ECHOPLEX

๐Ÿ”’
โŒ About FreshRSS
There are new articles available, click to refresh the page.
Today โ€” 21 September 2021Main stream

โ€˜On a planeโ€™: Theory over missing fiance

21 September 2021 at 01:17
Itโ€™s been a week since Florida man Brian Laundrie was last seen by his parents at their home in North Port, Florida.

โ€˜Farcicalโ€™ to suggest PM should have informed French of axed submarine deal

21 September 2021 at 01:17
Suggestions Prime Minister Scott Morrison should have informed French defence officials about the cancellation of the submarine deal prior to the AUKUS announcement are โ€œfarcical and absurdโ€, says The Australianโ€™s Editor at Large Paul Kelly. Speaking to Sky News Australia, Mr Kelly said the prime minister was left with no option but to continue with the French contract until it was time to โ€œlock them outโ€. โ€œThe claim made by the Labor Party and commentators that Scott Morrison shouldโ€™ve breached the French beforehand is a farcical and absurd claim,โ€ he said. โ€œThe fact of the matter is, if we were going to do this deal, we had to break the contract with the French; that is a very tough thing to do, there was no way around it. โ€œTo actually suggest that Morrison, before this deal was wrapped up, before it was announced, shouldโ€™ve briefed the French is absurd. โ€œThe risk for Morrison, if he had done that, is he may have put the deal in danger with the Americans. โ€œThe truth is, Morrison had no option but to keep the French locked in until it was time to lock them out.โ€

Reinforcing AUKUS alliance is Morrisonโ€™s โ€˜number one priorityโ€™

21 September 2021 at 01:17
Prime Minister Scott Morrisonโ€™s priority during his US visit will be to reinforce the AUKUS alliance in the wake of a French campaign to undermine the nuclear submarine deal, says the Australianโ€™s Editor-at-Large Paul Kelly. Mr Morrison, who touched down in New York on Tuesday morning, will meet US President Joe Biden on Wednesday before engaging in talks with the leaders of Japan and India later this week. โ€œThe number one priority is having an effective bilateral face-to-face with President Biden, ensuring that that goes well, creating a sense of one-on-one understanding with the president and above all, getting direct assurances from President Biden about the new defence technology agreement and the nuclear-powered submarine agreement,โ€ he told Sky News Australia. โ€œThat is the number one objective, particularly in the teeth of the French campaign and the pressure the French are putting on President Biden. โ€œThere is a grey area here in terms of how far the Americans might go in terms of providing nuclear-powered technology to the Australian government, and in that sense, Morrison needs to nail this down as much as he can.โ€

Awkward photo emerges at the worst time

21 September 2021 at 01:17
As Canadians packed into long queues to cast their ballots in the federal election, an extremely awkward new picture of their leaderโ€™s worst lapse in judgment emerged.

"It Drives Me Nuts" - Credit Suisse Infuriates Clients By Charging $145MM Fee In Greensill Bankruptcy

21 September 2021 at 01:15
"It Drives Me Nuts" - Credit Suisse Infuriates Clients By Charging $145MM Fee In Greensill Bankruptcy

After suffering one of the worst quarters in the Swiss bank's 165-year history. Credit Suisse was forced to suspend its dividend amid the fallout (while also being forced to raise $2 billion in convertible notes) from the the bankruptcies of Greensill Capital - the troubled Australian trade finance firm - and Archegos Capital Management - the family office of former Tiger Global trader Bill Hwang that was a client of Credit Suisse's prime brokerage. The two blowups, which occurred within weeks of each other, just happened to fall most heavily on Credit Suisse, which had the largest exposure to Archegos of the half dozen or so bulge bracket prime brokerages that were caught up in the blowup, when Archegos's positions turned sour, eliciting a $20 billion margin call that drained the firm of practically all of its assets (and left Hwang, formerly a billionaire, nearly penniless relative to his former wealth).

Clients and shareholders both were understandably furious about the losses associated with Greensill, which had stocked a Credit Suisse fund with $10 billion in 'trade finance' assets that, in some cases, were part of a 'circular financing scheme' whereby SoftBank funneled financial support to certain Vision Fund companies' whose 'trade' paper was owned by the CS fund. Credit Suisse has since cut its ties with SoftBank.

In the months since Greensill's collapse, Credit Suisse has been surprisingly successful at recovering money from the defunct supply chain finance funds. Per the FT, $7 billion has been recovered from the funds, which filed for administration in March after allegations of fraud. But unfortunately for both CS and its clients, roughly $2.3 billion will be "difficult to recoup", leaving the fund's investors saddled with pretty serious losses on an asset that was rating investment grade.

At one point, there were whispers that Credit Suisse would step in and absorb some or all of the losses clients' sustained due to the Greensill collapse, since Credit Suisse's own lax risk-management strategies were blamed for making the firm vulnerable to Greensill.

Not to mention that CS has successfully pitched it to sovereign wealth funds and other highly desirable clients whom the world's biggest banks are typically desperate to keep happy. Losing even one major client like that could deprive CS of billions of dollars in trading and fee revenue over a period of years. These clients (roughly 1,000 of them) were sold on the notion that any losses would be fully insured. But that was before Greensill lost its only insurer, forcing the CS fund gatings and eventual collapse of Greensill). Clients were understandably furious, and some reportedly threatened to pull their business, which led to whispers that Credit Suisse might take an unprecedented step of making clients' whole (or at least offsetting some of their losses).

Instead, six months after the collapse, CS is telling investors in the defunct supply-chain finance funds that it will be charging them a total of $145MM this year as part of a strategy to prop up what's left of Greensill to increase their chances of recovering all of the losses during the administration process.

It's not clear exactly why CS settled on this course of action, but customers are apparently complaining to the FT that they're angrier than they've ever been since the start of this whole fiasco.

"It drives me nuts," said one participant in the funds. "They created a flawed structure in the first place. Then had zero governance and monitoring. And now it has blown up, they are taking no responsibility and letting the investors pay for everything."

For its part, CS insists that its hands are tied and that it needs to keep Greensill alive in order to recover the $2.3 billion it now says it believes can be recovered. The debt is tied to three debtors, Sanjeev Gupta's GFG Alliance, US miner Bluestone Resources and SoftBank-backed construction company Katerra. If GS folds, CS says it won't be able to make its claim for non-payment of invoices under the company's insurance policies.

What's even more interesting is that CS says it's acting on advice of the trustee in the Greensill Administration process, which just happens to be rival megabank: Citigroup.

Of the $145MM, about $10m is being used to back Greensillโ€™s skeleton staff of between 100 and 150 people, as well as associated costs for the insolvent company.

Credit Suisse made the decision on the advice of the trustee of the funds, Citigroup. Of the $145m, about $10m is being used to back Greensillโ€™s skeleton staff of between 100 and 150 people, as well as associated costs for the insolvent company.

โ€œThe recovery work that Credit Suisse is doing on behalf of fund investors inevitably incurs external expenses,โ€ the bank said in a statement. โ€œCredit Suisse is fronting as much of this expense as possible and will seek to recoup the amount that we have incurred when appropriate.โ€

The statement added that the lender had waived all management fees and costs from its internal recovery teams.

Prior to its collapse, Citi had been charging Greensill as much as $15m a year to be trustee on the SCF notes, people familiar with the arrangement said. It continues to share part of a deduction, known as a haircut, of between 38 and 59 basis points as the invoice-backed notes mature, before distributing cash into the SCF funds.

Citigroup disputed the $15m figure and size of the haircut, adding that it โ€œis charging standard fees and expenses in acting as an agent bank and trusteeโ€ and โ€œdoes not comment on client confidential mattersโ€.

Greensill declined to comment.

The remainder of the $145m is being used to pay a service agreement with administrators Grant Thornton, as well as various legal firms and financial advisers, the bank said in the latest update to clients.

Per the FT, CS has already warned clients that charges like the $145MM - in a sense they're paying to increase the chances of getting their money back - might reoccur for however long it takes CS to get back all the billions of dollars it has convinced trustees it can (potentially) recover.

Finally, the FT says CS executives know the additional charges are hurting the bank's relationship with key clients. But the fear of "undermining the insolvency proceedings" - and potentially missing out on the recovery of as much as $7 billion, or perhaps even more - is simply too great. Credit Suisse can't risk upsetting the apple cart right now.

It's just the latest sign that the fallout from these historic scandals could have a long-term negative impact on the bank, potentially making it an even more attractive merger target for crosstown rival UBS, or some other European giant.

Tyler Durden Tue, 09/21/2021 - 04:15

M25 protests: 23 arrested after police drag Insulate Britain activists off motorway

21 September 2021 at 01:13

Police have made 23 arrests and dragged Insulate Britain protesters off the M25 after members of the group stormed onto the motorway.

Jones loses father's ashes while scoring touchdown

21 September 2021 at 01:12
Aaron Jones honours his late father by scoring four touchdowns as the Green Bay Packers beat the Detroit Lions.

โ€˜Freedom on the Netโ€™ report paints grim picture of online rights

Myanmar and Belarus proved particular low points as online rights declined globally in 2021 for the 11th year in a row.

Unionsโ€™ stance on vaccine mandates clear as mud

21 September 2021 at 01:09
Unionists are talking at cross purposes after rolling protests by construction workers over the past few days exposed fault lines in the movement.

โ€˜F**k the jabโ€™ protesters block Melbourneโ€™s West Gate Freeway, clash with riot police (VIDEOS)

21 September 2021 at 01:08
By: RT

Traffic was blocked on Tuesday in both directions on Melbourneโ€™s West Gate Freeway after people angry about forced vaccinations cut off the road. The rally in the Australian city was as violent as the first one on Monday.

The government of Victoria province demanded that construction workers get vaccinated, with the Construction, Forestry, Maritime, Mining and Energy Union (CFMEU) backing the decision. Many of the workers were outraged and are planning to hold daily rallies to make their point.

Tuesdayโ€™s protest started in the morning outside the CFMEU office, which was vandalized during the protest on the previous day. Thousands of demonstrators, many of them wearing orange and yellow construction uniforms, then marched through Melbourne streets. They were chanting slogans like โ€œEvery dayโ€ and โ€œF**k the jabโ€ along the way.

Hundreds of construction workers and far-right protestors arrive at the Victorian Parliament, where mounted officers and riot police are protecting the front steps. They've walked from the CFMEU office across the city @theage pic.twitter.com/0LvotOCO6k

โ€” Paul Sakkal (@paulsakkal) September 21, 2021

The crowd was fuming with anger, tossing projectiles at riot police officers, who were deployed in their hundreds in response to the event. There were some serious clashes between the marchers and law enforcement.

This is melbourne right now.

Got voted top 10 safest city in the world on Sunday.

Fast forward to Tuesday. pic.twitter.com/bv63Sy35dI

โ€” Tolga Kumova (@KumovaTolga) September 21, 2021

#Australia Melbourne #protest Construction workers #freedom 21/09/2021 pic.twitter.com/EgFnENTRk4

โ€” Nicole Elisei (@EliseiNicole) September 21, 2021

The protesters reached the West Gate Freeway, blocked traffic in both directions and occupied the West Gate bridge. The takeover was celebrated with some triumphant singing.

Demonstrations against the ๐Ÿ‡ฆ๐Ÿ‡บ government's anti-covid๐Ÿ’‰ restrictive measures in #Melbourne underway.#Melbourneprotest #FreeAustralia #CFMEU #cfmeuprotest #FuckTheJab pic.twitter.com/hkMrwwXmFk

โ€” Muhammad Waqas Khan (@AllahuAkbarr313) September 21, 2021

#Australia Melbourne Westgate Bridge 21/09/2021 pic.twitter.com/kgi09GzQHq

โ€” Nicole Elisei (@EliseiNicole) September 21, 2021

The Victorian construction industry was ordered to shut down for at least two weeks after Mondayโ€™s violence and an earlier discovery of โ€œwidespread non-complianceโ€ with government health guidelines. The CFMEU blamed the rioting on โ€œneo-Nazis and other right-wing extremist groupsโ€, claiming they had infiltrated the protest movement.

The anti-jab demonstrations are a highly polarizing issue in Australia, with many people either strongly supporting or vocally criticizing the workers.

๐Ÿ‡ฆ๐Ÿ‡บ#Australia

๐Ÿฆ Lion Trapped by Clan of ๐Ÿ‘ฎHyenas#Melbourneprotest #FreeAustralia #CFMEU #cfmeuprotest #FuckTheJab pic.twitter.com/NFuzfjdzyT

โ€” Muhammad Waqas Khan (@AllahuAkbarr313) September 21, 2021

Vic Roads have put up a very helpful sign at the entrance to the West Gate Bridge. pic.twitter.com/CGvuEof7AL

โ€” Shaun Micallef (@shaunmicallef) September 21, 2021

Residents of Victoria in general and Melbourne in particular experienced some of the worldโ€™s strictest lockdown measures as the Australian government was trying to contain Covid-19. Police have been enforcing the policies and cracking down on dissenters using tactics many believe have crossed the line.

Think your friends would be interested? Share this story!

Indian stock market on course to become worldโ€™s 5th largest by 2024 โ€“ Goldman Sachs

21 September 2021 at 01:05
By: RT

With Indian start-ups raising $10 billion through IPOs so far in 2021 and some 150 private firms lined up to list on the countryโ€™s stock market, India could soon increase $400 billion in market value, Goldman Sachs predicts.

Indiaโ€™s stock market has already raised more money so far this year than it did in the last three years, the investment bank said in a report. Analysts predict investorsโ€™ interest to stay firm, propelling the countryโ€™s market capitalization to $5 trillion by 2024 from the current $3.5 trillion. This would effectively make Indiaโ€™s the worldโ€™s 5th largest stock market, throwing the UK out of the top five.

A number of Indiaโ€™s major technology start-ups recently announced plans to go public. Indian insurance company Life Insurance Corp (LIC) is preparing for an IPO next year with a listing value of over $250 billion, the countryโ€™s largest initial public offering so far.

A major Indian tech company MapmyIndia is also looking to launch an IPO in the coming months. The mapping company, which provides data to Apple Maps and Amazonโ€™s Alexa, is aiming for an IPO valuation of about $825 million.

Among the big names already listed are food delivery firm Zomato, payments giant Paytm, ride-hailing start-up Ola, and e-commerce firm Flipkart.

Goldman Sachsโ€™ analysts expect so-called โ€œnew economyโ€ sectors, such as e-commerce, internet, internet retail and media to join Indiaโ€™s stock market in the coming years, while commodity and software services firms would be less noticeable.

Meanwhile, Indiaโ€™s domestic benchmark S&P Bombay Stock Exchange index, Sensex, has more than doubled since last year, with record high gains in August and an equity market capitalization of around $3 trillion. The gains put Sensex at the top of the list of the globeโ€™s best performers among primary indexes of nations.

For more stories on economy & finance visit RT's business section

Niger hosts prestigious camel race in the Sahara

The race in Ingall, northern Niger, is a highlight of a three-day nomad festival that attracts far-flung herders.

Canada election: Trudeau stays in power but Liberals fall short of majority

21 September 2021 at 01:05
The Canadian prime minister's Liberal Party is projected to form another minority government.

Essendon DFO crash pilot failed test before fatal flight

21 September 2021 at 01:03
A pilot who died in a plane crash that killed his four passengers near Essendon Airport in 2017 had failed an in-air competency test, an inquest has been told.

Juan Diva ready to spring into action for Freedman

21 September 2021 at 01:00
An impressive trial win at Rosehill earlier this month showed handy mare Juan Divaโ€™s readiness to resume in Wednesdayโ€™s Ranvet Handicap (1100m) at Gosford.

Race-by-race tips and preview for Gosford on Wednesday

21 September 2021 at 01:00
Sydneyโ€™s midweek meeting again heads north to the Central Coast with seven races programmed.

Sydney cancels 9pm NYE fireworks despite being weeks away from reopening

A leaked email said the council will copy last yearโ€™s NYE format and cancel the traditional 9pm fireworks, the โ€œharbour of light paradeโ€ and the lord mayorโ€™s picnic.

The Westgate Mall attack and Kenyaโ€™s national amnesia

There has been little government effort to investigate the 2013 terror attack in Nairobi or to remember its victims.

Australia asks Pfizer for urgent data on giving its vaccine to kids

21 September 2021 at 00:53
In a letter to Pfizer, Health Minister Greg Hunt said that should Australian regulators approve the vaccine for under 12s they would get it as a priority.

Australia may lease submarines as it awaits delivery of nuclear-powered boats

21 September 2021 at 00:50
<p>The Royal Australian Navy (RAN) may be operating leased submarines while it awaits the delivery of its new nuclear-powered boats.</p> <p>The matter was confirmed by Australia's Minister for Defence Peter Dutton in an interview with Sky News, the transcript for which was released by the defence ministry on 20 September.</p> <p>Leaders of the US, the UK, and Australia announced the establishment of a new security partnership on 15 September known as AUKUS. The first initiative under the partnership will be to collaborate on developing a nuclear-powered submarine fleet for the RAN.</p> <p>Australia operates a fleet of six Collins-class diesel-electric submarines (SSKs) that were commissioned between the late-1990s and early-2000s.</p> <p>Given the age of the boats, there are concerns that the RAN might face a capability gap from the time the Collins-class SSKs are no longer operational till the nuclear-powered boats come into service in the late-2030s.</p> <p>According to Dutton, discussions on whether Australia would lease submarines as an interim measure will be held as part of talks with the US and the UK over the next 12โ€“18 months.</p> <p>โ€œThe US has also got a very significant programme of development underway in their nuclear submarine programme, as do the Brits and, frankly, as do the French and others,โ€ said Dutton, hinting that should Australia decide to lease submarines, it may not necessarily be from just either the US or the UK.</p>

A UK Email Breach Puts "Lives At Risk" Of 250 Afghan Interpreters

21 September 2021 at 00:50
Britain's defence ministry has apologised after it accidentally revealed the email addresses of more than 250 Afghan interpreters seeking to move to the UK.

Speedy Brown the revelation for evolving Australia

If evolution is the value Australiaโ€™s women have added to their team charter, then Darcie Brownโ€™s four-wicket blast in the first ODI against India in Mackay was something closer to a revelation

External review finds World Bankโ€™s data rigging problem runs deep

A review by external advisers found a 'pattern of government efforts to interfere' in the Doing Business rankings.

Government borrowing higher than expected in August

21 September 2021 at 00:45
Borrowing was lower than a year earlier, but was still the second-highest on record for August.

Liberal Cabinet Minister Monsef Loses Seat

21 September 2021 at 00:43
Minister ofย Women and Gender Equality Maryam Monsef lost her seat in the Sept. 20 election.ย  Monsef, who was seeking re-election for aย third term in Peterborough-Kawartha, received over 22,000 votes, around 3,000 votes shy of her Conservative rival Michelle Ferreri.ย  Monsefโ€™s campaign was marred with controversy when she made an impassioned appeal directly to the Taliban in late August, calling them โ€œbrothers,โ€ pleading to them to allow Afghans to flee the country and respect the rights of others who are left behind.ย  โ€œI want to take this opportunity to speak to our brothers, the Taliban,โ€ย  Monsef said in an addressย on Aug. 25.ย  โ€œWe call on you to ensure the safe and secure passage of any individual in Afghanistan out of the country. We call on you to immediately stop the violence, the genocide, the femicide, the destruction of infrastructure, including heritage buildings.โ€ย  Monsefโ€™s comment raised criticism from those concerned with calling ...

Minister for Women and Gender Equality and Rural Economic Development Maryam Monsef speaks during a press conference in Ottawa on Nov. 9, 2020. (The Canadian Press/Sean Kilpatrick)

WA opposition calls for โ€˜full timeโ€™ Child Protection Minister in wake of damning report

21 September 2021 at 00:41
The opposition has taken aim at the WA Child Protection Minister after a damning report into the Department of Communities was released last week.

Attempted coup fails in Sudan

21 September 2021 at 00:40

The coup had involved an attempt to take control of state radio in Omdurman, across the River Nile from the capital Khartoum.

Construction firm owner โ€˜devastatedโ€™ to lay off non-vaccinated son

21 September 2021 at 00:39
Peter Wishart respects his sonโ€™s non-vaccination stance but must now dismiss him, with jabs for construction workers to be mandatory.
โŒ