Former Saab Automobile chiefs arrested for accounts fraud
Three former top executives from carmaker Saab Automobile have been arrested in Sweden on suspicion of accounting fraud.
The three are "suspected of aggravated attempts to avoid tax controls", according to Swedish prosecutor Olof Sahlgren.
Mr Sahlgren alleged that the trio falsified parts of Saab Automobile's accounts between 2010 and 2011.
The crimes carry potential prison sentences of up to four years.
The prosecutor did not identify the three, who worked for Saab Automobile during the period it was owned by Dutch luxury car maker Spyker.
Spyker bought the Swedish firm from General Motors in 2010. However, Spyker failed to reinvigorate the loss-making brand, and Saab Automobile filed for bankruptcy in December 2011.
The carmaker was then sold to National Electric Vehicle Sweden, a Hong Kong based firm, which is planning to make electric cars that carry the Saab badge.
Saab Automobile is not part of Saab Group, which makes fighter jets and other defence and security equipment.
HK Mercantile Exchange in police and regulator probe
Hong Kong Mercantile Exchange, which trades commodities, is being probed by the police and market regulators over alleged financial irregularities.
The Securities and Futures Commission initiated an investigation of the two-year old market on 15 May, before referring the case to the police.
On Monday, the bourse shut down because it lacked sufficient trading revenues and returned its operating licence.
Revenues have fallen this year amid strong competition from rival markets.
''Trading revenues have not been sufficient to support operating expenses and, as a result, its inability to meet the required regulatory financial conditions,'' the Hong Kong Mercantile Exchange (HKMEx) said in a statement
''While trading on the Exchange will discontinue, HKMEx as an organisation will continue to operate with its existing staff, and will focus on developing new products including renminbi-denominated precious and base metals contracts that will better meet customer needs.''
The Securities and Futures Commission said in a statement that "the suspected irregularities are serious ones" which led it to withdraw permission for the HKMEx to use automated trading services.
HKMEx had traded gold and silver future contracts, but saw business tumble this year as demand for the precious metals fell in Asia.
The firm has also had to contend with stiff competition from rivals such as the Chicago Mercantile Exchange and the London Metals Exchange.
The chairman and majority shareholder of the HKMEx is Barry Cheung, who is also a prominent political adviser. He sits on Hong Kong's Executive Council, the territory's governing body.
Mr Cheung has taken a leave of absence from his public service commitments, and says he will co-operate fully with the police investigation.
Source-BBC
Iran's Ahmadinejad to contestbar on ally Mashaei
Iran's President Mahmoud Ahmadinejad says he will contest the disqualification of his ally Esfandiar Rahim Mashaei from next month's presidential poll.
Mr Mashaei and ex-president Akbar Hashemi Rafsanjani have been excluded by the Guardian Council, which vets election candidates.
The eight men cleared to stand are all considered conservatives.
The Guardian Council is loyal to Supreme Leader Ayatollah Ali Khamenei.
"In my opinion there will be no problem with the leader [Khamenei] and I will take up this issue until the last moment with him," Mr Ahmadinejad was quoted as saying on Wednesday.
"I am hopeful the problem will be solved," he added.
However, Mr Rafsanjani will not contest his disqualification, his campaign manager was quoted as saying.
Mr Rafsanjani, who was president between 1989 and 1997, had been seen as a candidate who could win the support of pro-reform and centrist politicians, whose two leaders from the last election are under house arrest.
Vodafone hit by turmoil in Europe as sales fall
Mobile giant Vodafone's full-year sales have slipped for the first time in eight years after tough economic conditions in Europe hit revenues.
Annual revenues fell 4.4% to £44.4bn, after the firm cut prices in Europe in an attempt to retain customers.
In Italy service revenue fell 12.8%, while in Spain it dropped 11.5%.
Vodafone said it had written down the value of its businesses in Italy and Spain by a further £1.8bn, taking the total writedown for the year to £7.7bn.
The writedowns meant that earnings after taxation plunged to £673m in the group's financial year to the end of March, compared with £7bn in 2011-2012.
"We have faced headwinds from a combination of continued tough economic conditions, particularly in Southern Europe, and an adverse European regulatory environment," chief executive Vittorio Colao said.
However, Mr Colao said he remained "very excited" about Vodafone's longer term prospects.
Verizon Wireless, the US mobile operator 45%-owned by Vodafone, was the one bright spot in the results. Vodafone received a 30.5% year-on-year rise in the profits from its stake to £6.4bn.
There has been speculation over whether Vodafone will sell off its stake in Verizon Wireless, worth an estimated £88bn, an amount almost equal to Vodafone's total market capitalisation.
However, on a conference call following the results Mr Colao said that he had "nothing new to announce" about its stake in Verizon Wireless, and added that it was a "fantastic asset".
Vodafone hit by turmoil in Europe as sales fall (2)
Mobile giant Vodafone's full-year sales have slipped for the first time in eight years after tough economic conditions in Europe hit revenues.
Annual revenues fell 4.4% to £44.4bn, after the firm cut prices in Europe in an attempt to retain customers.
In Italy service revenue fell 12.8%, while in Spain it dropped 11.5%.
Vodafone said it had written down the value of its businesses in Italy and Spain by a further £1.8bn, taking the total writedown for the year to £7.7bn.
The writedowns meant that earnings after taxation plunged to £673m in the group's financial year to the end of March, compared with £7bn in 2011-2012.
"We have faced headwinds from a combination of continued tough economic conditions, particularly in Southern Europe, and an adverse European regulatory environment," chief executive Vittorio Colao said.
However, Mr Colao said he remained "very excited" about Vodafone's longer term prospects.
Verizon Wireless, the US mobile operator 45%-owned by Vodafone, was the one bright spot in the results. Vodafone received a 30.5% year-on-year rise in the profits from its stake to £6.4bn.
There has been speculation over whether Vodafone will sell off its stake in Verizon Wireless, worth an estimated £88bn, an amount almost equal to Vodafone's total market capitalisation.
However, on a conference call following the results Mr Colao said that he had "nothing new to announce" about its stake in Verizon Wireless, and added that it was a "fantastic asset".
Butch' reversed funds credited to his pension account
APPLIANCE Traders Limited (ATL) Chairman Gordon 'Butch' Stewart had taken steps to reverse funds credited to his account from the alleged unauthorised surplus distribution, the court was told yesterday during the fraud trial of three former ATL executives.
The evidence was given by ATL Global Chief Financial Officer David Davies under cross-examination by Queen's Counsel Frank Phipps in the Corporate Area Resident Magistrate's Court, Half-Way-Tree.
Davies had told Phipps earlier that he felt a "moral obligation" to have the funds that was credited to his own account in 2008 reversed after he learnt two years later that the distribution from the ATL pension scheme was done without the consent of founder Gorstew Limited, the holding company for Stewart's companies.
He said he wrote to the general manager of the fund in July 2011 asking that steps be taken to have the process reversed.
Questioned further, Davies said he spoke with ATL corporate lawyer Dmitri Singh about the issue and that Singh too agreed to a reversal.
Asked if he had advised the other beneficiaries by circular or any other means that they were to return their portion of the distributed surplus, Davies said 'no' because it was made clear by himself and accused Patrick Lynch at a meeting of the Board of Trustees of the ATL pension fund that the $1.7 billion distribution was done without proper authorisation and should be reversed.
But Davies' response drew a suggestion from Phipps, who is representing Lynch, that his response wasn't true. "To the best of my knowledge," Davies said, "that is what was said."
Phipps was continuing his cross examination of Davies following a break in the trial early last week.
Lynch, former chairman of the ATL Pension Fund; Dr Jeffery Pyne, former managing director of Gorstew Limited; and Catherine Barber, former administrator of the fund, are accused of conspiring to have $1.73 billion distributed from the surplus in the pension fund to workers and, in so doing, they allegedly benefited from the distribution, using forged documents to commit the alleged fraud.
Davies had testified during his examination-in-chief that he was "shocked and surprised" that the Trustees didn't seek Gorstew's consent for the distribution of the surplus from the funds, as stated by the Trust Deed and Rules, and at the "significant jump" in the amount that was distributed.
Yesterday, Phipps asked him if his shock and surprise were over the fact that the amount in the pension fund had moved from $14.8 million in December 1990 to $6.2 billion in December 2009. In response, Davies reiterated the reason for being "shocked and surprised" after explaining that he knew of the $6.2 billion figure but not what the figure was in December of 1990.
On another note, Phipps tackled Davies over whether or not there was anything in the Trust Deed that specified how Gorstew's consent should be obtained in relation to surplus distribution. Davies said it was obvious to him that consent was to be given on writing, adding," "That's why the auditors were looking for consent on the files."
In subsequent follow-up questions on the issue, Davies agreed that the Financial Services Commission had said in a report that a decision must be taken on the procedure to be taken in obtaining consent from founder Gorstew Limited.
Phipps ended his examination of Davies following the luncheon adjournment, but he's to continue with him when the prosecution makes available undisclosed documents.
Phipps also made heavy weather of the Observer's use of "pay out" instead of "distribution" of the pension surplus in previous news reports, asking Davies to agree that the two terms were not the same.
This cleared the way for Davies to be questioned by Queen's Counsel KD Knight, who appears for Pyne.
Knight suggested that the case against the three was about "fear, power, greed and evil", and that it had nothing to do with criminal activities, to which Davies disagreed.
In relation to a PricewaterhouseCoopers review of the pension fund towards the ending of 2010, Davies testified that the audit firm didn't "ascribe fraud" to the fact that no written consent was found for the distribution.
Knight is to continue his examination of Davies when the trial resumes tomorrow.
Toilet paper shortage in Venezuela causing panic
Venezuelans scrambled to stock up on toilet paper Thursday as fears of a bathroom emergency spread despite the socialist government’s promise to import 50 million rolls.
After years of economic dysfunction, the country has gotten used to shortages of medicines and basic food items like milk and sugar but the scarcity of bathroom tissue has caused unusual alarm.
“Even at my age, I’ve never seen this,” said 70-year-old Maria Rojas. She said she had been looking for toilet paper for two weeks when she finally found it at a supermarket in downtown Caracas.
Thousands of rolls flew off the store’s shelves as consumers streamed in and loaded up shopping carts Thursday morning. “I bought it because it’s hard to find,” said Maria Perez, walking out with several rolls of paper.
Economists say the shortages stem from price controls intended to make basic goods available to the poorest citizens and the government's controls on foreign currency.
President Nicolas Maduro, who was selected by the dying Hugo Chavez to carry on his “Bolivarian revolution,” claims that anti-government forces, including the private sector, are causing the shortages in an effort to destabilize the country.
The government this week announced it would import 760,000 tons of food and 50 million rolls of toilet paper.
Commerce Minister Alejandro Fleming said “excessive demand” for tissue had built up due to a “media campaign that has been generated to disrupt the country.”
Caribbean Challenge Initiative to address environmental threats to the region
The Caribbean Summit of Political and Business Leaders, May 17-18, [brought] together heads of state and corporate executives to launch Phase II of the Caribbean Challenge Initiative (CCI) to address environmental threats to the Caribbean region. With the goal of protecting 20 percent of the Caribbean’s marine and coastal resources by 2020, the CCI is among the most ambitious conservation initiatives ever undertaken.
Hosted by Prime Minister Dr. the Right Honorable Keith C. Mitchell of Grenada, Premier Dr. the Honorable D. Orlando Smith, OBE of the British Virgin Islands and Sir Richard Branson, Founder of Virgin Group, the Summit will serve as a forum to announce new CCI partners and large-scale public and private funding commitments to advance the goals of safeguarding the Caribbean region’s tourism-based economy. It will be an opportunity to exchange ideas, share experiences and successful stories, and discuss collaboration mechanisms going forward. Government leaders are also negotiating a Leaders Declaration designed to accelerate Phase II of the CCI.
“Protecting our natural resources is one of the biggest opportunities of our lifetime, and nowhere is it more evident than in the Caribbean,” said Sir Richard Branson, founder of the Virgin Group. “This Summit is a milestone on the path to protecting the Caribbean’s environment and helping empower the region’s communities and economy.”
The Summit [took] place in the North Sound region of Virgin Gorda and a press conference [was] held Friday, May 17 on Necker Island with key stakeholders, and field visits can be arranged through The Nature Conservancy to see conservation projects including coral reef nurseries and marine protected areas.
“In the Caribbean, the economy and public health of coastal communities, as well as the region’s largest economic sector, tourism, is inextricably linked to a healthy marine and coastal environment. Coral loss and other threats to the coast could cost the local economy up to $420 million each year,” said Glenn Prickett, Chief External Affairs Officer from The Nature Conservancy. “Investing in the sustainable management of these coastal resources will help ensure livelihoods for fishers, a thriving coastal tourism sector, and greater shoreline protection from future storms.”
Source-eTurboNews
Man who attacked Jamaica's PM brother further remanded
The man accused of attacking the elder brother of Prime Minister, Portia Simpson Miller, has been further remanded.
Andre Foreman is charged with robbery with aggravation, wounding with intent and illegal possession of firearm.
He was ordered to return to the Corporate Area Resident Magistrate’s Court on June 26.
It’s reported that on May 3, 70-year-old Vincent Simpson, was at his business establishment in downtown Kingston, when two armed robbers entered and demanded money.
When he refused he was hit on the head with a blunt object.
The robbers left with his licensed firearm, a flat screen TV and $40,000 in cash.
A second suspect was released after he was not pointed out in an identification parade.
US tornado rescue effort nears end
Emergency crews' search in the ruins left by the gigantic tornado that killed two dozen people in Oklahoma on Monday is almost over, say officials.
Fire chief Gary Bird said he was "98% sure" there were no more survivors or bodies to recover from the rubble.
The storm, which also killed nine children, has meanwhile been upgraded to the most powerful level of twister.
Packing winds of at least 200mph (320km/h), the tornado razed a swathe of the Oklahoma City suburb of Moore.
Oklahoma Governor Mary Fallin said the death toll may rise above 24 as some bodies could have been taken directly to funeral homes.
The body count was revised down from 51 after the state medical examiner said some victims may have been counted twice in the confusion.