exploitation of the natural resources of developing countries, will be found only through constructive engagement. We recognise and, more importantly, understand the rationale behind the increasingly convergent nature of global regulatory initiatives.
The long standing commitment of the Turks and Caicos Islands to the value of these initiatives is evident through our engagement and responsiveness to the following tax initiatives:
- US FATCA and UK FATCA;
- being an early adopter to the Common Reporting Standard (including the Turks and Caicos Islands signing of the multilateral agreement on automatic exchange of information in Berlin on 29 October 2014);
- our high-level participation in the Global Forum for Transparency and Exchange of
Information for Tax Purposes;
- the extension to the Turks and Caicos Islands of the Convention on Mutual Administrative Assistance in Tax Matters;
- the abolition of bearer shares and the requirement to convert all bearer shares to registered shares;
- the establishment of Prevention of Terrorism legislation;
- the creation of the Financial Intelligence Agency to analyze trends and typologies to prevent financial crimes; and
- launched a National Risk Assessment of the financial services sector.
As indicated above, recent international initiatives and our public consultation process have given Government an opportunity to evaluate the current Anti-Money Laundering (AML) and Customer Due Diligence regime, as it relates to the issue of transparency of beneficial ownership of the Turks and Caicos Islands companies and arrangements. Upon such evaluation, Government acknowledges that, like any sound system or model in operation for many years, there are aspects that can be strengthened in order to tackle the misuse of legal persons and arrangements for illicit purposes such as corruption, tax evasion and money laundering. In this regard, changes are being made to reform the Gaming Industry.
In addition, Government is committed to adhering to the core set of principles as set forth in the G20’s High-Level Principles on Beneficial Ownership Transparency, and we will continue to monitor other international developments, including the European Union Fourth AML Directive.
Accordingly, in 2015, Government proposes to enhance the current framework to uphold such principles, and to take actions that will assist with the elimination of wrongful uses of legal persons and arrangements, while enhancing accuracy, access, availability and monitoring/enforcement of ownership information.
By mid-2015, Government also proposes to complete its National Risk Assessment, which should identify any further areas for improvement that can be addressed. Government’s proposed initial actions are as follows.
Government stands committed to vigilance in this area and to the continuation of its programme of active engagement with local and international stakeholders; develop subsequent improvements to our business model; and ensure that our authorities effectively cooperate, both domestically and internationally, so that our jurisdiction continues to provide an efficient platform for legitimate business in the Turks and Caicos Islands.